2022 ASSET HANDBOOK 106 FNV TSX NYSE DIVERSIFIED ASSETS LIORC Iron Ore Newfoundland & Labrador, Canada Operator: Rio Tinto plc Royalty: GORR 0.7% Iron Ore, IOC Equity 1.5% Diversified Franco-Nevada holds 6.3 million common shares (a 9.9% equity investment) in Labrador Iron Ore Royalty Corporation (“LIORC”). The position was acquired over a number of years for a total investment of C$93 million, representing an average cost of C$14.72/share. The investment in LIORC functions similar to a royalty given the flow through of revenue generated from LIORC’s underlying 7% gross overriding royalty interest (0.7% attributable), C$0.10 per tonne commission (C$0.01 per tonne attributable), and 15.1% equity inter est (1.5% attributable) in Iron Ore Company of Canada’s (“IOC”) Carol Lake mine, operated by Rio Tinto plc (“Rio Tinto”). LIORC normally pays cash dividends from net income derived from IOC to the maximum extent possible, while maintaining appropriate levels of working capital. IOC produces high grade +65% Fe iron ore concentrate for sale and pellets with a reserve-only 23-year mine life and a large mineral resource supporting further extensions. IOC has nominal capacity of 23.3 Mtpa (combined concentrate and pellets) with 2021 attributable sales of 16.8 Mt and Rio Tinto has provided 2022 guidance of saleable production between 17.0 Mt and 18.7 Mt. IOC benefits from integrated infrastructure, including the mine, concentrator/pellet facilities, railway, and a port at Sept-Îles, Quebec. IOC has a long history as a supplier of high quality, low impurity, premium iron ore and pellets which has typically received premium prices from the European steel making industry. Producer of high-quality pellets and fines 23-year reserve life with large resource base to support extensions Fully integrated from mine to port, operated by Rio Tinto +50-year track record Iron Ore 2021 Revenue to Franco-Nevada ($ million) $ 30.2 P&P Reserves (Tonnes 000s) 1,144,000 M&I Resource (Tonnes 000s) 1,930,000 Inferred Resource (Tonnes 000s) 895,000 P&P Royalty Ounces (000s) 2 207 M&I Royalty Ounces (000s) 1, 2 349 Inf Royalty Ounces (000s) 2 162 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, calculation based on overriding royalty interest only and takes into account moisture, mass recovery, and allowable deductions. Refer to LIORC's annual report for additional information LIORC, Newfoundland & Labrador