2022 ASSET HANDBOOK 104 FNV TSX NYSE DIVERSIFIED ASSETS Iron Ore Vale Iron Ore, Cu, Au & Other Brazil, South America Operator: Vale S.A. Royalty: 0.264% Iron Ore, 0.367% Copper/Gold, 0.147% Other 1 Diversified In April 2021, Franco-Nevada acquired 57 million Participating Debentures (“Royalty Debentures”) for $538 million, providing holders with effective net sales royalties on Vale S.A.’s (“Vale”) Northern and Southeastern Iron Ore Systems and on certain copper and gold operations in Brazil (together, the “Royalty”). The acquisition represents 14.7% of the total issued Royalty Debentures by Vale. The Royalty Debentures were issued in 1997 with the privatization of Vale to provide exposure to future resource growth from specified properties held at the time. Royalty payments are made on a semi-annual basis on March 31 st and September 30 th of each year reflecting production in the preceding half calendar year period. Vale's Northern System, Brazil 2021 2020 2019 Revenue to Franco-Nevada ($ million) $ 59.4 $ – $ – Vale (Northern & Southeastern System) P&P Reserves (kt Ir on Ore) 2 10,773,200 – – Sossego (Au) P&P Reserves (koz Au) 2 583 – – Sossego (Cu) P&P Reserves (Mlbs Cu) 2 1,495 – – P&P Royalty Ounces (000s) 3 1,141 – – 1 See Fr anco-Nevada AIF for the year ended December 31, 2021 and Vale website for Royalty Debenture details 2 Please r efer to the tables on pages 128-136 for a breakout of grade and tonnages. Vale S.A. Mineral Reserves have been prepared in accordance with SEC Industry Guide 7 and in accordance with those disclosure standards, mineral resources for the Northern and Southeastern Iron Ore Systems have not been publicly reported. Please see “Mineral Reserve and Resource Estimates” for further information on reporting under SEC Industry Guide 7 on page 151 3 For Ro yalty Ounce calculation, the Vale Royalty covers certain mining concessions in the Northern and Southeastern Systems reflecting the properties owned by Vale at privatization. At the Northern System, all of the Mineral Reserves are estimated to be covered by the Vale Royalty and at the Southeastern System, 60% of Mineral Reserves are estimated to be covered by the Vale Royalty. Historically, approximately 70% of Southeastern System production has been attributable to the Vale Royalty and is expected to remain at that level over the medium-term. The Mineral Reserves of the Southeastern System include non-approved projects that are not covered by the Vale Royalty (e.g., the Apolo project). In addition, Franco-Nevada accounts for moisture, mass recovery, and allowable deductions under the Vale Royalty, as described more fully on Vale's website. For the Royalty Ounce calculation associated with the Mineral Reserves of the Sossego mine, Franco-Nevada accounts for allowable deductions and mineral recovery. Refer to Vale’s 2020 20-F annual report for additional information Vale's Northern System, Brazil