S C O O P / S T A C K Location: Oklahoma, United States | Operator: Continental Resources, Ovintiv Inc., Devon Energy, ConocoPhillips, Others | Energy: Oil and Natural Gas Royalty: Various Royalty Rates Through several discrete transactions, Franco-Nevada has accumulated a large royalty position in the SCOOP and STACK plays in Oklahoma. 2025 2024 2023 Revenue to Franco ‑ Nevada ($ million) 1 $ 42.0 $ 31.4 $ 33.1 Production (Mboe) 1 1,174 1,027 1,028 Commodity Split (%) 2 Oil 31% 25% 25% Gas 64% 70% 70% NGL 5% 5% 5% 1 Includes revenue and production net to Franco-Nevada from both Continental Royalty Acquisition Venture and other SCOOP/STACK royalties 2 Percentage based on production revenue from each commodity 3 Asset life is calculated as the Proven, Probable and Possible reserve volumes divided by the prior year production volume. In the fourth quarter of 2016, Franco-Nevada purchased royalty rights in the STACK shale play, located in the Anadarko Basin of Oklahoma, for approximately $100 million. The primary horizon of focus in the area is the Meramec, although the royalties have exposure to multiple horizons at depth, including the Woodford and Osage formations. In the second quarter of 2017, Franco-Nevada expanded its portfolio by acquiring additional mineral title and royalty interests for $27.6 million. This transaction enhanced Franco-Nevada’s existing position in the STACK and introduced new exposure to the SCOOP shale play to the south. In total, the assets consist of GORRs and mineral title rights which apply to approximately 1,430 acres (net to Franco-Nevada). The top three operators on the acreage are Ovintiv Inc. (formerly Encana), Devon Energy, and ConocoPhillips, following its acquisition of Marathon Oil in Q4 2024. These operators reduced their drilling activity in the play in 2020 owing to a sharp drop in commodity prices. Although drilling rates have since rebounded, they remain significantly below the peak levels observed in 2019. In the fourth quarter of 2018, Franco-Nevada and Continental Resources entered into a transaction whereby Franco-Nevada acquired $120 million in existing royalties owned by Continental and formed a jointly owned entity (the “Royalty Acquisition Venture”) to acquire up to $400 million in royalty rights under Continental’s area of operations. Through the Royalty Acquisition Venture, Franco-Nevada funds 80% of the acreage cost and receives 50–75% of distributions, depending on performance against pre-set volume targets. Franco-Nevada received approximately 70% of distributions in 2025, and anticipate our share of distributions to increase going forward, toward a maximum of 75%. In exchange for the partial capital carry in favour of Continental, the venture provides Franco-Nevada with an opportunity to acquire royalty rights at the grass-roots level, leverage the value of Continental’s drilling plans, and benefit from the company’s knowledge of local land title and geology. Additionally, Continental manages the assets, relieving Franco-Nevada of any administrative burden. The venture was designed to acquire royalty rights primarily within acreage operated by Continental, offering robust economics, proximity to infrastructure, and future upside through stacked hydrocarbon-bearing horizons. In the fourth quarter of 2022, Harold Hamm, Continental’s founder, privatized the company through an acquisition of the outstanding publicly traded shares. As of December 31, 2025, Franco-Nevada had contributed $483.5 million to the venture, with a remaining commitment of approximately $36.5 million. Franco-Nevada’s SCOOP/STACK assets generated $42.0 million in revenue in 2025, a 34% increase from 2024, reflecting stronger performance and rebounding gas prices. The SCOOP/STACK assets have an estimated asset life of approximately 19 years³. GARFIELD N km 0 40 Black Oil Volatile Oil Condensate Dry Gas DEWEY BLAINE KINGFISHER MAJOR CANADIAN OKLAHOMA LINCOLN CREEK OKFUSKEE HUGHES COAL ATOKA BRYAN MARSHALL JOHNSTON PONTOTOC SEMINOLE POTTAWATOMIE CLEVELAND MCCLAIN GARVIN MURRAY CARTER LOVE JEFFERSON STEPHENS CLAY COTTON WICHITA WILBARGER TILLAMAN JACKSON KIOWA GRADY GREER WASHITA COMANCHE LOGAN PAYNE CADDO CUSTER Pressure Transition miles 0 25 SCOOP/STACK STACK FNV Royalty Acreage Oklahoma City OKLAHOMA SCOOP TEXAS KANSAS ARKANSAS NEW MEXICO MISSOURI COLORADO Anadarko Basin STACK SCOOP SCOOP/STACK includes both oil and gas-rich areas Exposure to multiple formations at depth Franco-Nevada share of distributions expected to increase Note: Map does not show acreage under Royalty Acquisition Vehicle with Continental Franco-Nevada Corporation ★ 117 TSX / NYSE: FNV North America