28 LONG - TERM OPTIONALITY 2.9Moz of total 18.6Moz M&I Royalty Ounces 1 are from long - term assets Not included in 5 - year outlook 2 Exposure to large gold, copper and nickel deposits Additional potential from 17 Advanced and 224 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 2.9 Moz Cascabel (Cu, Au, Ag) Taca Taca (Cu, Au) NuevaUnin (Cu, Au) Crawford (Ni) Pandora Expansion (PGM) Ring of Fire (Cr, Ni) Holt (Au) Other Long - Term Assets