2022 ASSET HANDBOOK 34 FNV TSX NYSE OVERVIEW Royalty Ounces EXAMPLE ECONOMICS OF A ROYALTY VERSUS A STREAM The example below compares the value per ounce to Franco-Nevada of a 4% NSR, a 4% stream or a 4% NPI or WI. Assume for one ounce of gold, a sales price of $1,800, a “stream cost” of $400 per ounce and that the “all-in sustaining cost” 1 of the mine is $1,026 per ounce. Developed NSR Stream NPI or WI 1 One ounce sold at $ 1,800 $ 1,800 $ 1,800 Applicable cost $ – $ 400 $ 1,026 Margin for AISC calculation $ 1,800 $ 1,400 $ 774 NSR, Stream or NPI % 4% 4% 4% Revenue per ounce to FNV $ 72 $ 56 $ 31 NSR equivalent 100% 78% 43% Alternatively – Ounces required to equal a 1% NSR 1.0 oz 1.3 oz 2.3 oz 1 For applicable costs for a developed NPI or WI, Franco-Nevada is, for illustrative purposes, assuming Barrick Gold Corporation’s (“Barrick”) 2021 all-in sustaining cash cost measure, as Barrick is the operator of two assets at which Franco-Nevada has NPI interests. Based on the above economics, a comparable percentage NSR is 2.3 times more valuable than an equivalent Developed NPI or WI and almost 1.3 times more valuable than a stream interest. The NSR provides the highest margins and most downside protection to changes in the commodity price. The stream provides commodity price leverage similar to a low cost operating company with certainty as to future costs. The NPI or WI provides the most leverage to commodity price. A NSR provides the highest margins and most downside protection A Stream provides leverage to changes in the commodity price A NPI or WI provides the most leverage to commodity price. “ ” Duketon Mine, Australia