2022 ASSET HANDBOOK 30 FNV TSX NYSE Why We Measure “Royalty Ounces” Franco-Nevada’s mining properties that have reported Mineral Reserves and Mineral Resources are tabulated in the Mineral Reserves and Resources appendix of this Asset Handbook. Unless otherwise noted in the Royalty Ounce calculation for each asset, the figures are tabulated based on the publicly disclosed reports of each operator for each property on a 100% basis. However, the tabulation does not provide a specific measure for Franco-Nevada’s interest in such Mineral Reserves and Mineral Resources for the following reasons: • Ro yalty and stream interests have different economics than an operator has for its stated Mineral Reserves and Mineral Resources. In addition, the economics differ between NSR, NPI and stream interests • Some assets do not co ver the entire property associated with the operator’s publicly reported figures To account for the above, we calculate “Royalty Ounces” to estimate the value attributable to Franco-Nevada due to our economic interest in the Mineral Reserves and Mineral Resources of our portfolio. The value of a Royalty Ounce is normalized to that of a gold NSR ounce. How We Estimate “Royalty Ounces” A traditional NSR royalty on a gold mining property provides Franco-Nevada with a simple percentage of the revenue or gold-in-kind produced from that property. For example, if we have a 2% NSR royalty on a property we calculate 2% of the stated Mineral Reserves and Mineral Resources as our “Royalty Ounces”. Note we do not make adjustments for recoveries and refining fees. When calculating Royalty Ounces for a property our objective is that they should be comparable to an attributable gold NSR Royalty Ounce. To achieve comparable Royalty Ounce figures, we make adjustments in the following circumstances: 1. The r oyalty or stream does not cover all the Mineral Reserves or Resources on a property: We provide our best estimate of the percentage of Mineral Reserves and Mineral Resources that are attributable to our inter est. 2. A str eam interest with an associated ongoing cost per ounce: The number of attributable stream ounces are factored to make them economically equivalent to a NSR ounce. For e xample, at an $1,800 per ounce gold price and a $400 cost per ounce, the stream ounces are factored by 77.7%. The factor depends on cost per ounce or the percentage margin written in the agreement. 3. A NPI r oyalty: A NPI is subject to the operating and capital costs specific to each asset. We generate our own internal mine life projections for each asset to determine a reasonable estimate of the economic equivalent of a gold NSR Royalty Ounce using an $1,800 gold price assumption. 4. An asset pr oducing silver, PGM or base/bulk metal: The number of attributable silver, platinum or palladium ounces, and attributable base/bulk metals pounds/tonnes are converted into Royalty Ounces. This year’s pricing assumptions for conversion include: $1,800 per ounce gold, $23 per ounce silver, $1,000 per ounce platinum, $2,100 per ounce palladium, $3.50 per pound copper, $9.00 per pound nickel, $0.95 per pound ferrochrome and $125/t Fe 62% CFR China for our calculations. In addition, NSR deductions can be more material for certain assets subject to deductions such as smelting and refining charges. For copper , nickel, ferrochrome and iron ore Royalty Ounce calculations deductions are more material compared to a typical gold NSR asset. In the Assets section of this Asset Handbook, we provide details for each asset that include summary figures for the Mineral Reserves (P&P Reserves), Mineral Resources (M&I Resources inclusive of P&P Reserves) and Inferred Mineral Resources (Inf Resources). We also provide the related P&P Royalty Ounces, M&I Royalty Ounces and Inf Royalty Ounces for each of those assets and the key guidance and assumptions that were required to derive those Royalty Ounces. Readers are cautioned that the Royalty Ounces are prepared by the management of Franco-Nevada and have not been reviewed or endorsed by the operators of the projects. OVERVIEW ROYALTY OUNCES Royalty Ounces