FRANCO-NEVADA CORPORATION 73 THE GOLD INVESTMENT THAT WORKS Musselwhite Leased Lands Unpatented Lands Deposits N Main Mine Trend Mill Outside Boundary 5% NPI Opapimiskan Lake Zeemel Lake Kilometres O 1.5 3 Karl Zeemal Area 2% NSR PQD North Saddle Lynx Zone 5% NPI 5% NPI 5% NPI Canoe Zone Camp Zone West Anticline Zone Bay Zone Musselwhite Quebec Ontario Canada PRECIOUS METALS DIVERSIFIED ASSETS RESERVES AND RESOURCES ADDITIONAL INFORMATION 2021 2020 2019 Revenue to Franco-Nevada 1 ($ million) $ – $ – $ – P&P Reserves (koz Au) 2 1,770 1,790 2,090 M&I Resource (koz Au) 2 2,200 2,130 2,920 Inferred Resource (koz Au) 2 440 410 440 P&P Royalty Ounces (000s) 3 38 40 38 M&I Royalty Ounces (000s) 2, 3 47 48 53 Inf Royalty Ounces (000s) 3 9 9 8 1 Re venue to Franco-Nevada represents the actual NPI revenue paid and earned for each year 2 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 3 For Ro yalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Reserves and Mineral Resources are subject to our royalty interest and estimates a rate of 2.2% (2.2% in 2020, 1.8% in 2019) is applicable assuming an all in cost of $1,026/ounce ($967/ounce in 2020, $894/ounce in 2019). Please see page 30 for our methodology on calculating Ro yalty Ounces for an NPI Musselwhite Au Ontario, Canada Operator: Newmont Corporation Royalty: NPI: 5%; NSR: 2% Precious Metals Franco-Nevada has a 5% NPI royalty that covers all of the original leased lands at the Musselwhite operation. The area is estimated to cover 120 km 2 in northwestern Ontario, 480 km north of Thunder Bay. The royalty also covers an area of interest surrounding the property as shown in the schematic. Franco-Nevada’s Musselwhite interest is a profit royalty which did not become payable until historical capital and operational costs had been recovered by the operator in 2011. In September 2019, Franco-Nevada acquired from Premier a 2% NSR on property owned by Newmont, adjoining Musselwhite, and covering approximately 6.3 km 2 of the projected northwest extension of Newmont’s Musselwhite mine, as shown in the schematic. Large land package with additional royalty covering the projected northwest extension of Musselwhite Material Handling Project positively impacting production and operating costs The mine is a fly-in/fly-out under ground operation which began operating in April 1997 and has produced over 3.0 million ounces of gold. Operations had been reduced since March 2019 due to a fire at the mine and COVID-19 restrictions. The Materials Handling Project, which reached commercial production in December 2020, has enabled hoisting of ore through an underground winze resulting in reduced reliance on high-cost truck haulage. This has led to improved energy efficiency, reduced ventilation requirements, reduced mining costs and an enhanced production profile. Newmont announced in February 2022 that production and productivity at the mine was expected to improve in 2022, with 200,000 ounces of gold expected to be produced versus 152,000 ounces of gold produced in 2021. All-in sustaining costs are expected to decrease to $1,150 per ounce in 2022 from $1,335 per ounce in 2021. Franco-Nevada anticipates payments from its NPI royalties from Musselwhite to resume in the second half of 2022. Musselwhite, Ontario