Canada MACASSA (KIRKLAND LAKE) Location: Ontario, Canada | Operator: Agnico Eagle Mines Limited | Precious Metals: Au | Royalty: NSR: 1.5-5.5%/NPI: 20% 2 Franco-Nevada has various royalties covering approximately 170 km of the Larder Lake and Main Breaks in the historic Kirkland Lake gold camp of Ontario. 2023 2022 2021 Franco-Nevada’s 2% NSR royalty, covering a number of claims held by Agnico Revenue to Franco-Nevada ($ million) $ 6.3 $ 5.5 $ 5.8 Eagle from its acquisition of Osisko Mining Corporation in April 2014, covers M&I Resources (koz Au)1 3,856 3,770 3,934 the AK, Upper Canada, Anoki-McBean and Canadian Kirkland deposits. Work Inferred Resources (koz Au)1 3,144 3,175 3,781 is ongoing to evaluate the potential to develop Upper Canada and Anoki- P&P Reserves (koz Au)1 2,137 1,913 1,856 McBean as potential ore feed to existing milling infrastructure in the region. M&I Royalty Ounces (000s)1,2 64 63 66 #4 Shaft completed Inferred Royalty Ounces (000s)2 57 58 70 P&P Royalty Ounces (000s)2 33 29 28 Large land position in historical mining area covering multiple known deposits 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves. The table above is Exploration potential on royalty ground at AK and Upper Canada the sum of reported Agnico Eagle Mineral Resources and Mineral Reserves 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 1.5% is applicable to Macassa and a rate of 2.0% is applicable to Amalgamated Kirkland (AK), Anoki-McBean Bernhardt Twp. and Upper Canada Macassa Teck Twp. Agnico Eagle is the largest landowner in the Kirkland Lake camp following (Kirkland Lake) its merger with Kirkland Lake Gold in February 2022. Agnico Eagle now 1.5-5.5% NSR / 20% NPI owns and operates the Macassa mine which includes production from the wp. wp. Main Break, ’04 Break, the high-grade South Mine Complex (“SMC”) and the eck T T Lebel T Amalgamated Kirkland deposit. Historically, shaft capacity at the Macassa #3 shaft was approximately 2,250 tpd and in 2019 Kirkland Lake Gold N Diver started sinking the new #4 shaft. The shaft was commissioned in 2023 and 0 1 Kirkland 2% NSR sified Assets has increased the ore hoisting capacity at the complex to 4,000 tpd. Lake Franco-Nevada’s Kirkland Lake royalty interests with Agnico Eagle include: kilometer Wright- Lakeshore Hargreaves • An overlying 1.5% NSR on Agnico Eagle’s properties surrounding Teck-Hughes and including the Macassa mine Kirkland Minerals Grenfell TT Macassa 2% NSR eck T #1 Shaft AK Extension • An underlying 20% profit-based royalty immediately to the southwest Macassa #2 Shaft Macassa of the SMC as shown in the inset of the schematic wp.wp. #4 Shaft Macassa • An underlying 2-3% NSR on claims to the west of current operations #3 Shaft Amalgamated Macassa Kirkland (AK) • An underlying 2% NSR royalty on the extension of Amalgamated Kirkland (“AK”) South 2% NSR 20% NPI Mine • A 2% NSR on AK, Upper Canada, Anoki-McBean, Canadian Kirkland Kirkland Complex Lake West Mineral Resources and Mineral Reser and the surrounding land packages (KLW) 3% NSR In 2023, Macassa produced 228,535 ounces of gold compared to 200,833 ounces of gold in 2022. Production in 2024 is forecast to be between 265,000 2% NSR Swastika Gracie to 285,000 ounces of gold. In 2025 and 2026, current guidance of between West 2% 2% NSR 320,000 to 340,000 and 330,000 to 350,000, respectively. At Macassa, 2% NSR NSR Teck Twp. the mill is expected to reach its nominal capacity of 1,650 tpd in mid-2024. Otto Twp. Overall, Agnico Eagle believes that the Macassa mine has the potential 24 M oz. to maintain production in excess of 300,000 ounces of gold per year Kirkland Kirkland King Kirkland Upper Beaver Main Break Lake 66 based on expected exploration results. The Near Surface (“NSUR”) deposit Upper Canada and AK deposit are accessible from an existing surface ramp at Macassa and both deposits have now been incorporated into Macassa’s Dobie ves Amalgamated 180 East production guidance for 2024 to 2026. Production from the NSUR Kirkland (AK) 13 M oz. Biroco Esker deposit is planned to be processed at the Macassa mill in the first half Larder Lake Break of 2024 and at the LZ5 processing facility at the LaRonde complex in the Anoki-McBean second half of 2024. Production from these two deposits is forecast to Swastika be approximately 19,000 ounces of gold in 2024 and between 35,000 ounces to 50,000 ounces of gold from 2025 to 2028. Franco-Nevada’s Additional Inf multiple royalties at Macassa include a 2% NSR on the AK deposit, a 1.5% NSR on the NSUR, as well as an overlapping area between Overlying 1.5% NSR Fault Ontario Quebec the two deposits, the AK extension, where both the overlying 1.5% NSR and Mineralized Breaks 2% NSR – AK surrounding land and an underlying 2% NSR apply. Agnico Eagle believes that the AK area package Gold Showings or remains prospective for future mineral resource growth. Kirkland mation Excluded from Royalty Mine Shafts Lake TSX / NYSE: FNV Franco-Nevada Corporation ★ 59