United States MARIGOLD w Location: Nevada, United States | Operator: SSR Mining Inc. | Precious Metals: Au | Royalty: NSR: 1.75-5% / GR: 0.5-4% vie Over 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 Record production in 2023 Revenue to Franco-Nevada ($ million) $ 11.2 $ 7.5 $ 8.5 Continued resource expansion and encouraging M&I Resources (koz Au)1 4,603 5,004 5,004 exploration results Inferred Resources (koz Au)1 370 252 252 P&P Reserves (koz Au)1 2,863 3,410 3,410 1,2 M&I Royalty Ounces (000s) 113 126 154 Marigold 2 Inferred Royalty Ounces (000s) 9 6 8 1.75-5% NSR / 0.5-4% GR 0 N 1 2 P&P Royalty Ounces (000s) 70 86 106 mile 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral 5% NSR Precious Metals 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) 1.75% NSR 5% NSR The mine has been in continuous production since 1989 and is a large Valmy 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 5% NSR 1.75% NSR 5% NSR 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. 5% NSR 2.5%-4% GR* 5 North Pits 5% NSR The mine had record production of 278,488 ounces of gold in 2023 versus 194,668 ounces in 2022. For 2024, SSR Mining expects 5% NSR 8 North 5% NSR 5% NSR Terry Pit production to be between 155 koz to 175 koz, with production of Zone 1.75% between 155 koz to 270 koz annually from 2025 to 2028. The current North NSR life of mine plan predicts a 9–year mine life, with life of mine production Terry Zone 2.5%-4% of 2.2 million ounces of gold. Royalty payments to Franco-Nevada will GR* 8 South fluctuate depending on the royalty ground being mined. 5% NSR 5% NSR SSR Mining’s strategy to advance brownfields targets proximal to existing infrastructure continues to yield encouraging results and the company 2.5%-4% GR* 0.5%-1.5% GR* 2.5%-4% GR* Mackay plans to continue its exploration drilling in 2024 with a $9 million budget. Pit The focus will be on oxide mineral reserve additions and conversion at Red Dot Buffalo Valley, Mackay, Valmy and New Millenium. Franco-Nevada royalty ground covers Mackay and portions of the Valmy and New Millenium targets. 5% NSR 3% NSR* 2.5%- Mud Pits 4% GR* Target Pit 1.75% NSR 5% NSR Valmy Basalt 3% NSR* 3% NSR* & Antler Schematic New Millenium Representation 1.75% NSR Only Buffalo Valley and Trenton Canyon to the south. No FNV Royalty Oregon Idaho FNV Royalties Utah Marigold Nevada Pits Excluded from Royalty California Arizona * December 2009 Acquisition Pacic Ocean Marigold, Nevada MEXICO 46 ★ Franco-Nevada Corporation TSX / NYSE: FNV