2025 Asset Handbook

2 0 2 5 A S S E T H A N D B O O K

Over view Additional Information Mineral Resources and Mineral Reserves Diversified Assets Precious Metals Overview

C O N T E N T S Overview Message to Stakeholders 5 Our Business Model 6 Diversified Portfolio 7 Global Assets 8 Asset Portfolio 10 Historical Performance 12 Track Record 14 Guidance and Five-Year Outlook 15 Growth Beyond Five-Year Outlook 16 Additional Optionality 16 Royalty Ounces 17 Precious Metals Royalty Ounces 18 Diversified Royalty Ounces 19 Sustainability Highlights 20 Precious Metals Assets South America 24 Central America & Mexico 37 Canada 40 United States 60 Rest of World 71 Precious Metals Exploration Assets 82 Diversified Assets Iron Ore 88 Other Mining 91 Diversified (Mining) Exploration Assets 100 Energy Assets 102 Energy Exploration Assets 111 Mineral Resources and Mineral Reserves Gold Mineral Resources 114 Gold Mineral Reserves 115 Mineral Resources and Mineral Reserves 116 Additional Information Asset Counts, Acreage of Assets 122 Mine Life Index 123 Board of Directors 124 Executive Management 126 Corporate Organization 127 Non-GAAP Financial Measures 128 Technical and Third-Party Information 130 Forward-Looking Information 131 Glossary 132 Corporate Information 134 This Asset Handbook has not been prepared in connection with the sale of securities and is not an offering memorandum and should not be relied upon as such. This Asset Handbook does not constitute an offer to sell or a solicitation for an offer to purchase any security in any jurisdiction. Information relating to projects, properties and their owners and operators presented in this Asset Handbook has been sourced from the public disclosure of the owners and operators of our assets available as at March 13, 2025 (except where stated otherwise). More current information may become available in our subsequent disclosure and on our website. This Asset Handbook contains information about many of our assets, including those that may not currently be material to us. Also, the description and depiction of our business and assets have been simplified for presentation purposes. Dollar references are in U.S. dollars unless otherwise noted. This Asset Handbook should be read with reference to the explanatory notes and cautionary statements contained in the Additional Information section found at the end of this Asset Handbook. Please also refer to the additional supporting information and explanatory notes found in our Annual Information Form (“AIF”), our annual Management’s Discussion & Analysis (“MD&A“), and our Annual Report on Form 40-F available at www.sedarplus.com and www.sec.gov, and on our website at www.franco-nevada.com. This Asset Handbook complements, but does not form part of, nor is it incorporated by referenced in, such documents. TSX / NYSE: FNV 4 ★ Franco-Nevada Corporation Overview Overview

D E A R S T A K E H O L D E R S In 2024, our portfolio continued to deliver strong revenues and high- margin cash flows. Our business model, with its strong balance sheet, proved resilient allowing the Corporation to both grow its portfolio and increase dividends for the 18th consecutive year. Cumulative dividends since the Corporation’s initial public offering are now greater than US$2.5 billion. We were able to take these steps despite no contributions from Cobre Panama during the year. Our business benefits from gold price increases without being impacted by industry cost inflation. This was very much the case in 2024, as gold prices soared in response to growing geopolitical uncertainty, and our business generated near-record 85% Adjusted EBITDA Margin¹ and a 56% Adjusted Net Income Margin¹. A highlight of the year was the initial contributions from streams and royalties from several attractive new gold mines. In addition, our team successfully executed on more than US$1.3 billion of commitments during the year, the largest year of new investments in the history of the Corporation, adding high-quality, long-dated gold investments to our portfolio including Cascabel in Ecuador, Yanacocha in Peru and Sibanye- Stillwater’s Western Limb PGM operations in South Africa. In 2022, we backed the G Mining Ventures team, providing financing to construct the Tocantinzinho mine in Brazil. They delivered as expected, bringing the mine into operation on time and budget during the year. We are repeating the strategy and have backed the Discovery Silver team in their acquisition of Newmont’s Porcupine assets in Timmins. We believe the pedigree of both companies differentiates them from their peers. While Cobre Panama remains shuttered, we are encouraged that President Mulino has indicated a willingness to start discussions with First Quantum and that attitudes in Panama now appear more supportive of restarting the mine. Returning the mine to operation has the potential to add 4-5% to Panamanian GDP, employ a workforce of up to 7,000 and restore an estimated 50,000 indirect jobs that were lost following the suspension of operations. We aim to invest in operators that limit the environmental impacts of their projects, to contribute positively to the communities where we are invested, and to provide a great place to work for our employees. We are very pleased that these efforts are reflected in the top-level ratings we receive from the ESG rating agencies. Notably, we are the top-ranked company in the gold sector by Sustainalytics in 2025. We expect approximately 7% growth in 2025 over 2024 driven by contributions from new mines and recent acquisitions. Organic growth from mine expansions and further new mines commencing production underpins our longer-term growth outlook. With strong gold prices, we expect an uptick in exploration activity and additional upside from our deep royalty portfolio. A restart of operations at Cobre Panama could also add substantially to our outlook. In January 2025, we welcomed Daniel Malchuk to our Board. Daniel is an experienced director and spent much of his executive career at BHP, including roles heading operations in the Americas, running the Copper, Aluminum and Nickel and Manganese businesses, and heading the Exploration Division. Daniel is Chilean, based out of Santiago, and we are sure will add valuable perspectives on many of the assets and countries in which we invest. We finished the year with no debt and, net of the Sibanye-Stillwater commitment, US$1.9 billion of available capital. In addition, we expect the business to generate cash from operations close to US$1.0 billion in 2025, providing ample capacity to grow and enhance our portfolio. Thank you for your ongoing trust and support. David Harquail Paul Brink Chair of the Board President & CEO May 2, 2025 David Harquail (Chair of the Board) and Paul Brink (President & CEO) at the Greenstone mine, August 2024. 1 Adjusted EBITDA Margin and Adjusted Net Income Margin are Non-GAAP Financial Measures. Refer to the “Non-GAAP Financial Measures” section starting on page 128 of this Asset Handbook for a reconciliation to the most comparable GAAP financial measure Franco-Nevada Corporation ★ 5 TSX / NYSE: FNV Overview Additional Information Mineral Resources and Mineral Reserves Diversified Assets Precious Metals

O U R B U S I N E S S M O D E L As a gold-focused royalty and streaming company, we do not operate mines, develop projects or conduct exploration. We have a unique business that is exposed to both the tremendous resource upside potential, or “optionality” of royalties on gold mines, development projects and exploration properties and the low risk, long life cash flows of precious metals streams on large copper mines. Both royalties and streams provide exposure to commodity prices, increases in production and future discoveries on the property. After our initial investment has been made, neither interest is subject to cash calls to fund exploration, development, capital, environmental or closure costs and so they are lower risk than an operating interest. Royalties Royalties are often 1-2% of the value of future production from a resource property and are typically created as exploration properties change hands. Often royalties are a percentage of the net value a mine operator receives for its product when it is processed at a smelter, hence the term “net smelter return” or “NSR” royalty. Other forms of royalties include profit-related royalties or “NPI” royalties but these are not a major part of Franco-Nevada’s portfolio. Royalty rights are often registered on the title of the property or mineral rights. Registered royalties have strong tenure and, in jurisdictions where recognized, will generally survive an operating company reorganization. Streams Streams have become a mainstream source of capital to mining companies most often to fund the construction of new projects. In particular, streaming precious metals by-product from large copper projects provides a very attractive cost of capital to project developers. Streams are metal purchase agreements where the streamer purchases all or a portion of the gold, silver or other products from a mine in exchange for an upfront payment and an additional payment on each delivery. While streams have similar exploration and price optionality to royalties, they differ from royalties in many respects including the ongoing cash payment required to purchase the physical metal. B U S I N E S S M O D E L A D V A N T A G E S 1 Cobre Panama currently on preservation and safe management Optionality Potential for exploration success on ~70,500 km2 (1) Focus on Growth Management not occupied with operational decisions Free Cash Flow Business Not exposed to capital calls Diversified Portfolio Non-operating business is more scalable High Margins & Low Overhead Strong cash generation throughout the commodity cycle Limited Cost Inflations Streams/NSRs not exposed to cost inflation UPSIDE POTENTIAL LOW RISK TSX / NYSE: FNV 6 ★ Franco-Nevada Corporation Overview Overview

D I V E R S I F I E D P O R T F O L I O Franco-Nevada has the largest and most diversified portfolio of cash-flow producing assets. Geography 84% from Americas 14 Countries 2024 GEOS DIVERSIFICATION Assets No individual asset > 15% Candelaria Other Antapaccay Antamina Vale Guadalupe-Pa Canada and USA South America Mexico and Central America Rest of the World Gold NGL Other Mining Gas Silver PGM Oil Candelaria Other Antapaccay Antamina Vale Guadalupe-Palmarejo Canada and USA South America Mexico and Central America Rest of the World ng Candelaria Antapaccay Antamina Vale Guadalupe-Palmarejo America Gold Other Mining Silver PGM Oil Gold NGL Gas Oil Canada and USA South America Mexico and Central America Rest of the World Gold NGL Other Mining Gas Silver PGM Oil Candelaria Antapaccay Antamina Guadalupe-Palmarejo anada and USA outh America exico and Central America est of the World Other Vale Guadalupe-Palmarejo Canada and USA South America Mexico and Central America Rest of the World Commodity 76% from Precious Metals Franco-Nevada Corporation ★ 7 TSX / NYSE: FNV Overview Additional Information Mineral Resources and Mineral Reserves Diversified Assets Precious Metals

Cobre Panama Castle Mountain Mesquite Courageous Lake Weyburn Goldfelds Monument Bay Canadian Malartic Nevada Ontario Stibnite Gold Cariboo SCOOP Orion Eagle Red Mountain STACK Franco-Nevada U.S. Office Marcellus Guadalupe-Palmarejo Brucejack CentroGold (Gurupi) Cerro Moro Taca Taca NuevaUnión (Relincho) San Jorge Antamina Salares Norte Valentine Gold Antapaccay Candelaria Volcan Calcatreu Stillwater Cascabel (Alpala) Milpillas Haynesville Condestable Carol Lake Vale N. System Vale S.E. System Sossego Posse (Mara Rosa) Eskay Creek Copper World Project Franco-Nevada Barbados Office Caserones Tocantinzinho Sterling Robinson Bald Mountain Marigold EaglePicher Granite Creek (Pinson) Goldstrike Gold Quarry South Railroad South Arturo Nevada Copper Creek Island Gold Musselwhite Hemlo Greenstone Detour Lake Timmins West Sudbury Macassa (Kirkland Lake) Golden Highway Franco-Nevada Head Office Red Lake (McFinley) Magino Crawford Ring of Fire Ontario Porcupine Yanacocha Pascua-Lama Permian Basin Global Assets TSX / NYSE: FNV 8 ★ Franco-Nevada Corporation Overview Overview

Our Portfolio 430 Total 119 Producing 38 Advanced 273 Exploration Diversifed Diversifed Precious Metals Diversifed Precious Metals Mt Keith Duketon Yandal (Bronzewing) Australia Subika (Ahafo) Tasiast Sabodala Edikan Perama Hill Kiziltepe Sissingué Pandora Franco-Nevada Australia Office Séguéla Rebecca Wiluna South Kalgoorlie Only selected assets are shown on this map Asset count as of April 28, 2025 Cobre Panama currently on preservation and safe management Precious Metals Western Limb Mining Operations Rogozna “ A diversified portfolio of 430 assets covering ~70,500 km2.” Franco-Nevada Corporation ★ 9 TSX / NYSE: FNV Overview Additional Information Mineral Resources and Mineral Reserves Diversified Assets Precious Metals

A S S E T P O R T F O L I O Precious Metals Revenue ($ millions) Asset Operator Interest and % (Gold unless otherwise noted)1 2024 2023 2022 Notes Precious Metals South America Candelaria Lundin Mining Stream 68% Gold & Silver $163.1 $130.3 $125.8 7, P Antapaccay Glencore Stream (indexed) Gold & Silver 131.0 120.1 95.2 7, P Antamina Teck Resources Stream 22.5% Silver 55.3 50.5 68.4 7, P Condestable Southern Peaks Mining Stream Gold & Silver, Fixed through 2025 then %8 29.9 23.7 22.4 7, P Tocantinzinho G Mining Ventures Stream 12.5% 15.4 – – 7, P Yanacocha Newmont NSR 1.8% 7.5 – – P Other (20 assets) 8.3 5.2 6.3 Px3, Ax4, Ex13 Central America & Mexico Cobre Panama First Quantum Minerals Stream (indexed) Gold & Silver 0.1 248.9 223.3 7, 12, A Guadalupe-Palmarejo Coeur Mining Stream 50% 84.8 66.8 74.2 2, 4, 7, P Other (1 asset) – – – Ex1 Canada Detour Lake Agnico Eagle Mines NSR 2% 31.9 25.9 26.3 P Hemlo Barrick Gold NSR 3%, NPI 50% 16.4 22.7 28.2 2, 6, P Macassa (Kirkland Lake) Agnico Eagle Mines NSR 1.5-5.5%, NPI 20% 10.0 6.3 5.5 3, 4, P Sudbury Magna Mining Stream 50% PGM & Gold 9.9 17.6 21.4 2, 7, Px2 Greenstone Greenstone Gold Mines NSR 3% 9.2 – – P Brucejack Newmont NSR 1.2% 7.2 5.9 5.8 2, P Magino Alamos Gold NSR 3% 5.6 1.3 – P Other (76 assets) 11.9 12.6 10.4 Px5, Ax13, Ex58 United States Stillwater Sibanye Stillwater NSR 5% PGM 21.2 26.1 36.8 2, P Goldstrike Nevada Gold Mines NSR 2-4%, NPI 2.4-6% 19.4 13.1 19.2 2, 3, P Bald Mountain Kinross Gold NSR/GR 0.875-5% 16.8 11.7 8.4 2, 3, 4, 5, P Marigold SSR Mining NSR 1.75-5%, GR 0.5-4% 6.5 11.2 7.5 2, 3, 4, 5, P Gold Quarry Nevada Gold Mines NSR 7.29% 3.0 3.0 4.9 2, 4, P Other (43 assets) 11.6 6.9 9.5 Px4, Ax4, Ex35 Rest of World MWS Harmony Gold Mining Stream 25% 55.9 50.4 39.2 7, P Subika (Ahafo) Newmont NSR 2% 34.7 19.4 18.0 2, P Tasiast Kinross Gold NSR 2% 30.5 24.5 18.3 P Sabodala Endeavour Mining Stream 6%, Fixed to 105,750 oz9 22.6 18.3 16.8 4, 7, P Duketon Regis Resources NSR 2% 10.5 12.0 10.7 2, P Other (76 assets) 22.8 16.5 17.2 Px13, Ax9, Ex54 Revenue – Precious Metals $853.0 $950.9 $919.7 Notes: “NSR” Net Smelter Return Royalty “GORR” Gross Overriding Royalty “GR” Gross Royalty “ORR” Overriding Royalty “FH” Freehold or Lessor Royalty “NPI” Net Profits Interest “NRI” Net Royalty Interest “WI” Working Interest “P” “Producing” assets are those that have generated revenue from steady-state operations for Franco-Nevada or are expected to in the next year “A” “Advanced” assets are interests on projects which are not yet producing but where, in management’s view, the technical feasibility and commercial viability of extracting Mineral Resources are demonstrable “E” “Exploration” assets represent interests on projects where technical feasibility and commercial viability of extracting Mineral Resources are not demonstrable TSX / NYSE: FNV 10 ★ Franco-Nevada Corporation Overview Overview

A S S E T P O R T F O L I O Diversified Revenue ($ millions) Asset Operator Interest and %1 2024 2023 2022 Notes Diversified Vale Vale 0.264% Iron Ore, 0.367% Copper/Gold, 0.147% Other 10 $36.7 $35.1 $40.7 Px3, Ex1 LIORC Rio Tinto GORR 0.7% Iron Ore, IOC Equity 1.5%11 13.8 12.1 14.8 P Other Mining (101 assets) 8.2 13.2 6.9 Px10, Ax7, Ex84 United States (Energy) Permian Basin Various Various Royalty Rates 45.4 47.6 52.6 Px2 SCOOP/STACK Various Various Royalty Rates 31.4 33.1 57.8 Px3 Marcellus Range Resources GORR 1% 26.9 28.0 56.5 P Haynesville Various Various Royalty Rates 21.0 26.0 72.9 Px2 Other (2 assets) 0.3 0.3 0.3 Px1, Ex1 Canada (Energy) Weyburn Unit Whitecap Resources NRI 11.71%, ORR 0.44%, WI 2.56% 44.6 50.1 65.0 Px3 Orion Strathcona Resources GORR 4% 14.0 13.6 15.1 P Other (69 assets) 9.4 9.0 13.4 Px43, Ex26 Revenue – Diversified $251.7 $268.1 $396.0 Interest revenue and other interest income $8.9 $− $− Total Revenue $1,113.6 $1,219.0 $1,315.7 Management uses the following criteria in its assessment of technical feasibility and commercial viability: (i) Geology: there is a known mineral deposit which contains Mineral Resources or Mineral Reserves; or the project is adjacent to a mineral deposit that is already being mined or developed and there is sufficient geologic certainty of converting the deposit into Mineral Resources or Mineral Reserves (ii) Accessibility and authorization: there are no significant unresolved issues impacting the accessibility and authorization to develop or mine the mineral deposit, and social, environmental and governmental permits and approvals to develop or mine the mineral deposit appear obtainable 1 Initial rates shown when agreements contain agreed reductions. Please refer to individual asset descriptions for further detail 2 Does not cover all the Mineral Resources or Mineral Reserves reported for the property by the operator 3 Percentage varies depending on the claim block of the property 4 Provides for minimum or advance payments 5 Percentage varies depending on the commodity price or value of ore 6 Payable after operator recovers defined exploration and development expenses 7 These revenue numbers are before the deduction of the purchase cost per ounce 8 8,760 oz Au & 291,000 oz Ag per year until December 2025; then, 63% Au & Ag until 87,600 oz Au & 2,910,000 oz Ag delivered, respectively; thereafter, 25% Au & Ag 9 Sabodala agreement was amended with an effective date of September 1, 2020 10 Net sales royalty attributable to FNV Royalty holding on certain properties and subject to certain thresholds. Copper/Gold rate applies to Sossego at 50% given its previous joint venture ownership 11 GORR and IOC equity interest attributable to FNV 9.9% equity ownership of Labrador Iron Ore Royalty Corporation 12 Cobre Panama currently on preservation and safe management Franco-Nevada Corporation ★ 11 TSX / NYSE: FNV Overview Additional Information Mineral Resources and Mineral Reserves Diversified Assets Precious Metals

H I S T O R I C A L P E R F O R M A N C E 2 0 2 4 – 2 0 0 8 1 Starting in Q4 2021, revenue from Franco-Nevada’s Energy assets are included in the calculation of Gold Equivalent Ounces (“GEOs”). GEOs for comparative periods have been recalculated to conform with the current presentation. GEOs include Franco-Nevada’s attributable share of production from our Mining and Energy assets, after applicable recovery and payability factors. GEOs are estimated on a gross basis for NSR royalties and, in the case of stream ounces, before the payment of the per ounce contractual price paid by the Company. For NPI royalties, GEOs are calculated taking into account the NPI economics. Silver, platinum, palladium, iron ore, oil, gas and other commodities are converted to GEOs by dividing associated revenue, which includes settlement adjustments, by the relevant gold price. The price used in the computation of GEOs earned from a particular asset varies depending on the royalty or stream agreement, which may make reference to the market price realized by the operator, or the average price for the month, quarter, or year in which the commodity was produced or sold 2 Adjusted Net Income, Adjusted Net Income per share, Adjusted EBITDA, and Adjusted EBITDA per share are non-GAAP financial measures with no standardized meaning under International Financial Reporting Standards (“IFRS Accounting Standards”) and might not be comparable to similar financial measures disclosed by other issuers. Refer to the “Non-GAAP Financial Measures” section starting on page 128 of this Asset Handbook 3 Fiscal years 2010 through 2024 were prepared in accordance with IFRS Accounting Standards. Fiscal years 2008 and 2009 were prepared in accordance with Canadian GAAP. Comparative information has been adjusted to conform to current presentation 4 The Company defines Working Capital as current assets less current liabilities 5 As at December 31 REVENUE (US$ MILLIONS) OPERATING CASH FLOW (US$ MILLIONS) 300 – 600 900 1,200 $1,500 ‘24 ‘23 ‘22 ‘21 ‘20 ‘19 ‘18 ‘17 ‘16 ‘15 ‘14 ‘13 ‘12 ‘11 ‘10 ‘09 ‘08 (in millions, except GEOs, Total Shareholders’ Equity, Market Capitalization, and per share amounts) 20243 20233 20223 20213 20203 20193 20183 GEOs1 sold (000s) 463.3 627.0 730.0 728.2 573.3 598.4 516.6 Revenue $ 1,113.6 $ 1,219.0 $ 1,315.7 $ 1,300.0 $ 1,020.2 $ 844.1 $ 653.2 Operating (Loss) Income $ 726.6 $ (428.0) $ 820.7 $ 860.7 $ 336.5 $ 410.2 $ 188.8 Net (Loss) Income $ 552.1 $ (466.4) $ 700.6 $ 733.7 $ 326.2 $ 344.1 $ 139.0 Basic (Loss) Earnings per share $ 2.87 $ (2.43) $ 3.66 $ 3.84 $ 1.71 $ 1.83 $ 0.75 Adjusted Net Income2 $ 618.1 $ 683.1 $ 697.6 $ 673.6 $ 516.3 $ 341.5 $ 217.0 Adjusted Net Income2 per share $ 3.21 $ 3.56 $ 3.64 $ 3.52 $ 2.71 $ 1.82 $ 1.17 Adjusted EBITDA2 $ 951.6 $ 1,014.7 $ 1,106.9 $ 1,092.3 $ 839.6 $ 673.4 $ 519.6 Adjusted EBITDA2 per share $ 4.95 $ 5.28 $ 5.78 $ 5.72 $ 4.41 $ 3.59 $ 2.79 Dividends declared (including DRIP) $ 277.0 $ 262.1 $ 245.8 $ 221.4 $ 197.2 $ 187.0 $ 177.8 Dividends declared per share $ 1.44 $ 1.36 $ 1.28 $ 1.16 $ 1.03 $ 0.99 $ 0.95 Working Capital4 $ 1,649.3 $ 1,576.1 $ 1,332.9 $ 708.2 $ 610.5 $ 225.3 $ 153.5 Debt $ Nil $ Nil $ Nil $ Nil $ Nil $ 80.0 $ 207.6 Total Shareholders’ Equity $ 5.9B $ 5.8B $ 6.4B $ 6.0B $ 8.4B $ 5.1B $ 4.6B Market Capitalization5 $ 22.6B $ 21.3B $ 26.1B $ 26.5B $ 23.9B $ 19.6B $ 13.1B ADJUSTED EBITDA (US$ MILLIONS) 200 – 400 600 800 1,000 $1,200 ‘24 ‘23 ‘22 ‘21 ‘20 ‘19 ‘18 ‘17 ‘16 ‘15 ‘14 ‘13 ‘12 ‘11 ‘10 ‘09 ‘08 – 200 400 600 800 1,000 $1,200 ‘24 ‘23 ‘22 ‘21 ‘20 ‘19 ‘18 ‘17 ‘16 ‘15 ‘14 ‘13 ‘12 ‘11 ‘10 ‘9 ‘8 TSX / NYSE: FNV 12 ★ Franco-Nevada Corporation Overview Overview

MARKET CAPITALIZATION5 (US$ BILLIONS) G&A (% OF CAPITALIZATION) ADJUSTED NET INCOME PER SHARE2 (US$ PER SHARE) 5 – 10 15 20 25 $30 ‘24 ‘23 ‘22 ‘21 ‘20 ‘19 ‘18 ‘17 ‘16 ‘15 ‘14 ‘13 ‘12 ‘11 ‘10 ‘09 ‘08 0.2% – 0.4% 0.6% 0.8% 1.0% ‘24 ‘23 ‘22 ‘21 ‘20 ‘19 ‘18 ‘17 ‘16 ‘15 ‘14 ‘13 ‘12 ‘11 ‘10 ‘09 ‘08 – 0.5 1.0 1.5 2.0 2.5 3.0 3.5 $4.0 ‘24 ‘23 ‘22 ‘21 ‘20 ‘19 ‘18 ‘17 ‘16 ‘15 ‘14 ‘13 ‘12 ‘11 ‘10 ‘09 ‘08 20173 20163 20153 20143 20133 20123 20113 20103 20093 20083 537.7 488.5 384.5 351.6 290.4 254.7 260.6 185.4 158.2 167.8 $ 675.0 $ 610.2 $ 443.6 $ 442.4 $ 400.9 $ 427.0 $ 411.2 $ 227.2 $ 199.7 $ 151.0 $ 235.4 $ 155.4 $ 51.3 $ 155.8 $ 77.7 $ 146.7 $ 45.5 $ 87.3 $ 87.4 $ 38.1 $ 194.7 $ 122.2 $ 24.6 $ 106.7 $ 11.7 $ 102.6 $ (6.8) $ 62.7 $ 80.9 $ 40.3 $ 1.06 $ 0.70 $ 0.16 $ 0.71 $ 0.08 $ 0.72 $ (0.05) $ 0.55 $ 0.76 $ 0.41 $ 198.3 $ 164.4 $ 88.9 $ 137.5 $ 138.3 $ 171.0 $ 136.0 $ 52.1 $ 32.0 $ 43.7 $ 1.08 $ 0.94 $ 0.57 $ 0.91 $ 0.94 $ 1.19 $ 1.08 $ 0.46 $ 0.30 $ 0.48 $ 516.1 $ 489.1 $ 337.1 $ 356.0 $ 319.9 $ 347.5 $ 327.3 $ 180.0 $ 119.4 $ 127.2 $ 2.82 $ 2.79 $ 2.37 $ 2.18 $ 2.43 $ 2.61 $ 1.58 $ 1.12 $ 1.30 $ 2.15 $ 167.9 $ 156.8 $ 129.0 $ 118.0 $ 104.4 $ 77.9 $ 49.2 $ 33.3 $ 28.2 $ 21.8 $ 0.91 $ 0.87 $ 0.83 $ 0.78 $ 0.72 $ 0.54 $ 0.32 $ 0.29 $ 0.28 $ 0.24 $ 593.8 $ 323.6 $ 253.9 $ 677.8 $ 861.2 $ 822.4 $ 851.1 $ 572.7 $ 530.7 $ 239.1 $ Nil $ Nil $ 457.3 $ Nil $ Nil $ Nil $ Nil $ Nil $ Nil $ Nil $ 4.7B $ 4.1B $ 3.2B $ 3.4B $ 3.0B $ 3.1B $ 2.8B $ 2.0B $ 1.9B $ 1.4B $ 14.9B $ 10.7B $ 7.2B $ 7.7B $ 6.0B $ 8.3B $ 5.3B $ 3.8B $ 3.2B $ 1.7B Franco-Nevada Corporation ★ 13 TSX / NYSE: FNV Overview Additional Information Mineral Resources and Mineral Reserves Diversified Assets Precious Metals

-5% 0% 5% 10% 15% NASDAQ S&P 500 Gold Bullion ETF Barclays US Aggregate Bond Franco-Nevada (FNV) US$ basis GDX (index of mostly gold miners) T R A C K R E C O R D CAGR Since FNV Inception1,2,3 “ Since its IPO in 2007, Franco-Nevada has outperformed all the relevant benchmarks.” 1 FNV Inception - December 20, 2007 2 Compounded annual total returns to March 31, 2025 3 Source: TD Securities; Bloomberg TSX / NYSE: FNV 14 ★ Franco-Nevada Corporation Overview Overview

>50% of 5-year Growth is Already Under Construction 1 2025 Guidance and 2029 Outlook as published on March 10, 2025 in Franco-Nevada's 2024 Annual Report. Assuming: $2,800/oz Au, $31.00/oz Ag, $950/oz Pt, $950/oz Pd, $100/tonne Fe 62% CFR China, $70/bbl WTI oil and $3.00/mcf Henry Hub natural gas 2 Expansion periods are based on operators’ indicated period of ramp-up 3 Indicated start periods are based on operators’ guidance and FNV best estimates 4 Production growth is largely from accessing higher silver grade 5 Expansion is a combination of underlying production growth at the operation and mining on higher royalty rate ground Expansions 2 Island Gold to 2026 Magino to 2026 Vale to 2026 Detour Lake to 2028 Candelaria to 2028 Antapaccay/Coroccohuayco to 2028 Antamina4 to 2028 Marigold5 to 2029 Under Construction 3 Valentine Gold 2025 Eskay Creek 2027 Recent Mine Starts Posse (Mara Rosa) 2024 Salares Norte 2024 Greenstone 2024 Tocantinzinho 2024 Permitting 3 Castle Mountain (Phase 2) 2028 San Jorge 2029 Financing 3 Stibnite Gold 2028 Copper World Project 2029 G U I D A N C E A N D F I V E - Y E A R O U T L O O K Our guidance¹ is for total GEO sales of 465,000 to 525,000 GEOs in 2025 growing to 490,000 to 550,000 GEOs by 2029 through organic growth alone. Should Cobre Panama return to production at capacity it could add 130,000 to 150,000 GEOs per year, roughly a 30% increase in GEOs. Assuming gold prices for our guidance of $2,800/oz we expect our 2025 revenue to be more than 25% higher than in 2024. We forecast a 14% increase in Precious Metal GEOs largely reflecting the recent addition of the Yanacocha royalty, the Western Limb Mining Operations stream, and the Porcupine Complex royalty. We also expect to benefit from the continued ramp-up of newly constructed mines and initial contributions from Valentine Gold. For Total GEOs, the anticipated 7% increase over 2024 is expected to be driven by higher Precious Metal GEOs, partly offset by lower GEOs from our Diversified assets. The five-year outlook reflects the expected commencement of production at Valentine Gold, Stibnite, Eskay Creek, Castle Mountain (Phase 2), the Coroccohuayco project at Antapaccay, the expected underground expansion at Candelaria, and the long-term expansion of Magino. We also anticipate an increase in silver production from Antamina due to higher silver grades. The outlook includes a step-down starting in 2027 in our stream from 68% to 40% of gold and silver produced at Candelaria, and a reduction starting in 2028 in our stream deliveries at Antapaccay, where our stream will be based on 30% of gold and silver produced rather than indexed to copper production. Production at Guadalupe-Palmarejo is currently expected to decrease in 2029 based on the latest life of mine plan. Over the last 18 years, Franco-Nevada’s annual GEO sales have grown 2.8 times both through organic expansions and accretive acquisitions. We have a strong pipeline of opportunities to add further growth through acquisitions. Franco-Nevada Corporation ★ 15 TSX / NYSE: FNV Overview Additional Information Mineral Resources and Mineral Reserves Diversified Assets Precious Metals

G R O W T H B E Y O N D F I V E - Y E A R O U T L O O K We have royalty and stream interest on a number of large scale development stage assets that are expected to drive long-term growth. In particular, we have royalties on the next generation copper assets: Cascabel (Alpala) in Ecuador, Copper World Project in Arizona, Taca Taca in Argentina, NuevaUnión in Chile, and Conga in Peru. We also have royalties that cover much of the Ring of Fire in Northern Ontario, which hosts some of the world’s largest chromite resources, along with nickel, copper and gold deposits. Another asset with large scale potential is the Crawford nickel deposit that is being delineated in Ontario. We have royalties on Pascua-Lama and Volcan, both large scale gold deposits in Chile. These assets alone provide exposure to 5.2M M&I Royalty Ounces the equivalent of $14.6B at $2,800/oz. We provide profiles for all these assets in this Asset Handbook, though they are not exhaustive. A D D I T I O N A L O P T I O N A L I T Y In addition to the profiled assets, we have another 273 exploration assets which are listed on pages 82-84 and pages 100-101. There is no doubt that our portfolio, spanning approximately ~70,500 km2 (2), will yield even more discoveries in the coming years across the world’s premier mineral trends. The optionality value of the portfolio is difficult to measure. The example below, however, gives an indication of how this optionality has played out historically. 0 20 40 60 80 100 120 2024 2008 – 2024 2007 Gold Reserves3 at time of IPO Proven and Probable Mineral Reserves (Moz) >52 Moz gold produced IPO $1.2B paid for portfolio Gold Reserves3 of same assets as reported December 2024 Reserves increase at no cost >$2.4B4 revenue to Franco-Nevada from portfolio 3.6x increase 5 1 Franco-Nevada has the option to convert the Cascabel royalty to a gold NSR for a period of time once the asset is producing 2 Cobre Panama currently on preservation and safe management 3 Total gold reserves associated with the top 37 assets at the time of IPO (not adjusted for FNV royalty ownership). All Mineral Reserves have been calculated in accordance with CIM or acceptable foreign codes for the purposes of NI 43-101, including Regulation S-K 1300, SEC Industry Guide 7, JORC, or SAMREC guidelines Cascabel Stream (Au) Volcan (Au) Conga (Cu, Au) NuevaUnión (Cu, Au) Cascabel NSR1 (Cu, Au, Ag) Pascua-Lama (Au) Ring of Fire (Cr, Ni) Volcan (Au) Holt (Au) Other Cascabel Stream (Au) Volcan (Au) Conga (Cu, Au) NuevaUnión (Cu, Au) Cascabel NSR1 (Cu, Au, Ag) Pascua-Lama (Au) Ring of Fire (Cr, Ni) Volcan (Au) Holt (Au) Other Large-Scale Defined Resources 4 Revenue from original FNV portfolio includes gold, platinum and palladium revenue as at December 31, 2024 5 Calculation includes depletion TSX / NYSE: FNV 16 ★ Franco-Nevada Corporation Overview Overview

R O Y A L T Y O U N C E S Why We Measure “Royalty Ounces” Franco-Nevada’s mining properties that have reported Mineral Resources and Mineral Reserves are tabulated in the Mineral Resources and Mineral Reserves section of this Asset Handbook. Unless otherwise noted in the Royalty Ounce calculation for each asset, the figures are tabulated based on the publicly disclosed reports of each operator for each property on a 100% basis. However, the tabulation does not provide a specific measure for Franco-Nevada’s interest in such Mineral Resources and Mineral Reserves for the following reasons: • Royalty and stream interests have different economics than an operator has for its stated Mineral Resources and Mineral Reserves. In addition, the economics differ between NSR, NPI and stream interests. • Some assets do not cover the entire property associated with the operator’s publicly reported figures. To account for the above, we calculate “Royalty Ounces” to estimate the value attributable to Franco-Nevada due to our economic interest in the Mineral Resources and Mineral Reserves of our portfolio. The value of a Royalty Ounce is normalized to that of a gold NSR ounce. How We Estimate “Royalty Ounces” A traditional NSR royalty on a gold mining property provides Franco- Nevada with a simple percentage of the revenue or gold in-kind produced from that property. For example, if we have a 2% NSR royalty on a property, we calculate 2% of the stated Mineral Resources and Mineral Reserves as our “Royalty Ounces”. Note we do not make adjustments for recoveries and refining fees for gold NSRs as they are typically minor. When calculating Royalty Ounces for a property our objective is that they should be comparable to an attributable gold NSR Royalty Ounce. To achieve comparable Royalty Ounce figures, we make adjustments in the following circumstances: 1. The royalty or stream does not cover all the Mineral Resources or Mineral Reserves on a property: We provide our best estimate of the percentage of Mineral Resources and Mineral Reserves that are attributable to our interest. 2. A stream interest with an associated ongoing cost per ounce: The number of attributable stream ounces are factored to make them economically equivalent to a NSR ounce. For example as illustrated on this page, at a $2,800 per ounce gold price and a $400 cost per ounce, the stream ounces are factored by 85.7%. The factor depends on cost per ounce or the percentage margin written in the agreement. 3. A NPI royalty: A NPI is subject to the operating and capital costs specific to each asset. We generate our own internal mine life projections for each asset to determine a reasonable estimate of the economic equivalent of a gold NSR Royalty Ounce using a $2,800 gold price assumption. 4. An asset producing silver, PGM or base/bulk metal: The number of attributable silver, platinum or palladium ounces, and attributable base/bulk metals pounds/tonnes are converted into Royalty Ounces. This year’s pricing assumptions for conversion include: $2,800 per ounce gold, $31 per ounce silver, $950 per ounce platinum, $950 per ounce palladium, $4.25 per pound copper, $7.89 per pound nickel, $1.25 per pound ferrochrome and $100/t Fe 62% CFR China for our calculations. For copper, nickel, ferrochrome and iron ore Royalty Ounce calculations, we do reflect deductions for processing and refining as they are more material compared to a typical gold NSR asset. In the Assets section of this Asset Handbook, we provide details for each asset that include summary figures for the Mineral Resources (M&I Resources inclusive of P&P Reserves), Mineral Reserves (P&P Reserves) and Inferred Mineral Resources (Inferred Resources). We also provide the related M&I Royalty Ounces, P&P Royalty Ounces and Inferred Royalty Ounces for each of those assets and the key guidance and assumptions that were required to derive those Royalty Ounces. Readers are cautioned that the Royalty Ounces are prepared by the management of Franco-Nevada and have not been reviewed or endorsed by the operators of the projects. Example Economics of a Royalty (NSR or NPI) versus a Stream The example below compares the relative value per ounce to Franco- Nevada of an NSR, a stream or an NPI or WI. Assume for one ounce of gold, a sales price of $2,800, a “stream cost”1 of $400 per ounce and that the “all-in sustaining cost”2 of the mine is $1,484 per ounce. NSR Stream Developed NPI or WI 1 One ounce sold at $ 2,800 $ 2,800 $ 2,800 Applicable cost $ – $ 4001 $ 1,4842 Margin for calculation $ 2,800 $ 2,400 $ 1,316 NSR, Stream or NPI % 4% 4% 4% Revenue per ounce to FNV $ 112 $ 96 $ 53 Value relative to an NSR 1.0x 0.86x 0.47x 1 Franco-Nevada’s streams have various ongoing costs. In some cases, it is $400 per ounce of gold plus a 1% annual increment, in other cases it is 20% of the spot price of gold. For each stream, Franco-Nevada indicates the detail for ongoing costs 2 For applicable costs for a developed NPI or WI, Franco-Nevada is, for illustrative purposes, assuming Barrick Gold Corporation’s (“Barrick”) 2024 all-in sustaining cash cost measure, as Barrick is the operator of two assets at which Franco-Nevada has NPI interests In total our assets have 16.3M M&I Royalty Ounces, the equivalent of $45.6B at $2,800/oz. If Cobre Panama is included in this number it would be 21.0M M&I Royalty Ounces or $58.8B. Franco-Nevada Corporation ★ 17 TSX / NYSE: FNV Overview Additional Information Mineral Resources and Mineral Reserves Diversified Assets Precious Metals

P R E C I O U S M E T A L S R O Y A L T Y O U N C E S 1 , 2 (M&I Royalty Ounces are inclusive of P&P Royalty Ounces) Asset Asset Type P&P (000s) M&I4 (000s) Inf (000s) South America Candelaria Stream 643 1,638 115 Antapaccay Stream 279 656 29 Antamina Stream 339 481 467 Condestable Stream 72 185 18 Tocantinzinho Stream 203 218 3 Cerro Moro NSR 6 9 3 Yanacocha NSR 148 588 184 Salares Norte NSR 39 41 – Cascabel (Alpala)³ Stream/NSR 1,018 2,527 366 Posse (Mara Rosa) NSR 9 10 2 CentroGold (Gurupi) NSR – 18 8 Calcatreu NSR – 18 10 Pascua-Lama NSR – 494 20 Volcan NSR – 147 19 San Jorge NSR – 91 4 Central America and Mexico5 Guadalupe-Palmarejo Stream 236 693 184 Canada Detour Lake NSR 381 686 132 Sudbury Stream 24 24 – Hemlo NSR/NPI 85 180 33 Brucejack NSR 23 30 37 Kirkland Lake NSR/NPI 32 66 59 Greenstone NSR 171 238 83 Magino NSR 60 117 35 Eagle NSR 24 43 5 Musselwhite NPI 35 42 4 Timmins West NSR 7 8 2 Gold River NSR – 3 23 Canadian Malartic NSR 24 27 46 Island Gold NSR 11 13 11 Golden Highway - Holt Complex NSR – 131 86 Golden Highway - Hislop NSR – 7 4 Golden Highway - Aquarius NSR – 17 – Valentine Gold NSR 81 119 33 Eskay Creek NSR 108 139 2 Spences Bridge (Shovelnose) NSR – 13 3 Wawa NSR – 13 13 Kerr-Addison NSR – 33 24 Clarence Stream NSR – 9 13 Red Lake (McFinley) NSR 1 5 3 Courageous Lake NSR 29 112 40 Goldfields NSR – 20 4 Monument Bay NSR – 44 53 Red Mountain NSR 5 8 1 Fenelon-Martiniere NSR – 37 30 Marathon (Sally) NSR – 4 2 United States Stillwater NSR 284 570 615 Carlin Trend NSR/NPI 177 280 106 Bald Mountain NSR 23 119 14 Marigold NSR 60 95 5 Mesquite NSR 9 34 17 Castle Mountain NSR 118 159 40 Fire Creek/Midas NSR – 3 87 Hollister NSR – 2 9 Stibnite NSR 93 123 31 Nevada North (Wildcat & Mountain View) NSR – 13 2 Sleeper NSR – 43 26 Sandman NSR – 1 – 1 For information regarding the calculation of each Royalty Ounce, please refer to the individual asset write-ups. We have assumed $2,800/oz Au, $31/oz Ag, $950/oz Pt, $950/oz Pd, $4.25/lb copper, $7.89/lb nickel, $1.25/lb ferrochrome and $100/t Fe 62% CFR China for our calculations 2 Metallurgical deductions have not been made to the Mineral Resources and Mineral Reserves shown in order to estimate metal produced 3 Copper Royalty Ounces assume NSR deductions of 15% (for Sossego please refer to the Vale asset write-up); Nickel Royalty Ounces and Ferrochrome Royalty Ounces assume NSR deductions of 30%. Please also refer to the individual Vale (Northern & Southeastern System) & LIORC asset write-ups for the deductions applied to the Iron Ore Royalty Ounces 4 M&I Royalty Ounces include P&P Royalty Ounces 5 Cobre Panama, currently on preservation and safe management, is not included in the above calculations. Franco-Nevada estimates that P&P royalty ounces, M&I4 royalty ounces and Inf royalty ounces would be 4,153 koz, 4,738 koz and 736 koz, respectively, as per First Quantum’s March 28, 2024 Annual Information Form as at December 31, 2023 6 If Cobre Panama is included the Total Royalty Ounces would be 11.4M P&P Royalty Ounces ($31.8B at $2,800/oz), 21.0M M&I Royalty Ounces ($58.8B at $2,800/oz), 5.5M Inf Royalty Ounces ($15.4B at $2,800/oz) TSX / NYSE: FNV 18 ★ Franco-Nevada Corporation Overview Overview

Asset Asset Type P&P (000s) M&I4 (000s) Inf (000s) Rest of World Western Limb/Pandora Stream/NSR 323 1,156 199 Tasiast NSR 94 141 33 Subika (Ahafo) NSR 51 61 9 Sabodala Stream 52 95 35 Karma Stream 6 74 26 Duketon NSR 14 31 12 Edikan NSR 8 20 4 Matilda (Wiluna) NSR 12 106 146 South Kalgoorlie NSR 20 63 33 Kiziltepe NSR 1 2 1 Rogozna NSR – – 86 Sissingué NSR – 1 – Yandal (Bronzewing) NSR 19 35 4 Aphrodite NSR – 30 13 Rebecca NSR – 17 4 Séguéla NSR 6 8 4 Perama Hill NSR 20 27 16 Agi Dagi NSR 23 44 6 Bullabulling NSR – 8 5 Glenburgh NPI – 3 1 Henty NSR 2 4 1 Red October NSR – 2 10 D I V E R S I F I E D R O Y A L T Y O U N C E S 1 , 2 (M&I Royalty Ounces are inclusive of P&P Royalty Ounces) Mining3 Vale (Northern & Southeastern System) Other 440 619 41 Sossego Other 2 2 0 LIORC Other 91 169 63 NuevaUnión (Relincho) NSR 196 273 111 Taca Taca NSR 293 356 81 Vizcachitas NSR 127 171 181 Falcondo NPI 48 54 3 Copper World Project NSR 123 305 55 Caserones NSR 38 55 4 Robinson NSR 4 15 – Ring of Fire NSR – 327 93 Eagle's Nest NSR – 9 6 Crawford NSR 330 525 324 Mt Keith NSR/NPI – 23 3 Total Royalty Ounces6 7,198 16,276 4,780 Refer to footnotes on page 18 R O Y A L T Y O U N C E S B Y M I N E R A L R E S O U R C E , L O C A T I O N A N D T Y P E 1 1 Cobre Panama, currently on preservation and safe management, is not included in the above calculations Royalty Ounces by MINERAL RESOURCE CATEGORY M&I Royalty Ounces (inclusive of P&P Royalty Ounces) by LOCATION M&I Royalty Ounces (inclusive of P&P Royalty Ounces) by TYPE P&P 34% M&I 43% Inferred 23% South America 53% Central America and Mexico 5% United States 11% Canada 20% Rest of World 12% NSR 54% Stream 39% NPI 2% Other 5% Franco-Nevada Corporation ★ 19 TSX / NYSE: FNV Overview Additional Information Mineral Resources and Mineral Reserves Diversified Assets Precious Metals

S U S T A I N A B I L I T Y H I G H L I G H T S Franco-Nevada’s 2025 Sustainability Report is available on our website. Highlights from the report are summarized below. DUE DILIGENCE TO INVEST IN STRONG ESG PERFORMERS Our key ESG-related areas of focus when making investments are detailed in our Sustainability Report. These include health and safety, carbon footprint, water management and risk, tailings management, and biodiversity. We have also evaluated the performance of the operators of our top revenue-generating mining assets in each of these five areas. INCREASED COMMUNITY CONTRIBUTIONS AND COMMITMENTS Our community contributions continue to grow year-over-year, including renewed funding for initiatives in Peru, Brazil and Senegal, as well as contributions to new initiatives in the United States and Canada. We remain committed to supporting mining industry groups and diversity initiatives. FINANCED EMISSIONS INCLUDED IN OUR SCOPE 3 EMISSIONS Since 2022, we have measured and disclosed financed GHG emissions attributable to our royalty and stream interests, included as Scope 3, Category 15 (Investments) emissions. Additionally, we provide a high-level guide to understanding the Greenhouse Gas Protocol standards, detailing the components that comprise Scope 1, 2 and 3 emissions. MAINTAINED CARBON NEUTRALITY FOR CORPORATE EMISSIONS Since 2020, we have maintained carbon neutrality for our corporate operations. We have accomplished through the purchase of high quality carbon credits to offset emissions that cannot be eliminated. ALIGNMENT OF ESG REPORTING WITH SASB, GRI AND NEW ISSB DISCLOSURE STANDARDS Our ESG disclosure is aligned with leading reporting standards and frameworks, including the Sustainability Accounting Standards Board and Global Reporting Initiative standards and our transition to disclosure aligned with the International Sustainability Standards Board’s new Sustainability Disclosure Standards. INITIATIVES ALIGNED WITH UN SUSTAINABLE DEVELOPMENT GOALS Initiatives across our business help advance a number of the Sustainable Development Goals, which were adopted by the United Nations in 2015 as a universal call to action to end poverty, protect the planet, and ensure that by 2030 all people enjoy peace and prosperity. CONTINUED HIGH RANKINGS AND RECOGNITION FROM ESG RATING AGENCIES We continue to receive recognition for our ESG efforts and rank highly with top ESG rating agencies. Franco-Nevada is the #1 ranked gold company by Sustainalytics, is rated “AA” by MSCI and “Prime” by ISS ESG, and was named one of Corporate Knights’ Best 50 Corporate Citizens in Canada in 2024. Commerce Court West, Toronto TSX / NYSE: FNV 20 ★ Franco-Nevada Corporation Overview Overview

Precious Metals Additional Information Mineral Resources and Mineral Reserves Diversified Assets Precious Metals

P R E C I O U S M E TA L S / D I V E R S I F I E D A S S E T S I N D E X – R E G I O N A L Rest of World 71 Western Limb Mining Operations (Au & Pt) 72 Tasiast (Au) 73 Subika (Ahafo) (Au) 74 Séguéla (Au) 75 Sabodala (Au) 76 Edikan (Au) 77 Yandal (Bronzewing) (Au) 78 Wiluna (Au) 79 Kiziltepe (Au & Ag) 79 South Kalgoorlie (Au) 80 Duketon (Au) 80 Pandora (PGM) 80 Sissingué (Au) 81 Rebecca (Au) 81 Perama Hill (Au) 81 Precious Metals Exploration Assets 82 DIVERSIFIED Vale (Iron Ore, Cu, Au & Other) 88 LIORC (Iron Ore) 90 Other Mining 91 NuevaUnión (Relincho) (Cu, Au & Mo) 91 Taca Taca (Cu, Au & Mo) 92 Caserones (Cu & Mo) 93 Copper World Project (Cu, Mo, Ag & Au) 94 Ring of Fire (Cr, Ni, Cu & PGM) 95 Crawford (Ni, Co, Cr & PGM) 96 Rogozna (Cu, Zn, Pb, Au & Ag) 96 Robinson (Cu, Mo, Ag & Au) 97 EaglePicher (De) 97 Copper Creek (Cu, Mo & Ag) 98 Milpillas (Cu) 98 Mt Keith (Ni) 99 Diversified (Mining) Exploration Assets 100 U.S. Energy 104 Permian Basin 104 Marcellus 105 Haynesville 106 SCOOP/STACK 107 Canadian Energy 108 Weyburn Unit 108 Orion 109 Other Producing Energy Assets 110 Energy Exploration Assets 111 PRECIOUS METALS South America 24 Candelaria (Au & Ag) 25 Antapaccay (Au & Ag) 26 Antamina (Ag) 27 Condestable (Au & Ag) 28 Tocantinzinho (Au) 29 Cascabel (Alpala) (Au, Cu, Ag) 30 Yanacocha (Au) 32 Cerro Moro (Au & Ag) 33 Salares Norte (Au & Ag) 34 Posse (Mara Rosa) (Au) 35 CentroGold (Gurupi) (Au) 35 Calcatreu (Au & Ag) 35 San Jorge (Au) 36 Volcan (Au) 36 Pascua-Lama (Au & Cu) 36 Central America & Mexico 37 Cobre Panama (Au & Ag) 38 Guadalupe-Palmarejo (Au) 39 Canada 40 Detour Lake (Au) 41 Sudbury (PGM & Au) 43 Hemlo (Au) 44 Greenstone (Au) 45 Brucejack (Au & Ag) 46 Macassa (Kirkland Lake) (Au) 47 Magino (Au) 48 Musselwhite (Au) 49 Timmins West (Au) 50 Canadian Malartic (Au) 51 Island Gold (Au) 52 Valentine Gold (Au) 53 Golden Highway (Au) 54 Eskay Creek (Au & Ag) 55 Porcupine (Au) 56 Red Lake (McFinley) (Au) 57 Eagle (Au) 57 Courageous Lake (Au) 58 Goldfields (Au) 58 Monument Bay (Au) 59 Red Mountain (Au) 59 Cariboo (Au) 59 United States 60 Stillwater (PGM) 61 Goldstrike (Au) 62 Bald Mountain (Au) 63 Gold Quarry (Au) 64 Marigold (Au) 65 South Arturo (Au) 66 Mesquite (Au) 67 Castle Mountain (Au) 68 Stibnite Gold (Au & Ag) 69 South Railroad (Au) 70 Sterling (Au) 70 Granite Creek (Pinson) (Au) 70 TSX / NYSE: FNV 22 ★ Franco-Nevada Corporation Overview Precious Metals

P R E C I O U S M E TA L S / D I V E R S I F I E D A S S E T S I N D E X – A L P H A B E T I C A L The description and depiction of our assets in this Asset Handbook has been simplified for presentation purposes. More detailed and current information may be available in our previous and subsequent disclosure and on our website. Mineral Resources and Mineral Reserves information for 2023 and 2022 is provided for comparative purposes only. For a detailed breakdown of the 2023 and 2022 Mineral Resources and Mineral Reserves, please refer to our AIF for each of the years ended December 31, 2023 and December 31, 2022, respectively available on SEDAR+ at www.sedarplus.com. PRECIOUS METALS Antamina (Ag) 27 Antapaccay (Au & Ag) 26 Bald Mountain (Au) 63 Brucejack (Au & Ag) 46 Calcatreu (Au & Ag) 35 Canadian Malartic (Au) 51 Candelaria (Au & Ag) 25 Cariboo (Au) 59 Cascabel (Alpala) (Au, Cu, Ag) 30 Castle Mountain (Au) 68 CentroGold (Gurupi) (Au) 35 Cerro Moro (Au & Ag) 33 Cobre Panama (Au & Ag) 38 Condestable (Au & Ag) 28 Courageous Lake (Au) 58 Detour Lake (Au) 41 Duketon (Au) 80 Eagle (Au) 57 Edikan (Au) 77 Eskay Creek (Au & Ag) 55 Gold Quarry (Au) 64 Golden Highway (Au) 54 Goldfields (Au) 58 Goldstrike (Au) 62 Granite Creek (Pinson) (Au) 70 Greenstone (Au) 45 Guadalupe-Palmarejo (Au) 39 Hemlo (Au) 44 Island Gold (Au) 52 Kiziltepe (Au & Ag) 79 Macassa (Kirkland Lake) (Au) 47 Magino (Au) 48 Marigold (Au) 65 Mesquite (Au) 67 Monument Bay (Au) 59 Musselwhite (Au) 49 Pandora (PGM) 80 Pascua-Lama (Au & Cu) 36 Perama Hill (Au) 81 Porcupine (Au) 56 Posse (Mara Rosa) (Au) 35 Precious Metals Exploration Assets 82 Rebecca (Au) 81 Red Lake (McFinley) (Au) 57 Red Mountain (Au) 59 Sabodala (Au) 76 Salares Norte (Au & Ag) 34 San Jorge (Au) 36 Séguéla (Au) 75 Sissingué (Au) 81 South Arturo (Au) 66 South Kalgoorlie (Au) 80 South Railroad (Au) 70 Sterling (Au) 70 Stibnite Gold (Au & Ag) 69 Stillwater (PGM) 61 Subika (Ahafo) (Au) 74 Sudbury (PGM & Au) 43 Tasiast (Au) 73 Timmins West (Au) 50 Tocantinzinho (Au) 29 Valentine Gold (Au) 53 Volcan (Au) 36 Western Limb Mining Operations (Au & Pt) 72 Wiluna (Au) 79 Yanacocha (Au) 32 Yandal (Bronzewing) (Au) 78 DIVERSIFIED Canadian Energy 108 Caserones (Cu & Mo) 93 Copper Creek (Cu, Mo & Ag) 98 Copper World Project (Cu, Mo, Ag & Au) 94 Crawford (Ni, Co, Cr & PGM) 96 Diversified (Mining) Exploration Assets 100 EaglePicher (De) 97 Energy Exploration Assets 111 Haynesville 106 LIORC (Iron Ore) 90 Marcellus 105 Milpillas (Cu) 98 Mt Keith (Ni) 99 NuevaUnión (Relincho) (Cu, Au & Mo) 91 Orion 109 Other Energy Producing Assets 110 Permian Basin 104 Ring of Fire (Cr, Ni, Cu & PGM) 95 Robinson (Cu, Mo, Ag & Au) 97 Rogozna (Cu, Zn, Pb, Au & Ag) 96 SCOOP/STACK 107 Taca Taca (Cu, Au & Mo) 92 U.S. Energy 102 Vale (Iron Ore, Cu, Au & Other) 88 Weyburn Unit 108 Franco-Nevada Corporation ★ 23 TSX / NYSE: FNV Additional Information Mineral Resources and Mineral Reserves Diversified Assets

CentroGold (Gurupi) Cerro Moro San Jorge Antamina Salares Norte Antapaccay Candelaria Calcatreu Condestable Cascabel (Alpala) Posse (Mara Rosa) Tocantinzinho Producing Advanced Yanacocha Volcan Pascua-Lama Exploration South America TSX / NYSE: FNV 24 ★ Franco-Nevada Corporation Overview Precious Metals

C A N D E L A R I A Location: Chile, South America | Operator: Lundin Mining Corporation | Precious Metals: Au & Ag | Stream: Gold and Silver Stream In November 2014, Franco-Nevada (Barbados) Corporation acquired a gold and silver stream on production from the Candelaria operation in Chile. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 163.1 $ 130.3 $ 125.8 M&I Resources (koz Au)1 5,764 5,895 5,336 Inferred Resources (koz Au)1 436 606 484 P&P Reserves (koz Au)1 2,104 2,235 2,479 M&I Resources (Moz Ag)1 86.1 86.6 80.6 Inferred Resources (Moz Ag)1 5.5 6.3 5.6 P&P Reserves (Moz Ag)1 29.7 32.1 36.2 M&I Royalty Ounces (000s)1,2 1,683 1,586 1,456 Inferred Royalty Ounces (000s)2 115 145 115 P&P Royalty Ounces (000s)2 643 665 746 1 Please refer to the tables on pages 114-120 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 P&P Royalty Ounces include payable metal of the balance of the 720,000 ounces of gold and 12.0 million ounces of silver remaining and the balance of P&P Reserves subject to the lower stream percentage. For M&I Royalty Ounces, Franco-Nevada has assumed the P&P Royalty Ounces with the balance of M&I Resources subject to the lower stream percentage. For Inferred Royalty Ounces, Franco- Nevada assumes Inferred Mineral Resources are subject to the lower stream percentage. Silver is converted to Royalty Ounces assuming $2,800/oz gold and $31.00/oz silver ($1,950/oz gold and $22.50/oz silver in 2023, $1,800/oz gold and $21.00/oz silver in 2022). The stream interest has been factored by 85% to reflect $2,800 per ounce gold and $433.14 per ounce ongoing payments (78% in 2023, 76% in 2022) The Candelaria mine was discovered in 1987 and the open pit has been in operation since 1993. The operation also includes the Candelaria North and South and Santos underground mines. Lundin Mining Corporation (“Lundin”) is the operator of the project and owns 80% of the asset with the balance owned by Sumitomo Corporation and its affiliates. Franco- Nevada provided an up-front deposit of $655 million to acquire the gold and silver stream from what is primarily a copper mine. The funds were used to finance a portion of the cost paid by Lundin to acquire the asset from Freeport-McMoRan Inc. Candelaria is an established mining operation and the transaction was the first material instance of a royalty/ streaming company partnering with an operating company to purchase a producing asset. The stream covers the current property of approximately 150 km2. An additional defined area of interest effectively doubles the property position. Should Lundin acquire properties located within the area of interest, Franco-Nevada has the option to purchase a gold and silver stream which will apply to the additional ore from such properties. Under the streaming agreement, Lundin will deliver 68% of the payable gold and silver from 100% of the mine production, which reduces to 40% after 720,000 ounces of gold and 12.0 million ounces of silver have been delivered to Franco-Nevada. This is currently expected to occur in 2027. Cumulatively, 598,167 ounces of gold and 9.8 million ounces of silver have been delivered since acquisition until December 31, 2024. Franco-Nevada pays an ongoing price equal to the lesser of $433.14 per ounce of gold and $4.32 per ounce of silver or the then prevailing spot price for gold and silver for each ounce delivered under the stream. This price escalates by 1% per annum in October of each year. Lundin has made a significant investment in exploration at Candelaria and has extended the mine life from 2028, when it acquired Candelaria, to 2051. Lundin has successfully added to the Mineral Resources and Mineral Reserves at the four underground mines and has discovered the open pittable Española deposit partly on ground covered by Franco- Nevada’s area of interest. Candelaria has a total mill throughput of approximately 75,000 tonnes per day. Lundin is currently evaluating the potential expansion of the underground mines utilizing hauling trucks to increase production capacity from 14,000 tonnes per day to approximately 22,000 tonnes per day. In 2024, Candelaria produced approximately 162,000 tonnes of copper, 93,000 ounces of gold and 2.0 million ounces of silver, on a 100% basis. Franco-Nevada sold 67,260 GEOs from the mine in 2024, compared with 66,709 GEOs in 2023. In 2025, Franco-Nevada expects sales from its Candelaria stream to be between 60,000 and 70,000 GEOs. Tierra Amarilla Santos Mine Copiapo Candelaria North (U/G) Alcaparrosa Mine Candelaria Pit Candelaria South (U/G) La Española kilometer 0 2.5 N Candelaria Gold and Silver Stream Pacifc Ocean Argentina Bolivia Peru Brazil Chile Candelaria Ojos del Salado Mining Property Candelaria Mining Property Area of Interest Pits History of expanding resources Updated plan extends life of mine to 2051 UG mine expansion permitted and being evaluated Franco-Nevada Corporation ★ 25 TSX / NYSE: FNV South America Additional Information Mineral Resources and Mineral Reserves Diversified Assets

A N T A P A C C A Y Location: Peru, South America | Operator: Glencore plc | Precious Metals: Au & Ag | Stream: Gold and Silver Stream In February 2016, Franco-Nevada (Barbados) Corporation acquired a precious metals stream on production from the Antapaccay mine for $500 million from Glencore plc (“Glencore”) and its subsidiaries. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 131.0 $ 120.1 $ 95.2 M&I Resources (koz Au)1 2,734 2,871 3,079 Inferred Resources (koz Au)1 153 164 193 P&P Reserves (koz Au)1 909 1,033 1,198 M&I Resources (Moz Ag)1 68.1 68.3 70.2 Inferred Resources (Moz Ag)1 3.2 3.4 3.4 P&P Reserves (Moz Ag)1 15.6 17.7 19.3 M&I Royalty Ounces (000s)1,2 656 712 786 Inferred Royalty Ounces (000s)2 29 32 36 P&P Royalty Ounces (000s)2 279 333 397 1 Please refer to the tables on pages 114-120 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 P&P Royalty Ounces include payable metal of the remaining deliveries before the 630,000 ounces of gold and 10.0 million ounces of silver hurdle with the balance of Mineral Reserves subject to a 30% stream. For M&I Royalty Ounces, Franco-Nevada assumes the P&P Royalty Ounces with the balance of M&I Resources subject to the 30% stream. For Inferred Royalty Ounces, Franco-Nevada assumes Inferred Mineral Resources are subject to the 30% stream. Silver has been converted to Royalty Ounces assuming $2,800/oz gold and $31.00/oz silver ($1,950/oz gold and $22.50/oz silver in 2023, $1,800/oz gold and $21.00/oz silver in 2022). The stream interest has been factored by different ongoing payments of 20% of the spot price of gold and silver on the first 750,000 ounces of gold and 12.8 million ounces of silver and 30% of the spot price thereafter Antapaccay is located within the province of Espinar in Southern Peru. The property also hosts the historic Tintaya open pit mine and related infrastructure which began operating in 1984. Glencore (Xstrata) invested in excess of $1.5 billion of initial capital to build and commission the Antapaccay open pit mine and plant, which commenced operations in 2012. Under the streaming agreement, gold and silver deliveries are initially referenced to copper in concentrate shipped. Franco-Nevada will receive 300 ounces of gold and 4,700 ounces of silver for each 1,000 tonnes of copper in concentrate shipped, until 630,000 ounces of gold and 10.0 million ounces of silver have been delivered, which is currently expected to occur in 2028. Thereafter, Franco-Nevada will receive 30% of the gold and silver shipped. Cumulatively, 493,510 ounces of gold and 7.7 million ounces of silver have been delivered since acquisition until December 31, 2024. Franco-Nevada will initially pay an on-going price of 20% of the spot price of gold and silver until 750,000 ounces of refined gold and 12.8 million ounces of refined silver have been delivered. Thereafter, the on-going price will increase to 30% of the spot price of gold and silver. The stream is referenced to the entire Antapaccay concession covering approximately 997 km2. Glencore is considering developing the Coroccohuayco deposit which is located within 10 km of the Antapaccay plant. The project will be an open pit with mine planning currently at the PFS level with discussion ongoing with local communities and the government working on consulta previa which is well advanced. Coroccohuayco hosts M&I Mineral Resources of 643 million tonnes with a copper grade that is approximately 50% higher than the Antapaccay Mineral Reserves. In addition, there are several large-scale regional targets and prospects on the Antapaccay concessions. Antapaccay currently has a combined (Antapaccay + Tintaya plants) mill throughput capacity of 105,000 tonnes per day. In 2024, Antapaccay produced 146,000 tonnes of copper, 80,000 ounces of gold and 1.1 million ounces of silver. Franco-Nevada sold 55,329 GEOs from the mine in 2024, compared with 61,158 GEOs in 2023 and, in 2025, expects sales from its Antapaccay stream to be between 40,000 and 50,000 GEOs. Antapaccay has a planned mine life to 2034 which would be further extended by any development of Coroccohuayco. kilometer 15 0 N Antapaccay Gold and Silver Stream Pacifc Ocean Argentina Bolivia Peru Brazil Chile Antapaccay Antapaccay Pit Coroccohuayco Tintaya Pit/ Tailings Storage Antapaccay Plant Tintaya Plant 8 km 7 km Pits Antapaccay Concession Area *Antapaccay Concession area covers ~997 km 2 Excluded from Stream Antapaccay Concession Area Gold and silver deliveries initially referenced to copper in concentrate shipped Potential for Coroccohuayco to extend mine life Land package of 997 km² offers a number of large-scale regional targets TSX / NYSE: FNV 26 ★ Franco-Nevada Corporation South America Overview Precious Metals

A N T A M I N A Location: Peru, South America | Operator: Teck Resources Limited (owns 22.50%) | Precious Metals: Ag | Stream: Silver Stream In October 2015, Franco-Nevada acquired a silver stream for $610 million on production from the Antamina mine in Peru from Teck Resources Limited (“Teck”). 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 55.3 $ 50.5 $ 68.4 M&I Resources (Moz Ag)¹ 315.4 324.7 321.2 Inferred Resources (Moz Ag)¹ 428.5 429.6 460.2 P&P Reserves (Moz Ag)¹ 207.8 77.8 88.3 M&I Royalty Ounces (000s)1,2 481 522 528 Inferred Royalty Ounces (000s)2 467 492 531 P&P Royalty Ounces (000s)2 339 134 153 1 Please refer to the tables on pages 114-120 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 assumes 22.5% of Teck’s interest in Antamina is subject to our stream interest and that the stream reduces by 33% once 86 million silver ounces have been delivered. Silver has been converted to Royalty Ounces assuming $2,800/oz gold and $31.00/oz silver ($1,950/oz gold and $22.50/oz silver in 2023, $1,800/oz gold and $21.00/oz silver in 2022). The stream interest has been factored by ongoing payments of 5% of the spot price of silver Teck has a 22.50% interest in Compañía Minera Antamina S.A. (“CMA”), the Antamina joint venture company, along with partners BHP Billiton Plc (33.75%), Glencore (33.75%) and Mitsubishi Corporation (10.00%). Antamina commenced operations in 2001 and is one of the lowest cost copper operations globally. Antamina has a mill throughput capacity of approximately 165,000 tonnes per day, depending on ore hardness. In 2024, on a 100% basis, Antamina produced 426,900 tonnes of copper, 267,900 tonnes of zinc and 11.4 million ounces of silver (silver calculated from Glencore’s 33.75% interest in Antamina) in concentrates. The stream is based on recovered silver from Teck’s attributable 22.50% interest in the Antamina mine, subject to a fixed silver payability of 90%. Franco-Nevada pays 5% of the spot silver price for each ounce of silver delivered under the stream. The stream will reduce by one-third after 86.0 million ounces of silver have been delivered, currently expected after 2040. A total of 29.1 million cumulative ounces of silver have been delivered to Franco-Nevada as of December 31, 2024. Silver sold for 2024 was 1.9 million ounces for Franco-Nevada’s attributable share under the stream, with 2.2 million ounces sold in 2023. Franco-Nevada expects attributable production in 2025 to be between 3.1 million to 3.3 million silver ounces, higher than our long-term expected annual range of 2.8 million to 3.2 million silver ounces as silver grades are expected to be higher than average in 2025. In addition, a new primary crusher is being commissioned in 2025 to replace the existing ore crusher and allow pit Phase 9 to continue expanding to the south. On February 14, 2024, the Peruvian regulators approved the Modification of Environmental Impact Assessment (“MEIA”) for the mine life expansion at Antamina. The project includes an expansion of the existing tailings dam facility, expansion of the open pit and waste dump areas, as well as changes to related infrastructure to support these expansions. The approval of the MEIA extended the mine life from 2028 to 2036 and resulted in an increase in Mineral Reserves to 550 million tonnes of ore (with a silver grade of 11.7 g/t). In addition to these Mineral Reserves, which are constrained by tailings disposal capacity, the mine has Measured and Indicated Mineral Resources of 313 million tonnes of ore (with a silver grade of 10.7 g/t) potentially amenable to open pit methods. CMA is evaluating additional tailings storage options and alternative mine plans that could result in significant mine life extensions. Beyond the known Mineral Resources and Mineral Reserves, Antamina hosts additional potential open pit and bulk/selective underground targets. There is also regional exploration potential over a large, prospective land package greater than 1,000 km2. Antamina, Peru Pacifc Ocean Argentina Bolivia Peru Brazil Chile Antamina Antamina Silver Stream kilometer 100 0 Antamina Lima Cajacay Chasquitambo Carretera Pativilca-Huarez Huarmey Punta Lobitos CMA Puerto Minero Aquia Chiquian Catac Recuay Huaraz Huallanca Yanashall Machac Parque Nacional Huascaran CMA Pipeline Pacifc Ocean Autopista Panamericana Norte Conococha Cutatambo Pachacoto Huanzala Subestacion Linea de Transmision Electrica San Marcos Huari Chavui De Huantar Paramonga Pativilca Barranca Huacho Huaral Chancay Pto. Supe N High grade copper/zinc orebody One of the lowest cost copper operations globally Large, high grade Inferred Mineral Resource Franco-Nevada Corporation ★ 27 TSX / NYSE: FNV South America Additional Information Mineral Resources and Mineral Reserves Diversified Assets

C O N D E S T A B L E Location: Peru, South America | Operator: Southern Peaks Mining LP | Precious Metals: Au & Ag | Stream: Gold and Silver Stream In March 2021, Franco-Nevada (Barbados) Corporation acquired a precious metals stream on production from the Condestable mine in Peru for $165 million and provided an additional $10 million in March 2024 to amend the phase 2 variable deliveries to 37.5%. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 29.9 $ 23.7 $ 22.4 M&I Resources (koz Au)1 546 537 688 Inferred Resources (koz Au)1 78 79 479 P&P Reserves (koz Au)1 244 267 163 M&I Resources (Moz Ag)1 9.8 9.8 17.4 Inferred Resources (Moz Ag)1 1.0 1.0 12.2 P&P Reserves (Moz Ag)1 5.0 5.2 5.2 M&I Royalty Ounces (000s)1,2 185 147 164 Inferred Royalty Ounces (000s)2 18 12 87 P&P Royalty Ounces (000s)2 72 85 97 1 Please refer to the tables on pages 114-120 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 fixed deliveries for M&I Royalty Ounces of 8,760 ounces of gold and 291,000 ounces of silver per year until December 2025; then, 63% of gold and silver until 87,600 ounces of gold and 2,910,000 ounces of silver are delivered, respectively; thereafter, 37.5% of gold and silver ounces are subject to the stream. For Inferred Royalty Ounces, Franco-Nevada assumes 37.5% of gold and silver from Inferred Mineral Resources (25% in 2023) are subject to the stream. Silver has been converted to Royalty Ounces assuming $2,800/oz gold and $31.00/oz silver ($1,950/oz gold and $22.50/oz silver in 2023, $1,800/oz gold and $21.00/oz silver in 2022). The stream interest has been factored by ongoing payments of 20% of the spot price of gold and silver The Condestable mine is located approximately 90 km south of Lima, Peru, and is owned and operated by a majority-owned subsidiary of Southern Peaks Mining LP (“SPM”), a private company. The Condestable mine has operated for over 50 years, produces approximately 20,000 tonnes of copper per year and has a proven history of resource conversion. For the first five years of the streaming agreement, commencing on January 1, 2021 and ending December 31, 2025, Franco-Nevada will receive 8,760 ounces of gold and 291,000 ounces of silver annually until a total of 43,800 ounces of gold and 1,455,000 ounces of silver have been delivered (the “Fixed Deliveries”). Thereafter, Franco-Nevada will receive 63% of the gold and silver contained in concentrate until a cumulative total of 87,600 ounces of gold and 2,910,000 ounces of silver have been delivered (the “Variable Phase 1 Deliveries”). The stream then reduces to 37.5% over the remaining life of mine (the “Variable Phase 2 Deliveries”). The Variable Phase 2 Deliveries were increased from 25% to 37.5%, as part of the March 2024 amendment. Franco-Nevada will pay 20% of the spot price for gold and silver for each ounce delivered under the stream (the “Ongoing Payment”). The stream is referenced to Condestable concessions covering approximately 450 km2 with excellent near mine exploration upside. Throughput at the mine averaged 7,600 tonnes per day in 2024. SPM is ramping up to the 8,400 tonnes per day, which was achieved for a sustained period at the end of the year, and is currently constructing a tailings filtration plant which extends the life of the tailings storage facilities. Condestable, Peru Condestable UG Surface facilities Raul UG Vinchos UG Pacifc Ocean Pan American Hwy 102 km to Lima Condestable Gold and Silver Stream kilometer 5 0 kilometer 5 0 Condestable Mining Property Excluded from Stream N Pacifc Ocean Argentina Bolivia Peru Brazil Chile Condestable Proven operation with excellent potential for expansions and mine life extension Increased LOM exposure with additional $10M deposit Large, prospective land package of approximately 450 km² TSX / NYSE: FNV 28 ★ Franco-Nevada Corporation South America Overview Precious Metals

T O C A N T I N Z I N H O Location: Brazil, South America | Operator: G Mining Ventures Corp. | Precious Metals: Au | Stream: Gold Stream In July 2022, Franco-Nevada (Barbados) Corporation announced a $352.5 million funding package supporting G Mining Ventures Corp. on the Tocantinzinho gold project in Brazil. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 15.4 $ – $ – M&I Resources (koz Au)1 2,181 2,102 2,102 Inferred Resources (koz Au)1 27 50 50 P&P Reserves (koz Au)1 2,031 2,042 2,042 M&I Royalty Ounces (000s)1,2 218 210 210 Inferred Royalty Ounces (000s)2 3 5 5 P&P Royalty Ounces (000s)2 203 204 204 1 Please refer to the tables on pages 114-120 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 it will receive 12.5% of gold produced which reduces to 7.5% after 300,000 ounces of gold have been delivered. The stream interest has been factored by 80% to reflect an ongoing payment price of 20% of the spot price for each ounce of gold delivered ($2,800/oz gold in 2024, $1,950/oz gold in 2023 and $1,800/oz gold for 2022) Tocantinzinho is located in the Tapajos region of Pará State, Brazil, 200 km south-southwest of the city of Itaituba, and is owned and operated by G Mining Ventures Corp. (“G Mining Ventures”). The construction funding package included a $250 million gold stream, $75 million secured term loan and purchase of $27.5 million of G Mining Ventures’ common shares. The project was completed on time and on budget and achieved commercial production in September 2024. Under the streaming agreement, Franco-Nevada will receive 12.5% of gold produced which reduces to 7.5% after 300,000 ounces of gold have been delivered. Franco-Nevada pays an ongoing price of 20% of the spot gold price for each ounce of gold delivered. Tocantinzinho is a conventional open pit mining and milling operation. G Mining Ventures’ February 2022 feasibility study outlined a 12,600 tonnes per day mill producing 1.8 million ounces of gold over 10.5 years, resulting in an average annual gold production profile of approximately 175,000 ounces with an all-in-sustaining cost of $681/oz and initial capital cost of $458 million. Gold production in 2024 was 63,566 ounces. The operation is expected to achieve nameplate capacity of 12,890 tonnes per day in H1 2025. Franco-Nevada sold 5,813 ounces of gold from the mine in 2024 and, in 2025, expects sales from its Tocantinzinho stream to be between 20,000 to 25,000 ounces of gold. Tocantinzinho, Brazil Tocantinzinho Gold Stream kilometer 10 0 N Tocantinzinho Pacifc Ocean Argentina Bolivia Peru Brazil Tocantinzinho Mining Licenses Exploration Licenses Excluded from Stream Licenses under application Project completed on time and budget Ramping up well to nameplate capacity Large, prospective land package of approximately 996 km² Franco-Nevada Corporation ★ 29 TSX / NYSE: FNV South America Additional Information Mineral Resources and Mineral Reserves Diversified Assets

C A S C A B E L ( A L P A L A ) Location: Ecuador, South America | Operator: SolGold plc | Precious Metals: Au, Cu, Ag | Stream: Gold Stream | Royalty: NSR: 1% In 2020, Franco-Nevada acquired a 1% NSR on the Cascabel copper-gold-silver project located in northern Ecuador being advanced by SolGold plc (“SolGold”). In July 2024, Franco-Nevada (Barbados) Corporation announced an additional $525 million precious metals stream with reference to the Cascabel project. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ − $ − $ – M&I Resources (Mlbs Cu)¹ 27,337 27,337 24,626 Inferred Resources (Mlbs Cu)¹ 4,409 4,409 3,439 P&P Reserves (Mlbs Cu)¹ 7,128 7,055 7,187 M&I Resources (koz Au)1 31,200 31,200 24,850 Inferred Resources (koz Au)1 5,400 5,400 2,520 P&P Reserves (koz Au)1 9,433 9,400 9,370 M&I Resources (Moz Ag)1 91.3 91.3 92.2 Inferred Resources (Moz Ag)1 11.0 11.0 10.6 P&P Reserves (Moz Ag)1 28.0 28.0 30.0 M&I Royalty Ounces (millions)1,2,3 2,527 769 724 Inferred Royalty Ounces (millions)2,3 366 127 91 P&P Royalty Ounces (millions)2,3 1,018 213 233 1 Please refer to the tables on pages 114-120 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 for the 1% royalty, Franco-Nevada estimates 100% of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 1.0% (0.85% for copper Royalty Ounces which factors a NSR smelting charge of 15%). Copper has been converted to Royalty Ounces assuming $4.25 per pound ($3.75 per pound in 2023, $4.00 per pound in 2022), gold and silver has been converted to Royalty Ounces assuming $2,800/oz gold and $31.00/oz silver ($1,950/oz gold and $22.50/oz silver in 2023, $1,800/oz gold and $21.00/oz silver in 2022 3 For Royalty Ounce calculation for the gold stream, Franco-Nevada estimates 100% of the Mineral Resources and Mineral Reserves are subject to our stream interest and estimates it will receive 14.0% of the gold produced in concentrate until 535,000 ounces of gold have been delivered, and thereafter 8.4% of the gold produced in concentrate for the remaining life of mine. The stream interest has been factored by ongoing payments of 20% of the spot price of gold ($2,800/oz in 2024) Franco-Nevada’s royalty and stream covers nearly 50 km2 of the Cascabel mining concessions including the Alpala and the Tandayama-America (“TAM”) deposit. Alpala, the main target in the Cascabel concession, is a copper-gold porphyry deposit and represents one of the largest copper-gold projects being advanced globally. SolGold announced an updated prefeasibility study on the Cascabel project in February 2024 (the “2024 PFS”) for the Alpala deposit. The 2024 PFS contemplates a phased underground block cave and outlined a Mineral Reserve containing 9.4 million ounces of gold, 3.2 million tonnes of copper, and 28.0 million ounces of silver (540 million tonnes grading 0.54 g/t Au, 0.60% Cu and 1.6 g/t Ag), for an initial 28-year mine life and reflects the exploitation of only 18% of the Alpala M&I Resource. The initial capital cost has decreased compared to previous scenarios, as the phased approach gradually scales up operations to achieve a production rate of 12 million tonnes per annum expanding to 24 million tonnes per annum in year six of the mine life, and will extract high-grade ore, averaging approximately 1.45% CuEq for the first ten years of production. Average production of approximately 123,000 tonnes of copper, 277,000 ounces of gold and 794,000 ounces of silver per year is expected over the life of the project. Exploration has yielded encouraging results on the broader Cascabel concessions with the identification of a highly mineralized system at TAM, which is located approximately 6 km northeast of the Alpala deposit, offering an excellent opportunity to provide additional mill feed and the potential for an initial open pit. 1% Royalty: The royalty references all minerals produced with the option for Franco-Nevada to convert the royalty to a gold NSR for a period of time once Alpala is producing. Franco-Nevada is further entitled to receive minimum royalty payments starting in 2028, subject to certain conditions. The royalty agreement also includes an option to buy back 50% of the royalty for a period of time. Gold Stream: Franco-Nevada partnered with Osisko Bermuda Limited (“Osisko”) to provide a $750 million syndicated financing package to SolGold, on a 70%/30% basis. Franco-Nevada will provide a total of $525 million and Osisko a total of $225 million of funding. Franco- Nevada will provide pre-construction funding of $70 million and Osisko $30 million available as three equal sized staged payment. The first tranche was funded at closing with two further tranches, subject to development milestones. Franco-Nevada and Osisko will make the remaining funding available towards construction once the project is fully funded and further derisked, including a minimum equity commitment. Franco-Nevada will receive attributable gold deliveries equal to 14.0% of gold produced in concentrate until 525,000 ounces of gold have been delivered. Thereafter, 8.4% of gold produced in concentrate for the remaining life of mine. SolGold will receive 20% of the spot gold price for each ounce of gold delivered. In the event of a change of control (“CoC”) within five years from closing, Franco-Nevada has the option to terminate the stream and receive repayment of the deposit that has been advanced by such date plus a return. If not elected, SolGold may purchase 50% of the Stream if the CoC occurs within three years from closing and 33.33% of the stream if the CoC occurs in the following two years for a one-time gold payment equal to a 15.0% IRR on the portion of the deposit being bought back that has been advanced by such date, plus a CoC fee. The Stream would provide meaningful GEO growth while increasing Franco-Nevada’s precious metal exposure and total asset diversification. Based on the 2024 PFS, stream contributions to Franco-Nevada are expected to average approximately 50,000 GEOs per year over the first 10 years of full production. One of the largest copper-gold development projects in the world Current mine plan represents only a small portion of the known resource Underexplored land package with anomalies identified on the concession TSX / NYSE: FNV 30 ★ Franco-Nevada Corporation South America Overview Precious Metals

0.4% Copper Equivalent 1.0% Copper Equivalent Royalty Claim Area 0.1% Copper Equivalent Pacifc Ocean Bolivia Peru Brazil Colombia Cascabel Equador Alpala Rocafuerte Alpala Camp Tandayama America Frontier Transverse Hwy Aguinaga Site Offce 1% NSR Cascabel (Alpala) 1% NSR kilometer 1 0 N Alpala Cross Section - Looking West Alpala Upper Zone S High-grade core Alpala Northwest Alpala Deeps 3Bt M&I 10.7 Mt Cu @ 0.35% 26.8 Moz Au @ 0.28glt 91.3 Moz Ag @ 0.94glt 540 Mt Reserves 3.2 Mt Cu @ 0.6% 9.4 Moz Au @ 0.54glt 28 Moz Ag @ 1.6glt N >0.70% Cu Eq >1.50% Cu Eq >0.15% Cu Eq +1500 m +1250 m +1000 m +750 m +500 m +250 m 0 m -250 m -500 m -750 m +1500 m +1250 m +1000 m +750 m +500 m +250 m 0 m -250 m -500 m -750 m Franco-Nevada Corporation ★ 31 TSX / NYSE: FNV South America Additional Information Mineral Resources and Mineral Reserves Diversified Assets

Y A N A C O C H A Location: Peru, South America | Operator: Newmont Corporation | Precious Metals: Au | Royalty: NSR: 1.8% Franco-Nevada has a 1.8% net smelter return royalty on all minerals on Newmont’s Yanacocha mine and adjacent mineral properties in Peru, which includes the producing oxides and the sulfides project located within the existing oxide footprint. The royalty also covers certain other projects, including the nearby Conga Cu-Au deposit and the Quilish oxide gold project. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 7.5 $ − $ – M&I Resources (koz Au)1 22,500 − − Inferred Resources (koz Au)1 8,500 − − P&P Reserves (koz Au)1 5,300 − − M&I Resources (Moz Ag)1 174.1 − − Inferred Resources (Moz Ag)1 26.6 − − P&P Reserves (Moz Ag)1 83.4 − − M&I Resources (Mlbs Cu)1 6,393 − − Inferred Resources (Mlbs Cu)1 1,102 − − P&P Reserves (Mlbs Cu)1 1,543 − − M&I Royalty Ounces (000s)1,2 588 − − Inferred Royalty Ounces (000s)2 184 − − P&P Royalty Ounces (000s)2 148 − − 1 Please refer to the tables on pages 114-120 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 at Yanacocha and Conga are subject to our royalty interest and estimates a rate of 1.8% (1.53% for copper Royalty Ounces which factors a NSR smelting charge of 15%). Copper has been converted to Royalty Ounces assuming $4.25 per pound and silver has been converted to Royalty Ounces assuming $2,800/oz gold and $31.00/oz silver Franco-Nevada acquired the royalty in August 2024 from Compania de Minas Buenaventura S.A.A (“Buenaventura”). Yanacocha has been one of the largest gold producing operations globally, producing more than 40.0 million ounces of gold since 1993 and continues to host an extensive reserve and resource of base totalling c.45 million ounces gold equivalent. Newmont currently guides towards a 22-year reserve only mine life and highlights the potential for extension through the significant resources. Production is currently active from the remaining oxide operation and injection leaching. Newmont has had significant success with injection leaching and in 2024 exceeded their production guidance of 290,000 gold ounces, producing 354,000 gold ounces. 2025 guidance is 460,000 gold ounces which is also ahead of the estimate at the time of acquisition. Longer term, Yanacocha will transition to mining and processing from the sulfide project, located within the existing oxide operational footprint. The sulfides project is expected to produce c.500 gold equivalent per annum during the first 5 years and extend the operation life. Newmont has currently deferred the capital commitment to complete the sulfides project, however, Newmont has indicated it plans to invest US $2B on upgrading the water treatment facilities onsite from 2024 through 2027. Conga, a large Cu-Au prophyryr, and Quilish, a high grade oxide resource, are also covered by the royalty and provide additional optionality and exposure to the prolific district. Perol Amaro Challhuagon Quecher Main San Jose AOI Yanacocha La Quinua Corlmayo El Tapado Cerro Quilish Maqul Maqul Chaqulcocha UG Kupfertal porhyry Cu-Au-Mo Conga +0.5% NSR Quilish +1-2% NSR kilometer 10 0 N Chaupiloma 1.8% NSR One of the largest gold producing districts globally Highly prolific district with more than 45 Moz AuEq in reserves and resources 22-Year Reserve Life with significant upside Cash flowing with planned growth projects covered HS Epithermal Deposits Porphyry Deposits Royalty licenses Pacifc Ocean Argentina Bolivia Peru Brazil Chile Antapaccay TSX / NYSE: FNV 32 ★ Franco-Nevada Corporation South America Overview Precious Metals

C E R R O M O R O Location: Argentina, South America | Operator: Pan American Silver Corp. | Precious Metals: Au & Ag | Royalty: NSR: 2% Franco-Nevada has a 2% NSR on the Cerro Moro mine operated by Pan American Silver Corp. (“Pan American Silver”) in Santa Cruz province, Argentina. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 5.1 $ 5.2 $ 6.3 M&I Resources (koz Au)1 338 422 574 Inferred Resources (koz Au)1 150 192 226 P&P Reserves (koz Au)1 246 302 457 M&I Resources (Moz Ag)1 13.8 19.5 30.0 Inferred Resources (Moz Ag)1 3.6 4.9 8.2 P&P Reserves (Moz Ag)1 7.5 11.3 22.2 M&I Royalty Ounces (000s)1,2 9 12 17 Inferred Royalty Ounces (000s)2 3 4 6 P&P Royalty Ounces (000s)2 6 8 14 1 Please refer to the tables on pages 114-120 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 95% of the Mineral Reserves (95% in 2023, 95% in 2022), 90% of the M&I Mineral Resources (90% in 2023, 90% in 2022) and 90% of the Inferred Mineral Resources (90% in 2023, 90% in 2022) are subject to our royalty interest and estimates a rate of 2.0% is applicable. Silver has been converted assuming $2,800/oz gold and $31.00/oz silver ($1,950/oz gold and $22.50/oz silver in 2023, $1,800/oz gold and $21.00/oz silver in 2022) 3 Please refer to Yamana’s public disclosures for further details on its definition of gold equivalent ounces Pan American Silver acquired Cerro Moro in March 2023 as part of its acquisition of Yamana Gold Inc. (“Yamana”). The royalty covers 160 km2, including a significant portion of the mineral resources contained in high-grade epithermal gold and silver veins. The mine, which began commercial production in June 2018, produced 77,500 ounces of gold and 3.0 million ounces of silver in 2024, compared to the nine-month period from March 31 to December 31, 2023, where production was 84,600 ounces of gold and 3.5 million ounces of silver. Production decreased year-over-year, due to higher mining dilution and weather- related disruptions. For 2025, production is forecasted to be between 77,000 to 87,000 ounces of gold and 2.8 to 2.9 million ounces of silver. Optimizations, higher throughput, and favorable gold prices have led to reduced costs. Yamana’s prior plans targeted sustainable production of at least 160,000 gold equivalent ounces annually over 10 years. In 2022, Yamana aimed to offset depletion through infill drilling and considered expansion projects to achieve production exceeding 200,000 gold equivalent ounces³ annually. kilometer 5 0 Cerro Moro 2% NSR Carla Michelle Zoe Deborah Martina Tres Lomas Esperanza Loma Escondida Escondida Nini Nini Ext Natalia Natalia NW Plant Buenos Aires Cerro Moro Chile Argentina Uruguay Elsa 2% NSR FNV Royalties Excluded from Royalty Deposits N Cerro Moro, Argentina High grade gold/silver deposit with expansion potential Significant near-mine and regional exploration targets Franco-Nevada Corporation ★ 33 TSX / NYSE: FNV South America Additional Information Mineral Resources and Mineral Reserves Diversified Assets

S A L A R E S N O R T E Location: Chile, South America | Operator: Gold Fields Limited | Precious Metals: Au & Ag | Royalty: NSR: 1-2% In early 2019, Franco-Nevada acquired an existing 2% NSR on the Salares Norte deposit owned by Gold Fields Limited (“Gold Fields”) in the Atacama region of Northern Chile. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 1.6 $ − $ − M&I Resources (koz Au)1 3,586 3,646 3,933 Inferred Resources (koz Au)1 10 58 142 P&P Reserves (koz Au)1 3,416 3,454 3,467 M&I Resources (Moz Ag)1 44.1 44.6 44.9 Inferred Resources (Moz Ag)1 0.1 0.5 0.9 P&P Reserves (Moz Ag)1 41.9 42.2 39.0 M&I Royalty Ounces (000s)1,2 41 42 45 Inferred Royalty Ounces (000s)2 − 1 2 P&P Royalty Ounces (000s)2 39 39 39 1 Please refer to the tables on pages 114-120 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 Reserves & Mineral Resources are subject to our royalty interest and estimates a rate of 1.0% in anticipation that Gold Fields exercises its right to repurchase 1.0% of the 2.0% NSR. Silver has been converted assuming $2,800/oz gold and $31.00/oz silver ($1,950/oz gold and $22.50/oz silver in 2023, $1,800/oz gold and $21.00/oz silver in 2022) The royalty is subject to a 1% buyback by Gold Fields for $6.0 million, with a credit from royalty revenue, within 24 months of starting commercial production. In September 2020, Franco-Nevada acquired a separate 2% NSR on the Rio Baker concession covering the northwest extension of the deposit for $5.0 million, with contingent payments of up to $8.0 million, providing full exposure to the Salares Norte project. Salares Norte is a blind epithermal gold-silver deposit and a key operation for Gold Fields. As of December 2023, reserves totaled 3.42 million ounces of gold and 41.9 million ounces of silver (18.1 million tonnes grading 5.9 g/t gold and 71.9 g/t silver). The 2019 feasibility study supported an 11-year open-pit mine life. Gold production at Salares Norte commenced in March 2024, and recommenced in September 2024 after being impacted by adverse weather conditions. Production of 45,000 gold equivalent ounces was achieved in 2024, with output for 2025 forecast to be between 325,000 to 375,000 gold equivalent ounces, increasing to between 550,000 and 580,000 gold equivalent ounces in 2026, the first full year of steady-state production. Gold Fields continues exploration to extend the mine’s lifespan, drilling over 15,000 meters in 2023 and spending $11 million in brownfields exploration during 2024. An underground option, as opposed to the original open pit plan, is also being studied at a prefeasibility level for the mining of the Agua Amarga deposit, the northern portion of the Salares Norte pit. Salares Norte, Chile High-grade gold sub-domains 2017 EIA pit outline Main low-grade domains Antofagasta La Serena Copiapo Relincho Chile Argentina BOLIVIA PERU San Jorge Taca Taca Salares Norte Brecha Principal Agua Amarga Salares Norte Rio Baker 1% NSR 2% NSR kilometer 1 0 Salares Norte 1-2% NSR N First production achieved in March 2024 Initial 11-year mine life Near-mine exploration success to potentially extend mine life TSX / NYSE: FNV 34 ★ Franco-Nevada Corporation South America Overview Precious Metals

P O S S E ( M A R A R O S A ) Location: Brazil, South America | Operator: Hochschild Mining PLC | Precious Metals: Au | Royalty: NSR: 1% Franco-Nevada holds a 1% NSR royalty on the Mara Rosa open pit project located in the State of Goiás, Brazil. Hochschild Mining PLC (“Hochschild”) took ownership of the project through its acquisition of Amarillo Gold Corporation (“Amarillo”) in 2022. Commercial production of the mine was achieved in May 2024 and Mara Rosa is expected to produce between 94,000 to 104,000 gold ounces in 2025. Overall production in 2024 was 63,770 gold equivalent ounces, below the original guidance of 83,000 to 93,000 gold ounces, due to a slower than expected ramp-up in Q2 and Q3 2024. Hochschild expects average annual production of approximately 80,000 gold ounces over an initial mine life of 10 years, with approximately 100,000 gold ounces annually over the first four years. Exploration drilling is underway with the goal of extending mine life. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates an average rate of 1.0% is applicable C E N T R O G O L D ( G U R U P I ) Location: Brazil, South America | Operator: G Mining Ventures Corp. | Precious Metals: Au | Royalty: NSR: 0-1% Franco-Nevada holds a slding scale NSR royalty (1% at greater than $400 per ounce gold) on the CentoGold (Gurupi) project located in the State of Maranhão in northern Brazil. GMIN acquired CentroGold (Gurupi) from BHP Group Limited (“BHP”) in 2024. Previously in July 2019, Oz Minerals Limited, the prior owner before selling to BHP in 2023, released an updated prefeasibility study on the project which envisioned a 10-year mine life with average annual gold production of 100,000 to 120,000 ounces of gold per year with 190,000 to 210,000 ounces of gold per year in the first two years of production. There have been challenges from a prior mining license injunction for the property. GMIN intends to use its expertise in partnering with communities and permitting projects in Brazil to advance the project. In February 2025, GMIN announced an updated reserve estimating totalling 1.83 million ounces of indicated resources grading 1.3 g/t gold and 0.77 million ounces of Inferred Resources grading 1.29 g/t gold. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates an average rate of 1.0% is applicable C A L C A T R E U Location: Argentina, South America | Operator: Patagonia Gold Corp. | Precious Metals: Au & Ag | Royalty: NSR: 2.5% Franco-Nevada has a 2.5% NSR on the Calcatreu property located in the Province of Rio Negro in Argentina. In December 2017, Patagonia Gold Corp. (“Patagonia”) acquired the property from Pan American Silver. The Calcatreu deposit contains an Indicated Mineral Resource of 669,000 ounces of gold and 6.3 million ounces of silver and an Inferred Mineral Resource of 348,000 ounces of gold and 3.4 million ounces of silver. In November 2024, Patagonia announced it had been granted the final permit to advance with the construction, development and production of the mine and heap leach pad at Calcatreu. In February 2025, as part of permitted development activities and required geotechnical drilling for the planned heap leach site, additional drilling was conducted on the Piche low-sulfidation epithermal deposit. The deposit lies about 150 meters southeast of the main Nelson structure, and highlights the potential for additional near-surface mineralization on the land package. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates an average rate of 2.5% is applicable. Silver has been converted assuming $2,800/oz gold and $31.00/oz silver Franco-Nevada Corporation ★ 35 TSX / NYSE: FNV South America Additional Information Mineral Resources and Mineral Reserves Diversified Assets

S A N J O R G E Location: Argentina, South America | Operator: Zonda Metals GmbH & Grupo Alberdi | Precious Metals: Au | Royalty: NSR: 7.5% on Au PSJ Cobre Mendocino (San Jorge) is a copper-gold porphyry project located in west-central Argentina, in the province of Mendoza approximately 110 km northwest of the provincial city of Mendoza and 240 km northeast of Santiago, Chile. Aterra Investments Ltd. and Solway Industries Ltd. (“Solway”) acquired the property from Coro Mining Corp. in April 2015. Solway reported prefeasibility results on their website, with annual production of over 40,000 tonnes of copper and 40,000 ounces of gold contained in concentrate over a 16-year life. The project is now being advanced by Zonda Metals GmbH and Grupo Alberdi, who are re-evaluating the project scope and mine life under Argentina’s large investment incentive regime (RIGI), which offers tax benefits and foreign exchange stability for 30 years, among other advantages. Franco-Nevada received annual minimum payments of $1.25 million per year for a 10-year period which ended in 2021 and maintains a 7.5% NSR on all gold produced from the property, having acquired the royalty through its acquisition of Lumina Royalty Corp. in December 2011. For Royalty Ounce calculation, Franco-Nevada estimates 100% of the gold Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates an average rate of 7.5% is applicable P A S C U A - L A M A Location: Chile, South America | Operator: Barrick Gold Corporation | Metals: Au & Cu | Royalty: NSR: 2.941% (Au) / 0.588% (Cu) Franco-Nevada has a 2.941% NSR (Au) / 0.588% NSR (Cu) on the Chilean portion of Barrick’s Pascua-Lama project which straddles the border between Chile and Argentina. Barricks’ Pascua-Lama project is one of the largest gold endowments globally, with 21 million gold ounces of Measured and Indicated Resources. Barrick is currently focused on the closure of the legacy Pascua-Lama project and also on completion of an updated economic assessment. For Royalty Ounce calculation, Franco-Nevada estimates 80% of the gold Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 2.941% is applicable V O L C A N Location: Chile, South America | Operator: Tiernan Gold Corporation | Metals: Au | Royalty: NSR: 1.5-3.0% Franco-Nevada has a 1.5% NSR on the entire 530 km2 land package, and a further 1.5% NSR on the exploration concessions. Volcan is a large high-quality resource with 9.8 Moz Au of Measured and Indicated Resources located in the prolific Maricunga Gold Belt which hosts a number of operating mines with over 100 million gold ounces of past and present gold resources. Tiernan Gold Corporation is a wholly-owned subsidiary of Hochschild Mining plc and completed a PEA for Volcan in 2022, which outlined a 14-year mine life project producing c.340,000 gold ounces per annum on average for the first 10 years. 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 1.5% is applicable TSX / NYSE: FNV 36 ★ Franco-Nevada Corporation South America Overview Precious Metals

Central America & Mexico Cobre Panama Guadalupe-Palmarejo Cobre Panama currently on preservation and safe management Producing Advanced Franco-Nevada Corporation ★ 37 TSX / NYSE: FNV Central America & Mexico Additional Information Mineral Resources and Mineral Reserves Diversified Assets

C O B R E P A N A M A Location: Panama | Operator: First Quantum Minerals Ltd. | Precious Metals: Au & Ag | Stream: Gold and Silver Cobre Panama is one of the world’s largest copper-gold-silver porphyry mines and is 90% owned by First Quantum Minerals Ltd. (“First Quantum”) and 10% by Korea Mine Rehabilitation & Mineral Resources Corp. (“KOMIR”). 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 0.1 $ 248.9 $ 223.3 2022 M&I Resources (koz Au)1,2 7,159 Inferred Resources (koz Au)1,2 1,296 P&P Reserves (koz Au)1,2 6,861 M&I Resources (Moz Ag)1,2 149.2 Inferred Resources (Moz Ag)1,2 38.0 P&P Reserves (Moz Ag)1,2 128.8 M&I Royalty Ounces (000s)2,3 4,758 Inferred Royalty Ounces (000s)3 750 P&P Royalty Ounces (000s)3 4,532 1 Cobre Panama has been a material mining project in prior years but is currently on Preservation and Safe Management. Due to the status of Cobre Panama, Mineral Resources and Mineral Reserves are being reported separately and are not included in the Mineral Resources and Mineral Reserves table 2 Please refer to the tables on page 118 for a breakout of grade and tonnages by Mineral Resource category for Cobre Panama as at December 31, 2023; all M&I categories are inclusive of Mineral Reserves 3 For 2024, Franco-Nevada estimates that P&P royalty ounces, M&I royalty ounces and Inf royalty ounces would be 4,153 koz, 4,738 koz and 736 koz, respectively (4,468 koz, 4,673 koz and 745 koz, respectively in 2023), using the same general assumptions as 2022 and assuming $2,800/oz gold and $31.00/oz silver ($1,950/oz gold and $22.50/oz silver in 2023). For 2022 Royalty Ounce calculation, Franco-Nevada assumed 88% of the Mineral Resources and Mineral Reserves were subject to our stream interest. Silver was converted into Royalty Ounces assuming $1,800/oz gold and $21.00/oz silver and a 62% factor was applied to obtain a Royalty Ounce for the P&P category, a 62% factor was applied for Royalty Ounces in the M&I category and a 50% factor was applied for Royalty Ounces in the Inferred category Franco-Nevada (Barbados) Corporation, a wholly owned subsidiary of Franco-Nevada, contributed a total of $1.36 billion to the construction of Cobre Panama since 2015. Franco-Nevada has two precious metals streams on Cobre Panama. Each stream has slightly different terms as described below but both streams are indexed to the copper in concentrate shipped until certain specific thresholds of gold and silver deliveries are met: • Fixed Payment Stream – Effective since 2015 and applies to First Quantum’s original 80% interest in Cobre Panama. The ongoing payment is $457.35/oz gold and $6.86/oz silver with a 1.5% annual inflation factor. • Floating Payment Stream – Effective March 2018, Franco-Nevada (Barbados) Corporation added a new precious metals stream which increased its coverage to 100% of the ownership of the Cobre Panama operation. The Floating Payment Stream applies to First Quantum’s 10% indirect interest acquired from LS-Nikko Copper Inc. and KOMIR’s 10% indirect interest. The ongoing payment is 20% of the spot price for the Mineral Reserve life as of 2018 and higher thereafter. Cobre Panama commenced production in February 2019. In 2023, Cobre Panama produced 330,000 tonnes of copper. Franco-Nevada sold 128,599 GEOs from the mine in 2023, compared to 123,769 GEOs in 2022. In October 2023, the National Assembly of Panama approved a revised concession contract for the Cobre Panama mine through a new law, Law 406. Following this approval, widespread protests occurred in Panama resulting in the National Assembly enacting an indefinite mining moratorium in Panama. In late November 2023, the Supreme Court of Justice of Panama declared Law 406 unconstitutional and stated that the effect of the ruling was that the revised concession contract purportedly no longer existed. In November 2023, the mine was placed on preservation and safe management (“P&SM”). In July 2024, a new government under President Mulino took office. President Mulino has stated his government will discuss the mine’s long term future starting in March 2025. Attitudes in Panama now appear more supportive of restarting the mine. First Quantum discontinued their ICC arbitration proceedings and suspended their FTA arbitration on March 31, 2025. Franco-Nevada strongly prefers and hopes for an amicable solution providing for the resumption of operations at Cobre Panama, with the support of the Panamanian people and the State of Panama. Before production halt, employed 7,000 workers and contributed 5% of Panama’s GDP Potential to be one of the largest copper producers (approx. 1.5% of global production) Potential to contribute 130,000 to 150,000 GEOs per year Cobre Panama Gold and Silver Stream kilometer 4 0 N Concession Boundary Pits Camp Caribbean Sea Punta Rincón River Caimito Plant Site Concession Boundary Power Transmission 230 kv line Port and Powerplant Balboa Pit Colina Pit Valle Grande Pit Botija Pit Brazo Pit Medio Pit Botija Abajo Pit Co Gol Concession Boundary Pits Cobre Panama Project Panama City Panama Canal Pacifc Ocean Caribbean Sea TSX / NYSE: FNV 38 ★ Franco-Nevada Corporation Central America & Mexico Overview Precious Metals

G U A D A L U P E - P A L M A R E J O Location: Mexico | Operator: Coeur Mining, Inc. | Precious Metals: Au | Stream: 50% Gold Since January 2009, Franco-Nevada has received 50% of the gold produced from the Palmarejo complex located in Chihuahua Province, Mexico which is owned and operated by Coeur Mining, Inc. (“Coeur”). 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 84.8 $ 66.8 $ 74.2 M&I Resources (koz Au)1 2,104 2,090 2,127 Inferred Resources (koz Au)1 643 381 380 P&P Reserves (koz Au)1 681 769 953 M&I Royalty Ounces (000s)1,2 693 556 535 Inferred Royalty Ounces (000s)2 184 110 102 P&P Royalty Ounces (000s)2 236 209 241 1 Please refer to the tables on pages 114-120 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 97% of the Mineral Reserves (92% in 2023, 91% in 2022), 90% of the exclusive M&I Mineral Resource (89% in 2023, 89% in 2022) and 80% of the Inferred Mineral Resource (98% in 2023, 97% in 2022) are subject to our 50% stream interest. The stream interest has been factored by 71% to reflect $2,800 per ounce gold ($1,950/oz gold in 2023, $1,800/oz gold in 2022) and $800 per ounce ongoing payments (59% in 2023, 56% in 2022) The Palmarejo complex, which includes mining of the Palmarejo, Guadalupe and Independencia ore bodies, principally produces silver with a considerable gold by-product. It started in 2009 as an open pit and underground mine and is now only an underground operation. Starting in 2009, a Mexican subsidiary of Franco-Nevada received 50% of the gold produced from Palmarejo in return for a $75 million investment. The original contract was terminated in 2014 and Coeur fulfilled its obligation under that agreement in the third quarter of 2016, once they delivered the minimum ounce obligation of 400,000 ounces of gold. In June 2014, Franco-Nevada (Barbados) Corporation, a subsidiary of Franco-Nevada, entered into a new 50% gold stream with Coeur on the Palmarejo complex with ongoing payments equal to the lesser of $800/oz (no inflation provision) and the then prevailing spot price for gold for each ounce delivered under the new gold stream agreement. The new agreement improved mine economics for Coeur and helped extend the mine life of the entire Palmarejo complex. The agreement applies to a land position totaling over 1,200 km2 although it does not cover the adjacent concessions that Coeur acquired through the acquisition of Paramount Gold and Silver Corp. in 2014. Franco-Nevada provided an upfront $22 million deposit which was used to partially fund the development of the Guadalupe underground mine on the Palmarejo property. Franco-Nevada sold 35,678 ounces of gold from the mine in 2024, compared to 34,455 ounces of gold in 2023. Palmarejo has a mill throughput capacity of 7,000 tonnes per day and in 2024 produced approximately 6.8 million ounces of silver and 109,000 ounces of gold. Coeur’s 2025 production guidance for Palmarejo is between 5.4 million ounces and 6.5 million ounces of silver and 95,000 ounces and 105,000 ounces of gold. In 2025, Franco-Nevada expects sales from the Guadalupe-Palmarejo stream to be between 45,000 and 50,000 GEOs. Mineral Reserves and Mineral Resources remained stable in 2024 net of depletion. Franco-Nevada estimates that over 95% of the existing Mineral Resources and Mineral Reserves are covered by the stream agreement. Palmarejo Agua Salada Mill Guadalupe Mine Complex La Nación La Bavisa Zapata La Patria Independencia Mine Complex Independencia West Pacifc Ocean NM TX CA AZ MEXICO Guadalupe-Palmarejo Gold Stream Perimeter of gold stream property Excluded from Stream Deposits Guadalupe- Palmarejo kilometer 4 0 N Independencia East Over 95% of reserves on stream ground Mineral Resources and Mineral Reserves replenished depleted ore Stream has significant leverage to the gold price Franco-Nevada Corporation ★ 39 TSX / NYSE: FNV Central America & Mexico Additional Information Mineral Resources and Mineral Reserves Diversified Assets

Courageous Lake Goldfelds Canadian Malartic Cariboo Eagle Red Mountain Valentine Gold Monument Bay Brucejack Eskay Creek Producing Advanced Island Gold Musselwhite Hemlo Greenstone Detour Lake Timmins West Porcupine Sudbury Macassa (Kirkland Lake) Golden Highway Red Lake (McFinley) Magino Ontario Ontario Canada TSX / NYSE: FNV 40 ★ Franco-Nevada Corporation Overview Precious Metals

D E T O U R L A K E Location: Ontario, Canada | Operator: Agnico Eagle Mines Limited | Precious Metals: Au | Royalty: NSR: 2% Franco-Nevada has a 2% NSR royalty that covers an area of 140 km2 of the Abitibi greenstone belt located 185 km northeast of Cochrane, Ontario including the Detour Lake mine. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 31.9 $ 25.9 $ 26.3 M&I Resources (koz Au)1 34,310 37,883 38,638 Inferred Resources (koz Au)1 6,605 2,717 1,156 P&P Reserves (koz Au)1 19,051 19,928 20,683 M&I Royalty Ounces (000s)1,2 686 758 773 Inferred Royalty Ounces (000s)2 132 54 23 P&P Royalty Ounces (000s)2 381 399 414 1 Please refer to the tables on pages 114-120 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 2.0% is applicable From 1983 through 1999, Placer Dome Inc. operated an underground mine on the property producing approximately 1.8 million ounces of gold. Detour Gold Corporation (“Detour Gold”) drilled out a large open pittable resource and developed the current open pit mine with first production in 2013. Kirkland Lake Gold Ltd. (“KLG”) acquired Detour Gold in 2020 and Agnico Eagle Mines Limited (“Agnico Eagle”) and KLG merged in February 2022, with the combined company continuing as Agnico Eagle. Franco-Nevada’s royalty includes all the Mineral Resources and Mineral Reserves on the property, except Detour Lake Zone 58N (approximately 0.67 million ounces) which sits to the south of the main mineralized trend. Production at Detour Lake was 671,950 ounces of gold in 2024, compared with 677,446 ounces of gold in 2023. Production for Detour Lake is anticipated to be between 705,000 to 735,000 ounces of gold per year in 2025, 720,000 to 750,000 ounces in 2026 and 630,000 to 660,000 ounces in 2027. Agnico Eagle reported that the mill successfully achieved throughput of 28 million tonnes per annum in Q4 2024 and is targeting 29 million tonnes per annum by 2028. In June 2024, Agnico Eagle released the results of a technical study reflecting the potential for a concurrent underground operation at Detour Lake which would extend the life of mine to 2054. Average annual gold production is expected to be approximately 708,000 ounces per year between Q2 2024 and 2029, increasing to 1,011,000 ounces per year from 2030 to 2043 when the underground is in production. Processing of stockpiles between 2044 and 2054 will average 314,000 ounces per year, with upside potential for additional underground mineral resources to be added along the western plunge of the deposit. In Q4 2024, Agnico Eagle completed site preparation for the excavation of the underground exploration ramp, which is expected to commence in H1 2025. KLG and Agnico Eagle have both had tremendous exploration success drilling extensions of the Detour Lake deposit. Total Mineral Resources have expanded from 21.9 million ounces at year end 2020 to 40.9 million ounces at year end 2024. Exploration priorities for 2025 include continued drilling to de-risk the Detour Lake underground project. Conversion drilling in 2024 resulted in an upgrade of the underground mineral resource at year-end. Detour Lake, Ontario Ongoing exploration success Average production of 1 Moz of gold per year from 2030 to 2043 Upside potential for additional underground resources Franco-Nevada Corporation ★ 41 TSX / NYSE: FNV Canada Additional Information Mineral Resources and Mineral Reserves Diversified Assets

North Pit Detour Lake Mine Quebec Ontario Mine Property Block D West Pit Gowest Property Main Pit Other Quebec royalty claims not shown Block E Zone 58N Block A Block B Block C North Pit Sunday Lake Deformation Zone Sunday Lake Deformation Zone Lower Detour Lake Deformation Zone Mineralization Mineral Reserve Pit Outline Mineral Resource Pit Outline 0.5-1% NSR 2% NSR 2% NSR 2% NSR 2% NSR 2% NSR 2% NSR 2% NSR Quebec Detour Lake Ontario Mineral Resource Pit Outline Mineral Reserve Pit Outline Mined Out Pit UG Development/Potential UG Pits FNV Royalties Detour Lake 2% NSR kilometer 0 5 N kilometer 0 1 West Pit West Pit Extension Open Open Main Pit Saddle Zone Saddle Zone Long Section North & West Pits West Pit Extension Main Pit TSX / NYSE: FNV 42 ★ Franco-Nevada Corporation Canada Overview Precious Metals

S U D B U R Y Location: Ontario, Canada | Operator: Magna Mining Inc. | Precious Metals: PGM & Au | Stream: 50% Precious Metal Stream Franco-Nevada has precious metals streams on McCreedy West, Levack and Podolsky in the Sudbury basin of Ontario. 2024 2023 2022 PGM Revenue to FNV ($ million) $ 6.9 $ 13.4 $ 18.3 Gold Revenue to FNV ($ million) $ 3.0 $ 4.2 $ 3.1 Total Revenue to FNV ($ million) $ 9.9 $ 17.6 $ 21.4 PGM M&I Resources (koz PGM)1 814 n/a n/a PGM Inferred Resources (koz PGM)1 110 n/a n/a PGM P&P Reserves (koz PGM)1 - n/a n/a Gold M&I Resources (koz Au)1 167 n/a n/a Gold Inferred Resources (koz Au)1 18 n/a n/a Gold P&P Reserves (koz Au)1 - n/a n/a M&I Royalty Ounces (000s)1,2 24 24 24 Inferred Royalty Ounces (000s)2 - - - P&P Royalty Ounces (000s)2 24 24 24 1 Please refer to the tables on pages 114-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves. For 2022 and 2023, KGHM did not provide public estimates for Mineral Resources and Mineral Reserves. Previous estimates had not been updated in numerous years and thus Franco-Nevada chose not to continue to report these figures 2 For Royalty Ounce calculation, Franco-Nevada estimates 5 years of mining (5 years in 2023, 5 years in 2022) from McCreedy West are subject to our 50% stream interest to which a 40% margin factor (40% in 2023, 40% in 2022) has been applied based on assumed ongoing payments of 60% of the spot price. Platinum and palladium have been converted to Royalty Ounces assuming $2,800/ounce Au, $950/ounce Pt and $950/ounce Pd ($1,950/ounce Au, $800/ounce Pt and $900/ounce Pd in 2023, $1,800/ounce Au, $900/ounce Pt and $1,500/ ounce Pd in 2022). Note that this stream interest is calculated based on contained ounces in ore as there are no losses associated to metallurgical recoveries in the calculation of the Royalty Ounces Franco-Nevada is entitled to purchase 50% of the precious metals contained in ore produced from the footwall portions of each mine subject to ongoing payments per ounce. The streams are calculated based on contained precious metals in the delivered ore rather than payable metals and were acquired as part of Franco-Nevada’s acquisition of Gold Wheaton Gold Corp. (“Gold Wheaton”) in March 2011. At the time of acquisition, the mines were operated by Quadra FNX Mining Ltd. (“Quadra FNX”) which was subsequently acquired by KGHM International Ltd. (“KGHM”) in March 2012. Magna Mining Inc. (“Magna”) acquired Levack (Morrison Deposit), Podolsky and McCreedy West from KGHM in February 2025. The footwall deposits at each mine are primarily rich in palladium followed by platinum and gold. Magna does not have processing facilities in Sudbury and sells the ore to third parties for processing. McCreedy West Mine: The stream agreement applies to the PM and 700 deposits at the McCreedy West mine. McCreedy West stopped mining the precious metal-rich ores in the PM deposit in 2011. Franco- Nevada agreed to renegotiate the existing contract with KGHM, and mining restarted in September 2018. In February 2021, KGHM approved an updated life of mine plan which extended mining operations at the McCreedy West mine for another five years. To support this extension of operations in mid-2021, Franco-Nevada agreed to increase its purchase price per GEO, from $800/oz to 60% of the prevailing monthly average gold spot price during periods when monthly average gold prices exceed $1,333/oz subject to a cap of $1,200/oz. McCreedy is expected to be the main source of revenue from Sudbury to Franco- Nevada in 2025 and is expected to operate through the end of 2029. Magna is focused on drill testing the 700 Footwall Cu-PGE zone for resource expansion and definition in support of mid-term production planning. Levack (Morrison Deposit) Mine: This mine was operated between 2007 and 2019 and is currently on care and maintenance. In 2025, drilling at Levack will target the near surface Keel Footwall Cu zone. Podolsky Mine: The stream agreement applies to the 2000 and North deposits at the Podolsky mine which operated between 2008 and 2013. The mine is currently on care and maintenance. Quebec Ontario Sudbury kilometer 5 0 N Sudbury 50% Precious Metals Stream Podolsky Levack (Morrison Deposit) McCreedy West Strathcona Mill Creighton Nickel Rim South Totten Coleman Copper Cliff Smelter Clarabelle Mill Sudbury Sudbury Igneous Complex Chelmsford Formation Onaping & Onwatin Formations Current and Former Mines Mill Smelter Stream Properties Renewed focus on exploration under new operator Franco-Nevada Corporation ★ 43 TSX / NYSE: FNV Canada Additional Information Mineral Resources and Mineral Reserves Diversified Assets

H E M L O Location: Ontario, Canada | Operator: Barrick Gold Corporation | Precious Metals: Au | Royalty: NSR: 3% / NPI: 50% The Hemlo gold mine has been in production for over 30 years and is located adjacent to the Trans-Canada Highway near Marathon, Ontario. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 16.4 $ 22.7 $ 28.2 M&I Resources (koz Au)1 3,400 3,200 3,600 Inferred Resources (koz Au)1 620 620 580 P&P Reserves (koz Au)1 1,600 1,700 1,700 M&I Royalty Ounces (000s)1,2 180 120 137 Inferred Royalty Ounces (000s)2 33 23 22 P&P Royalty Ounces (000s)2 85 64 65 1 Please refer to the tables on pages 114-120 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 approximately 20% of the publicly reported Mineral Resources and Mineral Reserves for Hemlo are on its royalty ground and estimates a rate of 5.3% (3.75% in 2023, 3.81% in 2022) is applicable when factoring our NSR and NPI interests. Please see page 17 for our methodology on calculating Royalty Ounces for an NPI Barrick is the operator and manages both the open pit, which is currently not operating, and underground operations. Franco-Nevada has both a 3% NSR royalty and a 50% NPI royalty on a portion of the western down-dip underground extension, principally the Lower C Zone, of the Hemlo ore body as shown in the longitudinal schematic. Mining on the royalty property began in late 2008, but revenues were limited to the 3% NSR royalty. The 50% NPI portion of the royalty began paying in the third quarter of 2012 after the upfront capital costs had been recovered by Barrick. Hemlo produced 143,000 ounces of gold in 2024 versus 141,000 ounces of gold in 2023. All-in sustaining cost, which is important to take into consideration with respect to the NPI royalty, increased from $1,672/oz in 2023 to $1,769/oz in 2024. In 2024, Franco-Nevada received $13.8 million in revenue from the NPI at an average gold price of $2,375/oz. Barrick is forecasting 2025 estimated production of 140,000 to 160,000 ounces at an all-in sustaining cost of between $1,600/oz to $1,700/oz. It is anticipated that a higher proportion of production will be sourced from our royalty ground in 2025. In 2024, Barrick continued to advance studies and permitting work for the potential restart of a larger-scale open pit. Hemlo, Ontario Quebec Ontario Hemlo Hemlo 3% NSR / 50%NPI Long Section ‘C’ Zone Pit Williams Shaft & Mill Surface Mined Area 3% NSR + 50% NPI ‘C’ Zone ‘B’ Zone 9975 9765 9555 9450 9240 9160 Mined Area Williams Mine Franco-Nevada Royalty Ground Steady year-over-year production expected for Hemlo More mining on royalty grounds Profit royalties provide more leverage to gold prices TSX / NYSE: FNV 44 ★ Franco-Nevada Corporation Canada Overview Precious Metals

G R E E N S T O N E Location: Ontario, Canada | Operator: Equinox Gold Corp. | Precious Metals: Au | Royalty: NSR: 3% Franco-Nevada acquired a 3% NSR on Greenstone as part of its acquisition of a portfolio of approximately 20 royalties from Barrick in November 2013. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 9.2 $ − $ – M&I Resources (koz Au)1 7,918 7,008 7,007 Inferred Resources (koz Au)1 2,763 3,072 3,072 P&P Reserves (koz Au)1 5,700 5,539 5,538 M&I Royalty Ounces (000s)1,2 238 210 210 Inferred Royalty Ounces (000s)2 83 92 92 P&P Royalty Ounces (000s)2 171 166 166 1 Please refer to the tables on pages 114-120 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 3.0% is applicable The Greenstone mine, previously called Hardrock, is operated by Equinox Gold Corp. (“Equinox Gold”). Equinox Gold consolidated 100% ownership of the property in May 2024. The Greenstone mine encompasses a total Proven and Probable Mineral Reserve of 5.7 million ounces of gold (144.7 million tonnes grading 1.23 g/t) and a total Inclusive M&I Resource of 7.9 million ounces of gold (174.6 million tonnes grading 1.41 g/t) for the mine. An updated technical report was released in October 2024 outlining a 27,000 tonne per day processing facility and open pit mining operation with production over a 15-year mine life. Gold production during the first five years is expected to average 390,000 ounces per annum and 330,000 ounces of gold annually over the life of mine. Equinox Gold reported that commercial production was achieved in November 2024, having produced 111,717 gold ounces in 2024. In 2025, Equinox Gold expects Greenstone to produce between 300,000 and 350,000 gold ounces. Salsberg Ashmore McKelvie Lindsey Parent Errington Ontario Greenstone Mosher Shaft SP Zone Hardrock Geraldton Other Royalty Claims Other Royalty Claims FNV Royalties Mineralized zones Excluded from Royalty Greenstone 3% NSR kilometer 3 0 N 3% NSR Commercial production achieved in November 2024 Initial 15-year mine life 390 koz per annum during the first five years Franco-Nevada Corporation ★ 45 TSX / NYSE: FNV Canada Additional Information Mineral Resources and Mineral Reserves Diversified Assets

B R U C E J A C K Location: British Columbia, Canada | Operator: Newmont Corporation | Precious Metals: Au & Ag | Royalty: NSR: 1.2% In May 2013, Franco-Nevada purchased an existing 1.2% NSR royalty covering Newmont Corporation’s (“Newmont”) Brucejack gold project in northwestern British Columbia. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 7.2 $ 5.9 $ 5.8 M&I Resources (koz Au)1,2 2,500 3,600 7,200 Inferred Resources (koz Au)1,2 3,100 4,000 3,100 P&P Reserves (koz Au)1,2 1,900 3,100 3,900 M&I Royalty Ounces (000s)1,2,3 30 43 86 Inferred Royalty Ounces (000s)2,3 37 48 37 P&P Royalty Ounces (000s)2,3 23 37 47 1 Please refer to the tables on pages 114-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 Does not include silver Mineral Resources or Mineral Reserves 3 For Royalty Ounce calculation, Franco-Nevada estimates that 100% of the remaining Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 1.2% is applicable The mine was developed by Pretium Resources Inc. (“Pretium”) and commenced production in 2017. Newcrest Mining Limited (“Newcrest”) acquired Pretium in early 2022, with Newmont acquiring Brucejack through its acquisition of Newcrest in November 2023. Brucejack produced 258,000 ounces of gold in 2024 versus approximately 315,000 ounces in 2023. Newmont is expecting Brucejack to produce approximately 255,000 ounces of gold in 2025. The project includes two principal deposits, the Valley of the Kings and the West Zone and as of December 31, 2024 has a 7-year reserve life with additional upside from resources and exploration. Exploration drilling over the last few years has revealed significant mineralization beyond the current Mineral Resource and expanded the underground potential of the HBX Domain. Surface exploration of the Valley of the Kings deposit in Q3 2023 identified multiple new targets, and high-grade results from the 1080 HBX Zone and Golden Marmot highlighting further opportunities, both areas which are covered by Franco-Nevada’s royalty. Additional near-mine targets on royalty ground include the Bridge Zone, Shore Zone, Gossan Hill Zone, SG Zone, Bonanza Zone and the western portion of the Flow Dome Zone. Covered by Royalty Brucejack Property Excluded from Royalty West Zone Gossan Hill Zone Hanging Glacier Zone Bonanza Zone Bridge Zone Shore Zone SG Zone Snowfeld Golden Marmot Zone Brucejack Mine Valley of the Kings kilometer 0 2 N Brucejack 1.2% NSR 1.2% NSR Vancouver British Columbia Stewart Brucejack Property Flow Dome Zone Brucejack Lake 7-year Reserve life, with exploration upside High-grade results on royalty ground from Golden Marmot and 1080 HBX Zone TSX / NYSE: FNV 46 ★ Franco-Nevada Corporation Canada Overview Precious Metals

M A C A S S A ( K I R K L A N D L A K E ) Location: Ontario, Canada | Operator: Agnico Eagle Mines Limited | Precious Metals: Au | Royalty: NSR: 1.5-5.5% / NPI: 20% Franco-Nevada has various royalties covering approximately 170 km2 of the Larder Lake and Main Breaks in the historic Kirkland Lake gold camp of Ontario. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 10.0 $ 6.3 $ 5.5 M&I Resources (koz Au)1 3,933 3,856 3,770 Inferred Resources (koz Au)1 3,292 3,144 3,175 P&P Reserves (koz Au)1 2,074 2,137 1,913 M&I Royalty Ounces (000s)1,2 66 64 63 Inferred Royalty Ounces (000s)2 59 57 58 P&P Royalty Ounces (000s)2 32 33 29 1 Please refer to the tables on pages 114-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves. The table above is the sum of reported Agnico Eagle Mineral Resources and 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 1.5% is applicable to Macassa and a rate of 2.0% is applicable to Amalgamated Kirkland (AK), Anoki-McBean and Upper Canada Agnico Eagle is the largest landowner in the Kirkland Lake camp following its merger with Kirkland Lake Gold in February 2022. Agnico Eagle operates the Macassa mine which includes production from the Main Break, ’04 Break, the high-grade South Mine Complex (“SMC”) and the AK deposit. Historically, shaft capacity at the Macassa #3 Shaft was limited to approximately 2,250 tonnes per day. With the commissioning of #4 Shaft in 2023, ore hoisting capacity at the complex has increased to 4,000 tonnes per day. Franco-Nevada’s Kirkland Lake royalty interests with Agnico Eagle include: • An overlying 1.5% NSR on Agnico Eagle’s properties surrounding and including the Macassa mine • An underlying 20% profit-based royalty immediately to the southwest of the SMC as shown in the inset of the schematic • A 2% NSR on AK, Upper Canada, Anoki-McBean, Canadian Kirkland and the surrounding land packages • An underlying 2% NSR royalty on the extension of Amalgamated Kirkland (“AK”) • An underlying 2-3% NSR on claims to the west of current operations In 2024, Macassa produced 279,384 ounces of gold compared to 228,535 ounces of gold in 2023. Agnico Eagle reported that Macassa achieved record quarterly throughput and gold production in Q4 2024, reflecting productivity gains since the completion of #4 Shaft and the new ventilation infrastructure in 2023. Production in 2025 is forecast to be between 300,000 to 320,000 ounces of gold, with 2026 and 2027 forecast to be between 315,000 to 335,000 ounces of gold and 325,000 to 345,000 ounces of gold, respectively. Included in this production estimate, Agnico Eagle now expects to begin processing AK ore at the LZ5 mill in Q4 2025, representing approximately 10,000 ounces of gold in 2025, and approximately 50,000 to 60,000 ounces of gold in 2026 and 2027. Franco-Nevada’s multiple royalties at Macassa include a 2% NSR on the AK deposit, a 1.5% NSR on the Near Surface (“NSUR”), as well as an overlapping area between the two deposits, the AK extension, where both the overlying 1.5% NSR and an underlying 2% NSR apply. Agnico Eagle is continuing to focus on asset optimization and is working on further improving mill throughput. Positive exploration results along strike and at depth of the South Mine Complex and Main Break could maintain production in excess of 300,000 ounces of gold per year. Franco-Nevada also holds a 2% NSR royalty, covering claims held by Agnico Eagle from its acquisition of Osisko Mining Corporation in April 2014, on the Upper Canada, Anoki-McBean and Canadian Kirkland deposits. Work is ongoing to evaluate the potential to develop Upper Canada and Anoki-McBean as potential ore feed to existing milling infrastructure in the region. Quebec Ontario Kirkland Lake Teck Twp. Otto Twp. Bernhardt Twp. Teck Twp. Teck Twp. Grenfell Twp. Teck Twp. Lebel Twp. Kirkland Lake Swastika Macassa #3 Shaft Macassa #2 Shaft Gracie West Teck-Hughes Lakeshore Kirkland Minerals 2% NSR AK Extension South Mine Complex Kirkland Lake West (KLW) Wright- Hargreaves Macassa #4 Shaft Macassa #1 Shaft Amalgamated Kirkland (AK) Macassa Overlying 1.5% NSR 2% NSR – AK and surrounding land package Fault Mineralized Breaks Gold Showings Mine Shafts Excluded from Royalty 20% NPI 3% NSR 2% NSR 2% NSR 2% NSR 2% NSR 2% NSR 2% NSR Anoki-McBean 24 M oz. Kirkland Main Break King Kirkland Dobie Biroco 180 East 13 M oz. Larder Lake Break Esker Upper Beaver Swastika Kirkland Lake Upper Canada Amalgamated Kirkland (AK) 66 kilometer 0 1 Macassa (Kirkland Lake) 1.5-5.5% NSR / 20% NPI N Macassa achieving record quarterly gold production Large land position in historical mining area covering multiple known deposits Exploration potential on royalty ground at AK and Upper Canada Franco-Nevada Corporation ★ 47 TSX / NYSE: FNV Canada Additional Information Mineral Resources and Mineral Reserves Diversified Assets

FNV Royalties Island Gold Royalty Resource Pit Reserves + Resources Magino 3% NSR kilometer 2 0 N Granodiorite Resource Pit Magino Royalty Area 3% NSR 3% NSR 0.62% NSR Granodiorite 3% NSR Island Gold (Alamos) Royalty Area Quebec Ontario Magino M A G I N O Location: Ontario, Canada | Operator: Alamos Gold Inc. | Precious Metals: Au | Royalty: NSR: 3% Franco-Nevada holds an aggregate 3% NSR on the Magino gold mine in Ontario, approximately 14 km southeast of the town of Dubreuilville. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 5.6 $ 1.3 $ – M&I Resources (koz Au)1 3,913 4,557 4,019 Inferred Resources (koz Au)1 1,177 843 526 P&P Reserves (koz Au)1 2,008 2,361 2,427 M&I Royalty Ounces (000s)1,2 117 137 80 Inferred Royalty Ounces (000s)2 35 25 11 P&P Royalty Ounces (000s)2 60 71 49 1 Please refer to the tables on pages 114-120 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 3.0% is applicable (3.0% in 2023, 2.0% in 2022) Alamos Gold Inc. (“Alamos”), who operates the adjacent Island Gold underground mine which Franco-Nevada holds a separate royalty on, acquired Argonaut Gold Inc. (“Argonaut Gold”) in July 2024. The aggregate 3% NSR on Magino applies to the Magino mine and all of Argonaut Gold’s regional exploration properties prior to the Alamos acquisition, totaling 45 km2. The initial 2% NSR was acquired in October 2022 for US$52.5 million, and the additional 1% NSR was acquired in November 2023 for US$28 million. Magino is a past producing underground gold mine. The new open pit mine achieved commercial production in November 2023, as a conventional open pit mining and milling operation with a nameplate mill throughput capacity of 10,000 tonnes per day. Argonaut Gold’s March 2022 Technical Report on the Magino Project detailed a 19-year mine life with average gold production of 142,000 ounces per annum in the first 5 years. Under Alamos, Magino and Island Gold production has been combined into the Island Gold District, with combined production forecast to be between 275,000 to 300,000 ounces in 2025, 330,000 to 355,000 ounces in 2026 and 375,000 to 400,000 ounces in 2027. Alamos expects to release an updated Island Gold District mine plan in mid-2025, and a mill Expansion Study in Q4 2025. The updated mine plan and Expansion Study will incorporate updated Reserves and Resources at Island Gold and Magino, with the combined operations sharing a centralized mill at Magino. The Magino mill is expected to ramp up to 11,200 tonnes per day by the end of Q1 2025 with detailed engineering advancing the expansion to 12,400 tonnes per day. The longer-term Expansion Study is looking to potentially increase mill throughput at the Magino mill to 15,000 to 20,000 tonnes per day. Magino and the regional exploration claims are located adjacent to Franco-Nevada’s existing royalties on Island Gold and expands our exposure to this prospective region. Exploration targets include high-grade underground potential, such as, the Elbow Zone, prospective structures and host rock on trend of Magino located on the royalty grounds. Exploration in 2025 will focus on expanding mineralization to the east of the pit which was previously constrained by the border with Island Gold prior to the acquisition and delineation drilling to convert the 1.9 million ounce exclusive Mineral Resource base to Mineral Reserves. Magino 3% NSR Commercial production in November 2023 Long life mine plan and potential to expand output Extensive resource beyond existing mine plan TSX / NYSE: FNV 48 ★ Franco-Nevada Corporation Canada Overview Precious Metals

M U S S E L W H I T E Location: Ontario, Canada | Operator: Orla Mining Ltd. | Precious Metals: Au | Royalty: NPI: 5% / NSR: 2% Franco-Nevada has a 5% NPI royalty that covers all of the original leased lands at the Musselwhite operation and a 2% NSR on the projected NW extension of the orebody. 2024 2023 2022 Revenue to Franco-Nevada1 ($ million) $ 3.2 $ 2.8 $ 1.5 M&I Resources (koz Au)2 1,767 1,800 2,410 Inferred Resources (koz Au)2 190 200 410 P&P Reserves (koz Au)2 1,473 1,500 1,920 M&I Royalty Ounces (000s)2,3 42 28 39 Inferred Royalty Ounces (000s)3 4 3 7 P&P Royalty Ounces (000s)3 35 24 31 1 Revenue to Franco-Nevada represents the actual NPI revenue paid and earned for each year 2 Please refer to the tables on pages 114-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 3 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 2.35% (1.58% in 2023, 1.6% in 2022) is applicable assuming an all in cost of $1,484/ounce ($1,335/ounce in 2023, $1,222/ounce in 2022). Please see page 17 for our methodology on calculating Royalty Ounces for an NPI The area is estimated to cover 120 km2 in northwestern Ontario, 480 km north of Thunder Bay. The royalty also covers an area of interest surrounding the property as shown in the schematic. Franco-Nevada’s Musselwhite interest is a profit royalty which first become payable when historical capital and operational costs had been recovered by the operator in 2011. In September 2019, Franco-Nevada acquired a 2% NSR from Premier on property adjoining Musselwhite and covering approximately 6.3 km2 of the projected northwest extension of the Musselwhite mine. In February 2025, Orla Mining Ltd. (“Orla”) acquired Musselwhite and the surrounding property from Newmont. Based on the December 2024 technical report issued by Orla, Musselwhite has a mine life until 2030 with average annual gold production of 202,000 ounces at an all-in sustaining cost of $1,269/oz. Under Newmont, Musselwhite produced 212,000 ounces of gold in 2024, versus 180,000 ounces of gold in 2023 and all-in sustaining costs were $1,541/oz in 2024, versus $1,843/oz in 2023. Orla plans to provide 2025 guidance for Musselwhite in Q2 2025. Significant opportunities exist to optimize the operation and extend mine life through known extensions of the ore body. The $25 million exploration budget for 2025 plans to infill drill 1 km down plunge beyond existing reserves and explore a further 2 km to 3 km of mineralized strike potential. Musselwhite, Ontario kilometer 3 1.5 0 N Musselwhite 5% NPI / 2% NSR Leased Lands Unpatented Lands Deposits Outside Boundary 5% NPI Quebec Ontario Musselwhite Main Mine Trend Mill Outside Boundary 5% NPI Opapimiskan Lake Karl Zeemal Area PQD North Saddle Lynx Zone 5% NPI 5% NPI 5% NPI 5% NPI 5% NPI 5% NPI Canoe Zone Camp Zone West Anticline Zone Bay Zone 2% NSR 2% NSR Zeemel Lake Renewed focus under new operator NPI leverage to the gold price Large land package with additional royalty covering projected northwest extension of Musselwhite Franco-Nevada Corporation ★ 49 TSX / NYSE: FNV Canada Additional Information Mineral Resources and Mineral Reserves Diversified Assets

T I M M I N S W E S T Location: Ontario, Canada | Operator: Pan American Silver Corp. | Precious Metals: Au | Royalty: NSR: 2.25% Franco-Nevada’s Timmins West 2.25% NSR royalty covers a large land package of approximately 130 km2 to the west of the City of Timmins, Ontario. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 4.1 $ 4.1 $ 3.2 M&I Resources (koz Au)1 1,067 652 675 Inferred Resources (koz Au)1 383 79 24 P&P Reserves (koz Au)1 868 467 541 M&I Royalty Ounces (000s)1,2 8 15 15 Inferred Royalty Ounces (000s)2 2 2 1 P&P Royalty Ounces (000s)2 7 11 12 1 Please refer to the tables on pages 114-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves. For 2024, Mineral Resources and Mineral Reserves include both Timmins West and Bell Creek. For 2022 and 2023, Mineral Resources and Mineral Reserves include Timmins West only 2 For Royalty Ounce calculation, Franco-Nevada estimates 37% of the Mineral Reserves (100% in 2023, 100% in 2022), 35% of the M&I Mineral Resources (100% in 2023, 100% in 2022) and 24% of the Inferred Mineral Resources (100% in 2023, 100% in 2022) are subject to our royalty interest and estimates a rate of 2.25% is applicable (2.25% in 2023, 2.25% in 2022) The Timmins West property hosts the Timmins, Thunder Creek and 144 Gap deposits as well as the Gold River Trend exploration zone. Franco- Nevada acquired the royalty from Lake Shore Gold Corp. (“Lake Shore Gold”) in 2012. Lake Shore Gold was acquired by Tahoe Resources Inc. (“Tahoe Resources”) in April 2016, which was subsequently acquired by Pan American in February 2019. Under Pan American Silver, public reporting for both the Timmins West and Bell Creek underground mines has been consolidated into its Timmins operations (Franco-Nevada does not have a royalty on Bell Creek). Ore from both the Timmins West and Bell Creek mines is processed at the Bell Creek mill. Franco-Nevada estimates that Timmins West represented approximately 60% to 70% of the Timmins operations’ production in 2024. Pan American Silver produced 123,700 ounces of gold from its Timmins operations in 2024 versus 132,900 ounces of gold in 2023. Pan American expects to produce between 120,000 to 130,000 ounces of gold from its Timmins operations in 2025. Pan American Silver holds a significant land position in the Timmins Camp. The operations have a history of extending mine life through exploration success and the properties have good potential for exploration upside in the future. Bell Creek Mine & Mill Destor-Porcupine Fault Burrows Benedict Fault Mattagami River Fault Bell Creek Complex Timmins Deposit Thunder Creek Deposit Gold River Trend 144 Gap Zone Deposit Timmins West Timmins Dome Mine Hollinger McIntyre Hoyle Pond Pamour Mine Quebec Ontario Timmins West Timmins West 2.25% NSR kilometer 20 0 N Deposits UG Mine Shaft Excluded from Royalty FNV Royalties 101 2.25% NSR Potential for regional synergies Exploration success has extended the mine life Large land package providing exploration upside TSX / NYSE: FNV 50 ★ Franco-Nevada Corporation Canada Overview Precious Metals

C A N A D I A N M A L A R T I C Location: Ontario, Canada | Operator: Agnico Eagle Mines Limited | Precious Metals: Au | Royalty: NSR: 1.5% In June 2011, Franco-Nevada purchased a 1.5% gross royalty on part of the Canadian Malartic gold project located in Quebec’s Abitibi mining district. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 2.3 $ 1.6 $ 2.3 M&I Resources (koz Au)1 7,437 7,853 8,314 Inferred Resources (koz Au)1 4,686 3,545 2,772 P&P Reserves (koz Au)1 7,180 7,609 3,010 M&I Royalty Ounces (000s)1,2 27 26 25 Inferred Royalty Ounces (000s)2 46 37 28 P&P Royalty Ounces (000s)2 24 25 5 1 Please refer to the tables on pages 114-120 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 22% of the Mineral Reserves (21% in 2023, 10% in 2022), 24% of the M&I Mineral Resources (22% in 2023, 20% in 2022) and 65% of the Inferred Mineral Resources (70% in 2023, 68% in 2022) are subject to our royalty interest and estimates a rate of 1.5% is applicable The royalty covers seven claims on the property including the central portion of the open pit and portions of the East Gouldie deposit, as shown in the schematic. Royalty payments are expected to fluctuate annually based on the location of mining relative to the royalty property. In January 2023, the ownership of Canadian Malartic was consolidated under Agnico Eagle as part of the acquisition of Yamana’s Canadian assets. Canadian Malartic produced 655,654 ounces of gold in 2024 versus 2023 production of 684,640 ounces of gold, on a 100% basis. Gold production in 2025 is estimated to be between 575,000 and 605,000 ounces and is forecast to be between 545,000 to 575,000 ounces and 635,000 to 665,000 ounces, in 2026 and 2027 respectively. From 2025 to 2027, production is expected to be sourced from the Barnat pit and increasingly complemented by ore from the Odyssey underground and low-grade stockpiles. Franco-Nevada estimates that roughly 17% of the Mineral Reserves of the open pit complex are subject to our royalty interest. The Odyssey underground project hosts three main zones: East Gouldie, East Malartic, and Odyssey (which is further sub-divided into Odyssey North, Odyssey South and Odyssey Internal). The project which is accessing Odyssey South and the upper deposits by ramp and the deeper mineralization including East Gouldie by shaft, supports a mine life to at least 2039. Odyssey is expected to contribute approximately 85,000 ounces of gold in 2025, approximately 120,000 ounces of gold in 2026 and approximately 240,000 ounces of gold in 2027. Post 2029, Odyssey is expected to produce an average of 545,400 ounces of gold per year. One of Franco-Nevada’s royalty claims covers a portion of the Odyssey South extension and two of Franco-Nevada’s royalty claims cover a portion of East Gouldie, as seen in the schematic below. It is estimated that Franco-Nevada’s East Gouldie claims now cover approximately 24% of the East Gouldie reserve with infill and step-out drilling to the west of the East Gouldie zone continuing to support continuity and scale. Once the Canadian Malartic complex transitions fully to underground, expected in 2029, the mill will have excess capacity of approximately 40,000 tonnes per day. Agnico Eagle is working on several opportunities to fill the mill, with a vision to potentially reach annual gold production of 1.0 million ounces in the 2030s. At Odyssey, exploration drilling in 2024 continued to infill the Odyssey North and Odyssey South zones and the adjacent Odyssey Internal zones. The East Gouldie deposit continued to grow both westward and eastward, resulting in additional Inferred Mineral Resources. New drill intercepts in the Eclipse Zone established continuity of mineralization and the potential for additional future mineral resource growth in the area located between the East Gouldie and Odyssey deposits. Following these positive exploration results, Agnico Eagle is evaluating the potential for a second shaft at Odyssey. Canadian Malartic 1.5% GR Mill Malartic (town site) Hwy 117 deviation Rail line Rail line East Gouldie Barnat Pit Canadian Malartic Pit East Malartic Jeffrey Pit Sheehan Odyssey Jupiter Odyssey South Odyssey North Gouldie FNV Royalties Quartz Veins Mineralized Envelopes Open Pit Quebec Ontario Canadian Malartic 1.5% GR 1.5% GR 1.5% GR 1.5% GR 1.5% GR 1.5% GR kilometer 1 0 N Long-life asset transitioning to underground production Potential for second shaft at Odyssey New discoveries at East Goldie could extend further onto royalty ground Franco-Nevada Corporation ★ 51 TSX / NYSE: FNV Canada Additional Information Mineral Resources and Mineral Reserves Diversified Assets

I S L A N D G O L D Location: Ontario, Canada | Operator: Alamos Gold Inc. | Precious Metals: Au | Royalty: NSR: 0.62% In March 2020, Franco-Nevada acquired an existing 0.62% NSR on the Goudreau Lake claims totaling 58 hectares covering the core of the Island Gold mine in western Ontario. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 1.2 $ 0.8 $ 1.0 M&I Resources (koz Au)1 2,886 2,441 1,755 Inferred Resources (koz Au)1 3,774 3,682 3,529 P&P Reserves (koz Au)1 2,285 1,725 1,464 M&I Royalty Ounces (000s)1,2 13 11 9 Inferred Royalty Ounces (000s)2 11 10 19 P&P Royalty Ounces (000s)2 11 9 8 1 Please refer to the tables on pages 114-120 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 80% of the Mineral Reserves (80% in 2023, 90% in 2022) and 75% Mineral Resources (75% in 2023, 85% in 2022) are subject to our royalty interest and estimates a rate of 0.62% is applicable The underground mine is operated by Alamos who acquired the operation in 2016. Island Gold produced 155,000 ounces of gold in 2024, compared to 131,400 ounces of gold in 2023. In the near term, Franco-Nevada expects a significant portion of Island Gold production to come from the royalty claims and it is estimated that approximately 75% of the inclusive Mineral Resources and 80% of the Mineral Reserves on the property are covered by Franco-Nevada’s royalty claims. Alamos forecasts that the Island Gold District, which includes the combined gold production from both Magino and Island Gold, will produce between 275,000 to 300,000 ounces in 2025, 330,000 to 355,000 ounces in 2026 and 375,000 to 400,000 ounces in 2027. Alamos expects to release an updated Island Gold District mine plan in mid-2025, and a mill Expansion Study in Q4 2025. The updated mine plan and Expansion Study will incorporate updated Reserves and Resources at Island Gold and Magino, with the combined operations sharing a centralized mill at Magino. The Magino mill is expected to ramp up to 11,200 tonnes per day by the end of Q1 2025 with detailed engineering advancing the expansion to 12,400 tonnes per day. This expansion is expected to be completed by mid-2025 to coincide with the completion of the Phase 3+ expansion at Island Gold, which Alamos expects will be completed in H1 2026. The Phase 3+ expansion is planned to increase average annual gold production to 287,000 ounces per year starting in 2026 upon completion of the shaft, increasing the mine life at Island Gold to 2039. The longer-term Expansion Study is looking to potentially increase mill throughput at the Magino mill to 15,000 to 20,000 tonnes per day. Alamos continued to have exploration success at the Island Gold District in 2024 and early 2025, and 18,000 meters of surface exploration drilling are being budgeted in 2025 targeting the area between the Island Gold and Magino deposits, as well as the down-plunge extension of the Island Gold deposit, below a depth of 1,500 meters. Franco-Nevada holds additional royalties in the Island Gold mining camp including a 2% NSR royalty on the Edwards property located 4 km northeast of the Island Gold mine and a 0.75% NSR royalty on the Cline Lake property immediately adjacent to Edwards. Both of Franco-Nevada’s additional royalties in the mining camp are along strike and on the same geologic structure as the Island Gold mine. Alamos’ 2025 regional exploration program includes 10,000 meters of surface drilling with a focus on following up on high-grade mineralization intersected at Cline and Edwards. FNV Royalties Mineral Resources UG Development Mineral Reserves Island East Island East Northern Zone Island Main Island Main Island West Island West Island Gold 0.62% NSR N metre 500 0 Oblique Longitudinal Section Shaft Quebec Ontario Island Gold High grade operation, operational synergies with Magino Phase 3+ expansion expected to increase average annual production to 287 koz starting in H1 2026 Strong exploration potential in Island Gold mining camp TSX / NYSE: FNV 52 ★ Franco-Nevada Corporation Canada Overview Precious Metals

V A L E N T I N E G O L D Location: Newfoundland, Canada | Operator: Calibre Mining Corp. | Precious Metals: Au | Royalty: NSR: 3% Franco-Nevada holds a 3% NSR on the Valentine Lake Gold Camp in central Newfoundland. 2023 2023 2022 Revenue to Franco-Nevada ($ million) $ − $ − $ – M&I Resources (koz Au)1 3,955 3,955 3,960 Inferred Resources (koz Au)1 1,100 1,100 1,100 P&P Reserves (koz Au)1 2,700 2,700 2,690 M&I Royalty Ounces (000s)1,2 119 119 59 Inferred Royalty Ounces (000s)2 33 33 17 P&P Royalty Ounces (000s)2 81 81 40 1 Please refer to the tables on pages 114-120 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 3.0% is applicable (3.0% in 2023, 1.5% in 2022) In January 2024, Calibre Mining Corp. (“Calibre”) acquired Marathon Gold Corporation (“Marathon Gold”) and is now developing the Valentine Gold project. In February 2025, Equinox Gold announced a merger with Calibre, which is expected to close in Q2 2025. When completed, the Valentine Gold project will be the largest gold mine in Atlantic Canada. The Valentine Gold project comprises a series of mineralized deposits along a 32 km trend representing high grade open pits totalling 3.95 million ounces of M&I and 1.1 million ounces of Inferred Resources. Excellent ongoing drilling results indicate resource expansion potential. In December 2022, Marathon Gold announced the results of an updated feasibility study outlining a three-pit mine plan based on the Marathon, Leprechaun and Berry deposits. The updated study outlines a 14.3-year mine life, with an average gold production profile of 195,000 ounces of gold per year between 2025 and 2036 from the processing of high-grade mill feed, and 97,000 ounces of gold per year between 2037 and 2039 from the processing of low-grade stockpiles. M&I Resources, exclusive of reserves, contain an additional 1.27 million ounces. Mine construction commenced in September 2022. As of February 2025, the Valentine Gold project was nearing construction completion with first gold pour targeted for mid-2025. The current resources are hosted over 8 km of the 32 km long Valentine Lake Shear Zone. In 2024, Calibre discovered extensions of mineralization a further 1,000 meters long trend, the “Frank Zone”. Valentine Gold Property Teck Resources Duck Pond Mine Millertown Buchans Buchans Junction Deer Lake Corner Brook Springdale Grand Falls Badger Stephenville Buchans Millertown Duck Pond Mine Granite Canal Substation Valentine Lake Thrust Fault Marathon Deposit Leprechaun Deposit Victory Deposit Sprite Deposit Frank Zone Powerline Granite Canal Hydro Facility Berry Zone Quebec Ontario Valentine Gold Newfoundland Valentine Gold 3% NSR kilometer 20 0 N Marathon Gold Corporation N kilometer 0 75 Mine under construction with gold production expected in mid-2025 Detailed engineering underway to increase mill throughput from 4 Mtpa to +5 Mtpa Ongoing exploration success Franco-Nevada Corporation ★ 53 TSX / NYSE: FNV Canada Additional Information Mineral Resources and Mineral Reserves Diversified Assets

G O L D E N H I G H W A Y Location: Ontario, Canada | Operator: Agnico Eagle Mines Limited | Precious Metals: Au | Royalty: NSR: 0.25-10% Franco-Nevada has multiple NSR royalties ranging from 0.25 to 10% over the Destor-Porcupine mineral trend just east of Timmins, Ontario spread over more than 120 km and estimated to cover over 340 km2. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ − $ − $ – M&I Resources (koz Au)1 2,728 2,978 2,978 Inferred Resources (koz Au)1 1,421 1,421 1,421 P&P Reserves (koz Au)1 – – – M&I Royalty Ounces (000s)1,2 155 160 160 Inferred Royalty Ounces (000s)2 90 90 90 P&P Royalty Ounces (000s)2 − – – 1 Please refer to the tables on pages 114-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves. Mineral Resources and Mineral Reserves are the sum of Golden Highway - Holt Complex (which includes Holt, Holloway and Taylor), Golden Highway – Hislop and Golden Highway - Aquarius 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates rates of: Holt 10%; Holloway 3%; Taylor 1%; Hislop 4%; Aquarius 2% Kirkland Lake Gold (“KLG”) acquired St Andrew Goldfields in January 2016, consolidating Holt, Holloway, and Taylor into the Holt Complex for reporting purposes, all of which have fed the Holt mill for processing. The Holloway mine was placed on care and maintenance in March 2020, and the rest of the Holt Complex suspended operations in April 2020. In August 2020, KLG and Newmont entered into a strategic alliance agreement, granting Newmont an option on certain mining and mineral rights related to the Holt property. In February 2022, Agnico Eagle and KLG merged, continuing as Agnico Eagle (see pages 41, 47 and 51 for additional assets operated by Agnico Eagle). Agnico Eagle is evaluating the potential to integrate a number of satellite deposits with the existing infrastructure in the region. Franco-Nevada has royalties on the following key properties in the trend: Holt: The Holt mine has been the main producing asset and includes the Holt mill complex. Franco-Nevada has a sliding scale NSR royalty beginning at 2% when the gold price is less than or equal to $500/oz and increasing in 1% increments for each $100/oz increase in the gold price, to a maximum of 10%. The Holt mine was built in the late 1980s by Barrick. Taylor: The Taylor mine (1% NSR) achieved commercial production in November 2015. Exploration potential at Taylor exists along strike and at depth of current Mineral Resources. Holloway: The Holloway mine is located immediately north of the Holt property with ore historically processed at the Holt mill. The Holloway mine was placed on care and maintenance at the end of 2016 due to limited economic viability. In 2019, Franco-Nevada agreed to reduce the royalty at Holloway to a flat 3% NSR from the previous sliding scale royalty in an effort to improve the economics of the operation. The mine resumed operations in early 2019, prior to the current suspension. Hislop: Franco-Nevada has a 4% NSR on the Hislop mine which is located approximately 50 km to the west of the Holt mill. The open pit Mineral Reserves for the Hislop open pit were fully depleted in 2014. Aquarius: Franco-Nevada holds a 1-2% sliding scale NSR (2% when gold price is greater than $1,000/oz) on the majority of claims surrounding and including the Aquarius deposit. 101 Stoughton Matheson Porcupine Timmins Frederick House Lake Night Hawk Lake Kenogamisis Lake Holt Mine Jonpol Ross Mine Apollo Black Fox Ludgate Porcupine Peninsula Royal Oak Bell Creek Owl Creek Delnite Aunor Paymaster Dome McIntyre Hollinger Pamour #1 Matheson Stock Taylor Cody Macklem Bond Currie Carr Beatty Bowman Hislop Guibord 11 11 ONR Destor-Porcupine Fault Zone Pipestone Fault Cook Barnet Thackeray Harker Garrison Rand Michaud Munro McCool Frecheville Lamplugh Lake Abitibi 101 Marriot Holloway Holloway Mine Broulan Reef Hallnor Hoyle Pond Kinross 1060 Zone Kidd Creek Golden Highway 0.25-10% NSR kilometer 20 0 N Present or past producing mine Holloway Royalty 3% NSR 0.5-2.5% NSR Stoughton Royalty 1-2% NSR Aquarius Royalty 1% NSR Taylor Royalty 4% NSR Hislop Royalty Central Timmins Royalty Claims 0.25-1% NSR 1% NSR Stock Mine and Mill Royalty Holt Royalty Sliding scale Zone 7 Royalty Sliding scale German Lake Abitibi Quebec Ontario Golden Highway Multiple NSR royalties in the Destor-Porcupine mineral trend Large land position offers future potential TSX / NYSE: FNV 54 ★ Franco-Nevada Corporation Canada Overview Precious Metals

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 AY 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. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ − $ – $ – M&I Resources (koz Au)1 4,380 4,380 4,067 Inferred Resources (koz Au)1 67 67 177 P&P Reserves (koz Au)1 3,336 3,336 2,870 M&I Resources (Moz Ag)1 107.0 107.0 98.4 Inferred Resources (Moz Ag)1 0.9 0.9 2.7 P&P Reserves (Moz Ag)1 88.0 88.0 75.5 M&I Royalty Ounces (000s)1,2 139 140 78 Inferred Royalty Ounces (000s)2 2 2 3 P&P Royalty Ounces (000s)2 108 109 56 1 Please refer to the tables on pages 114-120 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 (2.5% in 2023, 1.5% in 2022). Silver has been converted assuming $2,800/oz gold and $31.00/oz silver ($1,950/oz gold and $22.50/oz silver in 2023, $1,800/oz gold and $21.00/oz silver in 2022) 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 160.0 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 million ounces gold equivalent (39.8 million tonnes at 2.6 g/t gold and 69 g/t silver). The study indicated a high-grade open-pit and a flotation plant producing higher grade saleable concentrate. In 2024, Skeena Resources received its Bulk Technical Samples permits and secured a financing package for development. Early works have also commenced including bulk earthworks of infrastructure pad and access to the bulk technical sample area. Permitting and early development work on going Positive definitive feasibility study increases mine life to 12 year with an average of 324 koz AuEq Financed through development Franco-Nevada Corporation ★ 55 TSX / NYSE: FNV Canada Additional Information Mineral Resources and Mineral Reserves Diversified Assets

P O R C U P I N E Location: Ontario, Canada | Operator: Discovery Silver Corp. | Precious Metals: Au | Royalty: NSR: 4.25% Franco-Nevada acquired a 4.25% net smelter return royalty on the producing Porcupine Complex in Timmins, Ontario. Franco-Nevada acquired the 4.25% net smelter return royalty covering the full Porcupine Complex as part of a comprehensive financing transaction to support Discovery Silver Corp. (“Discovery”) acquiring the complex from Newmont. The royalty consists of two tranches consisting of (i) 2.25% net smelter returns in perpetuity on all minerals and (ii) 2.0% net smelter returns on all minerals until the earlier of a) royalty payments equal to 72,000 of gold (attributable solely to the 2.0% or b) a cash payment equal to a pre-tax annual IRR of 12% in reference to a US$100 million attributable purchase price In addition to the royalty, Franco-Nevada provided a US$100 million senior secured loan available to be drawn for a period of two years from closing and c.US$49 million in equity of Discovery. In April 2025, Discovery completed the acquisition of the complex. The Porcupine Complex has been in continuous production for more than 100 years and Discovery forecasts a 22-year mine life with average annual gold production of 285,000 ounces per year over the next 10 years. Production currently comes from two active underground operations (Hoyle Pond and Borden) and the new open pit Pamour mine, all serving the central Dome mill. There is significant expansion potential including expanding Pamour, increasing throughput at Hoyle and Borden, and increasing the Dome mill throughput. Additionally, the Dome open pit project alone hosts a further 11.0 million ounces of gold of Inferred Resources which are not currently in the mine plan. Discovery is focused on revitalizing the complex with a robust capital and exploration program on the 140,000 hectare property. The Porcupine transaction closed in April 2025, and the related Royalty Ounces are not included in this Asset Handbook. Producing gold operation from a well-established complex 22-year life with extensive exploration and expansion potential Operated by a proven management team in the region Borden Royalty Area Existing Timmins West 2.25% Royalty Area 180 km to Borden Borden Chapleau West Timmins Thunder Creek 144 Gap Zone West Cache Buffalo Ankerite Discovery Silver asset Open Pit Mine 3rd party asset Discovery Silver Lease Application Discovery Silver License N kilometer 5 0 N kilometer 10 0 101 Timmins Porcupine Redstone Bell Creek Hollinger OP Crusher Mill Dome OP Pamour OP Hoyle Pond Kidd Met Site Whitney Aquarius 101 Internal Haul Road Porcupine Royalty Area TSX / NYSE: FNV 56 ★ Franco-Nevada Corporation Canada Overview Precious Metals

R E D L A K E ( M C F I N L E Y ) Location: Ontario, Canada | Operator: Evolution Mining Limited | Precious Metals: Au | Royalty: NSR: 2% Franco-Nevada has a 2% NSR (subject to a buy-back of 0.5%) on the water claims, which cover the majority of Mineral Reserves, of the McFinley orebody in Red Lake, Ontario. Evolution Mining Limited (“Evolution Mining”) acquired Battle North Gold Corporation (previously Rubicon Minerals Corp), taking ownership of the Bateman gold project (previously known as the Phoenix project) in 2021. Under Evolution Mining, Bateman is being reported under Red Lake for public reporting purposes (Franco-Nevada does not have a royalty on Evolution Mining’s other Red Lake properties) and is being referred to as the McFinley project in the December 31, 2023 annual Mineral Resources and Ore Reserves statement. Rubicon developed the Phoenix project with completion of an 1,800 tonnes per day mill in 2015. Later that same year Rubicon shut down underground activities to review its geologic model as the gold mineralization was more geologically complex than anticipated and the contained gold ounces estimated were materially reduced. In October 2020, Battle North announced feasibility study results for the Bateman gold project. The base case study outlined life of mine payable gold production of 602,987 ounces, averaging 73,835 ounces per year for 8.2 years from initial production. The project contemplated an 1,800 tonnes per day mill with excess capacity for potential incremental tonnes from the F2, McFinley and Pen Zones (contemplating 2,500 tonnes per day for the expanded mill). The consolidated Red Lake operation, under the ownership of Evolution Mining, consists of the Red Lake, Campbell, Cochenour, HG Young and McFinley mining areas. Evolution continues to work on an updated McFinley model, which has been defined over a 1,350 meters strike length, 1,750 meters vertical extent and 800 meters across strike. In the short to medium term, ore from the deposits not covered by Franco-Nevada’s royalty are likely to be higher priority for processing through the Campbell, Red Lake and Bateman mills than the McFinley area. 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 1.5% is applicable in anticipation that Evolution Mining exercises its right to repurchase 0.5% of the 2.0% NSR E A G L E Location: Yukon, Canada | Operator: PricewaterhouseCoopers Inc. | Precious Metals: Au | Royalty: NSR: 1-1.5% Franco-Nevada has a 1% NSR on the Eagle Gold deposit and a 1.5% NSR on the Lynx properties (part of the Dublin Gulch claim) located in central Yukon. In June 2024, Victoria Gold Corp. (“Victoria Gold”) suspended operations at the Eagle Gold mine due to a heap leach pad failure. In August 2024, PricewaterhouseCoopers Inc. (“PwC”) was appointed as the receiver of all the assets, undertakings and property of Victoria Gold, which included the Eagle Gold mine. Prior to the receivership, Victoria Gold produced 29,580 ounces of gold in Q1 2024. Franco-Nevada’s royalty is estimated to cover the entire Eagle deposit and a small portion of the satellite Olive deposit. The 1.5% NSR on the Lynx properties is subject to a C$15,000 annual advance royalty payment and is capped at C$1,500,000. Mineralization at Eagle has been drill tested to a depth of 850 meters and remains open at depth. Victoria Gold explored the broader land package in 2023 targeting Lynx (on royalty ground) as well as Raven (not on royalty ground). 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 1.0% is applicable Franco-Nevada Corporation ★ 57 TSX / NYSE: FNV Canada Additional Information Mineral Resources and Mineral Reserves Diversified Assets

G O L D F I E L D S Location: Saskatchewan, Canada | Operator: Fortune Bay Corp. | Precious Metals: Au | Royalty: NSR: 2% The Goldfields project consists of two gold deposits, the Box and Athona deposits, located approximately 13 km south of Uranium City in northern Saskatchewan. Franco-Nevada has a 2% NSR royalty that covers both deposits. Brigus Gold Corp., which was advancing the project, was acquired by Primero Mining Corp. in 2014. The Goldfields project was not part of the acquisition and was spun out into Fortune Bay Corp. (“Fortune Bay”). In November 2022, Fortune Bay released the results of a new preliminary economic assessment for the Box and Athona deposits which outlines an 8.3-year life-of-mine, producing 835,000 ounces of gold. Average annual gold production is expected to be 101,000 ounces over the mine life, with an average of 122,000 ounces per year in the first four years. The study contemplates conventional open pit mining methods with a standard free milling flowsheet, incorporating gravity and leaching of the gravity tails. A new Mineral Resource update accompanied the preliminary economic assessment, outlining an Indicated Mineral Resource of 979,900 ounces of gold (23.2 million tonnes grading 1.31 g/t) and an Inferred Mineral Resource of 210,800 ounces of gold (7.1 million tonnes grading 0.92 g/t). The mineralization at both the Box and Athona deposits remains open at depth. In November 2024, Fortune Bay announced that it would advance the project toward the next stage of engineering by evaluating permitting scenarios and various mine designs, building upon the 2022 preliminary economic assessment and the approved 2008 Environmental Impact Statement. The study is anticipated to take about two months to complete. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 2.0% is applicable C O U R A G E O U S L A K E Location: Northwest Territories, Canada | Operator: Seabridge Gold Inc. | Precious Metals: Au | Royalty: NSR: 1.02% The Courageous Lake project is an advanced gold exploration project located in the Northwest Territories, Canada. Seabridge Gold Inc. (“Seabridge”) has been advancing the Courageous Lake project and, in January 2024, released results of its updated preliminary feasibility study for the asset, confirming a significantly improved and smaller project over the previous study completed in 2012. The study estimated Mineral Reserves of 2.8 million ounces of gold (33.9 million tonnes grading 2.61 g/t at the FAT deposit) and projected average annual production of 201,000 ounces over a mine life of 12.6 years. The study reflects less than 30% of M&I gold resources and contemplates a single open pit mine with on-site processing. Processing includes pressure oxidizing and cyanide leaching of flotation concentrate to produce gold doré. This project covers only 2 km of a greenstone belt that stretches 53 km and based on the size of the reserve, the FAT deposit is one of Canada’s largest undeveloped gold deposits. The property also hosts the Walsh Lake deposit (Inferred Mineral Resource of 4.1 million tonnes grading 4.18 g/t), which is located 10 km south of the larger FAT deposit. Earlier metallurgical testing demonstrated that the Walsh Lake material is free milling. Based on these factors, the Walsh Lake deposit could be mined prior to constructing the processing plant required for the larger, refractory FAT deposit thereby improving the overall economics of the Courageous Lake project. Seabridge also published a 2024 preliminary economic assessment, demonstrating the potential to extend the asset’s mine life by an additional 15.9 years at 205,000 ounces of gold per year based on exploring resources in addition to the current reserve. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates an average rate of 1.02% is applicable TSX / NYSE: FNV 58 ★ Franco-Nevada Corporation Canada Overview Precious Metals

M O N U M E N T B A Y Location: Manitoba, Canada | Operator: ONGold Resources Ltd. | Precious Metals: Au | Royalty: NSR: 2-3% In December 2024, ONGold Resources Ltd. (“ONGold”) acquired the Monument Bay project from Agnico Eagle, who previously acquired the project as part the acquisition of Yamana’s Canadian assets. The Monument Bay project is located in Manitoba, approximately 570 km northeast of Winnipeg adjacent to the Ontario border, and consists of 136 contiguous claims. Franco-Nevada holds a 2% NSR royalty on the first 1.0 million ounces produced and a 3% NSR on any additional production. Yamana acquired the project from Mega Precious Metals Inc. in 2015 and in September 2018, Yamana signed an Exploration Agreement with Red Sucker Lake First Nations in relation to the Monument Bay exploration site. In both 2020 and 2021, Yamana focused on exploring high-grade extensions of the main mineralized structure and on targets surrounding the Twin Lakes shear zone, an area believed to host considerable opportunity for resource expansion. In February 2025, the Red Sucker Lake First Nations invited ONGold to resume exploration on the project and in March 2025, ONGold released a series of high-priority targets that will be the focus of ground exploration efforts in 2025. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates an average rate of 2.0% is applicable for the first 1.0 million ounces produced and 3.0% on any additional ounces C A R I B O O Location: British Columbia, Canada | Operator: Osisko Development Corp. | Precious Metals: Au | Royalty: NSR: 3% Osisko Development Corp. (“Osisko Development”) is advancing the Cariboo Gold project in east-central British Columbia. Osisko Development started mining the Bonanza Ledge II project, located within the Cariboo Gold project, in Q1 2021. The Bonanza Ledge II Mineral Resource includes the BC Vein, Bonanza Ledge, and KL Zone deposits. Franco-Nevada’s 3% NSR covers the claims to the immediate northeast of Bonanza Ledge, referred to as the KL Zone. Franco-Nevada’s 3% royalty interest also includes the Williams Claims which are about 5 km southeast of Bonanza Ledge. The Bonanza Ledge II project was placed on care and maintenance in June 2022 to prioritize the Cariboo Gold project feasibility study, which was released in January 2023. The study, which does not envision production from the KL Zone, outlined a two-phase ramp up plan. Phase 1 is planned to start in 2025 at 1,500 tonnes per day, yielding 73,000 ounces annually for three years, with Phase 2 starting in 2028, ramping up to 4,900 tonnes per day and 194,000 ounces annually. The project spans a 12-year mine life, with potential to convert additional Inferred Resources located adjacent to reserve blocks and mineralization is open at depth and along strike. Osisko Development expects to complete the Cariboo bulk sample and an optimized feasibility study in Q2 2025. Franco-Nevada has not included Cariboo in Royalty Ounce estimates R E D M O U N T A I N Location: British Columbia, Canada | Operator: Ascot Resources Ltd. | Precious Metals: Au | Royalty: NSR: 1% / Production Payment Franco-Nevada has a 1% NSR as well as a $10/oz production payment on gold produced in excess of 1.85 million ounces from the Red Mountain project near Stewart, B.C. Franco-Nevada acquired the royalty as part of the Barrick royalty portfolio in November 2013. In March 2019, Ascot Resources Ltd. (“Ascot”) acquired IDM Mining and its 100%-owned Red Mountain project and a revised feasibility study was released in April 2020. The study envisioned the feed from four deposits (Big Missouri, Silver Coin, Premier and Red Mountain) being processed at the Premier mill, which is approximately 23 km southeast of the Red Mountain deposit. The Premier mill required refurbishment and expansion as it had been on care and maintenance for over 20 years. The updated feasibility study contemplated Red Mountain ore commencing processing in the second year of operation continuing for approximately seven years and contributing roughly half the ore feed for the mill, or approximately 70,000 ounces per annum in year three to seven. Following the 2020 feasibility study Ascot updated the mining sequence, deferring Red Mountain development until later in the overall mine life of the project. Commercial production of the combined operation was expected in mid-2024, with first gold poured in April 2024 as part of the commissioning process. In September 2024, Ascot made the decision to suspend operations due to delays in mine development that had hindered access to sufficient ore feed. Ore throughput is anticipated to re-commence in August 2025. Franco-Nevada also owns a 2% gross production royalty on all minerals produced on Scottie Resources Corp.’s claims in the Stewart Mining Camp. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates an average rate of 1.0% is applicable Franco-Nevada Corporation ★ 59 TSX / NYSE: FNV Canada Additional Information Mineral Resources and Mineral Reserves Diversified Assets

United States Castle Mountain Mesquite Nevada Stibnite Gold Stillwater Sterling Robinson Bald Mountain Marigold Goldstrike Gold Quarry South Arturo Nevada Granite Creek (Pinson) South Railroad Producing Advanced Exploration TSX / NYSE: FNV 60 ★ Franco-Nevada Corporation Overview Precious Metals

S T I L L W A T E R Location: Montana, United States | Operator: Sibanye Stillwater Limited | Precious Metals: PGM | Royalty: NSR: 5% The Stillwater complex in Eastern Montana is comprised of the Stillwater mine (West and East) and East Boulder mine and is operated by Sibanye Stillwater Limited (“Sibanye-Stillwater”). 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 21.2 $ 26.1 $ 36.8 M&I Resources (koz PGM)1 38,100 44,100 39,400 Inferred Resources (koz PGM)1 41,100 43,700 44,800 P&P Reserves (koz PGM)1 19,000 26,300 26,300 M&I Royalty Ounces (000s)1,3 570 886 1,316 Inferred Royalty Ounces (000s)2,3 615 878 1,497 P&P Royalty Ounces (000s)2,3 284 529 879 1 Please refer to the tables on pages 114-120 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 98% of the Mineral Resources and Mineral Reserves are subject to our royalty interest 3 Given more significant smelting and refining charges, Franco-Nevada estimates an average rate of 4.50% is applicable (assuming 10% for charges) and PGM ounces converted into Royalty Ounces assuming $950/ounce Pt and $950/ounce Pd ($850/ounce Pt and $900/ounce Pd in 2023, $900/ounce Pt and $1,500/ ounce Pd in 2022) Production began in 1986 at the Stillwater mine and in 2002 at the East Boulder mine. In 2014, the operator commenced the Blitz project which included developing a third access at Stillwater East. The majority of production from the PGM orebodies is palladium. Sibanye Gold Limited acquired Stillwater Mining Corporation in May 2017. Franco-Nevada has a 5% NSR royalty on all commercially recoverable metals produced from 810 of the 1,712 claims that cover the Stillwater complex. The amount of the royalty is reduced by permissible “onward processing” deductions, which have averaged between 10% to 15% of revenue over the last several years. Based on Franco-Nevada’s estimates, the NSR royalty currently covers 97% of the Stillwater Mineral Reserves and 100% of the East Boulder Mineral Reserves. In recent years, the percentage of Stillwater complex production subject to Franco-Nevada’s royalty has increased well above 95% as mining moves away from the Stillwater shaft area onto royalty ground. PGM production for 2024 yielded 425,842 ounces versus 427,272 ounces in 2023 which was consistent with 2023 but AISC was reduced by 27% due to the Q4 2023 restructuring efforts. Sibanye-Stillwater announced additional restructuring in September 2024 which concluded in Q4 2024. The Q4 2024 restructuring placed the Stillwater West mine on care and maintenance, with production focusing on lower volume, higher margin production from the East Boulder and Stillwater East mines. Production for 2025 has been repositioned for a lower PGM price environment, with annual production forecasted to be between 255,000 and 270,000 ounces. As at December 31, 2024, Sibanye-Stillwater reported updated Mineral Resources and Mineral Reserves at the Montana operations. Mineral Reserves decreased 27.8% compared to 2023 due to lower PGM price assumptions in combination with the restructuring initiatives mentioned above. Mineral Resources decreased 2.3% compared to 2023, primarily due to an increase in cut-off grades as a result of lower PGM price assumptions and increased costs. Reserves continue to support a mine life of 25 years at Stillwater and 35 years at East Boulder. Stillwater Wyoming AB SK MB North Dakota Nebraska Idaho Utah Colorado Montana South Dakota Stillwater Complex 5% NSR mile 0 1 N Franco- Nevada Royalty Franco- Nevada Royalty East Boulder Portal Site East Boulder Adit Stillwater Mill Site Camp Lake Boulder River East Boulder River Dry Fork Creek Lewis Gulch West Fork Stillwater Stillwater River Limit of Claims Sweetgrass Co. Park Co. Stillwater Co. Sweetgrass Co. County line Long Section (Not to scale) Plan View Stillwater East (Blitz) Stillwater West East Boulder Mine Non-Royalty mill area Lower Stillwater East (Lower Blitz) Current and future planned production layouts Franco-Nevada Royalty Land Only PGM producer in the U.S. Mineral Reserves support a long mine life Significant Mineral Resource has the potential to increase mine life even further Franco-Nevada Corporation ★ 61 TSX / NYSE: FNV United States Additional Information Mineral Resources and Mineral Reserves Diversified Assets

G O L D S T R I K E Location: Nevada, United States | Operator: Nevada Gold Mines LLC | Precious Metals: Au | Royalty: NSR: 2-4% / NPI: 2.4-6% Franco-Nevada holds royalties covering the majority of the Nevada Gold Mines LLC (“Nevada Gold Mines”) Goldstrike complex. Carlin Trend 2024 2023 2022 M&I Resources (koz Au)1,2 24,390 26,016 30,894 Inferred Resources (koz Au)1,2 9,268 10,081 8,943 P&P Reserves (koz Au)1,2 15,447 15,772 16,260 M&I Royalty Ounces (000s)1,3 280 354 324 Inferred Royalty Ounces (000s)3 106 137 94 P&P Royalty Ounces (000s)3 177 215 171 1 Please refer to the tables on pages 114-120 for a breakout of grade and tonnages by Mineral Resource category for Carlin Trend; all M&I categories are inclusive of Mineral Reserves 2 Under the Nevada Gold Mines joint venture, Barrick now reports Goldstrike, Gold Quarry and South Arturo as part of the Carlin operation category. Mineral Resources and Mineral Reserves include Goldstrike, Gold Quarry and South Arturo as well as other properties where Franco-Nevada has no royalties or stream interests 3 For Royalty Ounce calculation, Franco-Nevada estimates 28% of the Carlin Trend Mineral Resources and Mineral Reserves (34% in 2023, 35% in 2022) are subject to our royalty interests on Goldstrike, Gold Quarry and South Arturo and estimates an average royalty rate of 4.1% is applicable (4.0% in 2023, 3.0% in 2022) Goldstrike 2024 2023 2022 Total NSR Revenue to FNV ($ million) $ 8.6 $ 4.4 $ 5.5 Total NPI Revenue to FNV ($ million) $ 10.8 $ 8.7 $ 13.7 Total Revenue to FNV ($ million) $ 19.4 $ 13.1 $ 19.2 M&I Resources (koz Au)1 n/a n/a n/a Inferred Resources (koz Au)1 n/a n/a n/a P&P Reserves (koz Au)1 n/a n/a n/a M&I Royalty Ounces (000s)2,3 n/a n/a n/a Inferred Royalty Ounces (000s)3 n/a n/a n/a P&P Royalty Ounces (000s)3 n/a n/a n/a 1 Please refer to the table above for the Carlin Trend Mineral Resources and Mineral Reserves which include Goldstrike 2 All M&I categories are inclusive of Mineral Reserves 3 Please refer to the table above for the Carlin Trend Royalty Ounce calculation which includes Goldstrike The Goldstrike complex is located on the Carlin Trend, about 60 km northwest of the town of Elko, Nevada and includes the open pit Betze-Post mine, as well as the underground operations of Meikle and Rodeo immediately to the north. Mining activity commenced on the property in 1976 and, since 1987, has been operated by Barrick. Franco-Nevada holds both NSR (2-4%) and NPI (2.4-6%) royalties at Goldstrike covering over 50% of the reported Mineral Reserves. This estimate includes low-grade ore that has been stockpiled. The royalties vary depending on the claim blocks, operating costs and capital investments, as shown in the schematic. As a result, royalty payments can vary substantially on a quarterly basis. On July 1, 2019, Barrick (61.5%) and Newmont (38.5%) combined their significant assets across Nevada to create the Nevada Gold Mines joint venture. Under this joint venture, Goldstrike is reported as part of the Carlin operation category by Barrick. Barrick announced 2024 production of 775,000 gold ounces from its 61.5% share of Carlin interests. Nevada Gold Mines noted that Carlin gold production for 2024 was 11% lower compared to 2023. Franco-Nevada anticipates production on royalty ground in 2025 to be similar to 2024. Barrick has reported 2025 production guidance of 705,000 to 785,000 gold ounces from its 61.5% share of Carlin. Weimer 4% NSR Goldstrike Open Pit Mine Goldstrike Underground Mine Meikle/Rodeo SPLC Lease 6% NPI Bazza 2% NSR Bazza Strip 2% NSR 2.4% NPI Royal 3% NSR Extension 5% NPI 4% NSR Corbett 2% NSR Pandora 2% NSR Rodeo Creek 4% NSR Above 4600’ Post 5% NPI 4% NSR SJ 6% NPI Gold Bug 5% NPI 4% NSR Goldstrike 5% NPI 4% NSR Goldstrike Pacifc Ocean Oregon Idaho Utah Nevada California Arizona Mexico Goldstrike Open Pit Mine FNV Royalties Goldstrike Underground mine Goldstrike 2-4% NSR / 2.4-6% NPI mile 0 1 N World class gold operation Focus asset for Barrick with substantial invested capital Profit royalties provide more leverage to gold prices TSX / NYSE: FNV 62 ★ Franco-Nevada Corporation United States Overview Precious Metals

B A L D M O U N T A I N Location: Nevada, United States | Operator: Kinross Gold Corporation | Precious Metals: Au | Royalty: NSR / GR: 0.875-5% The Bald Mountain mine lies within the Southern Ruby Mountains of northeastern Nevada along the southern extension of the prolific Carlin Trend, 110 km southeast of Elko. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 16.8 $ 11.7 $ 8.4 M&I Resources (koz Au)1 3,856 4,175 4,353 Inferred Resources (koz Au)1 571 489 522 P&P Reserves (koz Au)1 1,173 489 625 M&I Royalty Ounces (000s)1,2 119 157 101 Inferred Royalty Ounces (000s)2 14 18 11 P&P Royalty Ounces (000s)2 23 19 22 1 Please refer to the tables on pages 114-120 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 Mineral Reserves (100% in 2023, 91% in 2022) and 99% of Mineral Resources (inclusive of Mineral Reserves) (99% in 2023 exclusive of Mineral Reserves, 96% in 2022 exclusive of Mineral Reserves) are subject to our royalty interest and estimates an average rate of 1.92% is applicable for Mineral Reserves (3.79% in 2023) and 2.53% is applicable for Mineral Resources (inclusive of Mineral Reserves) (3.79% in 2023 exclusive of Mineral Reserves) Ore is sourced from multiple open pits over an estimated 600 km2 property with processing at multiple conventional heap leaching facilities. Bald Mountain is the largest private mining land package in the U.S. It stretches 40 km north to south and 15 km east to west and is divided in three zones: North Zone, South Zone and JV Zone. Franco-Nevada’s Bald Mountain royalties cover a significant portion of the Bald Mountain property. Royalty rates range from 0.875%-5% NSR/GR. A detailed map of the royalties is shown in the schematic. At the end of 2015, Kinross Gold Corporation (“Kinross”) purchased from Barrick 100% of the North and South Zones while forming a 50/50 exploration joint venture partnership with Barrick on the JV Zone in between the North and South Zones. During 2018, Kinross acquired the remaining 50% portion of the JV zone that it did not already own. In 2024, 18.4 million tonnes of ore were placed on pads at Bald Mountain at a grade of 0.48 g/t versus 17.3 million tonnes of ore at a grade of 0.42 g/t in 2023. Bald Mountain produced 181,047 ounces in 2024, an increase from the 157,749 ounces produced in 2023, primarily due to higher grades mined and timing of ounces recovered from the heap leach pads. Bald Mountain received the Juniper Project EIS permit in the second half of 2024 which allows for additional mining activity in the North area of operations. Kinross announced in February 2025 that they plan to proceed with mining at the Redbird pit starting in 2025, which contains approximately 1.0 million ounces of gold reserve and is on Franco-Nevada royalty ground. The Redbird pit is planned to be mined in two phases with Phase 1 containing 270,000 ounces, extending production into 2028. Phase 2 unlocks another 680,000 ounces contained, which could begin in 2026 and extend production from Bald Mountain through 2031. FNV Royalties Excluded from Royalty Pits/Deposits * Subject to possible reduction by third-party royalty North Block South Block Galaxy Poker Flats Bida Saga Yankee Targets Lux/Vantage Targets Top Sage Flats Belmont Horseshoe 4% NSR 4% NSR 4% NSR 4% NSR 4% NSR* 4% NSR* 4% NSR* 4% NSR* 4% NSR* 4% NSR* 4% NSR* 0.875 to 1.75% NSR 2.418% NSR Royale 1%-5% GR Redbird 5 1 LJ Ridge Banghart South Ridge Rat North Duke South Duke 2/3 1%-5% GR Winrock Bald Mountain Oregon Idaho Utah Nevada California Arizona Mexico Pacifc Ocean Bald Mountain 0.875-5% NSR / GR kilometer 2 0 N Large land package and significant exploration upside Redbird pit adds 1 Moz of gold reserves following successful Juniper permit Franco-Nevada Corporation ★ 63 TSX / NYSE: FNV United States Additional Information Mineral Resources and Mineral Reserves Diversified Assets

G O L D Q U A R R Y Location: Nevada, United States | Operator: Nevada Gold Mines LLC | Precious Metals: Au | Royalty: NSR: 7.29% The Gold Quarry operation is part of the Nevada Gold Mines Carlin operations in north-central Nevada. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 3.0 $ 3.0 $ 4.9 M&I Resources (koz Au)1,2 n/a n/a n/a Inferred Resources (koz Au)1 n/a n/a n/a P&P Reserves (koz Au)1 n/a n/a n/a M&I Royalty Ounces (000s)2,3 n/a n/a n/a Inferred Royalty Ounces (000s)3 n/a n/a n/a P&P Royalty Ounces (000s)3 n/a n/a n/a 1 Please refer to the table on page 62 for the Carlin Trend Mineral Resources and Mineral Reserves which include Gold Quarry 2 All M&I categories are inclusive of Mineral Reserves 3 Please refer to the table on page 62 for the Carlin Trend Royalty Ounce calculation which includes Gold Quarry Gold Quarry is a large open pit mine that has been in production since 1985 supplying ore as part of an integrated mining and processing complex. In 2019, Barrick (61.5%) and Newmont (38.5%) combined their significant assets across Nevada to create Nevada Gold Mines as a joint venture. Under this joint venture, Barrick reports Gold Quarry under its Carlin operations category and Newmont reports Gold Quarry under its Nevada Gold Mines category. Franco-Nevada’s royalty interest covers only a portion of the Gold Quarry property, as shown in the schematic. The Gold Quarry royalty is a 7.29% NSR based on production, backstopped by three minimum payment obligations. The annual minimum royalty payment calculation is tied to Mineral Reserves and stockpiles attributed to the Gold Quarry royalty property. If reserves, or production levels on royalty ground increase, it is possible Franco-Nevada would return to higher levels of annual royalty payments. Franco-Nevada has received 1,350 GEOs per year since 2021 based on these backstops. In 2025, Franco-Nevada expects to receive 1,350 GEOs due to the cumulative prepaid ounces delivered by Gold Quarry exceeding the attributable Gold Quarry known Mineral Reserves. In the medium term, Franco-Nevada expects its royalty from Gold Quarry to be 1,350 GEOs per annum which represents the lowest level of the minimum payment obligations. kilometers 1 0 N Reserves 7.29% NSR Resources Gold Quarry Pit Outline Tusc Pit Outline >0.3 g/t Au Gold Quarry 7.29% NSR 7.29% NSR FNV Royalties Gold Quarry Pacifc Ocean Oregon Idaho Utah Nevada California Arizona MEXICO Annual minimum payment obligations Benefits from additional milling and roasting infrastructure following the formation of Nevada Gold Mines Registered on private lands TSX / NYSE: FNV 64 ★ Franco-Nevada Corporation United States Overview Precious Metals

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”). 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 6.5 $ 11.2 $ 7.5 M&I Resources (koz Au)1 5,166 4,603 5,004 Inferred Resources (koz Au)1 249 370 252 P&P Reserves (koz Au)1 3,256 2,863 3,410 M&I Royalty Ounces (000s)1,2 95 113 126 Inferred Royalty Ounces (000s)2 5 9 6 P&P Royalty Ounces (000s)2 60 70 86 1 Please refer to the tables on pages 114-120 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 81% of the Mineral Reserves (96% in 2023, 97% in 2022), 81% of the M&I Mineral Resources (96% in 2023, 96% in 2022) and 81% of the Inferred Mineral Resources (96% in 2023, 97% in 2022) are subject to our royalty interest and estimates a rate of 2.28% is applicable (2.55% in 2023, 2.59% in 2022) The mine has been in continuous production since 1989 and is a large run-of-mine heap leach operation with several open pits. Marigold achieved 5.0 million ounces of life of mine gold production in December 2024. 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 2024, 27.7 million tonnes of ore were placed on pads at a grade of 0.28 g/t versus 21.9 million tonnes of ore placed on pads at a grade of 0.45 g/t in 2023. The mine had production of 168,262 ounces of gold in 2024 versus 278,488 ounces in 2023. 2025 gold production is expected to be between 160,000 to 190,000 ounces and then increase to an annual average of 250,000 ounces for 2026 to 2029. The current life of mine plan predicts an 8-year mine life, with life of mine production of 2.0 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 2025 with a $22 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. 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 Pacifc Ocean Oregon Idaho Utah Nevada California Arizona MEXICO FNV Royalties Excluded from Royalty Pits * December 2009 Acquisition N 5 Moz of life of mine gold production achieved in 2024 Continued resource expansion and encouraging exploration results Franco-Nevada Corporation ★ 65 TSX / NYSE: FNV United States Additional Information Mineral Resources and Mineral Reserves Diversified Assets

S O U T H A R T U R O Location: Nevada, United States | Operator: Nevada Gold Mines LLC | Precious Metals: Au | Royalty: GR: 4-9% with AMR South Arturo consists of a series of sediment hosted Carlin-style gold deposits adjacent to and including the former Dee gold mine, 60 km northwest of Elko, Nevada. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 6.7 $ 2.4 $ 3.9 M&I Resources (koz Au)1,2 n/a n/a n/a Inferred Resources (koz Au)1 n/a n/a n/a P&P Reserves (koz Au)1 n/a n/a n/a M&I Royalty Ounces (000s)2,3 n/a n/a n/a Inferred Royalty Ounces (000s)3 n/a n/a n/a P&P Royalty Ounces (000s)3 n/a n/a n/a 1 Please refer to the table on page 62 for the Carlin Trend Mineral Resources and Mineral Reserves which include South Arturo 2 All M&I categories are inclusive of Mineral Reserves 3 Please refer to the table on page 62 for the Carlin Trend Royalty Ounce calculation which includes South Arturo The mine is located in close proximity to Nevada Gold Mines’ Goldstrike operations where the ore is processed at the refractory facilities. Franco-Nevada holds a sliding scale gross royalty (4-9%) on production from South Arturo. Franco-Nevada estimates a 4% royalty rate for the oxide mineralization and a 6% royalty rate for the non-oxide. During 2024, mining occurred at the underground, El Niño deposit, and the Phase 1 open pit. Franco-Nevada received 2,756 GEOs in 2024 and expects similar GEOs in 2025. Nevada Gold Mines continues to work on optimizing the life of mine plan for the deposit which will be a combination of open pit and underground mining. The March 2025 Carlin Technical Report shows mining at El Niño completing in 2026 and open pit mining completing in 2027. The El Niño ore is expected to be processed as it is mined while the lower grade open pit ore will be processed over time as processing capacity is available. South Arturo Pacifc Ocean Oregon Idaho Utah Nevada California Arizona Mexico South Arturo 4-9% GR with AMR Royalty Property Pits Excluded from Royalty Exploration Targets Dee Phase 1 Pit Phase 3 Pit Phase 2: Open pit completed El Nino U/G: Currently developing East Dee Target South Hinge Target 4-9% GR 4-9% GR mile 1 0 N Nevada Gold Mines consolidated ownership Close proximity to Goldstrike processing facilities TSX / NYSE: FNV 66 ★ Franco-Nevada Corporation United States Overview Precious Metals

M E S Q U I T E Location: California, United States | Operator: Equinox Gold Corp. | Precious Metals: Au | Royalty: NSR: 0.5-2% Mesquite is a gold operation located in southeast California, 70 km northwest of Yuma, Arizona and 230 km east of San Diego, California. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 3.2 $ 3.1 $ 4.1 M&I Resources (koz Au)1 1,855 1,016 1,855 Inferred Resources (koz Au)1 912 510 912 P&P Reserves (koz Au)1 471 584 471 M&I Royalty Ounces (000s)1,2 34 19 34 Inferred Royalty Ounces (000s)2 17 9 17 P&P Royalty Ounces (000s)2 9 11 9 1 Please refer to the tables on pages 114-120 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 1.85% is applicable The mine is an open pit, run-of-mine, heap leach operation. Franco-Nevada holds royalties on the entire Mesquite mine property that range from a 0.5-2% NSR, depending on the claim block, as shown on the schematic. Mesquite produced 71,984 ounces of gold in 2024, a decrease from 2023 ounces produced of 87,753 due to a focus on stripping the Ginger pit in order to provide ore in 2025. For 2025, Equinox Gold anticipates production of 90,000 ounces to 105,000 ounces of gold, with approximately 70% of production expected in the second half of the year. Mining at Mesquite in 2025 will be focused on ore from the Ginger pit in H1, and stripping of Brownie phase 4, Rainbow North and Big Chief 8 pits which are expected to deliver the majority of ore in 2026. Equinox continues to work to extend the mine life at Mesquite through exploration and permitting. Mesquite, California Brownie Big Chief Rainbow Vista 2% NSR 0.5% NSR 1% NSR Mesquite 0.5-2% NSR Mesquite Pacifc Ocean Oregon Idaho Utah Nevada California Arizona Mexico Royalty Property Pits mile 1 0 N Mesquite has produced in excess of 5 Moz Ongoing resource expansion and permitting to enable mine life extension Franco-Nevada Corporation ★ 67 TSX / NYSE: FNV United States Additional Information Mineral Resources and Mineral Reserves Diversified Assets

C A S T L E M O U N T A I N Location: California, United States | Operator: Equinox Gold Corp. | Precious Metals: Au | Royalty: NSR: 2.65- 4.65% The Castle Mountain mining property is located in California, close to the Nevada border and is in the historic Hart Mining District, 120 km south of Las Vegas, Nevada. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 1.3 $ 1.1 $ 1.1 M&I Resources (koz Au)1 5,638 5,638 5,638 Inferred Resources (koz Au)1 1,422 1,422 1,422 P&P Reserves (koz Au)1 4,168 4,168 4,168 M&I Royalty Ounces (000s)1,2 159 159 149 Inferred Royalty Ounces (000s)2 40 40 38 P&P Royalty Ounces (000s)2 118 118 110 1 Please refer to the tables on pages 114-120 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 2.82% is applicable The Castle Mountain mine is operated by Equinox Gold. The Castle Mountain land holdings total greater than 40 km2 of patented and unpatented claims. The mine was previously operated by Viceroy Gold and MK Resources and produced over 1.2 million ounces of gold. Franco-Nevada currently holds a 2.65% NSR covering all of the existing Castle Mountain mine and extending 10 miles from the boundary of the mine. On May 2, 2022, Franco-Nevada acquired the ‘American Standard’ 2% NSR on the Pacific Clay claims, which comprise a portion of the JSLA pit. When combined with the 2.65% NSR, Franco-Nevada now has a 4.65% NSR on the Pacific Clay claims. Redevelopment of Castle Mountain was planned in two phases. Small scale operations were initiated in Phase 1 while permits were progressed for Phase 2. In September 2024, mining operations at Castle Mountain were temporarily suspended to focus on Phase 2 permitting. Once permitted, Phase 2 is expected to average 218,000 ounces per year during a 14-year mine life. Phase 2 requires modification to Equinox Gold’s approved Mine and Reclamation Plan (“Plan”) and those permits are expected in 2027. The 2021 feasibility study showed a two-year construction period which would put first production from Phase 2 in 2029. Castle Mountain Mine Las Vegas Los Angeles Mexico California Nevada Oro Belle Mined Pit Jumbo Mined Pit JSLA Mined Pit South Waste Dump West Waste Dump Pacifc Clay claims 4.65% NSR Heap Leach Pad 2.65-4.65% NSR Castle Mountain 2.65-4.65% NSR *Plus 10 Mile Area of Interest Royalty lands 2.65% NSR Pits 1,000 metre 0 2,000 N Permitting Phase 2 expansion to increase production to >200 koz per year Franco-Nevada’s royalty covers entire project area with a 10-mile area of interest TSX / NYSE: FNV 68 ★ Franco-Nevada Corporation United States Overview Precious Metals

S T I B N I T E G O L D Location: Idaho, United States | Operator: Perpetua Resources Corp. | Precious Metals: Au & Ag | Royalty: NSR: 1.7% Au, 100% Ag The Stibnite project is located in a historic mining town of the same name in Idaho, about 153 km northeast of Boise and is potentially one of the highest grade open-pit deposits in the U.S. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ − $ − $ − M&I Resources (koz Au)1 6,317 6,317 6,320 Inferred Resources (koz Au)1 1,611 1,611 1,611 P&P Reserves (koz Au)1 4,816 4,816 4,816 M&I Royalty Ounces (000s)1,2 123 107 107 Inferred Royalty Ounces (000s)2 31 27 27 P&P Royalty Ounces (000s)2 93 82 82 1 Please refer to the tables on pages 114-120 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 for gold estimates a rate of 1.70% is applicable and that for silver, all of the payable silver by-product revenue over the life-of-mine will be received The project is being advanced by Perpetua Resources Corp. (“Perpetua Resources”), who have consolidated 107 km2 of unpatented and patented claims. Franco-Nevada holds a 1.7% NSR on gold production and will receive all the expected payable silver by-product revenue over the life-of-mine, subject to the terms of a Silver Agreement which was closed in March 2024. In December 2020, Perpetua Resources announced the results of a feasibility study on the Stibnite project. The project is expected to have a 15-year mine life with average annual gold production of 301,000 ounces per year. The first four years demonstrate an average annual gold production of 466,000 ounces per year. The Stibnite project has total Mineral Resources and Mineral Reserves of approximately 6.3 million and 4.8 million ounces of gold, respectively. Total payable silver is estimated to be approximately 1 million payable ounces with 85% of the ounces produced after year 6 in the mine life. The United States Forest Service (“USFS”) issued the Final Record of Decision (“ROD”) authorizing the project in January 2025. With receipt of the Final ROD, Perpetua Resources is focused on advancing the project towards a construction decision, including finalizing the remaining federal and state permits and securing project financing. Commercial operations are expected in 2028. Royalty Property Prospects Mineral Deposits Patented Claims under option Utah Nevada California Stibnite Gold Project Boise Cascade McCall Coeur d'Alene Salt Yellow Pine Deposit West End Deposit Hangar Flats Deposit Historic Tailings Blow-out Mule Rabbit Scout Garnet Ridgetop Cinnamid Saddle Fern Upper Midnight Stibnite Gold 1.7% NSR Au 100% NSR Ag mile 0 1 N One of the largest and highest grade undeveloped open-pit gold deposits in the U.S. The Stibnite project would be the only domestic source of antimony mined in the U.S., assisting with permitting $1.8B indicative U.S. Export-Import Bank financing Franco-Nevada Corporation ★ 69 TSX / NYSE: FNV United States Additional Information Mineral Resources and Mineral Reserves Diversified Assets

S O U T H R A I L R O A D Location: Nevada, United States | Operator: Orla Mining Ltd. | Precious Metals: Au | Royalty: NSR: 1% The South Carlin Complex is located in the Bullion mining district of the southern Carlin trend in Elko County, Nevada. The South Carlin Complex has been actively explored since 1969 by several operators. Orla acquired the northern and southern portions of the South Carlin Complex through the acquisitions of Gold Standard Ventures in 2022 and Contact Gold in 2024. The South Carlin Complex contains the Dark Star and Pinion deposits which Orla is progressing through permitting. Orla expects to receive all permits by mid-2026 with first production in 2027. Franco-Nevada’s royalty does not cover these deposits. Franco-Nevada’s royalty covers portions of the northern exploration area including the North Bullion deposit. In February 2025, Orla noted that drill holes testing the extension of the North Bullion deposit returned significant sulphide mineralization, setting the stage for high-priority follow up drilling in 2025. Franco-Nevada has not included South Railroad in Royalty Ounce estimates S T E R L I N G Location: Nevada, United States | Operator: AngloGold Ashanti plc | Precious Metals: Au | Royalty: NSR: 0.25% Sterling is a historic gold operation located 185 km northwest of Las Vegas, Nevada near Beatty, Nevada. In 2022, AngloGold Ashanti plc (“AngloGold Ashanti”) acquired 100% of Coeur’s wholly owned subsidiary, Coeur Sterling, Inc., which owned the Sterling property. Franco-Nevada holds 1/8th of a 2% NSR, or an effective 0.25% NSR royalty, on approximately 272 lode mining claims with a small minimum advance royalty. Sterling underground mining operations were terminated at the end of May 2015. The acquisition consolidates AngloGold Ashanti’s ownership position in the Beatty District allowing for optimal development of the assets centered on developing the North Bullfrog, Silicon and Merlin projects. As of December 31, 2024, AngloGold Ashanti reported 19.7 million ounces of total Nevada mineral resource including 0.91 million ounces at Sterling. Franco-Nevada has not included Sterling in Royalty Ounce estimates G R A N I T E C R E E K ( P I N S O N ) Location: Pinson, United States | Operator: i-80 Gold Corp. | Precious Metals: Au | Royalty: NSR: 1-2% The Granite Creek (Pinson) project is located near Winnemucca, Nevada, at the intersection of the Getchell Gold Belt and the Battle Mountain-Eureka Trend. Franco-Nevada holds a 1-2% NSR on approximately 20 sections within the Getchell trend. This royalty includes a 2% NSR on Section 33 and a 1% NSR on the southern half of Section 32 within Granite Creek’s operating area, formally known as Pinson. Granite Creek (Pinson) is south of Nevada Gold Mines’ Turquoise Ridge mine and 13 km from its Twin Creeks mine complex. The historic Pinson mine produced 985,000 ounces of gold from 1980 through 1999 by open-pit mining. In August 2020, Premier Gold Mines USA, Inc. acquired the outstanding interests of Osgood Mining Company LLC (“Osgood”) from affiliates of Waterton Global Resource. In 2021, Equinox Gold acquired Premier. Concurrently, Premier spun out its US-focused gold production and development assets into i-80 Gold, which included the Granite Creek project. Franco-Nevada’s royalty at Granite Creek does not cover the current underground workings but does cover portions of the development-stage open pit heap leach project. In March 2025, i-80 Gold released the results of an updated PEA on the open pit project. The PEA highlights a mine life of approximately 10 years with annual gold production averaging 130,000 ounces per year following ramp up. The current gold mineral resource is 1.44 million ounces with the majority of those ounces located within the CX and Mag pits which are partially covered by Franco-Nevada’s royalty. i-80 Gold is planning to release a further updated PEA in Q4 2025 and will continue to advance permitting and technical work on the project. Franco-Nevada has not included Granite Creek in Royalty Ounce estimates TSX / NYSE: FNV 70 ★ Franco-Nevada Corporation United States Overview Precious Metals

Rest of World Producing Advanced Duketon Yandal (Bronzewing) Australia Subika (Ahafo) Tasiast Sabodala Edikan Perama Hill Kiziltepe Sissingué Pandora Séguéla Rebecca Wiluna South Kalgoorlie Western Limb Mining Operations Exploration Franco-Nevada Corporation ★ 71 TSX / NYSE: FNV Additional Information Mineral Resources and Mineral Reserves Diversified Assets

W E S T E R N L I M B M I N I N G O P E R A T I O N S Location: South Africa | Operator: Sibanye Stillwater Limited | Precious Metals: Au & Pt | Stream: Gold and Platinum Stream In December 2024, Franco-Nevada (Barbados) Corporation announced a $500 million precious metals stream on specified production from Sibanye-Stillwater Western Limb PGM Mining Operations in South Africa (the “Western Limb Mining Operations Stream”). 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ − $ − $ − M&I Resources (koz PGM)4 182,600 − − Inferred Resources (koz PGM)4 39,000 − − P&P Reserves (koz PGM)4 34,000 − − Stream M&I Royalty Ounces (000s)4,5 1,055 − − Stream Inferred Royalty Ounces (000s)5 190 − − Stream P&P Royalty Ounces (000s)5 320 − − NSR M&I Royalty Ounces (000s)4,6 101 − − NSR Inferred Royalty Ounces (000s)6 9 − − NSR P&P Royalty Ounces (000s)6 3 − − 1 Based on 2023 production per Sibanye-Stillwater’s public disclosure and total 2023 supply per Johnson Matthey PGM market report (May 2024) 2 Assuming current projections of 4E PGM production based on Reserves and Replacement Projects at consensus commodity prices at the time of announcement 3 The ongoing payments are subject to reduction in certain circumstances 4 Please refer to the tables on pages 114-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 5 For Royalty Ounce calculation for the stream, Franco-Nevada estimates P&P Royalty Ounces include payable metal of the remaining deliveries before 237,000 of gold and 294,000 of platinum, with the balance of Mineral Reserves subject to an 80% gold stream. For M&I Royalty Ounces, Franco-Nevada assumes the P&P Royalty Ounces with the balance of M&I Resources subject to the 80% gold stream. For Inferred Royalty Ounces, Franco-Nevada assumes Inferred Mineral Resources are subject to the 80% gold stream. Platinum ounces have been converted into Royalty Ounces assuming $2,800/oz Au and $950/ounce Pt and Franco-Nevada estimates 95% of the Mineral Reserves, 97% of the M&I Mineral Resources and 99% of the Inferred Mineral Resources are subject to our stream interest. Gold and platinum ounces delivered will be subject to an ongoing payment of 5% of spot prices, respectively to Sibanye-Stillwater. In the case of gold, the ongoing payment will increase to 10% following the delivery of 237,000 ounces of gold 6 For Royalty Ounce calculation for the 1% NSR on Pandora, Franco-Nevada estimates a rate of 1.0% is applicable to Mineral Resources and Mineral Reserves that are subject to the Pandora royalty ground. PGM ounces have been converted into Royalty Ounces assuming $2,800/oz Au, $950/ounce Pt, $950/ounce Pd and $5,000/ounce Rh Sibanye-Stillwater’s South African PGM mining operations are located in the Western Limb of the Bushveld Complex and are an essential source of PGMs, providing approximately 15% of global platinum supply¹ and produced approximately 1.6 million ounces 4E PGMs in 2024. These operations benefit from extensive existing infrastructure consolidated through the merger of three prior operators, which has unlocked numerous synergies and consist of the Marikana, Rustenburg, and Kroondal operations and a total of 13 underground mines. The integrated operations include concentrators, a smelter and refining complex. Under the streaming agreement, gold deliveries are initially referenced to aggregate platinum, palladium, rhodium and gold (“4E PGM”) ounces contained in concentrate. Franco-Nevada will receive gold ounces equal to 1.1% of physical 4E PGM ounces contained in concentrate until delivery of 87,500 ounces of gold, then 0.75% of 4E PGM ounces contained in concentrate until total delivery of 237,000 ounces of gold, which is currently expected to occur in approximately 25 years. Thereafter, Franco-Nevada will receive 80% of gold contained in concentrate for the remaining LOM. Franco-Nevada will receive platinum deliveries equal to 1.0% of platinum contained in concentrate until the delivery of 48,000 ounces of platinum, then increase to 2.1% of platinum contained in concentrate until total delivery of 294,000 ounces of platinum, after which there will be no further platinum deliveries. The stream GEO profile is comprised of approximately 70% gold and 30% platinum deliveries2 at consensus commodity prices as of the date of transaction. Gold and platinum ounces delivered will be subject to an ongoing payment of 5% of spot prices, respectively to Sibanye-Stillwater. In the case of gold, the ongoing payment will increase to 10% following completion of the 4E PGM link (after the delivery of 237,000 ounces of gold to FNB)³. The stream is referenced to production from an area which extends over 500 km2 and has a mine life up to 2070 based on board approved ore Reserves and certain pre-feasibility and feasibility stage mechanized UG2 replacement projects being studied, which leverage existing infrastructure. The stream transaction was closed on February 28, 2025, with an effective date of September 1, 2024. Franco-Nevada expects deliveries related to 2025 production from the Western Limb Mining Operations Stream to be approximately 20,000 GEOs. Benefits from integrated and established infrastructure, including smelting Operations benefit from a unique and diversified basket of metals, supporting margins Reserves representing only a small portion of the known 4E PGM Resources Rustenburg N4 Sibanye-Stillwater Western Limb PGM Complex Stream Area Rustenburg Kroondal Khuseleka Kwezl Thembelani Bathopele UG2 outcrop Merensky outcrop Kopaneng Siphumelele Bathopele OP Project Newman Project Kwezi Shallows Project Thembelani Deeps Project Siphumelele Project Markina Project Khuseleka Project Turk Project 4B Project Rowland Project Pandora Deeps Project K4 K3 K4 EPC EPL Base Metals Refinery Karee WLTR Marikana K1 K2 Retrofit Waterval Rowland W1 1E Lift 4B Newman Saffy E1 E2 E3 E4 Project Saffy Deeps Project Kroondal Deeps Project E3 Ext Simunye Bambanani K6 Marikana Schaapkraal Hoedspruit Pandora 1% NSR N kilometer 10 0 Project Area Refnery Concentrator Operational Shaft Prospecting license Mining license Area of Interest Pandora Deeps Project E2 E3 E4 Project E3 Ext Pandora 1% NSR N kilometer 10 Project Area Refnery Concentrator Operational Shaft Prospecting license Mining license Area of Interest TSX / NYSE: FNV 72 ★ Franco-Nevada Corporation Rest of World Overview Precious Metals

T A S I A S T Location: Mauritania | Operator: Kinross Gold Corporation | Precious Metals: Au | Royalty: NSR: 2% Franco-Nevada has a 2% NSR royalty on the Tasiast mine in Mauritania, West Africa operated by Kinross. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 30.5 $ 24.5 $ 18.3 M&I Resources (koz Au)1 7,070 6,985 7,239 Inferred Resources (koz Au)1 1,632 1,504 1,443 P&P Reserves (koz Au)1 4,705 5,055 5,737 M&I Royalty Ounces (000s)1,2 141 140 145 Inferred Royalty Ounces (000s)2 33 30 29 P&P Royalty Ounces (000s)2 94 101 115 1 Please refer to the tables on pages 114-120 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 2.0% is applicable Kinross acquired control of Tasiast in September 2010 through its acquisition of Red Back Mining Inc. The royalty covers the Tasiast main trend, including the Fennec satellite pit and Tasiast Sud. In 2024, Tasiast produced 622,394 ounces of gold, up from 620,793 ounces in 2023, following Kinross’s phased expansion. Phase One, completed in 2018, increased mill throughput from 8,000 to 12,000 tonnes per day. The Tasiast 24k project further raised throughput to 21,000 tonnes per day by 2021 and 24,000 tonnes per day by mid- 2023. Tasiast 24k is projected to extend the mine life to 2035 including the processing of low-grade stockpiles on the back end of the mine life. Kinross expects 2025 production to be approximately 500,000 ounces of gold and is continuing to study the underground potential of the mine. Production in 2026 and 2027 are estimated at a high level to be approximately 475,000 ounces and 460,000 ounces, respectively, based on the latest life of mine plan. Production from 2025 through 2027 is lower than 2024 mainly because of mine plan sequencing and lower grades during the stripping phase of West Branch 5. Compared to the previous life of mine plan prepared in 2023, 2025 through 2027 show an increase of 100,000 ounces over the 3-year period because of operational improvements, design optimizations, and the addition of the Fennec satellite pit. Drill testing at the Tasiast West Branch orebody at depth began in the second half of 2024, intersecting wide zones of mineralization down plunge of the resource, extending mineralization on strike and down plunge 700 metres. At Fennec, which is a satellite deposit on the TMLSA license, work completed in 2024 resulted in the addition of 110,000 ounces to reserve. On the SENISA licenses, 51,135 metres were drilled by year-end, with exploration continuing into 2025. Franco-Nevada’s royalty covers both licenses. Tasiast, Mauritania Tasiast Mauritania Mali Senegal Algeria Atlantic Ocean N kilometer 10 0 Tasiast NSR: 2% Tasiast Main Trend Plant Site Tasiast Sud 2% NSR Tasiast Mining License Tasiast License Area, March 2012 Tasiast Sud Gold Prospects Resource/Reserve Target Trends FNV Royalties Expansion completed in 2023, reaching 24,000 tpd Prospective 75 km long greenstone belt, including addition to Reserves at Fennec Franco-Nevada Corporation ★ 73 TSX / NYSE: FNV Rest of World Additional Information Mineral Resources and Mineral Reserves Diversified Assets

S U B I K A ( A H A F O ) Location: Ghana | Operator: Newmont Corporation | Precious Metals: Au | Royalty: NSR: 2% Franco-Nevada has a 2% NSR royalty which covers a 78 km2 area on the southern portion of Newmont’s Ahafo South mine in Ghana (shown in the schematic). Ahafo South is a separate mine from Newmont’s Ahafo North mine which is located 30 km to the north. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 34.7 $ 19.4 $ 18.0 M&I Resources (koz Au)1 8,400 8,600 9,160 Inferred Resources (koz Au)1 1,300 1,600 1,640 P&P Reserves (koz Au)1 4,600 5,100 5,650 M&I Royalty Ounces (000s)1,2 61 66 78 Inferred Royalty Ounces (000s)2 9 12 14 P&P Royalty Ounces (000s)2 51 63 76 1 Please refer to the tables on pages 114-120 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 55% of Mineral Reserves (62% in 2023, 68% in 2022), 36% of the M&I Mineral Resources (38% in 2023, 43% in 2022) and 36% of the Inferred Resources (38% in 2023, 43% in 2022) are subject to our royalty interest and estimates an average rate of 2.0% is applicable The 2% NSR is payable on all ounces produced from the Rank (formerly Ntotoroso) concession. The majority of the Subika deposit, the northern portion of the Awonsu deposit, and the southern tip of the Amoma deposit fall within the Rank mining lease boundary. In 2024, Ahafo South produced 798,000 ounces of gold compared with 581,000 ounces in 2023 and it is estimated that 55% of project reserves as of December 31, 2024 fall on Franco-Nevada’s royalty ground. Ahafo production in 2025 is expected to be 670,000 ounces of gold, decreasing relative to 2024 as mining activities in the Subika open pit are completed as planned in H2 2025. In 2024, the majority of production from Ahafo South was from royalty ground. Franco-Nevada expects a larger proportion of production to be sourced from ground covered by our royalty in 2025. In 2022, Newmont highlighted significant underground potential at Subika (on royalty ground) and the Apensu pit (not on royalty ground). Newmont plans to increase its investment in exploration and advanced projects, including at the Subika Underground. Subika, Ghana Subika (Ahafo) NSR: 2% N Note: not to scale Mina Justa Atlantic Ocean Burkina Faso Cote D’ivoire Togo Benin Nigeria Niger Mali Algeria Subika Ghana 2% NSR Awonsu Apensu Subika Plant and Offices Ntotoroso Amoma Kenyase FNV Royalties Deposits Estimate 55% of Ahafo South reserves fall on royalty ground Larger share of future production expected on royalty ground TSX / NYSE: FNV 74 ★ Franco-Nevada Corporation Rest of World Overview Precious Metals

S É G U É L A Location: Côte d’Ivoire | Operator: Fortuna Mining Corp. | Precious Metals: Au | Royalty: NSR: 0.6% Franco-Nevada holds a 0.6% NSR on the Séguéla gold mine, owned and operated by Fortuna Mining Corp. (“Fortuna”). 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 2.2 $ 1.4 $ − M&I Resources (koz Au)1 1,412 1,535 1,611 Inferred Resources (koz Au)1 677 245 960 P&P Reserves (koz Au)1 1,016 1,154 1,088 M&I Royalty Ounces (000s)1,2 8 9 19 Inferred Royalty Ounces (000s)2 4 2 12 P&P Royalty Ounces (000s)2 6 7 13 1 Please refer to the tables on pages 114-120 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 0.6% is applicable (0.6% in 2023, 1.2% in 2022) In March 2021, Franco-Nevada acquired a 1.2% NSR on the license covering the Séguéla gold mine in Côte d’Ivoire from Roxgold Inc. (“Roxgold”), with a 50% buy-back option. Fortuna exercised this option in March 2024. In May 2021, Roxgold released the results of a feasibility study outlining a 9-year mine life producing 120,000 ounces of gold annually. Fortuna acquired Roxgold in July 2021, announced a positive construction decision for Séguéla in September 2021, and poured its first gold in May 2023. Séguéla produced 137,781 ounces in 2024 compared with 78,617 ounces in 2023 and is expected to produce between 134,000 and 147,000 ounces in 2025. As of December 31, 2024, Séguéla has Proven and Probable Mineral Reserves of 1.0 million ounces of gold (9.4 million tonnes grading 3.38 g/t), in addition to exclusive Indicated Resources of 396,000 ounces of gold (3.4 million tonnes grading 3.59 g/t) and Inferred Resources of 677,000 ounces of gold (7.3 million tonnes grading 2.90 g/t). Year-over-year, Mineral Reserves remaining relatively unchanged, while Inferred Resources increased by 121% over the same period, primarily due to the addition of the Kingfisher deposit. The 2025 brownfields exploration budget for Séguéla is $13.5 million, focusing on 73,000 meters of drilling to upgrade drilling primarily at the Sunbird underground project, and infill and expansion of the Kingfisher deposit, along with continued target generation, all on royalty ground. Séguéla 1.2% NSR kilometer 5 0 N Vincho UG Raul UG Ancien Agouti Boulder Winy Gabbro W Antenna South Antenna North Antenna West P1 Kwenko Siakasso N P7 P2 Kwenko W Koula Antenna Sunbird Schist Resource Pit Target Target Strat Séguéla NSR Area Pelite Kingfisher Kingfisher deposit maiden Inferred Resource adds 294k ounces Exploration upside on land package covered by royalty Franco-Nevada Corporation ★ 75 TSX / NYSE: FNV Rest of World Additional Information Mineral Resources and Mineral Reserves Diversified Assets

S A B O D A L A Location: Senegal | Operator: Endeavour Mining Corporation | Precious Metals: Au | Stream: Fixed gold deliveries / 6% Gold Stream In December 2013, Franco-Nevada (Barbados) Corporation, provided Teranga Gold Corporation (“Teranga”) with a $135 million deposit to fund the acquisition by Teranga of additional future ore sources for its Sabodala mill. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 22.6 $ 18.3 $ 16.8 M&I Resources (koz Au)1 5,186 6,333 6,333 Inferred Resources (koz Au)1 1,322 1,380 1,380 P&P Reserves (koz Au)1 3,260 4,086 4,086 M&I Royalty Ounces (000s)1,2 95 111 120 Inferred Royalty Ounces (000s)2 35 31 32 P&P Royalty Ounces (000s)2 52 60 67 1 Please refer to the tables on pages 114-120 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 accounts for the balance of the Fixed Delivery Period of 105,750 ounces. In 2024, Franco-Nevada estimates 45% of the remaining Mineral Reserves (47% in 2023, 49% in 2022), 46.5% of the remaining M&I Mineral Resources (47% in 2023, 49% in 2022) and 55.5% of the remaining Inferred Mineral Resources (47% in 2023, 49% in 2022) at the Sabodala-Massawa Complex are subject to a rate of 4.8% (6.0% gold stream which is factored by 80% to estimate equivalent Royalty Ounce rate) With the acquisition, Teranga was able to expand its land package to over 950 km2 including much of a 70 km prospective greenstone belt. In February 2021, Endeavour Mining Corporation (“Endeavour”) acquired Teranga. Over the first six years, Teranga delivered 22,500 ounces of gold annually to Franco-Nevada, under a fixed arrangement, for a total of 135,000 ounces of gold delivered. The fixed delivery period was fulfilled in December 2019, and between January 2020 and August 2020, Franco-Nevada received 6% of the gold produced from either the Sabodala or Oromin Joint Venture (“OJVG”) properties. In December 2019, Teranga announced an agreement to acquire the adjacent Massawa gold project and commenced processing ore from the project in 2020. Franco-Nevada’s stream does not extend to the Massawa gold project area. In September 2020, Franco-Nevada amended its existing Sabodala gold purchase and sale agreement with Teranga to compensate for displacement from the processing of Massawa ore through the Sabodala processing facilities and to provide for the commingling of Sabodala and Massawa ores. The amended agreement provides that effective September 1, 2020, Teranga, now Endeavour, will make fixed deliveries of 783.33 ounces of refined gold per month until 105,750 ounces of gold have been delivered to Franco-Nevada (the “Fixed Delivery Period”) and 6% of production from the stream area thereafter. Following the Fixed Delivery Period, which is expected to end in October 2031, a reconciliation will be performed to determine if Franco-Nevada would have received more or less than 105,750 ounces of gold under the 6% variable stream during such period. Endeavour will be entitled to a credit for an over-delivery which will be applied against the 6% variable stream until depleted and Franco-Nevada will be entitled to a one-time additional delivery in the case of an under-delivery. Franco-Nevada will make ongoing payments for each ounce of gold delivered equal to 20% of the spot gold price. In 2024, Sabodala-Massawa produced 229,000 ounces of gold, with the majority produced from Massawa. Endeavour’s 2025 production guidance for Sabodala-Massawa is between 250,000 ounces and 280,000 ounces of gold. To date production from Sabodala has been less than the fixed ounces delivered to Franco-Nevada. kilometer 2.5 0 N Sabodala Gold Stream OJVG Concession Sabodala Concession Deposits Senegal Mali Mauritania Sabodala Dakar Guinea Atlantic Ocean 10 kilometres from mill Mill OJVG Sabodala Sabodala West Golouma Deposits Masato Deposit Niakafiri Deposit Sabodala Pit Tailings Gora Deposit Fixed gold deliveries per year until 2031, and thereafter 6% of gold production from Sabodala concessions Land package offers significant exploration potential TSX / NYSE: FNV 76 ★ Franco-Nevada Corporation Rest of World Overview Precious Metals

E D I K A N Location: Ghana | Operator: Perseus Mining Limited | Precious Metals: Au | Royalty: NSR: 1.5% In 2011, Franco-Nevada acquired an effective 1.5% NSR royalty on Perseus Mining Limited’s (“Perseus”) Edikan gold mine within the Ashanti Gold Belt in Ghana, which includes two mining leases of approximately 93 km2. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 7.1 $ 6.1 $ 4.4 M&I Resources (koz Au)1 1,306 1,634 1,885 Inferred Resources (koz Au)1 280 283 283 P&P Reserves (koz Au)1 506 771 1,344 M&I Royalty Ounces (000s)1,2 20 25 28 Inferred Royalty Ounces (000s)2 4 4 4 P&P Royalty Ounces (000s)2 8 12 20 1 Please refer to the tables on pages 114-120 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 1.5% is applicable Edikan is a large-scale, low-grade multi open-pit operation, which began commercial production in 2012 with ore processed through a centralized processing facility. In 2015, mining of the Eastern Pits (Fetish, Chirawewa, Bokitsi) and Esuajah North deposits was approved. Following a mill upgrade and housing relocation project in 2016, the Esuajah South deposit was added to its production profile. From July 2020, gold production was forecast to average 212,000 ounces annually over a 6.2-year mine life, with 231,000 ounces per year on average during the first four years. Edikan produced 193,066 ounces of gold in 2024, down from 202,599 ounces in 2023. Perseus projects 2025 financial year production (July 2024 – June 2025) to be between 172,634 and 182,634 ounces and Franco-Nevada estimates that the majority of production will be from royalty ground. Exploration opportunities are expected to further extend the current mine life at Edikan with the operator focusing on new exploration targets within trucking distance. In 2022, a feasibility study on the Nkosuo prospect was completed with mining commencing in Q4 2024. Nkosuo is approximately 10 km from the Edikan mill and not covered by Franco-Nevada’s royalty, however planned trucking of ore and processing at the Edikan mill is expected to increase the project mine life, allowing for future near-mine discoveries which could potentially fall on royalty ground. Edikan, Ghana Exploration License Mining License and Royalty Area Deposit Accra Edikan Ghana N kilometer 10 0 Edikan 1.5% NSR Ayanfuri Mine Licenses Mill Site Esuajah South Esuajah North Fetish Chirawewa Ataasi Mampon Abnabna Fobinso Dadieso 1.5% NSR Stable production Exploration potential to further extend current mine life Franco-Nevada Corporation ★ 77 TSX / NYSE: FNV Rest of World Additional Information Mineral Resources and Mineral Reserves Diversified Assets

YA N D A L ( B R O N Z E W I N G ) Location: Australia | Operator: Northern Star Resources Limited. | Precious Metals: Au | Royalty: NSR: 2% Bronzewing is located in the Yandal Greenstone Belt of Western Australia. Franco-Nevada’s royalty covers 590 km2 including all Mineral Resources identified. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 1.1 $ 0.5 $ − M&I Resources (koz Au)1 3,764 3,882 3,909 Inferred Resources (koz Au)1 468 518 459 P&P Reserves (koz Au)1 2,143 2,320 2,147 M&I Royalty Ounces (000s)1,2 35 36 37 Inferred Royalty Ounces (000s)2 4 5 4 P&P Royalty Ounces (000s)2 19 20 19 1 Please refer to the tables on pages 114-120 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 47% of Mineral Resources and Mineral Reserves (47% in 2023, 47% in 2022) are subject to our royalty interest and estimates a rate of 2.0% is applicable Bronzewing produced 2.19 million ounces of gold from several open pit and underground deposits from 1994 to 2004 and a further 0.19 million ounces from open pit deposits from 2010 to 2013. The project has changed ownership several times since 2013. Northern Star acquired the project in November 2019 in a A$193 million take-over deal. Northern Star invested A$180 million to double capacity at the Thunderbox Mill from 3.0 million tonnes per annum to 6.0 million tonnes per annum. The mill expansion was completed in December 2022 and mining resumed at Bronzewing in April 2023. Ore is sourced from the Orelia open pit gold deposit and hauled 100 km south to the Thunderbox Mill for processing. Northern Star’s Thunderbox Operations includes Bronzewing (Orelia) and Thunderbox. Northern Star reported total production of 225,545 ounces of gold at Thunderbox Operations in 2024. Approximately 7% of total Thunderbox Operations gold production was subject to Franco-Nevada’s royalty in 2024. The Yandal project also includes the Julius deposit where Franco-Nevada has a 1.5% NSR royalty under a separate royalty agreement. During 2021, Northern Star developed Julius as a satellite deposit of the Jundee Gold Mine. Mining at Julius ceased in June 2022, though some stockpile ore remains. Franco-Nevada received $1.1 million of royalty revenue from Julius in 2024. Yandal (Bronzewing) 2% NSR kilometer 10 0 N Current Royalty Tenements Excluded from Royalty Perth Port Hedland Kalgoorlie Wiluna Leinster Norseman Kambalda Yandal Orelia Operating mine Ore transported and processed at a central mill TSX / NYSE: FNV 78 ★ Franco-Nevada Corporation Rest of World Overview Precious Metals

Kiziltepe, Türkiye W I L U N A Location: Australia | Operator: Wiluna Mining Corporation Limited | Precious Metals: Au | Royalty: NSR: 3.6% Franco-Nevada holds a 3.6% NSR royalty on all gold production from the Wiluna Gold Project located in Western Australia, covering all the 1,150 km2 property. Wiluna was discovered in 1896 and has produced in excess of 4.0 million ounces of gold to date, with nearly continuous production from 1987 to 2022. Wiluna has a 2.1 million tonnes per annum CIL treatment plant and has processed ore from several open pit and underground deposits. Wiluna Mining Corporation Limited (“WMC”) commissioned a 750,000 tonnes per annum Sulphide Ore Concentrate Plant in 2021 but then went into Voluntary Administration on July 20, 2022. Mining operations ceased on December 14, 2022. Stockpile processing continued to February 2023. Small-scale tailings reprocessing activity continued throughout 2024, to offset ongoing care and maintenance costs. Total production at Wiluna was 25,529 ounces of gold in 2024. Franco-Nevada executed a Forbearance and Convertible Note Deed with the Administrators of WMC in August 2023. Under this agreement, royalties continue to accrue to Franco-Nevada, but Franco-Nevada agreed not to enforce its rights under the royalty agreement while WMC seeks to recapitalize and relist on the ASX. WMC published a Pre-Feasibility Restart Study in February 2024, and a strategic review is underway. Franco-Nevada received no royalty revenue from Wiluna in 2024. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 3.6% is applicable K I Z I LT E P E Location: Türkiye | Operator: Zenit Madencilik San. ve Tic. A.S. | Precious Metals: Au & Ag | Royalty: NSR: 2.5% Franco-Nevada has a 2.5% NSR on the Kiziltepe gold-silver mine located in Türkiye which started production in April 2017. Kiziltepe is operated by Zenit Madencilik San. ve Tic. A.S., a JV owned by Özaltin Holding A.S. (53%), Ariana Resources PLC (“Ariana Resources”) (23.5%) and Proccea Construction Co. (23.5%). Kiziltepe produced 20,866 ounces of gold in 2024 compared with 17,683 ounces of gold in 2023. Ariana Resources had previously estimated average production of 20,000 ounces of gold equivalent per year over an initial 8-year mine life from 2017 to 2024. The operation is now targeting a minimum 10-year mine life with Mineral Reserves sufficient to enable production through 2026. Further exploration is underway with extensions to mine life possible across various vein systems covered by Franco-Nevada’s royalty. 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 Franco-Nevada Corporation ★ 79 TSX / NYSE: FNV Rest of World Additional Information Mineral Resources and Mineral Reserves Diversified Assets

P A N D O R A Location: South Africa | Operator: Sibanye Stillwater Limited | Precious Metals: PGM | Royalty: NSR: 1% Franco-Nevada’s 1.0% Pandora NSR covers part of Sibanye-Stillwater’s Marikana operations within their Western Limb PGM Mining Operations in South Africa. In February 2025, the 5% net profit interest previously held by Franco- Nevada on the Pandora property was converted to a 1% net smelter return royalty. Sibanye-Stillwater’s Pandora property forms a portion of its Marikana operations and is 100% owned following its acquisition of Lonmin plc (“Lonmin”) in June 2019 and includes the currently operating E3 decline. The royalty ground includes extensive underground resources, which offers the potential for the development of low capital cost, brownfields, and replacement projects. Sibanye-Stillwater has identified a number of these projects in various stages of pre-feasibility and feasibility studies which have the potential to meaningfully extend the mine life and substantially increase production levels with the E3 extension, E4, and Saffy projects covering a portion of the royalty ground. For Royalty Ounce calculation, please refer to page 72 for the Western Limb Mining Operations table and notes which includes the 1% NSR on Pandora S O U T H K A L G O O R L I E Location: Australia | Operator: Northern Star Resources Limited | Precious Metals: Au | Royalty: NSR: 1-4% Northern Star Resources Limited (“Northern Star”) operates the South Kalgoorlie Operation (“SKO”) which has been producing gold since 1989. SKO is located 15 km south of Kalgoorlie in Western Australia. Franco- Nevada holds a 1.75-4% NSR royalty for gold and a 1-2.25% NSR royalty for other minerals which covers 470 km2 of the SKO tenements including the HBJ underground mine and the Mt Marion and Pernatty satellite deposits, along with the 1.2 million tonnes per annum Jubilee Mill. Northern Star placed the Jubilee mill on care and maintenance in July 2022, with ore feed directed to mills at Kanowna Belle and Fimiston. Effective January 1, 2023, the royalty agreement was amended to increase the royalty rate on the northern and central sections of the HBJ underground mine from 1.75% to 4%. Northern Star combines reporting of SKO with the Kanowna Belle gold mine, and reported total production of 173,160 ounces of gold at the combined Kalgoorlie Operations for the year ended December 31, 2024. Franco-Nevada estimates that the royalty production accounts for approximately 50% of total combined Kalgoorlie Operations production. Franco-Nevada received $10.5 million of royalty revenue from SKO in 2024. In June 2023 Northern Star approved the A$ 1.5 billion Fimiston Mill Expansion Project to increase and modernize KCGM’s processing capacity from 13 million tonnes per annum to 27 million tonnes per annum. Construction is underway and scheduled for three years, with a two-year ramp-up towards steady state of 27 million tonnes per annum by 2029. Exploration activity includes the Hercules discovery announced May 2023, located 20 km west of the HBJ mine on tenements subject to a 1.75% royalty to Franco-Nevada. Drilling results include 21 meters at 3.0 g/t gold. For Royalty Ounce calculation, Franco-Nevada estimates 32% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 4.0% is applicable for Mineral Resources and Mineral Reserves D U K E T O N Location: Australia | Operator: Regis Resources Ltd. | Precious Metals: Au | Royalty: NSR: 2% Franco-Nevada has a 2% NSR royalty that covers 2,678 km2 of the Duketon gold project in Western Australia. The project is operated by Regis Resources Ltd. (“Regis”) and includes six operating mines and multiple satellite deposits at various stages of development. The royalty covers all known Mineral Resources and Mineral Reserves, except for the Gloster, Ben Hur and Anchor satellite deposits and portions of the Erlistoun, Dogbolter and Petra satellite deposits. Regis reported production of 258,861 ounces of gold for 2024 and provided production guidance of 220,000 to 240,000 ounces of gold for the fiscal year ending June 30, 2025. During 2024, approximately 86% of total Duketon production was subject to Franco-Nevada’s royalty and a similar portion is expected in 2025. The three mills (Moolart Well, Garden Well and Rosemont) at Duketon have total processing capacity of 10 million tonnes per annum. Ore is sourced primarily from the Garden Well and Rosemont underground mines, and the Ben Hur open pit. Multiple low-grade stockpiles provide feed to all three mills. For Royalty Ounce calculation, Franco-Nevada estimates 89% (88% in 2023, 88% in 2022) of Mineral Reserves and 87% of the Mineral Resources (84% in 2023, 86% in 2022) are subject to our royalty interest and estimates a rate of 2.0% is applicable TSX / NYSE: FNV 80 ★ Franco-Nevada Corporation Rest of World Overview Precious Metals

R E B E C C A Location: Australia | Operator: Ramelius Resources | Precious Metals: Au | Royalty: NSR: 1.5% The Rebecca-Roe Gold project is located in Western Australia, 150 km east of Kalgoorlie. Franco-Nevada’s 1.5% NSR royalty covers a 160 km2 area and all Rebecca Mineral Resources. Ramelius Resources (“Ramelius”) completed a Pre-Feasibility Study (“PFS”) for the Rebecca-Roe Gold Project in December 2024. Board approval for completion of Definitive Feasibility Study and Final Investment decision is targeted for July 2025, with open pit mining at Rebecca targeted to commence September 2026 and first ore production July 2027. The PFS summary describes a 3 million tonne per annum processing plant located adjacent to the Rebecca deposit, total pre-production development costs of A$ 225 million, and 1,060,000 ounces of gold production over a nine year mine life, with 700,000 ounces of gold sourced from the Rebecca deposits. Franco-Nevada’s royalty does not cover the Roe deposits. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 1.5% is applicable P E R A M A H I L L Location: Greece | Operator: Eldorado Gold Corporation | Precious Metals: Au | Royalty: NSR: 2% Franco-Nevada has a 2% NSR on the Perama Hill project held by Eldorado Gold Corporation (“Eldorado”). The Perama Hill gold project is located in the Thrace region of northeastern Greece and consists of two mining titles covering an area of 19 km2 and two mining exploration licenses covering an area of 18 km2. Perama Hill has an estimated Mineral Reserve of 997,000 ounces (10.3 million tonnes grading 3.01 g/t) and contemplates operating as a small open pit mine using a conventional carbon-in-leach gold recovery circuit with a 10-year Reserve mine life at approximately 100,000 ounces of gold per year. Eldorado has reported that the project is the next mine it expects to develop in Greece after the Skouries project, where commercial production is expected in mid-2026. Exploration potential in the region supports opportunities for growth, with social/environmental due diligence continuing in 2025 along with project optimization and studies. Future developments include advancing through the EIA process. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 2.0% is applicable S I S S I N G U É Location: Côte d’Ivoire | Operator: Perseus Mining Limited | Precious Metals: Au | Royalty: NSR: 0.5% In 2013, Franco-Nevada acquired a 0.5% NSR on tenements that comprise the Sissingué gold project located in Côte d’Ivoire operated by Perseus. The project is comprised of the Sissingué Gold Mine (“SGM”) and the satellite deposits Fimbiasso and Bagoé, located approximately 40 kilometres from the Sissingué processing facilities. Franco-Nevada’s royalty covers SGM but does not cover the Fimbiasso and Bagoé claims. Perseus commenced commercial gold production in 2018 and reported 2024 production from Sissingué of 69,407 ounces of gold. In March 2022, Perseus announced that the mine life for Sissingué had been extended to March 2026 with estimated average annual production of 72,000 ounces of gold. Production in the latter years was forecast to come primarily from the Fimbiasso and Bagoé satellite deposits, which is not covered by Franco-Nevada’s royalty. Potential was noted for a further mine life extension by processing low grade ore stockpiles. At the Sissingué Gold Mine and Fimbiasso Satellite Pits, ongoing exploration continues to identify extensions to existing mineral deposits and other prospects that have significant potential to extend the life of the Sissingué operation. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves at Sissingué are subject to our royalty interest and estimates a rate of 0.5% is applicable Franco-Nevada Corporation ★ 81 TSX / NYSE: FNV Rest of World Additional Information Mineral Resources and Mineral Reserves Diversified Assets

P R E C I O U S M E T A L S E X P L O R A T I O N A S S E T S Franco-Nevada has interests in 246 exploration stage mining properties (161 precious metals assets and 85 diversified (mining) assets) as at April 28, 2025. Exploration assets represent interests on projects where technical feasibility and commercial viability of extracting Mineral Resources are not demonstrable. Some of these assets have associated Mineral Resources that, to be economic, may require additional Mineral Resources, higher commodity prices, permitting approval, lower geopolitical risk or a better financing environment. A good portion of the properties are inactive and may not see activity again. Some of the properties are in proximity to producing or advanced projects. Franco-Nevada has not visited or audited its full list of exploration assets and has relied on operator reports and/or public disclosures to determine which properties are in good standing. It is possible some properties may have lapsed. The following table is a list of the precious metals exploration assets of Franco-Nevada as at April 28, 2025. A list of the diversified (mining) exploration assets can be found on pages 100-101. Assets that have had their terms or leases expire and have been written off by Franco-Nevada are not listed. Precious Metals Exploration Assets as at April 28, 2025 Asset Operator Interest and %1 South America Terra Escura, Brazil Talon Ferrous Mineracao Ltda/Votorantim S.A. 1-2% NSR (All Metals); 4% Cash Dividends La Coipa, Chile Kinross Gold Corporation 3% NSR (Au) Pascua-Lama, Chile Barrick Gold Corporation 0.54-2.7% NSR (Cu, Au) San Guillermo, Chile Austral Gold Limited (Guanaco Compania Minera SpA) 1-2% NSR (All Minerals) Volcan (Ojo de Agua), Chile Hochschild Mining plc (Tiernan Gold Corp.) 1.5% NSR (All Minerals) Ayahuanca, Peru Apumayo SAC 1% NSR (Au) Choreveco, Peru Minera del Norte S.A./Aruntani S.A.C. 0.1-0.3% NSR (Au) Cristiana, Peru Fresnillo Peru S.A.C. 1.5% NSR (All Metals) Los Pinos, Peru Tamerlane Ventures Inc. 0.5% NSR (All Metals) Mansa Musa (Minasnioc), Peru Private Investors 2% NSR (All Metals) Parinacochas (Urbaque), Peru Hochschild Mining plc 2% NSR (All Minerals) Pukaqaqa (Antoro Sur), Peru Nexa Resources Peru S.A.A. 1-2% NSR (All Minerals) Yanamina, Peru EV Resources Ltd. 5% NSR (All Minerals) Central America and Mexico Cerro San Pedro, Mexico New Gold Inc. 1.95% NSR (Au, Ag) Canada New Prosperity, British Columbia Taseko Mines Limited Stream 22% (Au) Scottie, British Columbia Scottie Resources Corp. 2% NSR (All Minerals) Spences Bridge (Talisker), British Columbia Talisker Resources Ltd. 2.5% NSR (All Minerals) Spences Bridge (Westhaven), British Columbia Westhaven Gold Corp. 2% NSR (All Minerals) Taken, British Columbia Independence Gold Corp. 2-4% NSR (All Minerals) (buy-back option to 1%) Tide, British Columbia Brigade Holdings Limited 1.5% NSR (All Minerals) Maverick (Nokomis), Manitoba Minnova Corp. 2-3% NSR (All Minerals) Maverick (Puffy Lake), Manitoba Minnova Corp. 2-3% NSR (All Minerals) Oxford Lake, Manitoba Big Ridge Gold Corp. 1.5-2.5% NSR (All Minerals) Clarence Stream, New Brunswick Galway Metals Inc. 1% NSR (All Minerals) Clan Lake (Sito Lake), Northwest Territories Roland T. Trenaman 2% NSR (All Minerals) Hyde, Nunavut Exploratus Ltd. 2.5% NSR (All Minerals) Catharine 1, Ontario Canadian Exploration Services Limited 1/3 of a 2-3% NSR (All Minerals) Catharine 4, Ontario Canadian Exploration Services Limited/Northstar Gold Corp. 2-3% NSR (All Minerals) Detour (Gowest), Ontario Agnico Eagle Mines Limited 1% NSR (All Minerals) (buy-back option on 0.5%) Detour (Mikwam), Ontario and Quebec Aurelius Minerals Inc. 0.4824% NSR (All Minerals) Edwards, Ontario Alamos Gold Inc. (Richmont Mines Inc.) 2% NSR (All Minerals) Golden Highway (Aquarius), Ontario Agnico Eagle Mines Limited 1-2% NSR (All Minerals) Golden Highway (Central Timmins), Ontario Agnico Eagle Mines Limited 0-1% NSR (All Minerals) Golden Highway (Kerrs Leases), Ontario Canoe Mining Ventures Corp. (Sheltered Oak Resources Corp.) 1-2% NSR (Au) Golden Highway (Stock), Ontario McEwen Mining Inc. 1% NSR (All Minerals) Golden Highway (Stoughton), Ontario Harte Gold Corp. 0.5-2.5% NSR (Au) Hemlo (JOA), Ontario Hemlo Explorers Inc. 0.5-1% NSR (Au) Kerr-Addison, Ontario Gold Candle Ltd. 1% NSR (All Minerals) Kirkland Lake (2% NSR-AK et al), Ontario Agnico Eagle Mines Limited 2% NSR (Au) Kirkland Lake (Underlying 2% NSR-Gracie West & AK Extensions), Ontario Agnico Eagle Mines Limited 2% NSR (Au) Kirkland Lake (Underlying 3% NSR-KLW), Ontario Agnico Eagle Mines Limited 2-3% NSR (Au) Larose, Ontario Tashota Resources Inc. 0.5% NSR (All Minerals) Marathon PGM (Sally Deposit), Ontario Generation Mining Limited 2% NSR (Pt, Pd) Musselwhite (North), Ontario Orla Mining Ltd. 2% NSR (All Minerals) Red Lake (Madsen: Newman-Heyson claims), Ontario West Red Lake Gold Mines Inc. 1.5-2% NSR (All Minerals) Red Lake (Newman-Todd), Ontario Trillium Gold Mines Inc./Heliostar Metals Ltd. 1.5-2% NSR (Au) Red Lake (Skinner), Ontario Prosper Gold Corp. 1% NSR (All Minerals) Shining Tree (Creso), Ontario Ore Group of Companies Option to acquire 2% NSR (All Minerals) Shining Tree (Knight), Ontario Timothy A. Young 2-3% NSR (Au) TSX / NYSE: FNV 82 ★ Franco-Nevada Corporation Precious Metals Exploration Assets Overview Precious Metals

Asset Operator Interest and %1 Canada Continued Sudbury-Podolsky, Ontario Magna Mining Inc. Stream 50% (PGM, Au) Timmins (Cripple Creek), Ontario Alamos Gold Inc. 0.3825-1.75% NSR (Au) Timmins (First Atlantic Nickel), Ontario First Atlantic Nickel Corp. 5% NSR (All Minerals) Timmins (Kreative), Ontario Kreative Ventures Limited 5% NSR (All Minerals) Timmins (Sewell), Ontario GFG Resources Inc. 1.5-2.5% NSR (Au) Timmins (West Porcupine), Ontario GFG Resources Inc. 2% NSR (All Minerals) Timmins (Whitney 1), Ontario John Prochnau 2.5% NSR (All Minerals) Timmins (Whitney 2), Ontario Discovery Silver Corp. 2.5% NSR (All Minerals) Wawa, Ontario Red Pine Exploration Inc. 1.5% NSR (All Minerals) Windarra (East Property), Ontario Wesdome Gold Mines Ltd. 0.5% NSR (All Minerals) Cadillac-Sphinx, Quebec Agnico Eagle Mines Limited 1.5% NSR (All Minerals) Casa Berardi (Caribou-Estrees), Quebec Yorbeau Resources Inc. 1.275-2.125% NSR (Au, Base Metals) Casa Berardi (Dieppe), Quebec Hecla Mining Company 2-3% NSR (Au) Destiny (Rochebaucourt), Quebec Big Ridge Gold Corp. 3% NSR (All Minerals) Eastmain, Quebec Benz Mining Corp. 1-1.15% NSR on initial 250K oz (Au) Fenelon, Quebec Wallbridge Mining Company Limited 1% NSR (All Minerals) Galinee, Quebec Glencore plc (Glencore Canada Corporation) 1.5-2% NSR (Au) Martiniere, Quebec Wallbridge Mining Company Limited 2% NSR (All Minerals) Mia, Quebec Q2 Metals Corp. 2% NSR (All Minerals) Norlartic-Camflo, Quebec Agnico Eagle Mines Limited 25% NPI (All Minerals) N2 (Northway-Noyon), Quebec Wallbridge Mining Company Limited/Formation Metals Inc. optionee 1% NSR (All Minerals) Phoenix, Quebec Bonterra Resources Inc. 0.5% NSR (All Minerals) (buy-back option on 0.25%) Wilson (Verneuil), Quebec Cartier Resources Inc. 0.5% NSR (All Minerals) Flume, Yukon Commander Resources Ltd. 2.5% NSR (All Minerals) (buy-back option to 1%) Hy, Yukon Lions Bay Mining Corp. 2% NSR (All Minerals) (buy-back option to 1%) United States Planet, Arizona Planet Mining Company LLC 2% NSR (All Minerals) (buy-back option on 1%) Darwin, California Project Darwin LLC 5% NSR plus other (Au, etc.) Cripple Creek, Colorado Searchlight Exploration, LLC 3% NSR (Au, Ag) La Plata Allard Stock, Colorado Metallic Minerals Corp. 1.5% NSR (All Minerals) Corbin Wickes, Montana Eastern Resources, Inc. 5% NSR (Au) Elkhorn, Montana Eastern Resources, Inc. 1.1875% NSR (Au) Lewis and Clark County, Montana Hartmut W. Baitis et al 1% NSR (All Minerals) Carlin (Currant Creek), Nevada Carlin Gold Corporation 3% NSR (All Minerals) Carlin (South Railroad), Nevada Orla Mining Ltd. 1% NSR (All Minerals) Carlin (Willow Creek), Nevada Carlin Gold Corporation 1% NSR (All Minerals) Dune, Nevada Integra Resources Corp. (Millennial NV LLC) 2% NSR (All Minerals) (buy-back option on 1%) Eden, Nevada Integra Resources Corp. (Millennial NV LLC) 2% NSR (All Minerals) (buy-back option on 1%) Fire Creek, Nevada Hecla Mining Company 2.5% NSR (Au, Ag) Gabbs, Nevada P2 Gold Inc. (P2 Gabbs Inc.) 2% NSR (All Minerals) (buy-back option on 1%) Getchell, Nevada Barrick Gold Corporation/i-80 Gold Corp. 2% NSR (Au) Goldstrike (Rodeo Creek), Nevada Nevada Gold Mines LLC 4% NSR; capped at $500K (Au, Ag) Granite Creek (Getchell), Nevada i-80 Gold Corp. (Osgood Mining Company LLC) 2% NSR (Au) Hollister, Nevada Hecla Mining Company 3-5% NSR (Au, Ag) Limousine Butte, Nevada NevGold Corp. 1.5-2.5% NSR (Au) Marigold (SAR), Nevada SSR Mining Inc. 5% NSR (Au) Marigold (Trout Creek), Nevada Nevada Gold Mines LLC 3% NSR (Au) Marr, Nevada Integra Resources Corp. (Millennial NV LLC) 2% NSR (All Minerals) (buy-back option on 1%) Midas, Nevada Hecla Mining Company 2.5% NSR (Au, Ag) Mountain View 1, Nevada Integra Resources Corp. 1% NSR (All Minerals) Mountain View 2, Nevada Integra Resources Corp. (Millennial NV LLC) 0.5% NSR (Au) Nevada Mineral-Eureka County, Nevada Nevada Gold Mines LLC 2% NSR (All Minerals) Ocelot, Nevada Integra Resources Corp. (Millennial NV LLC) 2% NSR (All Minerals) (buy-back option on 1%) Preble, Nevada Barrick Gold Corporation/Nevada Gold Mines LLC 10% NP (Au) Preble (Pinson Fee), Nevada Barrick Gold Corporation 1.5-7.5% NSR (Au, Ag) Rain-Emigrant-Saddle, Nevada Nevada Gold Mines LLC 1.5% NSR (All Minerals) Sandman, Nevada Borealis Mining Company Ltd. 0.5674% NSR on initial 200K oz (Au) Sleeper, Nevada Paramount Gold Nevada Corp. 2% NSR (All Minerals) Tonkin Springs, Nevada McEwen Mining Inc. 1-2% NSR (Au) Wildcat, Nevada Integra Resources Corp. (Millennial NV LLC) 0.5% NSR (Au) Kings Canyon, Utah Pine Cliff Energy Ltd. 4% NSR (Au) Silver Bell, Utah Unico, Inc. 5% NSR plus other (Au, Cu, Pb, Zn) TUG (Tecoma), Utah Fronteer Development (USA) Inc. 5% NSR (All Minerals) Franco-Nevada Corporation ★ 83 TSX / NYSE: FNV Precious Metals Exploration Assets Additional Information Mineral Resources and Mineral Reserves Diversified Assets

Asset Operator Interest and %1 Australia Brown’s Creek, New South Wales Australian Native Landscapes/Hargraves Resources NL 2.25% NSR (All Minerals) Brown’s Creek (Blayney), New South Wales Regis Resources Limited 2.25% NSR (All Minerals) Brocks Creek (Zapopan), Northern Territory Agnico Eagle Mines Limited A$20/oz (Au) Reynolds Range, Northern Territory Prodigy Gold NL 1-2.5% NSR (Au) Rover, Northern Territory Castile Resources Limited 1.5-2.5% NSR (All Minerals) Spring Hill, Northern Territory PC Gold Pty Ltd A$5.70-13.30/oz (Au) Tennant Creek, Northern Territory Emmerson Resources Limited 1.29% NSR (Au) Tennant Creek (Chariot), Northern Territory Emmerson Resources Limited A$17.10 or A$30/oz (Au) Tennant Creek-Evolution, Northern Territory CuFe Limited/Evolution Mining Limited 1.29% NSR (Au) Tennant Creek (Orlando), Northern Territory CuFe Limited/Evolution Mining Limited A$30/oz; capped at 64K oz (Au) Crush Creek, Queensland Navarre Minerals Limited 2.75% GR (All Minerals) Top Camp, Queensland Orion Metals Limited 0.5% GR (Au)/NPI (Other Minerals) Twin Hills, Queensland Jinan High-Tech Development Co., Ltd. 2.5% NSR (Au) Admiral Hill, W. Australia Focus Minerals Limited Production Payment (Au) Agnew, W. Australia Gold Fields Limited 2.5% GR (All Minerals) Agnew (Cox), W. Australia Gold Fields Limited 5% GR (Au) Agnew (Miranda Gold), W. Australia Gold Fields Limited 3% GR (Au) Agnew (Vivien Gold Mine), W. Australia Ramelius Resources Limited 3% GR (Au) Bullabulling, W. Australia Zijin Mining Group Co., Limited 1% GR (Au) Bullfinch, W. Australia Torque Metals Limited 1% NSR (Au) Butcher Well, W. Australia AngloGold Ashanti Limited/Northern Star Resources Limited 1% NSR; 50K oz production threshold (Au) Butcher Well Area, W. Australia AngloGold Ashanti Limited/Northern Star Resources Limited 0.68-1% NSR (Au) Cue Gold (Day Dawn), W. Australia Westgold Resources Limited 1% GR (Au) Duketon (Southwest), W. Australia Regis Resources Limited 2% NSR (All Minerals) Duketon (West), W. Australia Regis Resources Limited/Duketon Mining Limited (Ni only) 2% NSR (All Minerals) Flushing Meadow, W. Australia Yandal Resources Limited 1% NSR (Au, Other Minerals) Glenburgh, W. Australia Gascoyne Resources Ltd 1.5% NPI (All Minerals) Granny Smith (Windich South), W. Australia Gold Fields Limited 1% NSR (All Minerals) Gum Creek (Gidgee/Wyooda Thangoo), W. Australia Horizon Gold Limited A$0.60/tonne (Au) Gum Creek (Sandstone II/Howards), W. Australia Horizon Gold Limited A$0.35/dry tonne (All Minerals) Lake Maitland, W. Australia Toro Energy Limited (Uranium)/Mega Uranium Ltd (Au, Other Minerals) 1% NSR (All Minerals) Marvel Loch (May Queen), W. Australia Shandong Tianye Real Estate Development Group Co., Ltd. A$0.50-1.00/cubic metre (Au) Mungari (Carbine North/Chadwin’s Dam), W. Australia Evolution Mining Limited 3% NPI (All Minerals) Mungari (Lady Jane), W. Australia Evolution Mining Limited 4.5% GR (Au) Munni Munni, W. Australia Alien Metals Ltd One-time payment on production (Au and/or Pt) Murrin Murrin Gold, W. Australia Zeta Resources Limited 2.625% NSR (Au, Sulfides) Paddington (Breakaway Dam/12 Mile), W. Australia Zijin Mining Group Co., Limited A$1/ton (All Minerals) Paddington (Matt Dam), W. Australia Zijin Mining Group Co., Limited A$0.60/tonne (Au) Polar Bear, W. Australia Westgold Resources Limited 2% NSR (All Minerals) Randwick Gold Hill, W. Australia E Bouverie, Trindal P/L, Lucas Gold P/L et al 1-1.5% GR (Au) Rebecca, W. Australia Ramelius Resources Limited 1.5% NSR (Au) Red October, W. Australia Matsa Resources Limited 1.75% NSR (Au) South Kalgoorlie (St Ives), W. Australia Gold Fields Limited 1-1.75% NSR (Au, Ag, Other Minerals) Super Pit (Western Lease), W. Australia Northern Star Resources Limited 2.5% GR (Au) Talga Talga, W. Australia Novo Resources Corp. 1.5% NSR (Au) Western Tamani (Coyote), W. Australia Black Cat Syndicate Limited A$5-15/oz on production between 300K-1M oz (Au) Yundamindera, W. Australia Nex Metals Explorations Ltd/Metalicity Limited (earning 51%) 1% NSR (Au) Rest of World Urasar, Armenia Hayasa Metals Inc. (Hayasa Resources Corp LLC) 0.625% NSR (All Minerals) Maibulak deposit, Kazakhstan KAZ Minerals plc $10.41/oz plus escalator (Au) Cooke 4, South Africa Sibanye Stillwater Limited 7% Stream (Au) Aği Daği-Camyurt, Türkiye Alamos Gold Inc. 2% NSR (Au) Hasandagi, Türkiye Koza Altin İşletmeleri A.Ş 2% NSR (Au) Karadag, Türkiye Koza Altin İşletmeleri A.Ş 2.5% NSR (Au) Torul, Türkiye Koza Altin İşletmeleri A.Ş 1.5% NSR (Au) 1 Royalty terms have been simplified for presentation purposes. Different terms may apply to certain portions of properties or by commodity. Some royalties may have sliding scales tied to commodity price. Others may include participation in sale proceeds of property or gross sales TSX / NYSE: FNV 84 ★ Franco-Nevada Corporation Precious Metals Exploration Assets Overview Precious Metals

Diversified Assets Additional Information Mineral Resources and Mineral Reserves Diversified Assets

D I V E R S I F I E D A S S E T S I N D E X (Iron Ore, Other Mining and Energy) DIVERSIFIED Iron Ore 88 Vale (Iron Ore, Cu, Au & Other) 88 LIORC (Iron Ore) 90 Other Mining 91 NuevaUnión (Relincho) (Cu, Au & Mo) 91 Taca Taca (Cu, Au & Mo) 92 Caserones (Cu & Mo) 93 Copper World Project (Cu, Mo, Ag & Au) 94 Ring of Fire (Cr, Ni, Cu & PGM) 95 Crawford (Ni, Co, Cr & PGM) 96 Rogozna (Cu, Zn, Pb, Au & Ag) 96 Robinson (Cu, Mo, Ag & Au) 97 EaglePicher (De) 97 Copper Creek (Cu, Mo & Ag) 98 Milpillas (Cu) 98 Mt Keith (Ni) 99 Diversified (Mining) Exploration Assets 100 U.S. Energy 104 Permian Basin 104 Marcellus 105 Haynesville 106 SCOOP/STACK 107 Canadian Energy 108 Weyburn Unit 108 Orion 109 Other Producing Energy Assets 110 Energy Exploration Assets 111 TSX / NYSE: FNV 86 ★ Franco-Nevada Corporation Overview Precious Metals Diversified Assets

Diversified Assets Weyburn SCOOP Orion Permian Basin STACK Marcellus Ring of Fire Crawford Taca Taca NuevaUnión (Relincho) Milpillas Haynesville Vale N. System Vale S.E. System Sossego Robinson Copper World Project Carol Lake EaglePicher Producing Advanced Exploration Mt Keith Caserones Copper Creek Rogozna Franco-Nevada Corporation ★ 87 TSX / NYSE: FNV Additional Information Mineral Resources and Mineral Reserves

V A L E Location: Brazil, South America | Operator: Vale S.A. | Metals: Iron Ore, Cu, Au & Others | Royalty: 0.264% Iron Ore, 0.367% Copper / Gold, 0.147% Other1 In April 2021, Franco-Nevada acquired 57 million Participating Debentures (“Royalty Debentures”) for $538 million, providing holders with effective net sales royalties on Vale S.A.’s (“Vale”) Northern and Southeastern Iron Ore Systems and on certain copper and gold operations in Brazil (together, the “Royalty”). 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 36.7 $ 35.1 $ 40.7 Vale (Northern and Southeastern System) M&I Resources (Mt Iron Ore)2 16,400 16,809 17,150 Inferred Resources (Mt Iron Ore)2 4,055 3,877 3,880 P&P Resources (Mt Iron Ore)2 7,672 8,534 8,865 Sossego (Au) P&P Reserves (koz Au)2 377 518 470 Sossego (Cu) P&P Reserves (Mlbs Cu)2 804 1,102 1,166 M&I Royalty Ounces (000s)3 621 1,114 1,380 Inferred Royalty Ounces (000s)3 41 64 84 P&P Royalty Ounces (000s)3 442 800 1,006 1 See Franco-Nevada AIF for the year ended December 31, 20243 and Vale’s website for Royalty Debenture details including deed, semi-annual debenture reports, and annual mineral property inventory 2 Please refer to the tables on pages 114-120 for a breakout of grade and tonnages and details for Sossego Mineral Resources 3 For Royalty Ounce calculation, the Vale Royalty covers specified mining rights in the Northern and Southeastern Systems reflecting the specified properties held by Vale at privatization. At the Northern System, all of the Mineral Resources and Mineral Reserves are estimated to be covered by the Vale Royalty and at the Southeastern System, 60% of Mineral Reserves are estimated to be covered by the Vale Royalty and due to the limited recent disclosure by Vale S.A. on Mineral Resources for the Southeastern System only Mineral Resources covering Itabira are included in the calculation. Historically, approximately 60 Mtpa of Southeastern System production has been attributable to the Vale Royalty and is expected to remain at that level over the medium-term. The Mineral Reserves of the Southeastern System include non-approved projects that are not covered by the Vale Royalty (e.g., the Apolo project). In addition, Franco-Nevada accounts for moisture, mass recovery, and allowable deductions under the Vale Royalty, as described more fully on Vale’s website. For the Royalty Ounce calculation associated with the Mineral Reserves of the Sossego mine, Franco-Nevada accounts for allowable deductions and mineral recovery and Mineral Resources have been excluded based on limited disclosure by Vale S.A. and inclusion of projects not covered by the Vale Royalty in the Mineral Resources. Refer to Vale’s 2023 20-F annual report for additional information The acquisition represents 14.7% of the total issued Royalty Debentures by Vale. The Royalty Debentures were issued in 1997 with the privatization of Vale to provide exposure to future resource growth from specified properties held at the time. Royalty payments are made by Vale on a semi-annual basis on March 31st and September 30th of each year reflecting production in the preceding half calendar year period. Northern System The Royalty terms, on a 100% basis, provide for a 1.8% (0.264% attributable) net sales royalty on iron ore sales from the Northern System mines. The Northern System located in Carajas, Para state, Brazil is a fully integrated operation inclusive of mines, railroad, maritime facilities and a port. The Northern System includes the Serra Sul (i.e. S11A-D), Serra Norte and Serra Leste mines and represents one of the largest mining complexes globally with long-life reserves and excellent potential for mine life extensions. The Northern System has been in operation since 1984 with the most recent development of the Serra Sul (S11D) mine in 2016. The current reserve life at the complex supports multi-decades of mining. The Northern System produced 178 million tonnes of premium high-grade iron ore in 2024. Production is expected by Vale to be in line year over year and gradually increase through the approved expansion of Serra Sul (+20 million tonnes project scheduled for completion in 2H of 2026) and other growth projects. Southeastern System The Royalty terms, on a 100% basis, provide for a 1.8% (0.264% attributable) net sales royalty on iron ore sales from the portion of production covered by the Royalty in the Southeastern System. The Southeastern System located in the Iron Quadrangle of Minas Gerais, Brazil is a key global producer of pellet feed and is a fully integrated complex with rail, maritime facilities and a port. Contributions to the Royalty will start once a cumulative sales threshold of 1.7 billion tonnes of iron ore has been reached, expected by Vale in 2025, adding approximately 30% volume attributable to the Royalty (c.60 million tonnes per annum). The Royalty provides partial coverage of the three Southeastern System mining complexes. The primary complexes within the Royalty area are: Itabira, Minas Centrais (Brucutu mine), Mariana (Fazendao and, to a lesser extent, Capanema mines). We estimate 60.8 million tonnes sold from the covered mineral properties in 2024 and that production levels from the complexes will remain steady over the medium to long term. Sossego The Royalty also provides for a 2.5% royalty on 50% of net sales (i.e. 1.25% or 0.183% attributable) on the Sossego copper mine and certain other smaller copper and gold assets in the surrounding area. Sossego is located in Carajas, Para state, Brazil and is an open pit operation with nominal capacity to produce approximately 93,000 tonnes per year of copper in concentrate. Sossego produced 65,400 tonnes of copper in 2024. The Royalty further covers certain adjacent satellite deposits to Sossego which are being studied by Vale as replacement/life extensions for the operation. Other Additionally, the Royalty provides for a 1% (0.147% attributable) net sales royalty on (i) all other minerals and (ii) on net proceeds in the event of an underlying asset sale. In total, the Royalty covers approximately 15,000 km2 of prospective geology. Vale, Brazil TSX / NYSE: FNV 88 ★ Franco-Nevada Corporation Iron Ore Overview Precious Metals Diversified Assets

Vale 0.264% Iron Ore, 0.367% Copper/Gold 0.147% Other Iron Asset Royalty Area Cu/Au Asset Southeastern System Northern System Brazil Southeastern System Caué (Fe) Conceição (Fe) Itabira Overview Minas Centrais Overview Mariana Overview Brucutu (Fe) Fazendão (Fe) Capanema (Fe) Alemão Project (Cu/Au) Serra Norte (Fe) Serra Leste (Fe) S11D (Fe) Sossego (Cu/Au) Northern System kilometer 10 0 N kilometer 10 0 N Vale, Brazil World class iron ore mines producing high quality iron ore for low emission steel Strong potential for growth and multi-decade mine lives Fully integrated production provides cost advantage Large land package Franco-Nevada Corporation ★ 89 TSX / NYSE: FNV Iron Ore Additional Information Mineral Resources and Mineral Reserves

L I O R C Location: Newfoundland and Labrador, Canada | Operator: Rio Tinto plc | Metals: Iron Ore | Royalty: GORR: 0.7% Iron Ore, IOC Equity 1.5% Franco-Nevada holds 6.3 million common shares (a 9.9% equity investment) in Labrador Iron Ore Royalty Corporation (“LIORC”). 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 13.8 $ 12.1 $ 14.8 M&I Resources (Mt Iron Ore) 1,785 1,931 1,931 Inferred Resource (Mt Iron Ore) 665 811 811 P&P Reserves (Mt Iron Ore) 966 1,077 1,077 M&I Royalty Ounces (000s)1,2 169 296 332 Inferred Royalty Ounces (000s)2 63 124 139 P&P Royalty Ounces (000s)2 91 165 185 1 Please refer to the tables on pages 114-120 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, calculation based on overriding royalty interest only and takes into account moisture, mass recovery, and allowable deductions. Refer to LIORC’s annual report for additional information The position was acquired over a number of years for a total investment of C$93 million, representing an average cost of C$14.72/share. The investment in LIORC functions similar to a royalty given the flow through of revenue generated from LIORC’s underlying 7% gross overriding royalty interest (0.7% attributable), C$0.10 per tonne commission (C$0.01 per tonne attributable), and 15.1% equity interest (1.5% attributable) in Iron Ore Company of Canada’s (“IOC”) Carol Lake mine, operated by Rio Tinto plc (“Rio Tinto”). LIORC normally pays cash dividends from net income derived from IOC to the maximum extent possible, while maintaining appropriate levels of working capital. Over the past five years (2020-2024), cash flow from operations at LIORC has averaged c.55% from the royalty and commission with the balance from IOC dividends from the 15.1% equity interest. IOC produces high grade +65% Fe iron ore concentrate for sale and pellets with a reserve-only +20-year mine life and a large mineral resource supporting further extensions. IOC has nominal capacity of 23.3 Mtpa (combined concentrate and pellets) with 2024 attributable sales of 16.9 million tonnes and Rio Tinto has provided 2025 guidance of saleable production between 16.5 and 19.4 million tonnes. In 2024, total capital expenditures at IOC were US$376 million, below the forecast of US$431 million due to deferral of certain projects. In 2025, capital expenditures at IOC are forecast by IOC to be US$342 million, including US$51 million of growth and development projects. IOC benefits from integrated infrastructure, including the mine, concentrator/ pellet facilities, railway, and a port at Sept-Îles, Quebec. IOC has a long history as a supplier of high quality, low impurity, premium iron ore and pellets which has typically received premium prices from the European steel making industry. LIORC, Newfoundland and Labrador Producer of high-quality pellets and fines +20-year reserve life with large resource base to support extensions Fully integrated from mine to port, operated by Rio Tinto +50-year track record TSX / NYSE: FNV 90 ★ Franco-Nevada Corporation Iron Ore Overview Precious Metals Diversified Assets

N U E V A U N I Ó N ( R E L I N C H O ) Location: Chile, South America | Operator: Teck Resources Limited / Newmont Corporation | Metals: Cu, Au & Mo | Royalty: NSR: 1.5% Franco-Nevada has a 1.5% NSR royalty covering the Relincho property that is part of the NuevaUnión project being advanced by 50/50 joint venture partners, Teck and Newmont. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ − $ − $ – M&I Resources (Mlbs Cu)1 16,068 16,068 16,068 Inferred Resources (Mlbs Cu)1 5,752 5,752 5,752 P&P Reserves (Mlbs Cu)1 12,078 12,078 12,078 M&I Royalty Ounces (000s)1,2 273 346 399 Inferred Royalty Ounces (000s)2 111 141 163 P&P Royalty Ounces (000s)2 196 248 286 1 Please refer to the tables on pages 114-120 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 1.275% (which factors a NSR smelting charge of 15%) and excludes the first four years of production from estimates. Copper has been converted to Royalty Ounces assuming $4.25 per pound ($3.75 per pound in 2023, $4.00 per pound in 2022) The NuevaUnión project was formed in 2015 combining Teck’s Relincho project with Newmont’s La Fortuna (formerly El Morro) deposit, located approximately 40 km apart in the Atacama region of Chile. Franco- Nevada’s 1.5% NSR is subject to a maximum price of $6.00/lb copper and threshold price of $1.50/lb copper, inflation adjusted. No royalty is paid if the average price for the quarter is less than the threshold price and royalty payments commence four years after commercial production. Franco- Nevada acquired the royalty through its acquisition of Lumina Royalty Corp. in December 2011. NuevaUnión is one of the largest undeveloped copper-gold-molybdenum projects in the Americas. A preliminary economic assessment disclosed by Teck in 2015 contemplated a conveyor to transport ore from the La Fortuna site to a single line mill and concentrator facility at the Relincho site. A 2018 prefeasibility study outlined a 36-year mine life, with a three-phase development approach assuming life of mine average production of 251,000 tonnes of copper equivalent production. Phase 1 (Years 1 – 3) would see mining and a processing facility at the Relincho site assuming processing of 104,000 tonnes per day. In Phase 2 (Years 4 – 18), mining activities would transfer to the La Fortuna site utilizing an ore conveyance system to transport ore to the processing facilities at Relincho (116,000 tonnes per day in Phase 2). Phase 3 (Years 19 – 36) would see mining activities transfer back to Relincho with an expansion to the processing facilities increasing processing to 208,000 tonnes per day. A feasibility study was also completed in 2020, with further optimization work conducted. Work in 2024 advanced select technical and strategic activities, which will continue in 2025 with a focus on establishing a cost-effective path forward. Community engagement and investment activities will continue in 2025. NuevaUnión (Relincho), Chile Royalty Area Proposed Pit Iquique Antofagasta La Serena Santiago Copiapo Relincho Argentina Chile Candelaria Marte-Lobo El Morro Pascua-Lama Cerro Casali Andacollo Regalito Pacifc Ocean Proposed Mill NuevaUnión (Relincho) 1.5% NSR kilometer 10 0 N 1.5% NSR One of the largest undeveloped Cu-Au-Mo projects in the Americas Joint venture combines Relincho and La Fortuna to one project Project synergies to significantly reduce capital expenditure Franco-Nevada Corporation ★ 91 TSX / NYSE: FNV Other Mining Additional Information Mineral Resources and Mineral Reserves

T A C A T A C A Location: Argentina, South America | Operator: First Quantum Minerals Ltd. | Metals: Cu, Au & Mo | Royalty: NSR: 1.08% Franco-Nevada has a 1.08% NSR royalty on all copper, gold and molybdenum produced from Taca Taca which was acquired through the acquisition of Lumina Royalty Corp. in December 2011. The royalty is subject to a buy-back provision based on the value of the reserves. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ − $ − $ – M&I Resource (Mlbs Cu)1 20,835 20,835 20,835 Inferred Resource (Mlbs Cu)1 4,863 4,863 4,863 P&P Reserves (Mlbs Cu)1 17,052 17,052 17,052 M&I Royalty Ounces (000s)1,2 356 368 490 Inferred Royalty Ounces (000s)2 81 86 112 P&P Royalty Ounces (000s)2 293 301 403 1 Please refer to the tables on pages 114-120 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 0.918% is applicable for the copper Royalty Ounces (which factors in a NSR smelting charge of 15%). Copper has been converted to Royalty Ounces assuming $4.25 per pound ($3.75 per pound in 2023, $4.00 per pound in 2022) The property hosts a very large copper-gold-molybdenum porphyry system and is located in the Puna region of northwestern Argentina in Salta Province, 230 km west of the provincial capital of Salta. The royalty is subject to a buy-back provision. In November 2020, First Quantum filed an updated NI 43-101 technical report and declared a maiden Mineral Reserve of over 7.7 million tonnes of contained copper. The technical report considers an open pit mine plan which contemplates processing throughput of up to 60 million tonnes per annum through a conventional flotation circuit with an initial mine life of approximately 32 years. The Measured and Indicated Mineral Resource is 2,203 million tonnes, grading 0.43% copper, and contains 9,451,000 tonnes of copper, 265,000 tonnes of molybdenum and 6,052,000 ounces of gold. The Proven and Probable Mineral Reserve has been estimated at 1,759 million tonnes, grading 0.44% copper, for 7,735,000 tonnes of contained copper, 214,000 tonnes of molybdenum and 5,087,000 ounces of gold. The 2024 Argentinian incentive regime for large investments (Régimen de Incentivo para Grandes Inversiones or RIGI) has a two-year window to apply. The legislation provides special foreign exchange provisions and tax and customs incentives, focusing on predictability, stability, and legal certainty across various sectors, including mining. First Quantum is currently preparing an update of the NI 43-101 Technical Report and plans to submit an application for the RIGI regime. First Quantum is also continuing with the project pre-development and feasibility activities. The project’s primary Environmental and Social Impact Assessment (“ESIA”) continues to be under evaluation by the Secretariat of Mining of Salta Province. Key milestones such as an independent evaluation from SEGEMAR (Argentinian Geological and Mining Service) were completed during the fourth quarter of 2024, which included a workshop and site visit. Following a decision on the ESIA, subsequent proceedings for detailed construction and operation permits will continue. A pre-feasibility ESIA was submitted in 2021 for a bypass and access road construction which approval is underway. The environmental aspects for a 345 kilovolts power line development was approved in 2022, and First Quantum is advancing additional technical aspects required for the ESIA. The project will also require approval of concessions for borefield water supply for the mine, which applications for industrial water concessions were submitted in 2023 and are expected to be granted following the approval of the mining ESIA. Taca Taca 1.08% NSR kilometer 5 0 N First Quantum 2020 Technical Report Ultimate Pit Design N Arica Iquique Antofagasta La Serena Copiapo NuevaUnión (Relincho) Peru Argentina Taca Taca Pacifc Ocean Royalty Area 1.08% NSR 1.08% NSR Large porphyry deposit with reserve of over 7.7 Mt of contained copper and 5.1 Moz of Au Potentially First Quantum’s next development project Feasibility activities, pre-development and permitting work underway TSX / NYSE: FNV 92 ★ Franco-Nevada Corporation Other Mining Overview Precious Metals Diversified Assets

C A S E R O N E S Location: Chile, South America | Operator: Lundin Mining Corporation | Metals: Cu & Mo | Royalty: NSR: 0.517% Franco-Nevada holds an effective 0.517% NSR on the producing Caserones copper-molybdenum mine located in the Atacama Region of northern Chile. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 3.9 $ 5.8 $ 3.0 M&I Resource (Mlbs Cu)1 8,195 9,434 10,197 Inferred Resource (Mlbs Cu)1 564 908 0 P&P Reserves (Mlbs Cu)1 5,736 5,990 6,489 M&I Royalty Ounces (000s)1,2 55 80 93 Inferred Royalty Ounces (000s)2 4 8 – P&P Royalty Ounces (000s)2 38 51 59 1 Please refer to the tables on pages 114-120 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 0.4395% is applicable for the copper Royalty Ounces (which factors in a NSR smelting charge of 15%). Copper has been converted to Royalty Ounces assuming $4.25 per pound ($3.75 per pound in 2023, $4.00 per pound in 2022) Through a series of transactions in 2022 and 2023 Franco-Nevada acquired a 0.517% NSR for a net cost of $42.3 million. Caserones is an open pit mine which began operation in 2013, following a capital investment of approximately US$4.2 billion. On March 27, 2023, Lundin Mining announced that it had entered into a binding purchase agreement to acquire 51% of the outstanding equity of SCM Minera Lumina Copper Chile (“Lumina Copper”), a wholly owned subsidiary of JX Nippon Mining & Metals Corporation of Japan, and on July 2, 2024 their interest was increased to 70%. The mine is located approximately 125 km southeast of Copiapó, 9 km from the border with Argentina and is situated at an elevation ranging between 3,200 meters and 5,500 meters above sea level. The porphyry copper-molybdenum deposit is located within a large land package, of which the royalty covers ~170 km2. The asset produces copper and molybdenum concentrates from a conventional crusher, mill and flotation plant, as well as copper cathode from a dump leach, solvent extraction and electrowinning plant (“SX-EW”). The processing facilities have historically produced approximately 100,000 to 120,000 tonnes of copper in concentrate, 1,700 to 2,500 tonnes of molybdenum in concentrate and approximately 25,000 tonnes of copper cathodes per year. Lundin issued guidance for 115,000 to 125,000 tonnes of copper in 2025 (on a 100% basis) and they plan to carry out an 18,000 meter drill program on their large land package. Caserones, Chile 1 Grants the title holder the right to perform mining operations and to extract ore 2 Grants the title holder the right to explore exclusively a determined area for a specified amount of time Caserones 0.517% NSR Chile Caserones Mine Argentina Arica Iquique Antofagasta Santiago Copiapo Relincho Argentina Candelaria Marte-Lobo Jose Maria Los Helados Cerro Casali Andacollo Regalito Caserones Pacifc Ocean Chile Exploitation1 Concession Exploration2/Exploitation1 Concession Caserones Royalty AOI 0.517% NSR kilometer 10 0 N Producing mine in Chile Long life copper asset Large land package and aggressive exploration program Franco-Nevada Corporation ★ 93 TSX / NYSE: FNV Other Mining Additional Information Mineral Resources and Mineral Reserves

C O P P E R W O R L D P R O J E C T Location: Arizona, United States | Operator: Hudbay Minerals Inc. | Metals: Cu, Mo, Ag & Au | Royalty: NSR: 2.085% Franco-Nevada has a 2.085% NSR royalty covering all metals, including copper, molybdenum, silver and gold extracted from the majority of claims covering the Copper World and East (formerly known as Rosemont) deposits in Pima County, approximately 30 miles southeast of Tucson, Arizona. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ − $ – $ – M&I Resource (Mlbs Cu)1,3 11,100 11,157 10,597 Inferred Resource (Mlbs Cu)1,3 1,957 1,940 2,125 P&P Reserves (Mlbs Cu)1,3 4,585 4,583 – M&I Royalty Ounces (000s)1,2,3 305 380 412 Inferred Royalty Ounces (000s)2,3 55 66 83 P&P Royalty Ounces (000s)2,3 123 156 – 1 Please refer to the tables on pages 114-120 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% (100% in 2023, 99% in 2022) of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 1.772% (1.772% in 2022, 1.772% in 2021) (which factors a NSR smelting charge of 15%) for floatation material and a rate of 2.085% for leach material. Copper has been converted to Royalty Ounces assuming $4.25 per pound ($3.75 per pound in 2023, $4.00 per pound in 2022) 3 Does not include silver or molybdenum Mineral Resource and Mineral Reserve estimates Hudbay Minerals Inc. (“Hudbay”) is the operator of the asset following its acquisition of Augusta Resource Corporation in 2014. The Copper World Project includes seven new deposits discovered in 2021 (then referred to as the “Copper World deposits”), together with the East deposit (formerly known as the Rosemont deposit). The property is situated near a number of large producing copper mines. In November 2021, Franco-Nevada acquired an incremental 0.585% NSR royalty interest on the Copper World Project from certain private sellers. The royalty has identical terms as an existing 1.5% NSR royalty that Franco-Nevada held and covers the same land package, including the Copper World deposits. Hudbay received the Final Record of Decision (“FROD”) for what was then referred to as the Rosemont project in June 2017 and, in March 2019, received the Section 404 Water Permit from the U.S. Army Corps of Engineers (“ACOE”). In July 2019, the U.S. District Court for Arizona issued a ruling that vacated the FROD issued by the U.S. Forest Service. Hudbay appealed the ruling to the U.S. Court of Appeals for the Ninth Circuit. In May 2022, the U.S. Court of Appeals for the Ninth Circuit affirmed the U.S. District Court of Arizona’s decision in July 2019. In recent years, Hudbay has focused on advancing the Copper World Project which is on private land covered by Franco-Nevada’s royalty. In September 2023, Hudbay released an enhanced Pre-Feasibility Study (PFS) for the Copper World Complex. The PFS announced a Mineral Reserve estimate of 385 million ore tonnes at 0.54% copper and a Mineral Resource of 1,205 million ore tonnes at 0.42% copper. The PFS also announced Inferred Mineral Resources of 275 million ore tonnes at 0.32% copper. The PFS reflects a two-phase mine plan with the first phase reflecting a standalone operation with processing infrastructure on Hudbay’s private land and mining occurring on portions of the deposits located on patented mining claims. The first phase of the mine plan requires only state and local permits which were obtained in January 2025. The Copper World Project anticipates producing an average of approximately 85,000 tonnes of copper per year for 20 years. The second phase expands mining activities onto federal land and extends the mine life well beyond 20 years. Hudbay intends to initiate a minority joint venture partner process in H1 2025, which will allow the potential joint venture partner to participate in and help fund the definitive feasibility study activities. Hudbay expects to make a sanctioning decision for the Copper World Project in 2026. Copper World Project 2.085% NSR 2.085% NSR kilometer 2 0 N Patented Royalty Licences Mineral Resources Unpatented Royalty Licences Excluded from Royalty Peach North Limb Elgin South Limb Broad Top Butte Bolsa Copper World East Deposit 2017 Reserve Pit 83 Copper World Project Pacifc Ocean Oregon Idaho Utah Nevada California Arizona Mexico Franco-Nevada’s royalty covers all metals, including copper, molybdenum, silver and gold Exploration and development studies focused on Copper World targets on private land TSX / NYSE: FNV 94 ★ Franco-Nevada Corporation Other Mining Overview Precious Metals Diversified Assets

R I N G O F F I R E Location: Ontario, Canada | Operator: Wyloo Metals Pty Ltd | Metals: Cr, Ni, Cu & PGM | Royalty: NSR / GR: 1-3% In April 2015, Franco-Nevada acquired royalty rights in the Ring of Fire mining district of Ontario and in December 2019 acquired a 1% gross royalty on the Eagle’s Nest nickel, copper and PGM deposit. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ − $ – $ – Ring of Fire (Cr) M&I Resource (Tonnes millions)1 193 193 193 Inferred Resource (Tonnes millions)1 55 55 55 P&P Reserves (Tonnes millions)1 − – – Eagle’s Nest (PGM) M&I Resource (koz PGM)1 1,408 1,408 1,627 Inferred Resource (koz PGM)1 943 943 1,459 P&P Reserves (koz PGM)1 − – 1,489 Eagle's Nest (Ni) M&I Resource (Mlbs Ni)1 375 375 432 Inferred Resource (Mlbs Ni)1 249 249 228 P&P Reserves (Mlbs Ni)1 − – 413 M&I Royalty Ounces (000s)1,2 336 200 225 Inferred Royalty Ounces (000s)2 99 61 74 P&P Royalty Ounces (000s)2 − – 20 1 Please refer to the tables on pages 114-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For the Ring of Fire Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources are subject to our royalty interest and estimates a dollar per tonne value of $4.75/tonne. For the Eagle’s Nest Royalty Ounce calculation, Franco-Nevada estimates 100% of the PGM and nickel Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates an average rate of 1.0% is applicable for PGM and 0.7% for nickel (which factors a NSR smelting charge of 30%). PGM ounces are converted into Royalty Ounces assuming $950/ounce Pt ($850/ounce Pt in 2023, $900/ounce Pt in 2022) and $950/ounce Pd ($900/ounce Pd in 2023, $1,500/ounce Pd in 2022) and nickel has been converted to Royalty Ounces assuming $7.89 per pound ($7.89 per pound in 2023, $11.00 per pound in 2022). Copper Mineral Resources and Mineral Reserves are not included in the Royalty Ounce calculation The 2015 funding package allowed Noront Resources Ltd. (“Noront”) to acquire mining claims from Cliffs Natural Resources Inc. (“Cliffs”) in the Ring of Fire mining district, 500 km northeast of Thunder Bay. Franco-Nevada secured royalty rights over an estimated 1,000 km2 area, offering long-term exposure in a potential new mining camp to one of the largest chromite resources globally, in addition to nickel, copper, and PGM deposits. Franco-Nevada holds a 3% royalty over the Black Thor chromite deposit, a 2% royalty over all of Noront’s property in the region (excluding the Eagle’s Nest deposit, see below), 2% on certain other properties previously being advanced by Cliffs, and a number of other third-party exploration royalties. In December 2019, Franco-Nevada acquired a 1% gross royalty on Noront’s Eagle’s Nest nickel, copper and PGM deposit, for $3.8 million. Eagle’s Nest currently has over 624 million pounds (15.7 million tonnes grading 1.80% nickel) of high-grade nickel mineralization in Measured, Indicated and Inferred Mineral Resources, with significant copper, palladium and platinum content. In 2022, Noront was acquired by Wyloo Metals Pty Ltd (“Wyloo Metals”), who are advancing the projects. In December 2022, Wyloo Metals (now known as Ring of Fire Metals) signed a Memorandum of Understanding with Webequie First Nation, detailing how the two parties would work together to progress ongoing exploration activities as well as negotiations on a partnership agreement for the proposed Eagle’s Nest mine. Royalty licences 2% GR (Cr), 2% NSR (other) Wyloo licences Ring of Fire 1-3% NSR/GR kilometer 20 0 N Royalty licences 2-3% GR (Cr), 2-3% NSR (other) Thunderbird Blue Jay Black Label Black Thor Eagle’s Nest 1% GR Blackbird Eagle 2 Triple J Quebec Ontario Ring of Fire Royalty concession estimated to cover over 1,000 km² Wyloo as new operator Permitting for the access road is ongoing Franco-Nevada Corporation ★ 95 TSX / NYSE: FNV Other Mining Additional Information Mineral Resources and Mineral Reserves

C R A W F O R D Location: Ontario, Canada | Operator: Canada Nickel Company Inc. | Metals: Ni, Co, Cr & PGM | Royalty: NSR: 2% Canada Nickel Company Inc. (“Canada Nickel”) is advancing its Crawford nickel- cobalt sulphide project near Timmins, Ontario where Franco-Nevada holds a 2% NSR on all metals. Crawford represents one of the largest undeveloped nickel sulphide resources globally, containing 1,715 million tonnes of Proven and Probable Reserves at a grade of 0.22% nickel for 3.8 million tonnes of contained nickel. Canada Nickel completed a bankable feasibility study for a large-scale open pit mining project in 2023. The study outlined a multi-phase operation ramping up from 60,000 to 120,000 tonnes per day of milling capacity to produce up to 48,000 tonnes per annum of nickel over a 41-year mine life. The mine would also produce cobalt, chrome, iron and PGMs. Canda Nickel is advancing the project through the permitting process and has attracted investments from Anglo American, Agnico-Eagle, and Samsung SDI. 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 2.0% is applicable. Franco-Nevada has also applied a NSR smelting charge of 30%. Nickel has been converted to Royalty Ounces assuming $7.89 per pound ($7.89 per pound in 2023, $11.00 per pound in 2022) R O G O Z N A Location: Serbia | Operator: Strickland Metals Limited | Metals: Cu, Zn, Pb, Au & Ag | Royalty: NSR: 1.5-2% Franco-Nevada holds a 2% NSR from gold and 1.5% NSR from all other metals on Strickland Metals Rogozna project located near Novi Pazar approximately 400 km south of Belgrade in southern Serbia. The Rogozna Gold and Base Metals Project, located in the Raška District of southern Serbia, lies within the Tethyan Metallogenic Belt, which hosts multiple, giant, porphyry-related deposits. Rogozna hosts a large-scale magmatic hydrothermal system, featuring skarn-based Au-Cu (+/- Zn, Ag, and Pb) mineralisation. The key prospects within the project are Shanac, Gradina, Medenovac and Copper Canyon. Rogozna contains a JORC Inferred Mineral Resource of 199 million tonnes at 1.2g/t gold equivalent for 7.4 million gold equivalent ounces on two of the four drill-defined deposits. Strickland plans to undertake 35,000 meters of Resource definition and 15,000 meters of exploration drilling at the Rogozna Project in 2025. 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 1.83% (2.0% for gold Royalty Ounces, 1.5% for silver Royalty Ounces and 1.275% for copper Royalty Ounces which factors a NSR smelting charge of 15%). Copper has been converted to Royalty Ounces assuming $4.25 per pound and silver has been converted to Royalty Ounces assuming $2,800/oz gold and $31.00/oz silver TSX / NYSE: FNV 96 ★ Franco-Nevada Corporation Other Mining Overview Precious Metals Diversified Assets

R O B I N S O N Location: Nevada, United States | Operator: KGHM International Ltd. | Metals: Cu, Mo, Ag & Au | Royalty: NSR: 0.225% / other The Robinson open pit mining complex, operated by KGHM, produces copper, gold, silver and molybdenum and is located near Ely, Nevada. Franco-Nevada has three royalties covering the Robinson mine: 1. 0.225% NSR on all base metal and associated precious metal production; 2. 10% NSR on 51% of the gold production from the property in excess of 60,000 ounces of gold per year; and 3. under a copper agreement, a price participation royalty on 51% of 40% of each pound of copper production from the property in excess of 130 million lbs of copper produced per annum, multiplied by the spot price, less $1.00 per pound adjusted for inflation (based on 1990 dollars). Amounts are only payable in any year in which the average price of copper during that year exceeds a $1/lb threshold, as adjusted for inflation (based on 1990 dollars). Franco-Nevada will likely only be paid on the base 0.225% NSR royalty for 2025 as production is expected to be below the royalty threshold level. Copper production in 2024 was 123 million lbs and gold production was 42,000 ounces. 2025 production is expected to be similar to 2024. Robinson announced an expansion to the Ruth pit in 2024 which extends the mine life to 2036 at current production rates. For Royalty Ounce calculation, Franco-Nevada estimates 100% of the gold and copper Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates an average rate of 0.225% is applicable for gold and 0.1913% for copper (which factors a NSR smelting charge of 15%). Copper has been converted to Royalty Ounces assuming $4.25 per pound ($3.75 per pound in 2023, $4.00 per pound in 2022) E A G L E P I C H E R Location: Nevada, United States | Operator: US Silica Holdings, Inc. | Metals: De | Royalty: Production Payment EaglePicher is a diatomaceous earth operation in Pershing County, Nevada, located about 23 miles northwest of Lovelock. The royalty is based on a fixed payment per ton which fluctuates based on the average sales price from the prior year’s sales. The royalty covers approximately 15 km2 of checkerboard lands. The intervening lands are public and EaglePicher holds unpatented placer claims on those lands as needed for mining. The mine has been in continuous operation since the 1950s with approximately 65% of production coming from Franco-Nevada land. The BLM approved an Environmental Assessment permit for the operation in 2024 which allows for additional disturbance and mine life extension. The revenue received from EaglePicher in 2023 and 2024 was $424,000 and $463,000, respectively. Franco-Nevada has not included EaglePicher in Royalty Ounce estimates Franco-Nevada Corporation ★ 97 TSX / NYSE: FNV Other Mining Additional Information Mineral Resources and Mineral Reserves

C O P P E R C R E E K Location: Arizona, United States | Operator: Faraday Copper Corp. | Metals: Cu, Mo & Ag | Royalty: NSR: 1% and Production Decision Royalty Payments Copper Creek is a 3-kilometer-long porphyry copper deposit located in Pinal County, less than two hours northeast of Tucson, Arizona. A 2023 Preliminary Economic Assessment (“PEA”) reported 4.2 billion pounds of copper in Measured and Indicated Mineral Resources. The PEA has a 32-year mine life with average production of 51,100 payable copper equivalent tonnes per year during active mining. Capital investment is estimated at $798 million with a two-year construction period. The Globe and Copper Prince open pit deposits, covered by Franco-Nevada’s royalty, are currently scheduled to be mined within the first three years of operations. Faraday Copper Corp. (“Faraday”) is currently performing baseline environmental monitoring and data collection to support the permitting process. A 1% NSR is payable to Franco-Nevada on all production from certain areas within Faraday’s control. Franco-Nevada’s royalty covers approximately 70% of the Globe and 50% of the Copper Prince open pit resources as reported in the PEA released in 2023. Payment of $3,000,000 ($500,000 per year over 6 years) is due to Franco-Nevada following achievement of commercial production of minerals within a 5-mile radius of certain patented claims now held by Faraday. The Copper Creek mineral resource area is within this 5-mile radius and would therefore be expected to trigger such payments upon production. The Globe resource contains 9.88 million tonnes of sulphide/transitional ore at 0.40% copper and 2.71 million tonnes of oxide ore at 0.37% copper. The Copper Prince resource contains 20.72 million tonnes of sulphide/transitional ore at 0.45% copper and 5.89 million tonnes of oxide ore at 0.36% copper. Faraday is also performing an assessment and classification of waterways for a 404 permit. In 2025, Faraday plans on completing the Phase III exploration drill program focused on resource expansion and testing new targets, metallurgical programs to support coarser grind and tailings optimization and a gold assay program to support the inclusion of gold in the updated technical report expected in H1 2025. Franco-Nevada has not included Copper Creek in Royalty Ounce estimates M I L P I L L A S Location: Mexico | Operator: Industrias Peñoles, S.A.B. de C.V. | Metals: Cu | Royalty: Production Payment Franco-Nevada has a production payment royalty on the Milpillas copper mine in Sonora, Mexico operated by Industrias Peñoles, S.A.B. de C.V. (“Peñoles”). The royalty is $0.04/lb of copper produced, if the price of copper is above $1.20/lb. The royalty ground covers an estimated 30 km2. The project is an underground copper mine and heap leach operation and was acquired by Franco-Nevada in September 2020 as part of a portfolio of 24 royalties from Freeport-McMoRan Inc. In 2024 Franco-Nevada received $1.2 million in royalty payments from Milpillas. Franco-Nevada has not included Milpillas in Royalty Ounce estimates TSX / NYSE: FNV 98 ★ Franco-Nevada Corporation Other Mining Overview Precious Metals Diversified Assets

M T K E I T H Location: Australia | Operator: BHP Group Limited | Metals: Ni | Royalty: NPI: 0.25% / GR: 0.375% Franco-Nevada has a 0.375% gross royalty and a 0.25% NPI royalty on lands including the Mt Keith nickel operation in Western Australia, located 460 km north of Kalgoorlie. Franco-Nevada’s royalties cover 236 km2 and include all of Mt Keith, the Jericho Nickel deposit located approximately 25 km northwest of Mt Keith, and part of the Yakabindie deposits located approximately 25 km south of Mt Keith. Mt Keith open pit was in production from 1993 until October 2024, when BHP suspended all Western Australia Nickel operations due to low nickel prices. BHP intends to review the decision in February 2027. Mt Keith concentrator ore throughput is approximately 10.5 million tonnes per annum with 70% recoveries. Production capacity is 35,000 to 40,000 tonnes per annum of nickel in concentrate. 4.1 million tonnes of contained nickel resources remain at Mt Keith, Jericho and Yakabindie. 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 0.50% is applicable. Franco-Nevada has also applied a NSR smelting charge of 30%. Nickel has been converted to Royalty Ounces assuming $7.89 per pound ($7.89 per pound in 2023, $11.00 per pound in 2022) Franco-Nevada Corporation ★ 99 TSX / NYSE: FNV Other Mining Additional Information Mineral Resources and Mineral Reserves

D I V E R S I F I E D ( M I N I N G ) E X P L O R A T I O N A S S E T S The following table is a list of the diversified (mining) exploration assets of Franco-Nevada as at April 28, 2025. A list of the precious metals exploration assets can be found on pages 82-84. Assets that have had their terms or leases expire and have been written off are not listed. Diversified – Iron Ore and Other Mining Exploration Assets as at April 28, 2025 Asset Operator Interest and %1 South America Para South Iron Project, Brazil Talon Ferrous Mineracao Ltda 0.5-1% NSR (All Metals) Trairao Iron Project, Brazil Talon Ferrous Mineracao Ltda $0.2995/tonne (Fe) Various-Vale, Brazil Vale S.A. Various (Fe) Bronce West, Chile Masglas America Corporation SpA 1-2% NSR (All Minerals) Calvario, Chile Austral Gold Limited (Minera Mena Chile Limitada) 1-2% NSR (All Minerals) Mirador, Chile Austral Gold Limited (Minera Mena Chile Limitada) 1-2% NSR (All Minerals) Morros Blancos, Chile Pampa Metals Corp. (Pampa Metals Chile SpA) 1-2% NSR (All Minerals) Reina Hija, Chile Sumitomo Metal Mining Co., Ltd. (Sumitomo Metal Mining Chile Ltda) 1-2% NSR (All Minerals) San Valentino, Chile Atacama Copper Exploration Limited 1-2% NSR (All Minerals) Vizcachitas, Chile Los Andes Copper Limited 0.51-2% NSR (All Minerals) Canada Carruthers, British Columbia Cariboo Rose Resources Ltd. 2.5% NSR (All Minerals) (buy-back option on 1.5%) Trout Lake (MAX Moly Mine), British Columbia Cameo Industries Corp. 2.5% NSR (All Minerals) Golden Ridge, New Brunswick Darryl Leblanc 2% NSR (All Minerals) Buchans, Newfoundland and Labrador Canterra Minerals Corporation 2% NSR (All Minerals) (buy-back option on 1%) LabMag (Taconite), Newfoundland and Labrador Abaxx Technologies Inc. 1.666% GR (Iron Ore-Taconite) Mary March, Newfoundland and Labrador Canstar Resources Inc. 1% NSR plus other (All Minerals) Mazenod, Northwest Territories BFR Copper & Gold Inc. 2% NSR (All Minerals) (buy-back option on 1%) Redstone (Coates Lake), Northwest Territories Copper North Mining Corp. (Redbed Resources Corp.) 3-4% NSR (Cu, Ag) Black Thor, Ontario Wyloo Muketei Ltd. 2-3% NSR (Cr, Ni, Cu) Butler and Sanderson (Diagnos), Ontario Wyloo Ring of Fire Ltd./Juno Corp. ROFR on Diagnos Royalty (Diamonds/Base Metals) Cline Lake, Ontario Alamos Gold Inc. 0.75% NSR (All Minerals) Diagnos, Ontario Wyloo Muketei Ltd. 2% NSR (All Minerals) Eagle’s Nest, Ontario Wyloo Ring of Fire Ltd. 1% GR (All Minerals) Kyle, Ontario Wyloo Muketei Ltd. 2% NSR (All Minerals) MacFadyen & Pele, Ontario Wyloo Muketei Ltd. 2% NSR (All Minerals) Ring of Fire (Original Noront Properties), Ontario Wyloo Ring of Fire Ltd. 2% NSR (All Minerals) Sungold, Ontario Interbanc Capital Corp. 2% NSR (All Minerals) Benoist, Quebec Cartier Resources Inc. 1% NSR (All Minerals) (buy-back option on 0.5%) Matagami JV, Quebec Glencore plc (Glencore Canada Corporation) 2% NSR (All Minerals) Matagami PD1, Quebec Glencore plc (Glencore Canada Corporation) Net Carried Interest plus other (All Minerals) Crawford Lake, Saskatchewan Denison Mines Corp. 2% NSR (All Minerals) (buy-back option on 1%) United States Chilito-Cyprus Christmas, Arizona Grupo Mexico, S.A.B. de C.V. (Asarco LLC) $0.02/lb (Cu); beyond 650M lbs production Zeolites, Arizona Imagin Minerals et al $1.50/ton plus escalator (Clay) EaglePicher Diatomite II, Nevada EP Minerals, LLC $0.25/short ton plus other (Diatomite) Boling Dome, Texas Total E&P USA, Inc./H & L New Gulf, Inc. $0.0028225 per long ton (Sulfur) Hobson Pearson, Texas Uranium Energy Corp. 20% OR (Uranium) Tintic, Utah Ivanhoe Electric Inc. 1% NSR (All Minerals) Shirley Basin (Davy Crockett), Wyoming Ur-Energy Inc. (Pathfinder Mines Corporation) 4% GR (Uranium) TSX / NYSE: FNV 100 ★ Franco-Nevada Corporation Diversified (Mining) Exploration Assets Overview Precious Metals Diversified Assets

Asset Operator Interest and %1 Australia Mt Fitch, Northern Territory Northern Territories Resources Pty Ltd 1-3% NSR (Cu, Pb, Zn, Co, Ni, U) Bowen Basin (Various), Queensland (31 assets) Peabody Energy Corp/Pembroke Resources South Pty Ltd Production Payment (Coal) King Vol (Walsh River), Queensland Aurora Metals Limited Production Payment (Zn) Millmerran (Power Station), Queensland Millmerran Power Partnership 8.3125% NPI of cashflow; NPV threshold (Coal) Peculiar Knob, S. Australia Peak Iron Mines Pty Ltd Production Payment (Fe) Third Plain, S. Australia Perilya Limited/Minotaur Exploration Limited 0.5% NSR (Zn) Moina, Tasmania Geotech International Pty Ltd A$125K lump sum at commencement of mining Rosebery Extension, Tasmania MMG Limited 2.6305% (Au, Ag, Other Minerals) Agnew (Miranda Nickel), W. Australia Gold Fields Limited 0.5% of production (Ni) Agnew (Miranda Nickel No2), W. Australia Ramelius Resources Limited 0.5% of production (Ni) Camelback, W. Australia GME Resources Limited A$0.50/tonne (Ni) Flying Fox, W. Australia IGO Limited 2% GR (Ni) FMG Hamersley, W. Australia Fortescue Metals Group Ltd A$0.05/tonne; capped at A$1M (Fe) Jaguar Project (Western Claim), W. Australia Aeris Resources Limited 1-2% NSR (Cu, Zn, Other Metals) Mt Newman-Victory, W. Australia St Barbara Limited/Astro Resources NL 0.07% GR (All Minerals) South Kalgoorlie (Location 48), W. Australia BHP Group Limited 1-1.75% NSR (Au, Ag, Other Minerals) Rest of World CEXCI, Philippines Nickel Asia Corporation Production Payment; capped at $10M Rogozna (KMC), Serbia Strickland Metals Limited 1.5-2% NSR (Au, Base and Other Metals) Kasese, Uganda Scully Royalty Ltd. 10% of free cash flow; capped at $10M (Co) 1 Royalty terms have been simplified for presentation purposes. Different terms may apply to certain portions of properties or by commodity. Some royalties may have sliding scales tied to commodity price. Others may include participation in sale proceeds of property or gross sales Franco-Nevada Corporation ★ 101 TSX / NYSE: FNV Diversified (Mining) Exploration Assets Additional Information Mineral Resources and Mineral Reserves

E N E R G Y A S S E T S Franco-Nevada has owned and invested in energy assets since inception. Our energy investments have allowed us to be opportunistic through the commodity cycles, adding growth and diversity to our portfolio. Energy revenue was 17% of Franco-Nevada’s overall revenue in 2024. The scale of the energy sector along with its many participants has provided access to a diverse set of operators and a broad range of royalty opportunities. Until 2016, Franco-Nevada’s focus was primarily on the Western Canadian Sedimentary Basin. Starting in late 2016, we added exposure to the SCOOP/STACK basins in Oklahoma and the Midland/Delaware basins in Texas due to their attractive economics, favourable regulatory environment and access to market. We subsequently shifted our focus to natural gas, adding royalty assets in the Marcellus shale in Appalachia in 2019, and in the Haynesville shale in East Texas in late 2020 and in Louisiana in 2024. Franco-Nevada’s assets include production from existing wells in addition to exposure to undeveloped acreage which hosts the potential for new well locations which extend production volumes into the future. In order to provide an estimate of future reserves and asset life, we engage third-party reserve evaluators to provide estimates for the Proved and Probable categories, and where appropriate, the Possible, and Contingent resource categories for currently producing formations. These estimates inform our view of future well locations and resources and demonstrate long-lived assets. The assets often also benefit from additional upside exposure in the form of unexploited hydrocarbon-bearing formations at depth and potentially from enhanced hydrocarbon recovery techniques. Major Producing Assets as at April 28, 2025 United States Marcellus Range Resources Haynesville TG Natural Resources/Various SCOOP/STACK Continental Resources/Various Permian Basin Various Canada Weyburn Unit Whitecap Resources Orion Strathcona Resources We have been opportunistic through the energy commodity cycles and have accumulated assets in North America's premium oil and gas basins. Oil and Gas Information Advisory In this Asset Handbook, certain natural gas volumes have been converted to barrels of oil equivalent on the basis of six Mcf to one bbl. Boe and mboe may be misleading, particularly if used in isolation. A conversion ratio of six Mcf to one bbl is based on an energy equivalency ratio and does not represent a value equivalency. TSX / NYSE: FNV 102 ★ Franco-Nevada Corporation Overview Precious Metals Diversified Assets

U.S. and Canadian Energy Assets Cold Lake Anadarko Basin Permian Basin Midland Delaware Stack Scoop Peace River Orion Athabasca Weyburn Williston Basin Appalachian Basin Marcellus Haynesville Neal Hot Springs Oil Gas Geothermal Franco-Nevada Corporation ★ 103 TSX / NYSE: FNV Additional Information Mineral Resources and Mineral Reserves

P E R M I A N B A S I N Location: Texas & New Mexico, United States | Operator: ExxonMobil Corporation, Diamondback Energy Inc., Conoco Philips, Others | Energy: Oil Royalty: Various Royalty Rates Franco-Nevada has exposure to the Permian Basin in West Texas, through both the Midland and Delaware sub-basins. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 45.4 $ 47.6 $ 52.6 Production (Mboe)1 913 1,007 780 Commodity Split (%)2 Oil 57% 51% 77% Gas 20% 30% 12% NGL 23% 19% 11% 1 Production is referenced in barrels of oil equivalent net to Franco-Nevada 2 Percentage based on production revenue from each commodity 3 Asset life is calculated as the Proven, Probable and Possible reserve volumes divided by the prior year production volume These two basins are considered among the most economic and prolific shale oil plays in the U.S. and have been the key drivers behind U.S. oil production growth over the last decade. The Permian is the most active shale play in North America. Effective in the first quarter of 2017, Franco-Nevada purchased a package of royalties in the Midland Basin for approximately $115 million. The Midland Basin comprises the eastern portion of the broader Permian Basin. The royalty acreage is very diversified, covering a significant portion of the core of the Midland basin and providing exposure to multiple benches in the Wolfcamp and Spraberry formations. The royalties consist of approximately 97% mineral title rights, along with some GORR interests, which apply to approximately 1,036 acres (net to Franco-Nevada). The acreage is host to numerous operators, however, ExxonMobil Corporation is the operator for the largest portion of royalty acreage following their acquisition of Pioneer Natural Resources in 2024. In the third quarter of 2017, Franco-Nevada acquired a package of royalties in the Delaware Basin for approximately $101 million. The Delaware Basin comprises the western portion of the broader Permian Basin, which is located in West Texas and southeast New Mexico. Sitting to the west of the Midland Basin, the Delaware Basin shares many similarities geologically, and is attractive to operators due to the stacked pay potential and premier economics. The current focus of operators in the Delaware Basin are the Wolfcamp and Bonespring horizons. The royalties consist of approximately 94% mineral title rights, along with some GORR interests, which apply to approximately 676 acres (net to Franco-Nevada). There are various operators across the acreage who continue to direct capital toward the Delaware Basin, which will result in continued development of our assets over time. Franco-Nevada’s Permian assets generated $45.4 million in revenue in 2024, a 4.7% decrease from 2023. Despite slightly lower volumes for the year, there were a record number of new wells completed on our land base in 2024, many of which will be brought into production in the coming year. The Permian assets have an estimated asset life of approximately 25 years3, with additional stacked formations that may be exploited in the future. REAGAN GLASSCOCK MIDLAND ECTOR UPTON CRANE HOWARD MARTIN ANDREWS BORDEN DAWSON CROCKETT IRION Midland Basin WINKLER PECOS REEVES WARD CULBERSON LOVING LEA EDDY JEFF DAVIS New Mexico Texas San Simon Channel Northwest Shelf Central Basin Platform Delaware Basin Net Royalty Acres by County 23% Reeves 16% Martin 15% Glasscock 11% Midland 8% Howard 7% Loving 5% Reagan 4% Upton 3% Ward 3% Culberson 3% Eddy 1.% Lea 1% Other Permian Basin FNV Royalty Acreage Texas Midland Basin Delaware Basin New Mexico Permian Basin N 16 mile 10 0 0 kilometer Royalties provide exposure to Midland and Delaware Basins Permian represents one of the most active and economic plays in North America Exposure to upside through multiple formations at depth TSX / NYSE: FNV 104 ★ Franco-Nevada Corporation North America Overview Precious Metals Diversified Assets

M A R C E L L U S Location: SW Pennsylvania, United States | Operator: Range Resources | Energy: Natural Gas and NGLs | Royalty: 1% Overriding Royalty Franco-Nevada has a 1% royalty on the majority of Range Resources Corporation’s (“Range”) operated position in Southwest Pennsylvania. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 26.9 $ 28.0 $ 56.5 Production (Mboe)1 1,462 1,436 1,442 Commodity Split (%)2 Oil 2% 2% 5% Gas 63% 63% 66% NGL 35% 35% 29% 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 by 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. 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 structure. Range helped pioneer the Marcellus shale in 2004 with the successful drilling of the Renz #1 well in Washington County, 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 2024, Franco-Nevada received $26.9 million in revenue from the Marcellus royalty. The Marcellus has an estimated asset life of approximately 21 years3. 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. Range Resources drill pad, SW Pennsylvania Appalachian Basin Marcellus Diverse exposure to natural gas and natural gas liquids Long-life asset with strong underlying economics Secure land title with exposure to undeveloped formations at depth Franco-Nevada Corporation ★ 105 TSX / NYSE: FNV North America Additional Information Mineral Resources and Mineral Reserves

H A Y N E S V I L L E Location: East Texas & Louisiana, United States | Operator: TG Natural Resources, Others | Energy: Natural Gas | Royalty: Various Royalty Rates Franco-Nevada owns a portfolio of royalty rights in the Haynesville natural gas play in East Texas and Louisiana, which it purchased in two separate acquisitions from Mesa Minerals Partners LLC I & II. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 21.0 $ 26.0 $ 72.9 Production (Mboe)1 1,918 1,886 1,988 Commodity Split (%)2 Oil 0% 0% 0% Gas 99% 99% 99% NGL 1% 1% 1% 1 Production is referenced in barrels of oil equivalent net to Franco-Nevada, although is comprised mostly of natural gas 2 Percentage based on production revenue from each commodity 3 Asset life is calculated as the Proven, Probable and Possible reserve volumes divided by the prior year production volume The first part of the portfolio was acquired in December of 2020 for $135 million and the second portion of the portfolio was acquired in January of 2024 for $125 million. The Haynesville is one of the most active natural gas plays in North America, owing to its strong well performance and close proximity to infrastructure along the U.S. Gulf Coast, which reduces transportation costs and provides exposure to an expanding Liquified Natural Gas export market. The royalties consist of approximately 2,775 acres of mineral rights in East Texas and 1,330 acres in Louisiana (net to Franco-Nevada). The royalty position associated with our first acquisition is situated in a core area of the East Texas portion of the Haynesville, which represents a shallower part of the basin where the producing Haynesville formation is thickest. TG Natural Resources (“TGNR”) acquired Rockcliff Energy in 2023 and they are the key operator in the area. Through our second acquisition, we gained exposure to a broad land position in Louisiana, which provides exposure to both the Haynesville and overlying Middle Bossier formations. This acreage is operated by a variety of large natural gas companies including Expand Energy Corporation, Aethon Energy, Comstock Resources Inc. and others. Revenue amounted to $21 million in 2024, representing a decline from 2023 revenues due to a decrease in natural gas prices and a reduction in drilling activity on our royalty acreage. The Haynesville has an estimated asset life of approximately 17 years³. The royalties also provide development potential in the Cotton Valley formation, which may be further exploited in the future. Haynesville N 15 0 mile 10 0 kilometer Texas Eagle Ford Barnett Haynesville Bossier NEW MEXICO Louisiana Oklahoma Arkansas Regional Basins Tuscaloosa Fayetteville Woodford Spraberry Bend Permian Basin Anadarko Basin Ardmore Basin Arkomo Basin Fort Worth Basin FNV Royalty Acreage Harrison Panola Shelby Rusk Nacogdoches San Augustine Angelina Sabine Natchitoches Red River De Soto Bienville Webster Bossier Caddo Texas Louisiana Natural gas exposure with diverse operators Close proximity to U.S. Gulf Coast enhances economics Secure land title with proven production history TSX / NYSE: FNV 106 ★ Franco-Nevada Corporation North America Overview Precious Metals Diversified Assets

S C O O P / S T A C K Location: Oklahoma, United States | Operator: Continental Resources, Ovintiv Inc., Devon Energy, Marathon Oil, Others | Energy: Oil and Natural Gas Royalty: Various Royalty Rates Through several discrete transactions, Franco-Nevada has accumulated a large royalty position in the SCOOP and STACK plays in Oklahoma. 2024 2023 2022 Revenue to Franco-Nevada ($ million)1 $ 31.4 $ 33.1 $ 57.8 Production (Mboe)1 1,027 1,028 1,051 Commodity Split (%)2 Oil 25% 25% 40% Gas 70% 70% 57% NGL 5% 5% 4% 1 Includes revenue and production net to Franco-Nevada from both Continental Royalty Acquisition Venture and Other SCOOP/STACK royalties 2 Percentage based on production revenue from each commodity 3 Asset life is calculated as the Proven, Probable and Possible reserve volumes divided by the prior year production volume. Does not include Royalty Acquisition Venture with Continental In the fourth quarter of 2016, Franco-Nevada purchased royalty rights in the STACK shale play in Oklahoma’s Anadarko basin for approximately $100 million. The primary horizon of focus in the area is the Meramec, although the royalties have exposure to multiple horizons at depth, including the Woodford and Osage formations. In the second quarter of 2017, Franco-Nevada acquired additional mineral title and royalty interests for $27.6 million, which added to its existing position in the STACK and provided new exposure to the SCOOP shale play to the south. In total, the assets consist of GORRs and mineral title rights which apply to approximately 1,430 acres (net to Franco-Nevada). The top three operators on the acreage are Ovintiv Inc. (formerly Encana), Devon Energy, and Marathon Oil. These operators reduced their drilling activity in the play in 2020 owing to a sharp drop in commodity prices, and while the drilling rates have been rebounding, they remain well below peak levels achieved in 2019. The SCOOP/STACK assets have an estimated asset life of approximately 52 years3. In the fourth quarter of 2018, Franco-Nevada and Continental entered into a transaction whereby Franco-Nevada acquired $120 million in existing royalties owned by Continental and formed a jointly owned entity (the “Royalty Acquisition Venture”) to acquire up to $400 million in royalty rights under Continental’s area of operations. With the Royalty Acquisition Venture, Franco-Nevada funds 80% of the acreage cost and receives 50-75% of distributions, depending on performance against pre-set volume targets. Franco-Nevada received ~63% of distributions in 2024, and expect our share of distributions to increase going forward, toward a maximum of 75%. In exchange for the partial capital carry in favour of Continental, the venture provides Franco-Nevada with an opportunity to acquire royalty rights at the grass-roots level, leverage the value of Continental’s drilling plans, and benefit from the company’s knowledge of local land title and geology. In addition, Continental manages the assets and Franco-Nevada does not incur any administrative burden. The venture was established to acquire royalty rights in areas primarily within acreage operated by Continental. These areas offer strong economics, proximity to infrastructure and future upside via stacked hydrocarbon-bearing horizons. As at December 31, 2024, Franco-Nevada had contributed $473.7 million to the venture, with a remaining commitment of approximately $46.3 million. In the fourth quarter of 2022, Harold Hamm, Continental’s founder, privatized the company through an acquisition of the outstanding publicly traded shares. GARFIELD N km 0 40 Black Oil Volatile Oil Condensate Dry Gas DEWEY BLAINE KINGFISHER MAJOR CANADIAN OKLAHOMA LINCOLN CREEK OKFUSKEE HUGHES COAL ATOKA BRYAN MARSHALL JOHNSTON PONTOTOC SEMINOLE POTTAWATOMIE CLEVELAND MCCLAIN GARVIN MURRAY CARTER LOVE JEFFERSON STEPHENS CLAY COTTON WICHITA WILBARGER TILLAMAN JACKSON KIOWA GRADY GREER WASHITA COMANCHE LOGAN PAYNE CADDO CUSTER Pressure Transition miles 0 25 SCOOP/STACK STACK FNV Royalty Acreage Oklahoma City OKLAHOMA SCOOP TEXAS KANSAS ARKANSAS NEW MEXICO MISSOURI COLORADO Anadarko Basin STACK SCOOP SCOOP/STACK includes both oil and gas-rich areas Exposure to multiple formations at depth Franco-Nevada share of distributions expected to increase Note: Map does not show acreage under Royalty Acquisition Vechicle with Continental Franco-Nevada Corporation ★ 107 TSX / NYSE: FNV North America Additional Information Mineral Resources and Mineral Reserves

W E Y B U R N U N I T Location: Saskatchewan, Canada | Operator: Whitecap Resources Inc. | Energy: Oil | Royalty: NRI: 11.71% /ORR: 0.44% / WI: 2.56% Franco-Nevada, after Whitecap Resources Inc. (“Whitecap”), has the second largest economic interest in the Weyburn Unit, one of the world’s largest geological CO2 storage projects. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 44.6 $ 50.1 $ 65.0 Production (Mboe)1 675 675 769 Commodity Split (%)2 Oil 100% 100% 100% Gas 0% 0% 0% NGL 0% 0% 0% 1 Net to FNV based on 0.44% ORR, 11.71% NRI and 2.56% WI. ORR and W.I. volumes are a percentage of gross production. NRI volumes are pro-rated based on our profit, reflecting a net interest 2 Percentage based on production revenue from each commodity 3 Asset life is calculated as the Proven and Probable reserve volumes divided by the prior year production volume The Weyburn Unit is located approximately 129 km southeast of Regina, Saskatchewan and encompasses approximately 216 km2 on a gross basis (net 31 km2) in which the Mississippian Midale beds are unitized. Franco-Nevada holds a 11.71% NRI, a 0.44% ORR and a 2.56% WI in the Weyburn Unit. Production commenced from the Midale zone within the unitized area in 1955 under primary depletion (solution gas expansion). Establishment of the Weyburn Unit occurred in 1963 for the purpose of implementing a waterflood pressure maintenance scheme. In 2000, Cenovus, the operator at that time, began injecting CO2 in a portion of the Weyburn Unit as an enhanced oil recovery (“EOR”) method. Currently, CO2 is being sourced from the Dakota Gasification Company in North Dakota and the Boundary Dam power station in Saskatchewan. Gross production of the Weyburn Unit is approximately 20,500 Boe/d of light oil & NGL’s. For 2024, revenue received by Franco-Nevada from the Weyburn Unit was $44.6 million. Weyburn revenues are linked to the Edmonton Light oil benchmark price which averaged C$98.20/bbl in 2024. Revenue for the NRI is recorded net of deductions for capital and operating costs, which results in increased leverage to the oil price. Oil production, including NGLs, net to Franco-Nevada was 1,844 Boe/d. Franco-Nevada takes product-in-kind for its WI and NRI share of this production and markets it through a third-party marketer. Weyburn is a highly economic reservoir, with an estimated asset life of approximately 21 years³. Weyburn Unit wells Unitized land Note: not to scale T7 T6 T5 R13W2 R12W2 R14W2 N Weyburn Unit Note: not to scale T9 T8 T7 T6 T5 T4 T3 T9 T8 T7 T6 T5 T4 T3 Weyburn, SK Unitized land Midale, SK N Low decline asset with proven production history CO2 EOR project commenced in 2000 and continues to be rolled out Interests are leveraged to commodity prices TSX / NYSE: FNV 108 ★ Franco-Nevada Corporation North America Overview Precious Metals Diversified Assets

O R I O N Location: Alberta, Canada | Operator: Strathcona Resources Ltd. | Energy: Oil | Royalty: 4% Gross Overriding Royalty Franco-Nevada acquired a 4% GORR on the Orion Thermal Project in the Cold Lake region of Alberta from OSUM Oil Sands Corp. for C$92.5 million in 2017. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 14.0 $ 13.6 $ 15.1 Production (Mboe) 262 302 229 Commodity Split (%)1 Oil 100% 100% 100% Gas 0% 0% 0% NGL 0% 0% 0% 1 Percentage based on production revenue from each commodity 2 Asset life is calculated as the Proven and Probable reserve volumes divided by the prior year production volume In 2021, OSUM was acquired by Strathcona Resources Ltd. (“Strathcona”), who now operates the project. The royalty applies to the Clearwater formation and allows for the deduction of transportation and diluent costs associated with transporting the product to market. Orion is a Steam Assisted Gravity Drainage (“SAGD”) operation that began commercial production in 2007. Infrastructure at the project consists of a central processing facility surrounded by several well pads which supply the plant. Average production for the year in 2024 was approximately ~17,900 barrels per day of bitumen. The asset is permitted to produce up to 25,000 barrels per day of bitumen. Franco-Nevada recorded revenue of $14 million in 2024. Royalty payments are based on the WCS benchmark price and are impacted by changes in the differential with WTI as well as by the price of diluent, which is required to transport the product to market. Orion has an estimated asset life of approximately 29 years2. Orion processing facilities, Alberta Grand Prairie Calgary Lloydminster Hardisty Edmonton Fort McMurray Cold Lake Peace River Alberta Saskatchewan Orion Athabaska Lloydminster Hardisty Edmonton Cold Lake Orion N Orion Alberta Saskatchewan Liquids Pipeline Long-life resource located in Canada Stable year-over-year production volumes Potential for future capacity expansion Franco-Nevada Corporation ★ 109 TSX / NYSE: FNV North America Additional Information Mineral Resources and Mineral Reserves

O T H E R P R O D U C I N G E N E R G Y A S S E T S Location: BC / AB / SK / MB, Canada and Oregon, U.S. | Operator: Various | Royalty: ORR / FH: 0.5-20% Franco-Nevada has other interests in Western Canada which generate revenue primarily through lessor royalties and GORRs. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 9.4 $ 9.0 $ 13.4 Production (Mboe)1 263 227 250 Commodity Split (%)2 Oil 51% 44% 66% Gas 38% 46% 23% NGL 11% 10% 11% 1 Net to the Oil and Gas Interests and does not include production from Neal Hot Springs 2 Percentage based on production revenue from each commodity Aside from the major producing assets discussed in the preceding pages, Franco- Nevada has 44 Other Producing Assets that generate revenue. These interests cover more than 2,250 km2, primarily in Canada. In Saskatchewan and Manitoba, the assets are focused primarily in high quality oil plays and are operated by companies such as Veren Partnership, Saturn Oil & Gas Inc., Vermilion Energy Inc. and Tundra Oil & Gas Partnership. The most significant producing assets are comprised of the Midale Unit and the Tidewater royalties. Franco-Nevada holds a 1.14% gross override royalty interest and a 1.59% working interest in the Midale Unit in Southeast Saskatchewan where Cardinal Energy produces approximately 3,800 Boe/d through CO2 Enhanced Oil Recovery (“EOR”) techniques. The Tidewater royalties in Saskatchewan generate oil production from the Shaunavon and other formations and are managed by various operators. In Alberta and BC, the interests generate revenue primarily from natural gas production from shallow gas formations such as Milk River and Medicine Hat. In northern Alberta, the interests provide exposure to deeper conventional gas targets including the Shunda, Grosmont and Elkton formations. Franco-Nevada’s most significant assets in the region are the Edson property operated by Canadian Natural Resources Ltd. (“CNRL”) and the Medicine Hat Consolidated Unit No.1, operated by Canlin Resources Partnership. Franco-Nevada has an approximate 15% overriding royalty in the Edson property where CNRL extracts gas and natural gas liquids by exploiting resources in the Cardium Formation. The Medicine Hat Unit has been producing gas since 1963 and is located approximately 257 km southeast of Calgary. Other production comes from unitized and non-unitized wells, including gross overriding royalty positions in ten different Units across Alberta. Other operators on the interests include, CNRL and Imperial Oil. In 2020, Franco-Nevada acquired a royalty on the Neal Hot Springs geothermal operation in Oregon as part of a broader portfolio transaction. The plant produces approximately 22 MW of geothermal energy and is operated by Ormat Technologies, Inc. Franco-Nevada received $0.32 million in revenue from Neal Hot Springs in 2024. N km 0 80 BRITISH COLUMBIA MONTANA IDAHO WASHINGTON Montney Deep Basin Edson Cardium Duvernay Alberta Bakken Lloydminster Heavy Oil Shallow Gas CBM (HSCN) Redwater Viking CALGARY Peace River Oil Sands Athabasca Oil Sands Cold Lake Oil Sands Alberta/ British Columbia Oil and Gas Interests ALBERTA EDMONTON SASKATCHEWAN Company Core Land Company Non Core Land Major City MANITOBA SASKATCHEWAN NORTH DAKOTA MONTANA Sanish Oil Torquay Oil SE Saskatchewan Lower Bakken and Mississippian Oil Williston Basin Bakken Dodsland Viking Shallow Gas Spearfsh Oil REGINA Lloydminster Heavy Oil Shaunavon Oil N km 0 80 Saskatchewan/Manitoba Oil and Gas Interests Weyburn/ Midale ALBERTA Company Core Land Company Non Core Land Major City Primarily quality oil plays in Saskatchewan and Manitoba Exposure to shallow gas and deeper conventional gas in Alberta and BC Interest in the Neal Hot Springs geothermal operation TSX / NYSE: FNV 110 ★ Franco-Nevada Corporation North America Overview Precious Metals Diversified Assets

Location: AB / MB / SK, Canada & Nevada, U.S | Operator: Various Royalty: 0.1-18% and WI: 2-100% In addition to its producing assets, Franco-Nevada has exposure to a portfolio of undeveloped, non-producing oil and gas interests. These are grouped into 27 different assets covering an area of over 1,500 km2 and are located in Alberta, Saskatchewan and Manitoba along with a small amount of acreage in Nevada. Much of the interests consist of mineral title which is currently unleased. E NE R GY E X P LOR ATI ON ASSETS Location Big Bend Alberta Carbon Alberta Cindy/Belloy Alberta Colgate Saskatchewan Devil Alberta Dixonville Alberta Elko Mineral Rights Nevada Flatrock British Columbia Granor Alberta Harvest – SK Saskatchewan Hotchkiss Alberta Killam Alberta Kimiwan Alberta Liege Alberta Long Coulee Alberta Melville Saskatchewan Paradise British Columbia Provost Alberta Prudential – MB Manitoba Prudential – SK Saskatchewan Steelman Saskatchewan Swift Current Saskatchewan Touchwood Alberta Turner Alberta W. Calling Lake Alberta Widewater Alberta O T H E R P R O D U C I N G E N E R G Y A S S E T S E NE R GY E X P LOR ATI ON ASSETS Location Alameda Oil Saskatchewan Alida Oil Saskatchewan Benson Oil Saskatchewan Carnduff Oil Saskatchewan Cessford Gas Alberta Claresholm Gas Alberta E. Crossfield Gas Alberta Edson Gas Alberta Elswick Oil Saskatchewan Enchant Gas Alberta Ferrybank Gas Alberta Ghost Pine Gas Alberta Hanlan Gas Alberta Harmattan Gas Alberta Harvest – AB Gas Alberta Huntoon Oil Saskatchewan Innes Oil Saskatchewan Inverness Oil Alberta Laglace Gas Alberta Lesser Slave Oil Alberta Lochend Gas Alberta Lone Pine Gas Alberta Macoun Oil Saskatchewan Manitoba Oil Manitoba Medicine Hat Gas Alberta Midale Royalties Oil Saskatchewan Midale WI Oil Saskatchewan Montreal Trust Oil Saskatchewan Neal Hot Springs Geothermal Oregon Oungre Oil Saskatchewan Pearmac – AB Gas Alberta Pearmac – MB Oil Manitoba Pearmac – SK Oil Saskatchewan Prudential – AB Gas Alberta Qu’Appelle Oil Saskatchewan Queensdale Oil Saskatchewan Rainbow South Oil Alberta Rocanville Oil Saskatchewan Royce Gas Alberta Stoughton Oil Saskatchewan Swalwell Gas Alberta Tidewater Oil Saskatchewan Viewfield Oil Saskatchewan Watts/Craig Oil Alberta Franco-Nevada Corporation ★ 111 TSX / NYSE: FNV North America Additional Information Mineral Resources and Mineral Reserves

TSX / NYSE: FNV 112 ★ Franco-Nevada Corporation Overview Precious Metals Diversified Assets

Mineral Resources and Mineral Reser ves Additional Information Mineral Resources and Mineral Reserves

Measured (M) Indicated (I) (M)+(I) Inferred Notes Tonnes 000s Grade g/t Contained 000 oz Tonnes 000s Grade g/t Contained 000 oz Contained 000 oz Tonnes 000s Grade g/t Contained 000 oz South America Candelaria 3,4 852,817 0.12 3,364 589,044 0.13 2,400 5,764 121,597 0.11 436 Antapaccay 5 280,000 0.07 653 842,000 0.08 2,079 2,734 95,000 0.05 153 Condestable 6 39,200 0.22 271 43,200 0.20 275 546 12,900 0.19 78 Tocantinzinho 7 27,314 1.21 1,066 28,453 1.22 1,114 2,181 752 1.12 27 Yanacocha 1,8 34,900 0.71 800 917,800 0.74 21,700 22,500 521,100 0.51 8,500 Sossego 1,9 363,700 0.10 1,211 556,800 0.10 1,755 2,966 68,400 0.10 220 Cerro Moro 1,10 500 6.33 102 1,100 6.68 236 338 700 6.98 150 Salares Norte 1,11 — — — 20,430 5.46 3,586 3,586 200 1.57 10 Cascabel 12 1,576,000 0.35 17,500 2,159,000 0.20 13,700 31,200 853,000 0.20 5,400 Posse (Mara Rosa) 13 5,713 1.15 211 24,721 1.03 821 1,032 5,636 1.35 244 Taca Taca 14 421,500 0.14 1,853 1,781,800 0.07 4,200 6,052 716,900 0.05 1,183 CentroGold (Gurupi) 15 — — — 43,512 1.31 1,830 1,830 18,517 1.29 770 Calcatreu 16 — — — 9,841 2.11 669 669 8,078 1.34 348 San Jorge 17 79,518 0.22 584 104,091 0.19 626 1,211 11,235 0.16 59 Pascua-Lama 18 43,000 1.86 2,600 390,000 1.49 19,000 21,000 15,000 1.70 860 Volcan 19 123,979 0.70 2,792 339,274 0.64 7,013 9,804 75,018 0.52 1,246 Central America and Mexico Guadalupe-Palmarejo 1,2,20 9,497 2.22 679 21,538 2.06 1,424 2,104 5,967 3.35 643 United States Carlin Trend 21 14,472 1.36 634 211,382 3.57 24,390 24,390 78,049 3.70 9,268 Bald Mountain 1,22 7,131 0.90 205 227,902 0.50 3,651 3,856 51,303 0.30 571 Marigold 1,23 — — — 393,460 0.41 5,166 5,166 18,031 0.43 249 Mesquite 1,24 115 0.81 3 135,174 0.43 1,852 1,855 84,030 0.34 912 Castle Mountain 1,25 85,691 0.55 1,515 246,442 0.52 4,123 5,638 69,890 0.63 1,422 Fire Creek/Midas 1,2,26 2 17.14 1 265 13.03 111 112 70,091 1.48 3,335 Hollister 1,2,27 17 19.85 11 67 19.00 41 52 673 13.58 294 Stibnite 1,28 — — — 148,159 1.33 6,317 6,317 52,128 0.96 1,611 Sandman 29 — — — 18,550 0.73 433 433 3,246 0.58 61 Robinson 30 317,942 0.18 1,861 40,173 0.15 189 2,050 11,942 0.18 68 Nevada North (Wildcat & Mountain View) 31 — — — 88,624 0.46 1,324 1,324 26,611 0.32 270 Sleeper 1,2,32 4,902 0.54 85 158,338 0.36 1,812 1,897 119,910 0.31 1,214 Canada Detour Lake 1,33 162,377 0.87 4,534 1,324,852 0.70 29,776 34,310 124,362 1.65 6,605 Sudbury 34 — — — 9,034 0.57 167 167 1,478 0.39 18 Hemlo 35 3,900 4.37 550 60,000 1.49 2,900 3,400 8,500 2.30 620 Brucejack 1,36 — — — 12,900 6.03 2,500 2,500 16,600 5.80 3,100 Kirkland Lake 1,37 630 10.81 219 24,176 4.78 3,714 3,933 24,999 4.10 3,292 Greenstone 1,38 6,817 1.16 255 167,813 1.42 7,663 7,918 26,371 3.26 2,763 Magino 1,39 25,263 0.91 740 105,825 0.93 3,173 3,913 40,383 0.91 1,177 Eagle 40 35,237 0.62 705 197,960 0.57 3,596 4,304 29,595 0.52 497 Musselwhite 1,41 4,120 6.26 829 5,390 5.42 939 1,767 1,190 4.96 190 Timmins 1,42 6,500 2.71 567 5,700 2.73 500 1,067 3,500 3.37 383 Gold River 1,43 — — — 700 5.29 117 117 5,300 6.06 1,027 Canadian Malartic 1,44 40,383 0.52 677 88,054 2.39 6,760 7,437 66,705 2.19 4,686 Island Gold 1,45 962 12.32 381 7,403 10.52 2,505 2,886 7,106 16.52 3,774 Golden Highway - Holt Complex 1,46 5,806 4.29 800 5,884 4.75 898 1,699 9,097 4.48 1,310 Golden Highway - Hislop 1,47 — — — 1,337 4.00 173 173 804 3.80 97 Golden Highway - Aquarius 1,48 — — — 12,364 2.15 856 856 122 3.59 14 Valentine Gold 49 29,226 2.19 2,058 35,398 1.67 1,897 3,955 20,752 1.65 1,100 Eskay Creek 50 28,648 3.37 3,106 23,252 1.71 1,275 4,380 924 2.26 67 Red Lake (McFinley) 51 — — — 2,130 4.63 317 317 1,780 3.84 220 Courageous Lake 52 6,007 2.84 500 139,167 2.34 10,400 11,000 44,737 2.71 3,900 Goldfields 53 — — — 23,200 1.31 980 980 7,100 0.92 211 Monument Bay 54 — — — 36,581 1.52 1,787 1,787 41,946 1.32 1,781 Red Mountain 55 1,920 8.81 544 1,271 5.85 239 783 405 5.32 69 Fenelon-Martiniere 56 — — — 30,702 3.09 3,054 3,054 24,680 2.96 2,351 Spences Bridge (Shovelnose) 57 — — — 2,983 6.38 612 612 1,331 3.89 166 Wawa 58 — — — 14,653 1.79 842 842 16,183 1.62 843 Kerr-Addison 59 — — — 69,252 1.50 3,311 3,311 55,611 1.30 2,369 Clarence Stream 60 — — — 12,396 2.31 922 922 15,963 2.60 1,334 Australia Duketon 61 14,000 0.80 360 32,000 1.40 1,430 1,790 14,000 1.51 680 Matilda (Wiluna) 62 2,760 3.90 346 54,200 1.50 2,609 2,955 34,800 3.62 4,046 South Kalgoorlie 63 7,938 3.80 967 58,076 2.10 3,962 4,930 45,892 1.70 2,540 Yandal (Bronzewing) 64 20,710 1.50 1,023 44,838 1.90 2,741 3,764 9,554 1.50 468 Aphrodite 65 — — — 18,000 2.00 1,200 1,200 7,900 2.00 500 Red October 1,66 105 8.40 28 608 5.40 105 133 4,678 3.93 591 Henty 67 — — — 3,600 3.50 397 397 600 2.90 52 Bullabulling 68 — — — 39,000 1.10 1,400 1,400 21,000 1.30 890 Rebecca 69 — — — 27,000 1.30 1,100 1,100 6,500 1.20 240 Edna May 70 757 1.10 27 23,000 1.00 700 727 7,000 1.00 220 Glenburgh 71 — — — 13,500 1.00 431 431 2,800 0.90 79 Rest of World Tasiast 1,72 78,656 0.98 2,478 98,726 1.45 4,592 7,070 21,047 2.40 1,632 Subika (Ahafo) 1,73 34,900 1.52 1,700 88,300 2.40 6,800 8,400 15,000 2.70 1,300 Sabodala-Massawa Complex 74 19,900 1.13 724 60,500 2.29 4,463 5,186 20,400 2.01 1,322 Karma 75 300 0.40 4 47,700 1.24 1,894 1,898 16,200 1.30 679 Edikan 76 13,800 1.03 458 23,100 1.14 848 1,306 5,100 1.71 280 Kiziltepe 77 832 1.60 43 976 1.72 54 97 1,009 1.47 48 Seguela 1,78 692 1.50 33 12,108 3.54 1,379 1,412 7,260 2.90 677 Perama Hill 79 3,093 4.15 412 10,973 2.73 962 1,374 16,006 1.53 787 Agi Dagi 1,80 2,516 0.74 60 104,453 0.63 2,132 2,192 19,551 0.52 330 Sissingue 81 900 1.20 36 3,700 1.41 166 202 100 1.10 3 Rogozna 82 — — — — — — — 179,000 0.61 3,510 Total Gold Mineral Resources* 63,164 263,073 324,959 104,438 G O L D M I N E R A L R E S O U R C E S ( I N C L U S I V E O F M I N E R A L R E S E R V E S ) *Total excludes Cobre Panama and New Prosperity TSX / NYSE: FNV 114 ★ Franco-Nevada Corporation Mineral Resources and Mineral Reserves Overview Precious Metals Diversified Assets Mineral Resources and Mineral Reserves

G O L D M I N E R A L R E S E R V E S Proven Probable Proven and Probable Notes Tonnes 000s Grade g/t Contained 000 oz Tonnes 000s Grade g/t Contained 000 oz Tonnes 000s Grade g/t Contained 000 oz South America Candelaria 3,4 376,992 0.11 1,282 245,120 0.10 822 622,112 0.11 2,104 Antapaccay 5 195,000 0.07 439 210,000 0.07 473 404,000 0.07 909 Condestable 6 18,000 0.23 136 19,900 0.17 108 37,900 0.20 244 Tocantinzinho 7 26,798 1.23 1,061 24,259 1.24 971 51,057 1.24 2,031 Yanacocha 8 17,800 0.90 500 108,600 1.38 4,800 126,400 1.31 5,300 Sossego 9 9,200 0.24 71 55,900 0.17 306 65,100 0.18 377 Cerro Moro 10 400 5.58 80 600 9.31 166 1,000 7.64 246 Salares Norte 11 — — — 18,136 5.86 3,416 18,135 5.86 3,416 Cascabel 12 457,500 0.60 8,855 82,200 0.22 579 539,700 0.54 9,433 Posse (Mara Rosa) 13 5,140 1.22 202 18,169 1.13 663 23,309 1.15 865 Taca Taca 14 408,300 0.13 1,750 1,350,200 0.08 3,337 1,758,500 0.09 5,087 CentroGold (Gurupi) 15 — — — — — — — — — Calcatreu 16 — — — — — — — — — San Jorge 17 — — — — — — — — — Pascua-Lama 18 — — — — — — — — — Volcan 19 — — — — — — — — — Central America and Mexico Guadalupe-Palmarejo 2,20 3,151 2.02 205 7,596 1.94 475 10,746 1.97 681 United States Carlin Trend 21 6,667 1.66 358 125,203 3.73 15,122 133,333 3.62 15,447 Bald Mountain 22 — — — 55,772 0.70 1,173 55,772 0.70 1,173 Marigold 23 — — — 246,150 0.41 3,256 246,150 0.41 3,256 Mesquite 24 34 0.79 1 30,264 0.48 470 30,298 0.48 471 Castle Mountain 25 84,910 0.55 1,498 172,990 0.48 2,670 257,900 0.51 4,168 Fire Creek/Midas 2,26 — — — — — — — — — Hollister 2,27 — — — — — — — — — Stibnite 28 — — — 104,625 1.43 4,816 104,625 1.43 4,816 Sandman 29 — — — — — — — — — Robinson 30 110,513 0.15 545 8,860 0.12 34 119,374 0.15 579 Nevada North (Wildcat & Mountain View) 31 — — — — — — — — — Sleeper 2,32 — — — — — — — — — Canada Detour Lake 33 128,454 0.81 3,333 666,651 0.73 15,718 795,105 0.75 19,051 Sudbury 34 — — — — — — — — — Hemlo 35 290 3.84 36 31,000 1.60 1,600 32,000 1.62 1,600 Brucejack 36 — — — 8,600 6.95 1,900 8,600 6.95 1,900 Kirkland Lake 37 352 12.64 143 6,675 9.00 1,931 7,027 9.18 2,074 Greenstone 38 6,817 1.16 255 137,846 1.23 5,445 144,662 1.23 5,700 Magino 39 19,684 0.89 561 48,715 0.92 1,447 68,400 0.91 2,008 Eagle 40 21,100 0.68 464 96,600 0.63 1,943 117,700 0.64 2,407 Musselwhite 41 3,250 6.76 707 4,100 5.81 766 7,360 6.23 1,473 Timmins 42 5,400 2.79 481 4,400 2.74 386 9,800 2.75 868 Gold River 43 — — — — — — — — — Canadian Malartic 44 40,383 0.52 677 82,811 2.44 6,503 123,194 1.81 7,180 Island Gold 45 727 12.74 298 5,505 11.23 1,987 6,232 11.40 2,285 Golden Highway - Holt Complex 46 — — — — — — — — — Golden Highway - Hislop 47 — — — — — — — — — Golden Highway - Aquarius 48 — — — — — — — — — Valentine Gold 49 23,400 1.89 1,400 28,200 1.40 1,300 51,600 1.62 2,700 Eskay Creek 50 27,954 3.00 2,657 11,889 1.80 680 39,843 2.60 3,336 Red Lake (McFinley) 51 — — — 400 5.66 78 400 5.66 78 Courageous Lake 52 2,000 3.50 200 31,900 2.60 2,600 33,900 2.60 2,800 Goldfields 53 — — — — — — — — — Monument Bay 54 — — — — — — — — — Red Mountain 55 2,194 6.68 471 351 5.51 62 2,545 6.52 534 Fenelon-Martiniere 56 — — — — — — — — — Spences Bridge (Shovelnose) 57 — — — — — — — — — Wawa 58 — — — — — — — — — Kerr-Addison 59 — — — — — — — — — Clarence Stream 60 — — — — — — — — — Australia Duketon 61 9,000 1.20 191 10,000 1.30 607 20,000 1.30 798 Matilda (Wiluna) 62 — — — 5,379 2.00 345 5,379 2.00 345 South Kalgoorlie 63 2,408 4.20 324 21,715 1.80 1,222 24,123 2.00 1,546 Yandal (Bronzewing) 64 13,805 1.30 584 27,139 1.80 1,558 40,945 1.60 2,143 Aphrodite 65 — — — — — — — — — Red October 66 — — — — — — — — — Henty 67 — — — 1,207 4.00 154 1,207 4.00 154 Bullabulling 68 — — — — — — — — — Rebecca 69 — — — — — — — — — Edna May 70 37 1.43 2 — — — 37 1.43 2 Glenburgh 71 — — — — — — — — — Rest of World Tasiast 72 57,361 1.10 2,000 45,471 1.90 2,705 102,831 1.40 4,705 Subika (Ahafo) 73 30,200 1.51 1,500 54,800 1.79 3,200 85,000 1.69 4,600 Sabodala-Massawa Complex 74 16,700 1.02 549 33,900 2.49 2,711 50,700 2.00 3,260 Karma 75 300 0.40 4 5,200 0.93 154 5,500 0.90 158 Edikan 76 5,800 1.03 192 6,000 1.63 314 11,900 1.32 506 Kiziltepe 77 451 1.76 26 287 1.81 17 738 1.78 42 Seguela 78 692 1.50 33 8,675 3.52 983 9,366 3.38 1,016 Perama Hill 79 3,116 4.08 409 7,196 2.54 587 10,312 3.01 997 Agi Dagi 80 1,450 0.76 36 52,911 0.66 1,130 54,361 0.67 1,166 Sissingue 81 400 1.61 23 1,000 1.60 51 1,400 1.61 74 Rogozna 82 — — — — — — — — — Total Gold Mineral Reserves* 34,538 103,740 138,108 *Total excludes Cobre Panama Franco-Nevada Corporation ★ 115 TSX / NYSE: FNV Mineral Resources and Mineral Reserves Additional Information

M I N E R A L R E S O U R C E S A N D M I N E R A L R E S E R V E S Silver Mineral Resources - Inclusive of Mineral Reserves Measured (M) Indicated (I) (M)+(I) Silver Inferred Mineral Resources Notes Tonnes 000s Grade g/t Contained 000 oz Tonnes 000s Grade g/t Contained 000 oz Contained 000 oz Tonnes 000s Grade g/t Contained 000 oz Candelaria 4,83 852,817 1.80 48,915 589,044 2.00 37,158 86,073 121,597 1.40 5,516 Antapaccay 84 280,000 1.49 13,375 842,000 1.95 52,679 68,134 95,000 1.05 3,204 Antamina 1,85,86 351,700 10.04 113,500 511,100 12.26 201,423 315,357 1,217,100 11.00 428,537 Condestable 87 39,200 4.28 5,392 43,200 3.16 4,391 9,783 12,900 2.29 947 Yanacocha 1,88 16,800 6.48 3,500 976,200 5.43 170,500 174,100 267,400 3.09 26,600 Cerro Moro 1,89 500 298.59 4,800 1,100 257.31 9,100 13,800 700 168.00 3,600 Salares Norte 1,90 — — — 20,430 67.15 44,109 44,109 200 13.50 86 Cascabel 91 1,576,000 1.16 58,600 1,437,000 0.71 32,700 91,300 607,000 0.56 11,000 Calcatreu 92 — — — 9,841 19.83 6,275 6,275 8,078 13.09 3,399 Fire Creek/Midas 1,2,93 2 257.14 15 265 79.37 676 691 70,091 6.07 13,674 Stibnite 1,94 — — — 148,159 1.97 9,400 9,400 52,128 1.40 2,345 Eskay Creek 95 28,648 89.45 82,391 23,252 32.97 24,644 107,035 924 30.36 902 Nevada North (Wildcat & Mountain View) 96 — — — 88,624 3.45 9,840 9,840 26,611 2.60 2,224 Spences Bridge (Shovelnose) 97 — — — 2,983 34.13 3,273 3,273 1,331 16.94 725 Sleeper 1,2,98 4,902 3.62 570 158,338 4.06 20,661 21,231 119,910 2.45 9,454 Rogozna 99 — — — — — — — 179,000 4.40 25,600 Total Silver Mineral Resources* 331,058 626,829 960,401 537,813 * Total excludes Cobre Panama Silver Mineral Reserves Proven Probable Proven and Probable Notes Tonnes 000s Grade g/t Contained 000 oz Tonnes 000s Grade g/t Contained 000 oz Tonnes 000s Grade g/t Contained 000 oz Candelaria 4,83 376,992 1.40 17,330 245,120 1.60 12,363 622,112 1.50 29,693 Antapaccay 84 195,000 1.10 6,896 210,000 1.30 8,777 404,000 1.20 15,587 Antamina 85,86 247,500 10.10 80,497 302,200 13.00 126,838 549,700 11.70 207,770 Condestable 87 18,000 4.79 2,780 19,900 3.48 2,225 37,900 4.11 5,005 Yanacocha 88 — — — 172,300 15.05 83,400 172,300 15.05 83,400 Cerro Moro 89 400 272.00 3,900 600 200.00 3,600 1,000 232.00 7,500 Salares Norte 90 — — — 18,136 71.93 41,941 18,136 71.93 41,941 Cascabel 91 457,500 1.70 24,942 82,200 1.20 3,093 539,700 1.60 28,034 Calcatreu 92 — — — — — — — — — Fire Creek/Midas 2,93 — — — — — — — — — Stibnite 94 — — — 104,625 1.91 6,430 104,625 1.91 6,430 Eskay Creek 95 27,954 80.90 72,661 11,889 40.10 15,308 39,843 68.70 87,969 Nevada North (Wildcat & Mountain View) 96 — — — — — — — — — Spences Bridge (Shovelnose) 97 — — — — — — — — — Sleeper 2,98 — — — — — — — — — Rogozna 99 — — — — — — — — — Total Silver Mineral Reserves* 209,007 303,975 513,328 * Total excludes Cobre Panama PGM Mineral Resources – Inclusive of Mineral Reserves Measured (M) Indicated (I) (M)+(I) PGM Inferred Mineral Resources Notes Tonnes 000s Grade g/t Contained 000 oz Tonnes 000s Grade g/t Contained 000 oz Contained 000 oz Tonnes 000s Grade g/t Contained 000 oz Stillwater 100 37,300 15.50 18,600 41,500 14.60 19,400 38,100 91,200 14.00 41,100 Western Limb 101,102 581,285 3.95 73,800 832,887 4.06 108,700 182,600 278,889 4.35 39,000 Sudbury 103 — — — 9,034 2.80 814 814 1,478 2.31 110 Eagle's Nest 104 4,727 5.19 789 4,288 4.48 618 1,408 6,750 4.35 943 Marathon (Sally) 105 — — — 24,801 0.62 494 494 14,019 0.48 218 Total PGM Mineral Resources 93,189 130,026 223,416 81,371 PGM Mineral Reserves Proven Probable Proven and Probable Notes Tonnes 000s Grade g/t Contained 000 oz Tonnes 000s Grade g/t Contained 000 oz Tonnes 000s Grade g/t Contained 000 oz Stillwater 100 9,500 13.10 4,000 35,100 13.30 15,000 44,500 13.30 19,000 Western Limb 101,102 135,923 3.52 15,400 182,894 3.18 18,700 318,817 3.32 34,000 Sudbury 103 — — — — — — — — — Eagle's Nest 104 — — — — — — — — — Marathon (Sally) 105 — — — — — — — — — Total PGM Mineral Reserves 19,400 33,700 53,000 Copper Mineral Resources – Inclusive of Mineral Reserves Measured (M) Indicated (I) (M)+(I) Copper Inferred Mineral Resources Notes Tonnes 000s Grade % Contained Mlbs Tonnes 000s Grade % Contained Mlbs Contained Mlbs Tonnes 000s Grade % Contained Mlbs Yanacocha 1,106 1,500 1.02 — 904,700 0.32 6,393 6,393 270,200 0.19 1,102 Sossego 1,107 363,700 0.66 5,318 556,800 0.60 7,389 12,684 68,400 0.70 1,056 Cascabel 108 1,576,000 0.43 14,771 2,159,000 0.26 12,566 27,337 853,000 0.23 4,409 NuevaUnion (Relincho) 1,109 895,400 0.29 5,657 1,440,400 0.33 10,411 16,068 724,700 0.36 5,752 Taca Taca 110 421,500 0.60 5,606 1,781,800 0.39 15,230 20,835 716,900 0.31 4,863 Caserones 111 376,427 0.33 2,765 958,390 0.26 5,430 8,195 116,466 0.22 564 Vizcachitas 112 273,000 0.43 2,605 1,268,000 0.37 10,416 13,021 1,823,000 0.34 13,747 Copper World/East Pit 1,113 902,400 0.42 8,429 326,700 0.37 2,670 11,100 275,000 0.32 1,957 Robinson 114 317,942 0.47 3,261 40,173 0.34 305 3,566 11,942 0.38 100 Rogozna 115 — — — — — — — 179,000 0.15 597 Total Copper Mineral Resources 48,412 70,811 119,200 34,148 TSX / NYSE: FNV 116 ★ Franco-Nevada Corporation Mineral Resources and Mineral Reserves Overview Precious Metals Diversified Assets Mineral Resources and Mineral Reserves

M I N E R A L R E S O U R C E S A N D M I N E R A L R E S E R V E S Copper Mineral Reserves Proven Probable Proven and Probable Notes Tonnes 000s Grade % Contained Mlbs Tonnes 000s Grade % Contained Mlbs Tonnes 000s Grade % Contained Mlbs Yanacocha 106 — — — 111,100 0.63 1,543 111,100 0.63 1,543 Sossego 107 9,200 0.79 160 55,900 0.53 653 65,100 0.56 804 Cascabel 108 457,500 0.64 6,475 82,200 0.36 653 539,700 0.60 7,128 NuevaUnion (Relincho) 109 576,400 0.34 4,321 977,400 0.36 7,757 1,553,800 0.35 12,078 Taca Taca 110 408,300 0.59 5,295 1,350,200 0.39 11,757 1,758,500 0.44 17,052 Caserones 111 362,249 0.33 2,639 522,057 0.27 3,097 884,306 0.29 5,736 Vizcachitas 112 302,247 0.41 2,714 917,685 0.34 6,908 1,219,932 0.36 9,623 Copper World/East Pit 113 319,400 0.54 3,802 65,700 0.52 753 385,100 0.54 4,585 Robinson 114 110,513 0.42 1,025 8,860 0.28 54 119,374 0.41 1,079 Rogozna 115 — — — — — — — — — Total Copper Mineral Reserves 26,431 33,177 59,628 Nickel Mineral Resources – Inclusive of Mineral Reserves Measured (M) Indicated (I) (M)+(I) Nickel Inferred Mineral Resources Notes Tonnes 000s Grade % Contained Mlbs Tonnes 000s Grade % Contained Mlbs Contained Mlbs Tonnes 000s Grade % Contained Mlbs Falcondo 116 40,500 1.42 1,268 31,100 1.53 1,049 2,320 4,900 1.40 151 Eagle's Nest 117 4,727 2.24 234 4,288 1.50 141 375 6,750 1.67 249 Crawford 118 1,097,100 0.24 5,904 1,464,700 0.23 7,402 13,306 1,693,200 0.22 8,215 Mt Keith 119 132,000 0.54 1,571 67,000 0.52 768 2,340 24,000 0.52 275 Total Nickel Mineral Resources 8,977 9,360 18,340 8,891 Nickel Mineral Reserves Proven Probable Proven and Probable Notes Tonnes 000s Grade % Contained Mlbs Tonnes 000s Grade % Contained Mlbs Tonnes 000s Grade % Contained Mlbs Falcondo 116 44,900 1.28 1,267 26,300 1.36 789 71,200 1.31 2,056 Eagle's Nest 117 — — — — — — — — — Crawford 118 994,000 0.24 5,172 721,000 0.20 3,183 1,715,000 0.22 8,356 Mt Keith 119 — — — — — — — — — Total Nickel Mineral Reserves 6,439 3,972 10,412 Chromite Mineral Resources – Inclusive of Mineral Reserves Measured (M) Indicated (I) Chromite Inferred Mineral Resources Notes Tonnes 000s Grade % Cr203 Tonnes 000s Grade % Cr203 Tonnes 000s Grade % Cr203 Ring of Fire 120 140,190 32.5 52,573 29.8 54,581 30.8 Total Chromite Mineral Resources 140,190 52,573 54,581 Chromite Mineral Reserves Proven Probable Proven and Probable Notes Tonnes 000s Grade % Cr203 Tonnes 000s Grade % Cr203 Tonnes 000s Grade % Cr203 Ring of Fire 120 — — — — — — Total Chromite Mineral Reserves* — — — Iron Ore Mineral Resources – Inclusive of Mineral Reserves Measured (M) Indicated (I) Iron Ore Inferred Mineral Resources Notes Tonnes 000s Grade % Fe Tonnes 000s Grade % Fe Tonnes 000s Grade % Fe Vale (Northern and Southeastern System) 1,121 7,136,100 53.6 9,263,600 53.1 4,055,100 43.0 LIORC 1,122,123 536,000 39.3 1,249,000 38.5 665,000 38.0 Total Iron Ore Mineral Resources 7,672,100 10,512,600 4,720,100 Iron Ore Mineral Reserves Proven Probable Proven and Probable Notes Tonnes 000s Grade % Fe Tonnes 000s Grade % Fe Tonnes 000s Grade % Fe Vale (Northern and Southeastern System) 121 2,783,200 60.5 4,888,700 59.6 7,671,900 59.9 LIORC 122,123 355,000 39.0 610,000 39.0 966,000 39.0 Total Iron Ore Mineral Reserves 3,138,200 5,498,700 8,637,900 * No Mineral Reserve estimate has been reported for the Ring of Fire Franco-Nevada Corporation ★ 117 TSX / NYSE: FNV Mineral Resources and Mineral Reserves Additional Information

C O B R E P A N A M A E X C L U S I O N Mineral Resources - Inclusive of Mineral Reserves Grade Contained Metal Category Tonnes 000s Au g/t Ag g/t Au 000 oz Ag 000 oz Measured 100,900 0.15 1.65 487 5,353 Indicated 3,212,000 0.06 1.33 6,224 136,987 M&I 3,312,900 0.06 1.34 6,710 142,339 Inferred 1,084,500 0.04 1.09 1,286 37,825 Mineral Reserves Grade Contained Metal Category Tonnes 000s Au g/t Ag g/t Au 000 oz Ag 000 oz Proven 98,400 0.15 1.61 475 5,093 Probable 2,669,300 0.06 1.35 5,125 116,062 Total 2,767,700 0.06 1.36 5,600 121,243 • Source: First Quantum Minerals Ltd.’s Annual Information Form dated March 28, 2024 • Cobre Panama has been on P&SM with production halted since November 2023. Please refer to the “COBRE PANAMA” section on page 38 of this Asset Handbook. Due to the status of Cobre Panama, Mineral Resources and Mineral Reserves are being reported separately and are not included in the comprehensive Mineral Resources and Mineral Reserves tables above • Mineral Resources and Mineral Reserves are estimated using 2014 CIM Definition Standards • Mineral Resources are reported inclusive of Mineral Reserves • Stockpiles have been added into the Mineral Resources and Mineral Reserves • Rows and columns may not add up due to rounding TSX / NYSE: FNV 118 ★ Franco-Nevada Corporation Mineral Resources and Mineral Reserves Overview Precious Metals Diversified Assets Mineral Resources and Mineral Reserves

N O T E S A N D S O U R C E S 1 Mineral Resources reported by operator exclusive of Mineral Reserves. Franco-Nevada’s Qualified Person determined the inclusive Mineral Resources by adding the exclusive Measured and Indicated Mineral Resources to the Proven and Probable Reserves 2 Mineral Resources and Mineral Reserves are reported by the operator in non-metric units. Franco-Nevada’s Qualified Person calculated the metric conversion using 1 opt = 34.286 g/t, 1 short ton = 0.9072 metric tonnes, 1 oz = 31.1035 g 3 Lundin Mining Corporation; News Release, February 12, 2025 4 The stream agreement applies to 100% of the property, but only with respect to the ownership interest of Lundin Mining Corporation which indirectly owns 80% of the Candelaria Copper Mining Complex 5 Glencore plc; Resources & Reserves as at December 31, 2024 6 Southern Peaks Mining LP; Email and Letter to Franco-Nevada (Barbados) Corporation, Statement Resource & Reserves estimates at the Condestable Mine, March 17, 2025 7 G Mining Ventures Corp.; News Release, February 20, 2025 8 Newmont Corporation; News Release, February 20, 2025. Yanacocha, as represented in the table, includes Conga 9 Vale S.A.; Form 20-F, April 19, 2024. Details of Vale’s Participating Debentures are available on Vale’s website 10 Pan American Silver Corp.; News Release, September 11, 2024 & Corporate Website 11 Gold Fields Limited; Mineral Resources and Mineral Reserves Supplement to the Integrated Annual Report 2023, March 28, 2024 12 SolGold Plc.; Annual Information Form, September 26, 2024 13 Hochschild Mining PLC; Press Release, March 12, 2025 14 First Quantum Minerals Ltd.; Taca Taca Project NI 43-101 Technical Report, March 29, 2021 15 G Mining Ventures Corp.; News Release, February 20, 2025 16 Patagonia Gold Corp.; MD&A, November 29, 2024 17 Coro Mining Corporation; San Jorge Project NI 43-101 Technical Report, March 1, 2012 18 Barrick Gold Corporation; Press Release, February 6, 2025 19 Hochschild Mining PLC; Press Release, March 12, 2025 20 Coeur Mining, Inc.; News Release, February 18, 2025 21 Barrick Gold Corporation; Press Release, February 6, 2025. Carlin Trend includes Goldstrike, Gold Quarry and South Arturo as well as other properties where Franco-Nevada has no royalties or stream interests 22 Kinross Gold Corporation; News Release, February 12, 2025 23 SSR Mining Inc.; Mineral Reserve and Resource Tables as of December 31, 2024 24 Equinox Gold Corp. & Calibre Mining Corp.; Corporate Presentation, February 24, 2025 25 Equinox Gold Corp. & Calibre Mining Corp.; Corporate Presentation, February 24, 2025 26 Hecla Mining Company; News Release, February 12, 2025 27 Hecla Mining Company; News Release, February 12, 2025 28 Perpetua Resources Corp., Form 10-K, March 26, 2024 29 Borealis Mining Company Ltd. & Gold Bull Resources Corp.; News Release, December 10, 2024 30 KGHM Polska Miedź S.A.; Mineral Resources and Reserves Report, December 31, 2014 31 Integra Resources Corp.; Corporate Presentation, February 2025 32 Paramount Gold Nevada; Sleeper Gold-Silver Project Form 10-K; September 26, 2024 33 Agnico Eagle Mines Limited; News Release, February 13, 2025 34 Magna Mining Inc.; Corporate Presentation, February 2025 and McCreedy West Mine NI 43-101 Technical Report, October 28, 2024 35 Barrick Gold Corporation; Press Release, February 6, 2025 36 Newmont Corporation; News Release, February 20, 2025 37 Agnico Eagle Mines Limited; News Release, February 13, 2025 38 Equinox Gold Corp. & Calibre Mining Corp.; Corporate Presentation, February 24, 2025 39 Alamos Gold Inc.; News Release, February 18, 2025 40 Victoria Gold Corp.; Eagle Gold Mine NI 43-101 Technical Report, April 10, 2023 41 Orla Mining Ltd.; Corporate Presentation, February 21, 2025 42 Pan American Silver Corp.; News Release, September 11, 2024 43 Pan American Silver Corp.; News Release, September 11, 2024 44 Agnico Eagle Mines Limited; News Release, February 13, 2025 45 Alamos Gold Inc.; News Release, February 18, 2025 46 Agnico Eagle Mines Limited; News Release, February 13, 2025 47 Agnico Eagle Mines Limited; News Release, February 13, 2025 48 Agnico Eagle Mines Limited; News Release, February 13, 2025 49 Equinox Gold Corp. & Calibre Mining Corp.; Corporate Presentation, February 24, 2025 All Mineral Resources and Mineral Reserves have been calculated in accordance with CIM or Acceptable Foreign Codes for the purposes of NI 43-101, including Regulation S-K 1300, JORC, or SAMREC guidelines Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability Unless otherwise noted, Mineral Resources were reported by the operator inclusive of Mineral Reserves Contained metal does not take into account recovery losses Franco-Nevada’s royalties or stream interests may not cover the operator’s entire property or all estimated Mineral Resources and Mineral Reserves or a combination of both The grade of platinum group elements has been reported by the operators as either the sum of the individual platinum group elements grades or the individual grades. In the cases where individual platinum group element grades have been reported, Franco-Nevada’s Qualified Person has calculated the sum of the platinum group element grades for presentation purposes Mineral Resources and Mineral Reserves based on publicly disclosed information available as of March 13, 2025 The MRMR statement might have excluded depletion prior to this year’s reporting Rows and columns may not add up due to rounding Inferred Resources are in addition to Measured and Indicated Resources, as described in the cautionary note regarding “Technical and Third-Party Information” section on page 130. 50 Skeena Resources Limited; Eskay Creek Project NI 43-101 Technical Report, November 14, 2023 51 Evolution Mining Limited; ASX Announcement, February 14, 2024 52 Seabridge Gold Inc.; Mineral Reserves and Resources, June 2024 53 Fortune Bay Corp.; Goldfields Project NI 43-101 Technical Report, October 31, 2022 54 Agnico Eagle Mines Limited; News Release, February 16, 2023 55 Ascot Resources Ltd.; Annual Information Form, March 25, 2024 56 Wallbridge Mining Company Limited; Detour-Fenelon Gold Trend Property NI 43-101 Technical Report, December 29, 2023 57 Westhaven Gold Corp.; Corporate Presentation, February 2025 58 Red Pine Exploration Inc.; Wawa Gold Project NI 43-101 Technical Report, September 30, 2024 59 Gold Candle Ltd.; Press Release, February 19, 2025 60 Galway Metals Inc.; Corporate Presentation, December 2024 61 Regis Resources Limited; ASX Announcement, June 17, 2024 62 Wiluna Mining Corporation Limited; Public Announcement, January 25, 2025 and ASX Announcement, February 16, 2024 63 Northern Star Resources Limited; ASX Announcement, May 2, 2024 64 Northern Star Resources Limited; ASX Announcement, May 2, 2024 65 Genesis Minerals Limited; Annual Report, August 29, 2024 66 Matsa Resources Ltd.; Annual Report, October 16, 2024 for Red October and AngloGold Ashanti Limited; Mineral Resource and Ore Reserve Report as at December 31, 2023 for Butcher Well 67 Catalyst Metals Limited; ASX Announcement; October 11, 2024 68 Minerals 260 Limited; Corporate Presentation, February 28, 2025 69 Ramelius Resources Limited; ASX Release, September 2, 2024 70 Ramelius Resources Limited; ASX Release, September 2, 2024 71 Benz Mining Corp; ASX Announcement, November 6, 2024 72 Kinross Gold Corporation; News Release, February 12, 2025 73 Newmont Corporation; News Release, February 20, 2025 74 Endeavour Mining plc; News Release, March 6, 2025 75 Endeavour Mining Corp.; Annual Report, March 17, 2022 76 Perseus Mining Limited; News Release, August 21, 2024 77 Ariana Resources plc; Kiziltepe, Kepez North, Kepez West, Karakavak Mineral Resource Estimates, effective March 2024 78 Fortuna Mining Corp.; News Release, December 10, 2024 79 Eldorado Gold Corporation; News Release, December 11, 2024 80 Alamos Gold Inc.; News Release, February 18, 2025 81 Perseus Mining Limited; News Release, August 21, 2024 82 Strickland Metals Limited; ASX Announcement, February 19, 2025 83 Lundin Mining Corporation; News Release, February 12, 2025 84 Glencore plc; Resources & Reserves as at December 31, 2024 85 Teck Resources Limited; Annual Information Form, February 19, 2025 86 The stream agreement applies to 100% of the property, but only with respect to the ownership interest of Teck Resources Limited which indirectly owns a 22.5% interest in Compañía Minera Antamina S.A. 87 Southern Peaks Mining LP; Email and Letter to Franco-Nevada (Barbados) Corporation, Statement Resource & Reserves estimates at the Condestable Mine, March 17, 2025 88 Newmont Corporation; News Release, February 20, 2025. Yanacocha, as represented in the table, includes Conga 89 Pan American Silver Corp.; News Release, September 11, 2024 & Corporate Website 90 Gold Fields Limited; Mineral Resources and Mineral Reserves Supplement to the Integrated Annual Report, March 28, 2024 91 SolGold Plc.; Annual Information Form, September 26, 2024 92 Patagonia Gold Corp.; MD&A, November 29, 2024 93 Hecla Mining Company; News Release, February 12, 2025 94 Perpetua Resources Corp., Form 10-K, March 26, 2024 95 Skeena Resources Limited; Eskay Creek Project NI 43-101 Technical Report, November 14, 2023 96 Integra Resources Corp.; Corporate Presentation, February 2025 97 Westhaven Gold Corp.; Corporate Presentation, February 2025 98 Paramount Gold Nevada; Sleeper Gold-Silver Project Form 10-K; September 26, 2024 99 Strickland Metals Limited; ASX Announcement, February 19, 2025 100 Sibanye Stillwater Limited; JSE Market Release, February 19, 2025 101 Sibanye Stillwater Limited; JSE Market Release, February 19, 2025 Franco-Nevada Corporation ★ 119 TSX / NYSE: FNV Mineral Resources and Mineral Reserves Additional Information

102 Western Limb includes the precious metals stream on Sibanye Stillwater Limited’s Western Limb mining operations and the net smelter return royalty on the Pandora property 103 Magna Mining Inc.; Corporate Presentation, February 2025 and McCreedy West Mine NI 43-101 Technical Report, October 28, 2024 104 Ring of Fire Metals Pty Ltd.; Eagle’s Nest Project NI 43-101 Technical Report, January 24, 2024 105 Generation Mining Limited; Marathon Palladium & Copper Project NI 43-101 Technical Report, May 31, 2024 106 Newmont Corporation; News Release, February 20, 2025. Yanacocha, as represented in the table, includes Conga 107 Vale S.A.; Form 20-F, April 19, 2024. Details of Vale’s Participating Debentures are available on Vale’s website 108 SolGold Plc.; Annual Information Form, September 26, 2024 109 Teck Resources Limited; Annual Information Form, February 19, 2025 110 First Quantum Minerals Ltd.; Taca Taca Project NI 43-101 Technical Report, March 29, 2021 111 Lundin Mining Corporation; News Release, February 12, 2025 112 Los Andes Copper Ltd.; Corporate Presentation, February 5, 2025 113 Hudbay Minerals Inc.; Investor Presentation, February 24, 2025 114 KGHM Polska Miedź S.A.; Mineral Resources and Reserves Report, December 31, 2014 115 Strickland Metals Limited; ASX Announcement, February 19, 2025 116 Glencore plc; Resources & Reserves as at December 31, 2014 117 Ring of Fire Metals Pty Ltd.; Eagle’s Nest Project NI 43-101 Technical Report, January 24, 2024 118 Canada Nickel Company, Inc.; Crawford Nickel Sulfide Project NI 43-101 Technical Report, October 1, 2023 119 BHP Group Limited; Annual Report, August 26, 2024 120 Noront Resources Ltd.; Black Thor, Black Label and Big Daddy NI 43-101 Technical Report, July 27, 2015 and Eagle’s Nest Project NI 43-101 Technical Report, October 19, 2012 for Blackbird 121 Vale S.A.; Form 20-F, April 19, 2024. Details of Vale’s Participating Debentures are available on Vale’s website 122 Labrador Iron Ore Royalty Corporation; Annual Information Form, March 11, 2025 123 Franco-Nevada holds a 9.9% equity interest in LIORC. LIORC, directly and through its wholly- owned subsidiary, owns a 15.1% equity interest in Iron Ore Company of Canada and receives a 7% gross overriding royalty on the operation and also receives a C$0.10/t commission on sales of iron ore TSX / NYSE: FNV 120 ★ Franco-Nevada Corporation Mineral Resources and Mineral Reserves Overview Precious Metals Diversified Assets Mineral Resources and Mineral Reserves

Additional Information Additional Information

A C R E A G E O F A S S E T S A S S E T C O U N T S Franco-Nevada’s assets are categorized by commodity and stage of development. By commodity, assets are characterized as “Precious Metals” or “Diversified”. Precious Metals includes gold, silver and PGM assets. Diversified includes iron ore, other mining and energy assets (which encompass oil, gas and natural gas liquids). “Producing” assets are those that have generated revenue from steady-state operations for Franco-Nevada or are expected to in the next year. “Advanced” assets are interests on projects which are not yet producing but where, in management’s view, the technical feasibility and commercial viability of extracting Mineral Resources are demonstrable. “Exploration” assets represent interests on projects where technical feasibility and commercial viability of extracting Mineral Resources are not demonstrable. Management uses the following criteria in its assessment of technical feasibility and commercial viability: 1. Geology: there is a known mineral deposit which contains Mineral Resources or Mineral Reserves; or the project is adjacent to a mineral deposit that is already being mined or developed and there is sufficient geologic certainty of converting the deposit into Mineral Resources or Mineral Reserves. 2. Accessibility and authorization: there are no significant unresolved issues impacting the accessibility and authorization to develop or mine the mineral deposit, and social, environmental and governmental permits and approvals to develop or mine the mineral deposit appear obtainable. For accounting purposes, the number of assets has been counted in different manners depending on the category. Royalties on a producing or advanced property are generally counted as a single asset even if Franco-Nevada has multiple different royalties on the property, such as at the Goldstrike complex. Streams covering a group of mines in close proximity and operated by a common operator, such as the Sudbury streams, have also been counted as one asset. However, royalties and streams on producing properties that have significant co-products have been counted twice, such as the Robinson royalties for gold and copper or the Sudbury streams for gold and PGM. Exploration royalties are simply counted by the number of royalty contracts and no effort has been made to consolidate royalties on the same property. Franco-Nevada’s energy interests are subdivided into Producing Assets, which are assets that are currently producing oil or natural gas, or Exploration Assets, which are undeveloped assets that are not producing oil or natural gas. Franco-Nevada’s energy interests consist of a variety of royalty interests and working interests which are derived from a large number of underlying leases, contractual agreements and mineral title covering land positions primarily in western Canada and Oklahoma, North Dakota, Pennsylvania, Louisiana and Texas in the United States. For accounting purposes, these leases, contracts and mineral title have been grouped into distinct land areas and tabulated as individual assets. In many cases, Franco-Nevada owns multiple royalties or working interests that pertain to the same land area, and in these circumstances, the interests are counted as a single asset. As of April 28, 2025, Franco-Nevada estimates that it holds 241 Precious Metals assets and 189 Diversified assets for a total of 430 assets. Franco-Nevada Asset Counts at April 28, 2025 Precious Metals Diversified Total Producing 49 701 119 Advanced 31 72 38 Exploration 161 1123 273 Total 241 189 430 1 14 Mining Assets / 56 Energy Assets 2 7 Mining Assets 3 85 Mining Assets / 27 Energy Assets The following is a tabulation of the acreage of Precious Metals and Diversified lands subject to Franco-Nevada’s royalty, stream or other interests as at April 28, 2025. Acreage amounts are approximate or estimated and are compiled from information contained in asset agreements and updated when possible using various sources including government recording offices, operator information such as technical reports, presentations and other sources. Acreage has been converted into standard measure by Franco-Nevada. Franco-Nevada Acreage Tabulation(1) Producing Advanced Exploration Total Precious Metals South America 820,307 212,685 375,095 1,408,060 Central America & Mexico 30,157 32,111 675 62,943 Canada 485,189 206,996 858,914 1,551,099 United States 88,561 37,057 196,657 322,275 Australia 1,426,693 254,926 736,365 2,417,984 Rest of World 1,668,412 216,209 61,215 1,945,836 Total 4,519,319 959,957 2,228,921 7,708,197 Diversified – Iron Ore & Other Mining South America 731,713 54,516 3,163,072 3,949,301 Central America & Mexico 6,605 59,552 – 66,157 Canada 44,973 142,365 340,172 527,510 United States 29,234 25,140 18,585 72,959 AustraliaAustralia 88,197 – 1,086,754 1,174,951 Rest of World – – 265,842 265,842 Total 900,722 281,573 4,874,425 6,056,720 Diversified – Energy(2) United States 2,670,181 – 53,994 2,724,175 Canada 616,083 – 313,552 929,635 Total 3,286,264 – 367,546 3,653,810 Total Estimated Acreage 17,418,727 Total km2 70,491 (1) Represents management’s best available information as at April 28, 2025. Legal status of tenure and rate(s) of royalty, stream and other interests vary by agreement. Cobre Panama, currently on preservation and safe management, is included in the above calculations and accounts for 32,111 acres (129.95 km2) (2) Gross Acreage TSX / NYSE: FNV 122 ★ Franco-Nevada Corporation Additional Information Additional Information Overview Diversified Assets Precious Metals Mineral Resources and Mineral Reserves Additional Information

M I N E L I F E I N D E X Franco-Nevada’s asset portfolio is comprised of a large variety of properties and operations with a range of projected production profiles. The chart (opposite) provides an estimated mine life index for some of the producing and advanced assets with published Mineral Resource and Mineral Reserve estimates. For each asset, management has estimated a mine life index by dividing the Proven and Probable Mineral Reserves as well as the Measured and Indicated Mineral Resources (inclusive of Mineral Reserves) by management’s best estimate of the average annual forward-looking production. Franco-Nevada has not included any Inferred Mineral Resources in the analysis. This metric is to provide investors and analysts with an indication of the potential for the assets in which Franco-Nevada has interests and should not be viewed as a definitive mine life estimate. In an effort to provide a more accurate picture for the mine life index of the overall portfolio, Franco-Nevada has divided its total M&I Royalty Ounces (inclusive of Mineral Reserves) by the midpoint of its 2025 Precious Metal and Diversified Mining production guidance. The average mine life index of the mining portfolio using this methodology is approximately 38 years. For our energy assets, Franco-Nevada receives a variety of third-party reports estimating our reserves and resources for oil, gas and natural gas liquids. We have calculated the asset lives of our assets by dividing the total reserves for each asset by the prior year annual production volume. The estimates are based on Proven and Probable reserves for our Canadian assets and Proven, Probable and Possible reserves for our U.S. assets (excluding our venture with Continental Resources). On that basis our Canadian assets have an estimated aggregate asset life of approximately 23 years and our U.S. assets have an estimated aggregate asset life of 21 years. 1 Mineral Resources and Mineral Reserves used in the Mine Life Index calculation are based on publicly disclosed information as of March 13, 2025 2 Mineral Resources and Mineral Reserves used for Carlin Trend in the Mine Life Index reflect Franco-Nevada management’s best estimate of Goldstrike, Gold Quarry and South Arturo only 3 Cobre Panama, currently on preservation and safe management, is not included in the above calculations 4 Mine life as disclosed by Vale S.A in their latest 20-F and exhibits. Mine life represents longest disclosed mine life 5 Mine life as disclosed by LIORC in their most recent annual report, based on Mineral Resources and Mineral Reserves only 0 5 10 15 20 Based on M&I1 (inclusive of P&P) Based on P&P1 LIORC5 Vale (Northern and Southeastern System)4 Diversified Edikan Duketon Subika (Ahafo) Séguéla Tasiast Sabodala-Massawa Complex Precious Metals – Rest of World Valentine Gold Magino Greenstone Island Gold Canadian Malartic Timmins Musselwhite Kirkland Lake Brucejack Hemlo Detour Lake Precious Metals – Canada Stibnite Castle Mountain Mesquite Bald Mountain Marigold Carlin Trend2 Stillwater Precious Metals – United States Guadalupe-Palmarejo Central America and Mexico3 Salares Norte Mara Rosa Cerro Moro Antamina Antapaccay Candelaria Precious Metals – South America Years Franco-Nevada Corporation ★ 123 TSX / NYSE: FNV Additional Information

B O A R D O F D I R E C T O R S David Harquail David Harquail is Chair of the Board. Mr. Harquail was the founding CEO of the Corporation. Prior to his appointment as Chair in May 2020, Mr. Harquail served as the Corporation’s CEO for more than 13 years since its initial public offering in 2007. He serves as a director of the Bank of Montreal, as a governor of Laurentian University in Sudbury, as a director of the Prospectors & Developers Association of Canada and is a past director and former Chair (2017-2020) of the World Gold Council. He has also held senior executive roles and served as a director of numerous public mining companies and has been actively involved in industry organizations. Mr. Harquail holds a B.A.Sc. in Geological Engineering from the University of Toronto, an MBA from McGill University and is a registered Professional Engineer in Ontario. He is also a major benefactor of the School of Earth Sciences and its Mineral Exploration Research Centre (MERC) at Laurentian University as well as the Centre for Neuromodulation at Sunnybrook Health Sciences in Toronto. Paul Brink Paul Brink is President & Chief Executive Officer and a director of Franco-Nevada. Prior to his appointment as CEO, Mr. Brink served as President & Chief Operating Officer of Franco-Nevada from May 2018 to May 2020. He has been with Franco-Nevada since its initial public offering in 2007 and successfully led its business development activities as SVP, Business Development from 2008 until his promotion to President & Chief Operating Officer in 2018. Mr. Brink is active with a number of not-for-profit organizations. He previously had roles in corporate development at Newmont, investment banking at BMO Nesbitt Burns and project financing at UBS. Mr. Brink holds a Bachelor’s degree in Mechanical Engineering from the University of Witwatersrand and a Master’s degree in Management Studies from Oxford University. Tom Albanese Tom Albanese is a director of Franco- Nevada. He served as CEO of Vedanta Resources plc (2014 to 2017), CEO of Vedanta Limited (2014 to 2017) and was CEO of Rio Tinto plc and Rio Tinto Limited (2007 to 2013). Mr. Albanese is also a director of CoTec Holdings Corp. and is a director and Chair of Nevada Copper Corp. He previously served on the boards of Vedanta Resources plc, Vedanta Limited, Rio Tinto plc, Rio Tinto Limited, Ivanhoe Mines Limited, Palabora Mining Company and Turquoise Hill Resources Limited. Mr. Albanese holds a Master’s of Science degree in Mining Engineering and a Bachelor of Science degree in Mineral Economics both from the University of Alaska Fairbanks. Hugo Dryland Hugo Dryland is a director of Franco- Nevada. Mr. Dryland is also a Global Partner of Rothschild & Co, Chairman of the group’s Global Advisory Metals & Mining Sector and Non-Executive Chairman of the group’s Global Advisory business in Canada. Mr. Dryland joined Rothschild & Co in 1986 and has extensive experience in the mining, minerals, oil and gas, energy, utilities and infrastructure sectors, working on transactions spanning the globe. Throughout his career, Mr. Dryland has been actively involved in the leadership, oversight and execution of M&A mandates, financing advisory transactions and strategic advisory work undertaken in the mining and metals sectors. Mr. Dryland previously served on the boards of RCF Acquisition Corp. (2023), Antofagasta plc (2011-2016) and Antofagasta Minerals SA (2011-2016). Mr. Dryland holds Masters’ degrees in Business Administration and in Comparative Law from the University of Warwick and George Washington University, respectively. Derek Evans Derek Evans is a director of Franco- Nevada. Mr. Evans served as President & CEO of MEG Energy Corp. from August 2018 until May 2024 and as President and CEO and a director of Pengrowth Energy Corporation from May 2009 until March 2018. He also serves as a director of AltaGas Ltd. and as Executive Chairman of the Pathways Alliance. Mr. Evans has over 40 years of experience in a variety of operational and senior executive positions in the oil and gas business in Western Canada. Mr. Evans is also active in not-for-profit organizations and was a board member of MaRS (an innovation hub) from 2011 until 2023. Mr. Evans holds a Bachelor of Science degree in Mining Engineering from Queen’s University and is a registered Professional Engineer in Alberta. Mr. Evans is also a member of the Institute of Corporate Directors. TSX / NYSE: FNV 124 ★ Franco-Nevada Corporation Additional Information Overview Diversified Assets Precious Metals Mineral Resources and Mineral Reserves Additional Information

Dr. Catharine Farrow Catharine Farrow is a director of Franco-Nevada, a licensed professional geoscientist (P.Geo.) and has more than 30 years of mining industry experience. Dr. Farrow also serves as a director of Eldorado Gold Corporation, is lead director of Aclara Resources Inc., and until November 2024, served on the Board of Centamin plc. She also remains active in the mining and technology industries in both private companies and academia. From 2012 to 2017, Dr. Farrow was Founding CEO, Director and Co-Founder of TMAC Resources Inc. From 2003 to 2012, she was COO of KGHM International and held various other executive roles in precursor companies. Dr. Farrow has been honoured as one of the 100 Global Inspirational Women in Mining, is a past recipient of the William Harvey Gross Medal of the Geological Association of Canada, the Distinguished Alumni Award from the Acadia Alumni Association, and a Doctorate in Business Administration (Honoris Causa) from Laurentian University. Dr. Farrow obtained her BSc (Hons) from Mount Allison University, her MSc from Acadia University and her PhD from Carleton University. She also holds a Professional Certificate in Cybersecurity Leadership from Cornell University and the ICD.D designation. Maureen Jensen Maureen Jensen is a director of Franco-Nevada. She served as Chair and Chief Executive Officer of the Ontario Securities Commission (the “OSC”) from 2016 until April 2020 and was previously the Executive Director and Chief Administrative Officer of the OSC from 2011 to 2016. Before joining the OSC, Ms. Jensen was Senior Vice President, Surveillance and Compliance at the Investment Industry Regulatory Organization of Canada. Ms. Jensen has held senior regulatory and business positions at the Toronto Stock Exchange and had a 20-year career in the mining industry. Ms. Jensen is Chair of Canada’s Ombudsman for Banking Services and Investments and is a Public Governor of FINRA in the United States. In 2022, Ms. Jensen was inducted into the Canadian Mining Hall of Fame. Ms. Jensen is a licensed professional geoscientist (P.Geo.) with Professional Geoscientists Ontario (PGO), holds the ICD.D and GCB.D designations, has a BSc, Doctor of Laws (Honoris Causa) and is a member of the Investment Industry Hall of Fame. Jennifer Maki Jennifer Maki is a director of Franco- Nevada. She is also a director of Baytex Energy Corp. and Pan American Silver Corp. She previously served as Chief Executive Officer of Vale Canada and Executive Director of Vale Base Metals (2014 to 2017) and previously held several other positions with Vale Base Metals, including Chief Financial Officer & Executive Vice-President and Vice-President & Treasurer. She has also served on the boards of not-for-profit organizations. Ms. Maki has a Bachelor of Commerce degree from Queen’s University and a postgraduate diploma from the Institute of Chartered Accountants, both in Ontario, Canada. She is also a Chartered Professional Accountant (CPA, CA) and holds the ICD.D designation and the CERT Certificate in Cybersecurity Oversight. Daniel Malchuk1 Daniel Malchuk is a director of Franco-Nevada. Mr. Malchuk brings over 30 years of strategic, operational and financial experience in the natural resource industry to the Board. He currently serves as a director of SSR Mining Inc. and also serves as Senior Advisor with Appian Capital Advisory LLP and Chairman of Jetti Resources LLC. Previously, Mr. Malchuk held various leadership positions with BHP Group Ltd. until his retirement in 2020 including President Operations, Minerals Americas, President of Copper, President of Aluminum, Manganese, and Nickel, President, Minerals Exploration and Vice President, Strategy and Development. He is also a member of the Senior Advisory Board at the Pre-Columbian Art Museum in Santiago. Mr. Malchuk holds a Civil Industrial Engineer degree from Universidad de Chile and an MBA from University of California at Los Angeles (UCLA) Anderson School of Management. Jacques Perron Jacques Perron is a director of Franco-Nevada. Mr. Perron has over 40 years of experience in the mining industry and has extensive technical and operations experience. He currently serves as a director of Centerra Gold Inc. and as director and Chair of Arizona Metals Corp. Previously, Mr. Perron was President and Chief Executive Officer at a number of mining companies including Pretium Resources Inc., Thompson Creek Metals Company Inc. and St Andrew Goldfields Ltd. and has held senior executive roles at a number of other mining companies prior thereto. Mr. Perron is also the Chair of the Canadian Mineral Industry Education Foundation. Mr. Perron has a Bachelor of Science degree in Mining Engineering from l’École Polytechnique de Montréal. 1 Mr. Malchuk is standing for election as a first-time nominee at the Annual and Special Meeting of Shareholders to be held on May 8, 2025. He was appointed to the Board of the Corporation on January 8, 2025 Franco-Nevada Corporation ★ 125 TSX / NYSE: FNV Additional Information

E X E C U T I V E S Paul Brink, President & CEO Paul Brink is President & Chief Executive Officer and a director of Franco-Nevada. Prior to his appointment as CEO, Mr. Brink served as President & Chief Operating Officer of Franco-Nevada from May 2018 to May 2020. He has been with Franco-Nevada since its initial public offering in 2007 and successfully led its business development activities as SVP, Business Development from 2008 until his promotion to President & Chief Operating Officer in 2018. Mr. Brink is active with a number of not-for-profit organizations. He previously had roles in corporate development at Newmont, investment banking at BMO Nesbitt Burns and project financing at UBS. Mr. Brink holds a Bachelor’s degree in Mechanical Engineering from the University of Witwatersrand and a Master’s degree in Management Studies from Oxford University. Sandip Rana, Chief Financial Officer Sandip Rana, Chief Financial Officer, joined Franco-Nevada in April 2010. He previously served in treasurer and controller roles at old Franco-Nevada until 2002 and then acted as an international controller for Newmont. From 2003 to April 2010, Mr. Rana held financial roles at Four Seasons Hotels Limited where he last served as Vice-President Corporate Finance. Mr. Rana holds a Bachelor of Business Administration degree from the Schulich School of Business and is a Chartered Professional Accountant, CA. In February 2019, Mr. Rana was recognized as a Top Gun CFO by Brendan Wood International. Lloyd Hong, Chief Legal Officer & Corporate Secretary Lloyd Hong, Chief Legal Officer & Corporate Secretary, joined Franco-Nevada in December 2012. He previously was the Senior Vice President, Legal Counsel and Assistant Secretary of Uranium One Inc. Prior to that, he was a partner with the Canadian law firm of Davis LLP (now DLA Piper (Canada) LLP) with a practice focused on corporate finance and mergers and acquisitions. Mr. Hong holds a Bachelor of Commerce degree from the University of Alberta and a Bachelor of Laws degree from Queen’s University. Mr. Hong is a member of The Law Society of Ontario and The Law Society of British Columbia (non-practising). Eaun Gray, Chief Investment Officer Eaun Gray, Chief Investment Officer, heads Franco-Nevada’s mining business development group. Mr. Gray was previously a Vice President at Rothschild & Co where he advised on mergers and acquisitions and debt and stream transactions. Prior to that, Mr. Gray worked for CIBC in investment and corporate banking. Mr. Gray completed a Master of Business Administration degree at the Tuck School at Dartmouth College (Edward Tuck Scholar), is a CFA Charterholder and received a Bachelor of Commerce from Queen’s University (First Class Honours). Jason O’Connell, Senior Vice President, Diversified Jason O’Connell, Senior Vice President, Diversified, has been with Franco-Nevada since 2008. His role includes leading business development activities for diversified mining and energy opportunities and managing the Corporation’s Energy portfolio. Mr. O’Connell led the growth of the Corporation’s U.S. Energy portfolio and, prior to that, held roles in the business development group and managed investor relations. Prior to joining Franco-Nevada, he worked in mining equity research with the Bank of Montreal. Mr. O’Connell holds a Master of Business Administration degree from Dalhousie University and Bachelor of Science degree with honours in Geology from Acadia University. TSX / NYSE: FNV 126 ★ Franco-Nevada Corporation Additional Information Overview Diversified Assets Precious Metals Mineral Resources and Mineral Reserves Additional Information

C O R P O R A T E O R G A N I Z A T I O N Franco-Nevada Corporation (Canada) Franco-Nevada Australia Pty Ltd (Australia) Franco-Nevada U.S. Corporation (Delaware) Franco-Nevada (Barbados) Corporation (Barbados) Franco-Nevada Delaware LLC (Delaware) 100% 100% 100% 100% Chart above depicts significant subsidiaries and/or subsidiaries in jurisdictions in which Franco-Nevada maintains an office. Intermediate holding companies have been omitted. Franco-Nevada Corporation ★ 127 TSX / NYSE: FNV Additional Information

N O N - G A A P F I N A N C I A L M E A S U R E S Adjusted EBITDA and Adjusted EBITDA per Share Adjusted EBITDA and Adjusted EBITDA per share are non-GAAP financial measures, which is defined by Franco-Nevada by excluding the following from net income (loss) and earnings (loss) per share (“EPS”): • Income tax expense/recovery; • Finance expenses; • Finance income; • Depletion and depreciation; • Impairment losses and reversals related to royalty, stream and working interests; • Gains/losses on disposal of royalty, stream and working interests; • Impairment losses and expected credit losses related to investments, loans receivable and other financial instruments; • Changes in fair value of investments, loans receivable and other financial instruments; and • Foreign exchange gains/losses and other income/expenses. Management uses Adjusted EBITDA and Adjusted EBITDA per share to evaluate the underlying operating performance of Franco-Nevada as a whole for the reporting periods presented, to assist with the planning and forecasting of future operating results, and to supplement information in its financial statements. Management believes that in addition to measures prepared in accordance with IFRS Accounting Standards such as net income and EPS, our investors and analysts use Adjusted EBITDA and Adjusted EBITDA per share to evaluate the results of the underlying business of Franco-Nevada, particularly since the excluded items are typically not included in our guidance, with the exception of depletion and depreciation expense. While the adjustments to net income and EPS in these measures include items that are both recurring and non-recurring, management believes that Adjusted EBITDA and Adjusted EBITDA per share are useful measures of Franco-Nevada’s performance because they adjust for items which may not relate to or have a disproportionate effect on the period in which they are recognized, impact the comparability of our core operating results from period to period, are not always reflective of the underlying operating performance of our business and/or are not necessarily indicative of future operating results. Adjusted EBITDA and Adjusted EBITDA per share are only intended to provide additional information to investors and analysts and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. They do not have any standardized meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other issuers. Adjusted EBITDA Margin Adjusted EBITDA Margin is a non-GAAP ratio which is defined by Franco-Nevada as Adjusted EBITDA divided by revenue. Franco-Nevada uses Adjusted EBITDA Margin in its annual incentive compensation process to evaluate management’s performance in increasing revenue and containing costs. Management believes that in addition to measures prepared in accordance with IFRS Accounting Standards, our investors and analysts use Adjusted EBITDA Margin to evaluate the Company’s ability to contain costs relative to revenue. Adjusted EBITDA Margin is intended to provide additional information to investors and analysts and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. It does not have any standardized meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other issuers. Reconciliation of Net Income to Adjusted EBITDA: (expressed in millions, except per share amounts) For the year ended December 31, 2024 2023 Net (loss) income $ 552.1 $ (466.4) Income tax expense 211.8 102.2 Finance expenses 2.6 2.9 Finance income (60.6) (52.3) Depletion and depreciation 225.3 273.1 Impairment losses – 1,173.3 Gain on sale of royalty interest (0.3) (3.7) Foreign exchange gain and other income 20.7 (14.4) Adjusted EBITDA $ 951.6 $ 1,014.7 Basic weighted average shares outstanding 192.4 192.0 Basic (loss) earnings per share $ 2.87 $ (2.43) Income tax expense 1.10 0.53 Finance expenses 0.01 0.02 Finance income (0.31) (0.27) Depletion and depreciation 1.17 1.42 Impairment losses – 6.11 Gain on sale of royalty interest – (0.02) Foreign exchange gain and other income 0.11 (0.08) Adjusted EBITDA per share $ 4.95 $ 5.28 Calculation of Adjusted EBITDA Margin: (expressed in millions, except Adjusted EBITDA Margin) For the year ended December 31, 2024 2023 Adjusted EBITDA $ 951.6 $ 1,014.7 Revenue 1,113.6 1,219.0 Adjusted EBITDA Margin 85.5 % 83.2 % TSX / NYSE: FNV 128 ★ Franco-Nevada Corporation Additional Information Overview Diversified Assets Precious Metals Mineral Resources and Mineral Reserves Additional Information

Adjusted Net Income and Adjusted Net Income per Share Adjusted Net Income and Adjusted Net Income per share are non-GAAP financial measures, which is defined by Franco-Nevada by excluding the following from net income and EPS: • Foreign exchange gains/losses and other income/expenses; • Impairment losses and reversals related to royalty, stream and working interests; • Gains/losses on disposal of royalty, stream and working interests; • Impairment losses and expected credit losses related to investments, loans receivable and other financial instruments; • Changes in fair value of investments, loans receivable and other financial instruments; • Impact of income taxes on these items; • Income taxes related to the reassessment of the probability of realization of previously recognized or de-recognized deferred income tax assets; and • Income taxes relating to the revaluation of deferred income tax assets and liabilities as a result of statutory income tax rate changes in the countries in which the Company operates. Management uses Adjusted Net Income and Adjusted Net Income per share to evaluate the underlying operating performance of Franco-Nevada as a whole for the reporting periods presented, to assist with the planning and forecasting of future operating results, and to supplement information in its financial statements. Management believes that in addition to measures prepared in accordance with IFRS Accounting Standards such as net income and EPS, our investors and analysts use Adjusted Net Income and Adjusted Net Income per share to evaluate the results of the underlying business of Franco-Nevada, particularly since the excluded items are typically not included in our guidance. While the adjustments to net income and EPS in these measures include items that are both recurring and non-recurring, management believes that Adjusted Net Income and Adjusted Net Income per share are useful measures of Franco-Nevada’s performance because they adjust for items which may not relate to or have a disproportionate effect on the period in which they are recognized, impact the comparability of our core operating results from period to period, are not always reflective of the underlying operating performance of our business and/or are not necessarily indicative of future operating results. Adjusted Net Income and Adjusted Net Income per share are intended to provide additional information to investors and analysts and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. They do not have any standardized meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other issuers. Adjusted Net Income Margin Adjusted Net Income Margin is a non-GAAP ratio which is defined by Franco-Nevada as Adjusted Net Income divided by revenue. Franco-Nevada uses Adjusted Net Income Margin in its annual incentive compensation process to evaluate management’s performance in increasing revenue and containing costs. Management believes that in addition to measures prepared in accordance with IFRS Accounting Standards, our investors and analysts use Adjusted Net Income Margin to evaluate the Company’s ability to contain costs relative to revenue. Adjusted Net Income Margin is intended to provide additional information to investors and analysts and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. It does not have any standardized meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other issuers. Reconciliation of Net Income to Adjusted Net Income: (expressed in millions, except per share amounts) For the year ended December 31, 2024 2023 Net income (loss) $ 552.1 $ (466.4) Impairment losses – 1,173.3 Gain on disposal of royalty interests (0.3) (3.7) Foreign exchange loss (gain) and other expenses (income) 20.7 (14.4) Tax effect of adjustments (2.4) (4.0) Other tax related adjustments Deferred tax expense related to the remeasurement of deferred tax liability due to changes in Barbados tax rate 49.1 – Change in unrecognized deferred income tax assets (1.1) (1.7) Adjusted Net Income $ 618.1 $ 683.1 Basic weighted average shares outstanding 192.4 192.0 Basic earnings (loss) per share $ 2.87 $ (2.43) Impairment losses – 6.11 Gain on disposal of royalty interests – (0.02) Foreign exchange loss (gain) and other expenses (income) 0.11 (0.07) Tax effect of adjustments (0.01) (0.02) Other tax related adjustments Deferred tax expense related to the remeasurement of deferred tax liability due to changes in Barbados tax rate 0.26 – Change in unrecognized deferred income tax assets (0.02) (0.01) Adjusted Net Income per share $ 3.21 $ 3.56 Calculation of Adjusted Net Income Margin: (expressed in millions, except Adjusted Net Income Margin) For the year ended December 31, 2024 2023 Adjusted Net Income $ 618.1 $ 683.1 Revenue 1,113.6 1,219.0 Adjusted Net Income Margin 55.5 % 56.0 % Franco-Nevada Corporation ★ 129 TSX / NYSE: FNV Additional Information

T E C H N I C A L A N D T H I R D - P A R T Y I N F O R M A T I O N Except where otherwise stated, the disclosure in this Asset Handbook relating to properties and operations on the properties on which Franco-Nevada holds royalty, stream or other interests is based on information publicly disclosed by the owners or operators of these properties and information/data available in the public domain as at March 13, 2025 (except where stated otherwise), and none of this information has been independently verified by Franco-Nevada. Specifically, as a royalty or stream holder, Franco-Nevada has limited, if any, access to properties included in its asset portfolio. Additionally, Franco-Nevada may from time to time receive operating information from the owners and operators of the properties, which it is not permitted to disclose to the public. Franco-Nevada is dependent on the operators of the properties and their qualified persons to provide information to Franco-Nevada or on publicly available information to prepare disclosure pertaining to properties and operations on the properties on which Franco-Nevada holds royalty, stream or other interests and generally has limited or no ability to independently verify such information. Although Franco- Nevada does not have any knowledge that such information may not be accurate, there can be no assurance that such third-party information is complete or accurate. Some information publicly reported by operators may relate to a larger property than the area covered by Franco-Nevada’s royalty, stream or other interest. Franco-Nevada’s royalty, stream or other interests often cover less than 100% and sometimes only a portion of the publicly reported Mineral Resource, Mineral Reserve and production of a property. Reconciliation to CIM Definitions In this Asset Handbook, Franco-Nevada has disclosed a number of Mineral Resource and Mineral Reserve estimates covering properties related to the mining assets that are not based on Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) definitions, but instead have been prepared in reliance upon other comparable international reporting codes, including JORC (Australia), SAMREC (South Africa) and Regulation S-K 1300 (collectively, the “Acceptable Foreign Codes”). Similar to the CIM, reporting standards adopted by these Acceptable Foreign Codes are all compliant with the international Mineral Resource and Mineral Reserve Guidelines defined by the Committee for Mineral Reserves International Reporting Standards (“CRIRSCO”). In each case, the Mineral Resources and Mineral Reserves reported in this Asset Handbook are based on estimates previously disclosed by the relevant property owner or operator, without reference to the underlying data used to calculate the estimates. Accordingly, Franco-Nevada is unable to reconcile the Mineral Resource and Mineral Reserve estimates prepared in reliance with the Acceptable Foreign Codes with that of CIM definitions. Franco-Nevada sought confirmation from one of its technical advisory firms, that is comprised of engineers experienced in the preparation of Mineral Resource and Mineral Reserve estimates using CIM and each of the Acceptable Foreign Codes, of the extent to which an estimate prepared under an Acceptable Foreign Code would differ from that prepared under CIM definitions. Franco-Nevada was advised that CIM are largely comparable to those of the Acceptable Foreign Codes, the Mineral Resource and Mineral Reserve definitions and categories are substantively the same as the CIM definitions mandated in NI 43-101 and will typically result in reporting of substantially similar Mineral Resource and Mineral Reserve estimates. Such advisors further confirmed, without reference to the procedures in which the estimates prepared using Acceptable Foreign Codes that are reproduced in this Asset Handbook were conducted, that in the course of their preparation of a Mineral Resource or Mineral Reserve estimate they would effectively use the same procedures to prepare and report the Mineral Resource or Mineral Reserve estimate regardless of the reliance on CIM or any of the Acceptable Foreign Codes. Mineral Resource and Mineral Reserve Estimates This Asset Handbook has been prepared in accordance with the requirements of Canadian securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all Mineral Resource and Mineral Reserve estimates included in this Asset Handbook have been prepared by the owners or operators of the relevant properties (as and to the extent indicated by them) in accordance with NI 43-101 and the Canadian Institute of Mining and Metallurgy Classification System. NI 43-101 is a rule developed by the Canadian securities regulatory authorities which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. NI 43-101 permits a historical estimate made prior to the adoption of NI 43-101 that does not comply with NI 43-101 to be disclosed using the historical terminology if, among other things, the disclosure: (a) identifies the source and date of the historical estimate; (b) comments on the relevance and reliability of the historical estimate; (c) states whether the historical estimate uses categories other than those prescribed by NI 43-101; and (d) includes any more recent estimates or data available. Mining disclosure under U.S. securities law was previously required to comply with SEC Industry Guide 7 (“SEC Industry Guide 7”) under the United States Securities Exchange Act of 1934, as amended. The SEC has adopted rules to replace SEC Industry Guide 7 with new mining disclosure rules under sub-part 1300 of Regulation S-K of the U.S. Securities Act of 1933 (“Regulation S-K 1300”), which became mandatory for U.S. reporting companies beginning with the first fiscal year commencing on or after January 1, 2021. Under Regulation S-K 1300, the SEC now recognizes estimates of “Measured Mineral Resources”, “Indicated Mineral Resources” and “Inferred Mineral Resources”. In addition, the SEC has amended its definitions of “Proven Mineral Reserves” and “Probable Mineral Reserves” to be substantially similar to international standards. Readers are cautioned that despite efforts to harmonize U.S. mining disclosure rules with NI 43-101 and other international requirements, there are differences between the terms and definitions used in Regulation S-K 1300 and mining terms defined in the Canadian Institute of Mining, Metallurgy and Petroleum Standards, which definitions have been adopted by NI 43-101, and there is no assurance that any Mineral Resources or Mineral Reserves that an owner or operator may report as “Measured Mineral Resources”, “Indicated Mineral Resources”, “Inferred Mineral Resources”, “Proven Mineral Reserves” and “Probable Mineral Reserves” under NI 43-101 would be the same had the owner or operator prepared the Mineral Resource and Mineral Reserve estimates under the standards of Regulation S-K 1300. In addition to NI 43-101, a number of Mineral Resource and Mineral Reserve estimates have been prepared in accordance with the JORC Code or the SAMREC Code (as such terms are defined in NI 43-101), which differ from the requirements of NI 43-101 and U.S. securities laws. Accordingly, information containing descriptions of the Franco-Nevada’s mineral properties set forth herein may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder. For more information, see “Reconciliation to CIM Definitions”. Darrol van Deventer, Vice President, Mining of Franco-Nevada is the qualified person that approved the scientific or technical information contained in this Asset Handbook related to mineral projects that are material (for purposes of NI 43-101) to Franco-Nevada. TSX / NYSE: FNV 130 ★ Franco-Nevada Corporation Additional Information Overview Diversified Assets Precious Metals Mineral Resources and Mineral Reserves Additional Information

F O R W A R D - L O O K I N G I N F O R M A T I O N This Asset Handbook contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, respectively, which may include, but are not limited to, statements with respect to future events or future performance, management’s expectations regarding Franco-Nevada’s growth, results of operations, estimated future revenues, performance guidance, carrying value of assets, future dividends and requirements for additional capital, Mineral Resource and Mineral Reserve estimates, production estimates, production costs and revenue, future demand for and prices of commodities, expected mining sequences, business prospects and opportunities, the performance and plans of third party operators, audits being conducted by the Canada Revenue Agency (“CRA”), the expected exposure for current and future tax assessments and available remedies, and statements with respect to the future status and any potential restart of the Cobre Panama mine and related arbitration proceedings. In addition, statements relating to Mineral Resources and Mineral Reserves, gold equivalent ounces or mine lives are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions are accurate and that such Mineral Resources and Mineral Reserves, GEOs or mine lives will be realized. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budgets”, “potential for”, “scheduled”, “estimates”, “forecasts”, “predicts”, “projects”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Franco-Nevada to be materially different from any future results, performance or achievements expressed or implied by the forward- looking statements. A number of factors could cause actual events or results to differ materially from any forward-looking statement, including, without limitation: fluctuations in the prices of the primary commodities that drive royalty and stream revenue (gold, platinum group metals, copper, nickel, uranium, silver, iron ore and oil and gas); fluctuations in the value of the Canadian and Australian dollar, Mexican peso, and any other currency in which revenue is generated, relative to the U.S. dollar; changes in national and local government legislation, including permitting and licensing regimes and taxation policies and the enforcement thereof; proposed tariff and other trade measures that may be imposed by the United States and proposed retaliatory measures that may be adopted by its trading partners; the adoption of a global minimum tax on corporations; regulatory, political or economic developments in any of the countries where properties in which Franco-Nevada holds a royalty, stream or other interest are located or through which they are held; risks related to the operators of the properties in which Franco-Nevada holds a royalty, stream or other interest, including changes in the ownership and control of such operators; relinquishment or sale of mineral properties; influence of macroeconomic developments; business opportunities that become available to, or are pursued by Franco-Nevada; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which Franco- Nevada holds a royalty, stream or other interest; whether or not the Company is determined to have “passive foreign investment company” (“PFIC”) status as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended; potential changes in Canadian tax treatment of offshore streams; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; access to sufficient pipeline capacity; actual mineral content may differ from the Mineral Resources and Mineral Reserves contained in technical reports; rate and timing of production differences from resource estimates, other technical reports and mine plans; risks and hazards associated with the business of development and mining on any of the properties in which Franco-Nevada holds a royalty, stream or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, sinkholes, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious disease; the impact of future pandemics; and the integration of acquired assets. The forward- looking statements contained herein are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Franco-Nevada holds a royalty, stream or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; the Company’s ongoing income and assets relating to determination of its PFIC status; no material changes to existing tax treatment; the expected application of tax laws and regulations by taxation authorities; the expected assessment and outcome of any audit by any taxation authority; no adverse development in respect of any significant property in which Franco-Nevada holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; integration of acquired assets; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance. In addition, there can be no assurance as to (i) the outcome of the ongoing audit by the CRA or the Company’s exposure as a result thereof, or (ii) the future status and any potential restart of the Cobre Panama mine or the outcome of any related arbitration proceedings. Franco-Nevada cannot assure investors that actual results will be consistent with these forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements due to the inherent uncertainty therein. For additional information with respect to risks, uncertainties and assumptions, please refer to Franco-Nevada’s most recent Annual Information Form as well as our most recent Management’s Discussion and Analysis filed with the Canadian securities regulatory authorities on www.sedarplus. com and Franco-Nevada’s most recent Annual Report filed on Form 40-F filed with the SEC on www.sec.gov. The forward-looking statements herein are made as at March 13, 2025 (except where stated otherwise) and Franco-Nevada does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Franco-Nevada Corporation ★ 131 TSX / NYSE: FNV Additional Information

G L O S S A R Y “A$” means Australian dollars. “Adjusted EBITDA” and “Adjusted EBITDA per share” are non-IFRS measures, which exclude the following from net income and earnings per share: income tax expense/recovery; finance expenses and finance income; depletion and depreciation; non-cash costs of sales; impairment charges related to royalty, stream and working interests and investments; gains/losses on the sale of royalty, stream and working interests and investments; foreign exchange gains/losses and other income/expenses; and unusual non-recurring items. For additional information and a reconciliation of these measures to various IFRS measures, refer to the Company’s MD&A. “Adjusted Net Income” and “Adjusted Net Income per share” are non-IFRS financial measures, which exclude the following from net income and earnings per share: impairment charges related to royalty, stream and working interests and investments; gains/losses on the sale of royalty, stream and working interests and investments; foreign exchange gains/losses and other income/expenses; unusual non-recurring items; and the impact of income taxes on these items. For additional information and a reconciliation of these measures to various IFRS measures, refer to the Company’s MD&A. “Ag” means the chemical symbol for the element silver. “AMR” means Advanced Minimum Royalty and is rent paid to the royalty holder prior to the payment of royalties on production. Once production begins, the AMR payments are then credited in full against stream of production royalty payments. “AOI” means area of interest. “Au” means the chemical symbol for the element gold. “bbl” means barrel. “Bbls/d” means barrels per day. “Bcf” means billion cubic feet. “Boe” mean barrels of oil equivalent. “Boe/d” means barrels of oil equivalent per day. “CAGR” means Compounded Annual Growth Rate. “CIM” means the Canadian Institute of Mining, Metallurgy and Petroleum. “CIM Definitions” means CIM Definition Standards for Mineral Resources and Mineral Reserves and CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines. “concentrate” is the product of physical concentration process, such as flotation or gravity concentration, which involves separating ore minerals from unwanted waste rock. Concentrates require subsequent processing (such as smelting or leaching) to break down or dissolve the ore minerals and obtain the desired elements, usually metals. “Cu” means the chemical symbol for the element copper. “cut-off grade” means the lowest grade of Mineral Resource considered economic; used in the calculation of Mineral Resources and Mineral Reserves in a given deposit. “Indicated Resources” has the meaning ascribed to the term “Indicated Mineral Resource” pursuant to CIM Definitions. “Inf” means Inferred. “Inferred Resources” has the meaning ascribed to the term “Inferred Mineral Resource” pursuant to CIM Definitions. “JORC” means the Australasian Code for Reporting of Mineral Resources and Mineral Reserves prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Mineral Council of Australia, as amended. “kg” represents kilogram. “km” represents kilometre. “km2” represents square kilometre. “koz” means thousand ounces. “kt” means thousand tonnes. “ktpd” means thousand tonnes per day. “lb” represents pound. “LOM” means life of mine. “m” means metres. “M&I” means Measured and Indicated. “Mbbls/mbbls” means thousand barrels. “Mboe/mboe” means thousand barrels of oil equivalent. “Mcf/mcf” means thousand cubic feet. “Measured Resources” has the meaning ascribed to the term “Measured Mineral Resource” pursuant to CIM Definitions. “mineralization” usually implies minerals of value occurring in rocks. “Mineral Royalties” means the royalty interests in precious and base metal properties and certain equity interests owned by Franco-Nevada. “Mlbs” means millions of pounds. “MMbbl” means million barrels of oil. “MMcf/mmcf” means million cubic feet. “MMcf/d or mmcf/d” means million cubic feet per day. “Mo” means the chemical symbol for the element molybdenum. “Moz” means million ounces. “Mtpa” means million tonnes per annum. “NGLs” means Natural Gas Liquids. “NI 43-101” means National Instrument 43-101 – Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators. “Ni” means the chemical symbol for the element nickel. “NPI” means Net Profit Interest: the profits after deduction of expenses. “diamond drill” is a type of drill in which the rock cutting is done by abrasion, with a diamond impregnated bit, rather than by percussion. The drill cuts a core of rock which is recovered in long cylindrical sections. Syn: “core drill”. “dip” is the angle between a horizontal plane and an inclined surface such as a rock formation, fault or vein. “drift” is a horizontal passage underground that follows along the length of a vein of rock formation. “EIS” means environmental impact statement. “eq” or “Eq” means equivalent. “fault” means a fracture in a rock where there has been displacement of the two sides. “Fe” means the chemical symbol for the element iron. “feasibility study” means a comprehensive study of a mineral deposit in which all geological, engineering, legal, operation, economic, social, environmental and other relevant factors are considered in sufficient detail that it could reasonably serve as a basis by a financial institution to finance the development of a deposit for mineral production. “FH” means Freehold or Lessor Royalty. “flotation” is a process by which mineral particles are induced to become attached to bubbles and float, in an ore and water slurry, so that the valuable minerals are concentrated at the slurry surface and separated from the worthless gangue. “fracture” means breaks in a rock, usually due to intensive folding or faulting. “Franco-Nevada” means Franco-Nevada Corporation and is also referred to as “Franco”, “FNV”, “the Company”, “Corporation”, “management”, “we”, or “our” in this Asset Handbook. “Freehold” means an interest in real property. “g” represents grams. “g/t” means grams per tonne. “GR” means Gross Royalty and is a royalty based on all revenues in cash or in-kind products received by the operator for the sale of product. “grade” means the concentration of each ore metal in a rock sample, usually given as weight percent. Where extremely low concentrations are involved, the concentration may be given in grams per tonne (g/t) or oz per ton (oz/t). “Guide 7” means the mining industry guide entitled “Description of Property by Issuers Engaged or to be Engaged in Significant Mining Operations” contained in the Securities Act Industry Guides published by the United States Securities and Exchange Commission, as amended. “ha” means hectares; 10,000 square metres. “heap leaching process” is the process of extracting gold and silver by placing broken ore on an impermeable pad and applying a diluted cyanide solution that dissolves a portion of the contained gold and silver, which are then recovered in metallurgical processes. TSX / NYSE: FNV 132 ★ Franco-Nevada Corporation Additional Information Overview Diversified Assets Precious Metals Mineral Resources and Mineral Reserves Additional Information

“NPR” means Net Proceeds Royalties: which is a royalty on the profits after deduction of expenses. “NRI” means Net Royalty Interest: paid net of operating and capital costs (similar to an NPI). “NSR” means Net Smelter Return: Which is the proceeds returned from the smelter and/or refinery to the mine owner less certain costs. “Oil and Gas Interests” means the royalty interests, working interests and oil and natural as mineral rights in oil and natural gas properties owned by Franco- Nevada. “open pit” is a surface working open to daylight, such as a quarry. “ore” means a natural aggregate of one or more minerals which may be mined and sold at a profit, or from which some part may be profitably separated. “ORR” means Overriding Royalty: A percentage share of production, which is free of all costs of drilling and producing, and is created by the lessee or working interest owner and paid by the lessee or working interest owner. “oz” represents ounce (troy). 1 troy ounce = 1.097 avoirdupois ounce. “oz/ton” represents troy ounces er short ton. “P&P” means Proven and Probable. “Pb” means the chemical symbol for the element lead. “Pd” means the chemical symbol for the element palladium. “PGM” means the platinum group of metals, including but not limited to Palladium, Platinum, Rhodium, Osmium, and Rhenium. “porphyry” is an igneous rock of any composition that contains conspicuous, large mineral grains (phenocrysts) in a fine-grained matrix. “preliminary feasibility study” or “PFS” means a comprehensive study of the viability of a mineral project that has advanced to a stage where the mining method, in the case of underground mining, or the pit configuration, in the case of an open pit, has been established and an effective method of mineral processing has been determined, and includes a financial analysis based on reasonable assumptions of technical, engineering, legal, operating, economic, social, and environmental factors and the evaluation of other relevant factors which are sufficient for a qualified person, acting reasonably, to determine if all or part of the mineral resource may be classified as a mineral reserve. “Probable Reserve” in respect of Mineral Reserves has the meaning ascribed to the term “Probable Mineral Reserve” pursuant to CIM Definitions. “Proven Reserve” in respect of Mineral Reserves has the meaning ascribed to the term “Proven Mineral Reserve” pursuant to CIM Definitions. “Pt” means the chemical symbol for the element platinum. “tpa” means tonnes per annum. “vein” means an epigenetic mineral filling of a fault or other fracture, in tabular or sheet-like form, often with associated replacement of the host rock; a mineral deposit of this form and origin. “waste” is rock which is not ore and usually has to be removed during the normal course of mining to get at the ore. “WI” means Working Interest. Holders of working interests have an ownership position in the property and operation and hence are liable for cash calls on their share of capital, operating and environmental costs usually in proportion to their ownership percentage. Working interests are not considered to be royalties because of their ongoing funding requirements although, for profitable operations, they can be economically similar in their calculations to NPIs. “Zn” means the chemical symbol for the element zinc. “Qualified Person” for the purposes of NI 43-101, is an individual who is an engineer or geoscientist with at least five years of experience in mineral exploration, mine development or operation or mineral project assessment, or any combination of these; and has experience relevant to the subject matter of the mineral project; and who is a member in good standing of a recognized self-regulatory organization of engineers or geoscientists. “Reserves” means collectively, in respect of Mineral Reserves, Probable Reserves and Proven Reserves. “Resources” means a concentration or occurrence of diamonds, natural solid inorganic material, or natural solid fossilized organic material including base and precious metals, coal, and industrial minerals in or on the earth’s crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. “Revenue-based Royalties” are based on the value of the production or net proceeds received by the operator with defined deductions as specified by the royalty contract. Some forms of revenue-based royalties in the mining and energy industries are: “NSR” Net Smelter Return Royalty; “ORR” Overriding Royalty; “GR” Gross Royalty; and “FH” Freehold or Lessor Royalty. “run-of-mine ore” means mined ore which has not been subjected to any pre-treatment, such as washing, sorting or crushing prior to metallurgical processing. “SAMREC” means the South African Code for Reporting of Mineral Resources and Mineral Reserves prepared by the South African Mineral Committee under the auspices of the South African Institute of Mining and Metallurgy, as amended. “smelting” is an intermediate stage metallurgical process in which metal is separated from impurities by using thermal or chemical separation techniques. “stope” means an excavation in an underground mine from which ore is being or has been extracted. “Streams” are metal purchase agreements that allow the holder of the agreement to purchase all or a portion of the gold, silver or other products from a mine in exchange for an upfront payment and an additional payment on each delivery. Streams are not royalties because they are not an interest in land and there is an ongoing cash payment required to purchase the physical metal. “strike” means the trend or direction of the intersection of a dipping a layer of rock, fault, vein or other geologic feature with a horizontal surface. “tailings” means material rejected after recoverable valuable minerals have been extracted from the ore or concentrate. “ton” is 2,000 pounds. Syn: short ton. “tonne” means 1,000 kilograms. Franco-Nevada Corporation ★ 133 TSX / NYSE: FNV Additional Information

C O R P O R A T E I N F O R M A T I O N Executive Management Paul Brink President & CEO Sandip Rana Chief Financial Officer Lloyd Hong Chief Legal Officer & Corporate Secretary Eaun Gray Chief Investment Officer Jason O’Connell Senior Vice President, Diversified Directors David Harquail Chair of the Board Paul Brink President & CEO Tom Albanese Hugo Dryland Derek Evans Dr. Catharine Farrow Maureen Jensen Jennifer Maki Daniel Malchuk1 Jacques Perron Chair Emeritus Pierre Lassonde Listings of Common Shares Toronto Stock Exchange: FNV New York Stock Exchange: FNV Share Capital As at March 31, 2025 Common shares outstanding: 192,648,281 Reserved for options and other: 702,538 Fully diluted: 193,350,819 Auditors PricewaterhouseCoopers LLP Toronto, Canada Transfer Agent Computershare Investor Services Inc. 100 University Avenue, 8th Floor Toronto, Ontario M5J 2Y1 Canada Toll Free: (800) 564-6253 Tel: (514) 982-7555 [email protected] Investor Information [email protected] www.franco-nevada.com Tel: (416) 306-6323 Toll Free: (877) 401-3833 Head Office 199 Bay Street, Suite 2000 P.O. Box 285 Commerce Court Postal Station Toronto, Ontario M5L 1G9 Canada Tel: (416) 306-6300 Barbados Office Ground Floor, Balmoral Hall, Balmoral Gap, Hastings, Christ Church Barbados, BB14034 Tel: (246) 434-8200 U.S. Office 1745 Shea Center Drive, Suite 400 Highlands Ranch, Colorado 80129 United States Tel: (720) 344-4986 Australia Office 44 Kings Park Road, Suite 41 West Perth, Western Australia 6005 Australia Tel: 61-8-6263-4425 1 Mr. Malchuk is standing for election as a first-time nominee at the Annual and Special Meeting of Shareholders to be held on May 8, 2025. He was appointed to the Board of the Corporation on January 8, 2025 TSX / NYSE: FNV 134 ★ Franco-Nevada Corporation Additional Information Overview Diversified Assets Precious Metals Mineral Resources and Mineral Reserves Additional Information

F R A N C O - N E VA D A .C O M TSX/NYSE: FNV