FRANCO-NEVADA CORPORATION 81 THE GOLD INVESTMENT THAT WORKS PRECIOUS METALS DIVERSIFIED ASSETS RESERVES AND RESOURCES ADDITIONAL INFORMATION Canada The Courageous Lake project is an advanced gold exploration project located in the Northwest Territories, Canada. Seabridge Gold Inc. (“Seabridge”) has been advancing the Courageous Lake project and, in July 2012, released results of its first preliminary feasibility study for the asset. The study estimated Mineral Reserves of 6.5 million ounces of gold (91 million tonnes grading 2.20 g/t at the FAT deposit) and projected average annual production of 385,000 ounces over a mine life of 15 years. This project covers only 2 km of a greenstone belt that stretches 53 km and by reserves, the FAT deposit is one of Canada’s largest undeveloped gold deposits. The pr operty also hosts the Walsh Lake Deposit (Inferred Mineral Resource of 4.6 million tonnes grading 3.24 g/t), which is located 10 km south of the larger FAT deposit. Metallurgical testing demonstrated that the Walsh Lake material is free milling. Based on these factors, the Walsh Lake deposit could be mined prior to constructing the processing plant required for the larger, refractory FAT deposit thereby improving the overall economics of the Courageous Lake project. Seabridge is currently redesigning the large-scale project assumed in the 2012 study to determine if a smaller, less capital- intensive design with a smaller footprint and a more current gold price, could improve economics and enhance the permitting process. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Reserves and Mineral Resources are subject to our royalty interest and estimates an average rate of 1.02% is applicable Courageous Lake Au Northwest Territories, Canada Operator: Seabridge Gold Inc. Royalty: NSR: 1.02% Precious Metals Other Canada Assets Canada Precious Metals Please refer to the tables on pages 128-136 for a breakout of grade and tonnages by Mineral Resource category. The Goldfields project currently consists of two gold deposits: the Box deposit and the Athona deposit. Franco-Nevada has a 2% NSR royalty that covers both deposits. Brigus Gold Corp., which was advancing the project, was acquired by Primero Mining Corp. in 2014. The Goldfields project was not part of the acquisition and was spun out into a company called Fortune Bay Corp. (“Fortune Bay”). In March 2021, Fortune Bay released the results of a new Mineral Resource update for the Box and Athona deposits which outlined an Indicated Mineral Resource of 975,000 ounces of gold (22.6 million tonnes grading 1.34 g/t) and an Inferred Mineral Resource of 176,000 ounces of gold (22.6 million tonnes grading 1.34 g/t). In 2021, a step-out drill pr ogram confirmed the expansion of mineralization to the south, with mineralization remaining open. Fortune Bay identified that the Athona Mine Granite is more broadly mineralized than had previously been indicated by historical drilling. From this the company is advancing a Phase 2 exploration program in Q1 2022 to focus on exploring the defined 2 km stratigraphic target corridor between the Box and Athona deposits, where no previous drilling had been conducted. An estimated 2,000 m diamond drilling program is planned to test up to six targets which have been identified, with drilling commencing in the middle of January 2022. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Reserves and Mineral Resources are subject to our royalty interest and estimates a rate of 2.0% is applicable. Goldfields Au Saskatchewan, Canada Operator: Fortune Bay Corp. Royalty: NSR: 2% Precious Metals