OUTPERFORMING BULL & BEAR MARKETS 21 40% 32% 20% 19% 14% 14% 8% 1% – (6%) (20%) (14%) (33%) (40%) Bull Market Bear Market Bull Market (2008 - 2012) (2013 - 2015) (2016 - Present) Gold 1 Franco-Nevada (US$) GDX 1. GDX is a Gold Equity index comprised mostly of gold operating companies 2. Source: TD Securities; Bloomberg 3. All returns are as of March 31, 2023 4. Total returns are CAGRs and assume reinvestment of dividends over designated period