M E S Q U I T E Producing Location: California, United States | Operator: Equinox Gold Corp. | Precious Metals: Au | Royalty: NSR: 0.5–2% Mesquite is a gold operation located in southeast California, 70 km northwest of Yuma, Arizona and 230 km east of San Diego, California. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 5.5 $ 3.2 $ 3.1 M&I Resources (koz Au) 1 1,213 1,855 1,016 Inf. Resources (koz Au) 1 55 912 510 P&P Reserves (koz Au) 1 125 471 584 M&I Royalty Ounces (000s) 1,2 22 34 19 Inf. Royalty Ounces (000s) 2 1 17 9 P&P Royalty Ounces (000s) 2 2 9 11 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 1.85% is applicable The mine is an open pit, run-of-mine, heap leach operation. Franco-Nevada holds royalties on the entire Mesquite mine property that range from a 0.5–2% NSR, depending on the claim block, as shown on the schematic. Mesquite produced 85,998 oz of gold in 2025, an increase from 71,984 oz of gold produced in 2024 due to reaching the major ore source of the Ginger pit in March 2025 which had higher grades than the material mined in 2024. For 2026, Equinox Gold anticipates production of 70–80 koz of gold. Mining at Mesquite in 2026 will be focused on Brownie phase 4, Rainbow North and the Big Chief 8 pits. Equinox continues to work to extend the mine life at Mesquite through exploration and permitting with a $5 million to $10 million budget for 2026. Mesquite, California Brownie Big Chief Rainbow Vista 2% NSR 0.5% NSR 1% NSR Mesquite 0.5 –2% NSR Mesquite Pacific Ocean Oregon Idaho Utah Nevada California Arizona Mexico Royalty Property Pits mile 1 0 N C A S T L E M O U N T A I N Producing Location: California, United States | Operator: Equinox Gold Corp. | Precious Metals: Au | Royalty: NSR: 2.65 –4.65% The Castle Mountain mining property is located in California, close to the Nevada border and is in the historic Hart Mining District, 120 km south of Las Vegas, Nevada. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 0.8 $ 1.3 $ 1.1 M&I Resources (koz Au) 1 5,575 5,638 5,638 Inf. Resources (koz Au) 1 1,422 1,422 1,422 P&P Reserves (koz Au) 1 4,105 4,168 4,168 M&I Royalty Ounces (000s) 1,2 157 159 159 Inf. Royalty Ounces (000s) 2 40 40 40 P&P Royalty Ounces (000s) 2 116 118 118 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 2.82% is applicable The Castle Mountain mine is operated by Equinox Gold and has land holdings that total greater than 40 km 2 of patented and unpatented claims. The mine was previously operated by Viceroy Gold and MK Resources and produced over 1.2 Moz of gold. Franco-Nevada holds a 2.65% NSR covering all the existing Castle Mountain mine and extending 10 miles from the boundary of the mine. In addition, Franco-Nevada acquired the ‘American Standard’ 2% NSR on the Pacific Clay claims, which comprise a portion of the JSLA pit in 2022. When combined with the 2.65% NSR, Franco-Nevada has a 4.65% NSR on the Pacific Clay claims. Redevelopment of Castle Mountain was planned in two phases. Small scale operations were initiated in Phase 1 while permits were progressed for Phase 2. In September 2024, mining operations at Castle Mountain were suspended to focus on Phase 2 permitting. Once permitted, Phase 2 is expected to produce approximately 220 kozpa of gold during a 12 plus year mine life. Equinox plans to issue an updated feasibility study in the second half of 2026. In June 2025, the Castle Mountain Expansion was accepted as a FAST-41 Project, and all federal permits are expected by the end of 2026 with an investment decision expected during the first half of 2027. The 2021 feasibility study showed a two-year construction period which would put first production from Phase 2 in 2029. Castle Mountain Mine Las Vegas Los Angeles Mexico California Nevada Oro Belle Mined Pit Jumbo Mined Pit JSLA Mined Pit South Waste Dump West Waste Dump Pacific Clay claims 4.65% NSR Heap Leach Pad 2.65% NSR Castle Mountain 2.65–4.65% NSR *Plus 10 Mile Area of Interest Royalty lands 2.65% NSR Pits Pacific Clay Claims 4.65% NSR 1,000 metre 0 2,000 N Largest operating gold mine in California Ongoing resource expansion and permitting to enable mine life extension The operator currently has a 2-year mine plan. M&I Resources could support production for 16 years and Inf. Resources for a further 1 year Permitting Phase 2 expansion to increase production to 220 koz per year Franco-Nevada’s royalty covers entire project area with a 10-mile area of interest The operator currently has a 14-year mine plan. M&I Resources could support production for 25 years and Inf. Resources for a further 6 years TSX / NYSE: FNV Franco-Nevada Corporation ★ 83 82 ★ Franco-Nevada Corporation TSX / NYSE: FNV United States United States