21 OUTPERFORMING BULL & BEAR MARKETS Franco-Nevada (US$) Gold GDX1 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 32% (6%) 19% 14% (14%) 8% 1% (33%) 14% (40%) (20%) – 20% 40% Bull Market (2008 - 2012) Bear Market (2013 - 2015) Bull Market (2016 - Present)