V A L E N T I N E G O L D Producing Location: Newfoundland, Canada | Operator: Equinox Gold Corp. | Precious Metals: Au | Royalty: NSR: 3% Franco-Nevada holds a 3% NSR on the Valentine Lake Gold Camp in central Newfoundland. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 2.4 $ − $ − M&I Resources (koz Au) 1 4,027 3,955 3,955 Inf. Resources (koz Au) 1 1,079 1,100 1,100 P&P Reserves (koz Au) 1 2,700 2,700 2,700 M&I Royalty Ounces (000s) 1,2 121 119 119 Inf. Royalty Ounces (000s) 2 32 33 33 P&P Royalty Ounces (000s) 2 81 81 81 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 3.0% is applicable (3.0% in 2024, 3.0% in 2023) In June 2025, Equinox Gold Corp. (“Equinox”) acquired Calibre Mining Corporation (“Calibre”) and is now ramping up the Valentine Gold project to nameplate capacity by Q2 2026. First gold pour was achieved in September 2025, ahead of schedule, followed by commercial production achieved in November 2025. Production guidance for 2026 is 150–200 koz gold. Equinox is actively advancing Phase 2 studies and engineering, aimed at increasing annual production by 25% to approximately 225 kozpa gold by increasing mill throughput from 2.5 Mtpa to 4.5 Mtpa, 4.5 Mtpa to 5.0 Mtpa. This expansion is larger than the initial contemplated expansion to 4.0 Mtpa. Construction for Phase 2 is expected to begin Q3 2026 following Board of Directors approval, with targeted completion by H2 2028. The Valentine Gold project comprises a series of mineralized deposits along a 32 km trend representing high grade open pits totalling 4.0 Moz of M&I Mineral Resources and 1.1 Moz of Inf. Mineral Resources. Excellent ongoing drilling results indicate resource expansion potential, including the most recent new gold discovery, the Minotaur Zone, located 8 km northwest of the mill. Drilling in 2025 also encountered continuous gold mineralization in the Frank Zone, located along trend southwest of the Leprechaun pit. In 2026, Equinox is targeting a 100 km drill program across the land package, focusing on the Frank and Minotaur zones, along with resource expansion and additional greenfield discoveries. Valentine Gold Property Teck Resources Duck Pond Mine Millertown Buchans Buchans Junction Deer Lake Corner Brook Springdale Grand Falls Badger Stephenville Buchans Millertown Duck Pond Mine Granite Canal Substation Valentine Lake Thrust Fault Marathon Deposit Leprechaun Deposit Victory Deposit Sprite Deposit Frank Zone Powerline Granite Canal Hydro Facility Berry Zone Quebec Ontario Valentine Gold Newfoundland Valentine Gold 3% NSR kilometer 20 0 N Marathon Gold Corporation N kilometer 0 75 G O L D E N H I G H W A Y Advanced Location: Ontario, Canada | Operator: Agnico Eagle Mines Limited | Precious Metals: Au | Royalty: NSR: 0.25–10% Franco-Nevada has multiple NSR royalties ranging from 0.25% to 10% over the Destor-Porcupine mineral trend just east of Timmins, Ontario spread over more than 120 km and estimated to cover over 340 km 2 . 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ − $ − $ − M&I Resources (koz Au) 1 2,728 2,728 2,978 Inf. Resources (koz Au) 1 1,421 1,421 1,421 P&P Reserves (koz Au) 1 – – – M&I Royalty Ounces (000s) 1,2 155 155 160 Inf. Royalty Ounces (000s) 2 90 90 90 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. Mineral Resources and Mineral Reserves are the sum of Golden Highway - Holt Complex (which includes Holt, Holloway and Taylor), Golden Highway – Hislop and Golden Highway - Aquarius 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates rates of: Holt 10%; Holloway 3%; Taylor 1%; Hislop 4%; Aquarius 2% Kirkland Lake Gold (“KLG”) acquired St Andrew Goldfields in 2016, consolidating Holt, Holloway, and Taylor into the Holt Complex for reporting purposes, all of which have fed the Holt mill for processing. The Holt Complex suspended operations in April 2020. In August 2020, KLG and Newmont entered into a strategic alliance agreement, granting Newmont an option on certain mining and mineral rights related to the Holt property. In 2022, Agnico Eagle and KLG merged, continuing as Agnico Eagle (see pages 48, 54 and 63 for additional assets operated by Agnico Eagle). Agnico Eagle refers to the combined projects as the Timmins East project and in 2026 noted that it is actively reviewing historical mining and exploration data to rank targets for potential diamond drilling. Franco-Nevada has royalties on the following key properties in the trend: Holt: The Holt mine has been the main producing asset and includes the 3 ktpd Holt mill. Any potential redevelopment of the Timmins East project would require upgrades to the existing processing facility. Franco-Nevada has a sliding scale NSR royalty beginning at 2% when the gold price is less than or equal to $500/oz and increasing in 1% increments for each $100/oz increase in the gold price, to a maximum of 10%. Taylor: The Taylor mine (1% NSR) produced between November 2015 and April 2020. Exploration potential at Taylor exists along strike and at depth of current Mineral Resources. Holloway: The Holloway mine is located immediately north of the Holt property with ore historically processed at the Holt mill. The Holloway mine was placed on care and maintenance at the end of 2016 due to limited economic viability. In 2019, Franco-Nevada agreed to reduce the royalty at Holloway to a flat 3% NSR from the previous sliding scale royalty in an effort to improve the economics of the operation. The mine resumed operations in early 2019, prior to the current suspension. Hislop: Franco-Nevada has a 4% NSR on the Hislop mine which is located approximately 50 km to the west of the Holt mill. The open pit Mineral Reserves for the Hislop open pit were fully depleted in 2014. Aquarius: Franco-Nevada holds a 1–2% sliding scale NSR (2% when gold price is greater than $1,000/oz) on the majority of claims surrounding and including the Aquarius deposit. 101 Stoughton Matheson Porcupine Timmins Frederick House Lake Night Hawk Lake Kenogamisis Lake Holt Mine Jonpol Ross Mine Apollo Black Fox Ludgate Porcupine Peninsula Royal Oak Bell Creek Owl Creek Delnite Aunor Paymaster Dome McIntyre Hollinger Pamour #1 Matheson Stock Taylor Cody Macklem Bond Currie Carr Beatty Bowman Hislop Guibord 11 11 ONR Destor-Porcupine Fault Zone Pipestone Fault Cook Barnet Thackeray Harker Garrison Rand Michaud Munro McCool Frecheville Lamplugh Lake Abitibi 101 Marriot Holloway Holloway Mine Broulan Reef Hallnor Hoyle Pond Kinross 1060 Zone Kidd Creek Golden Highway 0.25–10% NSR kilometer 20 0 N Present or past producing mine Holloway Royalty 3% NSR 0.5-2.5% NSR Stoughton Royalty 1-2% NSR Aquarius Royalty 1% NSR Taylor Royalty 4% NSR Hislop Royalty Central Timmins Royalty Claims 0.25-1% NSR 1% NSR Stock Mine and Mill Royalty Holt Royalty Sliding scale Zone 7 Royalty Sliding scale German Lake Abitibi Quebec Ontario Golden Highway Multiple NSR royalties covering a large land position in the Destor-Porcupine mineral trend The Holt Complex could return to production following resolution of the royalty burden on certain claims Mine achieved first production ahead of budget with full ramp up expected in mid-2026 Advancing studies to further increase mill throughput from to 4.5–5.0 Mtpa, larger than initially contemplated Ongoing exploration success The operator currently has a 12-year mine plan. M&I Resources could support production for 19 years and Inf. Resources for a further 5 years TSX / NYSE: FNV Franco-Nevada Corporation ★ 65 64 ★ Franco-Nevada Corporation TSX / NYSE: FNV Canada Canada