North America HAYNESVILLE Location: East Texas & Louisiana, United States | Operator: TG Natural Resources, Others | Energy: Natural Gas | Royalty: Various Royalty Rates Franco-Nevada owns a portfolio of royalty rights in the Haynesville natural gas play in East Texas and Louisiana, which it purchased in two separate acquisitions from Mesa Minerals Partners LLC I & II. 2023 2022 2021 Energy in 2023 and they are the key operator in the area. Through our Revenue to Franco-Nevada ($ million) $ 26.0 $ 72.9 $ 38.5 second acquisition, we gained exposure to a broad land position in Louisiana, which provides exposure to both the Haynesville and overlying Production (Mboe)1 1,886 1,988 1,904 Middle Bossier formations. This acreage is operated by a variety of large 2 Commodity Split (%) Oil 0% 0% 1% natural gas companies including Southwestern Energy, Chesapeake Gas 99% 99% 97% Energy, Comstock Resources and others. NGL 1% 1% 2% The newly acquired acreage from our second acquisition will begin to 1 Production is referenced in barrels of oil equivalent net to Franco-Nevada, although contribute volumes and revenue to Franco-Nevada in 2024, however is comprised mostly of natural gas 2 Percentage based on production revenue from each commodity as of 2023 only the first acquisition is reflected in the table on the left. 3 Asset life is calculated as the Proven, Probable and Possible reserve volumes divided Revenue amounted to $26 million in 2023, representing a decline from by the prior year production volume 2022 revenues due to a decrease in natural gas prices. The Haynesville 3 has an estimated asset life of approximately 15 years . The royalties The first portfolio was acquired in December of 2020 for $135 million also provide development potential in the Cotton Valley formation, which and the second portfolio was acquired in January of 2024 for $125 million. may be further exploited in the future. The Haynesville is one of the most active natural gas plays in North America, owing to its strong well performance and close proximity to Natural gas exposure with diverse operators infrastructure along the U.S. Gulf Coast, which reduces transportation costs and provides exposure to an expanding Liquified Natural Gas Close proximity to U.S. Gulf Coast enhances economics export market. Secure land title with proven production history The royalties consist of approximately 2,775 acres of mineral rights in East Texas and 1,330 acres in Louisiana (net to Franco-Nevada). The royalty position associated with our first acquisition is situated in a core area of the East Texas portion of the Haynesville, which represents a shallower part of the basin where the producing Haynesville formation is thickest. TG Natural Resources (“TGNR”) acquired Rockcliff Mineral Resources and Mineral Reser Texas Louisiana Haynesville Bossier Webster Harrison Caddo N Bienville 0 15 kilometer 0 10 De Soto mile Panola Rusk Red River ves FNV Royalty Acreage Shelby Oklahoma Arkansas Natchitoches Anadarko Fayetteville Basin Woodford Bend Arkomo Basin Additional Inf NEW Fort Worth Ardmore Haynesville Sabine MEXICO Basin Barnett Basin Bossier Louisiana Nacogdoches Spraberry Tuscaloosa Permian Basin Texas San Augustine Eagle Ford or Regional Basins mation Angelina TSX / NYSE: FNV Franco-Nevada Corporation ★ 109