V A L E N T I N E G O L D Location: Newfoundland, Canada | Operator: Calibre Mining Corp. | Precious Metals: Au | Royalty: NSR: 3% Franco-Nevada holds a 3% NSR on the Valentine Lake Gold Camp in central Newfoundland. 2023 2023 2022 Revenue to Franco-Nevada ($ million) $ − $ − $ – M&I Resources (koz Au)1 3,955 3,955 3,960 Inferred Resources (koz Au)1 1,100 1,100 1,100 P&P Reserves (koz Au)1 2,700 2,700 2,690 M&I Royalty Ounces (000s)1,2 119 119 59 Inferred Royalty Ounces (000s)2 33 33 17 P&P Royalty Ounces (000s)2 81 81 40 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 100% of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 3.0% is applicable (3.0% in 2023, 1.5% in 2022) In January 2024, Calibre Mining Corp. (“Calibre”) acquired Marathon Gold Corporation (“Marathon Gold”) and is now developing the Valentine Gold project. In February 2025, Equinox Gold announced a merger with Calibre, which is expected to close in Q2 2025. When completed, the Valentine Gold project will be the largest gold mine in Atlantic Canada. The Valentine Gold project comprises a series of mineralized deposits along a 32 km trend representing high grade open pits totalling 3.95 million ounces of M&I and 1.1 million ounces of Inferred Resources. Excellent ongoing drilling results indicate resource expansion potential. In December 2022, Marathon Gold announced the results of an updated feasibility study outlining a three-pit mine plan based on the Marathon, Leprechaun and Berry deposits. The updated study outlines a 14.3-year mine life, with an average gold production profile of 195,000 ounces of gold per year between 2025 and 2036 from the processing of high-grade mill feed, and 97,000 ounces of gold per year between 2037 and 2039 from the processing of low-grade stockpiles. M&I Resources, exclusive of reserves, contain an additional 1.27 million ounces. Mine construction commenced in September 2022. As of February 2025, the Valentine Gold project was nearing construction completion with first gold pour targeted for mid-2025. The current resources are hosted over 8 km of the 32 km long Valentine Lake Shear Zone. In 2024, Calibre discovered extensions of mineralization a further 1,000 meters long trend, the “Frank Zone”. Valentine Gold Property Teck Resources Duck Pond Mine Millertown Buchans Buchans Junction Deer Lake Corner Brook Springdale Grand Falls Badger Stephenville Buchans Millertown Duck Pond Mine Granite Canal Substation Valentine Lake Thrust Fault Marathon Deposit Leprechaun Deposit Victory Deposit Sprite Deposit Frank Zone Powerline Granite Canal Hydro Facility Berry Zone Quebec Ontario Valentine Gold Newfoundland Valentine Gold 3% NSR kilometer 20 0 N Marathon Gold Corporation N kilometer 0 75 Mine under construction with gold production expected in mid-2025 Detailed engineering underway to increase mill throughput from 4 Mtpa to +5 Mtpa Ongoing exploration success Franco-Nevada Corporation ★ 53 TSX / NYSE: FNV Canada Additional Information Mineral Resources and Mineral Reserves Diversified Assets