S O U T H K A L G O O R L I E Producing Location: Australia | Operator: Northern Star Resources Limited | Precious Metals: Au | Royalty: NSR: 1–4% Northern Star Resources Limited (“Northern Star”) operates the South Kalgoorlie Operation (“SKO”) which has maintained continuous gold production since 1989. 2025 2024 2023 Revenue to Franco ‑ Nevada ($ million) $ 12.5 $ 10.5 $ 6.2 M&I Resources (koz Au) 1 1,992 4,930 1,338 Inf. Resources (koz Au) 1 1,162 2,540 894 P&P Reserves (koz Au) 1 714 1,546 320 M&I Royalty Ounces (000s) 1,2 80 63 46 Inf. Royalty Ounces (000s) 2 46 33 31 P&P Royalty Ounces (000s) 2 29 20 12 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 Resources and Mineral Reserves (32% in 2024) are subject to our royalty interest and estimates a rate of 4.0% is applicable for Mineral Resources and Mineral Reserves SKO is situated 15 kms south of Kalgoorlie in Western Australia. Franco-Nevada holds a net smelter return royalty ranging from 1.75% to 4% on gold, and 1% to 2.25% on other minerals, covering 470 km 2 of SKO tenements. This includes the HBJ underground mine, the Mt Marion and Pernatty satellite deposits. While historically production from SKO was processed through the 1.2 Mtpa Jubilee Mill, Northern Star placed the Jubilee Mill on care and maintenance in July 2022, redirecting ore to the Kanowna Belle processing facilities. Effective January 1, 2023, the royalty agreement was amended, increasing the royalty rate on the HBJ underground mine from 1.75% to 4%. Northern Star consolidates reporting for SKO with the Kanowna Belle gold mine, and reported combined gold production of 168,545 ounces at the Kalgoorlie Operations for the year ended December 31, 2025. Franco-Nevada estimates that royalty-eligible production represents approximately 54% of the total output from these operations. In 2025, Franco-Nevada received $12.5 million in royalty revenue from SKO. Exploration efforts continue, highlighted by the Hercules discovery announced in May 2023, located 20 kms west of the HBJ mine on tenements subject to a 1.75% royalty payable to Franco-Nevada. In May 2025, Northern Star announced a maiden Mineral Resource of 916 koz at Hercules (13.4 Mt at 2.1 g/t), along with a Mineral Reserve of 246 koz (2.4 Mt at 3.1 g/t). SKO reserves total 714 koz of gold and resources total 3,154 koz of gold. 916 koz of gold maiden Mineral Resource at Hercules Expect steady production to continue from HBJ underground mine M&I Resources could support production for 22 years and Inf. Resources for a further 13 years TSX / NYSE: FNV 98 ★ Franco-Nevada Corporation Rest of World