D E A R S T A K E H O L D E R S Our ambition is to be the “Go-to Gold Stock” for generalist investors. We are proud that in the 18 years since our IPO our share price has appreciated 1,414%. The shareholder returns have compounded at an annual growth rate of approximately 17%, outperforming all relevant market indices, including the NASDAQ and S&P 500, and generating double the return from holding bullion over the period. We have increased annual dividends 19 consecutive times, taking the US$ dividend yield for our IPO shareholders to approximately 12%. The combination of strong production growth and rising gold prices in 2025 generated record revenues, cash flows and earnings. The growth in our portfolio came from recent acquisitions, in particular the gold and platinum stream on Sibanye’s Western Limb PGM operations, and from several new gold mines ramping up production. The strength of this performance allowed a 16% dividend increase in January 2026. 2025 was the second of two highly productive years for our business development team. Our team executed on US$1.8B in acquisitions, adding royalties on quality long-dated assets. The Côté Gold mine is set to be Canada’s third-largest gold mine, and we believe the Arthur Gold project will be the next great mine in Nevada. These and other additions over the last two years have positioned the company for sustained growth over the longer term. We have pursued a strategy of providing financial backing to strong teams with great assets. The financial packages provided to G Mining Ventures to construct Tocantinzinho and to Discovery Silver to acquire the Porcupine assets both included lead orders in their concurrent equity raises. The two companies have meaningfully outperformed their peers. The success of the companies we backed is by far the best endorsement of the royalty and stream financing model. Post year-end, we have supported three other strong management teams, providing royalty and stream financing to Orezone Gold to acquire the Casa Berardi Mine, i-80 Gold to develop its Nevada assets, and Minerals 260 to develop its Bullabulling deposit in Western Australia. While Cobre Panamá remains shuttered, the government’s environmental review is expected to be completed in May 2026, and President Mulino has stated he would like to reach a decision on the mine by this summer. In 2025, his government approved the shipment of the remaining concentrates and restarting the power plant. In April of this year, the Government approved the processing of previously stockpiled ore at the mine. We are optimistic that with the support of the Panamanian public, the mine will return to production. We aim to invest with operators that limit the environmental impact of their projects, to contribute positively to the communities where we invest, and to provide a great place to work for our employees. We are gratified that these efforts are reflected in the top-level ratings we receive from ESG rating agencies and are proud to have been selected as one of Corporate Knights’ Global 100 Most Sustainable Corporations for 2026. We expect year-over-year growth in GEOs from the portfolio in 2026, driven by new contributions from recent acquisitions and increased contributions from the ramp-up of new mines. Two potential catalysts in 2026 could cement further powerful, longer-term growth: a final investment decision on the Coroccohuayco project by Glencore would secure value from a material new project, and the restart of operations at Cobre Panamá would add 30% to our growth outlook assuming the mine has ramped up to full capacity. A broader-based driver is the injection of cash flow into operators, the availability of capital to developers, and the surge in exploration activity that accompanies higher gold and copper prices. The estimated more than US$250M set aside for exploration in 2026 on our Canadian assets alone is indicative of the amount of spending. It is in this environment that the upside optionality embedded in our portfolio of more than 300 development and exploration stage royalties really shines. David Harquail has served as a founder and CEO of Franco-Nevada since its IPO in 2007 and, from 2020 to date, as non-executive Chair of its Board of Directors. David will not be standing for re-election at our 2026 annual meeting. Under his leadership, Franco-Nevada has had an outstanding track record of creating value for its shareholders. David will be appointed Chair Emeritus following our 2026 annual meeting. The board intends to appoint Tom Albanese as the independent non-executive Chair of its Board of Directors at our 2026 Annual Meeting. Tom currently serves as the Lead Independent Director of Franco-Nevada. He is a seasoned mining executive, including prior CEO roles at both Rio Tinto plc and Vedanta Resources plc and many corporate director positions. We finished the year with no debt and US$3.1 billion of available capital. At current prices, we expect the business to generate approximately US$2.0 billion in cashflow from operations in 2026, allowing us to continue creating true shareholder value through disciplined growth. Thank you for your ongoing trust and support. David Harquail Paul Brink Chair of the Board President & CEO May 1, 2026 C O N T E N T S Overview Message to Stakeholders 5 Our Business Model 6 Diversified Portfolio 7 Global Assets 8 Asset Portfolio 10 Historical Performance 2008 to 2025 12 Sustainability Highlights 14 2026 Guidance 15 Five-Year Outlook to 2030 15 Growth Outlook 16 Long-Term Optionality 16 Gold at a Discount 17 Additional Exploration Optionality 17 Royalty Ounces 18 Royalty Ounces by Mineral Resources and Mineral Reserves 19 Mining Royalty Ounces 20 Mine Life Index 22 Mining Assets South & Central America 26 Canada 47 United States 75 Rest of World 91 Mining Exploration Assets 108 Energy Assets Energy Assets 114 Other Producing Energy Assets 122 Energy Exploration Assets 123 Mineral Resources and Mineral Reserves Gold Mineral Resources 126 Gold Mineral Reserves 128 Mineral Resources and Mineral Reserves 130 Additional Information Asset Counts 136 Acreage of Assets 137 Board of Directors 138 Executives 140 Corporate Organization 141 Non-GAAP Financial Measures 142 Technical and Third-Party Information 144 Forward-Looking Information 145 Glossary 146 Corporate Information 148 This Asset Handbook has not been prepared in connection with the sale of securities and is not an offering memorandum and should not be relied upon as such. This Asset Handbook does not constitute an offer to sell or a solicitation for an offer to purchase any security in any jurisdiction. Information relating to projects, properties and their owners and operators presented in this Asset Handbook has been sourced from the public disclosure of the owners and operators of our assets available as at March 12, 2026 (except where stated otherwise). More current information may become available in our subsequent disclosure and on our website. This Asset Handbook contains information about many of our assets, including those that may not currently be material to us. The description and depiction of our business and assets have been simplified for presentation purposes. Unless otherwise noted or the context otherwise indicates, the terms “Franco-Nevada”, “FNV”, “Company”, “Corporation”, “our” and “we” refer to Franco-Nevada Corporation and its subsidiaries. Dollar references are in U.S. dollars unless otherwise noted. This Asset Handbook should be read with reference to the explanatory notes and cautionary statements contained in the Additional Information section found at the end of this Asset Handbook. Please also refer to the additional supporting information and explanatory notes found in our most recent Annual Information Form as well as our most recent Management’s Discussion and Analysis available at www.sedarplus.com and our most recent Annual Report filed on Form 40-F available at www.sec.gov, and all of which are also available on our website at www.franco-nevada.com. This Asset Handbook complements, but does not form part of, nor is it incorporated by referenced in, such documents. David Harquail (left) and Paul Brink (right) TSX / NYSE: FNV Franco-Nevada Corporation ★ 5 4 ★ Franco-Nevada Corporation TSX / NYSE: FNV Overview Overview