S C O O P / S T A C K Location: Oklahoma, United States | Operator: Continental Resources, Ovintiv Inc., Devon Energy, Marathon Oil, Others | Energy: Oil and Natural Gas Royalty: Various Royalty Rates Through several discrete transactions, Franco-Nevada has accumulated a large royalty position in the SCOOP and STACK plays in Oklahoma. 2024 2023 2022 Revenue to Franco-Nevada ($ million)1 $ 31.4 $ 33.1 $ 57.8 Production (Mboe)1 1,027 1,028 1,051 Commodity Split (%)2 Oil 25% 25% 40% Gas 70% 70% 57% NGL 5% 5% 4% 1 Includes revenue and production net to Franco-Nevada from both Continental Royalty Acquisition Venture and Other SCOOP/STACK royalties 2 Percentage based on production revenue from each commodity 3 Asset life is calculated as the Proven, Probable and Possible reserve volumes divided by the prior year production volume. Does not include Royalty Acquisition Venture with Continental In the fourth quarter of 2016, Franco-Nevada purchased royalty rights in the STACK shale play in Oklahoma’s Anadarko basin for approximately $100 million. The primary horizon of focus in the area is the Meramec, although the royalties have exposure to multiple horizons at depth, including the Woodford and Osage formations. In the second quarter of 2017, Franco-Nevada acquired additional mineral title and royalty interests for $27.6 million, which added to its existing position in the STACK and provided new exposure to the SCOOP shale play to the south. In total, the assets consist of GORRs and mineral title rights which apply to approximately 1,430 acres (net to Franco-Nevada). The top three operators on the acreage are Ovintiv Inc. (formerly Encana), Devon Energy, and Marathon Oil. These operators reduced their drilling activity in the play in 2020 owing to a sharp drop in commodity prices, and while the drilling rates have been rebounding, they remain well below peak levels achieved in 2019. The SCOOP/STACK assets have an estimated asset life of approximately 52 years3. In the fourth quarter of 2018, Franco-Nevada and Continental entered into a transaction whereby Franco-Nevada acquired $120 million in existing royalties owned by Continental and formed a jointly owned entity (the “Royalty Acquisition Venture”) to acquire up to $400 million in royalty rights under Continental’s area of operations. With the Royalty Acquisition Venture, Franco-Nevada funds 80% of the acreage cost and receives 50-75% of distributions, depending on performance against pre-set volume targets. Franco-Nevada received ~63% of distributions in 2024, and expect our share of distributions to increase going forward, toward a maximum of 75%. In exchange for the partial capital carry in favour of Continental, the venture provides Franco-Nevada with an opportunity to acquire royalty rights at the grass-roots level, leverage the value of Continental’s drilling plans, and benefit from the company’s knowledge of local land title and geology. In addition, Continental manages the assets and Franco-Nevada does not incur any administrative burden. The venture was established to acquire royalty rights in areas primarily within acreage operated by Continental. These areas offer strong economics, proximity to infrastructure and future upside via stacked hydrocarbon-bearing horizons. As at December 31, 2024, Franco-Nevada had contributed $473.7 million to the venture, with a remaining commitment of approximately $46.3 million. In the fourth quarter of 2022, Harold Hamm, Continental’s founder, privatized the company through an acquisition of the outstanding publicly traded shares. GARFIELD N km 0 40 Black Oil Volatile Oil Condensate Dry Gas DEWEY BLAINE KINGFISHER MAJOR CANADIAN OKLAHOMA LINCOLN CREEK OKFUSKEE HUGHES COAL ATOKA BRYAN MARSHALL JOHNSTON PONTOTOC SEMINOLE POTTAWATOMIE CLEVELAND MCCLAIN GARVIN MURRAY CARTER LOVE JEFFERSON STEPHENS CLAY COTTON WICHITA WILBARGER TILLAMAN JACKSON KIOWA GRADY GREER WASHITA COMANCHE LOGAN PAYNE CADDO CUSTER Pressure Transition miles 0 25 SCOOP/STACK STACK FNV Royalty Acreage Oklahoma City OKLAHOMA SCOOP TEXAS KANSAS ARKANSAS NEW MEXICO MISSOURI COLORADO Anadarko Basin STACK SCOOP SCOOP/STACK includes both oil and gas-rich areas Exposure to multiple formations at depth Franco-Nevada share of distributions expected to increase Note: Map does not show acreage under Royalty Acquisition Vechicle with Continental Franco-Nevada Corporation ★ 107 TSX / NYSE: FNV North America Additional Information Mineral Resources and Mineral Reserves