P E R M I A N B A S I N Location: Texas & New Mexico, United States | Operator: XTO Energy (ExxonMobil), Diamondback Energy, Permian Resources, Others | Energy: Oil Royalty: Various Royalty Rates Franco-Nevada has exposure to the Permian Basin in West Texas, through both the Midland and Delaware sub-basins. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 43.9 $ 45.4 $ 47.6 Production (Mboe) 1 1,083 913 1,007 Commodity Split (%) 2 Oil 52% 57% 51% Gas 25% 20% 30% NGL 23% 23% 19% 1 Production is referenced in barrels of oil equivalent net to Franco-Nevada 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 These two basins are considered among the most economic and prolific shale oil plays in the U.S. and have been the key drivers behind U.S. oil production growth over the last decade. The Permian is the most active shale play in North America. Effective in the first quarter of 2017, Franco-Nevada purchased a package of royalties in the Midland Basin for approximately $115 million. The Midland Basin comprises the eastern portion of the broader Permian Basin. The royalty acreage is highly diversified, covering a significant portion of the core of the Midland basin and providing exposure to multiple benches in the Wolfcamp and Spraberry formations. The royalties consist of approximately 97% mineral title rights, along with some GORR interests, which apply to approximately 1,036 acres (net to Franco-Nevada). The acreage hosts numerous operators, however, XTO Energy, a subsidiary of ExxonMobil Corporation, operates the largest portion of royalty acreage following their acquisition of Pioneer Natural Resources in 2024. In the third quarter of 2017, Franco-Nevada acquired a package of royalties in the Delaware Basin for approximately $101 million. The Delaware Basin constitutes the western portion of the broader Permian Basin, situated in West Texas and southeast New Mexico. Located west of the Midland Basin, the Delaware Basin exhibits many geological similarities and is favoured by operators due to its stacked pay potential and exceptional economics. The current focus of operators in the Delaware Basin are the Wolfcamp and Bonespring horizons. The royalties consist of approximately 94% mineral title rights, along with some GORR interests, which apply to approximately 676 acres (net to Franco-Nevada). There are various operators across the acreage who continue to direct capital toward the Delaware Basin, which will result in continued development of our assets over time. Franco-Nevada’s Permian assets generated $43.9 million in revenue in 2025, a 3.2% decrease from 2024, reflecting softer oil prices. Despite slightly lower rig activity for the year, there were a record number of new wells completed on our land base in 2025, many of which will be brought into production in the coming year. The Permian assets have an estimated asset life of approximately 21 years³, with additional stacked formations that may be exploited in the future. REAGAN GLASSCOCK MIDLAND ECTOR UPTON CRANE HOWARD MARTIN ANDREWS BORDEN DAWSON CROCKETT IRION Midland Basin WINKLER PECOS REEVES WARD CULBERSON LOVING LEA EDDY JEFF DAVIS New Mexico Texas San Simon Channel Northwest Shelf Central Basin Platform Delaware Basin Net Royalty Acres by County 23% Reeves 16% Martin 15% Glasscock 11% Midland 8% Howard 7% Loving 5% Reagan 4% Upton 3% Ward 3% Culberson 3% Eddy 1.% Lea 1% Other Permian Basin FNV Royalty Acreage Texas Midland Basin Delaware Basin New Mexico Permian Basin N 16 mile 10 0 0 kilometer Royalties provide exposure to Midland and Delaware Basins Permian represents one of the most active and economic plays in North America Exposure to upside through multiple formations at depth S C O O P / S T A C K Location: Oklahoma, United States | Operator: Continental Resources, Ovintiv Inc., Devon Energy, ConocoPhillips, Others | Energy: Oil and Natural Gas Royalty: Various Royalty Rates Through several discrete transactions, Franco-Nevada has accumulated a large royalty position in the SCOOP and STACK plays in Oklahoma. 2025 2024 2023 Revenue to Franco-Nevada ($ 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 TSX / NYSE: FNV Franco-Nevada Corporation ★ 117 116 ★ Franco-Nevada Corporation TSX / NYSE: FNV North America North America