FRANCO-NEVADA CORPORATION 59 THE GOLD INVESTMENT THAT WORKS 2021 2020 2019 Revenue to Franco-Nevada ($ million) $ 5.6 $ 6.2 $ 1.8 P&P Reserves (koz Au) 1 n/a n/a n/a M&I Resource (koz Au) 1, 2 n/a n/a n/a Inferred Resource (koz Au) 1 n/a n/a n/a P&P Royalty Ounces (000s) 3 n/a n/a n/a M&I Royalty Ounces (000s) 2, 3 n/a n/a n/a Inf Royalty Ounces (000s) 3 n/a n/a n/a 1 Please r efer to the table on page 54 for the Carlin Trend Mineral Reserves and Mineral Resources which include South Arturo 2 All M&I categories ar e inclusive of Mineral Reserves 3 Please r efer to the table on page 54 for the Carlin Trend Royalty Ounce calculation which includes South Arturo South Arturo Au Nevada, United States Operator: Nevada Gold Mines LLC Royalty: GR: 4-9% with AMR Precious Metals South Arturo consists of a series of sediment hosted Carlin-style gold deposits adjacent to and including the former Dee gold mine, 60 km northwest of Elko, Nevada. Nevada Gold Mines acquired the 40% interest in South Arturo that it did not already own from i-80 Gold Corp. (“i-80 Gold”) effective June 1, 2021. The transaction provided Nevada Gold Mines with 100% of the project and all of the longer-term upside at the South Arturo pit and the El Niño underground, as well as flexibility to pursue other potential operational synergies at Goldstrike. Fr anco-Nevada holds a sliding scale gross royalty (4-9%) on production from South Arturo. The royalty rate depends on the type of ore (oxide versus non-oxide), as well as the grade (for oxide only). Franco-Nevada estimates a 4% royalty rate for the oxide mineralization and a 6% royalty rate for the non-oxide. The royalty agreement includes an annual minimum payment which is credited against any future production royalty payments. Commer cial production at South Arturo’s El Niño mine was declared at the end of Q3 2019. The mine is located in close proximity to Nevada Gold Mines’ Goldstrike operations where the ore is processed at the refractory facilities. In July 2019, Barrick (61.5%) and Newmont (38.5%) combined their significant assets across Nevada to create Nevada Gold Mines as a joint venture. Under this joint venture, South Arturo is reported as part of the Carlin operation category by Barrick. South Artur o delivered year-over-year total open-pit Mineral Resource growth at consistent grades from 2020 to 2021. Production from El Niño and the Phase 1 pit began in 2019 and mining of the Phase 1 pit was suspended in December 2019 awaiting roasting capacity at Goldstrike. In January 2021, Premier Gold Mines Limited (“Premier”), the predecessor to i-80 Gold, released a positive prefeasibility study which included the underground El Niño mine and the proposed Phase 1 open pit. Based on the prefeasibility study, El Niño had a two-year mine life with 58,750 recoverable ounces and Phase 1 had an 18-year mine life with 664,000 recoverable ounces with production targeted to begin in 2025. In May 2021, i-80 Gold reported that the development of a ramp at El Niño was expected to be completed in Q1 2023 to access deeper mineralization. In November 2021, Nevada Gold Mines reported the successful targeting of a newly recognized ore controlling structure, the Otto fault. Intercepts expanded the orebody footprint to the northwest and additional follow-up drilling is planned to fully delineate the extension. Consolidated ownership Year-over-year resource growth Exploration success around newly recognized controlling structure at El Niño PRECIOUS METALS DIVERSIFIED ASSETS RESERVES AND RESOURCES ADDITIONAL INFORMATION Dee 4-9% GR South Arturo Excluded from Royalty N 1 Mile Phase 1 Pit Phase 3 Pit Phase 2: Open pit completed El Nino U/G: Currently developing East Dee Target South Hinge Target Dee 4-9% GR South Arturo Excluded from Royalty N 1 Mile Phase 1 Pit Phase 3 Pit Phase 2: Open pit completed El Nino U/G: Currently developing East Dee Target South Hinge Target South Arturo Pacific Ocean Oregon Idaho Utah Nevada California Arizona MEXICO United States South Arturo, Nevada