S T I B N I T E G O L D Advanced Location: Idaho, United States | Operator: Perpetua Resources Corp. | Precious Metals: Au & Ag | Royalty: NSR: 1.7% Au, 100% Ag³ The Stibnite project is located in a historic mining town of the same name in Idaho, about 153 km northeast of Boise and is one of the highest grade open pit deposits in the U.S. 2025 2024 2023 Revenue to Franco ‑ Nevada ($ million) $ − $ − $ − M&I Resources (koz Au) 1 6,320 6,317 6,317 Inf. Resources (koz Au) 1 1,611 1,611 1,611 P&P Reserves (koz Au) 1 4,819 4,816 4,816 M&I Royalty Ounces (000s) 1,2 131 123 107 Inf. Royalty Ounces (000s) 2 33 31 27 P&P Royalty Ounces (000s) 2 98 93 82 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 for gold estimates a rate of 1.70% is applicable and that for silver, all of the payable silver by-product revenue over the life of mine will be received. Silver has been converted assuming $4,500/oz gold and $75.00/oz silver 3 Silver royalty is based on the expected payable silver with certain adjustments related to antimony concentrates The project is being advanced by Perpetua Resources Corp. (“Perpetua Resources”), who have consolidated 107 km 2 of unpatented and patented claims. Franco-Nevada holds a 1.7% NSR on gold production and, pursuant to a subsequent transaction that closed in March 2024, will receive all the expected payable silver by-product revenue over the life of mine. In March 2026, Perpetua Resources released an updated technical report on the Stibnite project. The project is expected to have a 15-year mine life with average annual gold production of 296 koz per year. The first four years have an average annual gold production of 463 koz per year. Stibnite has Mineral Reserves of 4.8 Moz of gold and 6.4 Moz of silver (105 Mt at 1.43 g/t gold and 1.91 g/t silver). M&I Mineral Resources are 6.3 Moz of gold and 9.4 Moz of silver (148 Mt at 1.33 g/t gold and 1.97 g/t silver). Inf. Mineral Resources are 1.6 Moz of gold and 2.3 Moz of silver (52 Mt at 0.96 g/t gold and 1.40 g/t silver). There is potential to significantly increase Mineral Resources and Mineral Reserves at the project with advancement of high potential exploration targets. The United States Forest Service (“USFS”) issued the Final Record of Decision (“ROD”) authorizing the project in January 2025 and the final federal permits were issued in May 2025. Since receiving the federal permits, Perpetua has completed $527 million of equity financing, announced a $317 million strategic equity investment and private placement with Agnico Eagle and JPMorganChase, as well as advanced an application with the Export-Import Bank of the United States (“U.S. EXIM”) for a loan of up to $2.7 billion. Early works construction was announced in October 2025, and Perpetua expects to close the U.S. EXIM loan in 2026 which will allow for a final investment decision. Commercial operations are expected in 2029. Royalty Property Prospects Mineral Deposits Patented Claims under option Utah Nevada California Stibnite Gold Project Boise Cascade McCall Coeur d'Alene Salt Yellow Pine Deposit West End Deposit Hangar Flats Deposit Historic Tailings Blow-out Mule Rabbit Scout Garnet Ridgetop Cinnamid Saddle Fern Upper Midnight Stibnite Gold 1.7% NSR Au 100% NSR Ag mile 0 1 N One of the largest and highest grade undeveloped open pit gold deposits in the U.S. The Stibnite project would be the only domestic source of antimony mined in the U.S. $2.7B indicative U.S. EXIM financing The operator currently has a 15-year mine plan. M&I Resources could support production for 21 years and Inf. Resources for a further 5 years Franco-Nevada Corporation ★ 87 TSX / NYSE: FNV United States