North America MARCELLUS w Location: SW Pennsylvania, United States | Operator: Range Resources | Energy: Natural Gas and NGLs | Royalty: 1% overriding royalty vie Over Franco-Nevada has a 1% royalty on the majority of Range Resources Corporation’s (“Range”) operated position in Southwest Pennsylvania. 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 28.0 $ 56.5 $ 36.1 Production (Mboe)1 1,436 1,442 1,458 2 Commodity Split (%) Oil 2% 5% 6% Gas 63% 66% 56% NGL 34% 29% 38% 1 Production is referenced in barrels of oil equivalent net to Franco-Nevada, although is comprised mostly of gas and natural gas liquids 2 Percentage based on production revenue from each commodity 3 Asset life is calculated as the Proven, Probable and Possible reserve volumes divided Precious Metalsby the prior year production volume The royalty is calculated as 1% of gross production less minor deductions from approximately 338,000 net acres of Range’s working interest position in Washington, Western Allegheny and Southern Beaver counties in Pennsylvania. The royalty applies to existing production and future development from the Marcellus shale formation as well as future potential development from the Utica and Upper Devonian formations. Range Resources drill pad, SW Pennsylvania The royalty is registered on title and is a direct interest in real property. The Marcellus is one of the most prolific and active gas and liquids plays in North America. Range’s acreage is in a liquids-rich portion of the Marcellus, enhancing well economics and the overall cost sified Assetsstructure. Range helped pioneer the Marcellus shale in 2004 with the successful drilling of the Renz #1 well in Washington County, Diver Pennsylvania. Since that time, Range has developed a track record of growing reserves from its asset base. Range’s position in Southwest Appalachia is estimated to have one of the longest core inventory lives among U.S. natural gas producers, and its diversified portfolio of transportation capacity mitigates in-basin pricing risk. In 2023, Franco-Nevada received $28 million in revenue from the Marcellus royalty. The Marcellus has an estimated asset life 3 of approximately 23 years . There is additional potential in the Utica and Upper Devonian formations, most of which is not included in the above estimate that may increase the longevity of the asset. Appalachian Diverse exposure to natural gas and natural gas liquids Basin Long-life asset with strong underlying economics Marcellus Secure land title with exposure to undeveloped formations at depth 108 ★ Franco-Nevada Corporation TSX / NYSE: FNV