United States GOLDSTRIKE w Location: Nevada, United States | Operator: Nevada Gold Mines LLC | Precious Metals: Au | Royalty: NSR: 2-4% / NPI: 2.4-6% vie Over Franco-Nevada holds royalties covering the majority of the Nevada Gold Mines LLC (“Nevada Gold Mines”) Goldstrike complex. Carlin Trend 2023 2022 2021 interests. Nevada Gold Mines noted that Carlin gold production for 2023 M&I Resources (koz Au)1,2 26,016 30,894 30,894 was 10% lower compared to 2022, mainly due to the closure of the Gold Inferred Resources (koz Au)1,2 10,081 8,943 7,480 Quarry concentrator at the beginning of the second quarter of 2023 and P&P Reserves (koz Au)1,2 15,772 16,260 17,886 the conversion of the Goldstrike autoclave to a conventional CIL process in the first quarter of 2023. M&I Royalty Ounces (000s)1,3 354 324 324 Inferred Royalty Ounces (000s)3 137 94 79 Barrick has reported 2024 production guidance of 800 koz to 880 koz P&P Royalty Ounces (000s)3 215 171 188 gold ounces from its 61.5% share of Carlin. 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral Resource category for Carlin Trend; all M&I categories are inclusive of Mineral Reserves World class gold operation 2 Under the Nevada Gold Mines joint venture, Barrick now reports Goldstrike, Gold Quarry Focus asset for Barrick with substantial Precious Metals and South Arturo as part of the Carlin operation category. Mineral Resources and Mineral Reserves include Goldstrike, Gold Quarry and South Arturo as well as other properties where invested capital Franco-Nevada has no royalties or stream interests 3 For Royalty Ounce calculation, Franco-Nevada estimates 34% of the Carlin Trend Mineral Profit royalties provide more leverage to gold prices Resources and Mineral Reserves (35% in 2022, 35% in 2021) are subject to our royalty interests on Goldstrike, Gold Quarry and South Arturo and estimates an average royalty rate of 4.0% is applicable (3.0% in 2022, 3.0% in 2021) Goldstrike 2023 2022 2021 Total NSR Revenue to FNV ($ million) $ 4.4 $ 5.5 $ 3.9 Total NPI Revenue to FNV ($ million) $ 8.7 $ 13.7 $ 21.4 Total Revenue to FNV ($ million) $ 13.1 $ 19.2 $ 25.3 Goldstrike M&I Resources (koz Au)1 n/a n/a n/a 2-4% NSR / 2.4-6% NPI 0 N 1 Inferred Resources (koz Au)1 n/a n/a n/a P&P Reserves (koz Au)1 n/a n/a n/a mile 2,3 M&I Royalty Ounces (000s) n/a n/a n/a Extension 3 5% NPI Inferred Royalty Ounces (000s) n/a n/a n/a 4% NSR 3 Goldstrike P&P Royalty Ounces (000s) n/a n/a n/a Underground Mine Meikle/Rodeo 1 Please refer to the table above for the Carlin Trend Mineral Resources and Mineral Reserves which include Goldstrike Gold Bug 2 All M&I categories are inclusive of Mineral Reserves 5% NPI 4% NSR Royal 3 Please refer to the table above for the Carlin Trend Royalty Ounce calculation which 3% NSR includes Goldstrike The Goldstrike complex is located on the Carlin Trend, about 60 km Goldstrike Open Pit Mine northwest of the town of Elko, Nevada and includes the open pit Betze-Post mine, as well as the underground operations of Meikle and Rodeo immediately to the north. Mining activity commenced Bazza Strip SJ on the property in 1976 and, since 1987, has been operated by Barrick. 2% NSR 6% NPI 2.4% NPI Post 5% NPI Corbett Bazza 4% NSR Franco-Nevada holds both NSR (2-4%) and NPI (2.4-6%) royalties 2% NSR 2% NSR at Goldstrike covering over 50% of the reported Mineral Reserves. This estimate includes low-grade ore that has been stockpiled. The royalties vary depending on the claim blocks, operating costs Pandora 2% NSR and capital investments, as shown in the schematic. As a result, royalty payments can vary substantially on a quarterly basis. Franco-Nevada Rodeo anticipates royalty production in 2024 to be lower than 2023 due Creek SPLC Goldstrike Weimer 4% NSR Lease 5% NPI to fewer open pit stockpile tons being processed. Open pit stockpile 4% NSR Above 4600’ 6% NPI 4% NSR tons are only processed through the roaster since the autoclave CIL conversion in Q1 2023. FNV Royalties On July 1, 2019, Barrick (61.5%) and Newmont Corporation (“Newmont”) Oregon Idaho Goldstrike Open Pit Mine (38.5%) combined their significant assets across Nevada to create Goldstrike Underground mine Nevada Gold Mines as a joint venture. Under this joint venture, Nevada Utah Goldstrike is reported as part of the Carlin operation category by Barrick. Goldstrike Barrick announced 2023 production of 868 koz gold ounces from its California Arizona 61.5% share of Carlin which includes Goldstrike, Gold Quarry and South Pacic Ocean Arturo as well as other properties where Franco-Nevada has no royalty Mexico 44 ★ Franco-Nevada Corporation TSX / NYSE: FNV