G O L D S T R I K E Producing Location: Nevada, United States | Operator: Nevada Gold Mines LLC | Precious Metals: Au | Royalty: NSR: 2–4% / NPI: 2.4–6% Franco-Nevada holds royalties covering the majority of the Nevada Gold Mines LLC (“Nevada Gold Mines”) Goldstrike complex. Carlin Trend 2025 2024 2023 M&I Resources (koz Au) 1,2 24,390 24,390 26,016 Inf. Resources (koz Au) 1,2 9,431 9,268 10,081 P&P Reserves (koz Au) 1,2 14,309 15,447 15,772 M&I Royalty Ounces (000s) 1,3 304 280 354 Inf. Royalty Ounces (000s) 3 118 106 137 P&P Royalty Ounces (000s) 3 179 177 215 1 Please refer to the tables on pages 126–134 for a breakout of grade and tonnages by Mineral Resource category for Carlin Trend; all M&I categories are inclusive of Mineral Reserves 2 Under the Nevada Gold Mines joint venture, Barrick now reports Goldstrike, Gold Quarry and South Arturo as part of the Carlin operation category. Mineral Resources and Mineral Reserves include Goldstrike, Gold Quarry and South Arturo as well as other properties where Franco-Nevada has no royalties or stream interests 3 For Royalty Ounce calculation, Franco-Nevada estimates 24% of the Carlin Trend Mineral Resources and Mineral Reserves (28% in 2024, 34% in 2023) are subject to our royalty interests on Goldstrike, Gold Quarry and South Arturo and estimates an average royalty rate of 5.2% is applicable (4.1% in 2024, 4.0% in 2023) Goldstrike 2025 2024 2023 Total NSR Revenue to FNV ($ million) $ 12.3 $ 8.6 $ 4.4 Total NPI Revenue to FNV ($ million) $ 10.5 $ 10.8 $ 8.7 Total Revenue to FNV ($ million) $ 22.8 $ 19.4 $ 13.1 M&I Resources (koz Au) 1 n/a n/a n/a Inf. Resources (koz Au) 1 n/a n/a n/a P&P Reserves (koz Au) 1 n/a n/a n/a M&I Royalty Ounces (000s) 2,3 n/a n/a n/a Inf. Royalty Ounces (000s) 3 n/a n/a n/a P&P Royalty Ounces (000s) 3 n/a n/a n/a 1 Please refer to the table above for the Carlin Trend Mineral Resources and Mineral Reserves which include Goldstrike 2 All M&I categories are inclusive of Mineral Reserves 3 Please refer to the table above for the Carlin Trend Royalty Ounce calculation which includes Goldstrike The Goldstrike complex is located on the Carlin Trend, about 60 km northwest of the town of Elko, Nevada and includes the open pit Betze-Post mine, as well as the underground operations of Meikle and Rodeo immediately to the north. Mining activity commenced on the property in 1976 and, since 1987, has been operated by Barrick. Franco-Nevada holds both NSR (2–4%) and NPI (2.4–6%) royalties at Goldstrike as well as royalties at Gold Quarry and South Arturo which cover over 50% of the reported Carlin Mineral Reserves. The Mineral Reserves estimated above include Goldstrike open pit stockpiles subject to both NSR and NPI royalties. The royalties vary depending on the claim blocks, operating costs and capital investments, as shown in the schematic. As a result, royalty payments can vary substantially on a quarterly basis. In 2019, Barrick (61.5%) and Newmont (38.5%) combined their significant assets across Nevada to create the Nevada Gold Mines joint venture. Under this joint venture, Goldstrike is reported as part of the Carlin operation category by Barrick. Barrick announced 2025 production of 687 koz of gold from its 61.5% share of Carlin interests. Nevada Gold Mines noted that Carlin gold production for 2025 was 11% lower compared to 2024 due to lower underground grades mined, more Cortez ore displacing lower grade Carlin stockpiles and less leach pad production due to sequencing of the Gold Quarry open pit. Barrick has reported 2026 production guidance of 600–670,000 gold ounces from its 61.5% share of Carlin. Franco-Nevada anticipates 2026 Goldstrike royalty payments to be similar to 2025 as royalties on the underground material are expected to offset less stockpile production. Weimer 4% NSR Goldstrike Open Pit Mine Goldstrike Underground Mine Meikle/Rodeo SPLC Lease 6% NPI Bazza 2% NSR Bazza Strip 2% NSR 2.4% NPI Royal 3% NSR Extension 5% NPI 4% NSR Corbett 2% NSR Pandora 2% NSR Rodeo Creek 4% NSR Above 4600’ Post 5% NPI 4% NSR SJ 6% NPI Gold Bug 5% NPI 4% NSR Goldstrike 5% NPI 4% NSR Goldstrike Pacific Ocean Oregon Idaho Utah Nevada California Arizona Mexico Goldstrike Open Pit Mine FNV Royalties Goldstrike Underground mine Goldstrike 2–4% NSR / 2.4–6% NPI mile 0 1 N Focus asset for NGM with substantial invested capital Profit royalties provide more leverage to gold prices Current operator mine life of 18 years Franco-Nevada Corporation ★ 77 TSX / NYSE: FNV United States