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