G O L D F I E L D S Advanced Location: Saskatchewan, Canada | Operator: Fortune Bay Corp. | Precious Metals: Au | Royalty: NSR: 2% The Goldfields project consists of two gold deposits, the Box and Athona deposits, located approximately 13 km south of Uranium City in northern Saskatchewan. Franco-Nevada holds a 2% NSR royalty that covers both deposits. Brigus Gold Corp., which previously advanced the project, was acquired by Primero Mining Corp. in 2014. The Goldfields project was not part of the acquisition and was subsequently spun out into Fortune Bay Corp. (“Fortune Bay”). In September 2025, Fortune Bay released the results of an updated Preliminary Economic Assessment (“PEA”) for the Box and Athona deposits. The study outlines a conventional open - pit mining operation with a standard free milling flowsheet producing 896 koz of gold over a 14-year mine life. An updated Mineral Resource accompanying the September 2025 PEA outlines an Indicated Mineral Resource of approximately 1.0 Moz of gold (24.0 Mt at 1.28 g/t) and an Inf. Mineral Resource of approximately 0.2 Moz of gold (7.4 Mt at 0.90 g/t). Mineralization at both the Box and Athona deposits remains open at depth. In January 2026, Fortune Bay announced that it was advancing the Goldfields project through permitting and engineering activities, with the objective of progressing toward a Pre - Feasibility Study. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 2.0% is applicable C O U R A G E O U S L A K E Advanced Location: Northwest Territories, Canada | Operator: Seabridge Gold Inc. | Precious Metals: Au | Royalty: NSR: 1.02% The Courageous Lake project is an advanced-stage gold development project located in the Northwest Territories, Canada. In January 2024, Seabridge Gold Inc. (“Seabridge”) released the results of an updated pre-feasibility study for the Courageous Lake project, superseding the previous study completed in 2012. The study estimates Mineral Reserves of 2.8 Moz of gold (33.9 Mt at 2.61 g/t at the FAT deposit) and projects average annual production of 201 koz of gold over a mine life of 12.6 years. The pre-feasibility study outlines an updated open - pit mine plan with a less capital-intensive design, a lower strip ratio, higher average grade and a smaller mine footprint relative to the prior study. The PFS contemplates a single open - pit mining operation with on - site processing, including pressure oxidation and cyanide leaching of flotation concentrate to produce gold doré. The mine plan utilizes less than 30% of the project’s M&I gold resources, providing potential for future mine life extensions. This project covers approximately 2 km of a greenstone belt that stretches 53 km, and the FAT deposit is one of Canada’s largest undeveloped gold deposits by reserves. The property also hosts the Walsh Lake deposit, an Inf. Mineral Resource of approximately 4.1 Mt at 4.18 g/t gold, located approximately 10 km south of the larger FAT deposit. Earlier metallurgical testing indicated that the Walsh Lake material is free-milling. Based on these factors, the Walsh Lake deposit could be mined prior to constructing the processing plant required for the larger, refractory FAT deposit thereby improving the overall economics of the Courageous Lake project. Seabridge also published a Preliminary Economic Assessment (“PEA”) in 2024, demonstrating the potential to extend the asset’s mine life by an additional 15.9 years at 205 koz of gold per year through the inclusion of additional resources. In December 2025, Seabridge announced its intention to spin out the Courageous Lake project into a dedicated public company, Valor Gold Corp., which would assume operatorship upon completion of the transaction. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates an average rate of 1.02% is applicable M O N U M E N T B A Y Advanced Location: Manitoba, Canada | Operator: ONGold Resources Ltd. | Precious Metals: Au | Royalty: NSR: 2–3% In December 2024, ONGold Resources Ltd. (“ONGold”) acquired the Monument Bay project from Agnico Eagle, who previously acquired the project as part of the acquisition of Yamana’s Canadian assets. As of April 2026, Agnico Eagle currently maintains a 12% share ownership in ONGold following the transaction. The Monument Bay project is located in Manitoba, approximately 570 km northeast of Winnipeg adjacent to the Ontario border and consists of 136 contiguous claims. Franco-Nevada holds a 2% NSR royalty on the first 1.0 Moz produced and a 3% NSR on any additional production. Yamana acquired the project from Mega Precious Metals Inc. in 2015 and in 2018, Yamana signed an Exploration Agreement with Red Sucker Lake First Nations in relation to the Monument Bay exploration site. In both 2020 and 2021, Yamana focused on exploring high-grade extensions of the main mineralized structure and on targets surrounding the Twin Lakes shear zone. Agnico Eagle reported an Indicated Mineral Resource of 1.8 Moz of gold (36.6 Mt at 1.52 g/t) and an Inf. Mineral Resource of 1.8 Moz of gold (41.9 Mt at 1.32 g/t) as of year-end 2022. In February 2025, the Red Sucker Lake First Nations invited ONGold to resume exploration on the project and field work was restarted in July 2025 under a framework agreement and the community’s consultation protocol. Throughout 2025, ONGold completed a ground Induced Polarization survey and a comprehensive field evaluation of 38 targets, confirming the Main Deposit, AZ/Central Zone, and the Mid-East Zone as high priorities, all of which are covered by Franco-Nevada’s royalty. In early 2026, the company concluded a strategic re-logging and infill sampling program of 83 historical drill holes (11,400 meters), yielding significant results such as 14.59 g/t gold over 9.6 meters. As of March 2026, ONGold initiated an updated NI 43-101 Mineral Resource for gold and tungsten, which will incorporate newly recovered tungsten assays to enhance project value. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates an average rate of 2.0% is applicable for the first 1.0 Moz produced and 3.0% on any additional ounces C R A W F O R D Advanced Location: Ontario, Canada | Operator: Canada Nickel Company Inc. | Metals: Ni, Co, Fe, Cr & PGM | Royalty: NSR: 2% Canada Nickel Company is advancing its Crawford nickel-cobalt sulphide project near Timmins, Ontario where Franco-Nevada holds a 2% NSR on all metals. Crawford represents one of the largest undeveloped nickel sulphide resources globally, containing 1,715 Mt of P&P Reserves at a grade of 0.22% nickel for 3.8 Mt of contained nickel. Crawford is the second project to be advanced under the Province of Ontario’s new One Project, One Process (“1P1P”) framework, which is designed to streamline the permitting process and timeline. Canada Nickel completed a bankable feasibility study for a large-scale open pit mining project in 2023. The study outlined a multi-phase operation ramping up from 60–120 ktpd of milling capacity to produce up to 48 ktpa of nickel over a 41-year mine life. The mine would also produce cobalt, chrome, iron and PGMs. Canada Nickel is advancing the project through the permitting process and has attracted investments from Anglo American, Agnico-Eagle, Samsung SDI and the Taykwa Tagamou Nation. Federal review of the Crawford Impact Statement is complete, with Canada Nickel targeting receipt of federal permits and full financing package in 2026. 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 2.0% is applicable. Franco-Nevada has also applied an NSR smelting charge of 30%. Nickel has been converted to Royalty Ounces assuming $7.39/lb ($7.89/lb in 2024, $7.89/lb in 2023) TSX / NYSE: FNV Franco-Nevada Corporation ★ 69 68 ★ Franco-Nevada Corporation TSX / NYSE: FNV Canada Canada