2022 ASSET HANDBOOK 112 FNV TSX NYSE DIVERSIFIED ASSETS Diversified Assets – Other Mining Ring of Fire Cr, Ni, Cu, PGM Ontario, Canada Operator: Wyloo Metals Pty Ltd. Royalty: NSR/GR: 1-3% Diversified In April 2015, Franco-Nevada acquired royalty rights in the Ring of Fire mining district of Ontario by providing a loan and royalty financing to Noront Resources Ltd. (“Noront”). The financing package enabled Noront to acquire the mining claims held by subsidiaries of Cliffs Natural Resources Inc. (“Cliffs”) in the Ring of Fire mining district, located 500 km northeast of Thunder Bay. The royalty rights provide Franco-Nevada with a long-term interest in a potential new mining camp with exposure to one of the largest chromite resources globally, in addition to a nickel, copper and PGM deposit. The total royalty concession is estimated to cover over 1,000 km 2 . As part of the April 2015 financing package, Franco-Nevada provided Noront with a $25 million loan for a period of five years at a 7% interest rate. Franco-Nevada paid an additional $3.5 million in cash as part of the granting of royalties over the existing Noront property. Franco-Nevada received a 3% royalty over the Black Thor chromite deposit, a 2% royalty over all of Noront’s property in the region (excluding the Eagle’s Nest deposit, see below), 2% on certain other properties previously being advanced by Cliffs, and a number of other third-party exploration royalties. In December 2019, Franco-Nevada acquired a 1% gross royalty on Noront’s Eagle’s Nest nickel, copper and PGM deposit, for $3.8 million. Eagle’s Nest currently has over 20 million tonnes of Measured, Indicated and Inferred Mineral Resources containing high-grade nickel mineralization with significant copper, palladium and platinum content. Franco-Nevada also extended the term of its $25 million loan to September 30, 2022, from its original maturity of April 28, 2020, under substantially the same terms and conditions. During the course of 2021, Noront was the subject of competing take-over efforts by Wyloo Metals and BHP for control of the Ring of Fire. In December 2021, Noront and Wyloo Metals, a private company, entered into a binding agreement for the acquisition of Noront for C$1.10 per share. and the acquisition was completed in April 2022. Andrew Forrest, founder of Fortescue Metals Group, is the principal investor in Wyloo Metals. The loan, which is repayable upon a change of control at Franco-Nevada’s discretion, had a balance of $39.7 million at December 31, 2021. Royalty concession estimated to cover over 1,000 km 2 Wyloo Metals as new operator 2021 2020 2019 Revenue to Franco-Nevada ($ million) $ – $ – $ – Ring of Fire (Cr) P&P Reserves (Tonnes 000s) 1 – – – M&I Resource (Tonnes 000s) 1 192,760 192,760 192,800 Inferred Resource (Tonnes 000s) 1 54,580 54,580 54,600 Eagle's Nest (PGM) P&P Reserves (koz PGM) 1 1,489 1,489 1,489 M&I Resource (koz PGM) 1 1,627 1,627 1,627 Inferred Resource (koz PGM) 1 1,459 1,459 1,489 Eagle's Nest (Ni) P&P Reserves (Mlbs Ni) 1 413 413 413 M&I Resource (Mlbs Ni) 1 432 432 432 Inferred Resource (Mlbs Ni) 1 228 228 228 P&P Royalty Ounces (000s) 2 23 22 21 M&I Royalty Ounces (000s) 1,2 227 233 284 Inf Royalty Ounces (000s) 2 77 78 91 1 Please refer to the tables on pages 128-136 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For the Ring of Fire Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources are subject to our royalty interest and estimates a dollar per tonne value of $1.90/tonne. For the Eagle’s Nest Royalty Ounce calculation, FNV management estimates 100% of the PGM and nickel Mineral Reserves and Mineral Resources are subject to our royalty interest and estimates an average rate of 1.0% is applicable for PGM and 0.7% for nickel (which factors a NSR smelting charge of 30%). PGM ounces are converted into Royalty Ounces assuming $1,000/ounce Pt and $2,100/ounce Pd and nickel has been converted to Royalty Ounces assuming $9.00 per pound. Copper Mineral Reserves and Mineral Resources are not included in the Royalty Ounce calculation Ring of Fire, Ontario