Canada GOLDEN HIGHWAY w Location: Ontario, Canada | Operator: Agnico Eagle Mines Limited | Precious Metals: Au | Royalty: NSR: 0.25-10% vie Over Franco-Nevada has multiple NSR royalties ranging from 0.25 to 10% over the Destor-Porcupine mineral trend just east of Timmins, Ontario spread 2 over more than 120 km and estimated to cover over 340 km . 2023 2022 2021 with the existing infrastructure in the region which may displace production Revenue to Franco-Nevada ($ million) $ − $ – $ 0.1 from royalty ground in the short to medium term. M&I Resources (koz Au)1 2,978 2,978 2,978 Franco-Nevada has royalties on the following key properties in the trend: Inferred Resources (koz Au)1 1,421 1,421 1,421 Holt: The Holt mine has been the main producing asset in recent years P&P Reserves (koz Au)1 – – – and includes the Holt mill complex. Franco-Nevada has a sliding scale 1,2 NSR royalty beginning at 2% when the gold price is less than or equal M&I Royalty Ounces (000s) 160 160 160 Inferred Royalty Ounces (000s)2 90 90 90 to $500/ounce and increasing in 1% increments for each $100/ounce P&P Royalty Ounces (000s)2 – – – increase in the gold price, to a maximum of 10%. The Holt mine was built Precious Metals in the late 1980s by Barrick. 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral Taylor: The Taylor mine (1% NSR) achieved commercial production Resource category; all M&I categories are inclusive of Mineral Reserves. Mineral Resources and Mineral Reserves are the sum of Golden Highway - Holt Complex (which includes Holt, in November 2015. Exploration potential at Taylor exists along strike Holloway and Taylor), Golden Highway – Hislop and Golden Highway - Aquarius and at depth of current Mineral Resources. 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates rates of: Holt 10%; Holloway: The Holloway mine is located immediately north of the Holt Holloway 3%; Taylor 1%; Hislop 4%; Aquarius 2% property with ore historically processed at the Holt mill. The Holloway mine Kirkland Lake Gold (“KLG”) acquired St Andrew Goldfields (“St Andrew”) was placed on care and maintenance at the end of 2016 due to limited in January 2016, which previously owned and operated most of the economic viability. In an effort to improve the economics of the operation, properties along the trend on which Franco-Nevada has royalties. in 2019, Franco-Nevada agreed to reduce the royalty at Holloway to a flat KLG amalgamated Holt, Holloway and Taylor into the Holt Complex for 3% NSR from the previous sliding scale royalty. The mine resumed reporting purposes, all of which have fed the Holt mill for processing. operations in early 2019, prior to the current suspension. The Holloway mine was placed on care and maintenance in March 2020. Hislop: Franco-Nevada has a 4% NSR on the Hislop mine which is Operations at the remainder of the Holt Complex were suspended located approximately 50 km to the west of the Holt mill. The open pit in April 2020. Mineral Reserves for the Hislop open pit were fully depleted in 2014. In August 2020, KLG and Newmont entered into a strategic alliance Aquarius: Franco-Nevada holds a 1-2% sliding scale NSR (2% when agreement, with Newmont acquiring an option on certain mining and gold price is greater than $1,000/ounce) on the majority of claims mineral rights related to the Holt property. In February 2022, Agnico surrounding and including the Aquarius deposit. Eagle and KLG completed a merger of equals, with the combined company continuing as Agnico Eagle (see pages 54, 59 and 63 Multiple NSR royalties in the Destor-Porcupine mineral trend for additional assets operated by Agnico Eagle). Agnico Eagle plans Large land position offers future potential to evaluate the potential to integrate a number of satellite deposits Golden Highway 0.25-10% NSR Quebec Ontario Golden N Highway 0 20 11 Lake Abitibi kilometer Stock Mine and Mill Royalty Lake Abitibi Frederick 1% NSR House Lake Kidd Creek ONR Pipestone Fault Destor-Porcupine Fault Zone Holloway Royalty Stoughton Royalty Hoyle Pond Matheson German Stock Taylor Carr Beatty Munro McCool 3% NSR 0.5-2.5% NSR Kinross 1060 Zone Owl Creek Rand Lamplugh Frecheville Bell Creek Stoughton Apollo Jonpol Holloway Mine Holt Mine Broulan Reef Black Fox Hallnor Pamour #1 Guibord 101 Matheson Hislop Michaud Timmins McIntyre Ross Mine Porcupine 11 Ludgate Hollinger Dome Cody Macklem Bond Currie Bowman Garrison Harker Holloway Marriot Delnite Paymaster 101 Aunor Zone 7 Royalty Porcupine Peninsula Aquarius Royalty Taylor Royalty Hislop Royalty Holt Royalty Royal Oak Sliding scale Sliding scale 1-2% NSR 1% NSR 4% NSR Cook Barnet Thackeray Night Hawk Lake Present or past Central Timmins Royalty Claims Kenogamisis producing mine 0.25-1% NSR Lake 68 ★ Franco-Nevada Corporation TSX / NYSE: FNV