W E Y B U R N U N I T Location: Saskatchewan, Canada | Operator: Whitecap Resources Inc. | Energy: Oil | Royalty: NRI: 11.71% /ORR: 0.44% / WI: 2.56% Franco-Nevada, after Whitecap Resources Inc. (“Whitecap”), has the second largest economic interest in the Weyburn Unit, one of the world’s largest geological CO 2 storage projects. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 36.9 $ 44.6 $ 50.1 Production (Mboe) 1 641 675 675 Commodity Split (%) 2 Oil 100% 100% 100% Gas 0% 0% 0% NGL 0% 0% 0% 1 Net to FNV based on 0.44% ORR, 11.71% NRI and 2.56% WI. ORR and W.I. volumes are a percentage of gross production. NRI volumes are pro-rated based on our profit, reflecting a net interest 2 Percentage based on production revenue from each commodity 3 Asset life is calculated as the P&P reserve volumes divided by the prior year production volume The Weyburn Unit is situated approximately 129 km southeast of Regina, Saskatchewan, spanning roughly 216 km 2 on a gross basis (net 31 km 2 ) in which the Mississippian Midale beds are unitized. Franco-Nevada holds a 11.71% NRI, a 0.44% ORR and a 2.56% WI in the Weyburn Unit. Production commenced from the Midale zone within the unitized area in 1955 under primary depletion (solution gas expansion). The Weyburn Unit was established in 1963 to implement a waterflood pressure maintenance program. In 2000, Cenovus, the operator at that time, initiated CO 2 injection in a portion of the Weyburn Unit as an enhanced oil recovery (“EOR”) method. At present, CO 2 is being sourced from the Dakota Gasification Company in North Dakota and the Boundary Dam power station in Saskatchewan. Gross production of the Weyburn Unit is approximately 20,800 Boe/d of light oil & NGL’s. For 2025, Franco-Nevada’s revenue from the Weyburn Unit totaled $36.9 million. Weyburn revenues are linked to the Edmonton Light oil benchmark price which averaged C$85.61/bbl in 2025. NRI revenue is recognized net of capital and operating cost deductions, resulting in increased leverage to the oil price. Oil production, including NGLs, net to Franco-Nevada was 1,755 Boe/d. Franco-Nevada takes product-in-kind for its WI and NRI shares of this production and markets it through a third-party marketer. Weyburn is a highly economic reservoir, although our NRI and WI in the unit have higher leverage to commodity price swings than our revenue-based royalties. Weyburn has an estimated asset life of approximately 19 years³. Weyburn Unit wells Unitized land Note: not to scale T7 T6 T5 R13W2 R12W2 R14W2 N Weyburn Unit Note: not to scale R15W2 R14W2 R13W2 R12W2 R11W2 R10W2 R9W2 R8W2 R15W2 R14W2 R13W2 R12W2 R11W2 R10W2 R9W2 R8W2 T9 T8 T7 T6 T5 T4 T3 T9 T8 T7 T6 T5 T4 T3 Weyburn, SK Unitized land Midale, SK N Low decline asset with proven production history CO 2 EOR project commenced in 2000 and continues to be rolled out Interests are leveraged to commodity prices O R I O N Location: Alberta, Canada | Operator: Strathcona Resources Ltd. | Energy: Oil | Royalty: 4% Gross Overriding Royalty Franco-Nevada acquired a 4% GORR on the Orion Thermal Project in the Cold Lake region of Alberta from OSUM Oil Sands Corp. for C$92.5 million in 2017. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 12.1 $ 14.0 $ 13.6 Production (Mboe) 248 262 302 Commodity Split (%) 1 Oil 100% 100% 100% Gas 0% 0% 0% NGL 0% 0% 0% 1 Percentage based on production revenue from each commodity 2 Asset life is calculated as the P&P reserve volumes divided by the prior year production volume In 2021, OSUM was acquired by Strathcona Resources Ltd. (“Strathcona”), who currently operates the project. The royalty pertains to the Clearwater formation and allows for the deduction of transportation and diluent expenses associated with transporting the product to market. Orion is a Steam Assisted Gravity Drainage (“SAGD”) operation that commenced commercial production in 2007. The project’s infrastructure includes a central processing facility, surrounded by several well pads which supply the plant. In 2025, average production reached approximately ~17,600 barrels per day of bitumen. The asset is permitted to produce up to 25,000 barrels per day of bitumen. Franco-Nevada recorded revenue of $12.1 million in 2025. Royalty payments are based on the WCS benchmark price and are influenced by fluctuations in the differential with WTI, as well as by the cost of diluent necessary to transport the product to market. Orion has an estimated asset life of approximately 35 years 2 . Orion processing facilities, Alberta Grand Prairie Calgary Lloydminster Hardisty Edmonton Fort McMurray Cold Lake Peace River Alberta Saskatchewan Orion Athabaska Lloydminster Hardisty Edmonton Cold Lake Orion N Orion Alberta Saskatchewan Liquids Pipeline Long-life resource located in Canada Stable year-over-year production volumes Potential for future capacity expansion TSX / NYSE: FNV Franco-Nevada Corporation ★ 121 120 ★ Franco-Nevada Corporation TSX / NYSE: FNV North America North America