M A C A S S A ( K I R K L A N D L A K E ) Producing Location: Ontario, Canada | Operator: Agnico Eagle Mines Limited | Precious Metals: Au | Royalty: NSR: 1.5–5.5% / NPI: 20% Franco-Nevada has various royalties covering approximately 170 km 2 of the Larder Lake and Main Breaks in the historic Kirkland Lake gold camp of Ontario. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 16.2 $ 10.0 $ 6.3 M&I Resources (koz Au) 1 4,047 3,933 3,856 Inferred Resources (koz Au) 1 3,618 3,292 3,144 P&P Reserves (koz Au) 1 2,200 2,074 2,137 M&I Royalty Ounces (000s) 1,2 68 66 64 Inferred Royalty Ounces (000s) 2 66 59 57 P&P Royalty Ounces (000s) 2 35 32 33 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. The table above is the sum of reported Agnico Eagle Mineral Resources and 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 1.5% is applicable to Macassa and a rate of 2.0% is applicable to Amalgamated Kirkland (AK), Anoki-McBean and Upper Canada Agnico Eagle is the largest landowner in the Kirkland Lake camp following its merger with Kirkland Lake Gold in 2022. Agnico Eagle operates the Macassa mine which includes production from the Main Break, ’04 Break, the high-grade South Mine Complex (“SMC”) and the AK deposit. Historically, shaft capacity at the Macassa #3 Shaft was limited to approximately 2,250 tpd. With the commissioning of #4 Shaft in 2023, ore hoisting capacity at the complex has increased to 4 ktpd. Franco-Nevada’s Kirkland Lake royalty interests with Agnico Eagle include: • An overlying 1.5% NSR on Agnico Eagle’s properties surrounding and including the Macassa mine • An underlying 20% profit-based royalty immediately to the southwest of the SMC as shown in the inset of the schematic • A 2% NSR on AK, Upper Canada, Anoki-McBean, Canadian Kirkland and the surrounding land packages • An underlying 2% NSR royalty on the extension of Amalgamated Kirkland (“AK”) • An underlying 2–3% NSR on claims to the west of current operations In 2025, Macassa produced 312,729 oz of gold compared to 279,384 oz of gold in 2024. This increase was primarily due to higher gold grades in the mining sequence and productivity gains from the new ventilation infrastructure and #4 Shaft, which were completed in 2023. Production in 2026 is forecast to be between 305–325 koz of gold, with 2027 and 2028 forecast to be between 315–335 koz of gold, and 320–340 koz of gold, respectively. Agnico Eagle expects to begin processing ore from the AK zone, through the La Ronde facility in Q2 2026. AK is forecast to contribute approximately 45 koz in 2026 and between 50–60 koz annually in 2027 and 2028. These amounts are included in the total production forecast above. Franco-Nevada’s multiple royalties at Macassa include a 2% NSR on the AK deposit, a 1.5% NSR on the Near Surface (“NSUR”). Both royalties apply in an area of overlap known as the AK extension. Agnico Eagle is advancing plans to increase mill processing capacity to 2,150 tpd by the end of 2027. Underground exploration in 2025 totalled 210,679 m, with drilling confirming that the SMC zone continues to grow to the west and at depth, while the Main Break is being extended to the east at approximately 2,000 m below surface. Agnico Eagle expects to drill an addition 202,000 m at Macassa in 2026. Franco-Nevada also holds a 2% NSR royalty, covering claims held by Agnico Eagle from its acquisition of Osisko Mining Corporation in April 2014, on the Upper Canada, Anoki-McBean and Canadian Kirkland deposits. Work is ongoing to evaluate the potential to develop Upper Canada and Anoki-McBean as potential ore feed to existing milling infrastructure in the region. S U D B U R Y Producing Location: Ontario, Canada | Operator: Magna Mining Inc. | Precious Metals: PGM & Au | Stream: 50% Precious Metal Stream Franco-Nevada has precious metals streams on McCreedy West, Levack and Podolsky in the Sudbury basin of Ontario. 2025 2024 2023 PGM Revenue to FNV ($ million) $ 10.1 $ 6.9 $ 13.4 Gold Revenue to FNV ($ million) $ 4.8 $ 3.0 $ 4.2 Total Revenue to FNV ($ million) $ 14.9 $ 9.9 $ 17.6 PGM M&I Resources (koz PGM) 1 517 814 n/a PGM Inf. Resources (koz PGM) 1 113 110 n/a PGM P&P Reserves (koz PGM) 1 75 − n/a Gold M&I Resources (koz Au) 1 75 167 n/a Gold Inf. Resources (koz Au) 1 16 18 n/a Gold P&P Reserves (koz Au) 1 10 − n/a M&I Royalty Ounces (000s) 1,2 104 24 24 Inf. Royalty Ounces (000s) 2 19 − − P&P Royalty Ounces (000s) 2 15 24 24 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. For 2023, KGHM did not provide public estimates for Mineral Resources and Mineral Reserves. Previous estimates had not been updated in numerous years and thus Franco-Nevada chose not to continue to report these figures 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral Reserves from the precious metals contained in ore produced from the footwall portions of each mine covered by the streams (5 years of mining was assumed from McCreedy West in 2024 and 2023 prior to the latest LOM plan being issued). Each are subject to our 50% stream interest to which a 73% margin factor has been applied based on assumed ongoing payments of $1,200/ounce Au of the spot price for McCreedy West. Platinum and palladium have been converted to Royalty Ounces assuming $4,500/ounce Au, $2,000/ounce Pt and $1,650/ounce Pd ($2,800/ounce Au, $950/ounce Pt and $950/ounce Pd in 2024, $1,950/ounce Au, $800/ounce Pt and $900/ounce Pd in 2023). Note that this stream interest is calculated based on contained ounces in ore as there are no losses associated to metallurgical recoveries in the calculation of the Royalty Ounces Franco-Nevada is entitled to purchase 50% of the precious metals contained in ore produced from the footwall portions of each mine subject to ongoing payments per ounce. The streams are calculated based on contained precious metals in the delivered ore rather than payable metals and were acquired as part of Franco-Nevada’s acquisition of Gold Wheaton Gold Corp. (“Gold Wheaton”) in 2011. At the time of acquisition, the mines were operated by Quadra FNX Mining Ltd. (“Quadra FNX”) which was subsequently acquired by KGHM International Ltd. (“KGHM”) in 2012. Magna Mining Inc. (“Magna”) acquired Levack (Morrison Deposit), Podolsky and McCreedy West from KGHM in February 2025. The footwall deposits at each mine are primarily rich in palladium followed by platinum and gold. Magna does not have processing facilities in Sudbury and sells the ore to third parties for processing. McCreedy West Mine: The stream agreement applies to the PM and 700 deposits at the McCreedy West mine. McCreedy West stopped mining the PM deposit in 2011 and Franco-Nevada agreed to renegotiate the existing contract with KGHM with mining restarted in 2018. In 2021, KGHM approved an updated life of mine plan which extended mining operations at the McCreedy West mine for another five years. To support this extension of operations in mid-2021, Franco-Nevada agreed to increase its purchase price per GEO, from $800/oz to 60% of the prevailing monthly average gold spot price during periods when monthly average gold prices exceed $1,333/oz subject to a cap of $1,200/oz. In Q1 2026 Magna released its initial Mineral Reserve which supports a 3-year production profile to 2028. McCreedy is expected to be the primary source of Sudbury revenue to Franco-Nevada in 2026, with the Q1 2026 technical report indicating production of up to 6,000 gold equivalent ounces attributable to Franco-Nevada. Levack (Morrison Deposit) Mine: This mine was operated between 2007 and 2019 and is currently on care and maintenance. Franco-Nevada’s stream covers the Morrison Deposit, Rob’s Zone and the 1900 Zone. In 2025, drilling at Levack targeted the near surface Keel Footwall Cu Zone. Drilling at the R2 Footwall Zone has intersected high-grade copper-rich massive sulphides, and underground development has resumed to provide platforms for further delineation drilling. A Preliminary Economic Assessment for Levack is scheduled for completion in Q3 2026. Podolsky Mine: The stream agreement applies to the 2000 and North deposits at the Podolsky mine which operated between 2008 and 2013. The mine is currently on care and maintenance and is part of Magna’s long-term pipeline of past-producing properties. Quebec Ontario Sudbury kilometer 5 0 N Sudbury 50% Precious Metals Stream Podolsky Levack (Morrison Deposit) McCreedy West Strathcona Mill Creighton Nickel Rim South Totten Coleman Copper Cliff Smelter Clarabelle Mill Sudbury Sudbury Igneous Complex Chelmsford Formation Onaping & Onwatin Formations Current and Former Mines Mill Smelter Stream Properties Quebec Ontario Kirkland Lake Teck Twp. Otto Twp. Bernhardt Twp. Teck Twp. Teck Twp. Grenfell Twp. Teck Twp. Lebel Twp. Kirkland Lake Swastika Macassa #3 Shaft Macassa #2 Shaft Gracie West Teck-Hughes Lakeshore Kirkland Minerals 2% NSR AK Extension South Mine Complex Kirkland Lake West (KLW) Wright- Hargreaves Macassa #4 Shaft Macassa #1 Shaft Amalgamated Kirkland (AK) Macassa Overlying 1.5% NSR 2% NSR – AK and surrounding land package Fault Mineralized Breaks Gold Showings Mine Shafts Excluded from Royalty 20% NPI 3% NSR 2% NSR 2% NSR 2% NSR 2% NSR 2% NSR 2% NSR Anoki-McBean 24 M oz. Kirkland Main Break King Kirkland Dobie Biroco 180 East 13 M oz. Larder Lake Break Esker Upper Beaver Swastika Kirkland Lake Upper Canada Amalgamated Kirkland (AK) 66 kilometer 0 1 Macassa (Kirkland Lake) 1.5–5.5% NSR / 20% NPI N Renewed focus on exploration under new operator The operator currently has a 3-year mine plan Mill optimization to increase processing to 2,150 tpd by end of 2027 Large land position in historical mining area covering multiple known deposits Exploration potential on royalty ground at AK and Upper Canada The operator currently has a 7-year mine plan. M&I Resources could support production for 13 years and Inf. Resources for a further 11 years TSX / NYSE: FNV Franco-Nevada Corporation ★ 55 54 ★ Franco-Nevada Corporation TSX / NYSE: FNV Canada Canada