Eskay Deeps 23 22 NEX 21 East 21A West KSM (Seabridge) FNV Royalties Area of Interest Deposits Excluded from Royalty Eskay Creek 2.5% NSR kilometer 5 0 N 2.5% NSR 2.5% NSR 2.5% NSR 2.5% NSR Vancouver British Columbia Stewart Eskay Creek E S K A Y C R E E K 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 Revenue to Franco-Nevada ($ million) $ – $ – $ – M&I Resources (koz Au) 1 4,380 4,067 3,898 Inferred Resources (koz Au) 1 67 177 231 P&P Reserves (koz Au) 1 3,336 2,870 2,870 M&I Resources (Moz Ag) 1 107.0 98.4 101.6 Inferred Resources (Moz Ag) 1 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 Inferred Royalty Ounces (000s) 2 2 3 3 P&P Royalty Ounces (000s) 2 109 56 39 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 2.5% is applicable (1.5% in 2022, 1.0% in 2021) Eskay Creek was the highest-grade gold mine in the world when in production with the operator, Barrick Gold Corp., producing 3.3 million ounces of gold and 160 million ounces of silver at average grades of 45 g/t gold and 2,224 g/t silver from 1994-2008. In November 2023, the current owner of the property, Skeena Resources Limited (“Skeena”), announced a positive definitive feasibility study, outlining average annual production of 324,000 ounces of gold equivalent production over an initial 12-year mine life. The definitive feasibility study was based on Proven and Probable Mineral Reserves of 4.6 Moz 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 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. In December 2022, Franco-Nevada acquired an additional 0.5% NSR on Eskay Creek and in December 2023, acquired a further 1.0% NSR, bringing the total NSR held by Franco-Nevada to 2.5%. Also in December 2023, Franco-Nevada acquired C$25M in convertible debentures maturing the earlier of December 19, 2028 or on the completion of a Board approved project financing at Eskay Creek. The December 2023 transaction also increased the property size to cover the prospective properties adjacent the mineral resource. Skeena Resources completed 13 drillholes in 2023 with success surrounding the 22 Zone yielding new occurrences of footwall gold-silver mineralization 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 over 1.50 metres. Additional mineralization was identified 200 metres north of the 22 Zone by SK-23-1200 grading 0.63 g/t Au, 86.1 g/t Ag over 14.50 metres and 1.37 g/t Au, 7.6 g/t Ag over 5.00 metres. In 2023 Skeena Resources followed up on the Eskay Deeps 2022 exploration hole SK-22-1081 (3.79 g/t Au, 59.4 g/t Ag over 32.19 m). In total, 8 drillholes and 2 wedge branches were completed totalling 13,787 m intersecting anomalous sub-economic mineralization in the Contact Mudstone on 100 m spaced centers. 120 m below the Contact Mudstone and hosted by footwall rhyolite breccias, 2023 drillhole SK-23-1182 intersected 3.92 g/t Au, 5.2 g/t Ag over 5.38 m. Permitting and early development work on going Positive definitive feasibility study increases mine life to 12 year with average of 324 koz AuEq Franco-Nevada Corporation ★ 69 TSX / NYSE: FNV Canada