C A S A B E R A R D I Producing Location: Quebec, Canada | Operator: Orezone Gold Corporation | Precious Metals: Au | Stream: Gold In March 2026, Franco-Nevada entered into a $100 million gold stream financing with Orezone Gold Corporation to support its acquisition of the Casa Berardi Gold Mine and other Quebec assets, including Heva-Hosco from Hecla Mining. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ − $ − $ − M&I Resources (koz Au) 1 2,340 − − Inf. Resources (koz Au) 1 493 − − P&P Reserves (koz Au) 1 1,158 − − M&I Royalty Ounces (000s) 1,2 102 − − Inf. Royalty Ounces (000s) 2 20 − − P&P Royalty Ounces (000s) 2 55 − − 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 the Mineral Resources and Mineral Reserves are subject to our stream interests and that the gold stream consists of fixed deliveries of 6,500 ounces per year for the first five years, followed by variable deliveries of 5.0% of gold produced from Casa Berardi, and 2.5% of gold produced from Heva-Hosco. The stream interests have been factored by ongoing payments of 20% of the spot price of gold The gold stream consists of fixed deliveries of 6,500 oz per year for the first five years, followed by variable deliveries of 5.0% of gold produced from Casa Berardi and other Quebec assets, and 2.5% of gold produced from Heva-Hosco. Gold ounces delivered will be subject to an ongoing payment of 20% of spot price. Casa Berardi has a long history of production, having produced >3.2 Moz of gold over 30 years of operations. Casa Berardi historically has been predominantly an underground mine, producing on average 141 koz of gold from 2006–2016 with sustained investment in underground exploration and development. More recently, Hecla increasingly shifted focus to open pit mining, resulting in lower annual production of 105 koz of gold over the last five years. Orezone completed the acquisition of Casa Berardi in March 2026, and is focused on optimizing the current mine plan, including increasing underground production utilizing established infrastructure. Investment in underground exploration and development is underway, with initial targeting of down plunge extensions of high-grade mineralization to commence in Q2 2026. The exploration program will be incrementally expanded, with the goal of achieving 80,000–100,000 meters of drilling per annum over the next several years, aiming to increase underground head grade and overall production. Orezone plans to publish an updated mine plan and economic study in Q4 2026. Casa Berardi hosts 1.2 Moz in P&P Mineral Reserves (15.5 Mt at 2.32 g/t gold), 2.3 Moz in M&I Mineral Resources inclusive of reserves (25.3 Mt at 2.88 g/t gold) and 0.5 Moz Inf. Resources (3.0 Mt at 5.1 g/t gold). In addition, Heva-Hosco hosts a large resource base of 1.2 Moz of gold M&I Mineral Resources (30.3 Mt at 1.19 g/t gold) and 0.6 Moz of gold Inf. Mineral Resources (14.6 Mt at 1.27 g/t gold). Heva-Hosco is located ~150 km southeast of Casa Berardi, along the Cadillac-Larder Lake fault, which hosts multiple large scale gold mines including LaRonde (~20 km away) and Canadian Malartic (~45 km away). Quebec Ontario Casa Berardi Area of Interest Mining Licenses Exploration Licenses Mineralization Projection Lac Germain 160 EMCP Principal WMPC Casa Berardi Fault Ontario Quebec Casa Berardi Gold Stream kilometers 10 0 N Heva-Hosco ~150 km C A N A D I A N M A L A R T I C Producing Location: Quebec, Canada | Operator: Agnico Eagle Mines Limited | Precious Metals: Au | Royalty: GR: 1.5% In 2011, Franco-Nevada purchased a 1.5% gross royalty on part of the Canadian Malartic gold project located in Quebec’s Abitibi mining district. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 3.0 $ 2.3 $ 1.6 M&I Resources (koz Au) 1 7,378 7,437 7,853 Inf. Resources (koz Au) 1 7,490 4,686 3,545 P&P Reserves (koz Au) 1 7,148 7,180 7,609 M&I Royalty Ounces (000s) 1,2 31 27 26 Inf. Royalty Ounces (000s) 2 70 46 37 P&P Royalty Ounces (000s) 2 28 24 25 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 26% of the Mineral Reserves (22% in 2024, 21% in 2023), 28% of the M&I Mineral Resources (24% in 2024, 22% in 2023) and 62% of the Inf. Mineral Resources (65% in 2024, 70% in 2023) are subject to our royalty interest and estimates a rate of 1.5% is applicable The royalty covers seven claims on the property including the central portion of the open pit and portions of the East Gouldie deposit, as shown in the schematic. Royalty payments are expected to fluctuate annually based on the location of mining relative to the royalty property. In 2023, the ownership of Canadian Malartic was consolidated under Agnico Eagle as part of the acquisition of Yamana’s Canadian assets. Canadian Malartic produced 642,612 oz of gold in 2025 versus 2024 production of 655,654 oz of gold, on a 100% basis. Gold production in 2026 is estimated to be between 575–605 koz and is forecast to be between 640–670 koz and 720–750 koz, in 2027 and 2028 respectively. From 2026 to 2028, production is expected to be sourced from the Barnat pit and increasingly supplemented by ore from Odyssey and low-grade stockpiles. Franco-Nevada estimates that roughly 17% of the Mineral Reserves of the open pit complex are subject to our royalty interest. The Odyssey underground project hosts three main zones: East Gouldie, East Malartic, and Odyssey (which is further sub-divided into Odyssey North, Odyssey South and Odyssey Internal). The project which is accessing Odyssey South and the upper deposits by ramp and the deeper mineralization including East Gouldie by shaft, supports a mine life to at least 2042. Production from East Gouldie is expected to start in Q1 2026. Odyssey is expected to contribute approximately 120 koz of gold in 2026, approximately 240 koz of gold in 2027 and approximately 450 koz of gold in 2028 as mining activities ramp-up. Post 2029, Odyssey is expected to produce an average of 545,400 oz of gold per year. One of Franco-Nevada’s royalty claims covers a portion of the Odyssey South extension and two of Franco-Nevada’s royalty claims cover a portion of East Gouldie, as seen in the schematic below. It is estimated that Franco-Nevada’s East Gouldie claims now cover approximately 28% of the East Gouldie reserve with infill and step-out drilling to the west of the East Gouldie zone continuing to support continuity and scale. Once the Canadian Malartic complex transitions fully to underground, expected in 2029, the mill will have excess capacity. Agnico Eagle is advancing a fill-the-mill strategy involving a potential second shaft at Odyssey, the Marban satellite open pit, and the Wasamac underground project, with the vision of reaching 1 Moz of annual gold production starting in 2033. Franco-Nevada’s royalty does not apply to Marban or Wasamac. In 2025, exploration drilling at Odyssey totaled 233,754 metres, successfully extending the East Gouldie deposit laterally to the east and west. In 2026, 190,700 metres of drilling is planned at Canadian Malartic. Exploration will continue to focus on lateral extensions at East Gouldie and the Eclipse zone, along with infill and extension drilling at Odyssey North and South. Canadian Malartic 1.5% GR Mill Malartic (town site) Hwy 117 deviation Rail line Rail line East Gouldie Barnat Pit Canadian Malartic Pit East Malartic Jeffrey Pit Sheehan Odyssey Jupiter Odyssey South Odyssey North Gouldie FNV Royalties Quartz Veins Mineralized Envelopes Open Pit Quebec Ontario Canadian Malartic 1.5% GR 1.5% GR 1.5% GR 1.5% GR 1.5% GR 1.5% GR kilometer 1 0 N Renewed focus and funding from new operator with strong track-record Optimized mine plan expected by end of 2026 Large drill program planned to unlock significant upside potential Long-life asset transitioning to underground production Technical evaluation advancing for second shaft at Odyssey New discoveries at East Gouldie extended further onto royalty ground The operator currently has a 17-year mine plan. Inf. Resources could support production for a further 17 years TSX / NYSE: FNV Franco-Nevada Corporation ★ 63 62 ★ Franco-Nevada Corporation TSX / NYSE: FNV Canada Canada