FRANCO-NEVADA CORPORATION 85 THE GOLD INVESTMENT THAT WORKS MWS 5 MWS 4 H1 H2 H5 B5 B2 B1 B3 B4 H6 Tailings storage facility site AngloGold Ashanti Dumps N 12 Plant Site MWS Hartebeestfontein Buffelsfontein Vaal West SPD Vaal East STILFONTEIN Town MWS 25% Gold Stream N Kilometres 0 2.5 Atlantic Ocean Indian Ocean SOUTH AFRICA BOTSWANA NAMIBIA ZIMBABWE MOZAMBIQUE MWS PRECIOUS METALS DIVERSIFIED ASSETS RESERVES AND RESOURCES ADDITIONAL INFORMATION Rest of World 2021 2020 2019 Revenue to Franco-Nevada ($ million) $ 41.3 $ 41.8 $ 37.1 P&P Reserves (koz Au) 1 1,749 1,930 2,180 M&I Resource (koz Au) 1 1,946 2,150 2,180 Inferred Resource (koz Au) 1 – – – P&P Royalty Ounces (000s) 2 54 71 84 M&I Royalty Ounces (000s) 1, 2 54 71 84 Inf Royalty Ounces (000s) 2 – – – 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 71,749 stream ounces (94,764 stream ounces in 2020, 118,194 stream ounces in 2019) to be delivered and factored by 75% (75% in 2020, 71% in 2019) to estimate equivalent Royalty Ounces MWS Au South Africa, Rest of World Operator: Harmony Gold Mining Company Limited Stream: 25% Gold Stream Precious Metals Franco-Nevada, through its acquisition of Gold Wheaton in March 2011, receives 25% of gold produced from the Mine Waste Solutions (“MWS”) project. MWS is a gold and uranium tailings recovery operation located near Stilfontein, approximately 160 km west of Johannesburg, South Africa. The operation processes multiple tailings dumps in the area through three production modules. It also includes a modern tailings storage facility approximately 15 km from the gold plant. Franco-Nevada makes ongoing payments equal to the lesser of $400/ounce of payable gold (subject to a 1% annual inflation that commenced December 2012) and the spot price for gold. The current ongoing price is equal to $441.84 per ounce of gold as of December 2021. In September 2020, Harmony Gold Mining Company Limited (“Harmony”) acquired MWS from AngloGold Ashanti Limited (“AngloGold Ashanti”). AngloGold Ashanti had purchased the operation from First Uranium Corporation in July 2012. As part of the AngloGold Ashanti purchase, Franco-Nevada amended the agreement and is now entitled to receive 25% of all the gold produced through the MWS plant, including treatment of AngloGold Ashanti’s tailings, until Franco-Nevada has received 312,500 ounces of gold. In 2021, Franco-Nevada sold 23,016 ounces of gold that had been received under the agreement, compared with 23,430 ounces of gold sold in 2020. As at December 31, 2021, Franco-Nevada has received 240,751 ounces of gold of the 312,500 ounce cap since the amendment of the agreement. The cap is currently expected to be reached in late 2024. Franco-Nevada is entitled to 25% of all gold produced until 312,500 ounces are received Upside limited by production cap on payments Island Gold Red October Henty Duketon Yandal (Bronzewing/Julius) South Kalgoorlie (Mt Martin) Sterling Robinson Fire Creek Bald Mountain Marigold EaglePicher Pinson Midas Goldstrike Gold Quarry South Arturo Hollister Nevada Australia Subika (Ahafo) Tasiast Sabodala Edikan MWS Perama Hill Kiziltepe Karma Sissingue Cobre Panama Falcondo Cerro San Pedro Castle Mountain Rosemont Mesquite Courageous Lake Musselwhite Hemlo New Prosperity Hardrock Detour Lake Midale Weyburn Goldfields Monument Bay Edson Timmins West Sudbury Kirkland Lake Golden Highway Canadian Malartic Nevada Stibnite Gold Cariboo SCOOP Midland Orion Dublin Gulch (Eagle) Red Mountain Delaware STACK Franco-Nevada Head Office Franco-Nevada U.S. Office Franco-Nevada Barbados Office Kivivic 2 Marcellus Guadalupe-Palmarejo Brucejack CentroGold (Gurupi) Cerro Moro Taca Taca NuevaUnión (Relincho) San Jorge Antamina Salares Norte/ Rio Baker Valentine Lake Antapaccay Candelaria Calcatreu Stillwater Alpala Red Lake (Bateman) Milpillas Haynesville Agate Creek White Dam Condestable Séguéla Edna May Higginsville (Lake Cowan) Aphrodite Matilda (Wiluna) Agnew (Vivien) South Kalgoorlie (New Celebration) Cue Gold (Day Dawn) Carol Lake Vale N. System Vale S.E. System Sossego Pandora Producing Advanced MWS, South Africa