S A B O D A L A Producing Location: Senegal | Operator: Endeavour Mining Corporation | Precious Metals: Au | Stream: Fixed gold deliveries / 6% Gold Stream In December 2013, FNIC, provided Teranga Gold Corporation (“Teranga”) with a $135 million deposit to fund the acquisition by Teranga of additional future ore sources for its Sabodala mill. 2025 2024 2023 Revenue to Franco ‑ Nevada ($ million) $ 32.6 $ 22.6 $ 18.3 M&I Resources (koz Au) 1 5,190 5,186 6,333 Inf. Resources (koz Au) 1 1,766 1,322 1,380 P&P Reserves (koz Au) 1 2,768 3,260 4,086 M&I Royalty Ounces (000s) 1,2 99 95 111 Inf. Royalty Ounces (000s) 2 47 35 31 P&P Royalty Ounces (000s) 2 44 52 60 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 accounts for the balance of the Fixed Delivery Period of 105,750 ounces. In 2025, Franco-Nevada estimates 45% of the remaining Mineral Reserves (45% in 2024, 47% in 2023), 46.5% of the remaining M&I Mineral Resources (46.5% in 2024, 47% in 2023) and 55.5% of the remaining Inf. Mineral Resources (55.5% in 2024, 47% in 2023) at the Sabodala-Massawa Complex are subject to a rate of 4.8% (6.0% gold stream which is factored by 80% to estimate equivalent Royalty Ounce rate) With the acquisition, Teranga was able to expand its land package to over 950 km 2 including much of a 70 km prospective greenstone belt. In February 2021, Endeavour Mining Corporation (“Endeavour”) acquired Teranga. Over the first six years following the stream acquisition, Teranga delivered 22,500 oz of gold annually to Franco-Nevada, under a fixed arrangement, for a total of 135 koz of gold delivered. The fixed delivery period was fulfilled in December 2019, and between January 2020 and August 2020, Franco-Nevada received 6% of the gold produced from either the Sabodala or Oromin Joint Venture (“OJVG”) properties. In December 2019, Teranga announced an agreement to acquire the adjacent Massawa gold project and commenced processing ore from the project in 2020. Franco-Nevada’s stream does not extend to the Massawa gold project area. In September 2020, Franco-Nevada amended its existing Sabodala gold purchase and sale agreement with Teranga to compensate for displacement from the processing of Massawa ore through the Sabodala processing facilities and to provide for the commingling of Sabodala and Massawa ores. The amended agreement provides that commencing in September 2020, Teranga, now Endeavour, will make fixed deliveries of 783.33 oz of refined gold per month until 105,750 oz of gold have been delivered to Franco-Nevada (the “Fixed Delivery Period”) and 6% of production from the stream area thereafter. Following the Fixed Delivery Period, which is expected to end in October 2031, a reconciliation will be performed to determine if Franco-Nevada would have received more or less than 105,750 oz of gold under the 6% variable stream during such period. Endeavour will be entitled to a credit for an over-delivery which will be applied against the 6% variable stream until depleted and Franco-Nevada will be entitled to a one-time additional delivery in the case of an under-delivery. Franco-Nevada will make ongoing payments for each ounce of gold delivered equal to 20% of the spot gold price. In 2025, Sabodala-Massawa produced 273,533 oz of gold, with the majority produced from Massawa. Endeavour’s 2026 production guidance for Sabodala-Massawa is between 260–305 koz of gold. To date production from Sabodala has been less than the fixed ounces delivered to Franco-Nevada. kilometer 2.5 0 N Sabodala Gold Stream OJVG Concession Sabodala Concession Deposits Senegal Mali Mauritania Sabodala Dakar Guinea Atlantic Ocean 10 kilometres from mill Mill OJVG Sabodala Sabodala West Golouma Deposits Masato Deposit Niakafiri Deposit Sabodala Pit Tailings Gora Deposit Fixed gold deliveries per year until 2031, and thereafter 6% of gold production from Sabodala concessions Land package offers significant exploration potential The operator currently has a 7-year mine plan. M&I Resources could support production for 19 years and Inf. Resources for a further 6 years TSX / NYSE: FNV 96 ★ Franco-Nevada Corporation Rest of World