L I O R C Location: Newfoundland and Labrador, Canada | Operator: Rio Tinto plc | Metals: Iron Ore | Royalty: GORR: 0.7% Iron Ore, IOC Equity 1.5% Franco-Nevada holds 6.3 million common shares (a 9.9% equity investment) in Labrador Iron Ore Royalty Corporation (“LIORC”). 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 13.8 $ 12.1 $ 14.8 M&I Resources (Mt Iron Ore) 1,785 1,931 1,931 Inferred Resource (Mt Iron Ore) 665 811 811 P&P Reserves (Mt Iron Ore) 966 1,077 1,077 M&I Royalty Ounces (000s)1,2 169 296 332 Inferred Royalty Ounces (000s)2 63 124 139 P&P Royalty Ounces (000s)2 91 165 185 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, calculation based on overriding royalty interest only and takes into account moisture, mass recovery, and allowable deductions. Refer to LIORC’s annual report for additional information The position was acquired over a number of years for a total investment of C$93 million, representing an average cost of C$14.72/share. The investment in LIORC functions similar to a royalty given the flow through of revenue generated from LIORC’s underlying 7% gross overriding royalty interest (0.7% attributable), C$0.10 per tonne commission (C$0.01 per tonne attributable), and 15.1% equity interest (1.5% attributable) in Iron Ore Company of Canada’s (“IOC”) Carol Lake mine, operated by Rio Tinto plc (“Rio Tinto”). LIORC normally pays cash dividends from net income derived from IOC to the maximum extent possible, while maintaining appropriate levels of working capital. Over the past five years (2020-2024), cash flow from operations at LIORC has averaged c.55% from the royalty and commission with the balance from IOC dividends from the 15.1% equity interest. IOC produces high grade +65% Fe iron ore concentrate for sale and pellets with a reserve-only +20-year mine life and a large mineral resource supporting further extensions. IOC has nominal capacity of 23.3 Mtpa (combined concentrate and pellets) with 2024 attributable sales of 16.9 million tonnes and Rio Tinto has provided 2025 guidance of saleable production between 16.5 and 19.4 million tonnes. In 2024, total capital expenditures at IOC were US$376 million, below the forecast of US$431 million due to deferral of certain projects. In 2025, capital expenditures at IOC are forecast by IOC to be US$342 million, including US$51 million of growth and development projects. IOC benefits from integrated infrastructure, including the mine, concentrator/ pellet facilities, railway, and a port at Sept-Îles, Quebec. IOC has a long history as a supplier of high quality, low impurity, premium iron ore and pellets which has typically received premium prices from the European steel making industry. LIORC, Newfoundland and Labrador Producer of high-quality pellets and fines +20-year reserve life with large resource base to support extensions Fully integrated from mine to port, operated by Rio Tinto +50-year track record TSX / NYSE: FNV 90 ★ Franco-Nevada Corporation Iron Ore Overview Precious Metals Diversified Assets