G O L D F I E L D S Location: Saskatchewan, Canada | Operator: Fortune Bay Corp. | Precious Metals: Au | Royalty: NSR: 2% The Goldfields project consists of two gold deposits, the Box and Athona deposits, located approximately 13 km south of Uranium City in northern Saskatchewan. Franco-Nevada has a 2% NSR royalty that covers both deposits. Brigus Gold Corp., which was advancing the project, was acquired by Primero Mining Corp. in 2014. The Goldfields project was not part of the acquisition and was spun out into Fortune Bay Corp. (“Fortune Bay”). In November 2022, Fortune Bay released the results of a new preliminary economic assessment for the Box and Athona deposits which outlines an 8.3-year life-of-mine, producing 835,000 ounces of gold. Average annual gold production is expected to be 101,000 ounces over the mine life, with an average of 122,000 ounces per year in the first four years. The study contemplates conventional open pit mining methods with a standard free milling flowsheet, incorporating gravity and leaching of the gravity tails. A new Mineral Resource update accompanied the preliminary economic assessment, outlining an Indicated Mineral Resource of 979,900 ounces of gold (23.2 million tonnes grading 1.31 g/t) and an Inferred Mineral Resource of 210,800 ounces of gold (7.1 million tonnes grading 0.92 g/t). The mineralization at both the Box and Athona deposits remains open at depth. In November 2024, Fortune Bay announced that it would advance the project toward the next stage of engineering by evaluating permitting scenarios and various mine designs, building upon the 2022 preliminary economic assessment and the approved 2008 Environmental Impact Statement. The study is anticipated to take about two months to complete. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 2.0% is applicable C O U R A G E O U S L A K E Location: Northwest Territories, Canada | Operator: Seabridge Gold Inc. | Precious Metals: Au | Royalty: NSR: 1.02% The Courageous Lake project is an advanced gold exploration project located in the Northwest Territories, Canada. Seabridge Gold Inc. (“Seabridge”) has been advancing the Courageous Lake project and, in January 2024, released results of its updated preliminary feasibility study for the asset, confirming a significantly improved and smaller project over the previous study completed in 2012. The study estimated Mineral Reserves of 2.8 million ounces of gold (33.9 million tonnes grading 2.61 g/t at the FAT deposit) and projected average annual production of 201,000 ounces over a mine life of 12.6 years. The study reflects less than 30% of M&I gold resources and contemplates a single open pit mine with on-site processing. Processing includes pressure oxidizing and cyanide leaching of flotation concentrate to produce gold doré. This project covers only 2 km of a greenstone belt that stretches 53 km and based on the size of the reserve, the FAT deposit is one of Canada’s largest undeveloped gold deposits. The property also hosts the Walsh Lake deposit (Inferred Mineral Resource of 4.1 million tonnes grading 4.18 g/t), which is located 10 km south of the larger FAT deposit. Earlier metallurgical testing demonstrated that the Walsh Lake material is free milling. Based on these factors, the Walsh Lake deposit could be mined prior to constructing the processing plant required for the larger, refractory FAT deposit thereby improving the overall economics of the Courageous Lake project. Seabridge also published a 2024 preliminary economic assessment, demonstrating the potential to extend the asset’s mine life by an additional 15.9 years at 205,000 ounces of gold per year based on exploring resources in addition to the current reserve. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates an average rate of 1.02% is applicable TSX / NYSE: FNV 58 ★ Franco-Nevada Corporation Canada Overview Precious Metals