M A R I G O L D Location: Nevada, United States | Operator: SSR Mining Inc. | Precious Metals: Au | Royalty: NSR: 1.75-5% / GR: 0.5-4% The Marigold mine is located 64 km southeast of Winnemucca, Nevada on the Battle Mountain-Eureka Trend and is operated by SSR Mining Inc. (“SSR Mining”). 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 6.5 $ 11.2 $ 7.5 M&I Resources (koz Au)1 5,166 4,603 5,004 Inferred Resources (koz Au)1 249 370 252 P&P Reserves (koz Au)1 3,256 2,863 3,410 M&I Royalty Ounces (000s)1,2 95 113 126 Inferred Royalty Ounces (000s)2 5 9 6 P&P Royalty Ounces (000s)2 60 70 86 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 81% of the Mineral Reserves (96% in 2023, 97% in 2022), 81% of the M&I Mineral Resources (96% in 2023, 96% in 2022) and 81% of the Inferred Mineral Resources (96% in 2023, 97% in 2022) are subject to our royalty interest and estimates a rate of 2.28% is applicable (2.55% in 2023, 2.59% in 2022) The mine has been in continuous production since 1989 and is a large run-of-mine heap leach operation with several open pits. Marigold achieved 5.0 million ounces of life of mine gold production in December 2024. Franco-Nevada has various royalties on the operation (1.75-5% NSR and 0.5-4% GR), as shown in the schematic, together covering a significant portion of the current Mineral Reserve base. Franco-Nevada’s original royalties were acquired in connection with its IPO and, in December 2009, additional royalties covering alternate sections were added. In 2024, 27.7 million tonnes of ore were placed on pads at a grade of 0.28 g/t versus 21.9 million tonnes of ore placed on pads at a grade of 0.45 g/t in 2023. The mine had production of 168,262 ounces of gold in 2024 versus 278,488 ounces in 2023. 2025 gold production is expected to be between 160,000 to 190,000 ounces and then increase to an annual average of 250,000 ounces for 2026 to 2029. The current life of mine plan predicts an 8-year mine life, with life of mine production of 2.0 million ounces of gold. Royalty payments to Franco-Nevada will fluctuate depending on the royalty ground being mined. SSR Mining’s strategy to advance brownfields targets proximal to existing infrastructure continues to yield encouraging results and the company plans to continue its exploration drilling in 2025 with a $22 million budget. The focus will be on oxide mineral reserve additions and conversion at Buffalo Valley, Mackay, Valmy and New Millenium. Franco-Nevada royalty ground covers Mackay and portions of the Valmy and New Millenium targets. Valmy Buffalo Valley and Trenton Canyon to the south. No FNV Royalty 5 North Pits 8 North Pit 8 South New Millenium Basalt & Antler Terry Zone North Terry Zone 1.75% NSR 1.75% NSR 1.75% NSR 1.75% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 3% NSR* 3% NSR* 3% NSR* 2.5%-4% GR* 2.5%-4% GR* 2.5%-4% GR* 2.5%-4% GR* 5% NSR 1.75% NSR Schematic Representation Only Valmy Mud Pits Red Dot Target Pit 2.5%- 4% GR* 0.5%-1.5% GR* Mackay Pit Marigold 1.75-5% NSR / 0.5-4% GR mile 1 0 Marigold Pacifc Ocean Oregon Idaho Utah Nevada California Arizona MEXICO FNV Royalties Excluded from Royalty Pits * December 2009 Acquisition N 5 Moz of life of mine gold production achieved in 2024 Continued resource expansion and encouraging exploration results Franco-Nevada Corporation ★ 65 TSX / NYSE: FNV United States Additional Information Mineral Resources and Mineral Reserves Diversified Assets