D E T O U R L A K E Location: Ontario, Canada | Operator: Agnico Eagle Mines Limited | Precious Metals: Au | Royalty: NSR: 2% Franco-Nevada has a 2% NSR royalty that covers an area of 140 km 2 of the Abitibi greenstone belt located 185 km northeast of Cochrane, Ontario including the Detour Lake mine. 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 25.9 $ 26.3 $ 25.3 M&I Resources (koz Au) 1 37,883 38,638 29,752 Inferred Resources (koz Au) 1 2,717 1,156 1,196 P&P Reserves (koz Au) 1 19,928 20,683 15,034 M&I Royalty Ounces (000s) 1,2 758 773 595 Inferred Royalty Ounces (000s) 2 54 23 24 P&P Royalty Ounces (000s) 2 399 414 301 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 100% of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 2.0% is applicable From 1983 through 1999, Placer Dome Inc. operated an underground mine on the property producing approximately 1.8 million ounces of gold. Detour Gold Corporation (“Detour Gold”) drilled out a large open pittable resource and developed the current open pit mine with first production in 2013. Detour Lake rivals Canadian Malartic as Canada’s largest gold mine. Kirkland Lake Gold Ltd. (“KLG”) acquired Detour Gold in 2020 and Agnico Eagle Mines Limited (“Agnico Eagle”) and KLG merged in February 2022, with the combined company continuing as Agnico Eagle. The Franco-Nevada royalty includes all the Mineral Resources and Mineral Reserves on the property, except Detour Zone 58N (approximately 0.67 million ounces) which sits to the south of the main mineralized trend. Production at Detour Lake was 677,446 ounces of gold in 2023, compared with 732,572 ounces of gold in 2022. Production for Detour Lake is anticipated to be between 675,000 to 705,000 ounces of gold per year in 2024, 710,000 to 740,000 ounces in 2025 and 745,000 to 775,000 ounces in 2026. An updated technical evaluation announced in July 2022 outlined an expanded mine plan, extending the expected mine life by 10 years to 2052 and increasing longer term production rates. The study indicates average gold production of approximately 765,000 ounces per annum from 2026 to 2042 and then approximately 300,000 ounces per annum from 2043 to 2052 as stockpiles are processed at the end of the mine life. Mill expansion activities progressed as planned in 2023, and mill throughput rates of 25.4 Mtpa were achieved. Agnico Eagle expects the mill to reach a throughput rate of approximately 28 Mtpa in the second half of 2024. Agnico Eagle also sees the potential to reach a mill throughput rate of 29 Mtpa in 2026. In 2023, the exploration program at Detour Lake successfully defined continuity of mineralization below and west of the mineral reserves pit. This resulted in Agnico Eagle reporting an initial underground inferred mineral resource totaling 1.56 million ounces of gold (21.8 million tonnes grading 2.23 g/t gold) outside of the mineral resource pit. Work is ongoing to determine the optimal transition point from open pit to underground mining. With the expansion and underground mining study expected in H1 2024, Agnico Eagle has is targeting longer-term production of 1 Moz per year. The Detour Lake mine continues to have strong exploration upside primarily to the west and at depth, with potential for both an underground mine and extensions to the current four open pits. In 2024, exploration will continue to test and extend the west plunge of the main deposit. Agnico Eagle is considering building an exploration ramp to increase confidence in the mineralization's continuity in the inferred resource envelope and to potentially collect a bulk sample. Detour Lake, Ontario Ongoing exploration success Potential to add an UG component Agnico Eagle exploring pathway to one million ounces of gold per year TSX / NYSE: FNV 54 ★ Franco-Nevada Corporation Canada