FRANCO-NEVADA CORPORATION 123 THE GOLD INVESTMENT THAT WORKS Energy–Canada DIVERSIFIED ASSETS RESERVES AND RESOURCES ADDITIONAL INFORMATION Franco-Nevada acquired a 4% GORR on the Orion Thermal Project in the Cold Lake region of Alberta from OSUM Oil Sands Corp. for C$92.5M in 2017. In 2021, OSUM was acquired by Strathcona Resources Ltd. (“Strathcona”), who now operates the project. The royalty applies to the Clearwater formation and allows for the deduction of transportation and diluent costs associated with transporting the product to market. Orion is a Steam Assisted Gravity Drainage (“SAGD”) operation that began commercial production in 2007. Infrastructure at the project consists of a central processing facility surrounded by several well pads which supply the plant. The asset has a large resource base capable of supporting the production of heavy oil beyond 2050 on a Proven and Probable reserve basis. As at year-end 2021 Orion was producing approximately ~16,000 barrels per day of bitumen. The prior operator had plans to increase production beyond 20,000 barrels per day. Franco-Nevada recorded revenue of $10.8 million in 2021. Royalty payments are based on the WCS benchmark price and are impacted by changes in the differential with WTI as well as by the price of diluent, which is required to transport the product to market. Long-life resource located in Canada Stable year over year production volumes Potential for future capacity expansion Grand Prairie Calgar y Lloydminster Hardisty Edmonton Fort McMurray Cold Lake Peace River Alberta Saskatchewan Orion Athabaska Lloydminster Hardisty Edmonton Cold Lake Orion N Orion Alberta Saskatchewan Liquids Pipeline 2021 2020 2019 Revenue to Franco-Nevada ($ million) 1 $ 10.8 $ 5.9 $ 10.2 Production (Mboe) 2 237 281 271 Commodity Split (%) 3 Oil 100% 100% 100% Gas 0% 0% 0% NGL 0% 0% 0% 1 Revenue refers only to payments made to Franco-Nevada 2 Net to the Oil & Gas Interests 3 Percentage based on production revenue from each commodity Orion Oil Alberta, Canada Operator: Strathcona Resources Ltd. Royalty : Royalty Rate 4% Energy Orion processing facilities, Alberta