M U S S E L W H I T E Producing Location: Ontario, Canada | Operator: Orla Mining Ltd. | Precious Metals: Au | Royalty: NPI: 5% / NSR: 2% Franco-Nevada has a 5% NPI royalty that covers all of the original leased lands at the Musselwhite operation and a 2% NSR on the projected NW extension of the orebody. 2025 2024 2023 Revenue to Franco-Nevada 1 ($ million) $ 11.6 $ 3.2 $ 2.8 M&I Resources (koz Au) 2 2,032 1,767 1,800 Inf. Resources (koz Au) 2 299 190 200 P&P Reserves (koz Au) 2 1,526 1,473 1,500 M&I Royalty Ounces (000s) 2,3 65 42 28 Inf. Royalty Ounces (000s) 3 10 4 3 P&P Royalty Ounces (000s) 3 49 35 24 1 Revenue to Franco-Nevada represents the actual NPI revenue paid and earned for each year 2 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 3 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 3.18% (2.35% in 2024, 1.58% in 2023) is applicable assuming an all in cost of $1,637/ounce ($1,484/ounce in 2024, $1,335/ounce in 2023). Please see page 18 for our methodology on calculating Royalty Ounces for an NPI The area is estimated to cover 120 km 2 in northwestern Ontario, 480 km north of Thunder Bay. The royalty also covers an area of interest surrounding the property as shown in the schematic. Franco-Nevada’s Musselwhite interest is a profit royalty which first becomes payable when historical capital and operational costs had been recovered by the operator in 2011. In September 2019, Franco-Nevada acquired a 2% NSR from Premier on property adjoining Musselwhite and covering approximately 6.3 km 2 of the projected northwest extension of the Musselwhite mine. In February 2025, Orla Mining Ltd. (“Orla”) acquired Musselwhite and the surrounding property from Newmont. Based on the December 2024 technical report issued by Orla, Musselwhite has a mine life until 2030 with average annual gold production of 202 koz at an all-in sustaining cost of $1,269/oz. For the full 2025 year, Musselwhite produced 236,908 oz of gold, versus 212 koz of gold in 2024 and all-in sustaining costs were $1,618/oz in 2025 (from April 1, 2025 onward), versus $1,541/oz in 2024. For 2026, Orla has issued guidance of 230–240 koz of gold production at an all-in sustaining cost of $1,650/oz to $1,850/oz. In Q1 2026, the mine produced 62,985 oz at a mill head grade of 6.29 g/t, putting it on track to meet or exceed its annual target. Significant opportunities exist to optimize the operation and extend mine life through known extensions of the ore body. Orla’s 2026 plan includes 15,600 metres of deep directional drilling aimed at further delineating the Lynx and PQ Extension stacked mineralized zones. These zones have now been confirmed to be continuous for at least 2 km beyond current operations. In addition, Orla is evaluating near-mine surface targets including Camp Bay, which is covered by Franco-Nevada’s royalty, to assess the potential for satellite sources of mill feed. B R U C E J A C K Producing Location: British Columbia, Canada | Operator: Newmont Corporation | Precious Metals: Au & Ag | Royalty: NSR: 1.2% In 2013, Franco-Nevada purchased an existing 1.2% NSR royalty covering Newmont Corporation’s (“Newmont”) Brucejack gold project in northwestern British Columbia. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 9.8 $ 7.2 $ 5.9 M&I Resources (koz Au) 1,2 3,500 2,500 3,600 Inf. Resources (koz Au) 1,2 2,500 3,100 4,000 P&P Reserves (koz Au) 1,2 2,900 1,900 3,100 M&I Royalty Ounces (000s) 1,2,3 42 30 43 Inf. Royalty Ounces (000s) 2,3 30 37 48 P&P Royalty Ounces (000s) 2,3 35 23 37 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 Does not include silver Mineral Resources or Mineral Reserves 3 For Royalty Ounce calculation, Franco-Nevada estimates that 100% of the remaining Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 1.2% is applicable The mine was developed by Pretium Resources Inc. (“Pretium”) and commenced production in 2017. Newcrest Mining Limited (“Newcrest”) acquired Pretium in early 2022, with Newmont acquiring Brucejack through its acquisition of Newcrest in 2023. Brucejack produced 231 koz of gold in 2025 versus 258 koz in 2024. For 2026, Newmont is expecting Brucejack to produce approximately 260 koz of gold, representing an increase driven by improved stope availability and higher ore throughput. The project includes two principal deposits, the Valley of the Kings and the West Zone and as of December 31, 2025 has a 11-year reserve life with additional upside from resources and exploration. Exploration drilling continues to reveal significant mineralization beyond the current Mineral Resource, most notably with the 2025 discovery of the Dozer Zone, which is covered by Franco-Nevada’s royalty. This new discovery, which is a key focus for the 2026 growth program, returned high-grade intercepts including 20.90 meters at 154 grams per tonne. In addition to the Dozer Zone, significant mineralization has been expanded in the HBX Domain and at Golden Marmot, both of which are also covered by Franco-Nevada’s royalty. Other near-mine targets on royalty ground that remain prospective for resource growth include the Bridge Zone, Shore Zone, Gossan Hill Zone, SG Zone, Bonanza Zone, and the western portion of the Flow Dome Zone. Covered by Royalty Brucejack Property Excluded from Royalty West Zone Gossan Hill Zone Hanging Glacier Zone Bonanza Zone Bridge Zone Shore Zone SG Zone Snowfield Golden Marmot Zone Brucejack Mine Valley of the Kings kilometer 0 2 N Brucejack 1.2% NSR 1.2% NSR Vancouver British Columbia Stewart Brucejack Property Flow Dome Zone Brucejack Lake Musselwhite, Ontario kilometer 3 1.5 0 N Musselwhite 5% NPI / 2% NSR Leased Lands Historical Unpatented Lands Deposits Outside Boundary 5% NPI Quebec Ontario Musselwhite Main Mine Trend Mill Outside Boundary 5% NPI Opapimiskan Lake Karl Zeemal Area PQD North Saddle Lynx Zone 5% NPI 5% NPI 5% NPI 5% NPI 5% NPI 5% NPI Canoe Zone Camp Zone West Anticline Zone Bay Zone 2% NSR 2% NSR Zeemel Lake Numerous exploration targets on the property High-grade results on royalty ground from newly discovered Dozer Zone The operator currently has a 11-year mine plan. M&I Resources could support production for 13 years and Inf. Resources for a further 10 years Renewed focus under new operator NPI leverage to the gold price Large land package with additional royalty covering projected northwest extension of Musselwhite The operator currently has a 5-year mine plan. M&I Resources could support production for 9 years and Inf. Resources for a further 1 year TSX / NYSE: FNV Franco-Nevada Corporation ★ 57 56 ★ Franco-Nevada Corporation TSX / NYSE: FNV Canada Canada