B A L D M O U N T A I N Producing Location: Nevada, United States | Operator: Kinross Gold Corporation | Precious Metals: Au | Royalty: NSR / GR: 0.875–5% The Bald Mountain mine lies within the Southern Ruby Mountains of northeastern Nevada along the southern extension of the prolific Carlin Trend, 110 km southeast of Elko. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 20.6 $ 16.8 $ 11.7 M&I Resources (koz Au) 1 3,773 3,856 4,175 Inf. Resources (koz Au) 1 790 571 489 P&P Reserves (koz Au) 1 1,225 1,173 489 M&I Royalty Ounces (000s) 1,2 112 119 157 Inf. Royalty Ounces (000s) 2 21 14 18 P&P Royalty Ounces (000s) 2 26 23 19 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 Reserves (100% in 2024, 100% in 2023) and 99% of Mineral Resources (inclusive of Mineral Reserves) (99% of Mineral Resources inclusive of Mineral Reserves in 2024, 99% in 2023 exclusive of Mineral Reserves) are subject to our royalty interest and estimates an average rate of 2.15% is applicable for Mineral Reserves (1.92% in 2024, 3.79% in 2023), 3.01% is applicable for M&I Mineral Resources (inclusive of Mineral Reserves) (2.53% in 2024, 3.79% in 2023 exclusive of Mineral Reserves) and 2.72% is applicable for Inf. Mineral Resources (2.53% in 2024, 3.79% in 2023) Ore is sourced from multiple open pits over an estimated 600 km 2 property with processing at multiple conventional heap leaching facilities. Bald Mountain is the largest private mining land package in the U.S. It stretches 40 km north to south and 15 km east to west and is divided in three zones: North Zone, South Zone and JV Zone. Franco-Nevada’s Bald Mountain royalties cover a significant portion of the Bald Mountain property. Royalty rates range from 0.875%–5% NSR/GR. A detailed map of the royalties is shown in the schematic. At the end of 2015, Kinross Gold Corporation (“Kinross”) purchased from Barrick 100% of the North and South Zones while forming a 50/50 exploration joint venture partnership with Barrick on the JV Zone in between the North and South Zones. During 2018, Kinross acquired the remaining 50% portion of the JV Zone that it did not already own and is now the 100% owner of the full property. In 2025, 12.7 Mt of ore were placed on pads at Bald Mountain at a grade of 0.42 g/t versus 18.4 Mt of ore at a grade of 0.48 g/t in 2024. Bald Mountain produced 179,169 oz in 2025, comparable to the 181,047 oz produced in 2024. The decrease in ounces placed on the heap leach pads and grade were offset by the timing of ounces recovered from the heap leach pads. In December 2024, Kinross converted approximately 1.0 Moz to reserves, and made the decision to proceed with mining of Phase 1 at the Redbird pit. Following the success of Phase 1, in January 2026 the Company announced that it would be proceeding with the development of Redbird 2. The Redbird 2 project consists of Phase 2 of the Redbird pit along with five additional satellite pits that combined are expected to incrementally produce a total of approximately 640,000 gold oz. First production at Redbird 2 is expected in 2028, with average production of approximately 155,000 gold oz per year between 2028– 2031. This extends production at Bald Mountain until early 2032. The project leverages the existing infrastructure, equipment, and workforce at Bald Mountain, continuing the long history of successful open pit heap leach operations on the extensive land package of which Franco-Nevada royalties cover 99% of the 2025 year-end resource. With a M&I Resource of 145 Mt at a grade of 0.5 g/t containing 2.5M gold oz and a pipeline of high-quality targets, Kinross is exploring further opportunities for additional resource conversions and exploration success. S T I L L W A T E R Producing Location: Montana, United States | Operator: Sibanye Stillwater Limited | Precious Metals: PGM | Royalty: NSR: 5% The Stillwater complex in Eastern Montana is comprised of the Stillwater mine (West and East) and East Boulder mine and is operated by Sibanye Stillwater Limited (“Sibanye-Stillwater”). 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 15.4 $ 21.2 $ 26.1 M&I Resources (koz PGM) 1 39,800 38,100 44,100 Inf. Resources (koz PGM) 1 41,100 41,100 43,700 P&P Reserves (koz PGM) 1 19,400 19,000 26,300 M&I Royalty Ounces (000s) 1,3 675 570 886 Inf. Royalty Ounces (000s) 2,3 697 615 878 P&P Royalty Ounces (000s) 2,3 329 284 529 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 98% of the Mineral Resources and Mineral Reserves are subject to our royalty interest 3 Given more significant smelting and refining charges, Franco-Nevada estimates an average rate of 4.50% is applicable (assuming 10% for charges) and PGM ounces converted into Royalty Ounces assuming $2,000/ounce Pt and $1,650/ounce Pd ($950/ounce Pt and $950/ounce Pd in 2024, $850/ounce Pt and $900/ounce Pd in 2023) Production began in 1986 at the Stillwater mine and in 2002 at the East Boulder mine. In 2014, the operator commenced the Blitz project which included developing a third access at Stillwater East. The production from the PGM orebodies is primarily palladium and platinum (“2E PGM”), representing 78% and 22%, respectively. Sibanye Gold Limited acquired Stillwater Mining Corporation in May 2017. Franco-Nevada has a 5% NSR royalty on all commercially recoverable metals produced from 810 of the 1,712 claims that cover the Stillwater complex. The amount of the royalty is reduced by permissible “onward processing” deductions, which have averaged between 10–15% of revenue over the last several years. Based on Franco-Nevada’s estimates, the NSR royalty currently covers 97% of the Stillwater Mineral Reserves and 100% of the East Boulder Mineral Reserves. Franco-Nevada’s royalty covers all current mining activity at Stillwater as the partial coverage only applies to Stillwater West, which was put on care and maintenance at the end of 2024. 2025 production decreased to 284,069 2E PGM ounces compared to 425,842 2E PGM ounces in 2024 due to restructuring of the operations in Q4 2024. The restructuring placed the Stillwater West mine on care and maintenance, with production focusing on lower volume, higher margin production from the East Boulder and Stillwater East mines. Production for 2026 is forecasted to be between 280 and 300 2E PGM koz as the operation continues to focus on lowering the cost structure to support sustained profitability. Sibanye-Stillwater announced in April 2026 plans to implement full in-stope mechanisation to drive productivity enhancements. This plan is expected to increase annual production to approximately 410 2E PGM kozpa by 2029 at unit costs of $1,000/2E PGM ounce. Stillwater West is expected to remain in care and maintenance during this period and provides future optionality and upside. The recent Section 45X tax credits as well as possible tariffs on Russian palladium could further support margins and production growth at the operations. The Stillwater and East Boulder reserves support a long mine life in excess of 35 years. Stillwater Wyoming AB SK MB North Dakota Nebraska Idaho Utah Colorado Montana South Dakota Stillwater Complex 5% NSR mile 0 1 N Franco- Nevada Royalty Franco- Nevada Royalty East Boulder Portal Site East Boulder Adit Stillwater Mill Site Camp Lake Boulder River East Boulder River Dry Fork Creek Lewis Gulch West Fork Stillwater Stillwater River Limit of Claims Sweetgrass Co. Park Co. Stillwater Co. Sweetgrass Co. County line Long Section (Not to scale) Plan View Stillwater East (Blitz) Stillwater West East Boulder Mine Non-Royalty mill area Lower Stillwater East (Lower Blitz) Current and future planned production layouts Franco-Nevada Royalty Land Large land package and significant exploration upside The operator currently has a 7-year mine plan. M&I Resources could support production for 24 years and Inf. Resources for a further 5 years FNV Royalties Excluded from Royalty Pits/Deposits * Subject to possible reduction by third-party royalty North Block South Block Galaxy Poker Flats Bida Saga Yankee Targets Lux/Vantage Targets Top Sage Flats Belmont Horseshoe 4% NSR 4% NSR 4% NSR 4% NSR 4% NSR * 4% NSR * 4% NSR * 4% NSR * 4% NSR * 4% NSR * 4% NSR * 0.875 to 1.75% NSR 2.418% NSR Royale 1%-5% GR Redbird 5 1 LJ Ridge Banghart South Ridge Rat North Duke South Duke 2/3 1%-5% GR Winrock Bald Mountain Oregon Idaho Utah Nevada California Arizona Mexico Pacific Ocean Bald Mountain 0.875–5% NSR / GR kilometer 2 0 N Only primary PGM producer in the U.S. Production likely to recover from current levels provided PGM prices remain robust The operator currently has a 35-year mine plan. M&I Resources could support production for 80 years and Inf. Resources for a further 83 years TSX / NYSE: FNV Franco-Nevada Corporation ★ 79 78 ★ Franco-Nevada Corporation TSX / NYSE: FNV United States United States