S O U T H R A I L R O A D Exploration Location: Nevada, United States | Operator: Orla Mining Ltd. | Precious Metals: Au | Royalty: NSR: 1% The South Carlin Complex is located in the Bullion mining district of the southern Carlin trend in Elko County, Nevada. The South Carlin Complex has been actively explored since 1969 by several operators. Orla acquired the northern and southern portions of the South Carlin Complex through the acquisitions of Gold Standard Ventures in 2022 and Contact Gold in 2024. The South Carlin Complex contains the Dark Star and Pinion deposits which Orla is progressing through permitting. Orla expects to receive all permits by mid 2026 with first production in Q4 2027. Franco-Nevada’s royalty does not cover these deposits. Franco-Nevada’s royalty covers portions of the northern exploration area including the POD/Sweet Hollow deposit and newly discovered Spike oxide deposit. In December 2025, Orla announced that the Spike target had oxide gold confirmed over a 1.5 km strike length. Drill results released included 38.1 metres at 0.80 g/t gold and 21.3 meters at 0.76 g/t gold. Franco-Nevada has not included South Railroad in Royalty Ounce estimates M I D A S - H O L L I S T E R - F I R E C R E E K Exploration Location: Nevada, United States | Operator: Hecla Mining Company | Precious Metals: Au | Royalty: Midas/Fire Creek NSR – 2.5%, Hollister NSR – 3–5% High-grade projects offering near-term production potential and district-scale discovery opportunities. Hecla acquired the Midas, Hollister and Fire Creek properties from Klondex Mines in 2018. Midas and Hollister were put on care and maintenance in 2019 and Fire Creek later followed in 2021. The Midas property has a permitted ~1,200 tons/day mill, tailings facility, utilities and surface infrastructure. 2025 Midas exploration drilling at the Pogo & Sinter targets resulted in high-grade gold intersections, including 0.95 oz/ton over 2.2 feet and 0.46 oz/ton over 6.1 feet. Hecla has discussed plans to use the Midas Mill as a central processing facility and announced a 2026 exploration budget of $16 million in Nevada focused on identifying high-grade structures to justify a restart of production by 2031. Potential targets to feed the mill on which Franco-Nevada has royalties include: • SE Midas Area: High-grade gold discovery at the “Pogo Trend” (returning 6.42 oz/ton gold) and the Sinter Vein, located 1.5 miles southeast of the original Midas mine. • Hollister Mine: Located within hauling distance of the Midas mill, offering additional high-grade ore potential. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates an average rate of 2.5% is applicable for Fire Creek and Midas and 3.0% is applicable for Hollister. Silver has been converted assuming $4,500/oz gold and $75.00/oz silver S L E E P E R Exploration Location: Nevada, United States | Operator: Paramount Gold Nevada Corp. | Precious Metals: Au | Royalty: NSR: 2% Former high-grade producer of 1.7M ounces at average head grade of ~7 g/t gold from 1986-1996, located 25 miles northwest of Winnemucca, Nevada. The Sleeper mine is a past producing gold mine with a large M&I resource of 1.9 Moz (163 Mt at 0.361 g/t gold and 4.05 g/t silver) and 1.2 Moz Inf. Mineral Resources (120 Mt at 0.315 g/t gold and 2.45 g/t silver). Paramount released an updated SK-1300 Technical Report in September 2023 showing that the deposit has the potential to be mined by open pit methods with heap leach and bio-oxidation as the primary processing scenario. In April 2026, Paramount commenced an Initial Assessment of Sleeper. The Initial Assessment is intended to examine a potentially lower-cost, staged development approach focused on heap-leachable material only, including approximately 54 million tons of material of economic interest. In parallel, Paramount plans to initiate permitting for infill drilling targeting surface material at Sleeper, which could support future resource updates and contribute to subsequent pre-feasibility or feasibility studies. Permitting is expected to be straightforward and timely, as the proposed activities fall within the scope of the existing Plan of Operations. Completion of the Initial Assessment is expected in late Q2 2026. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates an average rate of 2.0% is applicable. Silver has been converted assuming $4,500/oz gold and $75.00/oz silver TSX / NYSE: FNV 90 ★ Franco-Nevada Corporation United States