2022 ASSET HANDBOOK 86 FNV TSX NYSE N Kilometres 0 20 Sabodala 22.5 K oz/yr for 6 yrs; then 6% Stream Sabodala Concession OJVG Concession Deposits N Kilometres 0 2.5 10 kilometres from mill Mill OJVG Sabodala Sabodala West Golouma Deposits Masato Deposit Niakafiri Deposit Sabodala Pit Tailings Gora Deposit Senegal Mali Mauritania Sabodala Dakar Guinea Atlantic Ocean Atlantic Ocean SENEGAL MALI MAURITANIA GUINEA COTE D’IVOIRE LIBERIA SIERRA LEONE GAMBIA GUINEA-BISSAU Sabodala PRECIOUS METALS 2021 2020 2019 Revenue to Franco-Nevada ($ million) $ 16.7 $ 21.6 $ 29.5 P&P Reserves (koz Au) 1 4,796 2,190 2,190 M&I Resource (koz Au) 1 6,640 3,730 3,729 Inferred Resource (koz Au) 1 1,728 976 976 P&P Royalty Ounces (000s) 2 75 85 105 M&I Royalty Ounces (000s) 1, 2 112 159 179 Inf Royalty Ounces (000s) 2 35 47 47 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 In 2021, Franco-Nevada estimates that 42% of the remaining Mineral Reserves & Mineral Resources at the Sabodala-Massawa Complex are subject to a rate of 4.8% (6.0% gold stream which is factored by 80% to estimate equivalent Royalty Ounce rate). In 2020 and 2019, it was estimated that 100% of the Mineral Reserves & Mineral Resources at Sabodala only were subject to a rate of 4.8% Sabodala Au Senegal, Rest of World Operator: Endeavour Mining Corporation Stream: Fixed gold deliveries / 6% Gold Stream Precious Metals In December 2013, Franco-Nevada (Barbados) Corporation, a subsidiary of Franco-Nevada, provided Teranga Gold Corporation (“Teranga”) with a $135 million deposit to fund the acquisition by Teranga of additional future ore sources for its Sabodala mill. With the acquisition, Teranga was able to expand its land package to over 950 km 2 including much of a 70 km prospective greenstone belt. In February 2021, Endeavour Mining Corporation (“Endeavour”) acquired Teranga. Over the first six years, Teranga delivered 22,500 ounces of gold annually to Franco-Nevada, under a fixed arrangement, for a total of 135,000 ounces of gold delivered. The fixed delivery period was fulfilled in December 2019 and, between January 2020 and August 2020, Franco-Nevada received 6% of the gold produced from either the Sabodala or Oromin Joint Venture (“OJVG”) properties. In December 2019, Teranga announced an agreement to acquire the adjacent Massawa gold project and commenced processing ore from the project in 2020. Franco-Nevada’s stream does not extend to the Massawa gold project area. In September 2020, Franco-Nevada amended its existing Sabodala gold purchase and sale agreement with Teranga to compensate for displacement from the processing of Massawa ore through the Sabodala processing facilities and to provide for certain protocols for the commingling of Sabodala and Massawa ores. The amended agreement provides that effective September 1, 2020, Teranga, now Endeavour, will make fixed deliveries of 783.33 ounces of refined gold per month until 105,750 ounces of gold have been delivered to Franco-Nevada (the “Fixed Delivery Period”) and 6% of production from the stream area thereafter. Following the Fixed Delivery Period, a reconciliation will be conducted to determine if Franco-Nevada would have received more or less than 105,750 ounces of gold under Rest of World Fixed gold deliveries per year until 2031, and thereafter 6% of gold production from Sabodala concessions Land package offers significant exploration potential the 6% variable stream during such period. Endeavour will be entitled to a credit for an over-delivery which will be applied against the 6% variable stream until depleted and Franco-Nevada will be entitled to a one-time additional delivery in the case of an under-delivery. Franco-Nevada will make ongoing payments for each ounce of gold delivered equal to 20% of the spot gold price. Sabodala, Senegal