FRANCO-NEVADA CORPORATION 75 THE GOLD INVESTMENT THAT WORKS Canada PRECIOUS METALS DIVERSIFIED ASSETS RESERVES AND RESOURCES ADDITIONAL INFORMATION 2021 2020 2019 Revenue to Franco-Nevada ($ million) $ 2.4 $ 3.1 $ 2.2 P&P Reserves (koz Au) 1 3,534 4,428 4,778 M&I Resource (koz Au) 1 5,214 4,638 5,640 Inferred Resource (koz Au) 1 6,236 6,602 2,922 P&P Royalty Ounces (000s) 2 5 6 9 M&I Royalty Ounces (000s) 1, 2 13 6 10 Inf Royalty Ounces (000s) 2 32 34 21 1 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 2 For Ro yalty Ounce calculation, Franco-Nevada estimates 9% of the Mineral Reserves (9% in 2020, 12% in 2019), 16% of the M&I Mineral Resources (9% in 2020, 12% in 2019) and 34% of the Inferred Mineral Resources (34% in 2020, 48% in 2019) are subject to our royalty interest and estimates a rate of 1.5% is applicable Canadian Malartic Au Quebec, Canada Operator: Yamana Gold / Agnico Eagle Royalty: GR: 1.5% Precious Metals In June 2011, Franco-Nevada purchased a 1.5% gross royalty on part of the Canadian Malartic gold project. The project is located in Quebec’s Abitibi mining district and is Canada’s largest gold producer. The royalty covers seven claims on the property including the central portion of the open pit as shown in the schematic which equates to approximately 3 km 2 . Royalty payments are expected to fluctuate annually based on the location of mining relative to the royalty property. Yamana and Agnico Eagle are the 50/50 joint operators of the Canadian Malartic mine following the 2014 acquisition of Osisko Mining Corporation. On a 100% basis, Canadian Malartic pr oduced 714,784 ounces of gold in 2021 versus 2020 production of 568,634 ounces of gold. 2022 gold production at Canadian Malartic is expected to be between 630,000 and 650,000 ounces on a 100% basis, with 2023 and 2024 production forecast to be between 650,000 to 670,000 ounces and 670,000 to 690,000, respectively. During 2021, the mine continued the transition from the Malartic pit to the Barnat pit and production will transition from the open pit to the underground between 2023 to 2029. In 2022, approximately one-third of the production is expected to be sourced from the Canadian Malartic pit and two-thirds from the Barnat pit. The Canadian Malartic open-pit complex contains Proven and Probable Mineral Reserves of 3.5 million ounces of gold (100.5 million tonnes grading 1.09 g/t Au). Franco-Nevada estimates that roughly 9% of the Mineral Reserves of the main open-pit complex are subject to our royalty interest. In February 2021, Y amana and Agnico Eagle announced a positive construction decision on the Odyssey underground project. The Odyssey project hosts three main zones: East Gouldie, East Malartic, and Odyssey (which is further sub-divided into Odyssey North, Odyssey South and Odyssey Internal). As of December 31, 2021, the Odyssey Project contains 2.35 million ounces of gold (25.2 million tonnes grading 2.90 g/t) in Indicated Mineral Resources and 13.15 million ounces Canada’s largest gold producer and long-life asset Open pit and underground exploration targets present additional potential ore sources Mill Malartic (town site) Hwy 117 deviation Canadian Malartic Royalty Area 1.5% Royalty Claims Quartz Veins Mineralized Envelopes Open Pit East Gouldie Barnat Pit Canadian Malartic Pit East Malartic Sladen Jeffrey Pit Sheehan Odyssey Jupiter Odyssey South Odyssey North Rail line Rail line Latest 2021 ‘C’ version 1 0 Km N Gouldie Canadian Malartic Quebec Ontario of gold (173.7 million tonnes grading 2.35 g/t) in Inferred Mineral Resources on a 100% basis. As outlined in this technical report, the Odyssey underground project supports a mine life to at least 2039 with annual gold production of 500,000 to 600,000 ounces when fully ramped up on a 100% basis. One of Franco-Nevada’s royalty claims covers a portion of the Odyssey South extension and two of Franco- Nevada’s royalty claims cover a portion of East Gouldie, as seen in the schematic below. It is estimated that Franco-Nevada’s East Gouldie claims cover approximately 35% of the East Gouldie resource. Infill and step-out drilling at the East Gouldie zone continue to support continuity and scale. In December 2020, r amp development was started on the Odyssey project to facilitate underground drilling and provide access to the Odyssey and East Malartic deposits. The Odyssey project is forecast to gradually start production in the first half of 2023,contributing approximately 46,000 ounces of gold in 2023 and 76,000 ounces of gold in 2024 on a 100% basis. With an estimated depth of 1,800 m, a shaft will be commissioned in 2027 with modest production from East Gouldie in that year. Starting in 2029, on a 100% basis, the mine is expected to produce an average of 545,400 ounces of gold per year with gold production expected to be approximately 6.9 million ounces over a 17-year mine life. Canadian Malarctic, Quebec