S U B I K A ( A H A F O ) Producing Location: Ghana | Operator: Newmont Corporation | Precious Metals: Au | Royalty: NSR: 2% Franco-Nevada has a 2% NSR royalty which covers a 78 km 2 area on the southern portion of Newmont’s Ahafo South mine in Ghana (shown in the schematic). Ahafo South is a separate mine from Newmont’s Ahafo North mine which is located 30 km to the north. 2025 2024 2023 Revenue to Franco ‑ Nevada ($ million) $ 45.4 $ 34.7 $ 19.4 M&I Resources (koz Au) 1 9,500 8,400 8,600 Inf. Resources (koz Au) 1 2,000 1,300 1,600 P&P Reserves (koz Au) 1 4,100 4,600 5,100 M&I Royalty Ounces (000s) 1,2 58 61 66 Inf. Royalty Ounces (000s) 2 12 9 12 P&P Royalty Ounces (000s) 2 39 51 63 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 48% of Mineral Reserves (55% in 2024, 62% in 2023), 31% of the M&I Mineral Resources (36% in 2024, 38% in 2023) and 31% of the Inf. Resources (36% in 2024, 38% in 2023) are subject to our royalty interest and estimates an average rate of 2.0% is applicable The 2% NSR is payable on all ounces produced from the Rank (formerly Ntotoroso) concession. The majority of the Subika deposit, the northern portion of the Awonsu deposit, and the southern tip of the Amoma deposit fall within the Rank mining lease boundary. It is estimated that 48% of project reserves as of December 31, 2025, fall on Franco-Nevada’s royalty ground. In 2025, Ahafo South produced 664 koz of gold compared with 798 koz in 2024. Ahafo production in 2026 is expected to be 440 koz of gold, decreasing relative to 2025 as mining activities in the Subika open pit were completed as planned in Q3 2025. Newmont continues to increase its investment in exploration and advanced projects, including at the Subika underground. Exploration beneath the Subika open pit (majority on royalty ground) and Apensu open pit (not on royalty ground) continues to highlight the potential for the next phase of high grade underground growth at Ahafo South. This is expected to meaningfully extend the life of the Subika underground mine (majority on royalty ground), with additional upside from deeper and lateral extensions utilizing existing surface infrastructure and processing capacity. Subika, Ghana Subika (Ahafo) NSR: 2% N Note: not to scale Mina Justa Atlantic Ocean Burkina Faso Cote D’ivoire Togo Benin Nigeria Niger Mali Algeria Subika Ghana 2% NSR Awonsu Apensu Subika Plant and Offices Ntotoroso Amoma Kenyase FNV Royalties Deposits Estimate 48% of Ahafo South reserves fall on royalty ground Exploration success expected to extend the life of the Subika UG mine The operator currently has a 8-year mine plan. M&I Resources could support production for 22 years and Inf. Resources for a further 5 years TSX / NYSE: FNV 94 ★ Franco-Nevada Corporation Rest of World