M A C A S S A ( K I R K L A N D L A K E ) Location: Ontario, Canada | Operator: Agnico Eagle Mines Limited | Precious Metals: Au | Royalty: NSR: 1.5-5.5% / NPI: 20% Franco-Nevada has various royalties covering approximately 170 km2 of the Larder Lake and Main Breaks in the historic Kirkland Lake gold camp of Ontario. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 10.0 $ 6.3 $ 5.5 M&I Resources (koz Au)1 3,933 3,856 3,770 Inferred Resources (koz Au)1 3,292 3,144 3,175 P&P Reserves (koz Au)1 2,074 2,137 1,913 M&I Royalty Ounces (000s)1,2 66 64 63 Inferred Royalty Ounces (000s)2 59 57 58 P&P Royalty Ounces (000s)2 32 33 29 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. The table above is the sum of reported Agnico Eagle Mineral Resources and 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 1.5% is applicable to Macassa and a rate of 2.0% is applicable to Amalgamated Kirkland (AK), Anoki-McBean and Upper Canada Agnico Eagle is the largest landowner in the Kirkland Lake camp following its merger with Kirkland Lake Gold in February 2022. Agnico Eagle operates the Macassa mine which includes production from the Main Break, ’04 Break, the high-grade South Mine Complex (“SMC”) and the AK deposit. Historically, shaft capacity at the Macassa #3 Shaft was limited to approximately 2,250 tonnes per day. With the commissioning of #4 Shaft in 2023, ore hoisting capacity at the complex has increased to 4,000 tonnes per day. Franco-Nevada’s Kirkland Lake royalty interests with Agnico Eagle include: • An overlying 1.5% NSR on Agnico Eagle’s properties surrounding and including the Macassa mine • An underlying 20% profit-based royalty immediately to the southwest of the SMC as shown in the inset of the schematic • A 2% NSR on AK, Upper Canada, Anoki-McBean, Canadian Kirkland and the surrounding land packages • An underlying 2% NSR royalty on the extension of Amalgamated Kirkland (“AK”) • An underlying 2-3% NSR on claims to the west of current operations In 2024, Macassa produced 279,384 ounces of gold compared to 228,535 ounces of gold in 2023. Agnico Eagle reported that Macassa achieved record quarterly throughput and gold production in Q4 2024, reflecting productivity gains since the completion of #4 Shaft and the new ventilation infrastructure in 2023. Production in 2025 is forecast to be between 300,000 to 320,000 ounces of gold, with 2026 and 2027 forecast to be between 315,000 to 335,000 ounces of gold and 325,000 to 345,000 ounces of gold, respectively. Included in this production estimate, Agnico Eagle now expects to begin processing AK ore at the LZ5 mill in Q4 2025, representing approximately 10,000 ounces of gold in 2025, and approximately 50,000 to 60,000 ounces of gold in 2026 and 2027. Franco-Nevada’s multiple royalties at Macassa include a 2% NSR on the AK deposit, a 1.5% NSR on the Near Surface (“NSUR”), as well as an overlapping area between the two deposits, the AK extension, where both the overlying 1.5% NSR and an underlying 2% NSR apply. Agnico Eagle is continuing to focus on asset optimization and is working on further improving mill throughput. Positive exploration results along strike and at depth of the South Mine Complex and Main Break could maintain production in excess of 300,000 ounces of gold per year. Franco-Nevada also holds a 2% NSR royalty, covering claims held by Agnico Eagle from its acquisition of Osisko Mining Corporation in April 2014, on the Upper Canada, Anoki-McBean and Canadian Kirkland deposits. Work is ongoing to evaluate the potential to develop Upper Canada and Anoki-McBean as potential ore feed to existing milling infrastructure in the region. Quebec Ontario Kirkland Lake Teck Twp. Otto Twp. Bernhardt Twp. Teck Twp. Teck Twp. Grenfell Twp. Teck Twp. Lebel Twp. Kirkland Lake Swastika Macassa #3 Shaft Macassa #2 Shaft Gracie West Teck-Hughes Lakeshore Kirkland Minerals 2% NSR AK Extension South Mine Complex Kirkland Lake West (KLW) Wright- Hargreaves Macassa #4 Shaft Macassa #1 Shaft Amalgamated Kirkland (AK) Macassa Overlying 1.5% NSR 2% NSR – AK and surrounding land package Fault Mineralized Breaks Gold Showings Mine Shafts Excluded from Royalty 20% NPI 3% NSR 2% NSR 2% NSR 2% NSR 2% NSR 2% NSR 2% NSR Anoki-McBean 24 M oz. Kirkland Main Break King Kirkland Dobie Biroco 180 East 13 M oz. Larder Lake Break Esker Upper Beaver Swastika Kirkland Lake Upper Canada Amalgamated Kirkland (AK) 66 kilometer 0 1 Macassa (Kirkland Lake) 1.5-5.5% NSR / 20% NPI N Macassa achieving record quarterly gold production Large land position in historical mining area covering multiple known deposits Exploration potential on royalty ground at AK and Upper Canada Franco-Nevada Corporation ★ 47 TSX / NYSE: FNV Canada Additional Information Mineral Resources and Mineral Reserves Diversified Assets