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