United States STILLWATER Location: Montana, United States | Operator: Sibanye-Stillwater | Precious Metals: PGM | Royalty: NSR: 5% The Stillwater complex in Eastern Montana is comprised of the Stillwater mine (West and East) and East Boulder mine and is operated by Sibanye-Stillwater. 2023 2022 2021 Reserves. In recent years, the percentage of Stillwater complex production Revenue to Franco-Nevada ($ million) $ 26.1 $ 36.8 $ 57.8 subject to Franco-Nevada’s royalty has increased well above 95% as mining M&I Resources (koz PGM)1 44,100 39,400 45,000 moves away from the Stillwater shaft area onto royalty ground. Inferred Resources (koz PGM)1 43,700 44,800 44,600 PGM production for 2023 yielded 427,272 ounces versus 421,133 P&P Reserves (koz PGM)1 26,300 26,300 27,300 ounces in 2022. Production in 2023 was affected by the Q1 shaft 1,3 incident which impacted production from Stillwater West. At the outset M&I Royalty Ounces (000s) 886 1,316 2,040 2,3 of the Stillwater East project, the operator targeted expanding production Inferred Royalty Ounces (000s) 878 1,497 2,021 2,3 to as much as 850 koz per year. Operational constraints have caused P&P Royalty Ounces (000s) 529 879 1,237 expansion plans to be moderated. Production for 2024 has also been 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral repositioned for a lower PGM price environment, with annual production Resource category; all M&I categories are inclusive of Mineral Reserves forecasted to be between 440 koz and 460 koz ounces. The operator 2 For Royalty Ounce calculation, Franco-Nevada estimates 98% of the Mineral Resources currently is targeting production levels of up to 600 koz to 650 koz per and Mineral Reserves are subject to our royalty interest 3 Given more signi昀椀cant smelting and re昀椀ning charges, Franco-Nevada estimates an average year by 2027. rate of 4.50% is applicable (assuming 10% for charges) and PGM ounces converted into Royalty Ounces assuming $850/ounce Pt and $900/ounce Pd ($900/ounce Pt and $1,500/ As at December 31, 2023, Sibanye-Stillwater reported updated Mineral ounce Pd in 2022, $1,000/ounce Pt and $2,100/ounce Pd in 2021)) Resources and Mineral Reserves at the Montana operations. Mineral Production began in 1986 at the Stillwater mine and in 2002 at the East Reserves and Mineral Resources remained relatively stable compared to Boulder mine. In 2014, the operator commenced the Blitz project which 2022 as depletion was off-set by successful brownfield exploration included developing a third access at Stillwater East. The majority of activity and continued improvement in estimation practices. Reserves production from the PGM orebodies is palladium. continue to support a mine life in excess of 40 years. Diver Sibanye Gold Limited acquired Stillwater Mining Corporation in May 2017. Only PGM producer in the U.S. sified Assets Franco-Nevada has a 5% NSR royalty on all commercially recoverable Mineral Reserves support a long mine life metals produced from 810 of the 1,712 claims that cover the Stillwater complex. The amount of the royalty is reduced by permissible “onward Significant Mineral Resource has the potential to increase processing” deductions, which have averaged between 5-15% of revenue mine life even further over the last several years. Based on Franco-Nevada’s estimates, the NSR royalty currently covers 97% of the Stillwater Mineral Reserves and 100% of the East Boulder Mineral Mineral Resources and Mineral Reser Stillwater Complex East Boulder Portal Site Plan View ork Creek Sw Stillw Dry F 5% NSR eetgrass Co. East Boulder River ater Co. Stillwater Mill Site East Boulder Adit 0 N 1 wis Gulch Limit of Claims Franco- Le Nevada mile Camp ater Franco- Royalty e Lak Nevada Royalty ater River Sw Boulder River ork Stillw County line ves eetgrass Co. est F Stillw AB SK MB P W Stillwater ark Co. Montana North Dakota Long Section (Not to scale) South Dakota Idaho Wyoming East Boulder Mine Stillwater West Stillwater East (Blitz) Nebraska Additional Inf Utah Colorado Franco-Nevada Royalty Land Current and future planned Non-Royalty mill area Lower Stillwater East or production layouts (Lower Blitz) mation TSX / NYSE: FNV Franco-Nevada Corporation ★ 43