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