A S S E T P O R T F O L I O Precious Metals A S S E T P O R T F O L I O Diversified Notes: “NSR” Net Smelter Return Royalty “GORR” Gross Overriding Royalty “GR” Gross Royalty “ORR” Overriding Royalty “FH” Freehold or Lessor Royalty “NPI” Net Profits Interest “NRI” Net Royalty Interest “GMR” Gross Margin Royalties “WI” Working Interest “P” “Producing” assets are those that have generated revenue from steady-state operations for Franco - Nevada or are expected to in the next year “A” “Advanced” assets are interests on projects which are not yet producing but where, in management’s view, the technical feasibility and commercial viability of extracting Mineral Resources are demonstrable “E” “Exploration” assets represent interests on projects where technical feasibility and commercial viability of extracting Mineral Resources are not demonstrable “Precious Metals” includes gold, silver, and PGM assets. “Diversified” includes iron ore, other mining and energy assets (which encompass oil, gas and natural gas liquids) Management uses the following criteria in its assessment of technical feasibility and commercial viability: (i) Geology: there is a known mineral deposit which contains Mineral Resources or Mineral Reserves; or the project is adjacent to a mineral deposit that is already being mined or developed and there is sufficient geologic certainty of converting the deposit into Mineral Resources or Mineral Reserves (ii) Accessibility and authorization: there are no significant unresolved issues impacting the accessibility and authorization to develop or mine the mineral deposit, and social, environmental and governmental permits and approvals to develop or mine the mineral deposit appear obtainable 1 Initial rates shown when agreements contain agreed reductions. Please refer to individual asset descriptions for further detail 2 Does not cover all the Mineral Resources or Mineral Reserves reported for the property by the operator 3 Percentage varies depending on the claim block of the property 4 Provides for minimum or advance payments 5 Percentage varies depending on the commodity price or value of ore 6 Payable after operator recovers defined exploration and development expenses 7 These revenue numbers are before the deduction of the purchase cost per ounce 8 8,760 oz Au & 291,000 oz Ag per year until December 2025; then, 63% Au & Ag until 87,600 oz Au & 2,910,000 oz Ag delivered, respectively; thereafter, 25% Au & Ag 9 Sabodala agreement was amended with an effective date of September 1, 2020 10 Net sales royalty attributable to FNV Royalty holding on certain properties and subject to certain thresholds. Copper/Gold rate applies to Sossego at 50% given its previous joint venture ownership 11 GORR and IOC equity interest attributable to FNV 9.9% equity ownership of Labrador Iron Ore Royalty Corporation 12 Cobre Panamá currently on preservation and safe management 13 Royalty deductions include cash operating costs and exclude all capital, exploration, depreciation and other non-cash costs Revenue ($ millions) Asset Operator Interest and % (Gold unless otherwise noted) 1 2025 2024 2023 Notes Precious Metals South America Candelaria Lundin Mining Stream 68% Gold & Silver $232.5 $163.1 $130.3 7, P Antapaccay Glencore Stream (indexed) Gold & Silver 163.9 131.0 120.1 7, P Antamina Teck Resources Stream 22.5% Silver 143.3 55.3 50.5 7, P Tocantinzinho G Mining Ventures Stream 12.5% 72.5 15.4 – 7, P Condestable Rio2 Stream Gold & Silver, Fixed through 2025 then % 8 44.6 29.9 23.7 7, P Yanacocha Newmont NSR 1.8% 32.6 7.5 – P Salares Norte Gold Fields NSR 1–2% 13.3 1.6 – 3, P Other (21 assets) 5.7 6.7 5.2 Px2, Ax5, Ex14 Central America & Mexico Guadalupe-Palmarejo Coeur Mining Stream 50% 177.3 84.8 66.8 2, 4, 7, P Cobre Panamá First Quantum Minerals Stream (indexed) Gold & Silver 38.3 0.1 248.9 7, 12, A Other (1 asset) – – – Ex1 Canada Hemlo Hemlo Mining NSR 3%, NPI 50% 51.7 16.4 22.7 2, 6, P Côté Gold IAMGOLD GMR 7.5% 50.5 – – 13, P Detour Lake Agnico Eagle Mines NSR 2% 49.0 31.9 25.9 P Porcupine Discovery Silver NSR 4.25% 28.2 – – 1, P Greenstone Equinox Gold NSR 3% 22.3 9.2 – P Macassa (Kirkland Lake) Agnico Eagle Mines NSR 1.5–5.5%, NPI 20% 16.2 10.0 6.3 3, 4, P Sudbury Magna Mining Stream 50% PGM & Gold 14.9 9.9 17.6 2, 7, Px2 Musselwhite Orla Mining NPI 5% 11.6 3.2 2.8 6, P Brucejack Newmont NSR 1.2% 9.8 7.2 5.9 2, P Magino Alamos Gold NSR 3% 9.7 5.6 1.3 P Other (77 assets) 11.6 8.7 9.8 Px4, Ax13, Ex60 United States South Arturo Nevada Gold Mines GR 4–9% 37.8 6.7 2.4 2, 4, 5, P Goldstrike Nevada Gold Mines NSR 2–4%, NPI 2.4–6% 22.8 19.4 13.1 2, 3, P Bald Mountain Kinross Gold NSR/GR 0.875–5% 20.6 16.8 11.7 2, 3, 4, 5, P Stillwater Sibanye Stillwater NSR 5% PGM 15.4 21.2 26.1 2, P Marigold SSR Mining NSR 1.75–5%, GR 0.5–4% 9.6 6.5 11.2 2, 3, 4, 5, P Gold Quarry Nevada Gold Mines NSR 7.29% 5.1 3.0 3.0 2, 4, P Other (49 assets) 6.7 4.9 4.5 Px4, Ax8, Ex37 Rest of World Western Limb Sibanye Stillwater Stream Gold (indexed) & 1% Platinum 70.3 – – 7, P Subika (Ahafo) Newmont NSR 2% 45.4 34.7 19.4 2, P Tasiast Kinross Gold NSR 2% 32.8 30.5 24.5 P Sabodala Endeavour Mining Stream 6%, Fixed to 105,750 oz 9 32.7 22.6 18.3 4, 7, P Duketon Regis Resources NSR 2% 10.6 10.5 12.0 2, P MWS Harmony Gold Mining Stream 25% – 55.9 50.4 7 Other (76 assets) 39.4 22.8 16.5 Px13, Ax10, Ex53 Revenue – Precious Metals $1,548.7 $853.0 $950.9 Revenue ($ millions) Asset Operator Interest and % 1 2025 2024 2023 Notes Diversified Vale Vale 0.264% Iron Ore, 0.367% Copper/Gold, 0.147% Other 10 $36.7 $36.7 $35.1 Px3, Ex1 LIORC Rio Tinto GORR 0.7% Iron Ore, IOC Equity 1.5% 11 7.0 13.8 12.1 P Other Mining (102 assets) 12.4 13.2 8.2 Px9, Ax9, Ex84 United States (Energy) Permian Basin Various Various Royalty Rates 43.9 45.4 47.6 Px2 SCOOP/STACK Various Various Royalty Rates 42.0 31.4 33.1 Px3 Marcellus Range Resources GORR 1% 30.5 26.9 28.0 P Haynesville Various Various Royalty Rates 29.8 21.0 26.0 Px2 Other (2 assets) 0.3 0.3 0.3 Px1, Ex1 Canada (Energy) Weyburn Unit Whitecap Resources NRI 11.71%, ORR 0.44%, WI 2.56% 36.9 44.6 50.1 Px3 Orion Strathcona Resources GORR 4% 12.1 14.0 13.6 P Other (69 assets) 8.3 9.4 9.0 Px42, Ex27 Revenue – Diversified $259.9 $251.7 $268.1 Revenue from Royalty, Stream and Working Interests $1,808.6 $1,104.7 $1,219.0 Interest revenue and other interest income $14.2 $8.9 $− Total Revenue $1,822.8 $1,113.6 $1,219.0 TSX / NYSE: FNV Franco-Nevada Corporation ★ 11 10 ★ Franco-Nevada Corporation TSX / NYSE: FNV Overview Overview Overview