T A S I A S T Producing Location: Mauritania | Operator: Kinross Gold Corporation | Precious Metals: Au | Royalty: NSR: 2% Franco-Nevada has a 2% NSR royalty on the Tasiast mine operated by Kinross. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 32.8 $ 30.5 $ 24.5 M&I Resources (koz Au) 1 6,797 7,070 6,985 Inf. Resources (koz Au) 1 2,377 1,632 1,504 P&P Reserves (koz Au) 1 4,401 4,705 5,055 M&I Royalty Ounces (000s) 1,2 136 141 140 Inf. Royalty Ounces (000s) 2 48 33 30 P&P Royalty Ounces (000s) 2 88 94 101 1 Please refer to the tables on pages 126–134 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 Tasiast in September 2010 through its acquisition of Red Back Mining Inc. The royalty originally covered three large permit areas in Mauritania, West Africa and covers the Tasiast main trend, including the Fennec satellite pit, and Tasiast Sud. In 2025, Tasiast produced 503,429 oz of gold, down from 622,394 oz in 2024, due to planned lower grades and mine sequencing. Kinross expects 2026 production to be approximately 505,000 oz of gold and estimates 2027 production will remain around the 500,000 ounce level based on ongoing mine plan optimizations. Production from 2025 through 2027 is lower than 2024 primarily due to the stripping phase of West Branch 5. The current mine plan sees Tasiast running until 2035, which will include the processing of low-grade stockpiles on the back end of the mine life. Kinross is actively evaluating several technical and strategic pathways to extend the Tasiast mine life beyond 2035, with a primary focus on underground mining at the West Branch orebody and future open pit pushbacks at both West Branch and the Piment zones. Potential new growth projects targeting the post-2030 period include a West Branch 6 layback, regional satellite open pits, and bulk-tonnage underground mining. Exploration continues to demonstrate significant long-term potential for underground extensions and satellite deposits, with Kinross advancing technical studies across multiple targets. In 2025, approximately 44,000 metres of drilling were completed, primarily targeting depth extensions of the West Branch orebody, where recent results have extended mineralization to at least 1.8 kms along strike and down plunge. At the Fennec satellite deposit on the TMLSA license, drilling in 2024 and 2025 continued to add reserves and improve geological definition. Additional exploration remains ongoing on the SENISA licenses, where 51,135 metres were drilled through year end 2024. Franco-Nevada’s royalty covers both the TMLSA and SENISA license areas. 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 Bulk-tonnage underground and open pit satellite potential to extend mine life Prospective 75 km long greenstone belt The operator currently has a 10-year mine plan. M&I Resources could support production for 13 years and Inf. Resources for a further 5 years S U B I K A ( A H A F O ) Producing Location: Ghana | Operator: Newmont Corporation | Precious Metals: Au | Royalty: NSR: 2% Franco-Nevada has a 2% NSR royalty which covers a 78 km 2 area on the southern portion of Newmont’s Ahafo South mine in Ghana (shown in the schematic). Ahafo South is a separate mine from Newmont’s Ahafo North mine which is located 30 km to the north. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 45.4 $ 34.7 $ 19.4 M&I Resources (koz Au) 1 9,500 8,400 8,600 Inf. Resources (koz Au) 1 2,000 1,300 1,600 P&P Reserves (koz Au) 1 4,100 4,600 5,100 M&I Royalty Ounces (000s) 1,2 58 61 66 Inf. Royalty Ounces (000s) 2 12 9 12 P&P Royalty Ounces (000s) 2 39 51 63 1 Please refer to the tables on pages 126–134 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 48% of Mineral Reserves (55% in 2024, 62% in 2023), 31% of the M&I Mineral Resources (36% in 2024, 38% in 2023) and 31% of the Inf. Resources (36% in 2024, 38% in 2023) are subject to our royalty interest and estimates an average rate of 2.0% is applicable The 2% NSR is payable on all ounces produced from the Rank (formerly Ntotoroso) concession. The majority of the Subika deposit, the northern portion of the Awonsu deposit, and the southern tip of the Amoma deposit fall within the Rank mining lease boundary. It is estimated that 48% of project reserves as of December 31, 2025, fall on Franco-Nevada’s royalty ground. In 2025, Ahafo South produced 664 koz of gold compared with 798 koz in 2024. Ahafo production in 2026 is expected to be 440 koz of gold, decreasing relative to 2025 as mining activities in the Subika open pit were completed as planned in Q3 2025. Newmont continues to increase its investment in exploration and advanced projects, including at the Subika underground. Exploration beneath the Subika open pit (majority on royalty ground) and Apensu open pit (not on royalty ground) continues to highlight the potential for the next phase of high grade underground growth at Ahafo South. This is expected to meaningfully extend the life of the Subika underground mine (majority on royalty ground), with additional upside from deeper and lateral extensions utilizing existing surface infrastructure and processing capacity. Subika, Ghana Subika (Ahafo) NSR: 2% N Note: not to scale Mina Justa Atlantic Ocean Burkina Faso Cote D’ivoire Togo Benin Nigeria Niger Mali Algeria Subika Ghana 2% NSR Awonsu Apensu Subika Plant and Offices Ntotoroso Amoma Kenyase FNV Royalties Deposits Estimate 48% of Ahafo South reserves fall on royalty ground Exploration success expected to extend the life of the Subika UG mine The operator currently has a 8-year mine plan. M&I Resources could support production for 22 years and Inf. Resources for a further 5 years TSX / NYSE: FNV Franco-Nevada Corporation ★ 95 94 ★ Franco-Nevada Corporation TSX / NYSE: FNV Rest of World Rest of World