M I N I N G E X P L O R A T I O N A S S E T S Franco-Nevada has interests in 250 exploration stage mining properties (165 precious metals assets and 85 diversified (mining) assets) as at May 1, 2026. Exploration assets represent interests on projects where technical feasibility and commercial viability of extracting Mineral Resources are not demonstrable. Some of these assets have associated Mineral Resources that, to be economic, may require additional Mineral Resources, higher commodity prices, permitting approval, lower geopolitical risk or a better financing environment. A good portion of the properties are inactive and may not see activity again. Some of the properties are in proximity to producing or advanced projects. Franco-Nevada has not visited or audited its full list of exploration assets and has relied on operator reports and/or public disclosures to determine which properties are in good standing. It is possible some properties may have lapsed. The following table is a list of the mining exploration assets of Franco-Nevada as at May 1, 2026. Assets that have had their terms or leases expire and have been written off by Franco-Nevada are not listed. Mining Exploration Assets as at May 1, 2026 Asset Operator Interest and % 1 South America Para South Iron Project, Brazil Talon Ferrous Mineracao Ltda 0.5–1% NSR (All Metals) Terra Escura, Brazil Talon Ferrous Mineracao Ltda/Votorantim S.A. 1–2% NSR (All Metals); 4% Cash Dividends Trairao Iron Project, Brazil Talon Ferrous Mineracao Ltda $0.2995/tonne (Fe) Various–Vale, Brazil Vale S.A. Various (Fe) Bronce West, Chile Masglas America Corporation SpA 1–2% NSR (All Minerals) Calvario, Chile Austral Gold Limited (Minera Mena Chile Limitada) 1–2% NSR (All Minerals) El Alto, Chile Barrick Mining Corporation 0.54–2.7% NSR (Cu, Au) La Coipa, Chile Kinross Gold Corporation 3% NSR (Au) Mirador, Chile Austral Gold Limited (Minera Mena Chile Limitada) 1–2% NSR (All Minerals) Morros Blancos, Chile Pampa Metals Corp. (Pampa Metals Chile SpA) 1–2% NSR (All Minerals) Reina Hija, Chile Sumitomo Metal Mining Co., Ltd. (Sumitomo Metal Mining Chile Ltda) 1–2% NSR (All Minerals) San Guillermo, Chile Austral Gold Limited (Guanaco Compania Minera SpA) 1–2% NSR (All Minerals) San Valentino, Chile Atacama Copper Exploration Limited 1–2% NSR (All Minerals) Ayahuanca, Peru Apumayo S.A.C. 1% NSR (Au) Choreveco, Peru Minera del Norte S.A./Aruntani S.A.C. 0.1–0.3% NSR (Au) Conga, Peru Newmont Corporation 1.8% NSR (Au) Cristiana, Peru Fresnillo Peru S.A.C. 1.5% NSR (All Metals) Los Pinos, Peru Tamerlane Ventures Inc. 0.5% NSR (All Metals) Mansa Musa (Minasnioc), Peru Private Investors 2% NSR (All Metals) Parinacochas (Urbaque), Peru Hochschild Mining plc 2% NSR (All Minerals) Pukaqaqa (Antoro Sur), Peru Nexa Resources Peru S.A.A. 1–2% NSR (All Minerals) Quilish, Peru Newmont Corporation 1.8% NSR (Au) Yanamina, Peru EV Resources Ltd. 5% NSR (All Minerals) Canada Carruthers, British Columbia Cariboo Rose Resources Ltd. 2.5% NSR (All Minerals) (buyback option on 1.5%) New Prosperity, British Columbia Taseko Mines Limited Stream (Au) Scottie, British Columbia Scottie Resources Corp. 2% NSR (All Minerals) Spences Bridge (Talisker), British Columbia Talisker Resources Ltd. 2.5% NSR (All Minerals) Spences Bridge (Westhaven), British Columbia Westhaven Gold Corp. 2% NSR (All Minerals) Taken, British Columbia Independence Gold Corp. 2–4% NSR (All Minerals) (buyback option to 1%) Tide, British Columbia Brigade Holdings Limited 1.5% NSR (All Minerals) Trout Lake (MAX Moly Mine), British Columbia Cameo Industries Corp. 2.5% NSR (All Minerals) Maverick (Nokomis), Manitoba Minnova Corp. 2–3% NSR (All Minerals) Maverick (Puffy Lake), Manitoba Minnova Corp. 2–3% NSR (All Minerals) Oxford Lake, Manitoba Big Ridge Gold Corp. 1.5–2.5% NSR (All Minerals) Clarence Stream, New Brunswick Galway Metals Inc. 1% NSR (All Minerals) Golden Ridge, New Brunswick Darryl Leblanc 2% NSR (All Minerals) Buchans, Newfoundland and Labrador Canterra Minerals Corporation 2% NSR (All Minerals) (buyback option on 1%) LabMag (Taconite), Newfoundland and Labrador Abaxx Technologies Inc. 1.666% GR (Iron Ore-Taconite) Mary March, Newfoundland and Labrador Canstar Resources Inc. 1% NSR plus other (All Minerals) Mazenod, Northwest Territories BFR Copper & Gold Inc. 2% NSR (All Minerals) (buyback option on 1%) Redstone (Coates Lake), Northwest Territories H. Coyne and Sons Ltd. (Redbed Resources Corp.) 3–4% NSR (Cu, Ag) Hyde, Nunavut Exploratus Ltd. 2.5% NSR (All Minerals) Black Thor, Ontario Wyloo Muketei Ltd. 2–3% NSR (Cr, Ni, Cu) Butler and Sanderson (Diagnos), Ontario Wyloo Ring of Fire Ltd./Macdonald Mines Exploration Ltd. ROFR on Diagnos Royalty (Diamonds/Base Metals) Catharine 1, Ontario Canadian Exploration Services Limited 1/3 of a 2–3% NSR (All Minerals) Catharine 4, Ontario Canadian Exploration Services Limited/Northstar Gold Corp. 2–3% NSR (All Minerals) Cline Lake, Ontario Alamos Gold Inc. 0.75% NSR (All Minerals) Detour (Gowest), Ontario Agnico Eagle Mines Limited 1% NSR (All Minerals) (buyback option on 0.5%) Detour (Mikwam), Ontario and Quebec Aurelius Minerals Inc. 0.4824% NSR (All Minerals) Diagnos, Ontario Wyloo Muketei Ltd. 2% NSR (All Minerals) Asset Operator Interest and % 1 Canada Continued Eagle’s Nest, Ontario Wyloo Ring of Fire Ltd. 1% GR (All Minerals) Edwards, Ontario Alamos Gold Inc. (Richmont Mines Inc.) 2% NSR (All Minerals) Golden Highway (Aquarius), Ontario Agnico Eagle Mines Limited 1–2% NSR (All Minerals) Golden Highway (Central Timmins), Ontario Grace Gold Ltd. 0–1% NSR (All Minerals) Golden Highway (Kerrs Leases), Ontario Canoe Mining Ventures Corp. (Sheltered Oak Resources Corp.) 1–2% NSR (Au) Golden Highway (Stock), Ontario McEwen Mining Inc. 1% NSR (All Minerals) Golden Highway (Stoughton), Ontario Vault Minerals Limited 0.5–2.5% NSR (Au) Hemlo (JOA), Ontario Hemlo Mining Corp. 0.5–1% NSR (Au) Kerr-Addison, Ontario Gold Candle Ltd. 1% NSR (All Minerals) Kirkland Lake (Amalgamated Kirkland Claims), Ontario Agnico Eagle Mines Limited 2% NSR (Au) Kirkland Lake (Gracie West & Amalgamated Kirkland Extensions), Ontario Agnico Eagle Mines Limited 2% NSR (Au) Kirkland Lake (Kirkland Lake West), Ontario Agnico Eagle Mines Limited 2–3% NSR (Au) Kyle, Ontario Wyloo Muketei Ltd. 2% NSR (All Minerals) Larose, Ontario Tashota Resources Inc. 0.5% NSR (All Minerals) MacFadyen & Pele, Ontario Wyloo Muketei Ltd. 2% NSR (All Minerals) Marathon PGM (Sally Deposit), Ontario Generation Mining Limited/Sibanye Stillwater Limited 2% NSR (Pt, Pd) Musselwhite (North), Ontario Orla Mining Ltd. 2% NSR (All Minerals) Red Lake (Madsen: Newman-Heyson claims), Ontario West Red Lake Gold Mines Inc. 1.5–2% NSR (All Minerals) Red Lake (Newman-Todd), Ontario Trillium Gold Mines Inc./Heliostar Metals Ltd. 1.5–2% NSR (Au) Red Lake (Skinner), Ontario Prosper Gold Corp. 1% NSR (All Minerals) Ring of Fire (Original Noront Properties), Ontario Wyloo Ring of Fire Ltd. 2% NSR (All Minerals) Shining Tree (Creso), Ontario Ore Group Option to acquire 2% NSR (All Minerals) Shining Tree (Knight), Ontario Golden Harp Resources Inc. 2–3% NSR (Au) Sudbury-Podolsky, Ontario Magna Mining Inc. Stream (Au, PGM) Sungold, Ontario Interbanc Capital Corp. 2% NSR (All Minerals) Timmins (Cripple Creek), Ontario Alamos Gold Inc. 0.3825–1.75% NSR (Au) Timmins (First Atlantic Nickel), Ontario First Atlantic Nickel Corp. 5% NSR (All Minerals) Timmins (Kreative), Ontario Kreative Ventures Limited 5% NSR (All Minerals) Timmins (Sewell), Ontario GFG Resources Inc. 1.5–2.5% NSR (Au) Timmins (West Porcupine), Ontario GFG Resources Inc. 2% NSR (All Minerals) Timmins (Whitney 1), Ontario John Prochnau 2.5% NSR (All Minerals) Timmins (Whitney 2), Ontario Discovery Silver Corp. 2.5% NSR (All Minerals) Wawa, Ontario RPX Gold Inc. 1.5% NSR (All Minerals) Windarra (East Property), Ontario Wesdome Gold Mines Ltd. 0.5% NSR (All Minerals) Benoist, Quebec Exploits Discovery Corp. 1% NSR (All Minerals) (buyback option on 0.5%) Cadillac-Sphinx, Quebec Agnico Eagle Mines Limited 1.5% NSR (All Minerals) Casa Berardi (Dieppe), Quebec Orezone Gold Corporation 2–3% NSR (Au) Destiny (Rochebaucourt), Quebec Big Ridge Gold Corp. 3% NSR (All Minerals) Eastmain, Quebec Benz Mining Corp. 1–1.15% NSR on initial 250K oz (Au) Estrades-Caribou, Quebec Yorbeau Resources Inc. 1.275–2.125% NSR (Au, Base Metals) Fenelon, Quebec Wallbridge Mining Company Limited 1% NSR (All Minerals) Galinee, Quebec Nuvau Minerals Corp. 1.5–2% NSR (Au) Heva-Hosco, Quebec Orezone Gold Corporation Stream (Au) Martiniere, Quebec Wallbridge Mining Company Limited 2% NSR (All Minerals) Matagami JV, Quebec Nuvau Minerals Corp. 2% NSR (All Minerals) Matagami PD1, Quebec Nuvau Minerals Corp. Net Carried Interest plus other (All Minerals) Mia, Quebec Q2 Metals Corp. 2% NSR (All Minerals) Norlartic-Camflo, Quebec Agnico Eagle Mines Limited 25% NPI (All Minerals) N2 (Northway-Noyon), Quebec Wallbridge Mining Company Limited (Formation Metals Inc. as optionee) 1% NSR (All Minerals) Phoenix, Quebec Bonterra Resources Inc. 0.5% NSR (All Minerals) (buyback option on 0.25%) Wilson (Verneuil), Quebec Cartier Resources Inc. 0.5% NSR (All Minerals) Crawford Lake, Saskatchewan Denison Mines Corp. 2% NSR (All Minerals) (buyback option on 1%) AurMac, Yukon Banyan Gold Corp. 1% NSR (Net of 5% buyback) (Au) Canalask, Yukon GT Resources Inc. 1% NSR (Net of $1M buydown) (Ni) Flume, Yukon Commander Resources Ltd. 2.5% NSR (All Minerals) (buyback option to 1%) Hy, Yukon Lions Bay Mining Corp. 2% NSR (All Minerals) (buyback option to 1%) Hyland, Yukon Banyan Gold Corp. 0–1% NSR (Net of $1M buydown) (Au) United States Chilito-Cyprus Christmas, Arizona Grupo Mexico, S.A.B. de C.V. (Asarco LLC) $0.02/lb (Cu); beyond 650M lbs production Planet, Arizona Planet Mining Company LLC 2% NSR (All Minerals) (buyback option on 1%) Zeolites, Arizona Imagin Minerals Inc. et al. $1.50/ton plus escalator (Clay) Darwin, California Project Darwin LLC 5% NSR plus other (Au, etc.) Cripple Creek, Colorado Searchlight Exploration, LLC 3% NSR (Au, Ag) La Plata Allard Stock, Colorado Metallic Minerals Corp. 1.5% NSR (All Minerals) Corbin Wickes, Montana Montana Goldfields, Inc. 5% NSR (Au) TSX / NYSE: FNV Franco-Nevada Corporation ★ 109 108 ★ Franco-Nevada Corporation TSX / NYSE: FNV Mining Exploration Assets Mining Exploration Assets