LONG-TERM OPTIONALITY 28 Long-Term Assets 2.9Moz of total 18.6Moz M&I 1 Royalty Ounces are from Other Cascabel long-term assets (Cu, Au, Ag) Holt 2 (Au) • Not included in 5-year outlook Ring of Fire Exposure to large gold, (Cr, Ni) 2.9 Moz copper and nickel deposits Pandora Taca Taca Expansion (Cu, Au) (PGM) Additional potential from 17 Crawford (Ni) NuevaUnión Advanced and 224 (Cu, Au) Exploration Assets 1. For calculation of M&I Royalty Ounces refer to Franco-Nevada 2022 Asset Handbook published in April 2022 2. 5-year Outlook (2027) as published on March 15, 2023