S T I B N I T E G O L D Location: Idaho, United States | Operator: Perpetua Resources Corp. | Precious Metals: Au & Ag | Royalty: NSR: 1.7% Au, 100% Ag The Stibnite project is located in a historic mining town of the same name in Idaho, about 153 km northeast of Boise and is potentially one of the highest grade open-pit deposits in the U.S. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ − $ − $ − M&I Resources (koz Au)1 6,317 6,317 6,320 Inferred Resources (koz Au)1 1,611 1,611 1,611 P&P Reserves (koz Au)1 4,816 4,816 4,816 M&I Royalty Ounces (000s)1,2 123 107 107 Inferred Royalty Ounces (000s)2 31 27 27 P&P Royalty Ounces (000s)2 93 82 82 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 for gold estimates a rate of 1.70% is applicable and that for silver, all of the payable silver by-product revenue over the life-of-mine will be received The project is being advanced by Perpetua Resources Corp. (“Perpetua Resources”), who have consolidated 107 km2 of unpatented and patented claims. Franco-Nevada holds a 1.7% NSR on gold production and will receive all the expected payable silver by-product revenue over the life-of-mine, subject to the terms of a Silver Agreement which was closed in March 2024. In December 2020, Perpetua Resources announced the results of a feasibility study on the Stibnite project. The project is expected to have a 15-year mine life with average annual gold production of 301,000 ounces per year. The first four years demonstrate an average annual gold production of 466,000 ounces per year. The Stibnite project has total Mineral Resources and Mineral Reserves of approximately 6.3 million and 4.8 million ounces of gold, respectively. Total payable silver is estimated to be approximately 1 million payable ounces with 85% of the ounces produced after year 6 in the mine life. The United States Forest Service (“USFS”) issued the Final Record of Decision (“ROD”) authorizing the project in January 2025. With receipt of the Final ROD, Perpetua Resources is focused on advancing the project towards a construction decision, including finalizing the remaining federal and state permits and securing project financing. Commercial operations are expected in 2028. Royalty Property Prospects Mineral Deposits Patented Claims under option Utah Nevada California Stibnite Gold Project Boise Cascade McCall Coeur d'Alene Salt Yellow Pine Deposit West End Deposit Hangar Flats Deposit Historic Tailings Blow-out Mule Rabbit Scout Garnet Ridgetop Cinnamid Saddle Fern Upper Midnight Stibnite Gold 1.7% NSR Au 100% NSR Ag mile 0 1 N One of the largest and highest grade undeveloped open-pit gold deposits in the U.S. The Stibnite project would be the only domestic source of antimony mined in the U.S., assisting with permitting $1.8B indicative U.S. Export-Import Bank financing Franco-Nevada Corporation ★ 69 TSX / NYSE: FNV United States Additional Information Mineral Resources and Mineral Reserves Diversified Assets