P O R C U P I N E Location: Ontario, Canada | Operator: Discovery Silver Corp. | Precious Metals: Au | Royalty: NSR: 4.25% Franco-Nevada acquired a 4.25% net smelter return royalty on the producing Porcupine Complex in Timmins, Ontario. Franco-Nevada acquired the 4.25% net smelter return royalty covering the full Porcupine Complex as part of a comprehensive financing transaction to support Discovery Silver Corp. (“Discovery”) acquiring the complex from Newmont. The royalty consists of two tranches consisting of (i) 2.25% net smelter returns in perpetuity on all minerals and (ii) 2.0% net smelter returns on all minerals until the earlier of a) royalty payments equal to 72,000 of gold (attributable solely to the 2.0% or b) a cash payment equal to a pre-tax annual IRR of 12% in reference to a US$100 million attributable purchase price In addition to the royalty, Franco-Nevada provided a US$100 million senior secured loan available to be drawn for a period of two years from closing and c.US$49 million in equity of Discovery. In April 2025, Discovery completed the acquisition of the complex. The Porcupine Complex has been in continuous production for more than 100 years and Discovery forecasts a 22-year mine life with average annual gold production of 285,000 ounces per year over the next 10 years. Production currently comes from two active underground operations (Hoyle Pond and Borden) and the new open pit Pamour mine, all serving the central Dome mill. There is significant expansion potential including expanding Pamour, increasing throughput at Hoyle and Borden, and increasing the Dome mill throughput. Additionally, the Dome open pit project alone hosts a further 11.0 million ounces of gold of Inferred Resources which are not currently in the mine plan. Discovery is focused on revitalizing the complex with a robust capital and exploration program on the 140,000 hectare property. The Porcupine transaction closed in April 2025, and the related Royalty Ounces are not included in this Asset Handbook. Producing gold operation from a well-established complex 22-year life with extensive exploration and expansion potential Operated by a proven management team in the region Borden Royalty Area Existing Timmins West 2.25% Royalty Area 180 km to Borden Borden Chapleau West Timmins Thunder Creek 144 Gap Zone West Cache Buffalo Ankerite Discovery Silver asset Open Pit Mine 3rd party asset Discovery Silver Lease Application Discovery Silver License N kilometer 5 0 N kilometer 10 0 101 Timmins Porcupine Redstone Bell Creek Hollinger OP Crusher Mill Dome OP Pamour OP Hoyle Pond Kidd Met Site Whitney Aquarius 101 Internal Haul Road Porcupine Royalty Area TSX / NYSE: FNV 56 ★ Franco-Nevada Corporation Canada Overview Precious Metals