C O U R A G E O U S L A K E Location: Northwest Territories, Canada | Operator: Seabridge Gold Inc. | Precious Metals: Au | Royalty: NSR: 1.02% The Courageous Lake project is an advanced gold exploration project located in the Northwest Territories, Canada. Seabridge Gold Inc. (“Seabridge”) has been advancing the Courageous Lake project and, in January 2024, released results of its updated preliminary feasibility study for the asset, confirming a significantly improved and smaller project over the previous study completed in 2012. The study estimated Mineral Reserves of 2.8 million ounces of gold (33.9 million tonnes grading 2.61 g/t at the FAT deposit) and projected average annual production of 201,000 ounces over a mine life of 12.6 years. The study contemplates an open pit mine. Processing includes pressure oxidizing and cyanide leaching of floatation concentrate to produce gold doré. This project covers only 2 km of a greenstone belt that stretches 53 km and based on the size of the reserve, the FAT deposit is one of Canada’s largest undeveloped gold deposits. The property also hosts the Walsh Lake deposit (Inferred Mineral Resource of 4.1 million tonnes grading 4.18 g/t), which is located 10 km south of the larger FAT deposit. Earlier metallurgical testing demonstrated that the Walsh Lake material is free milling. Based on these factors, the Walsh Lake deposit could be mined prior to constructing the processing plant required for the larger, refractory FAT deposit thereby improving the overall economics of the Courageous Lake project. Seabridge also published a 2024 preliminary economic assessment, demonstrating the potential to extend the asset`s mine life by an additional 15.9 years at 205,000 ounces of gold per year based on exploring resources in addition to the current reserve. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates an average rate of 1.02% is applicable G O L D F I E L D S Location: Saskatchewan, Canada | Operator: Fortune Bay Corp. | Precious Metals: Au | Royalty: NSR: 2% The Goldfields project consists of two gold deposits, the Box and Athona deposits, located approximately 13 km south of Uranium City in northern Saskatchewan. Franco-Nevada has a 2% NSR royalty that covers both deposits. Brigus Gold Corp., which was advancing the project, was acquired by Primero Mining Corp. in 2014. The Goldfields project was not part of the acquisition and was spun out into Fortune Bay Corp. (“Fortune Bay”). In November 2022, Fortune Bay released the results of a new preliminary economic assessment for the Box and Athona deposits which outlines an 8.3-year life-of-mine, producing 835,000 ounces of gold. Average annual gold production is expected to be 101,000 ounces over the mine life, with an average of 122,000 ounces per year in the first four years. A new Mineral Resource update accompanied the preliminary economic assessment, outlining an Indicated Mineral Resource of 979,900 ounces of gold (23.2 million tonnes grading 1.31 g/t) and an Inferred Mineral Resource of 210,800 ounces of gold (7.1 million tonnes grading 0.92 g/t). The mineralization at both the Box and Athona deposits remains open at depth. In January 2024, the company announced that a prefeasibility study is underway. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 2.0% is applicable R E D L A K E ( M c F I N L E Y ) Location: Ontario, Canada | Operator: Evolution Mining Limited | Precious Metals: Au | Royalty: NSR: 2% Franco-Nevada has a 2% NSR (subject to a buy-back of 0.5%) on the water claims, which cover the majority of Mineral Reserves, of the McFinley orebody in Red Lake, Ontario. Evolution Mining Limited (“Evolution Mining”) acquired Battle North Gold Corporation (previously Rubicon Minerals Corp), taking ownership of the Bateman gold project (previously known as the Phoenix project) in 2021. Under Evolution Mining, Bateman is being reported under Red Lake for public reporting purposes (Franco-Nevada does not have a royalty on Evolution Mining’s other Red Lake properties) and is being referred to as the McFinley project in the December 31, 2023 annual Mineral Resources and Ore Reserves statement. Rubicon developed the Phoenix project with completion of an 1,800 tpd mill in 2015. Later that same year Rubicon shutdown underground activities to review its geologic model as the gold mineralization was more geologically complex than anticipated and the contained gold ounces estimated were materially reduced. In October 2020, Battle North announced feasibility study results for the Bateman gold project. The base case study outlined life of mine payable gold production of 602,987 ounces, averaging 73,835 ounces per year for 8.2 years from initial production. Of the 8.2 years, seven years were classified as commercial production, which Battle North defined as an average of 70% of the 1,250 tpd permitted capacity, over 90 consecutive days. The project contemplated an 1,800 tpd mill with excess capacity for potential incremental tonnes from the F2, McFinley and Pen Zones (contemplating 2,500 tpd for the expanded mill). The consolidated Red Lake operation, under the ownership of Evolution Mining, consists of the Red Lake, Campbell, Cochenour, HG Young and McFinley mining areas. Evolution continues to work on an updated McFinley model, which has been defined over a 1,350m strike length, 1,750 vertical extent and 800m across strike. In the short to medium term, ore from the deposits not covered by Franco-Nevada’s royalty are likely to be higher priority for processing through the Campbell, Red Lake and Bateman mills than the McFinley area. 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 in anticipation that Evolution Mining exercises its right to repurchase 0.5% of the 2.0% NSR TSX / NYSE: FNV 70 ★ Franco-Nevada Corporation Canada