GEOs 2025 Actuals 519K GEOs 2030 Outlook¹ 555K–615K GEOs Potential growth of 150k–175k GEOs if Cobre Panamá restarts at full capacity • Stibnite Gold • Cascabel • Copper World • Eskay Creek • Taca Taca • Vale • Antapaccay/ Coroccohuayco • Magino • Detour Lake • Castle Mountain • Candelaria • Antapaccay + New mines + Expansions - Step-downs 1 2026 Guidance and 2030 Outlook estimate as provided in March 2026 (excluding Cobre Panamá) 2 Potential: ~$3.1B Available Capital to deploy 3 See Long-Term Optionality charts below 1 Royalty Ounces are 100% attributable to Franco-Nevada. See Long-Term Optionality charts on page 16 for additional information and qualifications related above 2 As at March 31, 2026 1 Potential Annual Contribution provides FNV’s conceptual estimate of potential GEOs that could be delivered to FNV in any given year post 2030. Such estimate assumes all projects being developed and uses current public disclosures on Mineral Reserves and Mineral Resources and potential mine production plans, where available 2 Information on calculation of Royalty Ounces and additional Advanced and Exploration assets can be found in this Asset Handbook. Royalty Ounces presented for the year ending December 31, 2025 3 FNV views the recent agreement with the T ŝ ilhqot’in Nation as a positive development and has POTENTIAL ANNUAL CONTRIBUTION LONG-TERM ROYALTY OUNCES + over 230 additional assets New Prosperity 3 (Au) Cascabel NSR + Stream (Au) Other Volcan (Au) AurMac (Au) Heva Hosco (Au) Kerr-Addison (Au) Holt (Au) Vizcachitas (Cu) Porcupine (Dome) (Au) Rogozna (Au, Ag, Zn) Arthur Gold (Au) Mineral Point (Au, Ag) Ring of Fire (Cr, Ni) Pascua-Lama (Au) Conga (Cu, Au) ~5.8M M&I + ~2.0M Inferred Royalty Ounces New Prosperity (Au) Cascabel NSR 4 + Stream (Au) Other Volcan (Au) Holt (Au) Vizcachitas (Cu) Porcupine (Dome) (Au) Rogozna (Au, Ag, Zn) Arthur Gold (Au) Conga (Cu, Au) Ring of Fire (Cr, Ni) Pascua-Lama (Au) AurMac (Au) Heva Hosco (Au) Kerr-Addison (Au) Mineral Point (Au, Ag) ~222,000 GEOs 1 included the historic resource in this Asset Handbook. However, the New Prosperity Technical Report has not been updated since 2009. FNV is not treating the New Prosperity Royalty Ounces as current and caution is advised when assessing the reliability of such resources. Royalty Ounces were not calculated for New Prosperity in the prior year Asset Handbook due to the uncertainty surrounding its development 4 Represents incremental contribution from Cascabel stream and NSR at full production net of the buyback. Franco-Nevada has the option to convert the Cascabel royalty to a gold NSR for a period of time once the asset is producing 0 20 40 60 80 100 120 2025 2008 – 2025 2007 Gold Reserves 2 at time of IPO Proven and Probable Mineral Reserves (Moz) >55 Moz gold produced IPO $1.2B paid for portfolio Gold Reserves 2 of same assets as reported December 2025 Reserves increase at no cost >$2.7B 3 revenue to Franco-Nevada from portfolio 3.6x increase 4 1 Exploration assets listed on pages 108–111 2 Total gold reserves associated with the top 37 assets at the time of IPO (not adjusted for FNV royalty ownership). All Mineral Reserves have been calculated in accordance with CIM or acceptable foreign codes for the purposes of NI 43-101, including Regulation S-K 1300, SEC Industry Guide 7, JORC, or SAMREC guidelines 3 Revenue from original FNV portfolio includes gold, platinum and palladium revenue as at December 31, 2025 4 Calculation includes depletion 2030 Updated and Potential Cobre Panamá Available Capital² Total Inventory 1 : • M&I (incl.) Royalty Ounces • Inferred Royalty Ounces • Cobre Panamá and New Prosperity potential • Excludes 230 exploration/smaller projects Potential Value of Total Inventory: • 27.5 Moz @ $4,500/oz gold 2 = $123.8B • CF from Energy Assets largely offsets tax FNV Enterprise Value: • $47.8B 2 @ $247/share Exploration Potential Long-Term Potential Long-Term Options ~222k GEOs Annually³ 510K–570K GEOs 2026 Guidance¹ Assets that have the potential to sustain or continue our growth beyond our 5-year outlook L O N G - T E R M O P T I O N A L I T Y Assets that have the potential to sustain or continue our growth beyond our 5-year outlook. G O L D A T A D I S C O U N T Stock trades at a significant discount to the value of the already identified gold inventory. G R O W T H O U T L O O K Growth reflected in our 2026 guidance, 5-year outlook and the longer-term growth drivers. A D D I T I O N A L E X P L O R A T I O N O P T I O N A L I T Y The 3.6x growth in reserves of our IPO portfolio over 18 years illustrates the potential future growth of our current portfolio. $47.8B $123.8B $0 $20 $40 $60 $80 $100 $120 $140 FNV Enterprise Value Exploration Potential Total Inventory Value TSX / NYSE: FNV Franco-Nevada Corporation ★ 17 16 ★ Franco-Nevada Corporation TSX / NYSE: FNV Overview Overview Overview