M W S Location: South Africa | Operator: Harmony Gold Mining Company Limited | Precious Metals: Au | Stream: 25% Gold Stream Franco-Nevada, through its acquisition of Gold Wheaton in March 2011, receives 25% of gold produced from the Mine Waste Solutions (“MWS”) project. 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 50.4 $ 39.2 $ 41.3 M&I Resources (koz Au) 1 1,789 1,849 1,946 Inferred Resources (koz Au) 1 − – – P&P Reserves (koz Au) 1 1,431 1,485 1,749 M&I Royalty Ounces (000s) 1,2 19 38 54 Inferred Royalty Ounces (000s) 2 – – – P&P Royalty Ounces (000s) 2 18 38 54 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 23,999 stream ounces (49,923 stream ounces in 2022, 71,749 stream ounces in 2021) to be delivered and factored by 77% (75% in 2022, 75% in 2021) to estimate equivalent Royalty Ounces MWS is a gold and uranium tailings recovery operation located near Stilfontein, approximately 160 km west of Johannesburg, South Africa. The operation processes multiple tailings dumps in the area. It also includes a modern tailings storage facility approximately 15 km from the gold plant. Franco-Nevada makes ongoing payments equal to the lesser of $400/ounce of payable gold (subject to a 1% annual inflation that commenced December 2012) and the spot price for gold. The current ongoing price is equal to $450.72 per ounce of gold as of December 2023. In September 2020, Harmony Gold Mining Company Limited (“Harmony”) acquired MWS from AngloGold Ashanti Limited (“AngloGold Ashanti”). AngloGold Ashanti had purchased the operation from First Uranium Corporation in July 2012. As part of the AngloGold Ashanti purchase, Franco-Nevada amended the agreement and is entitled to receive 25% of all the gold produced through the MWS plant, until Franco-Nevada has received 312,500 ounces of gold. In 2023, Franco-Nevada sold 25,925 ounces of gold that had been received under the agreement, compared with 21,825 ounces of gold sold in 2022. As at December 31, 2023, Franco-Nevada has received 288,501 ounces of gold of the 312,500 ounce cap since the amendment of the agreement. The cap is currently expected to be reached in late 2024. Franco-Nevada is entitled to 25% of all gold produced Stream capped when 312,500 ounces are received MWS, South Africa kilometer 0 2.5 N MSW Gold Stream AngloGold Ashanti Dumps Atlantic Ocean Indian Ocean South Africa Botswana Namibia Zimbabwe Mozambique MWS MWS 5 MWS 4 H1 H2 H5 B5 B2 B1 B3 B4 H6 Tailings storage facility site N 12 Plant Site MWS Hartebeestfontein Buffelsfontein Vaal West SPD Vaal East STILFONTEIN Town TSX / NYSE: FNV 74 ★ Franco-Nevada Corporation Rest of World