M A R I G O L D Producing Location: Nevada, United States | Operator: SSR Mining Inc. | Precious Metals: Au | Royalty: NSR: 1.75–5% / GR: 0.5–4% The Marigold mine is located 64 km southeast of Winnemucca, Nevada on the Battle Mountain-Eureka Trend and is operated by SSR Mining Inc. (“SSR Mining”). 2025 2024 2023 Revenue to Franco ‑ Nevada ($ million) $ 9.6 $ 6.5 $ 11.2 M&I Resources (koz Au) 1 5,044 5,166 4,603 Inf. Resources (koz Au) 1 453 249 370 P&P Reserves (koz Au) 1 3,237 3,256 2,863 M&I Royalty Ounces (000s) 1,2 81 95 113 Inf. Royalty Ounces (000s) 2 3 5 9 P&P Royalty Ounces (000s) 2 58 60 70 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 77% of the Mineral Reserves (81% in 2024, 96% in 2023), 74% of the M&I Mineral Resources (81% in 2024, 96% in 2023) and 50% of the Inf. Mineral Resources (81% in 2024, 96% in 2023) are subject to our royalty interest and estimates a rate of 2.34% is applicable for Mineral Reserves (2.28% in 2024, 2.55% in 2023), 2.19% is applicable for M&I Mineral Resources (inclusive of Mineral Reserves) (2.28% in 2024, 2.55% in 2023) and 1.49% is applicable for Inf. Mineral Resources (2.28% in 2024, 2.55% in 2023) The mine has been in continuous production since 1989 and is a large run-of-mine heap leach operation with several open pits. Marigold achieved 5.0 Moz of life of mine gold production in December 2024. Franco-Nevada has various royalties on the operation (1.75–5% NSR and 0.5–4% GR), as shown in the schematic, together covering a significant portion of the current Mineral Reserve base. In 2025, 19.3 Mt of ore were placed on pads at a grade of 0.39 g/t gold versus 27.7 Mt of ore placed on pads at a grade of 0.28 g/t gold in 2024. The mine produced 153,535 oz of gold versus 168,262 oz in 2024. 2026 gold production is expected to be between 170–200 koz. SSR Mining plans to invest $108M in sustaining capital at Marigold in 2026 primarily focused on fleet improvements to enable the development of a number of potentially significant mine life extension opportunities. An updated LOM production profile and technical report is expected within the next 12–18 months. Royalty payments to Franco-Nevada will fluctuate depending on where mining activity is occurring and are expected to increase in the medium term as mining moves onto higher royalty rate ground. SSR Mining’s strategy to advance brownfields targets proximal to existing infrastructure continues to yield encouraging results and the company plans to continue its exploration drilling in 2026 with a $48 million budget. The focus will be on oxide mineral reserve additions and conversion at Buffalo Valley, Mackay, Valmy and New Millennium. Franco-Nevada royalty ground covers Mackay and portions of the Valmy and New Millennium targets. Valmy Buffalo Valley and Trenton Canyon to the south. No FNV Royalty 5 North Pits 8 North Pit 8 South New Millennium Basalt & Antler Terry Zone North Terry Zone 1.75% NSR 1.75% NSR 1.75% NSR 1.75% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 5% NSR 3% NSR* 3% NSR* 3% NSR* 2.5%–4% GR* 2.5%–4% GR* 2.5%-4% GR* 2.5%–4% GR* 5% NSR 1.75% NSR Schematic Representation Only Valmy Mud Pits Red Dot Target Pit 2.5%– 4% GR* 0.5%–1.5% GR* Mackay Pit Marigold 1.75–5% NSR / 0.5–4% GR mile 1 0 Marigold Pacific Ocean Oregon Idaho Utah Nevada California Arizona MEXICO FNV Royalties Excluded from Royalty Pits * December 2009 Acquisition N Production growth expected in 2026 Continued resource expansion and encouraging exploration results The operator currently has a 7-year mine plan. M&I Resources could support production for 23 years and Inf. Resources for a further 2 years TSX / NYSE: FNV 80 ★ Franco-Nevada Corporation United States