R E B E C C A Advanced Location: Australia | Operator: Ramelius Resources | Precious Metals: Au | Royalty: NSR: 1.5% The Rebecca Gold project is situated in Western Australia, approximately 150 km east of Kalgoorlie. Franco-Nevada’s 1.5% NSR royalty encompasses a 160 km 2 area, which includes all Rebecca Mineral Resources. Ramelius Resources completed a Definitive Feasibility Study (DFS) for the Rebecca Gold Project in October 2025, and the Board approved Final Investment Decision. The DFS outlines plans for a 3.25 million tonne per annum processing plant located adjacent to the Rebecca deposit, with total preproduction development costs estimated at A$340 million. The project is forecast to deliver 1,086 koz over a nine-year mine life, with 730 koz sourced from the Rebecca deposits. First gold production forecast to commence in Q4 2028. Franco-Nevada’s royalty excludes the Roe deposits. The operator currently has a 9-year mine plan. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 1.5% is applicable A G A T E C R E E K Advanced Location: Australia | Operator: Savannah Goldfields Limited | Precious Metals: Au | Royalty: NSR: 1% The Agate Creek Gold project is situated in Queensland, approximately 200 km west of Townsville. Franco-Nevada’s 1% NSR encompasses a 293 km 2 area, which includes all Agate Creek Mineral Resources. Savannah Goldfields Ltd (“Savannah”) has applied to amend the Agate Creek Environmental Authority and plans to resume mining at Agate Creek in Q2 2026 following receipt of the updated environmental authority. Agate Creek has an estimated Mineral Resource of 422 koz (15.5 Mt at 0.8 g/t) and an estimated Mineral Reserve of 36 koz (0.5 Mt at 2.5 g/t). Savannah will process Agate Creek ore at its 0.2 million tonne per annum Georgetown processing facility located 90 km north of Agate Creek. There was no production from Agate Creek in 2025. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 1.0% is applicable P E R A M A H I L L Advanced Location: Greece | Operator: Eldorado Gold Corporation | Precious Metals: Au | Royalty: NSR: 2% Franco-Nevada has a 2% NSR on the Perama Hill project held by Eldorado Gold Corporation (“Eldorado”). The Perama Hill gold project is located in the Thrace region of northeastern Greece and consists of two mining titles covering an area of 19 km 2 and two mining exploration licenses covering an area of 18 km 2 . Perama Hill has an estimated gold Mineral Reserve of 912 koz (8.9 Mt at 3.18 g/t) and contemplates operating as a small open pit mine using a conventional carbon-in-leach gold recovery circuit. The Mineral Reserve supports an 8-year mine plan, producing approximately 100 koz of gold per year. The project also has an additional estimated Inf. Mineral Resource of 2.1 Moz (31.8 Mt at 2.10 g/t). Eldorado has reported that Perama Hill is the next mine it expects to develop in Greece after the Skouries project and that construction could commence as early as 2027. Exploration potential in the region supports opportunities for growth and project optimization and studies are ongoing to prepare for permitting documentation. The EIA was submitted in 2025 and approval is expected by year-end 2026, with community engagement well underway to ensure transparent dialogue and incorporate stakeholder feedback. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 2.0% is applicable. Silver has been converted assuming $4,500/oz gold and $75.00/oz silver M T K E I T H Advanced Location: Australia | Operator: BHP Group Limited | Metals: Ni | Royalty: NPI: 0.25% / GR: 0.375% Franco-Nevada holds a 0.375% gross royalty and a 0.25% NPI royalty on properties encompassing the Mt Keith nickel operation in Western Australia, situated 450 km north of Kalgoorlie. These royalties extend across 236 km 2 , covering the entirety of Mt Keith, the Jericho Nickel deposit (approximately 25 km northwest of Mt Keith), and portions of the Yakabindie deposits (approximately 25 km south of Mt Keith). The Mt Keith open pit was actively mined from 1993 until October 2024, when BHP suspended all Western Australia Nickel operations due to low nickel prices (BHP intends to review the decision in February 2027). The Mt Keith concentrator processes approximately 11 Mt of ore per year, achieving 70% recoveries. Annual production capacity ranges from 35–40 kt of nickel in concentrate. A total of 4.1 Mt of contained nickel resources remain at Mt Keith, Jericho, and Yakabindie. Franco-Nevada’s royalty covers approximately 60% of total resources (100% of Mt Keith and Jericho and 25% of Yakabindie). 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 0.50% is applicable. Franco-Nevada has also applied an NSR smelting charge of 30%. Nickel has been converted to Royalty Ounces assuming $7.39/lb ($7.89/lb in 2024, $7.89/lb in 2023) M I L P I L L A S Producing Location: Mexico | Operator: Industrias Peñoles, S.A.B. de C.V. | Metals: Cu | Royalty: Production Payment Franco-Nevada has a production payment royalty on the Milpillas copper mine in Sonora, Mexico operated by Industrias Peñoles, S.A.B. de C.V. (“Peñoles”). The royalty is $0.04/lb of copper produced, if the price of copper is above $1.20/lb. The royalty ground totals an estimated 30 km 2 and covers an underground copper mine and heap leach operation. The royalty was acquired by Franco-Nevada in September 2020 as part of a portfolio of 24 royalties from Freeport-McMoRan Inc. In 2025 Franco-Nevada received $0.96 million in royalty payments from Milpillas. As of December 2024, Milpillas had an estimated mine life of 2 years and a Mineral Reserve of 68,250 tonnes of copper (3.5 Mt at 1.95% copper). Franco-Nevada has not included Milpillas in Royalty Ounce estimates A P H R O D I T E Advanced Location: Australia | Operator: Genesis Minerals Limited | Metals: Au | Royalty: GR: 2.5% The Aphrodite Gold project is situated in Western Australia, approximately 65 km north of Kanowna Belle. Franco-Nevada’s 2.5% GR encompasses a 29 km 2 area, which includes all Aphrodite Mineral Resources. In 2023 Genesis Minerals Limited (“Genesis”) purchased a group of assets, including Aphrodite, for A$ 600 million. Aphrodite has an estimated Mineral Resource of 1.6 Moz (23 Mt at 2.2 g/t). Previous owners contemplated operating Aphrodite as an open pit and underground mine, processing the refractory ore using a conventional carbon-in-leach gold recovery circuit incorporating a flotation circuit to produce a gold concentrate. Genesis’ exploration program is currently testing gaps within the existing large open pit resource and investigating strike extensions and parallel structures. Franco-Nevada receives A$250 thousand annual minimum royalty payment from Genesis. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 2.5% is applicable TSX / NYSE: FNV Franco-Nevada Corporation ★ 105 104 ★ Franco-Nevada Corporation TSX / NYSE: FNV Rest of World Rest of World