P A N D O R A Location: South Africa | Operator: Sibanye Stillwater Limited | Precious Metals: PGM | Royalty: NSR: 1% Franco-Nevada’s 1.0% Pandora NSR covers part of Sibanye-Stillwater’s Marikana operations within their Western Limb PGM Mining Operations in South Africa. In February 2025, the 5% net profit interest previously held by Franco- Nevada on the Pandora property was converted to a 1% net smelter return royalty. Sibanye-Stillwater’s Pandora property forms a portion of its Marikana operations and is 100% owned following its acquisition of Lonmin plc (“Lonmin”) in June 2019 and includes the currently operating E3 decline. The royalty ground includes extensive underground resources, which offers the potential for the development of low capital cost, brownfields, and replacement projects. Sibanye-Stillwater has identified a number of these projects in various stages of pre-feasibility and feasibility studies which have the potential to meaningfully extend the mine life and substantially increase production levels with the E3 extension, E4, and Saffy projects covering a portion of the royalty ground. For Royalty Ounce calculation, please refer to page 72 for the Western Limb Mining Operations table and notes which includes the 1% NSR on Pandora S O U T H K A L G O O R L I E Location: Australia | Operator: Northern Star Resources Limited | Precious Metals: Au | Royalty: NSR: 1-4% Northern Star Resources Limited (“Northern Star”) operates the South Kalgoorlie Operation (“SKO”) which has been producing gold since 1989. SKO is located 15 km south of Kalgoorlie in Western Australia. Franco- Nevada holds a 1.75-4% NSR royalty for gold and a 1-2.25% NSR royalty for other minerals which covers 470 km2 of the SKO tenements including the HBJ underground mine and the Mt Marion and Pernatty satellite deposits, along with the 1.2 million tonnes per annum Jubilee Mill. Northern Star placed the Jubilee mill on care and maintenance in July 2022, with ore feed directed to mills at Kanowna Belle and Fimiston. Effective January 1, 2023, the royalty agreement was amended to increase the royalty rate on the northern and central sections of the HBJ underground mine from 1.75% to 4%. Northern Star combines reporting of SKO with the Kanowna Belle gold mine, and reported total production of 173,160 ounces of gold at the combined Kalgoorlie Operations for the year ended December 31, 2024. Franco-Nevada estimates that the royalty production accounts for approximately 50% of total combined Kalgoorlie Operations production. Franco-Nevada received $10.5 million of royalty revenue from SKO in 2024. In June 2023 Northern Star approved the A$ 1.5 billion Fimiston Mill Expansion Project to increase and modernize KCGM’s processing capacity from 13 million tonnes per annum to 27 million tonnes per annum. Construction is underway and scheduled for three years, with a two-year ramp-up towards steady state of 27 million tonnes per annum by 2029. Exploration activity includes the Hercules discovery announced May 2023, located 20 km west of the HBJ mine on tenements subject to a 1.75% royalty to Franco-Nevada. Drilling results include 21 meters at 3.0 g/t gold. For Royalty Ounce calculation, Franco-Nevada estimates 32% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 4.0% is applicable for Mineral Resources and Mineral Reserves D U K E T O N Location: Australia | Operator: Regis Resources Ltd. | Precious Metals: Au | Royalty: NSR: 2% Franco-Nevada has a 2% NSR royalty that covers 2,678 km2 of the Duketon gold project in Western Australia. The project is operated by Regis Resources Ltd. (“Regis”) and includes six operating mines and multiple satellite deposits at various stages of development. The royalty covers all known Mineral Resources and Mineral Reserves, except for the Gloster, Ben Hur and Anchor satellite deposits and portions of the Erlistoun, Dogbolter and Petra satellite deposits. Regis reported production of 258,861 ounces of gold for 2024 and provided production guidance of 220,000 to 240,000 ounces of gold for the fiscal year ending June 30, 2025. During 2024, approximately 86% of total Duketon production was subject to Franco-Nevada’s royalty and a similar portion is expected in 2025. The three mills (Moolart Well, Garden Well and Rosemont) at Duketon have total processing capacity of 10 million tonnes per annum. Ore is sourced primarily from the Garden Well and Rosemont underground mines, and the Ben Hur open pit. Multiple low-grade stockpiles provide feed to all three mills. For Royalty Ounce calculation, Franco-Nevada estimates 89% (88% in 2023, 88% in 2022) of Mineral Reserves and 87% of the Mineral Resources (84% in 2023, 86% in 2022) are subject to our royalty interest and estimates a rate of 2.0% is applicable TSX / NYSE: FNV 80 ★ Franco-Nevada Corporation Rest of World Overview Precious Metals