B A L D M O U N T A I N Producing Location: Nevada, United States | Operator: Kinross Gold Corporation | Precious Metals: Au | Royalty: NSR / GR: 0.875–5% The Bald Mountain mine lies within the Southern Ruby Mountains of northeastern Nevada along the southern extension of the prolific Carlin Trend, 110 km southeast of Elko. 2025 2024 2023 Revenue to Franco ‑ Nevada ($ million) $ 20.6 $ 16.8 $ 11.7 M&I Resources (koz Au) 1 3,773 3,856 4,175 Inf. Resources (koz Au) 1 790 571 489 P&P Reserves (koz Au) 1 1,225 1,173 489 M&I Royalty Ounces (000s) 1,2 112 119 157 Inf. Royalty Ounces (000s) 2 21 14 18 P&P Royalty Ounces (000s) 2 26 23 19 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 Mineral Reserves (100% in 2024, 100% in 2023) and 99% of Mineral Resources (inclusive of Mineral Reserves) (99% of Mineral Resources inclusive of Mineral Reserves in 2024, 99% in 2023 exclusive of Mineral Reserves) are subject to our royalty interest and estimates an average rate of 2.15% is applicable for Mineral Reserves (1.92% in 2024, 3.79% in 2023), 3.01% is applicable for M&I Mineral Resources (inclusive of Mineral Reserves) (2.53% in 2024, 3.79% in 2023 exclusive of Mineral Reserves) and 2.72% is applicable for Inf. Mineral Resources (2.53% in 2024, 3.79% in 2023) Ore is sourced from multiple open pits over an estimated 600 km 2 property with processing at multiple conventional heap leaching facilities. Bald Mountain is the largest private mining land package in the U.S. It stretches 40 km north to south and 15 km east to west and is divided in three zones: North Zone, South Zone and JV Zone. Franco-Nevada’s Bald Mountain royalties cover a significant portion of the Bald Mountain property. Royalty rates range from 0.875%–5% NSR/GR. A detailed map of the royalties is shown in the schematic. At the end of 2015, Kinross Gold Corporation (“Kinross”) purchased from Barrick 100% of the North and South Zones while forming a 50/50 exploration joint venture partnership with Barrick on the JV Zone in between the North and South Zones. During 2018, Kinross acquired the remaining 50% portion of the JV Zone that it did not already own and is now the 100% owner of the full property. In 2025, 12.7 Mt of ore were placed on pads at Bald Mountain at a grade of 0.42 g/t versus 18.4 Mt of ore at a grade of 0.48 g/t in 2024. Bald Mountain produced 179,169 oz in 2025, comparable to the 181,047 oz produced in 2024. The decrease in ounces placed on the heap leach pads and grade were offset by the timing of ounces recovered from the heap leach pads. In December 2024, Kinross converted approximately 1.0 Moz to reserves, and made the decision to proceed with mining of Phase 1 at the Redbird pit. Following the success of Phase 1, in January 2026 the Company announced that it would be proceeding with the development of Redbird 2. The Redbird 2 project consists of Phase 2 of the Redbird pit along with five additional satellite pits that combined are expected to incrementally produce a total of approximately 640,000 gold oz. First production at Redbird 2 is expected in 2028, with average production of approximately 155,000 gold oz per year between 2028– 2031. This extends production at Bald Mountain until early 2032. The project leverages the existing infrastructure, equipment, and workforce at Bald Mountain, continuing the long history of successful open pit heap leach operations on the extensive land package of which Franco-Nevada royalties cover 99% of the 2025 year-end resource. With a M&I Resource of 145 Mt at a grade of 0.5 g/t containing 2.5M gold oz and a pipeline of high-quality targets, Kinross is exploring further opportunities for additional resource conversions and exploration success. Large land package and significant exploration upside The operator currently has a 7-year mine plan. M&I Resources could support production for 24 years and Inf. Resources for a further 5 years FNV Royalties Excluded from Royalty Pits/Deposits * Subject to possible reduction by third-party royalty North Block South Block Galaxy Poker Flats Bida Saga Yankee Targets Lux/Vantage Targets Top Sage Flats Belmont Horseshoe 4% NSR 4% NSR 4% NSR 4% NSR 4% NSR * 4% NSR * 4% NSR * 4% NSR * 4% NSR * 4% NSR * 4% NSR * 0.875 to 1.75% NSR 2.418% NSR Royale 1%-5% GR Redbird 5 1 LJ Ridge Banghart South Ridge Rat North Duke South Duke 2/3 1%-5% GR Winrock Bald Mountain Oregon Idaho Utah Nevada California Arizona Mexico Pacific Ocean Bald Mountain 0.875–5% NSR / GR kilometer 2 0 N TSX / NYSE: FNV 78 ★ Franco-Nevada Corporation United States