S É G U É L A Producing Location: Côte d’Ivoire | Operator: Fortuna Mining Corp. | Precious Metals: Au | Royalty: NSR: 0.6% Franco-Nevada holds a 0.6% NSR on the Séguéla gold mine, owned and operated by Fortuna Mining Corp. (“Fortuna”). 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 2.9 $ 2.2 $ 1.4 M&I Resources (koz Au) 1 2,004 1,412 1,535 Inf. Resources (koz Au) 1 736 677 245 P&P Reserves (koz Au) 1 1,543 1,016 1,154 M&I Royalty Ounces (000s) 1,2 12 8 9 Inf. Royalty Ounces (000s) 2 4 4 2 P&P Royalty Ounces (000s) 2 9 6 7 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 0.6% is applicable (0.6% in 2024, 0.6% in 2023) In March 2021, Franco-Nevada acquired a 1.2% NSR on the license covering the Séguéla gold mine in Côte d’Ivoire from Roxgold Inc. (“Roxgold”). Fortuna acquired Roxgold in July 2021 and achieved first gold at Séguéla in 2023. The royalty included a 50% buyback option, which Fortuna exercised in March 2024. A feasibility study in 2021 outlined a 9-year mine life averaging 120 kozpa of gold. Séguéla produced 152,426 ounces of gold in 2025 compared with 137,781 ounces in 2024 and is expected to produce between 160–170 koz in 2026. As of December 31, 2025, Séguéla has P&P Mineral Reserves of 1.54 Moz of gold (15.96 Mt at 3.01 g/t), in addition to exclusive Indicated Resources of 461 koz of gold (5.16 Mt at 2.78 g/t) and Inf. Resources of 736 koz of gold (9.17 Mt at 2.50 g/t). Year-over-year, Mineral Reserves increased by 31%, primarily due to the first-time estimation of underground Mineral Reserves at the Sunbird deposit totaling 401 koz (3.50 Mt at 3.60 g/t). The 2026 brownfields exploration budget for Séguéla is $12 million. This includes approximately 69,000 meters of drilling to upgrade resources primarily at the Sunbird underground project and for infill and expansion drilling at the Kingfisher deposit, along with continued target generation, which is all on royalty ground. Fortuna is expecting a plant expansion study in May 2026 to potentially increase production from approximately 165–200 kozpa of gold. S O U T H K A L G O O R L I E Producing Location: Australia | Operator: Northern Star Resources Limited | Precious Metals: Au | Royalty: NSR: 1–4% Northern Star Resources Limited (“Northern Star”) operates the South Kalgoorlie Operation (“SKO”) which has maintained continuous gold production since 1989. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 12.5 $ 10.5 $ 6.2 M&I Resources (koz Au) 1 1,992 4,930 1,338 Inf. Resources (koz Au) 1 1,162 2,540 894 P&P Reserves (koz Au) 1 714 1,546 320 M&I Royalty Ounces (000s) 1,2 80 63 46 Inf. Royalty Ounces (000s) 2 46 33 31 P&P Royalty Ounces (000s) 2 29 20 12 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 Mineral Resources and Mineral Reserves (32% in 2024) are subject to our royalty interest and estimates a rate of 4.0% is applicable for Mineral Resources and Mineral Reserves SKO is situated 15 kms south of Kalgoorlie in Western Australia. Franco-Nevada holds a net smelter return royalty ranging from 1.75% to 4% on gold, and 1% to 2.25% on other minerals, covering 470 km 2 of SKO tenements. This includes the HBJ underground mine, the Mt Marion and Pernatty satellite deposits. While historically production from SKO was processed through the 1.2 Mtpa Jubilee Mill, Northern Star placed the Jubilee Mill on care and maintenance in July 2022, redirecting ore to the Kanowna Belle processing facilities. Effective January 1, 2023, the royalty agreement was amended, increasing the royalty rate on the HBJ underground mine from 1.75% to 4%. Northern Star consolidates reporting for SKO with the Kanowna Belle gold mine, and reported combined gold production of 168,545 ounces at the Kalgoorlie Operations for the year ended December 31, 2025. Franco-Nevada estimates that royalty-eligible production represents approximately 54% of the total output from these operations. In 2025, Franco-Nevada received $12.5 million in royalty revenue from SKO. Exploration efforts continue, highlighted by the Hercules discovery announced in May 2023, located 20 kms west of the HBJ mine on tenements subject to a 1.75% royalty payable to Franco-Nevada. In May 2025, Northern Star announced a maiden Mineral Resource of 916 koz at Hercules (13.4 Mt at 2.1 g/t), along with a Mineral Reserve of 246 koz (2.4 Mt at 3.1 g/t). SKO reserves total 714 koz of gold and resources total 3,154 koz of gold. Séguéla 0.6% NSR kilometer 5 0 N Ancien Agouti Boulder Winy Gabbro W Antenna South Antenna North Antenna West P1 Kwenko Siakasso N P7 P2 Kwenko W Koula Antenna Sunbird Schist Resource Pit Target Target Strat Séguéla NSR Area Pelite Kingfisher Sunbird Underground maiden Mineral Reserve adds 401 koz of gold Exploration upside on land package covered by royalty Potential plant expansion being studied The operator currently has a 9-year mine plan. M&I Resources could support production for 12 years and Inf. Resources for a further 4 years 916 koz of gold maiden Mineral Resource at Hercules Expect steady production to continue from HBJ underground mine M&I Resources could support production for 22 years and Inf. Resources for a further 13 years TSX / NYSE: FNV Franco-Nevada Corporation ★ 99 98 ★ Franco-Nevada Corporation TSX / NYSE: FNV Rest of World Rest of World