E S K A Y C R E E K Advanced Location: British Columbia, Canada | Operator: Skeena Resources Limited | Precious Metals: Au & Ag | Royalty: NSR: 2.5% Franco-Nevada holds a 2.5% NSR on the past-producing Eskay Creek gold-silver project in British Columbia’s Golden Triangle. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ − $ − $ – M&I Resources (koz Au) 1 4,380 4,380 4,380 Inf. Resources (koz Au) 1 67 67 67 P&P Reserves (koz Au) 1 3,336 3,336 3,336 M&I Resources (Moz Ag) 1 107.0 107.0 107.0 Inf. Resources (Moz Ag) 1 0.9 0.9 0.9 P&P Reserves (Moz Ag) 1 88.0 88.0 88.0 M&I Royalty Ounces (000s) 1,2 154 139 140 Inf. Royalty Ounces (000s) 2 2 2 2 P&P Royalty Ounces (000s) 2 120 108 109 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 royalty interest and estimates a rate of 2.5% is applicable (2.5% in 2024, 2.5% in 2023). Silver has been converted assuming $4,500/oz gold and $75.00/oz silver ($2,800/oz gold and $31.00/oz silver, $1,950/oz gold and $22.50/oz silver in 2023) Eskay Creek was the highest-grade gold mine in the world when in production with the operator, Barrick Gold Corp., producing 3.3 Moz of gold and 160.0 Moz of silver at average grades of 45 g/t gold and 2,224 g/t silver from 1994–2008. In November 2023, the current owner of the property, Skeena Resources Limited (“Skeena”), announced a positive definitive feasibility study, outlining average annual production of 324 koz of gold equivalent production over an initial 12-year mine life. The definitive feasibility study was based on P&P Mineral Reserves of 4.6 Moz gold equivalent (39.8 Mt at 2.6 g/t gold and 69 g/t silver). The study indicated a high-grade open pit and a flotation plant producing higher grade saleable concentrate. In early-2026, Skeena Resources announced receipt of the Environmental Management Act (“EMA”) Permit from the BC Ministry of Environmental and Parks, which completed the permitting process and represents the final regulatory approval required to advance Eskay Creek. The permit was jointly approved with the Tahltan central Government. As of March 2026, the project was 49% complete with first production remaining on schedule for the second quarter of 2027. Eskay Deeps 23 22 NEX 21 East 21A West KSM (Seabridge) FNV Royalties Area of Interest Deposits Excluded from Royalty Eskay Creek 2.5% NSR kilometer 5 0 N 2.5% NSR 2.5% NSR 2.5% NSR 2.5% NSR Vancouver British Columbia Stewart Eskay Creek R E D L A K E ( M C F I N L E Y ) Advanced Location: Ontario, Canada | Operator: Evolution Mining Limited | Precious Metals: Au | Royalty: NSR: 2% Franco-Nevada has a 2% NSR (subject to a buyback of 0.5%) on the water claims, which cover the majority of Mineral Reserves, of the McFinley orebody in Red Lake, Ontario. Evolution Mining Limited (“Evolution Mining”) acquired Battle North Gold Corporation (previously Rubicon Minerals Corp), taking ownership of the Bateman gold project (previously known as the Phoenix project) in 2021, that was principally focussed on exploiting the McFinley orebody. The consolidated Red Lake operation, under the ownership of Evolution Mining, consists of the Red Lake, Campbell, Cochenour, HG Young and McFinley mining areas. Rubicon developed the Phoenix project with completion of an 1,800 tonnes per day mill (the “Bateman” mill) in 2015, although later that same year shut down underground activities to review its geologic model as the gold mineralization was more geologically complex than anticipated and the contained gold ounces estimated were materially reduced. While Battle North Gold conducted substantial work to better understand the orebody at McFinley, Evolution is currently prioritizing ore processing through the Campbell and Red Lake mills, targeting higher margin mining areas such as the Campbell Young Dickenson decline. In the medium term, ore from the McFinley area is expected to be trucked to either the Red Lake or Campbell processing facilities, while the Bateman mill remains a potential option for future expansion. In the near term, deposits not subject to Franco-Nevada’s royalty are likely to take precedence for processing over material from the McFinley orebody. For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 1.5% is applicable in anticipation that Evolution Mining exercises its right to repurchase 0.5% of the 2.0% NSR E A G L E Advanced Location: Yukon, Canada | Operator: PricewaterhouseCoopers Inc. | Precious Metals: Au | Royalty: NSR: 1–1.5% Franco-Nevada has a 1% NSR on the Eagle Gold deposit and a 1.5% NSR on the Lynx properties (part of the Dublin Gulch claim) located in central Yukon. In June 2024, Victoria Gold Corp. (“Victoria Gold”) suspended operations at the Eagle Gold mine due to a heap leach pad failure. In August 2024, PricewaterhouseCoopers Inc. (“PwC”) was appointed as the receiver of all the assets, undertakings and property of Victoria Gold, which included the Eagle Gold mine. A formal sale process for Victoria Gold’s assets, including the Eagle Gold mine, commenced in June 2025. Prior to the receivership, Victoria Gold produced 29,580 oz of gold in Q1 2024. Franco-Nevada’s royalty is estimated to cover the entire Eagle deposit and a small portion of the satellite Olive deposit. The 1.5% NSR on the Lynx properties is subject to a C$15,000 annual advance royalty payment and is capped at C$1,500,000. Mineralization at Eagle has been drill tested to a depth of 850 meters and remains open at depth. Victoria Gold explored the broader land package in 2023 targeting Lynx (on royalty ground) as well as Raven (not on royalty ground). For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 1.0% is applicable Fully-permitted project. Financed through development. In full construction with production targeted by Q2 2027 The operator currently has a 12-year mine plan. M&I Resources could support production for 15 years TSX / NYSE: FNV Franco-Nevada Corporation ★ 67 66 ★ Franco-Nevada Corporation TSX / NYSE: FNV Canada Canada