FNV Royalties Island Gold Royalty Resource Pit Reserves + Resources Magino 3% NSR kilometer 2 0 N Granodiorite Resource Pit Magino Royalty Area 3% NSR 3% NSR 0.62% NSR Granodiorite 3% NSR Island Gold (Alamos) Royalty Area Quebec Ontario Magino M A G I N O Producing Location: Ontario, Canada | Operator: Alamos Gold Inc. | Precious Metals: Au | Royalty: NSR: 3% Franco-Nevada holds an aggregate 3% NSR on the Magino gold mine in Ontario, approximately 14 km southeast of the town of Dubreuilville. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 9.7 $ 5.6 $ 1.3 M&I Resources (koz Au) 1 4,580 3,913 4,557 Inf. Resources (koz Au) 1 338 1,177 843 P&P Reserves (koz Au) 1 3,141 2,008 2,361 M&I Royalty Ounces (000s) 1,2 137 117 137 Inf. Royalty Ounces (000s) 2 10 35 25 P&P Royalty Ounces (000s) 2 94 60 71 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 3.0% is applicable (3.0% in 2024, 3.0% in 2023) Alamos Gold Inc. (“Alamos”), who operates the adjacent Island Gold underground mine which Franco-Nevada holds a separate royalty on, acquired Argonaut Gold Inc. (“Argonaut Gold”) in 2024. The aggregate 3% NSR applies to the Magino mine and all of Argonaut Gold’s regional exploration properties prior to the Alamos acquisition, totaling 45 km 2 . Magino is a past producing underground gold mine. The new mine achieved commercial production in November 2023, as a conventional open pit mining and milling operation with a nameplate mill throughput capacity of 10 ktpd. Under Alamos, Magino and Island Gold production has been combined into the Island Gold District, with combined production forecast to be between 290–330 koz in 2026, 380–420 koz in 2027 and 470–510 koz in 2028. Alamos released an updated Island Gold District (IGD) Expansion Study in February 2026. The Expansion Study finalized plans to increase total mill throughput at the Magino mill to 20 ktpd by early 2028. This expansion will support processing rates of 3 ktpd of high-grade underground ore principally from Island Gold and 17 ktpd from the Magino open pit, with the Island Gold mill expected to be shut down in early 2028 once the Magino mill expansion is complete. Combined production is expected to increase to 534 koz of gold annually over 10 years post expansion. It is estimated that Magino will contribute approximately 146 kozpa of gold post ramp up in 2028 and will run until 2044. Exploration targets include high-grade underground potential, such as the Elbow Zone, prospective structures and host rock on trend of Magino located on royalty grounds. Exploration in 2025 successfully focused on expanding mineralization to the east of Magino and in 2026 the exploration program will continue to focus on defining new Mineral Reserves and Resources near existing infrastructure. In addition to the royalties on Magino and Island Gold, Franco-Nevada also owns royalties that cover a number of regional exploration claims which expand our exposure to this prospective region. These include a 2% NSR on the Edwards property and a 0.75% NSR on the adjacent Cline Lake property, both located along strike on the same geologic structure as Magino. Alamos’ 2026 regional program includes 16,000 meters of surface drilling targeting high grade mineralization at Cline and Edwards, following 2025 highlights such as 178.07 g/t gold over 3.54 meters at Cline-Pick. FNV Royalties Island Gold Royalty Resource Pit Reserves + Resources Magino 3% NSR kilometer 2 0 N Granodiorite Resource Pit Magino Royalty Area 3% NSR 3% NSR 0.62% NSR Granodiorite 3% NSR Island Gold (Alamos) Royalty Area Quebec Ontario Magino L I O R C Producing Location: Newfoundland and Labrador, Canada | Operator: Rio Tinto plc | Metals: Iron Ore | Royalty: GORR: 0.7% Iron Ore, IOC Equity 1.5% Franco-Nevada holds 6.3 million common shares (a 9.9% equity investment) in Labrador Iron Ore Royalty Corporation (“LIORC”). 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 7.0 $ 13.8 $ 12.1 M&I Resources (Mt Iron Ore) 1,752 1,785 1,931 Inf. Resource (Mt Iron Ore) 662 665 811 P&P Reserves (Mt Iron Ore) 923 966 1,077 M&I Royalty Ounces (000s) 1,2 103 169 296 Inf. Royalty Ounces (000s) 2 39 63 124 P&P Royalty Ounces (000s) 2 54 91 165 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, calculation based on overriding royalty interest only and takes into account moisture, mass recovery, and allowable deductions. Refer to LIORC’s annual report for additional information The position was acquired over a number of years for a total investment of C$93 million, representing an average cost of C$14.72 per share. Dividends received to date has fully recouped our investment by 2021. The investment in LIORC functions similar to a royalty given the flow through of revenue generated from LIORC’s underlying 7% gross overriding royalty interest (0.7% attributable), C$0.10 per tonne commission (C$0.01 per tonne attributable), and 15.1% equity interest (1.5% attributable) in Iron Ore Company of Canada’s (“IOC”) Carol Lake mine, operated by Rio Tinto plc (“Rio Tinto”). LIORC normally pays cash dividends from net income derived from IOC to the maximum extent possible, while maintaining appropriate levels of working capital. Over the past five years (2021–2025), cash flow from operations at LIORC has averaged c.58% from the royalty and commission with the balance from IOC dividends from the 15.1% equity interest. IOC produces high grade +65% Fe iron ore concentrate for sale and pellets with a reserve-only c.20-year mine life and a large mineral resource supporting further extensions (approximately an additional 30 years of mine life). IOC has nominal capacity of 23.3 Mtpa (combined concentrate and pellets). The operation had 2025 attributable sales of 15.7 Mt and Rio Tinto has provided 2026 guidance of saleable production between 15 million and 18 Mt. It is expected that IOC will continue to focus on maximizing pellet production in 2026. In 2025, total capital expenditures at IOC were $303 million, below the forecast of $342 million due to project timing, including planned track and culvert replacements and the deferment of locomotive purchases. In 2026, capital expenditures at IOC are forecast by IOC to be $290 million, including $53 million of growth and development projects. IOC benefits from integrated infrastructure, including the mine, concentrator/ pellet facilities, railway, and a port at Sept-Îles, Quebec. IOC has a long history as a supplier of high quality, low impurity, premium iron ore and pellets which has typically received premium prices from the European steel making industry. LIORC, Newfoundland and Labrador Mill expansion to 20,000 tpd by 2028 The operator currently has a 19-year mine plan. M&I Resources could support production for 31 years and Inf. Resources for a further 2 years Producer of high-quality pellets and fines Fully integrated from mine to port, operated by Rio Tinto +50 year track record The operator currently has a 19-year reserve life. M&I Resources could support an additional 17 years of production, with Inf. Resources supporting a further 14 years TSX / NYSE: FNV Franco-Nevada Corporation ★ 59 58 ★ Franco-Nevada Corporation TSX / NYSE: FNV Canada Canada