2022 ASSET HANDBOOK 44 FNV TSX NYSE In early 2019, Franco-Nevada acquired an existing 2% NSR on the Salares Norte project being advanced by Gold Fields Limited (“Gold Fields”) in the Atacama region of Northern Chile. The royalty is subject to a 1% buyback by Gold Fields within 24 months of announcing commercial production, for $6.0 million. In September 2020, Franco-Nevada acquired an additional 2% NSR on all mineral production from Gold Fields’ Rio Baker concessions for $5.0 million in cash with contingent payments of up to $8.0 million. The Rio Baker claims cover the North-West extension of the Salares Norte deposit and the royalty acquisition provided Franco-Nevada with exposure to 100% of the Salares Norte project. Salar es Norte is a blind epithermal gold and silver deposit and represents one of Gold Fields’ key development projects. Gold Fields’ 2019 feasibility study for the project included a Mineral Reserve containing 3.5 million ounces of gold and 39.3 million ounces of silver (21.1 million tonnes grading 5.1 g/t gold and 57.9 g/t silver). The feasibility study envisaged an open-pit mining operation with an initial mine life of 11.5 years, producing 450,000 ounces of gold equivalent 1 per year for the first 7 years. Construction of the Salar es Norte mine commenced in 2020 and pre-stripping of the pit and construction of the processing plant started in January 2021. Gold Fields reported that the project remains on schedule for first production in the first quarter of 2023 and expects to continue exploring near-mine potential and to test district potential. In February 2022, Gold Fields announced that it forecasts production to build up to 203,000 ounces of gold equivalent 1 in 2023 and 550,000 ounces of gold equivalent 1 in 2024. 1 Please r efer to Gold Fields’ public disclosures for further details on its definition of gold equivalent. 2021 2020 2019 Revenue to Franco-Nevada ($ million) $ – $ – $ – P&P Reserves (koz Au) 2 3,476 3,476 3,476 M&I Resource (koz Au) 2 3,804 3,804 3,800 Inferred Resource (koz Au) 2 109 109 110 P&P Reserves (moz Ag) 2 39.3 39.3 39.3 M&I Resource (moz Ag) 2 42.9 42.9 42.9 Inferred Resource (moz Ag) 2 0.7 0.7 0.8 P&P Royalty Ounces (000s) 3 40 81 80 M&I Royalty Ounces (000s) 2, 3 44 88 87 Inf Royalty Ounces (000s) 3 1 2 2 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 & Mineral Resources (100% in 2020, 100% in 2019) are subject to our royalty interest and estimates a rate of 1.0% (2.0% in 2020, 2.0% in 2019) in anticipation that Gold Fields exercises its right to repurchase 1.0% of the 2.0% NSR. Silver has been converted assuming $1,800/oz gold and $23.00/oz silver ($1,750/oz gold and $25.00/oz silver in 2020, $1,400/oz gold and $18.00/oz silver in 2019) Salares Norte Au & Ag Chile, South America Operator: Gold Fields Limited Royalty: NSR: 1-2% Precious Metals Production remains on schedule for Q1 2023 Feasibility report estimates initial 11.5-year mine life Positive near-mine exploration serves to potentially extend mine Brecha Principal N Salares Norte Royalty Area Agua Amarga Salares Norte Rio Baker 0.5 Kilometre 0 1 High-grade gold sub-domains 2017 EIA pit outline Main low-grade domains Antofagasta La Serena Santiago Copiapo Relincho CHILE ARGENTINA BOLIVIA PERU Vizcachitas San Jorge Taca Taca Salares Norte South America PRECIOUS METALS Salares Norte, Chile