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