P O R C U P I N E Producing Location: Ontario, Canada | Operator: Discovery Silver Corp. | Precious Metals: Au | Royalty: NSR: 4.25% Franco-Nevada acquired a 4.25% net smelter return royalty on the producing Porcupine Complex in Timmins, Ontario in January 2025. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 28.2 $ − $ − M&I Resources (koz Au) 1 3,929 − − Inf. Resources (koz Au) 1 12,493 − − P&P Reserves (koz Au) 1 − − − M&I Royalty Ounces (000s) 1,2 160 − − Inf. Royalty Ounces (000s) 2 281 − − P&P Royalty Ounces (000s) 2 − − − 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 the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 2.25% plus an additional 2.0% on all minerals until royalty payments equal 72 koz of gold (attributable solely to the 2.0% NSR) Franco-Nevada acquired the royalty covering the full Porcupine Complex as part of a comprehensive financing transaction to support Discovery Silver Corp. (“Discovery Silver”) acquiring the complex from Newmont. The royalty consists of two tranches: (i) a 2.25% net smelter return royalty in perpetuity on all minerals; and, (ii) a 2.0% net smelter return royalty on all minerals until the earlier of: a) royalty payments equal to 72 koz of gold (attributable solely to the 2.0% NSR) or b) a cash payment equal to a pre-tax annual IRR of 12% in reference to a US$100 million attributable purchase price In addition to the royalty, Franco-Nevada provided a US$100 million senior secured loan available to be drawn for a period of two years from closing and c.US$49 million in equity of Discovery Silver. In September, 2025, after arranging a credit facility with a syndicate of commercial banks, Discovery Silver terminated the loan, which remained undrawn as of the date of termination. In April 2025, Discovery Silver completed the acquisition of the complex, forecasting a 22-year mine life with average annual gold production of 285 koz per year over the next 10 years. Discovery Silver expects to produce between 260–300 koz of gold in 2026 compared to 234 koz produced in 2025, reflecting higher output at Hoyle Pond and Borden, as well as increased production from open pit sources, including both Pamour and Hollinger. An updated technical report for the Porcupine complex is expected in late 2026. There is significant expansion potential at the complex, including the Dome open pit project which alone hosts a further 11.0 Moz of gold in Inf. Resources not currently in the mine plan. A study on the Dome mine and mill is targeted for completion in late 2026, which could add an additional 200–250 koz per year to the mine plan. Discovery Silver reported strong exploration results at all operations in 2025, including multiple high-grade intersections from resource conversion and extension drilling at Hoyle Pond and Borden, favourable drill results within and along strike of current resources at Pamour, and encouraging results from district exploration drilling at Owl Creek. Exploration drilling in 2026 is set to target resource conversion and expansion, confirming and upgrading Inf. Mineral Resources, and district exploration. In March 2026, Discovery Silver announced the acquisition of Glencore’s Kidd Operations. The acquisition supports Discovery’s vision of doubling gold production in Timmins to over half a million ounces per year. The added Kidd milling capacity, including the addition of at least one new gold circuit, is expected to be sufficient for future planned tonnage from Pamour, Borden and Hoyle Pond, as well as for processing mineralization from TVZ. This configuration would then allow the Dome mill to process mineralization from the adjacent Dome mine following an anticipated resumption of mining operations. Existing Timmins West 2.25% Royalty Area 180 km to Borden West Timmins Thunder Creek 144 Gap Zone West Cache Buffalo Ankerite Timmins Porcupine Redstone Bell Creek Hollinger OP Crusher Mill Dome OP Pamour OP Hoyle Pond Kidd Met Site Whitney Aquarius 101 Borden Royalty Area Borden Chapleau N kilometer 10 0 101 Internal Haul Road Discovery Silver asset Open Pit Mine 3rd party asset Discovery Silver Lease Application Discovery Silver License Porcupine Royalty Area 4.25% NSR N kilometer 5 0 G R E E N S T O N E Producing Location: Ontario, Canada | Operator: Equinox Gold Corp. | Precious Metals: Au | Royalty: NSR: 3% Franco-Nevada acquired a 3% NSR on Greenstone as part of its acquisition of a portfolio of approximately 20 royalties from Barrick in November 2013. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 22.3 $ 9.2 $ − M&I Resources (koz Au) 1 7,918 7,918 7,008 Inf. Resources (koz Au) 1 2,763 2,763 3,072 P&P Reserves (koz Au) 1 5,700 5,700 5,539 M&I Royalty Ounces (000s) 1,2 238 238 210 Inf. Royalty Ounces (000s) 2 83 83 92 P&P Royalty Ounces (000s) 2 171 171 166 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 the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 3.0% is applicable The Greenstone mine is operated by Equinox Gold Corp. (“Equinox Gold”). Equinox Gold consolidated 100% ownership of the property in May 2024. An updated technical report was released in March 2026 (which has an effective date of December 31, 2025 and supersedes the Mineral Reserve and Mineral Resource in the table above), outlining a total P&P Mineral Reserve of 5.33 Moz of gold (179 Mt at 0.93 g/t). The March 2026 updated technical report outlined a 27 ktpd processing facility and open pit mining operation with an initial mine life of 19 years. Under this new plan, gold production is expected to average 320 koz per annum over a 10-year period (2026 to 2036). Equinox Gold achieved commercial production at Greenstone in November 2024, having produced a total of 111,717 oz of gold during its first partial year of operations in 2024. In 2025, the mine produced 223,843 oz of gold, which was in line with its revised guidance of 220–260 koz. For 2026, Equinox Gold expects Greenstone to produce between 250–300 koz of gold as it continues to ramp up toward full design capacity. The underground potential at the Greenstone mine represents a significant organic growth opportunity for Equinox Gold, though it is not yet included in the current mine life economics. The higher-grade underground resources could potentially extend the mine’s life and increase annual production, with potential for the mill throughput to be increased towards 30 ktpd. Salsberg Ashmore McKelvie Lindsey Parent Errington Ontario Greenstone Mosher Shaft SP Zone Hardrock Geraldton Other Royalty Claims Other Royalty Claims FNV Royalties Mineralized zones Excluded from Royalty Greenstone 3% NSR kilometer 3 0 N 3% NSR Producing gold operation from a well-established complex Extensive exploration program and expansion potential Operated by a proven management team in the region The operator currently has a 22-year mine plan. Inf. Resources could support production for a further 44 years Commercial production achieved in November 2024 Expected to produce 320 koz per annum during the first ten years Underground potential outside of the initial mine life The operator currently has a 19-year mine plan. M&I Resources could support production for 25 years and Inf. Resources for a further 9 years TSX / NYSE: FNV Franco-Nevada Corporation ★ 53 52 ★ Franco-Nevada Corporation TSX / NYSE: FNV Canada Canada