T A S I A S T Location: Mauritania | Operator: Kinross Gold Corporation | Precious Metals: Au | Royalty: NSR: 2% Franco-Nevada has a 2% NSR royalty on the Tasiast mine in Mauritania, West Africa operated by Kinross. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 30.5 $ 24.5 $ 18.3 M&I Resources (koz Au)1 7,070 6,985 7,239 Inferred Resources (koz Au)1 1,632 1,504 1,443 P&P Reserves (koz Au)1 4,705 5,055 5,737 M&I Royalty Ounces (000s)1,2 141 140 145 Inferred Royalty Ounces (000s)2 33 30 29 P&P Royalty Ounces (000s)2 94 101 115 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 100% of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 2.0% is applicable Kinross acquired control of Tasiast in September 2010 through its acquisition of Red Back Mining Inc. The royalty covers the Tasiast main trend, including the Fennec satellite pit and Tasiast Sud. In 2024, Tasiast produced 622,394 ounces of gold, up from 620,793 ounces in 2023, following Kinross’s phased expansion. Phase One, completed in 2018, increased mill throughput from 8,000 to 12,000 tonnes per day. The Tasiast 24k project further raised throughput to 21,000 tonnes per day by 2021 and 24,000 tonnes per day by mid- 2023. Tasiast 24k is projected to extend the mine life to 2035 including the processing of low-grade stockpiles on the back end of the mine life. Kinross expects 2025 production to be approximately 500,000 ounces of gold and is continuing to study the underground potential of the mine. Production in 2026 and 2027 are estimated at a high level to be approximately 475,000 ounces and 460,000 ounces, respectively, based on the latest life of mine plan. Production from 2025 through 2027 is lower than 2024 mainly because of mine plan sequencing and lower grades during the stripping phase of West Branch 5. Compared to the previous life of mine plan prepared in 2023, 2025 through 2027 show an increase of 100,000 ounces over the 3-year period because of operational improvements, design optimizations, and the addition of the Fennec satellite pit. Drill testing at the Tasiast West Branch orebody at depth began in the second half of 2024, intersecting wide zones of mineralization down plunge of the resource, extending mineralization on strike and down plunge 700 metres. At Fennec, which is a satellite deposit on the TMLSA license, work completed in 2024 resulted in the addition of 110,000 ounces to reserve. On the SENISA licenses, 51,135 metres were drilled by year-end, with exploration continuing into 2025. Franco-Nevada’s royalty covers both licenses. Tasiast, Mauritania Tasiast Mauritania Mali Senegal Algeria Atlantic Ocean N kilometer 10 0 Tasiast NSR: 2% Tasiast Main Trend Plant Site Tasiast Sud 2% NSR Tasiast Mining License Tasiast License Area, March 2012 Tasiast Sud Gold Prospects Resource/Reserve Target Trends FNV Royalties Expansion completed in 2023, reaching 24,000 tpd Prospective 75 km long greenstone belt, including addition to Reserves at Fennec Franco-Nevada Corporation ★ 73 TSX / NYSE: FNV Rest of World Additional Information Mineral Resources and Mineral Reserves Diversified Assets