FRANCO-NEVADA CORPORATION 87 THE GOLD INVESTMENT THAT WORKS Tasiast Main Trend 2% NSR Royalty Boundar y TASIAST MAURITANIA MALI SENEGAL ALGERIA Original Royalty Area Tasiast Permit Area Plant Site Tasiast License Area, March 2012 Tasiast Mining License Tasiast Sud Gold Prospects Trends Resource/Reser ve Target Plant Site Tasiast Sud N Km 0 10 PRECIOUS METALS DIVERSIFIED ASSETS RESERVES AND RESOURCES ADDITIONAL INFORMATION 2021 2020 2019 Revenue to Franco-Nevada ($ million) $ 6.7 $ 14.3 $ 10.9 P&P Reserves (koz Au) 1 6,404 6,330 6,783 M&I Resource (koz Au) 1 8,992 9,083 9,417 Inferred Resource (koz Au) 1 971 267 353 P&P Royalty Ounces (000s) 2 128 127 136 M&I Royalty Ounces (000s) 1, 2 180 182 188 Inf Royalty Ounces (000s) 2 19 5 7 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 Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Reserves and Mineral Resources are subject to our royalty interest and estimates a rate of 2.0% is applicable Tasiast Au Mauritania, Rest of World Operator: Kinross Gold Corporation Royalty: NSR: 2% Precious Metals Franco-Nevada has a 2% NSR royalty on the Tasiast project operated by Kinross. Kinross acquired control of Tasiast in September 2010 pursuant to its acquisition of Red Back Mining Inc. The royalty originally covered three large permit areas in Mauritania, West Africa which includes the Tasiast main trend and Tasiast Sud. The most prominent permit area is Tasiast, with a currently reported mining license area of 312 km 2 and a total exploration license area of 3,118 km 2 . In 2021, Tasiast produced 170,502 ounces of gold compared with 406,509 ounces in 2020, reflecting the temporary suspension of milling operations as a result of a mill fire in June 2021. Kinross reported that Tasiast returned to full production with throughput gradually ramping up during Q4 2021 and the mill reaching 19,000 to 20,000 tonnes per day in January 2022 on a sustained basis. Kinross is implementing a phased expansion of Tasiast. The Phase One expansion was completed during the third quarter of 2018. Phase One increased mill capacity from 8,000 tpd to 12,000 tpd with gold production expected to average 409,000 ounces per year over 2018 to 2027. At the time, Kinross planned a Phase Two expansion at Tasiast to increase mill capacity to 30,000 tpd. In September 2019, Kinross announced it would instead proceed with the Tasiast 24k project, increasing throughput to 21,000 tpd by year-end 2021 and 24,000 tpd by mid-2023. The Tasiast 24k project continues to advance well, with the first phase of the project scheduled to reach sustained throughput of 21,000 tonnes per day by the end of the first quarter of 2022. After the mill restart, 21,000 tpd has been achieved periodically in February 2022. The power plant started operations in the fourth quarter of 2021 and commissioning is ongoing at a number of facilities that are part of the project’s first phase. The second phase of the project is also progressing well and is on schedule to reach throughput of 24,000 tonnes per day by mid-2023. Engineering for the second phase of the project is 60% complete, with all major equipment purchased and construction of the site’s third leach tank 50% complete. Rest of World The project is expected to extend the mine life by four years to 2033 and Tasiast is expected to produce over 600,000 ounces of gold per annum over the next three years. In June 2020, Kinross announced that it had reached terms with the Government of Mauritania to enhance the partnership between the two parties. Under the terms of the agreement, a 30-year exploitation license for Tasiast Sud would be granted, among other items. In December 2019, Kinross signed a $300 million project financing for Tasiast with the IFC (a member of the World Bank Group), Export Development Canada, and two commercial banks. Tasiast 24k project on track to ramp-up to 24,000 tpd by mid-2023 Prospective 75 km long greenstone belt, including Tasiast Sud Tasiast, Mauritania