I S L A N D G O L D Location: Ontario, Canada | Operator: Alamos Gold Inc. | Precious Metals: Au | Royalty: NSR: 0.62% In March 2020, Franco-Nevada acquired an existing 0.62% NSR on the Goudreau Lake claims totaling 58 hectares covering the core of the Island Gold mine in western Ontario. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 1.2 $ 0.8 $ 1.0 M&I Resources (koz Au)1 2,886 2,441 1,755 Inferred Resources (koz Au)1 3,774 3,682 3,529 P&P Reserves (koz Au)1 2,285 1,725 1,464 M&I Royalty Ounces (000s)1,2 13 11 9 Inferred Royalty Ounces (000s)2 11 10 19 P&P Royalty Ounces (000s)2 11 9 8 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 80% of the Mineral Reserves (80% in 2023, 90% in 2022) and 75% Mineral Resources (75% in 2023, 85% in 2022) are subject to our royalty interest and estimates a rate of 0.62% is applicable The underground mine is operated by Alamos who acquired the operation in 2016. Island Gold produced 155,000 ounces of gold in 2024, compared to 131,400 ounces of gold in 2023. In the near term, Franco-Nevada expects a significant portion of Island Gold production to come from the royalty claims and it is estimated that approximately 75% of the inclusive Mineral Resources and 80% of the Mineral Reserves on the property are covered by Franco-Nevada’s royalty claims. Alamos forecasts that the Island Gold District, which includes the combined gold production from both Magino and Island Gold, will produce between 275,000 to 300,000 ounces in 2025, 330,000 to 355,000 ounces in 2026 and 375,000 to 400,000 ounces in 2027. Alamos expects to release an updated Island Gold District mine plan in mid-2025, and a mill Expansion Study in Q4 2025. The updated mine plan and Expansion Study will incorporate updated Reserves and Resources at Island Gold and Magino, with the combined operations sharing a centralized mill at Magino. The Magino mill is expected to ramp up to 11,200 tonnes per day by the end of Q1 2025 with detailed engineering advancing the expansion to 12,400 tonnes per day. This expansion is expected to be completed by mid-2025 to coincide with the completion of the Phase 3+ expansion at Island Gold, which Alamos expects will be completed in H1 2026. The Phase 3+ expansion is planned to increase average annual gold production to 287,000 ounces per year starting in 2026 upon completion of the shaft, increasing the mine life at Island Gold to 2039. The longer-term Expansion Study is looking to potentially increase mill throughput at the Magino mill to 15,000 to 20,000 tonnes per day. Alamos continued to have exploration success at the Island Gold District in 2024 and early 2025, and 18,000 meters of surface exploration drilling are being budgeted in 2025 targeting the area between the Island Gold and Magino deposits, as well as the down-plunge extension of the Island Gold deposit, below a depth of 1,500 meters. Franco-Nevada holds additional royalties in the Island Gold mining camp including a 2% NSR royalty on the Edwards property located 4 km northeast of the Island Gold mine and a 0.75% NSR royalty on the Cline Lake property immediately adjacent to Edwards. Both of Franco-Nevada’s additional royalties in the mining camp are along strike and on the same geologic structure as the Island Gold mine. Alamos’ 2025 regional exploration program includes 10,000 meters of surface drilling with a focus on following up on high-grade mineralization intersected at Cline and Edwards. FNV Royalties Mineral Resources UG Development Mineral Reserves Island East Island East Northern Zone Island Main Island Main Island West Island West Island Gold 0.62% NSR N metre 500 0 Oblique Longitudinal Section Shaft Quebec Ontario Island Gold High grade operation, operational synergies with Magino Phase 3+ expansion expected to increase average annual production to 287 koz starting in H1 2026 Strong exploration potential in Island Gold mining camp TSX / NYSE: FNV 52 ★ Franco-Nevada Corporation Canada Overview Precious Metals