kilometers 1 0 N Reserves 8.91% NSR Resources Gold Quarry Pit Outline Tusc Pit Outline >0.3 g/t Au Gold Quarry 8.91% NSR 8.91% NSR FNV Royalties Gold Quarry Pacific Ocean Oregon Idaho Utah Nevada California Arizona MEXICO G O L D Q U A R R Y Producing Location: Nevada, United States | Operator: Nevada Gold Mines LLC | Precious Metals: Au | Royalty: NSR: 8.91% 4 The Gold Quarry operation is part of the Nevada Gold Mines Carlin operations in north-central Nevada. 2025 2024 2023 Revenue to Franco ‑ Nevada ($ million) $ 5.0 $ 3.0 $ 3.0 M&I Resources (koz Au) 1,2 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 on page 77 for the Carlin Trend Mineral Resources and Mineral Reserves which include Gold Quarry 2 All M&I categories are inclusive of Mineral Reserves 3 Please refer to the table on page 77 for the Carlin Trend Royalty Ounce calculation which includes Gold Quarry 4 Current minimum ounce payments expected unless significant change to key parameters Gold Quarry is a large open pit mine that has been in production since 1985 supplying ore as part of an integrated mining and processing complex. In 2019, Barrick (61.5%) and Newmont (38.5%) combined their significant assets across Nevada to create Nevada Gold Mines as a joint venture. Under this joint venture, Barrick reports Gold Quarry under its Carlin operations category and Newmont reports Gold Quarry under its Nevada Gold Mines category. Franco-Nevada’s royalty interest covers only a portion of the Gold Quarry property, as shown in the schematic. The Gold Quarry royalty is an 8.91% NSR. Franco-Nevada’s interest increased by 1.62% in 2025 due to the acquisition of a third-party royalty during the year. NSR payments are based on production, backstopped by three minimum payment obligations. The annual minimum royalty payment calculation is tied to Mineral Reserves and stockpiles attributed to the Gold Quarry royalty property. If reserves, or production levels on royalty ground increase, it is possible Franco-Nevada would return to higher levels of annual royalty payments. Franco-Nevada has received 1,350 GEOs per year since 2021 based on these backstops and expects this to increase to 1,650 GEOs per year starting in 2026 due to the above mentioned incremental royalty interest acquired by Franco-Nevada in 2025. In the medium term, Franco-Nevada expects its royalty from Gold Quarry to be 1,650 GEOs per annum, as the cumulative prepaid ounces delivered by Gold Quarry exceeds the attributable Gold Quarry known Mineral Reserves, which represents the lowest level of the minimum payment obligations. Annual minimum payment obligations Gold Quarry expected to be the open pit focus of Nevada Gold Mines’ Carlin operations beginning in 2027 Royalty registered on private lands The operator currently has a 11-year mine plan. M&I Resources could support production for 24 years Franco-Nevada Corporation ★ 81 TSX / NYSE: FNV United States