H A Y N E S V I L L E Location: East Texas & Louisiana, United States | Operator: TG Natural Resources, Expand Energy, Sabine Oil & Gas, Others | Energy: Natural Gas Royalty: Various Royalty Rates Franco-Nevada owns a portfolio of royalty rights in the Haynesville natural gas play in East Texas and Louisiana, which it purchased in two separate acquisitions from Mesa Minerals Partners LLC I & II. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 29.8 $ 21.0 $ 26.0 Production (Mboe) 1 1,671 1,918 1,886 Commodity Split (%) 2 Oil 0% 0% 0% Gas 99% 99% 99% NGL 1% 1% 1% 1 Production is referenced in barrels of oil equivalent net to Franco-Nevada, although is comprised mostly of natural gas 2 Percentage based on production revenue from each commodity 3 Asset life is calculated as the Proven, Probable and Possible reserve volumes divided by the prior year production volume The first part of the portfolio was acquired in December of 2020 for $135 million, followed by the acquisition of the second portion of the portfolio in January of 2024 for $125 million. The Haynesville is one of the most active natural gas plays in North America, owing to its strong well performance and strategic proximity to infrastructure along the U.S. Gulf Coast, which reduces transportation costs and provides exposure to an expanding Liquified Natural Gas export market. The royalties consist of approximately 2,775 acres of mineral rights in East Texas and 1,330 acres in Louisiana (net to Franco-Nevada). The royalty position associated with our first acquisition is situated in a core area of the East Texas portion of the Haynesville, characterized by a shallower part of the basin where the producing Haynesville formation is thickest. TG Natural Resources (“TGNR”) acquired Rockcliff Energy in 2023 and is the principal operator in this region. Through our second acquisition, Franco-Nevada gained exposure to a broad land position in Louisiana, providing exposure to both the Haynesville and overlying Middle Bossier formations. This acreage is operated by major natural gas producers including Expand Energy, Aethon Energy, and Comstock Resources. Aethon is set to be acquired by Mitsubishi Corporation in a transaction expected to close in Q2 2026. Revenue totalled $29.8 million in 2025, representing an increase from 2024 revenues due to an increase in natural gas prices. The first acquisition achieved payback in 2025, while the second part of our portfolio is expected to achieve payback in 2036. The Haynesville has an estimated asset life of approximately 17 years³. The royalties also provide development potential in the Cotton Valley formation, which may be further exploited in the future. Haynesville N 15 0 mile 10 0 kilometer Texas Eagle Ford Barnett Haynesville Bossier NEW MEXICO Louisiana Oklahoma Arkansas Regional Basins Tuscaloosa Fayetteville Woodford Spraberry Bend Permian Basin Anadarko Basin Ardmore Basin Arkomo Basin Fort Worth Basin FNV Royalty Acreage Harrison Panola Shelby Rusk Nacogdoches San Augustine Angelina Sabine Natchitoches Red River De Soto Bienville Webster Bossier Caddo Texas Louisiana Natural gas exposure with diverse operators Close proximity to U.S. Gulf Coast enhances economics Secure land title with proven production history M A R C E L L U S Location: SW Pennsylvania, United States | Operator: Range Resources | Energy: Natural Gas and NGLs | Royalty: 1% Overriding Royalty Franco-Nevada has a 1% royalty on the majority of Range Resources Corporation’s (“Range”) operated position in Southwest Pennsylvania. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 30.5 $ 26.9 $ 28.0 Production (Mboe) 1 1,383 1,462 1,436 Commodity Split (%) 2 Oil 2% 2% 2% Gas 63% 63% 63% NGL 35% 35% 35% 1 Production is referenced in barrels of oil equivalent net to Franco-Nevada, although is comprised mostly of gas and natural gas liquids 2 Percentage based on production revenue from each commodity 3 Asset life is calculated as the Proven, Probable and Possible reserve volumes divided by the prior year production volume The royalty is calculated as 1% of gross production, less minor deductions from approximately 338,000 net acres of Range’s working interest position in Washington, Western Allegheny and Southern Beaver counties in Pennsylvania. The royalty applies to existing production and future development from the Marcellus shale formation as well as future potential development from the Utica and Upper Devonian formations. The royalty is registered on title and is a direct interest in real property. The Marcellus is one of the most prolific and active gas and liquids plays in North America. Range’s acreage is situated within a liquids-rich portion of the Marcellus, enhancing well economics and the overall cost structure. Range helped pioneer the Marcellus shale in 2004 with the successful drilling of the Renz #1 well in Washington County, Pennsylvania. Since then, Range has developed a track record of growing reserves from its asset base. Range’s position in Southwest Appalachia is considered to have one of the longest core inventory lives among U.S. natural gas producers, and its diversified portfolio of transportation capacity mitigates in-basin pricing risk. In 2025, Franco-Nevada received $30.5 million in revenue from the Marcellus royalty. The Marcellus has an estimated asset life of approximately 22 years³ and payback is expected in 2030. There is additional potential in the Utica and Upper Devonian formations, most of which is not included in the above estimate, that may increase the longevity of the asset. Range Resources drill pad, SW Pennsylvania Appalachian Basin Marcellus Diverse exposure to natural gas and natural gas liquids Long-life asset with strong underlying economics Secure land title with exposure to undeveloped formations at depth TSX / NYSE: FNV Franco-Nevada Corporation ★ 119 118 ★ Franco-Nevada Corporation TSX / NYSE: FNV North America North America