R I N G O F F I R E Location: Ontario, Canada | Operator: Wyloo Metals Pty Ltd | Metals: Cr, Ni, Cu & PGM | Royalty: NSR / GR: 1-3% In April 2015, Franco-Nevada acquired royalty rights in the Ring of Fire mining district of Ontario and in December 2019 acquired a 1% gross royalty on the Eagle’s Nest nickel, copper and PGM deposit. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ − $ – $ – Ring of Fire (Cr) M&I Resource (Tonnes millions)1 193 193 193 Inferred Resource (Tonnes millions)1 55 55 55 P&P Reserves (Tonnes millions)1 − – – Eagle’s Nest (PGM) M&I Resource (koz PGM)1 1,408 1,408 1,627 Inferred Resource (koz PGM)1 943 943 1,459 P&P Reserves (koz PGM)1 − – 1,489 Eagle's Nest (Ni) M&I Resource (Mlbs Ni)1 375 375 432 Inferred Resource (Mlbs Ni)1 249 249 228 P&P Reserves (Mlbs Ni)1 − – 413 M&I Royalty Ounces (000s)1,2 336 200 225 Inferred Royalty Ounces (000s)2 99 61 74 P&P Royalty Ounces (000s)2 − – 20 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 the Ring of Fire Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources are subject to our royalty interest and estimates a dollar per tonne value of $4.75/tonne. For the Eagle’s Nest Royalty Ounce calculation, Franco-Nevada estimates 100% of the PGM and nickel Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates an average rate of 1.0% is applicable for PGM and 0.7% for nickel (which factors a NSR smelting charge of 30%). PGM ounces are converted into Royalty Ounces assuming $950/ounce Pt ($850/ounce Pt in 2023, $900/ounce Pt in 2022) and $950/ounce Pd ($900/ounce Pd in 2023, $1,500/ounce Pd in 2022) and nickel has been converted to Royalty Ounces assuming $7.89 per pound ($7.89 per pound in 2023, $11.00 per pound in 2022). Copper Mineral Resources and Mineral Reserves are not included in the Royalty Ounce calculation The 2015 funding package allowed Noront Resources Ltd. (“Noront”) to acquire mining claims from Cliffs Natural Resources Inc. (“Cliffs”) in the Ring of Fire mining district, 500 km northeast of Thunder Bay. Franco-Nevada secured royalty rights over an estimated 1,000 km2 area, offering long-term exposure in a potential new mining camp to one of the largest chromite resources globally, in addition to nickel, copper, and PGM deposits. Franco-Nevada holds a 3% royalty over the Black Thor chromite deposit, a 2% royalty over all of Noront’s property in the region (excluding the Eagle’s Nest deposit, see below), 2% on certain other properties previously being advanced by Cliffs, and a number of other third-party exploration royalties. In December 2019, Franco-Nevada acquired a 1% gross royalty on Noront’s Eagle’s Nest nickel, copper and PGM deposit, for $3.8 million. Eagle’s Nest currently has over 624 million pounds (15.7 million tonnes grading 1.80% nickel) of high-grade nickel mineralization in Measured, Indicated and Inferred Mineral Resources, with significant copper, palladium and platinum content. In 2022, Noront was acquired by Wyloo Metals Pty Ltd (“Wyloo Metals”), who are advancing the projects. In December 2022, Wyloo Metals (now known as Ring of Fire Metals) signed a Memorandum of Understanding with Webequie First Nation, detailing how the two parties would work together to progress ongoing exploration activities as well as negotiations on a partnership agreement for the proposed Eagle’s Nest mine. Royalty licences 2% GR (Cr), 2% NSR (other) Wyloo licences Ring of Fire 1-3% NSR/GR kilometer 20 0 N Royalty licences 2-3% GR (Cr), 2-3% NSR (other) Thunderbird Blue Jay Black Label Black Thor Eagle’s Nest 1% GR Blackbird Eagle 2 Triple J Quebec Ontario Ring of Fire Royalty concession estimated to cover over 1,000 km² Wyloo as new operator Permitting for the access road is ongoing Franco-Nevada Corporation ★ 95 TSX / NYSE: FNV Other Mining Additional Information Mineral Resources and Mineral Reserves