B U L L A B U L L I N G Advanced Location: Australia | Operator: Minerals 260 Limited | Precious Metals: Au | Royalty: GR: 2.45% Au The Bullabulling Gold Project is situated in Western Australia, approximately 65 km west of Kalgoorlie. Franco-Nevada’s 2.45% GR encompasses a 27 km 2 area, which includes all Bullabulling Mineral Resources. 2025 2024 2023 Revenue to Franco ‑ Nevada ($ million) $ – $ – $ – M&I Resources (koz Au) 1 3,000 1,400 2,190 Inf. Resources (koz Au) 1 1,500 890 1,020 P&P Reserves (koz Au) 1 – – – M&I Royalty Ounces (000s) 1,2 74 8 11 Inf. Royalty Ounces (000s) 2 37 5 5 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 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves (60% in 2024, 50% in 2023) are subject to our royalty interest and estimates a rate of 2.45% is applicable (1% in 2024, 1% in 2023) In February 2026 Franco-Nevada acquired a A$170 million gross royalty from Minerals 260 Limited (“Minerals 260”) as part of a strategic funding agreement to support development of the Bullabulling Gold Project. The royalty acquisition added to Franco-Nevada’s historical 1.0% gross royalty over certain project tenements, effectively increasing it to a 2.45% gross royalty over all Bullabulling Mineral Resources. Bullabulling has M&I Mineral Resources of 3.0 Moz Au (93 Mt at 1.0 g/t Au) and Inferred Mineral Resources of 1.5 Moz (42 Mt at 1.1 g/t Au). Minerals 260 expects to publish a Pre-Feasibility Study in July 2026, along with a maiden Mineral Reserve. A final investment decision is expected early 2027, and first gold production potentially as soon as H2 2028. Minerals 260’s intended strategy is to incrementally develop and expand Bullabulling to accelerate and optimize production. Based on Franco-Nevada’s review and current resources potential throughput can potentially be expanded in phases to 7–8 Mtpa. Strategic funding proceeds will enable Minerals 260 to accelerate development of Bullabulling through the expansion of resources drilling and growth, bringing forward camp construction and other infrastructure to fast-track development, and facilitate the ordering of long lead items. Franco-Nevada’s royalty covers a large resource base, including the Phoenix, Bacchus, Dicksons and Kraken deposits which cover 8.5 kilometres of strike-length on the Bullabulling trend, and the Gibraltar deposit which currently spans 1 kilometre strike-length on a sub-parallel trend. Perth Bullabulling Bullabulling 2.45% GR Other Mineral 260 Tenements Minerals 260 Mining Tenements 2.5 km Area Of Interest (AOI) Resource Pit Shell 2 0 kilometers N Dicksons Phoenix Bacchus Kraken Gibraltar 2.45% GR 2.45% GR AOI ~530 km to Perth ~65 km to Kalgoorlie Great Eastern Highway PFS expected July 2026 along with maiden Mineral Reserve First gold production potentially as soon as H2 2028 M&I Resources could support production for 17 years and Inf. Resources for a further 8 years TSX / NYSE: FNV 106 ★ Franco-Nevada Corporation Rest of World