O R I O N Location: Alberta, Canada | Operator: Strathcona Resources Ltd. | Energy: Oil | Royalty: 4% Gross Overriding Royalty Franco-Nevada acquired a 4% GORR on the Orion Thermal Project in the Cold Lake region of Alberta from OSUM Oil Sands Corp. for C$92.5 million in 2017. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 14.0 $ 13.6 $ 15.1 Production (Mboe) 262 302 229 Commodity Split (%)1 Oil 100% 100% 100% Gas 0% 0% 0% NGL 0% 0% 0% 1 Percentage based on production revenue from each commodity 2 Asset life is calculated as the Proven and Probable reserve volumes divided by the prior year production volume In 2021, OSUM was acquired by Strathcona Resources Ltd. (“Strathcona”), who now operates the project. The royalty applies to the Clearwater formation and allows for the deduction of transportation and diluent costs associated with transporting the product to market. Orion is a Steam Assisted Gravity Drainage (“SAGD”) operation that began commercial production in 2007. Infrastructure at the project consists of a central processing facility surrounded by several well pads which supply the plant. Average production for the year in 2024 was approximately ~17,900 barrels per day of bitumen. The asset is permitted to produce up to 25,000 barrels per day of bitumen. Franco-Nevada recorded revenue of $14 million in 2024. Royalty payments are based on the WCS benchmark price and are impacted by changes in the differential with WTI as well as by the price of diluent, which is required to transport the product to market. Orion has an estimated asset life of approximately 29 years2. Orion processing facilities, Alberta Grand Prairie Calgary Lloydminster Hardisty Edmonton Fort McMurray Cold Lake Peace River Alberta Saskatchewan Orion Athabaska Lloydminster Hardisty Edmonton Cold Lake Orion N Orion Alberta Saskatchewan Liquids Pipeline Long-life resource located in Canada Stable year-over-year production volumes Potential for future capacity expansion Franco-Nevada Corporation ★ 109 TSX / NYSE: FNV North America Additional Information Mineral Resources and Mineral Reserves