I S L A N D G O L D Producing Location: Ontario, Canada | Operator: Alamos Gold Inc. | Precious Metals: Au | Royalty: NSR: 0.62% In 2020, Franco-Nevada acquired an existing 0.62% NSR on the Goudreau Lake claims totaling 58 hectares covering the core of the Island Gold mine in western Ontario. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 2.0 $ 1.2 $ 0.8 M&I Resources (koz Au) 1 5,731 2,886 2,441 Inferred Resources (koz Au) 1 1,061 3,774 3,682 P&P Reserves (koz Au) 1 5,141 2,285 1,725 M&I Royalty Ounces (000s) 1,2 20 13 11 Inferred Royalty Ounces (000s) 2 3 11 10 P&P Royalty Ounces (000s) 2 18 11 9 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 57% of the Mineral Reserves (80% in 2024, 80% in 2023) and 56% Mineral Resources (75% in 2024, 75% in 2023) are subject to our royalty interest and estimates a rate of 0.62% is applicable The underground mine is operated by Alamos who acquired the operation in 2016. In the near term, Franco-Nevada expects a portion of Island Gold production to come from the royalty claims and it is estimated that approximately 56% of the inclusive Mineral Resources and 57% of the Mineral Reserves on the property are covered by Franco-Nevada’s royalty claims. Under Alamos, production for Island Gold and the adjacent Magino mine have been combined into the Island Gold District. Combined gold production from both Magino and Island Gold is expected to be between 290–330 koz in 2026, 380–420 koz in 2027 and 470–510 koz in 2028. The Island Gold mill currently continues to process approximately 1,265 tpd of high-grade ore, with excess underground production being blended with open pit ore at the Magino mill. Alamos released an updated Island Gold District (IGD) Expansion Study in February 2026 which finalized plans to increase total mill throughput at the Magino mill to 20 ktpd by early 2028. This expansion will support processing rates of 3 ktpd of high-grade underground ore from Island Gold and 17 ktpd from the Magino open pit. Once the 20 ktpd expansion is complete, the Island Gold mill will be shut down and decommissioned, with all district ore processed through the centralized Magino facility. Combined production is expected to increase to 534 koz of gold annually over 10 years post expansion. The Phase 3+ expansion at Island Gold is on track for completion in Q4 2026, with the shaft sinking having reached 1,350 m (98% of total depth) by early 2026. Mining rates are expected to reach 2 ktpd following the completion of the Phase 3+ shaft, increasing to 2.4 ktpd by 2027 and 3 ktpd by 2029. It is estimated that Island Gold will contribute approximately 340 kozpa of gold post ramp up and will run until 2040. Alamos continued to have exploration success at the Island Gold District in 2025, and 48,000 m of surface exploration drilling are being budgeted in 2026 targeting the area between the Island Gold and Magino deposits, as well as the down-plunge extension of the Island Gold deposit below a depth of 1,500 m. Franco-Nevada holds additional royalties in the Island Gold mining camp, including a 2% NSR royalty on the Edwards property located 4 km northeast of the Island Gold mine and a 0.75% NSR royalty on the Cline Lake property immediately adjacent to Edwards. Both of Franco-Nevada’s additional royalties in the mining camp are along strike and on the same geologic structure as the Island Gold mine. Alamos’ 2026 regional exploration program includes 16,000 m of surface drilling with a focus on following up on high-grade mineralization intersected at Cline and Edwards, including a 2025 highlight of 178.07 g/t gold over 3.54 m at Cline-Pick. FNV Royalties Mineral Resources UG Development Mineral Reserves Island East Island East Northern Zone Island Main Island Main Island West Island West Island Gold 0.62% NSR N metre 500 0 Oblique Longitudinal Section Shaft Quebec Ontario Island Gold T I M M I N S W E S T Producing Location: Ontario, Canada | Operator: Pan American Silver Corp. | Precious Metals: Au | Royalty: NSR: 2.25% Franco-Nevada’s Timmins West 2.25% NSR royalty covers a large land package of approximately 130 km 2 to the west of the City of Timmins, Ontario. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 4.2 $ 4.1 $ 4.1 M&I Resources (koz Au) 1 1,152 1,067 652 Inf. Resources (koz Au) 1 546 383 79 P&P Reserves (koz Au) 1 846 868 467 M&I Royalty Ounces (000s) 1,2 9 8 15 Inf. Royalty Ounces (000s) 2 3 2 2 P&P Royalty Ounces (000s) 2 7 7 11 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. For 2025 and 2024, Mineral Resources and Mineral Reserves include both Timmins West and Bell Creek. For 2023, Mineral Resources and Mineral Reserves include Timmins West only. For 2022 and 2023, Mineral Resources and Mineral Reserves include Timmins West only 2 For Royalty Ounce calculation, Franco-Nevada estimates 38% of the Mineral Reserves (37% in 2024, 100% in 2023), 33% of the M&I Mineral Resources (35% in 2024, 100% in 2023) and 20% of the Inf. Mineral Resources (24% in 2024, 100% in 2023) are subject to our royalty interest and estimates a rate of 2.25% is applicable (2.25% in 2024, 2.25% in 2023) The Timmins West property hosts the Timmins, Thunder Creek and 144 Gap deposits as well as the Gold River Trend exploration zone. Franco-Nevada acquired the royalty from Lake Shore Gold Corp. (“Lake Shore Gold”) in 2012. Lake Shore Gold was acquired by Tahoe Resources Inc. (“Tahoe Resources”) in April 2016, which was subsequently acquired by Pan American in February 2019. Under Pan American Silver, public reporting for both the Timmins West and Bell Creek underground mines has been consolidated into its Timmins operations (Franco-Nevada does not have a royalty on Bell Creek). Ore from both the Timmins West and Bell Creek mines is processed at the Bell Creek mill. Pan American Silver produced 103,600 oz of gold from its Timmins operations in 2025 versus 123,700 oz of gold in 2024. Pan American expects to produce between 105–115 koz of gold from its Timmins operations in 2026, reflecting mine sequencing into higher-grade zones. Based on 2025 production, Franco-Nevada estimates that Timmins West will account for approximately 50% of Timmins production in 2026. Pan American Silver holds a significant land position in the Timmins Camp. The operations have a history of extending mine life through exploration success. Recent exploration success at the Samson Zone southwest of the 144 Gap deposit demonstrates significant upside potential for the property. Bell Creek Mine & Mill Destor-Porcupine Fault Burrows Benedict Fault Mattagami River Fault Bell Creek Complex Timmins Deposit Thunder Creek Deposit Gold River Trend 144 Gap Zone Deposit Timmins West Timmins Dome Mine Hollinger McIntyre Hoyle Pond Pamour Mine Quebec Ontario Timmins West Timmins West 2.25% NSR kilometer 20 0 N Deposits UG Mine Shaft Excluded from Royalty FNV Royalties 101 2.25% NSR FNV Royalties Mineral Resources Mineral Reserves Island East Island East Northern Zone Island Main Island Main Island West Island West Island Gold 0.62% NSR N metre 500 0 Oblique Longitudinal Section Shaft Quebec Ontario Island Gold Potential for regional synergies Exploration success has extended the mine life Large land package providing exploration upside High grade operation, operational synergies with Magino Phase 3+ expansion expected to be complete in Q4 2026 Strong exploration potential in Island Gold mining camp The operator currently has a 15-year mine plan. M&I Resources could support production for 17 years and Inf. Resources for a further 3 years TSX / NYSE: FNV Franco-Nevada Corporation ★ 61 60 ★ Franco-Nevada Corporation TSX / NYSE: FNV Canada Canada