M A R I G O L D Location: Nevada, United States | Operator: SSR Mining Inc. | Precious Metals: Au | Royalty: NSR: 1.75-5% / GR: 0.5-4% The Marigold mine is located 64 km southeast of Winnemucca, Nevada on the Battle Mountain-Eureka Trend and is operated by SSR Mining Inc. (“SSR Mining”). 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 11.2 $ 7.5 $ 8.5 M&I Resources (koz Au) 1 4,603 5,004 5,004 Inferred Resources (koz Au) 1 370 252 252 P&P Reserves (koz Au) 1 2,863 3,410 3,410 M&I Royalty Ounces (000s) 1,2 113 126 154 Inferred Royalty Ounces (000s) 2 9 6 8 P&P Royalty Ounces (000s) 2 70 86 106 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 96% of the Mineral Reserves (97% in 2022, 96% in 2021), 96% of the M&I Mineral Resources (96% in 2022, 97% in 2021) and 96% of the Inferred Mineral Resources (97% in 2022, 96% in 2021) are subject to our royalty interest and estimates a rate of 2.55% is applicable (2.59% in 2022, 3.2% in 2021) The mine has been in continuous production since 1989 and is a large run-of-mine heap leach operation with several open pits. Franco-Nevada has various royalties on the operation (1.75-5% NSR and 0.5-4% GR), as shown in the schematic, together covering a significant portion of the current Mineral Reserve base. Franco-Nevada’s original royalties were acquired in connection with its IPO and, in December 2009, additional royalties covering alternate sections were added. In 2023, 21,846 kt of ore were placed on pads at a grade of 0.45 g/t versus 18,061 kt of ore placed on pads at a grade of 0.56 g/t in 2022. The mine had record production of 278,488 ounces of gold in 2023 versus 194,668 ounces in 2022. For 2024, SSR Mining expects production to be between 155 koz to 175 koz, with production of between 155 koz to 270 koz annually from 2025 to 2028. The current life of mine plan predicts a 9–year mine life, with life of mine production of 2.2 million ounces of gold. Royalty payments to Franco-Nevada will fluctuate depending on the royalty ground being mined. SSR Mining’s strategy to advance brownfields targets proximal to existing infrastructure continues to yield encouraging results and the company plans to continue its exploration drilling in 2024 with a $9 million budget. The focus will be on oxide mineral reserve additions and conversion at Buffalo Valley, Mackay, Valmy and New Millenium. Franco-Nevada royalty ground covers Mackay and portions of the Valmy and New Millenium targets. Record production in 2023 Continued resource expansion and encouraging exploration results Valmy Buffalo Valley and Trenton Canyon to the south. No FNV Royalty 5 North Pits 8 North Pit 8 South New Millenium Basalt & Antler Terry Zone North Terry Zone 1.75% NSR 1.75% NSR 1.75% NSR 1.75% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 3% NSR* 3% NSR* 3% NSR* 2.5%-4% GR* 2.5%-4% GR* 2.5%-4% GR* 2.5%-4% GR* 5% NSR 1.75% NSR Schematic Representation Only Valmy Mud Pits Red Dot Target Pit 2.5%- 4% GR* 0.5%-1.5% GR* Mackay Pit Marigold 1.75-5% NSR / 0.5-4% GR mile 1 0 Marigold Pacific Ocean Oregon Idaho Utah Nevada California Arizona MEXICO FNV Royalties Excluded from Royalty Pits * December 2009 Acquisition N Marigold, Nevada TSX / NYSE: FNV 46 ★ Franco-Nevada Corporation United States