G O L D E N H I G H W A Y Location: Ontario, Canada | Operator: Agnico Eagle Mines Limited | Precious Metals: Au | Royalty: NSR: 0.25-10% Franco-Nevada has multiple NSR royalties ranging from 0.25 to 10% over the Destor-Porcupine mineral trend just east of Timmins, Ontario spread over more than 120 km and estimated to cover over 340 km2. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ − $ − $ – M&I Resources (koz Au)1 2,728 2,978 2,978 Inferred Resources (koz Au)1 1,421 1,421 1,421 P&P Reserves (koz Au)1 – – – M&I Royalty Ounces (000s)1,2 155 160 160 Inferred Royalty Ounces (000s)2 90 90 90 P&P Royalty Ounces (000s)2 − – – 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. Mineral Resources and Mineral Reserves are the sum of Golden Highway - Holt Complex (which includes Holt, Holloway and Taylor), Golden Highway – Hislop and Golden Highway - Aquarius 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates rates of: Holt 10%; Holloway 3%; Taylor 1%; Hislop 4%; Aquarius 2% Kirkland Lake Gold (“KLG”) acquired St Andrew Goldfields in January 2016, consolidating Holt, Holloway, and Taylor into the Holt Complex for reporting purposes, all of which have fed the Holt mill for processing. The Holloway mine was placed on care and maintenance in March 2020, and the rest of the Holt Complex suspended operations in April 2020. In August 2020, KLG and Newmont entered into a strategic alliance agreement, granting Newmont an option on certain mining and mineral rights related to the Holt property. In February 2022, Agnico Eagle and KLG merged, continuing as Agnico Eagle (see pages 41, 47 and 51 for additional assets operated by Agnico Eagle). Agnico Eagle is evaluating the potential to integrate a number of satellite deposits with the existing infrastructure in the region. Franco-Nevada has royalties on the following key properties in the trend: Holt: The Holt mine has been the main producing asset and includes the Holt mill complex. Franco-Nevada has a sliding scale NSR royalty beginning at 2% when the gold price is less than or equal to $500/oz and increasing in 1% increments for each $100/oz increase in the gold price, to a maximum of 10%. The Holt mine was built in the late 1980s by Barrick. Taylor: The Taylor mine (1% NSR) achieved commercial production in November 2015. Exploration potential at Taylor exists along strike and at depth of current Mineral Resources. Holloway: The Holloway mine is located immediately north of the Holt property with ore historically processed at the Holt mill. The Holloway mine was placed on care and maintenance at the end of 2016 due to limited economic viability. In 2019, Franco-Nevada agreed to reduce the royalty at Holloway to a flat 3% NSR from the previous sliding scale royalty in an effort to improve the economics of the operation. The mine resumed operations in early 2019, prior to the current suspension. Hislop: Franco-Nevada has a 4% NSR on the Hislop mine which is located approximately 50 km to the west of the Holt mill. The open pit Mineral Reserves for the Hislop open pit were fully depleted in 2014. Aquarius: Franco-Nevada holds a 1-2% sliding scale NSR (2% when gold price is greater than $1,000/oz) on the majority of claims surrounding and including the Aquarius deposit. 101 Stoughton Matheson Porcupine Timmins Frederick House Lake Night Hawk Lake Kenogamisis Lake Holt Mine Jonpol Ross Mine Apollo Black Fox Ludgate Porcupine Peninsula Royal Oak Bell Creek Owl Creek Delnite Aunor Paymaster Dome McIntyre Hollinger Pamour #1 Matheson Stock Taylor Cody Macklem Bond Currie Carr Beatty Bowman Hislop Guibord 11 11 ONR Destor-Porcupine Fault Zone Pipestone Fault Cook Barnet Thackeray Harker Garrison Rand Michaud Munro McCool Frecheville Lamplugh Lake Abitibi 101 Marriot Holloway Holloway Mine Broulan Reef Hallnor Hoyle Pond Kinross 1060 Zone Kidd Creek Golden Highway 0.25-10% NSR kilometer 20 0 N Present or past producing mine Holloway Royalty 3% NSR 0.5-2.5% NSR Stoughton Royalty 1-2% NSR Aquarius Royalty 1% NSR Taylor Royalty 4% NSR Hislop Royalty Central Timmins Royalty Claims 0.25-1% NSR 1% NSR Stock Mine and Mill Royalty Holt Royalty Sliding scale Zone 7 Royalty Sliding scale German Lake Abitibi Quebec Ontario Golden Highway Multiple NSR royalties in the Destor-Porcupine mineral trend Large land position offers future potential TSX / NYSE: FNV 54 ★ Franco-Nevada Corporation Canada Overview Precious Metals