A R T H U R G O L D Advanced Location: Nevada, United States | Operator: AngloGold Ashanti plc | Precious Metals: Au | Royalty: NSR: 1% The Arthur Gold Project, located in the Beatty Mining District of southern Nevada, consists of the Silicon and Merlin deposits and represents an emerging tier - one gold asset in a stable and supportive mining jurisdiction. 2025 2024 2023 Revenue to Franco ‑ Nevada ($ million) $ – $ – $ – M&I Resources (koz Au) 1 9,350 – – Inf. Resources (koz Au) 1 6,340 – – P&P Reserves (koz Au) 1 4,940 – – M&I Royalty Ounces (000s) 1,2 97 – – Inf. Royalty Ounces (000s) 2 65 – – P&P Royalty Ounces (000s) 2 50 – – 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 99% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates an average rate of 1.0% is applicable. Silver has been converted assuming $4,500/oz gold and $75.00/oz silver The Arthur Gold Project comprises the Silicon and Merlin deposits and was formerly known as the Expanded Silicon Project. Following the successful completion of a concept study in 2023, the project advanced to a pre-feasibility study centred on the Merlin deposit. This work, supported by extensive drilling and optimisation studies, resulted in a first-time Probable Mineral Reserve of 4.9 Moz of gold (88 Mt at 1.75 g/t) and 7.8 Moz of silver (88 Mt at 2.76 g/t) as at December 31, 2025. In addition to the reported Mineral Reserves, the Arthur Gold project has M&I Resources of 4.4 Moz of gold (164.1 Mt at 0.84 g/t) and 17.6 Moz of silver (164.1 Mt at 3.33 g/t) as well as Inf. Mineral Resources of 6.3 Moz of gold (219.8 Mt at 0.90 g/t) and 16.0 Moz of silver (219.8 Mt at 2.26 g/t). The pre-feasibility study supports an initial 9-year mine life with average annual gold production of ~500 koz, with production front-loaded of approximately 800 koz per year. The project is predominantly oxide mineralisation (>95%) and envisions conventional processing flowsheets. Development plans include an integrated operation featuring a 7 Mtpa milling facility, a 5.5 Mtpa crushed heap - leach circuit, and open - pit mining using electric rope shovels and ultra - class haul trucks. To ensure environmental stewardship, the Arthur Gold Project plans to use filtered, dry-stacked tailings for enhanced water conservation. AngloGold Ashanti plc (“AngloGold Ashanti”) is forecasting $111 million of capital expenditures on the definitive feasibility study in 2026. A total of 104 kms were drilled during 2025 and drilling programs remain underway with the aim to convert additional mineral resource, expand the mineralized footprint and support additional technical studies. The pre-feasibility study is expected to be presented to the AngloGold Ashanti Board of Directors for approval to transition to the feasibility study phase in June 2026. Arthur Gold Oregon Idaho Utah Nevada California Arizona Mexico Pacific Ocean Arthur Gold 1% NSR 5 0 kilometers N Royalty Lands Resource Footprint Silicon Merlin Motherlode SNA Secret Pass Daisy West Daisy South Sterling Highway 95 Highway 95 Gold Center Beatty One of the largest ever greenfield discoveries in the U.S. with significant resource expansion potential Likely developed by AngloGold Ashanti into a tier-one gold asset in a stable and supportive jurisdiction The operator currently has a 9-year mine plan. M&I Resources could support production for 19 years and Inf. Resources for a further 13 years TSX / NYSE: FNV 88 ★ Franco-Nevada Corporation United States