Canada ESKAY CREEK Location: British Columbia, Canada | Operator: Skeena Resources Limited | Precious Metals: Au & Ag | Royalty: NSR: 2.5% Franco-Nevada holds a 2.5% NSR on the past-producing Eskay Creek gold-silver project in British Columbia’s Golden Triangle. 2023 2022 2021 In December 2022, Franco-Nevada acquired an additional 0.5% NSR on Revenue to Franco-Nevada ($ million) $ – $ – $ – Eskay Creek and in December 2023, acquired a further 1.0% NSR, bringing M&I Resources (koz Au)1 4,380 4,067 3,898 the total NSR held by Franco-Nevada to 2.5%. Also in December 2023, Inferred Resources (koz Au)1 67 177 231 Franco-Nevada acquired C$25M in convertible debentures maturing the P&P Reserves (koz Au)1 3,336 2,870 2,870 earlier of December 19, 2028 or on the completion of a Board approved project financing at Eskay Creek. The December 2023 transaction also M&I Resources (Moz Ag)1 107.0 98.4 101.6 increased the property size to cover the prospective properties adjacent 1 the mineral resource. Inferred Resources (Moz Ag) 0.9 2.7 5.0 P&P Reserves (Moz Ag)1 88.0 75.5 80.2 M&I Royalty Ounces (000s)1,2 140 78 52 Skeena Resources completed 13 drillholes in 2023 with success surrounding Inferred Royalty Ounces (000s)2 2 3 3 the 22 Zone yielding new occurrences of footwall gold-silver mineralization P&P Royalty Ounces (000s)2 109 56 39 highlighted by SK-23-1203, which intersected 19.87 g/t Au, 59.1 g/t Ag over 2.95 m and a second high grade interval averaging 21.10 g/t Au, 15.4 g/t Ag 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral over 1.50 metres. Additional mineralization was identified 200 metres north Resource category; all M&I categories are inclusive of Mineral Reserves of the 22 Zone by SK-23-1200 grading 0.63 g/t Au, 86.1 g/t Ag over 14.50 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and metres and 1.37 g/t Au, 7.6 g/t Ag over 5.00 metres. Mineral Reserves are subject to our royalty interest and estimates a rate of 2.5% is applicable (1.5% in 2022, 1.0% in 2021) In 2023 Skeena Resources followed up on the Eskay Deeps 2022 Eskay Creek was the highest-grade gold mine in the world when in exploration hole SK-22-1081 (3.79 g/t Au, 59.4 g/t Ag over 32.19 m). production with the operator, Barrick Gold Corp., producing 3.3 million In total, 8 drillholes and 2 wedge branches were completed totalling ounces of gold and 160 million ounces of silver at average grades 13,787 m intersecting anomalous sub-economic mineralization in the Contact Mudstone on 100 m spaced centers. 120 m below the of 45 g/t gold and 2,224 g/t silver from 1994-2008. Contact Mudstone and hosted by footwall rhyolite breccias, 2023 Diver In November 2023, the current owner of the property, Skeena Resources drillhole SK-23-1182 intersected 3.92 g/t Au, 5.2 g/t Ag over 5.38 m. sified Assets Limited (“Skeena”), announced a positive definitive feasibility study, outlining average annual production of 324,000 ounces of gold equivalent Permitting and early development work on going production over an initial 12-year mine life. The definitive feasibility study Positive definitive feasibility study increases mine life was based on Proven and Probable Mineral Reserves of 4.6 Moz AuEq to 12 year with average of 324 koz AuEq (39.8 Mt at 2.6 g/t Au and 69 g/t Ag). The study indicated a high-grade open-pit and a flotation plant producing higher grade saleable concentrate. Skeena is continuing to advance the project through permitting and is undertaking early development work. In December 2021, Franco-Nevada entered into an agreement with Skeena Mineral Resources and Mineral Reser to amend the terms of its existing 1% NSR royalty agreement such that the existing royalty covered substantially all of the Eskay Creek gold-silver project land package at the time, including all currently-known mineralized zones. 2.5% NSR Eskay Creek 2.5% NSR 2.5% NSR ves N Eskay Deeps 0 5 NEX KSM (Seabridge) 21 East kilometer 21A West 23 Additional Inf 22 Eskay Creek 2.5% NSR Stewart FNV Royalties British Columbia Deposits or Area of Interest 2.5% NSR Vancouver mation Excluded from Royalty TSX / NYSE: FNV Franco-Nevada Corporation ★ 69