M U S S E L W H I T E Location: Ontario, Canada | Operator: Orla Mining Ltd. | Precious Metals: Au | Royalty: NPI: 5% / NSR: 2% Franco-Nevada has a 5% NPI royalty that covers all of the original leased lands at the Musselwhite operation and a 2% NSR on the projected NW extension of the orebody. 2024 2023 2022 Revenue to Franco-Nevada1 ($ million) $ 3.2 $ 2.8 $ 1.5 M&I Resources (koz Au)2 1,767 1,800 2,410 Inferred Resources (koz Au)2 190 200 410 P&P Reserves (koz Au)2 1,473 1,500 1,920 M&I Royalty Ounces (000s)2,3 42 28 39 Inferred Royalty Ounces (000s)3 4 3 7 P&P Royalty Ounces (000s)3 35 24 31 1 Revenue to Franco-Nevada represents the actual NPI revenue paid and earned for each year 2 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 3 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 2.35% (1.58% in 2023, 1.6% in 2022) is applicable assuming an all in cost of $1,484/ounce ($1,335/ounce in 2023, $1,222/ounce in 2022). Please see page 17 for our methodology on calculating Royalty Ounces for an NPI The area is estimated to cover 120 km2 in northwestern Ontario, 480 km north of Thunder Bay. The royalty also covers an area of interest surrounding the property as shown in the schematic. Franco-Nevada’s Musselwhite interest is a profit royalty which first become payable when historical capital and operational costs had been recovered by the operator in 2011. In September 2019, Franco-Nevada acquired a 2% NSR from Premier on property adjoining Musselwhite and covering approximately 6.3 km2 of the projected northwest extension of the Musselwhite mine. In February 2025, Orla Mining Ltd. (“Orla”) acquired Musselwhite and the surrounding property from Newmont. Based on the December 2024 technical report issued by Orla, Musselwhite has a mine life until 2030 with average annual gold production of 202,000 ounces at an all-in sustaining cost of $1,269/oz. Under Newmont, Musselwhite produced 212,000 ounces of gold in 2024, versus 180,000 ounces of gold in 2023 and all-in sustaining costs were $1,541/oz in 2024, versus $1,843/oz in 2023. Orla plans to provide 2025 guidance for Musselwhite in Q2 2025. Significant opportunities exist to optimize the operation and extend mine life through known extensions of the ore body. The $25 million exploration budget for 2025 plans to infill drill 1 km down plunge beyond existing reserves and explore a further 2 km to 3 km of mineralized strike potential. Musselwhite, Ontario kilometer 3 1.5 0 N Musselwhite 5% NPI / 2% NSR Leased Lands Unpatented Lands Deposits Outside Boundary 5% NPI Quebec Ontario Musselwhite Main Mine Trend Mill Outside Boundary 5% NPI Opapimiskan Lake Karl Zeemal Area PQD North Saddle Lynx Zone 5% NPI 5% NPI 5% NPI 5% NPI 5% NPI 5% NPI Canoe Zone Camp Zone West Anticline Zone Bay Zone 2% NSR 2% NSR Zeemel Lake Renewed focus under new operator NPI leverage to the gold price Large land package with additional royalty covering projected northwest extension of Musselwhite Franco-Nevada Corporation ★ 49 TSX / NYSE: FNV Canada Additional Information Mineral Resources and Mineral Reserves Diversified Assets