O R I O N Location: Alberta, Canada | Operator: Strathcona Resources Ltd. | Energy: Oil | Royalty: 4% Gross Overriding Royalty Franco-Nevada acquired a 4% GORR on the Orion Thermal Project in the Cold Lake region of Alberta from OSUM Oil Sands Corp. for C$92.5 million in 2017. 2025 2024 2023 Revenue to Franco ‑ Nevada ($ million) $ 12.1 $ 14.0 $ 13.6 Production (Mboe) 248 262 302 Commodity Split (%) 1 Oil 100% 100% 100% Gas 0% 0% 0% NGL 0% 0% 0% 1 Percentage based on production revenue from each commodity 2 Asset life is calculated as the P&P reserve volumes divided by the prior year production volume In 2021, OSUM was acquired by Strathcona Resources Ltd. (“Strathcona”), who currently operates the project. The royalty pertains to the Clearwater formation and allows for the deduction of transportation and diluent expenses associated with transporting the product to market. Orion is a Steam Assisted Gravity Drainage (“SAGD”) operation that commenced commercial production in 2007. The project’s infrastructure includes a central processing facility, surrounded by several well pads which supply the plant. In 2025, average production reached approximately ~17,600 barrels per day of bitumen. The asset is permitted to produce up to 25,000 barrels per day of bitumen. Franco-Nevada recorded revenue of $12.1 million in 2025. Royalty payments are based on the WCS benchmark price and are influenced by fluctuations in the differential with WTI, as well as by the cost of diluent necessary to transport the product to market. Orion has an estimated asset life of approximately 35 years 2 . Orion processing facilities, Alberta Grand Prairie Calgary Lloydminster Hardisty Edmonton Fort McMurray Cold Lake Peace River Alberta Saskatchewan Orion Athabaska Lloydminster Hardisty Edmonton Cold Lake Orion N Orion Alberta Saskatchewan Liquids Pipeline Long-life resource located in Canada Stable year-over-year production volumes Potential for future capacity expansion Franco-Nevada Corporation ★ 121 TSX / NYSE: FNV North America