S T I L L W A T E R Producing Location: Montana, United States | Operator: Sibanye Stillwater Limited | Precious Metals: PGM | Royalty: NSR: 5% The Stillwater complex in Eastern Montana is comprised of the Stillwater mine (West and East) and East Boulder mine and is operated by Sibanye Stillwater Limited (“Sibanye-Stillwater”). 2025 2024 2023 Revenue to Franco ‑ Nevada ($ million) $ 15.4 $ 21.2 $ 26.1 M&I Resources (koz PGM) 1 39,800 38,100 44,100 Inf. Resources (koz PGM) 1 41,100 41,100 43,700 P&P Reserves (koz PGM) 1 19,400 19,000 26,300 M&I Royalty Ounces (000s) 1,3 675 570 886 Inf. Royalty Ounces (000s) 2,3 697 615 878 P&P Royalty Ounces (000s) 2,3 329 284 529 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 98% of the Mineral Resources and Mineral Reserves are subject to our royalty interest 3 Given more significant smelting and refining charges, Franco-Nevada estimates an average rate of 4.50% is applicable (assuming 10% for charges) and PGM ounces converted into Royalty Ounces assuming $2,000/ounce Pt and $1,650/ounce Pd ($950/ounce Pt and $950/ounce Pd in 2024, $850/ounce Pt and $900/ounce Pd in 2023) Production began in 1986 at the Stillwater mine and in 2002 at the East Boulder mine. In 2014, the operator commenced the Blitz project which included developing a third access at Stillwater East. The production from the PGM orebodies is primarily palladium and platinum (“2E PGM”), representing 78% and 22%, respectively. Sibanye Gold Limited acquired Stillwater Mining Corporation in May 2017. Franco-Nevada has a 5% NSR royalty on all commercially recoverable metals produced from 810 of the 1,712 claims that cover the Stillwater complex. The amount of the royalty is reduced by permissible “onward processing” deductions, which have averaged between 10–15% of revenue over the last several years. Based on Franco-Nevada’s estimates, the NSR royalty currently covers 97% of the Stillwater Mineral Reserves and 100% of the East Boulder Mineral Reserves. Franco-Nevada’s royalty covers all current mining activity at Stillwater as the partial coverage only applies to Stillwater West, which was put on care and maintenance at the end of 2024. 2025 production decreased to 284,069 2E PGM ounces compared to 425,842 2E PGM ounces in 2024 due to restructuring of the operations in Q4 2024. The restructuring placed the Stillwater West mine on care and maintenance, with production focusing on lower volume, higher margin production from the East Boulder and Stillwater East mines. Production for 2026 is forecasted to be between 280 and 300 2E PGM koz as the operation continues to focus on lowering the cost structure to support sustained profitability. Sibanye-Stillwater announced in April 2026 plans to implement full in-stope mechanisation to drive productivity enhancements. This plan is expected to increase annual production to approximately 410 2E PGM kozpa by 2029 at unit costs of $1,000/2E PGM ounce. Stillwater West is expected to remain in care and maintenance during this period and provides future optionality and upside. The recent Section 45X tax credits as well as possible tariffs on Russian palladium could further support margins and production growth at the operations. The Stillwater and East Boulder reserves support a long mine life in excess of 35 years. Stillwater Wyoming AB SK MB North Dakota Nebraska Idaho Utah Colorado Montana South Dakota Stillwater Complex 5% NSR mile 0 1 N Franco- Nevada Royalty Franco- Nevada Royalty East Boulder Portal Site East Boulder Adit Stillwater Mill Site Camp Lake Boulder River East Boulder River Dry Fork Creek Lewis Gulch West Fork Stillwater Stillwater River Limit of Claims Sweetgrass Co. Park Co. Stillwater Co. Sweetgrass Co. County line Long Section (Not to scale) Plan View Stillwater East (Blitz) Stillwater West East Boulder Mine Non-Royalty mill area Lower Stillwater East (Lower Blitz) Current and future planned production layouts Franco-Nevada Royalty Land Only primary PGM producer in the U.S. Production likely to recover from current levels provided PGM prices remain robust The operator currently has a 35-year mine plan. M&I Resources could support production for 80 years and Inf. Resources for a further 83 years Franco-Nevada Corporation ★ 79 TSX / NYSE: FNV United States