M T K E I T H Location: Australia | Operator: BHP Group Limited | Metals: Ni | Royalty: NPI: 0.25% / GR: 0.375% Franco-Nevada has a 0.375% gross royalty and a 0.25% NPI royalty on lands including the Mt Keith nickel operation in Western Australia, located 460 km north of Kalgoorlie. 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 1.2 $ 0.8 $ 2.3 M&I Resource (Mlbs Ni) 1 2,351 2,390 2,390 Inferred Resource (Mlbs Nu) 1 275 275 275 P&P Reserves (Mlbs Nu) 1 957 1,087 1,087 M&I Royalty Ounces (000s) 1,2 33 51 42 Inferred Royalty Ounces (000s) 2 4 6 5 P&P Royalty Ounces (000s) 2 14 23 19 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 0.50% is applicable. Franco-Nevada has also applied a NSR smelting charge of 30%. Nickel has been converted to Royalty Ounces assuming $7.89 per pound ($11.00 per pound in 2022, $9.00 per pound in 2021) BHP Group Limited (“BHP”) is the operator of Mt Keith, a large, low-grade disseminated nickel sulphide ore body with an open pit mine. Franco-Nevada’s royalties cover 236 km 2 and include all of Mt Keith, the Jericho Nickel Deposit located approximately 25 km northwest of Mt Keith, and part of the Yakabindie Deposits located approximately 25 km south of Mt Keith. Mt Keith has been in continuous production since 1993. In June 2023, BHP reported that Mt Keith had an estimated remaining mine life of 12 years. Mt Keith concentrator ore throughput is approximately 10.5 Mtpa with 70% recoveries. Production capacity is 35,000-40,000 tonnes per annum of nickel in concentrate. Mt Keith is part of West Australia Nickel, an integrated business unit of BHP that includes four other mines, a concentrator, a smelter and a refinery. BHP reported that West Australia Nickel total production for the fiscal year ending June 2023 was 80,000 tonnes of nickel. It is estimated that royalty area production accounted for 16% of West Australia Nickel total production in the fiscal year ending June 2023. During 2019, BHP developed the Goliath and Six Mile Well Nickel Deposits at Yakabindie as satellite operations of Mt Keith. Franco-Nevada’s royalty does not cover Goliath or the southern half of Six Mile Well. Yakabindie satellite deposits are expected to provide the majority of ore to the Mt Keith concentrator going forward. BHP progressed expansion plans to increase Mt Keith mill capacity to 13.5 Mtpa and increase nickel concentrate production to 50,000 tpa, with contracts awarded March 2023. Following a sharp fall in nickel prices BHP announced in February 2024 that it will recognize a non-cash impairment charge of $3.5 billion on the carrying value of West Australia Nickel. In addition, BHP will reduce discretionary expenditures and review capital plans. BHP may place West Australia Nickel into a care and maintenance. 12-year reserve life at Mt Keith BHP may place West Australia Nickel in care and maintenance while Ni prices are low Mt Keith 0.25% NPI/0.375% GR Albion Downs Jericho Cliffs Yakabindie Kingston Royalty Area 122.5 km 2 Mt Keith Royalty Area 114 km 2 Mt Keith Perth Port Hedland Kalgoorlie Wiluna N Mt Keith BRAZIL BOLIVIA PARAGUAY Total: 236.5 km 2 kilometer 10 0 N Mt Keith, Australia TSX / NYSE: FNV 100 ★ Franco-Nevada Corporation Other Mining