B A L D M O U N T A I N Location: Nevada, United States | Operator: Kinross Gold Corporation | Precious Metals: Au | Royalty: NSR / GR: 0.875-5% The Bald Mountain mine lies within the Southern Ruby Mountains of northeastern Nevada along the southern extension of the prolific Carlin Trend, 110 km southeast of Elko. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 16.8 $ 11.7 $ 8.4 M&I Resources (koz Au)1 3,856 4,175 4,353 Inferred Resources (koz Au)1 571 489 522 P&P Reserves (koz Au)1 1,173 489 625 M&I Royalty Ounces (000s)1,2 119 157 101 Inferred Royalty Ounces (000s)2 14 18 11 P&P Royalty Ounces (000s)2 23 19 22 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 Mineral Reserves (100% in 2023, 91% in 2022) and 99% of Mineral Resources (inclusive of Mineral Reserves) (99% in 2023 exclusive of Mineral Reserves, 96% in 2022 exclusive of Mineral Reserves) are subject to our royalty interest and estimates an average rate of 1.92% is applicable for Mineral Reserves (3.79% in 2023) and 2.53% is applicable for Mineral Resources (inclusive of Mineral Reserves) (3.79% in 2023 exclusive of Mineral Reserves) Ore is sourced from multiple open pits over an estimated 600 km2 property with processing at multiple conventional heap leaching facilities. Bald Mountain is the largest private mining land package in the U.S. It stretches 40 km north to south and 15 km east to west and is divided in three zones: North Zone, South Zone and JV Zone. Franco-Nevada’s Bald Mountain royalties cover a significant portion of the Bald Mountain property. Royalty rates range from 0.875%-5% NSR/GR. A detailed map of the royalties is shown in the schematic. At the end of 2015, Kinross Gold Corporation (“Kinross”) purchased from Barrick 100% of the North and South Zones while forming a 50/50 exploration joint venture partnership with Barrick on the JV Zone in between the North and South Zones. During 2018, Kinross acquired the remaining 50% portion of the JV zone that it did not already own. In 2024, 18.4 million tonnes of ore were placed on pads at Bald Mountain at a grade of 0.48 g/t versus 17.3 million tonnes of ore at a grade of 0.42 g/t in 2023. Bald Mountain produced 181,047 ounces in 2024, an increase from the 157,749 ounces produced in 2023, primarily due to higher grades mined and timing of ounces recovered from the heap leach pads. Bald Mountain received the Juniper Project EIS permit in the second half of 2024 which allows for additional mining activity in the North area of operations. Kinross announced in February 2025 that they plan to proceed with mining at the Redbird pit starting in 2025, which contains approximately 1.0 million ounces of gold reserve and is on Franco-Nevada royalty ground. The Redbird pit is planned to be mined in two phases with Phase 1 containing 270,000 ounces, extending production into 2028. Phase 2 unlocks another 680,000 ounces contained, which could begin in 2026 and extend production from Bald Mountain through 2031. FNV Royalties Excluded from Royalty Pits/Deposits * Subject to possible reduction by third-party royalty North Block South Block Galaxy Poker Flats Bida Saga Yankee Targets Lux/Vantage Targets Top Sage Flats Belmont Horseshoe 4% NSR 4% NSR 4% NSR 4% NSR 4% NSR* 4% NSR* 4% NSR* 4% NSR* 4% NSR* 4% NSR* 4% NSR* 0.875 to 1.75% NSR 2.418% NSR Royale 1%-5% GR Redbird 5 1 LJ Ridge Banghart South Ridge Rat North Duke South Duke 2/3 1%-5% GR Winrock Bald Mountain Oregon Idaho Utah Nevada California Arizona Mexico Pacifc Ocean Bald Mountain 0.875-5% NSR / GR kilometer 2 0 N Large land package and significant exploration upside Redbird pit adds 1 Moz of gold reserves following successful Juniper permit Franco-Nevada Corporation ★ 63 TSX / NYSE: FNV United States Additional Information Mineral Resources and Mineral Reserves Diversified Assets