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