FRANCO-NEVADA CORPORATION 71 THE GOLD INVESTMENT THAT WORKS Kirkland Lake Quebec Ontario Canada PRECIOUS METALS DIVERSIFIED ASSETS RESERVES AND RESOURCES ADDITIONAL INFORMATION 2021 2020 2019 Revenue to Franco-Nevada ($ million) $ 5.8 $ 5.4 $ 5.2 P&P Reserves (koz Au) 1 1,856 2,368 2,360 M&I Resource (koz Au) 1 3,934 4,467 4,356 Inferred Resource (koz Au) 1 3,781 3,414 3,114 P&P Royalty Ounces (000s) 2 28 36 35 M&I Royalty Ounces (000s) 1, 2 66 73 72 Inf Royalty Ounces (000s) 2 70 64 59 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. The table above is the sum of reported Agnico Eagle Mineral Reserves and Mineral Resources 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 1.5% is applicable to Macassa and a rate of 2.0% is applicable to Amalgamated Kirkland (AK), Anoki-McBean and Upper Canada Kirkland Lake Au Ontario, Canada Operator: Agnico Eagle Mines Limited Royalty: NSR: 1.5-5.5%; NPI: 20% Precious Metals Franco-Nevada has various royalties covering approximately 170 km 2 of the Larder Lake and Main Breaks in the historic Kirkland Lake gold camp of Ontario. Agnico Eagle maintains the largest interest in the area and operates the Macassa mine which includes production from the Main Break, ’04 Break and the high-grade South Mine Complex (“SMC”). On February 8, 2022, Agnico Eagle and KLG completed a merger of equals, with the combined company continuing as Agnico Eagle. Franco-Nevada’s royalty interests with Agnico Eagle include: • An overlying 1.5% NSR on all of Agnico Eagle’s properties (including the Macassa mine) • An underlying 20% profit-based royalty immediately to the south-west of the SMC as shown in the inset of the schematic • An underlying 2-3% NSR on claims to the west of current operations • An underlying 2% NSR royalty on claims that KLG purchased from Queenston Mining Inc. in July 2012 Macassa produced 210,192 ounces of gold in 2021 compared to 183,037 ounces of gold in 2020. Production in 2022 is forecast to be between 170,000 to 190,000 ounces of gold. Agnico Eagle continues to advance the construction of the #4 Shaft. A significant milestone was achieved in January 2022 when the sinking phase of the project was completed to 6,400 feet. Remaining work includes the construction of the loading pocket and other infrastructure as well as additional development to connect the #4 Shaft to current mining operations. The full project is on schedule for completion in late 2022. The #4 Shaft is expected to provide numerous benefits, including increased hoisting capacity, improved unit costs, better ventilation, and enhanced capabilities to pursue exploration potential across the Kirkland Lake camp. Gold production at Macassa is forecast to increase to between 200,000 to 220,000 ounces in 2023 and 330,000 to 350,000 ounces in 2024. Production levels could potentially increase once the full benefit of the #4 Shaft is realized. Underground drilling continues to expand the South Mine Complex, Main Break, '04 Break, Amalgamated Break as well as additional near-surface targets, all of which may benefit Franco-Nevada’s other royalties on the project. Franco-Nevada also has a 2% NSR royalty covering the majority of claims held by Agnico Eagle from its acquisition of Osisko Mining Corporation (“Osisko”) in April 2014. Agnico Eagle bought out its JV partner Yamana at the end of 2017 and now owns 100% of the claims. Franco-Nevada’s royalties cover the Upper Canada, Anoki-McBean and Canadian Kirkland deposits. Agnico Eagle expects to drill 15,800 m at the Upper Beaver and Upper Canada deposits and other targets in the Kirkland Lake camp in 2022. Kirkland Lake, Ontario #4 Shaft to increase production by 2024 Large land position in historical mining area covering multiple known deposits Exciting exploration potential on royalty ground at Upper Canada