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