LONG-LIFE ASSETS 14 Franco-Nevada Growing reserves and reserve lives Sr. Gold Producers Long-duration portfolio increases optionality Int. Gold Producers 0 2 4 6 8 10 12 14 16 18 Years 2016 2021 Source: Bank of America/Merrill Lynch (May 2022) Seniors: Agnico Eagle, Barrick, Kinross and Newmont Intermediates: Alamos Gold, IAMGOLD, New Gold and Yamana