Rest of World SABODALA Location: Senegal | Operator: Endeavour Mining Corporation | Precious Metals: Au | Stream: Fixed gold deliveries / 6% Gold Stream In December 2013, Franco-Nevada (Barbados) Corporation, provided Teranga Gold Corporation (“Teranga”) with a $135 million deposit to fund the acquisition by Teranga of additional future ore sources for its Sabodala mill. 2023 2022 2021 In September 2020, Franco-Nevada amended its existing Sabodala gold Revenue to Franco-Nevada ($ million) $ 18.3 $ 16.8 $ 16.7 purchase and sale agreement with Teranga to compensate for displacement M&I Resources (koz Au)1 6,333 6,333 6,640 from the processing of Massawa ore through the Sabodala processing Inferred Resources (koz Au)1 1,380 1,380 1,728 facilities and to provide for the commingling of Sabodala and Massawa P&P Reserves (koz Au)1 4,086 4,086 4,796 ores. The amended agreement provides that effective September 1, 2020, Teranga, now Endeavour, will make fixed deliveries of 783.33 ounces of M&I Royalty Ounces (000s)1,2 111 120 112 refined gold per month until 105,750 ounces of gold have been delivered Inferred Royalty Ounces (000s)2 31 32 35 to Franco-Nevada (the “Fixed Delivery Period”) and 6% of production from P&P Royalty Ounces (000s)2 60 67 75 the stream area thereafter. Following the Fixed Delivery Period, which is expected to end in October 2031, a reconciliation will be performed 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral to determine if Franco-Nevada would have received more or less than Resource category; all M&I categories are inclusive of Mineral Reserves 105,750 ounces of gold under the 6% variable stream during such 2 In 2023, Franco-Nevada estimates that 47% (49% in 2022, 42% in 2021) of the remaining Mineral period. Endeavour will be entitled to a credit for an over-delivery which Resources and Mineral Reserves at the Sabodala-Massawa Complex are subject to a rate of 4.8% (6.0% gold stream which is factored by 80% to estimate equivalent Royalty Ounce rate) will be applied against the 6% variable stream until depleted and Franco-Nevada will be entitled to a one-time additional delivery in the With the acquisition, Teranga was able to expand its land package to case of an under-delivery. Franco-Nevada will make ongoing payments 2 over 950 km including much of a 70 km prospective greenstone belt. for each ounce of gold delivered equal to 20% of the spot gold price. In February 2021, Endeavour Mining Corporation (“Endeavour”) acquired Teranga. In 2023, Sabodala-Massawa produced 294 koz of gold, with the majority Over the first six years, Teranga delivered 22,500 ounces of gold produced from Massawa. Endeavour’s 2024 production guidance for Diver Sabodala-Massawa is between 360 koz and 400 koz of gold. To date annually to Franco-Nevada, under a fixed arrangement, for a total of production from Sabodala has been less than the fixed ounces delivered sified Assets 135,000 ounces of gold delivered. The fixed delivery period was fulfilled to Franco-Nevada. in December 2019, and between January 2020 and August 2020, Franco-Nevada received 6% of the gold produced from either the Fixed gold deliveries per year until 2031, and thereafter Sabodala or Oromin Joint Venture (“OJVG”) properties. 6% of gold production from Sabodala concessions In December 2019, Teranga announced an agreement to acquire the Land package offers significant exploration potential adjacent Massawa gold project and commenced processing ore from the project in 2020. Franco-Nevada’s stream does not extend to the Massawa gold project area. Mineral Resources and Mineral Reser Sabodala Gold Stream 0 N 2.5 kilometer 10 kilometres Tailings from mill Sabodala ves Pit Sabodala Concession Sabodala Mill Masato Deposit OJVG Concession Gora Sabodala West Deposit Deposits Mauritania Additional Inf Atlantic OJVG Ocean Niakafiri Deposit Senegal Dakar Mali Sabodala Golouma Deposits or mation Guinea TSX / NYSE: FNV Franco-Nevada Corporation ★ 75