FRANCO-NEVADA CORPORATION 121 THE GOLD INVESTMENT THAT WORKS 2021 2020 2019 Revenue to Franco-Nevada ($ million) 1 $ 34.9 $ 18.5 $ 20.0 Production (Mboe) 2 708 737 524 Commodity Split (%) 3 Oil 78% 88% 88% Gas 11% 5% 4% NGL 11% 7% 8% 1 Revenue refers only to payments made to Franco-Nevada 2 Net to the Oil & Gas Interests 3 Percentage based on production revenue from each commodity 4 Inventory locations are based on third party reserve estimates for the Proved, Probable, Possible, and Contingent resource categories for currently producing formations Permian Basin Oil Texas, United States Operator: Pioneer Natural Resources, Occidental Petroleum, Coterra Energy, others Royalty : Various Royalty Rates Energy Franco-Nevada has exposure to the Permian Basin in West Texas, through both the Midland and Delaware sub-basins. Both of these basins are considered among the most economic and prolific shale oil plays in the U.S. and have been the key drivers behind U.S. oil production growth over the last decade. Effective in the first quarter of 2017, Franco-Nevada purchased a package of royalties in the Midland Basin for approximately $115 million. The Midland Basin comprises the eastern portion of the broader Permian Basin. The Permian is the most active shale play in North America. The royalty acreage is very diversified, covering a significant portion of the core of the Midland basin and providing exposure to multiple benches in the Wolfcamp and Spraberry formations. The royalties consist of approximately 97% mineral title rights, along with some GORR interests, which apply to approximately 1,012 acres (net to Franco-Nevada). The acreage is host to numerous operators, however, Pioneer Natural Resources (“Pioneer”) is the operator for the largest portion of royalty acreage and is one of the largest companies operating in the basin. Pioneer is focused solely on its Midland Basin acreage and achieves some of the best well results in the area. In the third quarter of 2017, Franco-Nevada acquired a package of royalties in the Delaware Basin for approximately $101 million. The Delaware Basin comprises the western portion of the broader Permian Basin, which is located in West Texas and southeast New Mexico. Sitting to the west of the Midland Basin, the Delaware Basin shares many similarities geologically, and has been increasing in focus for operators, due to the stacked pay potential and premier economics. The royalties consist of approximately 94% mineral title rights, along with some GORR interests, which apply to approximately 670 acres (net to Franco-Nevada). There are various operators across the acreage who continue to direct capital toward the Delaware Basin, which will result in continued development of our assets over time. Energy–U.S. Royalties provide exposure to Midland and Delaware Basins Permian represents one of the most active and economic plays in North America Exposure to upside through multiple formations at depth DIVERSIFIED ASSETS RESERVES AND RESOURCES ADDITIONAL INFORMATION REAGAN GLASSCOCK MIDLAND ECTOR UPTON CRANE HOWARD MARTIN ANDREWS BORDEN DAWSON CROCKETT IRION Midland Basin Net Royalty Acres by County Permian Basin Gross Royalty Acreage N Kilometres 0 16 Miles 0 10 Texas Midland Basin Delaware Basin New Mexico WINKLER PECOS REEVES WARD CULBERSON LOVING LEA EDDY JEFF DAVIS New Mexico Texas San Simon Channel Northwest Shelf Central Basin Platform Permian Basin Delaware Basin 23% Reeves 16% Martin 15% Glasscock 11% Midland 8% Howard 7% Loving 5% Reagan 4% Upton 3% Ward 3% Culberson 3% Eddy 1.% Lea 1% Other In 2021, Franco-Nevada generated $34.9 million from the Permian Basin royalties. During the year, 585 wells were drilled and completed on royalty lands, which is an increase from the 359 wells drilled in 2020. The land base has a potential inventory of 7,012 future well locations 4 implying approximately 12 years of additional drilling (based on the prior year drilling rate), followed by many years of additional production as the wells decline. The inventory estimate relates to currently active formations, however the Permian has additional stacked formations that may be exploited in the future. In 2021, there was a rebound of activity levels on royalty lands and combined with higher commodity prices, the Permian assets had a significant increase in revenue. Drill rig in the Permian Basin, Texas