D E T O U R L A K E Producing Location: Ontario, Canada | Operator: Agnico Eagle Mines Limited | Precious Metals: Au | Royalty: NSR: 2% Franco-Nevada has a 2% NSR royalty that covers an area of 140 km 2 of the Abitibi greenstone belt located 185 km northeast of Cochrane, Ontario including the Detour Lake mine. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 49.0 $ 31.9 $ 25.9 M&I Resources (koz Au) 1 35,732 34,310 37,883 Inf. Resources (koz Au) 1 6,168 6,605 2,717 P&P Reserves (koz Au) 1 18,575 19,051 19,928 M&I Royalty Ounces (000s) 1,2 715 686 758 Inf. Royalty Ounces (000s) 2 123 132 54 P&P Royalty Ounces (000s) 2 372 381 399 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 From 1983 through 1999, Placer Dome Inc. operated an underground mine on the property producing approximately 1.8 Moz of gold. Detour Gold Corporation (“Detour Gold”) drilled out a large open pittable resource and developed the current open pit mine with first production in 2013. Kirkland Lake Gold Ltd. (“KLG”) acquired Detour Gold in 2020 and Agnico Eagle Mines Limited (“Agnico Eagle”) and KLG merged in February 2022, with the combined company continuing as Agnico Eagle. Franco-Nevada’s royalty includes all the Mineral Resources and Mineral Reserves on the property, except Detour Lake Zone 58N (approximately 0.67 Moz) which sits to the south of the main mineralized trend. Production at Detour Lake was 692,675 oz of gold in 2025, compared with 671,950 oz of gold in 2024. This growth was driven by optimized mill equipment and higher throughput levels. Production for Detour Lake is anticipated to be between 700–730 koz of gold per year in 2026, 610–640 koz in 2027 and 590–620 koz in 2028. Lower production in 2027 and 2028 is due to lower gold grades expected in the mining sequence; however, the mill continues to target a throughput rate of 29 Mtpa by 2028. In June 2024, Agnico Eagle released the results of a technical study reflecting the potential for a concurrent underground operation at Detour Lake. Development of the underground project is advancing, with the exploration ramp having commenced in July 2025. Agnico Eagle expects to reach production of 1.0 Mozpa in 2031 for approximately 14 years and is evaluating the potential for a third processing line which could lift annual production above the 1.0 Mozpa level. KLG and Agnico Eagle have both had tremendous exploration success drilling extensions of the Detour Lake deposit. Total Mineral Resources have expanded from 21.9 Moz at year end 2020 to 41.9 Moz at year end 2025. The successful completion of the drilling program on a high-grade mineralized corridor in the West Pit zone has further strengthened confidence in the Detour Lake underground project. Exploration for 2026 is budgeted at $34.2 million for 175,000 metres of drilling to further convert Inf. Mineral Resources and extend the mineralized trend to the west. Detour Lake, Ontario North Pit Detour Lake Mine Quebec Ontario Mine Property Block D West Pit Gowest Property Main Pit Other Quebec royalty claims not shown Block E Zone 58N Block A Block B Block C North Pit Sunday Lake Deformation Zone Sunday Lake Deformation Zone Lower Detour Lake Deformation Zone Mineralization Mineral Reserve Pit Outline Mineral Resource Pit Outline 0.5-1% NSR 2% NSR 2% NSR 2% NSR 2% NSR 2% NSR 2% NSR 2% NSR Quebec Detour Lake Ontario Mineral Resource Pit Outline Mineral Reserve Pit Outline Mined Out Pit UG Development/Potential UG Pits FNV Royalties Detour Lake 2% NSR kilometer 0 5 N kilometer 0 1 West Pit West Pit Extension Open Open Main Pit Saddle Zone Saddle Zone Long Section North & West Pits West Pit Extension Main Pit Plan to grow production to 1 Mozpa level by 2031 and sustain for 14 years Evaluating the potential to lift production above the 1 Mozpa level Ongoing exploration success extending mineralized trend to the west The operator currently has a 27-year mine plan. M&I Resources could support production for 36 years and Inf. Resources for a further 6 years TSX / NYSE: FNV Franco-Nevada Corporation ★ 49 48 ★ Franco-Nevada Corporation TSX / NYSE: FNV Canada Canada