FRANCO-NEVADA CORPORATION 61 THE GOLD INVESTMENT THAT WORKS Oro Belle Mined Pit Jumbo Mined Pit JSLA Mined Pit South Waste Dump West Waste Dump Heap Leach Pad Castle Mountain Royalty Area 2.65% NSR Royalty lands Plus 10 Mile Area of Interest 1,000 Metres 0 2,000 Castle Mountain Mine Las Vegas Los Angeles San Diego MEXICO CALIFORNIA NEVADA Castle Mountain Mine NEVADA CALIFORNIA 2021 2020 2019 Revenue to Franco-Nevada ($ million) $ 1.5 $ – $ – P&P Reserves (koz Au) 1 4,168 3,563 3,563 M&I Resource (koz Au) 1 5,919 4,333 4,333 Inferred Resource (koz Au) 1 1,608 2,210 2,210 P&P Royalty Ounces (000s) 2 110 94 94 M&I Royalty Ounces (000s) 1, 2 157 115 115 Inf Royalty Ounces (000s) 2 43 59 59 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 100% of the Mineral Reserves and Mineral Resources are subject to our royalty interest and estimates a rate of 2.65% is applicable Castle Mountain Au California, United States Operator: Equinox Gold Corp. Royalty: NSR: 2.65% Precious Metals The Castle Mountain mining property is located in California, close to the Nevada border and is in the historic Hart Mining District, 120 km south of Las Vegas, Nevada. The mine is operated by Equinox Gold, which also owns the Mesquite mine described on page 60. NewCastle Gold Ltd. (“NewCastle”), a predecessor company to Equinox Gold, was the previous owner of the Castle Mountain property. The Castle Mountain land holdings total greater than 40 km 2 of patented and unpatented claims. The mine was previously operated by Viceroy Gold and MK Resources and produced over 1.2 million ounces of gold. Fr anco-Nevada currently holds a 2.65% NSR covering all of the existing Castle Mountain mine and extending 10 miles from the boundary of the mine. Rede velopment of Castle Mountain is planned in two phases. Construction and commissioning of the Phase 1 mine was completed and commercial production was achieved in November 2020. During 2021, Castle Mountain produced 25,270 gold ounces. For 2022, Equinox Gold anticipates production of 25,000 to 35,000 ounces of gold. Phase 1 operations are expected to produce on average 40,000 ounces of gold annually for the remainder of the project. A feasibility study for the Phase 2 expansion was released in March 2021. The Phase 2 project will expand ROM heap leaching and incorporate milling of higher- grade ore, increasing production to an average of 218,000 ounces per year and extending the total mine life to 21 years. Life-of-mine production including Phase 1 operations and end of mine life rinsing is estimated at 3.4 million ounces of gold. Equinox Gold expects to submit Phase 2 permit applications in H1 2022. Phase 1 production ongoing and planned to reach 40,000 ounces per year Permitting Phase 2 expansion to increase production to >200,000 ounces per year Franco-Nevada’s royalty covers entire project area with a 10-mile area of interest United States PRECIOUS METALS DIVERSIFIED ASSETS RESERVES AND RESOURCES ADDITIONAL INFORMATION Castle Mountain, California