4 SHAREHOLDER RETURNS A lower - risk gold investment to hedge against market volatility NYSE and TSX listed Large holders include: BlackRock Fidelity MFS GDX (index of mostly gold miners) Barclays US Aggregate Bond Gold Bullion ETF S&P 500 NASDAQ Franco-Nevada (FNV) - US$ basis -4% 0% 4% 8% 12% 16% 20% Leading Track Record (CAGR Since FNV Inception 1, 2, 3 ) 1. FNV Inception December 20, 2007 2. Compounded annual total returns to March 31, 2023 3. Source: TD Securities; Bloomberg