Canada CANADIAN MALARTIC Location: Quebec, Canada | Operator: Agnico Eagle Mines Limited | Precious Metals: Au | Royalty: GR: 1.5% In June 2011, Franco-Nevada purchased a 1.5% gross royalty on part of the Canadian Malartic gold project. 2023 2022 2021 is accessing Odyssey South and the upper deposits by ramp and the Revenue to Franco-Nevada ($ million) $ 1.6 $ 2.3 $ 2.4 deeper mineralization including East Gouldie by shaft, supports a mine M&I Resources (koz Au)1 7,853 8,314 5,214 life to at least 2039 and post 2029 is expected to produce an average Inferred Resources (koz Au)1 3,545 2,772 6,236 of 545,400 ounces of gold per year. Agnico Eagle reported that the P&P Reserves (koz Au)1 7,609 3,010 3,534 planned mining rate of 3,500 tonnes per day at Odyssey South was reached earlier than anticipated and that ramp development also M&I Royalty Ounces (000s)1,2 26 25 13 exceeded target. The Odyssey mine is expected to contribute approximately Inferred Royalty Ounces (000s)2 37 28 32 80,000 ounces of payable gold to the Canadian Malartic complex in 2024, P&P Royalty Ounces (000s)2 25 5 5 2025 and 2026. With the depletion of the Canadian Malartic pit in 2023 and the transition to in-pit tailings disposal which is expected to start in 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral mid-2024, Agnico Eagle is evaluating opportunities to further increase the Resource category; all M&I categories are inclusive of Mineral Reserves mill throughput up to 60,000 tpd. One of Franco-Nevada’s royalty claims 2 For Royalty Ounce calculation, Franco-Nevada estimates 21% of the Mineral Reserves (10% covers a portion of the Odyssey South extension and two of Franco- in 2022, 9% in 2021), 22% of the M&I Mineral Resources (20% in 2022, 16% in 2021) and 70% of the Inferred Mineral Resources (68% in 2022, 34% in 2021) are subject to our royalty Nevada’s royalty claims cover a portion of East Gouldie, as seen in the interest and estimates a rate of 1.5% is applicable schematic below. The project is located in Quebec’s Abitibi mining district and rivals Detour Lake A 1,800m deep shaft is planned to facilitate production from East Gouldie. as Canada’s largest gold producer. The royalty covers seven claims on the Development is ahead of schedule and Agnico Eagle is evaluating the property including the central portion of the open pit as shown in the schematic potential to accelerate initial production from East Gouldie to 2026 from 2 which equates to approximately 3 km . Royalty payments are expected to 2027. Infill and expansion drilling in 2023 resulted in the declaration fluctuate annually based on the location of mining relative to the royalty property. of an initial mineral reserve in the central portion of the East Gouldie In January 2023, the ownership of Canadian Malartic was consolidated under Agnico Eagle as part of the acquisition of Yamana’s Canadian assets. deposit of 5.17 million ounces of gold (47.0 million tonnes grading 3.42 Diver g/t gold) and the extension of the East Gouldie mineral resource laterally by 870 meters, increasing Franco-Nevada’s coverage of East Gouldie. sified Assets On a 100% basis, Canadian Malartic produced 684,640 ounces of gold From the March 2021 technical report, which summarized the internal in 2023 versus 2022 production of 658,792 ounces of gold. Gold preliminary economic assessment for the Odyssey project, approximately production at Canadian Malartic in 2024 is estimated to be between 5 million ounces of the 6.9 million ounces expected to be produced from 615,000 and 645,000 ounces on a 100% basis. Production is forecast the Odyssey project over the 17-year mine life are from East Gouldie. in 2025 and 2026 to be between 600,000 to 630,000 ounces and It is also estimated that Franco-Nevada’s East Gouldie claims now cover 545,000 to 575,000 ounces, respectively on a 100% basis. In 2024, approximately 24% of the East Gouldie reserve with infill and step-out production is expected to be sourced from the Barnat pit and the drilling to the west of the East Gouldie zone continuing to support Odyssey mine, complemented by ore from the low-grade stockpiles. continuity and scale. As of December 31, 2023, the Canadian Malartic open-pit mine contains Mineral Resources and Mineral Reser Proven and Probable Mineral Reserves of 2.4 million ounces of gold (90.8 million tonnes grading 0.83 g/t Au). Franco-Nevada estimates that Long-life asset transitioning to underground production roughly 15% of the Mineral Reserves of the open pit complex are subject Open pit and underground exploration targets present to our royalty interest. additional potential ore sources The Odyssey project hosts three main zones: East Gouldie, East Malartic, Potential for East Goldie to extend further onto and Odyssey (which is further sub-divided into Odyssey North, Odyssey royalty grounds South and Odyssey Internal). The Odyssey underground project, which Canadian Malartic Malartic 1.5% GR 1.5% GR (town site) Quebec ves Rail line Ontario Canadian Rail line Malartic Hwy 117 deviation N 1.5% GR 0 1 kilometer Barnat Pit Additional Inf Canadian Sheehan Malartic Pit East Malartic Jeffrey Pit FNV Royalties Odyssey Odyssey North Jupiter Quartz Veins Mill Odyssey or Mineralized Envelopes East South mation Gouldie 1.5% GR 1.5% GR Gouldie 1.5% GR 1.5% Open Pit GR TSX / NYSE: FNV Franco-Nevada Corporation ★ 63