GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD SILVER SILVER SILVER] SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SIL- VER PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATI- NUM OIL NATURAL GAS NGLS OIL NATURAL GAS NGLS OIL NATURAL GAS NGLS OIL NATURAL GAS NGLS OIL NATURAL GAS NGLS OIL NATURAL IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM OIL NATURAL GAS NGLS OIL NATURAL GAS NGLS OIL NATURAL GAS NGLS OIL NATURAL GAS NGLS OIL NATURAL GAS NGLS OIL NATURAL IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD GOLD SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVrR SILVER SILVER SILVER SILVER SILVER SILVER SILVER SILVER PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM PLATINUM IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE IRON ORE OVERVIEW 2022 ASSET HANDBOOK 28 FNV TSX NYSE ORGANIC GROWTH DRIVERS Growth Outlook Over the last 15 years Franco-Nevada’s GEOs have grown over four times through organic expansions and acquisitions. In 2021, GEO sales were 728,237 GEOs. The outlook is equally as good. Our guidance 1 is for total GEO sales of 680,000 to 740,000 GEOs in 2022 growing to 765,000 to 825,000 GEOs by 2026 through organic growth alone. We have a strong pipeline of opportunities to add further growth through acquisition. Cobre Panama is expected to be the largest growth driver through the period with First Quantum looking to expand the mine from its current 85Mtpa throughput to 100Mtpa by the end of 2023. That growth is expected to be complemented by a combination of mine expansions and a number of new mines commencing production. Cobre Panama Stillwater Subika Detour Lake Tasiast Vale Macassa Island Gold Salares Norte Yandal/Bronzewing Séguéla Greenstone (Hardrock) Posse (Mara Rosa) Valentine Lake Aphrodite Eskay Creek Rosemont/Copper World 1 See InDesign file, page 28 2 Expansion periods are based on operators’ indicated period of ramp-up 3 Indicated start periods are based on operators’ guidance and FNV best estimates Expansions 2022 Q1 Q2 Q3 Q4 2023 Q1 Q2 Q3 Q4 2024 Q1 Q2 Q3 Q4 2025 Q1 Q2 Q3 Q4 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 New Mines Est. Start 21 3 Panama Montana Ghana Ontario Mauritania Brazil Ontario Ontario Chile Australia Côte d’Ivoire Ontario Brazil Newfoundland Australia British Columbia Arizona 1 2022 Guidance and 2026 Outlook as published on Mar ch 9, 2022. Assuming: $1,800/oz Au, $23.00/oz Ag, $1,000/oz Pt, $2,100/oz Pd, $125/tonne Fe 62% CFR China, $85/bbl WTI oil and $3.75/mcf Henry Hub natur al gas 2 Expansion periods ar e based on operators’ indicated period of ramp-up 3 Indicated start periods ar e based on operators’ guidance and FNV best estimates