E N E R G Y A S S E T S Franco-Nevada has owned and invested in energy assets since inception. Our energy investments have allowed us to be opportunistic through the commodity cycles, adding growth and diversity to our portfolio. Energy revenue was 11% of Franco-Nevada’s overall revenue in 2025. The scale of the energy sector along with its many participants has provided access to a diverse set of operators and a broad range of royalty opportunities. Until 2016, Franco-Nevada’s focus was primarily on the Western Canadian Sedimentary Basin. Starting in late 2016, we added exposure to the SCOOP/STACK basins in Oklahoma and the Midland/Delaware basins in Texas due to their attractive economics, favourable regulatory environment and access to market. We subsequently shifted our focus to natural gas, adding royalty assets in the Marcellus shale in Appalachia in 2019, and in the Haynesville shale in East Texas in late 2020 and in Louisiana in 2024. Franco-Nevada’s assets include production from existing wells in addition to exposure to undeveloped acreage which hosts the potential for new well locations which extend production volumes into the future. In order to provide an estimate of future reserves and asset life, we engage third-party reserve evaluators to provide estimates for the Proved and Probable categories, and where appropriate, the Possible, and Contingent resource categories for currently producing formations. These estimates inform our view of future well locations and resources and demonstrate long-lived assets. The assets often also benefit from additional upside exposure in the form of unexploited hydrocarbon-bearing formations at depth and potentially from enhanced hydrocarbon recovery techniques. Major Producing Assets as of May 1, 2026 United States Marcellus, Range Resources Natural Gas & NGLs Haynesville, TG Natural Resources, Others Natural Gas SCOOP/STACK, Continental Resources, Others Oil & Natural Gas Permian Basin, XTO Energy, Others Oil Canada Weyburn Unit, Whitecap Resources Oil Orion, Strathcona Resources Oil We have been opportunistic through the energy commodity cycles and have accumulated assets in North America’s premium oil and gas basins. Oil and Gas Information Advisory In this Asset Handbook, certain natural gas volumes have been converted to barrels of oil equivalent on the basis of six Mcf to one bbl. Boe and mboe may be misleading, particularly if used in isolation. A conversion ratio of six Mcf to one bbl is based on an energy equivalency ratio and does not represent a value equivalency. U.S. and Canadian Energy Assets Cold Lake Anadarko Basin Permian Basin Midland Delaware Stack Scoop Peace River Orion Athabasca Weyburn Williston Basin Appalachian Basin Marcellus Haynesville Neal Hot Springs Oil Gas Geothermal ENERGY ASSETS U.S. Energy 116 Permian Basin 116 SCOOP/STACK 117 Marcellus 118 Haynesville 119 Canadian Energy 120 Weyburn Unit 120 Orion 121 Other Producing Energy Assets 122 Energy Exploration Assets 123 TSX / NYSE: FNV Franco-Nevada Corporation ★ 115 114 ★ Franco-Nevada Corporation TSX / NYSE: FNV North America