P A N D O R A Producing Location: South Africa | Operator: Sibanye Stillwater Limited | Precious Metals: PGM | Royalty: NSR: 1% Franco-Nevada’s 1% Pandora NSR covers part of Sibanye-Stillwater’s Marikana operations within their Western Limb PGM Mining Operations in South Africa. In February 2025, the 5% net profit interest previously held by Franco-Nevada on the Pandora property was converted to a 1% net smelter return royalty, with an effective date of January 1, 2025. Sibanye-Stillwater’s Pandora property forms a portion of its Marikana operations and is 100% owned following its acquisition of Lonmin plc (“Lonmin”) in June 2019 and includes the currently operating E3 decline. The royalty ground includes extensive underground resources. Sibanye-Stillwater has identified a number of projects in various stages of pre-feasibility and feasibility studies which have the potential to meaningfully extend the mine life and substantially increase production levels from the royalty ground. These projects include an extension of the E3 decline and development of the E4 project that would substantially increase production levels. In addition, some ore that would likely be accessed longer term from the Saffy shaft also fall on the royalty ground. For Royalty Ounce calculation, please refer to page 93 for the Western Limb table, map and notes which includes the 1% NSR on Pandora S I S S I N G U É Producing Location: Côte d’Ivoire | Operator: Perseus Mining Limited | Precious Metals: Au | Royalty: NSR: 0.5% In 2013, Franco-Nevada acquired a 0.5% NSR on tenements that comprise the Sissingué gold project located in Côte d’Ivoire operated by Perseus. The project is comprised of the Sissingué Gold Mine (“SGM”) and the satellite deposits Fimbiasso and Bagoé, located approximately 40 kilometres from the Sissingué processing facilities. Franco-Nevada’s royalty covers SGM, which includes the Airport West target, but does not cover the Fimbiasso and Bagoé claims. Perseus commenced commercial gold production in 2018 and reported 2025 calendar year production from Sissingué of 53,411 ounces of gold. Perseus has set a production target of 78–87 koz of gold for their 2026 financial year, which ends June 30, 2026, and has also guided 265–275 koz of gold production in their five-year outlook, as of June 2025. It is expected that approximately 55% of the metal production in the June 2025 five-year plan will come from Sissingué, with the remainder coming from the Fimbiasso and Bagoé claims. As of February 2026, Perseus announced that the mine life for Sissingué could extend to 2030. This would include continued mining at Sissingué Stage 4, commencement of new mining areas at Bagoé and Airport West in 2026, and the Sissingué Stage 5 cutback in 2027. Production in the latter years was forecast to come primarily from the Fimbiasso and Bagoé satellite deposits, which is not covered by Franco-Nevada’s royalty. At the Sissingué Gold Mine and Fimbiasso Satellite Pits, ongoing exploration continues to identify extensions to existing mineral deposits and other prospects that have significant potential to extend the life of the Sissingué operation. Recent drilling has focused on resource definition and infill programs at Airport West and the Sissingué Main Pit, with approximately 3,000 meters of RC and diamond drilling completed in the 2025 reporting period. Grade control drilling at the Sissingué Main Pit has continued to discover additional material, though mining of narrow structures has led to higher dilution and lower grades than predicted by block models. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves at Sissingué are subject to our royalty interest and estimates a rate of 0.5% is applicable Franco-Nevada Corporation ★ 103 TSX / NYSE: FNV Rest of World