2022 ASSET HANDBOOK 118 FNV TSX NYSE Appalachian Basin Marcellus Energy–U.S. 2021 2020 2019 Revenue to Franco-Nevada ($ million) $ 36.1 $ 20.4 $ 18.0 Production (Mboe) 1 1,458 1,615 1,138 Commodity Split (%) 2 Oil 6% 5% 9% Gas 56% 56% 55% NGL 38% 39% 36% 1 Production is referenced in barrels of oil equivalent, although is comprised mostly of gas and natural gas liquids 2 Percentage based on production revenue from each commodity 3 Inventory locations are based on third party reserve estimates for the Proved, Probable, Possible, and Contingent resource categories for currently producing formations Franco-Nevada has a 1% royalty on the majority of Range Resources Corporation’s (“Range”) operated position in Southwest Pennsylvania. The royalty is calculated as 1% of gross production less minor allowed deductions from approximately 350,000 net acres of Range’s working interest position in Washington, Western Allegheny and Southern Beaver counties in Pennsylvania. The royalty applies to existing production and future development from the Marcellus shale formation as well as future potential development from the Utica and Upper Devonian formations. The royalty is registered on title and is a direct interest in real property. The Marcellus is one of the most prolific and active gas and liquids plays in North America. Range’s acreage is in a liquids-rich portion of the Marcellus, enhancing well economics and the overall cost structure. Range helped pioneer the Marcellus shale in 2004 with the successful drilling of the Renz #1 well in Washington County, Pennsylvania. Since that time, Range has developed a track record of growing reserves and production from its asset base. In 2021, Franco-Nevada received $36.1 million in revenue from the Marcellus royalty. During the year Range drilled and completed 64 wells in the Marcellus on royalty lands, which is an increase from 59 wells in 2020. The land base has a potential inventory of 1,270 futur e well locations 3 implying approximately 20 years of additional drilling (based on the prior year drilling rate), followed by many years of additional production as the wells decline. There is additional potential in the Utica and Upper Devonian formations not included in the above estimate of well locations that may increase the longevity of the asset. Diverse exposure to natural gas and natural gas liquids Long-life asset with strong underlying economics Secure land title with exposure to undeveloped formations at depth DIVERSIFIED ASSETS Marcellus Natural Gas & NGLs SW Pennsylvania, United States Operator: Range Resources Royalty: 1% overriding royalty Energy Range Resources drill pad, SW Pennsylvania