Vale 0.264% Iron Ore, 0.367% Copper/Gold 0.147% Other Iron Asset Royalty Area Cu/Au Asset Southeastern System Northern System Brazil Southeastern System Caué (Fe) Conceição (Fe) Itabira Overview Minas Centrais Overview Mariana Overview Brucutu (Fe) Fazendão (Fe) Capanema (Fe) Alemão Project (Cu/Au) Serra Norte (Fe) Serra Leste (Fe) S11D (Fe) Sossego (Cu/Au) Northern System kilometer 10 0 N kilometer 10 0 N Vale, Brazil V A L E Producing Location: Brazil, South America | Operator: Vale S.A. | Metals: Iron Ore, Cu, Au & Other | Royalty: 0.264% Iron Ore, 0.367% Copper / Gold, 0.147% Other 1 In April 2021, Franco-Nevada acquired 57 million Participating Debentures (“Royalty Debentures”) for $538 million, providing holders with effective net sales royalties on Vale S.A.’s (“Vale”) Northern and Southeastern Iron Ore Systems and on certain copper and gold operations in Brazil (together, the “Royalty”). 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 36.7 $ 36.7 $ 35.1 Vale (Northern and Southeastern System) M&I Resources (Mt Iron Ore) 2 19,036 16,400 16,809 Inf. Resources (Mt Iron Ore) 2 4,709 4,055 3,877 P&P Reserves (Mt Iron Ore) 2 8,056 7,672 8,534 Sossego (Au) P&P Reserves (koz Au) 2 323 377 518 Sossego (Cu) P&P Reserves (Mlbs Cu) 2 717 804 1,102 M&I Royalty Ounces (000s) 3 433 621 1,114 Inf. Royalty Ounces (000s) 3 33 41 64 P&P Royalty Ounces (000s) 3 286 442 800 1 See Franco-Nevada AIF for the year ended December 31, 2025 and Vale’s website for Royalty Debenture details including deed, semi-annual debenture reports, and annual mineral property inventory 2 Please refer to the tables on pages 126–134 for a breakout of grade and tonnages and details for Sossego Mineral Resources 3 For Royalty Ounce calculation, the Vale Royalty covers specified mining rights in the Northern and Southeastern Systems reflecting the specified properties held by Vale at privatization. It is estimated that the Vale Royalty covers all of the Mineral Resources and Mineral Reserves at the Northern System, and a portion at the Southeastern System. Historically, approximately 60 Mtpa of Southeastern System production has been attributable to the Vale Royalty and is expected to remain at that level over the medium-term. In addition, Franco-Nevada accounts for moisture, mass recovery, and allowable deductions under the Vale Royalty, as described more fully on Vale’s website. For the Royalty Ounce calculation associated with the Mineral Reserves of the Sossego mine, Franco-Nevada accounts for allowable deductions and mineral recovery and Mineral Resources have been excluded based on limited disclosure by Vale S.A. and inclusion of projects not covered by the Vale Royalty in the Mineral Resources. Refer to Vale’s 2025 20-F annual report for additional information 4 Updates to mineral property inventory and maps provided semi-annually on Vale’s website The acquisition represents 14.7% of the total number of Royalty Debentures issued originally by Vale as part of its privatization in 1997, to provide exposure to future resource growth from specified properties held at the time. Royalty payments are made by Vale on a semi-annual basis on March 31 st and September 30 th of each year reflecting production in the preceding half calendar year period. In 2025, Vale purchased 89.4 million Royalty Debentures (resulting in a 23% reduction of the total outstanding Royalty Debentures) at R42 per debenture. Northern System: The Royalty terms, on a 100% basis, provide for a 1.8% (0.264% attributable) net sales royalty on iron ore sales from the Northern System mines. The Northern System located in Carajas, Para state, Brazil is a fully integrated operation inclusive of mines, railroad, maritime facilities and a port. The Northern System includes the Serra Sul (i.e. S11A-D), Serra Norte and Serra Leste mines and represents one of the largest mining complexes globally with long-life reserves and excellent potential for mine life extensions. The Northern System has been in operation since 1984 with the most recent development of the Serra Sul (S11D) mine in 2016. The current exhaustion date provided by Vale projects mining at the Northern System until the late 2060s. The Northern System produced 170 Mt of premium high-grade iron ore in 2025. Production in 2026 is expected by Vale to be in line year-over-year and gradually increase through the approved expansion of Serra Sul (+20 Mt project on track to start-up in H2 2026) and other growth projects. Southeastern System: The Royalty terms, on a 100% basis, provide for a 1.8% (0.264% attributable) net sales royalty on iron ore sales from the portion of production covered by the Royalty in the Southeastern System. The Southeastern System located in the Iron Quadrangle of Minas Gerais, Brazil is a key global producer of pellet feed and is a fully integrated complex with rail, maritime facilities and a port. Contributions to the Royalty started in April 2025 when a cumulative sales threshold was reached. The Royalty provides partial coverage of the three Southeastern System mining complexes: Itabira, Minas Centrais (Brucutu mine), Mariana (Fazendao and, to a lesser extent, Capanema mines). We estimate c.60 Mt were sold from the covered mineral properties in 2025 and that production levels from the complexes will remain steady over the medium to long-term. This represents an approximate 30% increase to the volumes attributable to the Royalty. The current exhaustion date provided by Vale projects mining at the Southeastern System until the early 2060s. Sossego: The Royalty also provides for a 2.5% royalty on 50% of net sales (i.e. 1.25% or 0.183% attributable) on the Sossego copper mine and certain other smaller copper and gold assets in the surrounding area. Sossego is located in Carajas, Para state, Brazil and is an open pit operation with nominal capacity to produce approximately 93 kt per year of copper in concentrate. Sossego produced 74,400 tonnes of copper in 2025. The Royalty further covers certain adjacent satellite deposits to Sossego which are being studied by Vale as replacement/life extensions for the operation. Other: Additionally, the Royalty provides for a 1% (0.147% attributable) net sales royalty on (i) all other minerals (subject to certain specific thresholds and carveouts) and (ii) on net proceeds in the event of an underlying asset sale. In total, the Royalty covers approximately 3.7 million acres of prospective geology 4 . Vale, Brazil World class iron ore mines producing high quality iron ore needed for low emission steel Strong potential for growth and multi-decade mine lives Fully integrated production provides cost advantage The operator currently projects that mine will continue into the 2060s TSX / NYSE: FNV Franco-Nevada Corporation ★ 33 32 ★ Franco-Nevada Corporation TSX / NYSE: FNV South & Central America South & Central America