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