S T I L L W A T E R 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 Revenue to Franco-Nevada ($ million) $ 26.1 $ 36.8 $ 57.8 M&I Resources (koz PGM) 1 44,100 39,400 45,000 Inferred Resources (koz PGM) 1 43,700 44,800 44,600 P&P Reserves (koz PGM) 1 26,300 26,300 27,300 M&I Royalty Ounces (000s) 1,3 886 1,316 2,040 Inferred Royalty Ounces (000s) 2,3 878 1,497 2,021 P&P Royalty Ounces (000s) 2,3 529 879 1,237 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 98% of the Mineral Resources and Mineral Reserves are subject to our royalty interest 3 Given more significant smelting and refining charges, Franco-Nevada estimates an average 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/ ounce Pd in 2022, $1,000/ounce Pt and $2,100/ounce Pd in 2021)) Production began in 1986 at the Stillwater mine and in 2002 at the East Boulder mine. In 2014, the operator commenced the Blitz project which included developing a third access at Stillwater East. The majority of production from the PGM orebodies is palladium. Sibanye Gold Limited acquired Stillwater Mining Corporation in May 2017. Franco-Nevada has a 5% NSR royalty on all commercially recoverable metals produced from 810 of the 1,712 claims that cover the Stillwater complex. The amount of the royalty is reduced by permissible “onward processing” deductions, which have averaged between 5-15% of revenue 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 Reserves. In recent years, the percentage of Stillwater complex production subject to Franco-Nevada’s royalty has increased well above 95% as mining moves away from the Stillwater shaft area onto royalty ground. PGM production for 2023 yielded 427,272 ounces versus 421,133 ounces in 2022. Production in 2023 was affected by the Q1 shaft incident which impacted production from Stillwater West. At the outset of the Stillwater East project, the operator targeted expanding production to as much as 850 koz per year. Operational constraints have caused expansion plans to be moderated. Production for 2024 has also been repositioned for a lower PGM price environment, with annual production forecasted to be between 440 koz and 460 koz ounces. The operator currently is targeting production levels of up to 600 koz to 650 koz per year by 2027. As at December 31, 2023, Sibanye-Stillwater reported updated Mineral Resources and Mineral Reserves at the Montana operations. Mineral Reserves and Mineral Resources remained relatively stable compared to 2022 as depletion was off-set by successful brownfield exploration activity and continued improvement in estimation practices. Reserves continue to support a mine life in excess of 40 years. Stillwater Wyoming AB SK MB North Dakota Nebraska Idaho Utah Colorado Montana South Dakota Stillwater Complex 5% NSR mile 0 1 N Franco- Nevada Royalty Franco- Nevada Royalty East Boulder Portal Site East Boulder Adit Stillwater Mill Site Camp Lake Boulder River East Boulder River Dry Fork Creek Lewis Gulch West Fork Stillwater Stillwater River Limit of Claims Sweetgrass Co. Park Co. Stillwater Co. Sweetgrass Co. County line Long Section (Not to scale) Plan View Stillwater East (Blitz) Stillwater West East Boulder Mine Non-Royalty mill area Lower Stillwater East (Lower Blitz) Current and future planned production layouts Franco-Nevada Royalty Land Only PGM producer in the U.S. Mineral Reserves support a long mine life Significant Mineral Resource has the potential to increase mine life even further Franco-Nevada Corporation ★ 43 TSX / NYSE: FNV United States