FRANCO-NEVADA CORPORATION 51 THE GOLD INVESTMENT THAT WORKS Guadalupe-Palmarejo Gold Stream Palmarejo Agua Salada Mill Guadalupe Mine Complex Independencia East Km 0 4 Perimeter of gold stream property La Nación La Bavisa Independencia West Zapata La Patria Independencia Mine Complex Non-stream ground 1 Please r efer 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 Ro yalty Ounce calculation, Franco-Nevada estimates 86% of the Mineral Reserves (84% in 2020, 81% in 2019), 90% of the exclusive M&I Mineral Resource (89% in 2020, 96% in 2019) and 88% of the Inferred Mineral Resource (87% in 2020, 88% in 2019) are subject to our 50% stream interest. The stream interest has been factored by 56% to reflect $1,800 per ounce gold ($1,750/oz gold in 2020, $1,400/oz gold in 2019) and $800 per ounce ongoing payments (54% in 2020, 43% in 2019) Guadalupe-Palmarejo Au Mexico, Central America & Mexico Operator: Coeur Mining, Inc. Stream: 50% Gold Stream Precious Metals Since January 2009, Franco-Nevada has received 50% of the gold produced from the Palmarejo operation located in Chihuahua Province, Mexico which is owned and operated by Coeur Mining, Inc. (“Coeur”). Palmarejo is a silver project with a considerable gold by-product. In June 2014, Fr anco-Nevada (Barbados) Corporation, a subsidiary of Franco-Nevada, entered into a new 50% gold stream with Coeur on the Palmarejo project with ongoing payments equal to the lesser of $800 per ounce (no inflation provision) and the then prevailing spot price for gold for each ounce delivered under the new gold stream agreement. The new agreement improved mine economics for Coeur and helped extend the mine life of the entire Palmarejo operation. The agreement applies to a land position totaling over 1,200 km 2 . Franco-Nevada provided an upfront $22 million deposit which was used to partially fund the development of the Guadalupe underground mine on the Palmarejo property. In the third quarter of 2016, the original stream agreement terminated once Coeur delivered the minimum ounce obligation of 400,000 ounces under that agreement. Fr anco-Nevada sold 46,506 ounces of gold from the mine in 2021, compared to 44,696 ounces of gold in 2020. Franco-Nevada estimates that over 80% of the existing Mineral Reserves and Mineral Resources are covered by the stream agreement. Production from the La Nación deposit, which straddles the stream ground border and is located between the Independencia and Guadalupe underground mines, started in early Q3 2019 with the majority of Mineral Reserves from La Nación falling on stream ground. Coeur drilled appr oximately 74,200 meters at the Palmarejo property in 2021, conducting infill drilling at Guadalupe and Independencia as well as targeting zones of mineralization near both mine complexes. 2021 2020 2019 Revenue to Franco-Nevada ($ million) $ 83.4 $ 79.0 $ 49.7 P&P Reserves (koz Au) 1 884 849 693 M&I Resource (koz Au) 1 1,931 1,462 1,118 Inferred Resource (koz Au) 1 246 280 367 P&P Royalty Ounces (000s) 2 211 194 120 M&I Royalty Ounces (000s) 1, 2 467 342 207 Inf Royalty Ounces (000s) 2 60 66 69 Exploration success has grown Mineral Reserves and Mineral Resources Mineral Reserves growing by approximately 4% in 2021 versus previous 2020 estimate, net of depletion Pacific Ocean NM TX CA AZ MEXICO Guadalupe- Palmarejo PRECIOUS METALS DIVERSIFIED ASSETS RESERVES AND RESOURCES ADDITIONAL INFORMATION Central America and Mexico Guadalupe-Palmarejo, Mexico