Kiziltepe, Türkiye W I L U N A Producing Location: Australia | Operator: Wiluna Mining Corporation Limited | Precious Metals: Au | Royalty: NSR: 3.6% Franco-Nevada holds a 3.6% NSR royalty on all gold production from the Wiluna Gold Project in Western Australia, encompassing the entire 1,150 km 2 property. Discovered in 1896, Wiluna has yielded more than 4.0 Moz of gold to date, with production occurring almost continuously from 1987 through 2022. The site features a 2.1 Mtpa CIL treatment plant and has processed ore from multiple open pit and underground deposits. Wiluna Mining Corporation Limited (“WMC”) commissioned a 750 ktpa Sulphide Ore Concentrate Plant in 2021; however, WMC entered Voluntary Administration on July 20, 2022. Mining activities ceased on December 14, 2022, while stockpile processing extended until February 2023. Wiluna gold resources total 7.0 Moz and gold reserves total 345 koz. Franco-Nevada entered into a Forbearance and Convertible Note Deed with the Administrators of WMC in August 2023. Under this agreement, royalty payments continue to accrue to Franco-Nevada from August 2023 to December 2024, but Franco-Nevada agreed not to enforce its rights under the royalty agreement while WMC seeks to recapitalize and relist on the ASX. Royalty payments resumed on January 1, 2025. Throughout 2025, small-scale tailings reprocessing took place to help offset ongoing care and maintenance expenses. Wiluna’s total gold production in 2025 amounted to 20,932 oz and Franco-Nevada received $4.2 million of royalty revenue from Wiluna in 2025. WMC’s Voluntary Administration concluded on December 31, 2025 and control transitioned to WMC’s board of directors. M&I Resources could support production for 25 years and Inf. Resources for a further 34 years 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 3.6% is applicable K I Z I L T E P E Producing Location: Türkiye | Operator: Zenit Madencilik San. ve Tic. A.S. | Precious Metals: Au & Ag | Royalty: NSR: 2.5% Franco-Nevada has a 2.5% NSR on the Kiziltepe gold-silver mine located in Türkiye which started production in 2017. Kiziltepe is operated by Zenit Madencilik San. ve Tic. A. Ș ., a joint venture owned by Özaltın Holding A. Ş . (53%), Ariana Resources PLC (23.5%), and Proccea Construction Co. (23.5%). Zenit operates both the Kiziltepe and Tav ş an mines; however, Tav ş an is not subject to Franco-Nevada’s royalty. During 2024 to 2025, ore from both Kiziltepe and Tav ş an was processed through the Kiziltepe processing plant. The Kiziltepe mine produced 20,866 oz of gold in 2024. In 2025, combined production from the Kiziltepe and Tav ş an mines totaled 19,517 oz of gold and 70,673 oz of silver. Franco-Nevada estimates that approximately 60% of 2025 production was sourced from Kiziltepe. Starting in 2026, Tav ş an has operated as a standalone heap leach facility and no further production is expected at Kiziltepe. Further exploration is ongoing, with potential mine life extensions across multiple vein systems covered by Franco-Nevada’s royalty. 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 2.5% is applicable P A N D O R A Producing Location: South Africa | Operator: Sibanye Stillwater Limited | Precious Metals: PGM | Royalty: NSR: 1% Franco-Nevada’s 1% Pandora NSR covers part of Sibanye-Stillwater’s Marikana operations within their Western Limb PGM Mining Operations in South Africa. In February 2025, the 5% net profit interest previously held by Franco-Nevada on the Pandora property was converted to a 1% net smelter return royalty, with an effective date of January 1, 2025. Sibanye-Stillwater’s Pandora property forms a portion of its Marikana operations and is 100% owned following its acquisition of Lonmin plc (“Lonmin”) in June 2019 and includes the currently operating E3 decline. The royalty ground includes extensive underground resources. Sibanye-Stillwater has identified a number of projects in various stages of pre-feasibility and feasibility studies which have the potential to meaningfully extend the mine life and substantially increase production levels from the royalty ground. These projects include an extension of the E3 decline and development of the E4 project that would substantially increase production levels. In addition, some ore that would likely be accessed longer term from the Saffy shaft also fall on the royalty ground. For Royalty Ounce calculation, please refer to page 93 for the Western Limb table, map and notes which includes the 1% NSR on Pandora S I S S I N G U É Producing Location: Côte d’Ivoire | Operator: Perseus Mining Limited | Precious Metals: Au | Royalty: NSR: 0.5% In 2013, Franco-Nevada acquired a 0.5% NSR on tenements that comprise the Sissingué gold project located in Côte d’Ivoire operated by Perseus. The project is comprised of the Sissingué Gold Mine (“SGM”) and the satellite deposits Fimbiasso and Bagoé, located approximately 40 kilometres from the Sissingué processing facilities. Franco-Nevada’s royalty covers SGM, which includes the Airport West target, but does not cover the Fimbiasso and Bagoé claims. Perseus commenced commercial gold production in 2018 and reported 2025 calendar year production from Sissingué of 53,411 ounces of gold. Perseus has set a production target of 78–87 koz of gold for their 2026 financial year, which ends June 30, 2026, and has also guided 265–275 koz of gold production in their five-year outlook, as of June 2025. It is expected that approximately 55% of the metal production in the June 2025 five-year plan will come from Sissingué, with the remainder coming from the Fimbiasso and Bagoé claims. As of February 2026, Perseus announced that the mine life for Sissingué could extend to 2030. This would include continued mining at Sissingué Stage 4, commencement of new mining areas at Bagoé and Airport West in 2026, and the Sissingué Stage 5 cutback in 2027. Production in the latter years was forecast to come primarily from the Fimbiasso and Bagoé satellite deposits, which is not covered by Franco-Nevada’s royalty. At the Sissingué Gold Mine and Fimbiasso Satellite Pits, ongoing exploration continues to identify extensions to existing mineral deposits and other prospects that have significant potential to extend the life of the Sissingué operation. Recent drilling has focused on resource definition and infill programs at Airport West and the Sissingué Main Pit, with approximately 3,000 meters of RC and diamond drilling completed in the 2025 reporting period. Grade control drilling at the Sissingué Main Pit has continued to discover additional material, though mining of narrow structures has led to higher dilution and lower grades than predicted by block models. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves at Sissingué are subject to our royalty interest and estimates a rate of 0.5% is applicable TSX / NYSE: FNV Franco-Nevada Corporation ★ 103 102 ★ Franco-Nevada Corporation TSX / NYSE: FNV Rest of World Rest of World