H E M L O Producing Location: Ontario, Canada | Operator: Hemlo Mining Corp. | Precious Metals: Au | Royalty: NSR: 3% / NPI: 50% The Hemlo gold mine has been in production for over 30 years and is located adjacent to the Trans-Canada Highway near Marathon, Ontario. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 51.7 $ 16.4 $ 22.7 M&I Resources (koz Au) 1 656 3,400 3,200 Inf. Resources (koz Au) 1 281 620 620 P&P Reserves (koz Au) 1 473 1,600 1,700 M&I Royalty Ounces (000s) 1,2 228 180 120 Inf. Royalty Ounces (000s) 2 98 33 23 P&P Royalty Ounces (000s) 2 165 85 64 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. For 2025, the Mineral Resources and Mineral Reserves for the Interlake claim are presented. For 2023 and 2024, Mineral Resources and Mineral Reserves included the entire Hemlo deposit, as a breakout was not available 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the publicly reported Mineral Resources and Mineral Reserves for Interlake are on its royalty ground (Franco-Nevada estimated 20% of the total Hemlo Mineral Resources and Mineral Reserves were on royalty ground in 2024 and 2023) and estimates a rate of 34.8% (5.3% in 2024, 3.75% in 2023 on the total Hemlo Mineral Resources and Mineral Reserves) is applicable when factoring our NSR and NPI interests. Please see page 18 for our methodology on calculating Royalty Ounces for an NPI Hemlo Mining Corp. (“Hemlo Mining”) acquired the operation from Barrick in November 2025 and operates the asset, including the underground mine and the currently inactive open pit. Franco-Nevada has both a 3% NSR royalty and a 50% NPI royalty on the Interlake claims which is a portion of the western down-dip underground extension, principally the Lower C Zone, of the Hemlo ore body as shown in the longitudinal schematic. Mining on the royalty property began in late 2008, but revenues were limited to the 3% NSR royalty. The 50% NPI portion of the royalty began paying in the third quarter of 2012 after the upfront capital costs had been recovered by Barrick. Hemlo produced 143,458 oz of gold in 2025, with 45,235 oz coming from the Interlake claims, versus 143 koz of gold in 2024. All-in sustaining cost, which is important to take into consideration with respect to the NPI royalty, increased from $1,769/oz in full-year 2024 to $1,925/oz for the nine months ended September 30, 2025 under Barrick. In 2025, Franco-Nevada received $47.5 million in revenue from the NPI at an average gold price of $3,350/oz. Hemlo Mining expects to release 2026 production and cost guidance midway through 2026; however, its 2025 technical report estimated 2026 production at Hemlo to be approximately 131 koz with an all-in sustaining cost of $1,538/oz. Using the same 2025 technical report, it is estimated that approximately 446 koz over a 10-year period would be mined from the Interlake claims. Hemlo Mining is evaluating the optimal scope and timing to re-establish open pit operations via a push back of the Williams pit. Hemlo Mining also initiated a 130,000 metre exploration drilling program which is expected to serve as the foundation for an updated technical report to be released in H2 2027 and plans to increase the underground mining rate to maximize the hoisting capacity which currently operates at approximately 60% capacity. Hemlo, Ontario Quebec Ontario Hemlo Long Section ‘C’ Zone Pit Williams Shaft & Mill Surface Mined Area 3% NSR + 50% NPI ‘C’ Zone ‘B’ Zone 9975 9765 9555 9450 9240 9160 Mined Area Williams Mine Franco-Nevada Royalty Ground Hemlo 3% NSR / 50% NPI C Ô T É G O L D Producing Location: Ontario, Canada | Operator: IAMGOLD Corporation (70%) Sumitomo Metal Mining Co. Ltd. (30%) | Precious Metals: Au | Royalty: GMR: 7.5% In 2025, Franco-Nevada acquired a 7.5% Gross Margin Royalty on the Côté Gold mine, located approximately 125 km southwest of Timmins, Ontario. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 50.5 $ − $ − M&I Resources (koz Au) 1 18,156 − − Inf. Resources (koz Au) 1 2,165 − − P&P Reserves (koz Au) 1 7,041 − − M&I Royalty Ounces (000s) 1,2 1,067 − − Inf. Royalty Ounces (000s) 2 127 − − P&P Royalty Ounces (000s) 2 414 − − 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 5.88% is applicable when factoring in a margin of 78.3% (based on an estimated cash cost of $975/oz Au) The Côté Gold mine is operated through a joint venture and owned by IAMGOLD Corporation (“IAMGOLD”) (70%) and Sumitomo Metal Mining Co. Ltd. (“Sumitomo”) (30%). The allowable deductions on the Gross Margin Royalty include cash operating costs, but exclude all capital, exploration, depreciation and other non-cash costs. IAMGOLD and Sumitomo hold an option, exercisable at their discretion, to buy down up to 50% of the royalty at Franco-Nevada’s attributable cost in two equal tranches of 25%. The cost to repurchase the tranches are as follows: (i) the initial 25% buydown option for an internal rate of return equal to the Secured Overnight Financing Rate (“SOFR”) plus 1.10%, exercisable within two years of closing, and (ii) the additional 25% buydown option cost for an internal rate of return equal to 10%, following exercise of the initial option, exercisable within three years of closing. Both 25% options are subject to a minimum such that the exercise price shall be the greater of the calculated value or 25% of Franco-Nevada’s Royalty purchase price ($262.5 million). In June 2025, the Côté Gold mine achieved nameplate throughput capacity of 36 ktpd and produced 399,800 gold ounces for the full calendar year. Since acquiring the royalty at the end of May 2025, Franco-Nevada generated $51 million in revenue in 2025 at an average gold price of approximately $3,800/oz. Production at the mine is expected to increase to between 390–440 koz in 2026 on a 100% basis, with cash costs (excluding royalties) guided between $900/oz and $1,050/oz sold. As of year-end 2025, combined M&I Mineral Resources reached 18.2 Moz (689.4 Mt at 0.82 g/t) on a 100.00% basis, an approximately 12% increase from year-end 2024, driven largely by the conversion of Inf. Mineral Resources at Gosselin following a 53,750-meter drilling program. Inf. Mineral Resources as of December 31, 2025 total an additional 2.2 Moz (100.6 Mt at 0.67 g/t). IAMGOLD expects to release an expansion plan study in Q4 2026 which will outline an increase to the plant throughput by approximately 40% to over 50 ktpd, incorporating both the Côté and Gosselin deposits together as a single pit. 7.5% GMR 5.9% GMR Jack Rabbit Clam Lake 4.5% GMR 5.6% GMR 7 .5% GMR Resource Pit Côté Gosselin Côté Gold 7.5 GMR 2 0 kilometers N Mineral Resources >1.0 g/t Au Mineral Resources >0.3 g/t Au FNV Royalties FNV Royalties Targets Quebec Ontario Côté Gold Third largest gold deposit in Canada Nameplate capacity reached in June 2025 Mill expansion study expected by the end of 2026 The operator currently has a 16-year mine plan. M&I Resources could support production for 37 years and Inf. Resources for a further 4 years Renewed focus under new operator 130,000 m drilling program with updated technical report expected H2 2027 Profit royalties provide more leverage to gold prices The operator currently has a 10-year mine plan. M&I Resources could support production for 15 years and Inf. Resources for a further 6 years TSX / NYSE: FNV Franco-Nevada Corporation ★ 51 50 ★ Franco-Nevada Corporation TSX / NYSE: FNV Canada Canada