R I N G O F F I R E Exploration Location: Ontario, Canada | Operator: Wyloo Metals Pty Ltd | Metals: Cr, Ni, Cu & PGM | Royalty: NSR / GR: 1–3% In April 2015, Franco-Nevada acquired royalty rights in the Ring of Fire mining district of Ontario and in December 2019 acquired a 1% gross royalty on the Eagle’s Nest nickel, copper and PGM deposit. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ – $ – $ – Ring of Fire (Cr) M&I Resource (Tonnes millions) 1 193 193 193 Inf. Resource (Tonnes millions) 1 55 55 55 P&P Reserves (Tonnes millions) 1 – – – Eagle’s Nest (PGM) M&I Resource ( koz PGM ) 1 1,408 1,408 1,408 Inf. Resource ( koz PGM ) 1 943 943 943 P&P Reserves ( koz PGM ) 1 – – – Eagle’s Nest (Ni) M&I Resource ( Mlbs Ni ) 1 375 375 375 Inf. Resource ( Mlbs Ni ) 1 249 249 249 P&P Reserves ( Mlbs Ni ) 1 – – – M&I Royalty Ounces (000s) 1,2 293 336 200 Inf. Royalty Ounces (000s) 2 86 99 61 P&P Royalty Ounces (000s) 2 – − – 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 the Ring of Fire Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources are subject to our royalty interest and estimates a dollar per tonne value of $6.65/ tonne. For the Eagle’s Nest Royalty Ounce calculation, Franco-Nevada estimates 100% of the PGM and nickel Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates an average rate of 1.0% is applicable for PGM and 0.7% for nickel (which factors a NSR smelting charge of 30%). PGM ounces are converted into Royalty Ounces assuming $2,000/ounce Pt ($950/ounce Pt in 2024, $850/ounce Pt in 2023) and $1,650/ ounce Pd ($950/ounce Pd in 2024, $900/ounce Pd in 2023) and nickel has been converted to Royalty Ounces assuming $7.39/lb ($7.89/lb in 2024, $7.89/lb in 2023). Copper Mineral Resources and Mineral Reserves are not included in the Royalty Ounce calculation The 2015 funding package allowed Noront Resources Ltd. (“Noront”) to acquire mining claims from Cliffs Natural Resources Inc. (“Cliffs”) in the Ring of Fire mining district, 500 km northeast of Thunder Bay. Franco-Nevada secured royalty rights over an estimated 1,000 km 2 area, offering long-term exposure in a potential new mining camp to one of the largest chromite resources globally, in addition to nickel, copper, and PGM deposits. Franco-Nevada holds a 3% royalty over the Black Thor chromite deposit, a 2% royalty over all of Noront’s property in the region (excluding the Eagle’s Nest deposit, see below), 2% on certain other properties previously being advanced by Cliffs, and a number of other third-party exploration royalties. In December 2019, Franco-Nevada acquired a 1% gross royalty on Noront’s Eagle’s Nest nickel, copper and PGM deposit, for $3.8 million. Eagle’s Nest currently has over 283 kt of contained nickel (15.7 Mt at 1.80% nickel) of high-grade nickel mineralization in Measured, Indicated and Inf. Mineral Resources, with significant copper, palladium and platinum content. Based on the current mine plan, Eagle’s Nest is forecasting an initial 15-year mine-life using selective underground mining methods at a rate of 3 ktpd. In 2022, Noront was acquired by Wyloo Metals Pty Ltd (“Wyloo Metals”), who are advancing the projects. In December 2022, Wyloo Metals (now known as Ring of Fire Metals) signed a Memorandum of Understanding with Webequie First Nation, and in February 2026 the Marten Falls First Nation filed an environmental assessment for a key access road linking its community to the provincial highway network. The Government of Ontario has awarded plans to start construction of 2 of the 3 road sections in June and August 2026. The Eagle’s Nest project also continues to be advanced, with the Federal government determining an impact assessment for the project is not required. Timing for construction and start of production at Eagle’s Nest is linked to the timeline of the current proposed road projects and infrastructure corridor. Ontario’s Bill 5, passed in June 2025, provides certain exemptions that could fast track the development of the Ring of Fire. Royalty licences 2% GR (Cr), 2% NSR (other) Wyloo licences Ring of Fire 1–3% NSR/GR kilometer 20 0 N Royalty licences 2–3% GR (Cr), 2–3% NSR (other) Thunderbird Blue Jay Black Label Black Thor Eagle’s Nest 1% GR Blackbird Eagle 2 Triple J Quebec Ontario Ring of Fire C A R I B O O Advanced Location: British Columbia, Canada | Operator: Osisko Development Corp. | Precious Metals: Au | Royalty: NSR: 3% Osisko Development Corp. (“Osisko Development”) is advancing the Cariboo Gold project in east-central British Columbia. Osisko Development mined the initial Bonanza Ledge II project, located within the Cariboo Gold project, briefly in 2021 and 2022. The Bonanza Ledge II Mineral Resource included the BC Vein, Bonanza Ledge, and KL Zone deposits. Franco-Nevada’s 3% NSR covers the KL Zone, which has an Indicated Mineral Resource of 47 koz of gold (0.5 millions tonnes at 2.80 g/t) and an Inf. Mineral Resource of 205 koz (2.5 Mt at 2.53 g/t). Franco-Nevada’s 3% royalty interest also includes the Williams Claims which are about 5 km southeast of Bonanza Ledge. The Bonanza Ledge II project was placed on care and maintenance in 2022 to prioritize the Cariboo Gold project feasibility study, which was released in 2023. Following the 2023 study, Osisko Development released an Optimized Feasibility Study in Q2 2025, which replaced the previous two-phase approach with a single-phase development plan. This updated plan envisions a 4,900 tonne per day operation with a 10-year mine life, yielding an average of 190 koz of gold annually (peaking at 223 koz). The current plan does not envision mining on Franco-Nevada’s royalties; however, the process plant and related infrastructure has been designed to accommodate potential future throughput expansions. In July 2025, Osisko Development entered into a US$450 million senior secured project loan facility with Appian Capital Advisory for the project and beyond the debt facility, has completed several equity financings. The project is in early construction, with Osisko Development targeting a final investment decision for full-scale construction in 2026. Following a positive decision, the feasibility study envisioned a 24-month build period with 2028 expected to be the first full year of commercial production. To support potential future throughput expansions, Osisko launched a 70,000 meter exploration program in late 2025 to test high-grade vein corridors at depth (down to 800 meters) and regional targets along the 12-kilometer strike length, including the KL Zone and Williams Creek target. Systematic drilling is planned to advance southeast from the Lowhee Zone toward the KL Zone and Williams Creek target, with results expected in Q4 2026. Franco-Nevada has not included Cariboo in Royalty Ounce estimates R E D M O U N T A I N Advanced Location: British Columbia, Canada | Operator: Cambria Gold Mines Inc. | Precious Metals: Au | Royalty: NSR: 1% / Production Payment Franco-Nevada has a 1% NSR as well as a $10/oz production payment on gold produced in excess of 1.85 Moz from the Red Mountain project near Stewart, B.C. Franco-Nevada acquired the royalty as part of the Barrick royalty portfolio in 2013. In 2019, Ascot Resources Ltd. (“Ascot”) acquired IDM Mining and its 100%-owned Red Mountain project and a revised feasibility study was released in 2020. In February 2026, Ascot was renamed Cambria Gold Mines Inc. (“Cambria”). The 2020 study envisioned feed from four deposits (Big Missouri, Silver Coin, Premier, and Red Mountain) being processed at the 2,500 tpd Premier mill, which is approximately 23 km southeast of the Red Mountain deposit. The Premier mill required refurbishment as it had been on care and maintenance for over 20 years, and while first gold was poured in April 2024, operations were suspended in September 2024 due to mine development delays and insufficient ore feed. Under Ascot, P&P Mineral Reserves of 0.5 Moz of gold (2.5 Mt at 6.52 g/t) were reported for Red Mountain. The project contains an inclusive M&I Mineral Resource of 0.78 Moz of gold (3.2 Mt at 7.63 g/t) and an Inf. Mineral Resource of 0.07 Moz of gold (0.4 Mt at 5.32 g/t). Following the completion of a C$175 million refinancing in January 2026, the company announced a restructuring in February 2026, during which Ascot was rebranded as Cambria and a new management team was appointed. Cambria’s new strategy pivots the mining sequence to access Red Mountain ore first, viewing its rapid development as the key to successfully recommissioning the centralized Premier mill. Under the revised mine plan, Red Mountain is expected to provide the majority of the mill feed, potentially blended with mineralization from other nearby deposits. Under this revised strategy, construction of the Red Mountain access road is scheduled to begin in H1 2026, subject to regulatory approval, supported by an updated feasibility study expected to be completed by Q3 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 1.0% is applicable Royalty concession estimated to cover over 1,000 km² Permitting for the access road is ongoing TSX / NYSE: FNV Franco-Nevada Corporation ★ 71 70 ★ Franco-Nevada Corporation TSX / NYSE: FNV Canada Canada