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CORPORATE PRESENTATION October 2026 Hoyle Pond, Timmins, Ontario | Image Courtesy of the ROM (Royal Ontario Museum), Toronto, Canada. ©ROM
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2 CAUTIONARY STATEMENT FORWARD - LOOKING STATEMENTS This presentation contains “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, respectively, which may include, but are not limited to, statements with respect to future events or future performance, including expectations and assumptions for future performance, production, development, or expansion of, and mine life estimates relating to, projects where Franco-Nevada holds a royalty, stream or other interest as well as the timing thereof, management’s expectations regarding Franco-Nevada’s growth, results of operations, estimated future revenues, performance guidance, carrying value of assets, future dividends and requirements for additional capital, mineral resources and mineral reserves estimates, production estimates, production costs and revenue, future demand for and prices of commodities, expected mining sequences, business prospects and opportunities, the performance and plans of third party operators, any ongoing or future audits being conducted by the Canada Revenue Agency (the “CRA”), the expected exposure for current and future tax assessments and available remedies, and statements with respect to the future status and any potential restart of the Cobre Panamá mine. In addition, statements relating to mineral resources and mineral reserves, gold equivalent ounces (“GEOs”) or mine lives are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions are accurate and that such mineral resources and mineral reserves, GEOs or mine lives will be realized. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budgets”, “potential for”, “scheduled”, “estimates”, “forecasts”, “predicts”, “projects”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Franco-Nevada to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. A number of factors could cause actual events or results to differ materially from any forward-looking statement, including, without limitation: fluctuations in the prices of the primary commodities that drive royalty and stream revenue (gold, platinum group metals, copper, nickel, silver, iron-ore and oil and gas); fluctuations in the value of the Canadian and Australian dollar, Brazilian real, Mexican peso and any other currency in which revenue is generated, relative to the U.S. dollar; changes in national and local government legislation, including permitting and licensing regimes and taxation policies and the enforcement thereof; tariff and other trade measures that may be imposed by the United States and proposed retaliatory measures that may be adopted by its trading partners; the adoption and implementation of a global minimum tax on corporations; regulatory, political or economic developments in any of the countries where properties in which Franco-Nevada holds a royalty, stream or other interest are located or through which they are held; risks related to the operators of the properties in which Franco-Nevada holds a royalty, stream or other interest, including changes in the ownership and control of such operators; relinquishment or sale of mineral properties; influence of macroeconomic developments; business opportunities that become available to, or are pursued by Franco-Nevada; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; whether or not Franco-Nevada is determined to have “passive foreign investment company” (“PFIC”) status as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended; potential changes in Canadian tax treatment of offshore streams; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; access to sufficient pipeline capacity; actual mineral content may differ from the mineral resources and mineral reserves contained in technical reports; rate and timing of production differences from mineral resource estimates, other technical reports and mine plans; risks and hazards associated with the business of development and mining on any of the properties in which Franco-Nevada holds a royalty, stream or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, sinkholes, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious disease; the impact of future pandemics; and the integration of acquired assets. The forward-looking statements contained herein are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Franco-Nevada holds a royalty, stream or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; Franco-Nevada’s ongoing income and assets relating to determination of its PFIC status; no material changes to existing tax treatment; the expected application of tax laws and regulations by taxation authorities; the expected assessment and outcome of any audit by any taxation authority; no adverse development in respect of any significant property in which Franco-Nevada holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; integration of acquired assets; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance. In addition, there can be no assurance as to (i) the outcome of any ongoing or future audits by the CRA or Franco-Nevada’s exposure as a result thereof, or (ii) the future status and any potential restart of the Cobre Panamá mine. Franco-Nevada cannot assure investors that actual results will be consistent with these forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements due to the inherent uncertainty therein. For additional information with respect to risks, uncertainties and assumptions, please refer to Franco-Nevada’s most recent Annual Information Form as well as Franco-Nevada’s most recent Management’s Discussion and Analysis filed with the Canadian securities regulatory authorities on www.sedarplus.com and Franco-Nevada’s most recent Annual Report filed on Form 40-F filed with the SEC on www.sec.gov. The forward-looking statements herein are made as of the date hereof only and Franco-Nevada does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Scientific and technical information included in this presentation has been reviewed by Darrol van Deventer, Vice President, Mining of Franco-Nevada, a qualified person under National Instrument 43-101. NON- GAAP MEASURES Cash Costs, Cash Costs per GEO sold, Adjusted Net Income, Adjusted Net Income per Share, Adjusted Net Income Margin, Adjusted EBITDA, Adjusted EBITDA per Share, and Adjusted EBITDA Margin are non-GAAP financial measures with no standardized meaning under International Financial Reporting Standards (“IFRS Accounting Standards”) and might not be comparable to similar financial measures disclosed by other issuers. For a quantitative reconciliation of each non-GAAP financial measure to the most directly comparable financial measure under IFRS Accounting Standards, refer to the appendix at the end of this presentation. Further information relating to these non-GAAP financial measures is incorporated by reference from the “Non-GAAP Financial Measures” section of Franco-Nevada’s MD&A for the three months ended June 30, 2026 and filed on August 11, 2026 with the Canadian securities regulatory authorities on SEDAR+ available at www.sedarplus.com and with the U.S. Securities and Exchange Commission available on EDGAR at www.sec.gov. This presentation does not constitute an offer to sell or a solicitation for an offer to purchase any security in any jurisdiction.
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3 Franco-Nevada is the leading gold-focused royalty and streaming company with the largest and most diversified portfolio of cash-flow producing assets. THE GOLD INVESTMENT THAT WORKS Quality, long-life assets in safe jurisdictions Exposure to commodity price and geological optionality High margin business, insulated from cost inflation “We believe that lower risk gold investments, a strong balance sheet, progressive dividends and exposure to exploration optionality are the right mix for investors seeking to hedge market instability. “
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4 WHY OWN FRANCO- NEVADA 1 Compounded annual total returns to July 31, 2026. Source: TD Securities; Bloomberg | 2 Source: Scotiabank; “What Comes Next: ROIC Leadership Expected from Gold” dated April 6, 2026 | 3 Contingent on Cobre Panamá restart at full capacity | 4 Other funding commitments will be funded with cash flow from operations. Refer to the “Commitments” section of our MD&A for capital commitments for further details INVESTMENT RECORD 12% Avg. ROIC2 last 5 years LEADING SHARE PRICE RETURNS 17% Compounded Returns Since IPO1 DIVERSIFIED PORTFOLIO 121 Cash Flowing Assets FINANCIAL FLEXIBILITY $4.3B in Available Capital4 GROWTH & OPTIONALITY Potential 45% Growth by 20303 SUSTAINABILITY FOCUSED Top Ranked by ESG Rating Agencies
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5 WHY IS FRANCO - NEVADA DIFFERENT? Adaptable Investment Style Financial Flexibility Focus on Optionality Profitable Growth Seek exposure to exploration optionality and use strong technical skills to drive asset selection Manage the use of debt and pay progressive and sustainable dividends to ensure capital is available at all times Creative capital provider and financial backer of strong teams Create shareholder value by growing NAV/share & CF/share Shareholder alignment - high share ownership and low G&A Understand Cyclicality Build a business that thrives in both bull and bear markets for precious and other commodities
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6 TRACK RECORD - GROWTH Significant Growth since IPO 18x OPERATING CASH FLOW REVENUE ADJUSTED EBITDA 117x 17x ADJUSTED NET INCOME PER SHARE 1 Calculations based on change from January 1, 2008 to June 30, 2026; 2026 figures are annualized | 1 Please refer to the appendix at the end of this presentation on GEOs and Non -GAAP Measures 16x 16-18 X Increase since IPO
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7 TRACK RECORD - RETURN ON INVESTED CAPITAL Historical ROIC vs. Peers (%) – Last 5 Year Average(1) FNV Projected ROIC (%)(1) 4.6% 7.8% 10.0% 10.2% 12.0% Triple Flag OR Royalties Royal Gold Wheaton Precious 20.4% 20.5% (2026E) (2027E) 1 Source: Scotiabank; “What Comes Next: ROIC Leadership Expected from Gold” dated April 6, 2026. FNV projected ROIC based on go ld price of US$4,700/oz Industry-Leading Track Record of Capital Deployment
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8 TRACK RECORD - SHAREHOLDER RETURNS Outperforming All Market Benchmarks 1 Chart shows compounded annual total returns from FNV`s Inception, on December 20, 2007 to September 30, 2026 | 2 Source: TD Securities; Bloomberg Barclays US Aggregate Bond GDX (index of mostly gold miners) Gold Bullion ETF S&P 500 NASDAQ Franco-Nevada (FNV) - US$ basis -4% 0% 4% 8% 12% 16% 20%
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9 HIGH MARGIN – LOW - COST MODEL Insulated from Operating Cost Inflation 111% Leverage to gold price 1 Please refer to the appendix at the end of this presentation on Non-GAAP Measures $242 $286 $278 $316 $344 $1,559 $1,657 $2,109 $2,883 $4,352 $- $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000 2022 2023 2024 2025 H1 2026 US$ Cash cost per GEO¹ Margin
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10 $- $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $- $50 $100 $150 $200 $250 $300 $350 $400 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026⁴ Average Gold Price US $ Dividends Paid US $ (Millions) per annum Dividends Paid Average Gold Price PROGRESSIVE & SUSTAINABLE DIVIDENDS LEADING TRACK RECORD 19 CONSECUTIVE INCREASES 1 Quarterly dividend starting Q1 2026 | 2 As of September 30, 2026 | 3 Includes DRIP | 4 Indicative dividend payment in 2026, based on share count as of September 30, 2026 US$0.44/share1 Quarterly Dividend >$3.0B2 Dividends paid since IPO3 $337M4 2026 dividends to be paid 11.5% yield (U.S.)2 16.5% yield (CDN)2 IPO shareholder realizing 16% Dividends Paid CAGR (2008-2026)
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11 ADAPTABLE INVESTMENT STYLE M&A Alignment with Partners for a Win- Win Solution DEBT REDUCTION EMERGING PROJECTS PROJECT DEVELOPMENT EXPLORATION / /
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12 STRONG FINANCIAL BACKER Financial Backing that Differentiates Companies BUSINESS MODEL $100M FINANCING FOR CASA BERARDI ACQUISITION $100M Stream $353M PROJECT FINANCE FOR CONSTRUCTION OF TOCANTINZINHO $250M Stream $75M Loan $28M Equity Raise of $116M $449M FINANCING FOR PORCUPINE COMPLEX ACQUISITION & DEVELOPMENT $300M Royalty $100M Loan ~$50M Equity Raise of ~$170M $250M FINANCING FOR DEVELOPMENT OF NEVADA PORTFOLIO $250M Royalty $671M FINANCING FOR CANDELARIA ACQUISITION $648M Stream $23M Equity Raise of $600M A$420M FINANCING – FEB & SEP 26 FOR DEVELOPMENT OF BULLABULLING A$340M Royalty A$80M Equity Investment of A$330M
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13 i - 80 GOLD FINANCING Royalty Covers all of i-80 Gold’s Growth Plans in Nevada • Asset development program will increase production from 32 koz Au in 2025 to 600+ koz Au per year by 2032 • Royalty rate steps up from a 1.5% NSR to 3.0% beginning in 2031, coinciding with i-80 Gold’s development timeline, delivering a strong growth profile Large Mineral Resource with Exploration Potential • Royalty will cover an expansive 256 km2 land package, with a substantial resource base hosting 7.8 Moz AuEq M&I mineral resources and 8.6 Moz AuEq inferred mineral resources1 Attractive Anchor Project in Mineral Point Heap Leach • Attractive, large-scale and straight-forward heap leach project hosting 4.6 Moz AuEq M&I mineral resources and 3.2 Moz AuEq inferred resources1 • Potential to accelerate timing of feasibility study and permitting, with part of Royalty financing tied to Mineral Point technical and permitting work • Expected to produce 282 koz AuEq per year once in production Comprehensive Financing Plan Unlocks Processing Hub • i-80 sufficiently capitalized to advance refurbishment of the Lone Tree Autoclave providing a central processing hub for the Granite Creek, Archimedes and Cove underground operations 1 Please see slide 51 notes related to this slide
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14 MINERALS 260 – BULLABULLING FINANCING Near-Term & Meaningful Production • One of Australia’s largest near-term gold projects with 4.4 Moz Indicated Resources (140 Mt at 0.98 g/t) and 1.7 Moz Inferred Resources (51 Mt at 1.0 g/t) • Located on existing mining leases with straightforward pathway to production through conventional open-pit mining and CIL processing • A PFS with Stage 1 throughput of 5 Mtpa was released by Minerals 260 in July 2026, with a FID expected early-2027 and first gold production potentially as soon as H2-2028 1 • Minerals 260 strategy is to incrementally develop and expand Bullabulling to accelerate and optimize production, with objective to reach 7.5 Mtpa in the years soon after first production Experienced Board & Management Team • Led by Chairman Tim Goyder (>40 years of experience and Minerals 260’s second largest shareholder) and CEO & MD, Luke McFadyen (>15 years of experience) Strategic Financing Delivers Development Momentum • Two separate royalty financing packages within ~7 months haveenabled Minerals 260 to bring forward and enhance project development at Bullabulling o Pre-PFS package: enabled expansion of resource drilling and growth, camp construction, ordering long-lead items, study funding and neighboring tenement acquisitions o Post-PFS package: provided lynchpin to secure all the expected equity funding required to bring Bullabulling into production to continue development momentum through to FID Significant Upside Potential • Resource has nearly tripled since Minerals 260's acquisition of the project • Large AOI covers mineralized strike extensions and total area of ~650 km2 1 Revised P&P mineral reserves are planned to be completed in conjunction with the DFS, which is targeted for completion in Q1-2027 2 Royalty steps down from 3.90% to 2.75% after 6 Moz Au is produced. 2
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15 OREZONE GOLD – CASA BERARDI FINANCING Stream Area Large Mineral Resource Base • Stream covers both the Casa Berardi Mine (2.5 Moz M&I and 0.4 Moz inferred1) and other Quebec assets, including Heva-Hosco (1.2 Moz M&I and 0.7 Moz inferred2, PEA expected Q4 2026) Immediate Gold Revenues from the Established Casa Berardi Mine • Gold deliveries of 6.5 koz per year for first five years, thereafter 5% of gold produced, deliveries subject to 20% ongoing payment • Updated LOM plan outlines a 14-year mine life from 2027 to 2040, with total gold production of 1.63 Moz and average annual production of 116 koz Significant Expansion Potential • Multiple pathways to increase production and extend mine life, including: o Ongoing UG exploration to boost grades and production o Potential development of WMCP & Principal pits o Potential expansion of current and future open pits o Exploration drilling ramping up to 100,000 m annually Experienced Management Team • Led by Patrick Downey and the Orezone team, who have a strong track record, building both the Bomboré mine and the subsequent Phase 1 Expansion on time and on budget 1 Inclusive Mineral Resources of 2.5 Moz Au M&I mineral resources (24.7 Mt at 3.18 g/t Au) and 0.4 Moz Au inferred mineral resources (2.8 Mt at 4.37 g/t Au) | 2 1.2 Moz Au M&I mineral resources (31.7 Mt at 1.16 g/t Au) and 0.7 Moz Au inferred mineral resources (17.7 Mt at 1.22 g/t Au)
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16 VICTORIA ROYALTY PORTFOLIO / AURMAC ACQUISITION Banyan recently raised C$54.3M to accelerate drilling, engineering and permitting • Franco-Nevada participated for C$20M • PEA expected in H2 2026 Acquired a portfolio of six royalties for C$55M • 6% NSR on Banyan Gold Corp.’s AurMac Gold Project in the Yukon (subject to 5% buydown for C$10M) • 1% NSR on Banyan Gold Corp.’s Hyland property in the Yukon • Production milestone payments (up to C$20M) on i-80 Gold Corp.’s Cove Project in Nevada • 3 additional royalties in Nevada and the Yukon AurMac is well located with existing infrastructure in a producing district • Year-round road access and access to 138 kVa line on the property • 40 km north of Mayo and 15 km from Hecla’s operating Keno Hill Mine AurMac anchors the portfolio with a large, growing resource base • 3.64 Moz Au Indicated (167.3 Mt at 0.68 g/t Au) and 4.98 Moz Au Inferred (267.2 Mt at 0.58 g/t Au) • 70 km underway with 6 drills; targeting 5 Moz Au at +1 g/t Au • Recent drilling at Powerline, including 1.05 g/t Au over 52.8m, supports high-grade starter pit potential • Success at Powerline North adds potential in the gap between Powerline and Airstrip deposits Royalty covers c.92 km2 and 100% of the project resources
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OUR PORTFOLIO Covering ~72,000 km2 447 ASSETS 447 TOTAL 121 Precious Metals Diversified PRODUCING 47 Precious Metals Diversified ADVANCED 279 Precious Metals Diversified EXPLORATION Only selected exploration assets are shown Asset count as of August 31, 2026 Details on assets provided in the Asset Handbook available on our website Cobre Panamá currently on preservation and safe management. Processing of stockpiled ore approved and ongoing.
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18 UNIQUE PORTFOLIO MIX 1 Represents revenue from other types of interests (Vale, LIF) and interest income from loans (G Mining Ventures, EMX) Reserves and Resources on orebodies often increase when the principal commodity prices increase Lower cut-off grades increase mineable inventory Reserves + Resources increase Mine lives are extended Precious Metals 50% Copper 36% Iron Ore 3% Energy 11% Our royalties are mostly on gold orebodies, which have high optionality as often they are only fully revealed over time Our streams are typically precious metal by- product from very long-life copper mines 1 14 427 INVESTMENT TYPE UNDERLYING ASSETS 2025 REVENUE 2025 REVENUE
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19 DIVERSIFIED PORTFOLIO 2025 GEOs COMMODITY 85% from Precious Metals GEOGRAPHY 87% from Americas 14 Countries ASSETS No Individual Asset >15% Gold Silver PGM Other Mining Oil Gas NGL Canada & USA South America Central America & Mexico Rest of World Candelaria Guadalupe- Palmarejo Antapaccay Antamina Western Limb Tocantinzinho Hemlo Côté Detour Subika Permian Other
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20 ROYALTY ASSETS – RETURN ON INVESTMENT DIVERSIFIED PORTFOLIO / GROWTH AND OPTIONALITY Royalties Provide Significant Geological Optionality DETOUR LAKE TASIAST STILLWATER DUKETON GOLDSTRIKE GREENSTONE $2M Investment1 >$1.5B Return2 $2M Investment1 >$950M Return2 $3M Investment1 >$350M Return2 $36M Investment1 >$700M Return2 $2M Investment1 >$150M Return2 $6M Investment >$300M Return2 1 Investment made by predecessor company Franco-Nevada Mining Corporation Limited | 2 Return represents After Tax Cash + Analyst NAV consensus as at June 30, 2026. After Tax Cash represents Revenue less Cost of Sales and Cash Taxes paid as of June 30, 2026. Analyst NAV based on consensus analyst asset detail for s pecific assets as available and disclosed as of June 30, 2026
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21 EMBEDDED ROYALTY OPTIONALITY Power of Optionality 1 Calculation includes depletion | 2 Total gold reserves associated with the top 37 assets at the time of IPO (not adjusted for FNV royalty ownership). All Mineral Reserves have been calculated in accordance with CIM or acceptable foreign codes for the purposes of NI 43- 101, including Regulation S-K 1300, SEC Industry Guide 7, JORC, or SAMREC guidelines | 3 Revenue from original FNV portfolio includes gold, platinum and palladium revenue as at December 31, 2025 1
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22 • Franco-Nevada acquired a 2.0% NSR on Detour in 1998 for an initial investment of $2M2 • Current optimization initiatives to support throughput increase expected end of 2029. Production step-up in 2030, reaching 1 Moz pa in 2031 for approximately 14 years. Exploration ramp reached a depth of 180 metres as of June 30, 2026. Underground production expected to start as early as 2028. • Ongoing drilling has extended mineralization more than 2.4 km west of the current pit outline, focused on conversion drilling and step-outs at depth, supporting confidence in grade continuity in the West Extension zone DETOUR LAKE – POTENTIAL FURTHER EXPANSION CANADA’S LARGEST GOLD MINE WITH ROOM TO GROW >$950M Return 1, 450x Our Initial $2M Investment 2 1 Return represents After Tax Cash + Analyst NAV consensus as at June 30, 2026. After Tax Cash represents Revenue less Cost of Sales and Cash Taxes paid as of June 30, 2026. Analyst NAV based on consensus analyst asset detail for specific assets as available and disclosed as of June 30, 2026 | 2 Investment made by predecessor company Franco-Nevada Mining Corporation Limited Source: Composite Longitudinal section from AEM Q2 2026 results news release dated July 29, 2026
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23 Franco-Nevada acquired a 7.5% Gross Margin Royalty on Côté in 2025 for $1,050M • Partnership with IAMGOLD and Sumitomo granted Franco-Nevada exclusive access to detailed technical due diligence, in exchange for providing two 25% buyback tranches, exercisable within 2 and 3 years from closing • Since acquisition, Côté increased its M&I Mineral Resources by +25% (from 16 Moz Au to 20.3 Moz Au)(1) • Mine plan and technical report update expected Q4 2026, outlining pathway to 40 ktpd through debottlenecking; larger-scale expansion scenario for the Côté-Gosselin resource base also being evaluated CÔTÉ GOLD – MILL EXPANSION PLANNED 2026 Côté and Gosselin Resource Shell 1 Note: Please see slide 51 notes related to this slide. 2. Source: IAMGOLD June 2026 Site Visit Presentation Significant Capacity Expansion Potential Through Côté / Gosselin Super Pit 20.3 Moz M&I + 3.5 Moz Inf within MRE Pit Shell
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24 PORCUPINE FINANCING • Franco-Nevada provided a $449M acquisition financing package for Discovery consisting of: $300M for a 4.25% NSR royalty (2.25% LOM + 2.0% capped at 72 koz), $100M term loan and $49M equity in 2025 o The 2.0% NSR royalty is subject to a buyback at a 12% pre-tax IRR • Discovery is led by Tony Makuch who has extensive history operating in the Timmins camp in Ontario with a proven track record and is uniquely suited to optimize Porcupine • Recent exploration success and the acquisition of Kidd Creek Met Site allows Discovery to target 500 kozpa to 1 Mozpa production by 2031+ (up from its current 260 - 300 kozpa level) through: o Building a new 15 Mtpa gold circuit to process ore from Pamour and Hoyle Pond and utilizing the existing C circuit to process ore from Borden, freeing up the existing Dome Mill to process ore from Dome o Conversion of D circuit into gold refractory flotation circuit to process refractory ore (TVZ Zone) Pathway to 500 kozpa to 1 Mozpa in medium term Kidd Met Site Conceptual Plan Source: Discovery Mining Additional opportunities to further expand include: o Expansions to mill at Dome to further increase production o Additional high production growth targets such at Hollinger-Mcyntire
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25 • Franco-Nevada estimates that its 1.5% gross royalty on certain claims at Canadian Malartic covers approx. 28% of the East Gouldie Reserve (5.7 Moz Au) and over 60% of the East Gouldie Inferred Resource (7.4 Moz Au) as of Dec 31, 20251 • First phase of shaft sinking at Odyssey was completed in July 2026. First production from Shaft #1 expected in Q2 2027. Evaluation work for Shaft #2 expected in Q4 2026 CANADIAN MALARTIC – EAST GOULDIE Drilling continues to extend East Gouldie east in both the upper and lower portions of the deposit 1 Note: Please see slide 51 notes related to this slide. | Source: Composite Cross and Longitudinal sections from AEM Q2 2026 results news release dated July 29, 2026 Franco-Nevada’s estimated coverage
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26 • Franco-Nevada holds a 1% gross royalty on Eagle’s Nest, along with a 3% royalty on Black Thor, a 2% royalty on all of Noront’s original property in the region (excluding Eagle’s Nest), a 2% on certain other properties previously being advanced by Cliffs, and several other third-party exploration royalties in the area • In March 2026, the Ontario government accelerated Ring of Fire road network construction, supporting future mine development • Construction of Webequie Supply Road, along with Anaconda & Painter Lake Road upgrades, started in June 2026. Marten Falls Community Access Road started in September 2026, with the Northern Road Link construction expected in 20281 • Targeting road completion between November 2030 & 2031 • Wyloo is advancing Eagle’s Nest feasibility study, with production commencing as early as 18 months after road access is complete • Federal government has determined an impact assessment is not required for Eagle's Nest RING OF FIRE – ROAD CONSTRUCTION ADVANCING 1 Sources: Wyloo public disclosure. Ontario government website March 2026 News Release (https://news.ontario.ca/en/release/1007104/ontario-releases-accelerated-plan-to-complete-construction-on-roads-to-the-ring- of-fire-five-years-ahead-of-schedule), and June 2026 News Release ( https://news.ontario.ca/en/release/1007671/ontario-and-webequie-first-nation-break-ground-on-ring-of-fire-road) Ring of Fire road construction underway in June 2026, supporting future mine development in the area Ring of Fire road construction underway in June 2026, supporting future mine development in the area
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27 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 Return Investment Return Investment Return Investment Return Investment US$ (Millions) STREAM ASSETS – RETURN ON INVESTMENT Candelaria (2014) Antapaccay (2016) Antamina (2015) Guadalupe-Palmarejo (2009, 2015) After Tax Cash1 Received Analysts NAV2 RETURNS Acquisition Cost INVESTMENT 1 After Tax Cash represents Revenue less Cost of Sales and Cash Taxes paid as of June 30, 2026 | 2 Analyst NAV based on consensus analyst asset detail for specific assets as available and disclosed as of June 30, 2026 Streams on Large Copper Assets Provide Powerful Annuities
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28 ANTAPACCAY/ COROCCOHUAYCO EXPANSION Coroccohuayco A ntapaccay District FID 2026 2035 First Production H2 2029 2037 I ndicative Capex $1.80B $1.28B (1) 1 Source: Glencore 2025 Capital Markets Day Presentation. www.glencore.com | 2 Franco-Nevada will receive 300 ounces of gold and 4,700 ounces of silver for each 1,000 tonnes of copper in concentrate shipped, until 630 koz of gold and 10Moz of silver have been delivered. Thereafter, Franco-Nevada will receive 30% of the gold and silver shipped | 3 The Antapaccay district is a heavily mineralized area. The current copper resources already identified within the district are expected to be sufficient to provide a district mine life in excess of 40 years Likely Coroccohuayco expansion to offset step down in Antapaccay stream o Stream deliveries expected to transition from a copper link to 30% Au/Ag production in 20282 Glencore anticipates a construction decision on Coroccohuayco in H2 2026 o First production targeted for H2 2029 with average gold/silver production of 53 kozpa Au / 1.5 Mozpa Ag over 40+ years 40+ year mine life3 o Multiple resources within the Antapaccay district provide for a potential +40-year life through addition of successive satellite pits o + potential upside from additional milling capacity Exposure to highly mineralized district (997 km 2 land package) o Stream covers the majority of the Antapaccay concessions including Coroccohuayco+ potential upside from additional milling capacity Franco-Nevada acquired precious metal stream in 2016
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29 • Franco-Nevada acquired precious metal stream in 2014 • Underground expansion expected to achieve 14 ktpd in H2 2027 and progressing to 22 ktpd towards 2030 • Opportunity for additional push back (Phase 14) to extend the open pit mine life • Potential to extend Candelaria Norte’s UG Resources and Candelaria Sur mineralization • Identified Española-type mineralization at Resguardo & La Portuguesa (covered by Franco-Nevada’s AOI) CANDELARIA – UG EXPANSION + POTENTIAL PUSH BACK Significant Growth and Exploration Upside at Candelaria Source: Lundin Mining Corporation's Capital Markets Day presentation dated June 17, 2026
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30 30 2030 OUTLOOK 1 555K – 615K 2026 GUIDANCE AND OUTLOOK 1 2026 Guidance as of March 10, 2026: $4,500/oz Au, $75.00/oz Ag, $2,000/oz Pt, $1,650/oz Pd, $100/ tonne Fe 62% CFR China, $70/bbl WTI oil and $3.00/mcf Henry Hub natural gas. | 2 Guidance and Funding Commitments do not reflect production from new acquisitions after March 10, 2026. Refer to Capital Commitments in our year-end 2025 and Q2 2026 MD&A and financial statements for further details on contingent funding requirements. TOTAL GEOS GOLD OUNCES SOLD + Full year: Côté Gold, Porcupine, and Valentine Gold + Additions: Casa Berardi + Ramp-ups: Greenstone and Salares Norte + Cobre Panamá stockpile processing FUNDING COMMITMENTS2 $10M – $20M for Continental Royalty Acquisition Venture $12M for pre-construction funding for Cascabel Stream DEPLETION Estimate $310M – $340M TAX RATE Estimate 20% – 23% 2026 GUIDANCE 1, 2 360K – 400K 510K – 570K + Production: Cascabel, Eskay Creek, Copper World and Stibnite Gold + Expansion: Castle Mountain, Detour Lake, Magino - Stepdown: Candelaria, Antapaccay SILVER OUNCES SOLD PGM S OUNCES SOLD DIVERSIFIED REVENUE 4.7M – 5.5M 32K – 37K $245M – $285M
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31 5 - YEAR GROWTH PIPELINE PROJECTS INCLUDED IN 2030 OUTLOOK RECENT OPERATING ADDITIONS Year GEOs 5 UNDER CONSTRUCTION 2 Expected Start Year GEOs 5 Côté Gold Porcupine Casa Berardi 2025 2025 2026 28,000 18,000 6,500 Eskay Creek Youanmi Stibnite Gold Rebecca 2027 2027 2029 2029 11,200 1,200 7,600 1,800 FEASIBILITY STUDY 2RECENT MINE STARTS Valentine Gold7 Calcatreu 2025 2026 6,800 1,100 Cascabel8 Copper World Project 2029 2029 12,100 4,700 EXPANSIONS 1 PERMITTING 2 Vale6 Magino Granite Creek/Archimedes Antamina 3 Candelaria Detour Lake 10 Marigold4 Antapaccay/Coroccohuayco to 2026 to 2028 to 2028 to 2028 to 2029 to 2031 to 2029 to 2030 1,000 1,100 2,000 9,500 3,250 3,000 3,000 20,150 Castle Mountain (Phase 2) PSJ Cobre Mendocino Taca Taca 9 2029 2029 2030 6,500 3,300 3,100 PRE - FEASIBILITY 2 Bullabulling 2028 4,000 ~50% of 5 - year Growth is Already Under Construction 1 Expansion periods are based on operators’ indicated period of ramp-up | 2 Indicated mine start periods are based on operators’ guidance and FNV best estimates | 3 Production growth is largely from accessing higher silver grade | 4 Expansion is a combination of underlying production growth at the operation and mining on higher royalty rate ground | 5 Estimated 2030 GEOs; expansions reflect incremental GEOs. Based on gold and silver prices of $4,000/oz and $57.50/oz, respectively | 6 Based on the full-year 20 Mtpa capacity increase at S11D | 7 Includes the original Valentine project and the Valentine expansion (to 2028). | 8 Reflects Cascabel ramp-up in 2030, with average annual GEOs expected to reach about 34,000 GEOs at full capacity. | 9 Reflects Taca Taca ramp-up in 2030, with average annual GEOs to reach approximately 9,900 GEOS at full capacity by 2032. | 10 Reflects Detour ramp-up in 2030, with average annual incremental GEOs to reach approximately 6,000 GEOs at full capacity in 203 1.
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32 2025 Actuals 2026 Guidance¹ 2030 Outlook¹ 2030 Outlook and Potential Cobre Panama Long Term Potential GEOs 519K GEOs 555K – 615K GEOs 510K - 570K GEOs GROWTH OUTLOOK 1 2026 Guidance and 2030 Outlook estimate as provided in March 2026 (excluding Cobre Panamá) | 2 Potential: ~$4.3B Available Capital to deploy | 3 Please see slide 35 Cobre Panamá Potential growth of 150k-170k GEOs if Cobre Panamá restarts at full capacity Available Capital2 Long-Term Options ~213k GEOs Annually3 + New mines Stibnite Gold | Copper World | Eskay Creek | Taca Taca | Cascabel + Expansions Vale | Antapaccay/ Coroccohuayco | Magino | Detour Lake | Castle Mountain �- Step-downs Candelaria | Antapaccay 510K - 570K GEOs Exploration Potential
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33 PORTFOLIO POTENTIAL Assets in 5-year Outlook Cobre Panamá Long-Term Assets1 Additional Exploration Upside Totals 555 – 615 koz +150 – 170 koz +213 koz ANNUAL CONTRIBUTION ROYALTY OUNCES 6.2 M 2.3 M 2.4 M Significant additional optionality from 230 smaller and exploration assets 10.9 M 6.5 M 0.3 M 3.4 M 10.2 M 4.0 M 0.4 M 2.0 M 6.4 M P&P M&I (excl.) Inf. Please see slide 35 for the assumptions relating to this slide
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34 - 20 40 60 80 100 120 140 160 2019 2020 2021 2022 2023 2025 2026+ Significant Growth Potential if Mine Restarts November 2023 | Law 4061 found unconstitutional and Government ordered shutdown • Mine placed on preservation and safe management • Full impairment recorded by FNV GEOs SOLD 150K – 170K Growth/ Optionality 2023 ACTIONS INTERNATIONAL ARBITRATION POTENTIAL FOR MINE RESTART June 2025 | Agreed to suspend arbitration2 proceeding • Value of claim >$5B 1 Law 406 approved the revised contract for the Cobre Panamá mine | 2 Arbitration under the Canada/Panamá Free Trade Agreement | 3 Potential deliveries of ~27,000 GEOs to FNV | 4 Copy of the Panamanian Ministerial Commission’s report can be found at https://mici.gob.pa with a direct link to the report here: https://mici.gob.pa/wpcontent/uploads/2026/09/20260930VDEF_Comision_Interministerial_Informe_Final_Presidente.pdf July 2024 President Mulino took office May 2025 Gov approved P&SM June 2025 Gov announced intent to decide on future of the Cobre Panamá mine Jan 2026 Awaiting Gov authorization for processing of existing stockpiles Feb 2026 Public polling indicating more openness to restarting the mine April 2026 Gov approves processing of stockpiled ore at the mine3 June 2026 Completion of comprehensive independent audit of Cobre Panamá June 2026 President Mulino appointed a commission of high-level government ministers to evaluate the results of the audit Sep 2026 H2 2026 Ministerial commission’s report4 recommends commencement of formal Negotiations President Mulino expected to make a decision regarding the recommendation COBRE PANAMÁ POTENTIAL
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35 New Prosperity³ (Au) Cascabel NSR + Stream (Au) El Alto (Au) Ring of Fire (Cr, Ni)Conga (Cu, Au) Mineral Point (Au, Ag) Arthur Gold (Au) Rogozna (Au, Ag, Zn) Porcupine (Dome) (Au) Vizcachitas (Cu) Golden Highway (Holt) (Au) Volcan (Au) AurMac (Au) Kerr-Addison (Au) Heva Hosco (Au) Other ~5.8 M M&I (incl.) + ~2.0 M Inferred Royalty Ounces New Prosperity (Au) Cascabel NSR⁴ + Stream (Au) El Alto (Au) Ring of Fire (Cr, Ni)Conga (Cu, Au) Mineral Point (Au, Ag) Arthur Gold (Au) Rogozna (Au, Ag, Zn) Porcupine (Dome) (Au) Vizcachitas (Cu) Detour Lake (Au) Golden Highway (Holt) (Au) Volcan (Au) AurMac (Au) Heva-Hosco (Au) Kerr-Addison (Au) Other LONG - TERM OPTIONALITY Deep Pipeline of Development Assets with the Potential to Grow/Sustain Production Well Beyond Our 5 Year Outlook 230 additional assets POTENTIAL ANNUAL CONTRIBUTION LONG - TERM ROYALTY OUNCES ~213,000 GEOs Please see slide 51 for additional information and qualifications relating to this slide. M&I Royalty Ounces include P&P Roya lty Ounces on this slide
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36 EXPLORATION POTENTIAL Exploration Spend (Geography) Canada United States Australia South America Central America & Mexico Other Geographic Land Coverage (Acres) TOTAL COVERAGE 17,779,000 Acres TOTAL EXPLORATION SPEND 1 >$600M Canada United States Australia South America Africa Mexico 1 Exploration spend is based on publicly available information disclosed by operators of our properties. Franco -Nevada has used this information to make an estimate of the percentage and total exploration spend on its lands
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37 Total Inventory1: GOLD AT A DISCOUNT M&I (incl.) Royalty Ounces Inferred Royalty Ounces Cobre Panamá and New Prosperity potential Excludes 230 exploration/smaller projects 1 Royalty Ounces are 100% attributable to Franco-Nevada. Please see slide 50 for additional information and qualifications relating to this slide | 2 As at September 30, 2026 Potential Value of Total Inventory: 27.5 Moz @ $4,189/oz gold2 = $115.2B CF from Energy Assets largely offsets tax FNV Enterprise Value: $46.1B2 @ $238/share Exploration Potential Trading at a Discount
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38 SUSTAINABILITY FOCUS The use by Franco-Nevada Corporation of any MSCI ESG Research LLC or its affiliates (“MSCI”) data, and the use of MSCI logos, tr ademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of Franco-Nevada Corporation by MSCI. MSCI services and data are the prop erty of MSCI or its information providers and are provided ‘as-is’ and without warranty. MSCI names and logos are trademarks or service marks of MSCI CORE PILLARS Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Fostering Diversity, Inclusion & Well-Being Transparent Sustainability Disclosure Climate Action
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39 AVAILABLE CAPITAL 1 Undrawn Credit Facility includes $750 million Accordion | 2 Marketable Securities excludes our long-term investment in Labrador Iron Ore Royalty Corporation Debt Free + Cash Generated by Operations $450M - $500M3 per quarter A S AT JUNE 30, 2026 Cash on Hand Undrawn Credit Facility¹ To tal Marketable Securities² �#, ���� �#4/ / � � �#0+///� � �#0+4/ / � � �#1+///� � �#1+4/ / � � �#2+///� � �#2+4/ / � � �#3+///� � �#3+4/ / � � �#4+///� � $4.3 billion
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FRANCO - NEVADA.COM TSX/NYSE: FNV Hoyle Pond, Timmins, Ontario | Image Courtesy of the ROM (Royal Ontario Museum), Toronto, Canada. ©ROM
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41 GEOS AND NET GEOs GEOs include Franco-Nevada’s attributable share of production from our Mining and Energy assets, after applicable recovery and payability factors. GEOs are estimated on a gross basis for NSR royalties and, in the case of stream ounces, before the payment of the per ounce contractual price paid by the company. For NPI royalties, GEOs are calculated taking into account the NPI economics. Where Franco-Nevada receives gold and silver bullion in-kind as payment for its royalties, GEOs are recognized at the time of receipt of such bullion. Silver, platinum, palladium, iron ore, oil, gas and other commodities are converted to GEOs by dividing associated revenue, which includes settlement adjustments, by the relevant gold price. Beginning in 2026, Franco-Nevada adopted fixed GEO conversion ratios based on the pricing assumptions outlined in our guidance. This methodology replaces our previous methodology which was based on variable GEO conversion ratios using prevailing market prices. Our 2026 guidance, as disclosed in our 2025 MD&A filed on March 10, 2026, assumed the following commodity prices: $4,500/oz Au, $75.00/oz Ag, $2,000/oz Pt, $1,650/oz Pd, $100/tonne Fe 62% CFR China, $70/bbl WTI oil and $3.00/mcf Henry Hub natural gas. GEOs for the 2026 period are calculated based on fixed conversion ratios based on the prices assumed in this 2026 guidance. APPENDIX Net GEOs are GEOs sold, net of direct operating costs, including, for our stream GEOs, the associated ongoing cost per ounce. We use Net GEOs to reflect that GEOs from royalty interests have different economics than GEOs from stream interests due to the ongoing cost per ounce associated with GEOs from streams. We calculate Net GEOs on a quarterly basis by dividing Cash Costs (as defined below in the “Non-GAAP Financial Measures” section) by the relevant gold price, and subtracting this total from GEOs sold in the period.
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42 NON- GAAP MEASURES Non-GAAP Financial Measures: Cash Costs, Cash Costs per GEO sold, Adjusted Net Income, Adjusted Net Income per Share, Adjusted Net Income Margin, Adjusted EBITDA, Adjusted EBITDA per share, and Adjusted EBITDA Margin are non-GAAP financial measures with no standardized meaning under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other issuers. For a quantitative reconciliation of each non-GAAP financial measure to the most directly comparable financial measure under IFRS Accounting Standards, refer to the following tables. Further information relating to these Non-GAAP financial measures is incorporated by reference from the “Non-GAAP Financial Measures” section of Franco-Nevada’s MD&A for the six months ended June 30, 2026 and filed on August 11, 2026 with the Canadian securities regulatory authorities on SEDAR+ available at www.sedarplus.com and with the U.S. Securities and Exchange Commission available on EDGAR at www.sec.gov. APPENDIX
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43 BOARD AND MANAGEMENT APPENDIX BOARD MANAGEMENT Paul Brink Sandip Rana Lloyd Hong Eaun Gray President & CEO Chief Financial Officer Chief Legal Officer & Corporate Secretary Chief Investment Officer Tom Albanese Paul Brink Hugo Dryland Derek Evans Dr. Catharine Farrow Chair President & CEO Global Partner Rothschild & Co Former CEO MEG Energy Former CEO TMAC Resources Maureen Jensen Jennifer Maki Daniel Malchuk Jacques Perron Former CEO Ontario Securities Commission Former CEO Vale Canada Former President Operations, BHP Group Ltd. Former CEO Pretium Resources
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44 PRODUCING ASSET NEWS Condestable - Peru STREAMS Cobre Panamá Panamá Antamina Peru Condestable Peru The mine is currently on preservation and safe management. Following government approval, processing of stockpiles commenced in Q2 2026. In September, ministerial commission appointed by President Mulino recommended commencement of formal negotiations. A decision from President Mulino is expected by year- end 2026. Q3 2026 deliveries to FNV expected to be lower based on lower concentrator throughput in Q2 2026. Medium term production growth from crushing and conveying project. Regulatory approval in February 2024, extending approved mine life from 2028 to 2036. Rio2 closed the acquisition of the mine from Southern Peaks in January 2026. In August, Rio2 received environmental approval to expand throughput from 8,400 tpd to 10,000 tpd and develop a dry-stack tailings storage facility. An updated technical report released in June extended the mine life to 2039. Candelaria Chile Antapaccay Peru Guadalupe-Palmarejo Mexico Strong potential for mine life extensions through UG extensions, open pit push backs (phase 14) and surface projects. Underground expansion expected to achieve 14 ktpd in 2027 and 22 ktpd by 2030. July weather event impacted operations but is not expected to impact full year guidance. Coroccohuayco project development advancing, with potential for resource expansion and mine life extension of 30+ years. Community consultations progressing. Coroccohuayco potential for first ore 2028, final decision expected in H2 2026. In July 2026, Coeur Mining announced positive drilling results that expanded mineralization at Hidalgo Corridor and Independencia Sur, potentially supporting near-term reserve additions within Franco-Nevada's stream area. Tocantinzinho Brazil Western Limb South Africa Drilling up to 150 metres below the current pit design confirms the continuity of mineralization at depth, while regional exploration has identified additional opportunities across a broader 15 km by 3 km mineralized corridor. Ramp up of K4 shaft 77% complete in June 2026. Brownfields UG2 projects expect to sustain ~1.5Moz 4E PGM underground production profile and increase UG2 contribution to 80% by 2035.
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45 PRODUCING ASSET NEWS ( cont .) ROYALTIES Porcupine Ontario Stillwater Montana Côté Ontario Recent exploration success across the complex, in particular at Pamour, and the acquisition of Kidd Creek Met Site allows Discovery to target 500 kozpa to 1 Mozpa production by 2031+ (up from its current 260 - 300 kozpa level). The expanded mining output would be processed both through utilizing the Kidd Creek milling capacity and by building new milling capacity. Phased implementation of new technique to achieve larger stope sizes targeted for completion by H2 2028. Steady state production of ~410koz by 2029 with Stillwater West providing future optionality and upside. USW union members at the Stillwater East mine and Columbus metallurgical facility issued a strike notice effective September 3, 2026, amid negotiations related to the productivity transformation program. Wage agreement reached with East Boulder unions on September 30th. M&I Resources increased 12% to 20.3 Moz and Inferred Resources increased 61% to 3.5 Moz. Mine plan and technical report update expected in Q4 2026, outlining a pathway to 40 ktpd through debottlenecking; larger-scale expansion of the consolidated Côté-Gosselin resource base under evaluation. 2026 production guidance of 390-440 koz. Musselwhite Ontario Macassa (Kirkland Lake) Ontario Detour Lake Ontario Mine trend extension confirmed up to 2 km beyond current operations, supporting resource growth and mine-life extension. Surface drilling within 10 km of the mill is identifying potential satellite deposits, including the Camp Bay target covered by the NPI. Musselwhite ownership transferred to Equinox Gold following its acquisition of Orla Mining. Advancing plans to increase mining and processing to 2,250 tpd. Processing of AK ore (higher FNV royalty rate) at the LZ5 mill commenced in Q2 2026. Optimization initiatives to support production ramp-up to 1 Mozpa in 2031. Exploration ramp reached a depth of 180 metres as of June 30, 2026. UG production expected to start as early as 2028. Drilling confirmed further grade and continuity in the West Extension zone. Canadian Malartic Québec Casa Berardi Quebec Séguéla Côte d’Ivoire First phase of shaft sinking at Odyssey completed in July 2026. First production from Shaft #1 expected in Q2 2027. Evaluation work for Shaft #2 expected in Q4 2026. Drilling continues to extend East Gouldie to the east in both the upper and lower portions of the deposit. September LOM Plan outlines 1.63 Moz of production over 14 years with average production of 116 koz/a. 100,000 m/yr exploration program. Plant expansion study approved in July 2026 to increase production from 160-170koz to 200koz per year. Mineral Reserve of 1.54Moz, an increase of 31%, with the addition of Sunbird UG. Bald Mountain Nevada Magino / Island Gold Ontario Hemlo Ontario Kinross to proceed with capital required to mine full Redbird deposit of ~1 Moz, progressing as planned through Q2 2026. Extends mine life to 2032 with additional long-term optionality of 2.5 Moz of M&I at the property. Magino: Feb. 2026 expansion plan outlines a ramp-up to 20,000 tpd by early 2028 (17,000 tpd from Magino), with open-pit reserves increasing 40% to 3.1 Moz. Island Gold: Ramp-up to 2,400 tpd by 2027 and 3,000 tpd by 2029; Dec. 2025 reserves increased 1 Moz to 5.1 Moz. FNV royalty covers the regional Cline-Pick target. NPI provides increased leverage to higher gold prices. MRMR update in June 2026 increasing Interlake M&I Resources by 118koz. 130,000 m of drilling in 2026 underway, with an updated technical report to follow in H2 2027.
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46 PRODUCING AND ADVANCED ASSET NEWS ( cont .) Announcements made in the last three months shown in blue | 1 Assets currently producing RAMP- UP Valentine Gold1 Newfoundland Salares Norte1 Chile Greenstone1 Ontario Phase 2 expansion from 2.5 Mtpa to 5 Mtpa approved, supporting average annual gold production of 223 koz over 10 years. Early works are expected in H2 2026, with construction completion targeted for late 2028. Exploration continues to extend mineralization along trend and advance the Minotaur discovery. Gold equivalent production totaled 337 koz in H1 2026, up 173% year-over-year. March 2026 technical report outlined average annual gold production of 320 koz over 10 years. Potential upside from mill expansion to 30 ktpd and underground resource conversion. Equinox launched its first major exploration program since 2020 in August 2026, targeting underground and near-pit resource growth. Calcatreu1 Argentina Granite Creek1 Nevada First gold produced in June 2026. In September 2026, Patagonia released an updated PEA outlining a 16-year mine life with additional exploration upside across the broader district. Positive FS released supporting initial Proven & Probable Reserves of 557 koz Au. Mine plan outlines ~8.5-year mine life with average annual production of ~75 koz Au (2028-2032). Granite Creek is currently ramping up and expected to produce 30-40 koz Au in 2026. CONSTRUCTION Vale Royalty Brazil Caserones Chile Royalty payments from Vale benefitting from contributions from the Southeastern System which started in Q2 2025, partly offset by a reduction in production forecast for 2026. Severe winter storms in northern Chile disrupted operations at Caserones, delaying the mine's return to full production. Lundin Mining reduced 2026 copper production guidance to 120,000-130,000 t (from 130,000- 140,000 t). DIVERSIFIED Eskay Creek British Columbia Stibnite Gold Idaho Youanmi Western Australia Environmental Assessment Certificate, jointly approved by the Tahltan Nation, Federal Impact Assessment and BC Mines Act permit received January 2026. Operations planned to start in Q2 2027. U.S. EXIM approved a $2.9 billion project financing expected to close in the second half of 2026. Legal challenges in May and August have been largely unsuccessful, supporting continued advancement of critical path construction activities. August exploration update reported new high- grade gold and antimony discoveries. Acquired a 1% NSR Royalty over all gold production from the Youanmi gold project for A$47 million in May 2026. The mine is currently under construction with Rox on schedule to achieve first production in mid-2027.
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47 DEVELOPMENT ASSET NEWS Announcements made in the last three months shown in blue DEVELOPMENT UPDATES Kerr-Addison Ontario Taca Taca Argentina Castle Mountain California In July 2026, Cadillac Mines completed a C$385 million IPO, providing significant funding to develop the Kerr-Addison project. August infill drilling results highlighted the potential to add and upgrade resources within the proposed open pit. De-risking Taca Taca with an updated technical report in February 2026 demonstrating positive project economics, completion of the Environmental and Social Impact Assessment in H1 2026 and an RIGI application in Argentina. Final EIS and Record of Decision on track for Q4 2026, draft EIS published in April. Updated FS expected in Q4 2026 with investment decision expected during the first half of 2027. Archimedes Nevada Gurupi Brazil i-80 announces additional high-grade assay results from Archimedes underground including 16.2 g/t Au over 56.4 Meters. FS expected mid-2027 with first gold production in Q4 2026. Drilling expanded mineralization at Blanket and Mandiocal and confirmed a new discovery at Grodiocal, supporting future resource growth. PEA expected by year-end 2026. PSJ Cobre Mendocino (San Jorge) Argentina Courageous Lake Northwest Territories Arthur Gold Nevada Developer (private company) is moving project forward with RIGI approval in May 2026. FS expected in late 2026 and initial production planned for 2029. In May 2026, Seabridge shareholders approved the spin-out of Valor Gold to hold 11M ounce Courageous Lake project. PFS results released supporting an initial nine-year mine life with an estimated average annual production of ~500koz Au (with production front-loaded of ~800koz Au per year) supported by a maiden Merlin Mineral Reserve of 4.9 Moz. FS to begin in August with release expected in 2027. Cascabel Ecuador New Prosperity British Columbia Copper World Project Arizona Jiangxi Copper completed takeover of SolGold in March 2026. Buy-down options for 50% of Cascabel stream and NSR were exercised. Name change to Trekor Metals completed in June 2026. Long-standing dispute settled, with Trekor contributing 22.5% equity interest in the New Prosperity mineral tenures to a trust for the benefit of the Tŝilhqot'in Nation. The Copper World DFS is progressing, with 95% of the engineering work completed, and project sanctioning decision is on track for late 2026. The DFS is expected to include scope for future mill expansion optionality. First production expected in H2 2029.
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48 EXPLORATION ASSET NEWS Announcements made in the last three months shown in blue EXPLORATION UPDATES Rogozna Serbia Ring of Fire/Eagle’s Nest Ontario Midas/Hollister Nevada Significant increase to the Shanac resource, exceptional drill results at Kotlovi and new discovery (Red Creek) 1 km west of Shanac where drilling returned 53 m at 2.3 g/t AuEq and 4 m at 4 g/t AuEq. 8.6 Moz AuEq Inferred Mineral Resource. Ring of Fire road construction underway, with completion targeted for 2030-2031. Federal government has determined an impact assessment is not required for Wyloo's Eagle's Nest project. In July, Hecla reported high-grade exploration success at the Pogo-Sinter Gap vein at Midas. Hecla is targeting a potential restart decision of Midas by 2031. At Hollister, drilling commenced in July to test four high-priority targets. Bullabulling Australia AurMac Yukon Crawford Ontario Mineral Resource estimate increased to 4.4 Moz Indicated Mineral Resources and 1.7 Moz Inferred Mineral Resources in July 2026. Pre-feasibility study completed July 2026. 2.5 Moz maiden Ore Reserve announced in July 2026. Minerals 260 expects to complete DFS in Q1 2027. In September 2026, Franco- Nevada increased its royalty interest to 3.90% through an additional A$170M royalty acquisition and agreed to invest A$30M in a future equity raise. Updated May 2026 resource outlines Indicated Mineral Resources of 3.64 Moz (167 Mt at 0.68 g/t Au) and Inferred Mineral Resources of 4.98 Moz (267 Mt at 0.58 g/t Au). Recent drilling at Powerline supports high-grade starter pit potential. PEA expected in H2 2026. Franco-Nevada $20M equity investment in September 2026. Federal approval secured in July 2026. Advancing towards a construction decision in 2027. Key investors include Agnico Eagle, Samsung SDI, Anglo American and an Investment by Taykwa Tagamou Nation. Fenelon/Martiniere Quebec Ağı Dağı Türkiye Matagami Quebec C$56M investment from AEM and Waratah Capital Advisors. Seeking 20:1 share consolidation and name change to Sunday Lake Gold. PFS expected in late 2027/early 2028. In October 2025, Alamos Gold completed the sale of its Turkish development projects, Kirazlı, Ağı Dağı and Çamyurt to Tümad Madencilik Sanayi ve Ticaret A.Ş. for total consideration of $470M. Nuvau Minerals commenced new PEA in June 2026 to advance Matagami restart strategy. Sleeper Nevada Limousine Butte Nevada Copper Creek Arizona Paramount Gold announced a positive Initial Assessment in June, projecting average annual production of approximately 65 koz gold and 205 koz of silver over a 17 year life. Maiden NI 43-101 resource estimate published establishing a major U.S. gold-antimony resource. 2026 drilling expanded mineralization beyond the resource boundary and returned higher grades, supporting future resource growth. Recent drilling at Copper Giant East identified a new near-surface oxide copper zone, expanding the known oxide footprint at Copper Creek. Broad oxide intercepts, including 101 m grading 0.22% Cu from surface, highlight potential for future resource growth.
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49 EXPLORATION ASSET NEWS Announcements made in the last three months shown in blue EXPLORATION UPDATES Mineral Point Nevada i-80 Gold announced initial assay results from Mineral Point open pit project in Nevada including a step-out hole of 1.33 g/t Au and 39.2 g/t Ag over 225.6 meters.
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50 MINERAL RESERVES & MINERAL RESOURCES APPENDIX Gold Mineral Resources - Inclusive of Mineral Reserves Measured (M) Indicated (I) (M)+(I) Gold Inferred Mineral Resources Notes Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained 000s g/t 000 oz 000s g/t 000 oz 000 oz 000s g/t 000 oz Cascabel 1 1,647,000 0.34 18,000 2,131,000 0.20 13,500 31,400 849,000 0.19 5,300 Conga 6,2 — — — 693,800 0.65 14,600 14,600 230,500 0.40 2,900 Tocantinzinho 3 23,986 1.20 927 23,699 1.32 1,001 1,928 342 1.28 14 El Alto 4 43,000 1.86 2,600 390,000 1.49 19,000 21,000 15,000 1.70 860 Volcan 5 123,979 0.70 2,792 339,274 0.64 7,013 9,804 75,018 0.52 1,246 Yanacocha 6 13 35,400 1.41 1,600 114,300 1.28 4,700 6,300 363,900 0.60 6,700 Golden Highway - Holt Complex 6, 7 5,806 4.29 800 5,884 4.75 898 1,699 9,097 4.48 1,310 Rogozna 8 — — — 30,000 0.83 800 800 187,000 0.88 5,270 Taca Taca 9 441,000 0.13 1,868 1,637,000 0.07 3,847 5,715 145,000 0.06 263 New Prosperity 14, 15 547,000 0.46 8,100 463,000 0.34 5,100 13,300 — — — Gold Mineral Reserves Proven Probable Proven & Probable Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Notes 000s g/t 000 oz 000s g/t 000 oz 000s g/t 000 oz Cascabel 1 457,500 0.60 8,855 82,200 0.22 579 539,700 0.54 9,433 Tocantinzinho 3 25,545 1.14 939 24,240 1.20 935 49,784 1.17 1,874 Yanacocha 6, 13 18,800 0.81 500 — — — 18,800 0.81 500 Taca Taca 9 432,100 0.13 1,836 1,558,000 0.07 3,697 1,990,100 0.09 5,532 New Prosperity 14, 15 481,000 0.46 7,100 350,000 0.35 3,900 831,000 0.41 11,000 Copper Mineral Resources - Inclusive of Mineral Reserves Measured (M) Indicated (I) (M)+(I) Copper Inferred Mineral Resources Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Notes 000s % Mlbs 000s % Mlbs Mlbs 000s % Mlbs Cascabel 1 1,647,000 0.42 15,093 2,131,000 0.26 12,304 27,397 849,000 0.23 4,339 Conga 6, 2 — — — 693,800 0.26 3,968 3,968 230,500 0.20 882 Taca Taca 9 441,000 0.58 5,637 1,637,000 0.38 13,578 19,215 145,000 0.27 858 Vizcachitas 10 273,000 0.43 2,605 1,268,000 0.37 10,416 13,021 1,823,000 0.34 13,747 Yanacocha 6, 13 3,700 0.29 — 114,100 0.61 1,543 1,543 134,900 0.40 1,102 Copper Creek 11 67,200 0.48 711 59,900 0.31 413 1,123 48,100 0.28 298 Copper Mineral Reserves Proven Probable Proven & Probable Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Notes 000s % Mlbs 000s % Mlbs 000s % Mlbs Cascabel 1 457,500 0.64 6,475 82,200 0.36 653 539,700 0.60 7,128 Taca Taca 9 432,100 0.58 5,532 1,558,000 0.38 13,049 1,990,100 0.42 18,582 Vizcachitas 10 302,247 0.41 2,714 917,685 0.34 6,908 1,219,932 0.36 9,623 Yanacocha 6, 13 — — — — — — — — — Nickel Mineral Resources - Inclusive of Mineral Reserves Measured (M) Indicated (I) (M)+(I) Nickel Inferred Mineral Resources Tonnes Grade Contained Tonnes Grade Contained Contained Tonnes Grade Contained Notes 000s % Mlbs 000s % Mlbs Mlbs 000s % Mlbs Crawford 12 1,097,100 0.24 5,904 1,464,700 0.23 7,402 13,306 1,693,200 0.22 8,215 Nickel Mineral Reserves Proven Probable Proven & Probable Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Notes 000s % Mlbs 000s % Mlbs 000s % Mlbs Crawford 12 994,000 0.24 5,172 721,000 0.20 3,183 1,715,000 0.22 8,356 Notes and Sources: • All Mineral Resources and Mineral Reserves have been calculated in accordance with CIM or Acceptable Foreign Codes for the pu rposes of NI 43-101, including Regulation S-K 1300, JORC, or SAMREC guidelines • Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability • Unless otherwise noted, Mineral Resources were reported by the operator inclusive of Mineral Reserves • Contained metal does not take into account recovery losses • Franco-Nevada's royalties or stream interests may not cover the operator's entire property, or all estimated Mineral Resources a nd Mineral Reserves or a combination of both • The grade of platinum group elements has been reported by the operators as either the sum of the individual platinum group el ements grades or the individual grades. In the cases where individual platinum group element grades have been reported, Franco -Nevada’s Qualified Person has calculated the sum of the platinum group element grades for presentation purposes • Mineral Resources and Mineral Reserves based on publicly disclosed information • The MRMR statement might have excluded depletion prior to this year's reporting • Rows and columns may not total precisely due to rounding Inferred Resources are in addition to Measured and Indicated Resources. Inferred Resources have a great amount of uncertaint y as their existence and whether they can be mined legally or economically. It cannot be assumed that all or any part of the Inferred R esources will ever be upgraded to a higher category. See "Cautionary Note to US Investors Regarding Reserve and Resource Reporting Standards" cont ained in Franco-Nevada’s most recent Annual Information Form filed with Canadian securities regulatory authorities on www.sedarplus.com. 1. SolGold plc; Annual Information Form, September 24, 2025 ( Alpala & Tandayama America Underground) & News Release, November 26, 2025 (Tandayama America Open Pit). Resource is comprised of Alpala Measured & Indicated Resource of 3,013 Mt at 0.35% Cu, 0.28 g/t Au and 0.94 g/t Ag, Inferred Resource of 607 Mt at 0.26% Cu, 0.19 g/t Au and 0.56 g/t Ag and Tandayama-America Indicated Resource of 722 Mt at 0.23% Cu and 0.19 g/t Au, Inferred Resource of 247 Mt at 0.21% Cu and 0.21 g/t Au 2. Newmont Corporation; News Release, February 19, 2026 3. G Mining Ventures Corp.; News Release, March 12, 2026 4. Barrick Gold Corporation; Management's Discussion and Analysis ("MD&A") Fourth Quarter and Full Year 2025, February 5, 2026. Estimated 80% of Mineral Resources covered by FNV interest 5. Hochschild Mining PLC; News Release, March 11, 2026 6. Mineral Resources reported by operator exclusive of Mineral Reserves. Franco -Nevada’s Qualified Person determined the inclusive Mineral Resources by adding the exclusive Measured and Indicated Mineral Resources to the Proven and Probable Reserves 7. Agnico Eagle Mines Limited; News Release, February 12, 2026 8. Strickland Metals Limited; ASX Announcement, July 15, 2026. The Rogozna Project currently contains JORC compliant Indicated Mineral Resource of 1.25 Moz Au Eq (0.80 Moz Au, 39 kt Cu, 6.9 Moz Ag, 87 kt Pb and 108 kt Zn), and Inferred Mineral Resource of 8.0 0 Moz Au Eq (5.27 Moz Au, 272 kt Cu, 29.8 Moz Ag, 296 kt Pb and 762 kt Zn) 9. First Quantum Minerals Ltd.; Taca Taca Project NI 43-101 Technical Report, February 19, 2026 10. Los Andes Copper Ltd.; Corporate Presentation, February 2026 11. Faraday Copper Corp.; Corporate Presentation, February 2026. Franco -Nevada royalty covers portions of the Globe and Copper Prince deposits as well a $3 million production decision royalty payable over 5 years after commencement of commercial production 12. Canada Nickel Company, Inc.; Crawford Nickel Sulfide Project NI 43 -101 Technical Report, October 1, 2023 13. Newmont Corporation; News Release, February 19, 2026 . Yanacocha, as represented in the table, excludes Conga 14. Taseko Mines Limited; Corporate Presentation, January 2026 15. Franco-Nevada is not treating the New Prosperity Mineral Resource and Mineral Reserve estimate as current and caution is advised when assessing the reliability of such estimate. Readers are further cautioned that the source data has not been updated since 200 9 and, accordingly, caution is advised when assessing its conclusions in light of current operating and capital costs, appropriate tech nologies, metals price outlooks and like matters
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51 FOOTNOTES 1 Total resources for Cote & Gosselin at the time of the transaction (as of December 31, 2024) include: measured and indicated resources of 600 Mt at 0.84 g/t Au for 16.2 Moz Au contained and inferred mineral resources of 184 Mt at 0.70 g/t Au for 4.2 Moz Au contained. Current measured and indicated re sources as of March 31, 2026 for Cote & Gosselin include 838 Mt at 0.75 g/t Au for 20.34 Moz Au contained and inferred mineral resources of 177.1 Mt at 0.61 g/t Au for 3.48 Moz Au co ntained. SLIDE 13 1 Total resources converted into gold equivalent at long term prices of $3,302/oz Au and $40.31/oz Ag. Total resources include the following: Granite Creek Underground – 0.8 Mt at 10.5 g/t Au for 261 koz Au measured and indicated resources and 0.8 Mt at 13.0 g/t Au for 326 koz Au inferred resources. Granite Creek Open Pit – 37.7 Mt at 1.2 g/t Au for 1,435 koz Au measured and indicated resources and 2.1 Mt at 1.1 g/t Au for 75 koz Au inferred resources. Ruby Hill – Archimedes Underground – 1.8 Mt at 7.6 g/t Au and 1.6 g/t Ag for 436 koz Au and 92 koz Ag indicated resources and 4.2 Mt at 7.3g/t Au and 2.1 g/t Ag for 988 koz Au and 286 koz Ag inferred resources. Ruby Hill – Mineral Point Open Pit – 217 Mt at 0.5 g/t Au and 15.0 g/t Ag for 3,376 koz Au and 104,332 koz Ag indicated resources and 194 Mt at 0.3 g/t Au and 14.6 g/t Ag for 2,117 koz Au and 91,473 koz Ag inferred resources. Ruby Hill – Archimedes Open Pit – 4.3 Mt at 2.0 g/t Au and 10.6 g/t Ag for 272 koz Au and 1,490 koz Ag indicated resources and 0.9 Mt at 1.1 g/t Au and 8.5 g/t Ag for 31 koz Au and 250 koz Ag inferred resources. Cove – 1.2 Mt at 8.2 g/t Au and 15.0 g/t Ag for 310 koz Au and 568 koz Ag indicated resources and 4.0 Mt at 8.9 g/t Au and 11.1 g/t Ag for 1,156 koz Au and 1,439 koz Ag inferred resources. Lone Tree – 7.7 Mt at 1.7 g/t Au for 428 koz Au indicated resources and 52.9 Mt at 1.6 g/t Au for 2,789 koz Au inferred resources. SLIDE 23 1 Potential Annual Contribution provides FNV’s conceptual estimate of potential GEOs that could be delivered to FNV in any given year post 2030. Such estimate assumes all projects being developed and uses current public disclosures on Mineral Reserves and Mineral Resources and potential mine production p lans, where available. | 2 For information on calculation of Royalty Ounces and additional Advanced and Exploration assets, refer to 2026 Asset Handbook published in May 2026. Please refer to FNV’s Annual Information Form dated March 19, 2026 for further details related to Mineral Resources and Mineral Reserves. | 3 FNV views the recent agreement with the Tŝilhqot’in Nation as a positive development and has included the historic resource in this presentation. However, the New Prosperity Technical Report has not been updated since 2009. FNV is not treating the New Prosperity Royalty Ounces as current and caution is advised when assessing the reliability of such resources. | 4 Represents incremental contribution from Cascabel stream and NSR at full production net of the buy- back. Franco-Nevada has the option to convert the Cascabel royalty to a gold NSR for a period of time once the asset is producing. SLIDE 35 1 Total mineral reserves for East Gouldie as of December 31, 2025 include: probable mineral reserves of 54.9 Mt at 3.23 g/t Au for 5.7 Moz Au contained. Total mineral resources for East Gouldie exclusive of mineral reserves as of December 31, 2025 include: indicated mineral resources of 5.1 Mt at 1.42 g/t Au f or 230 koz Au contained and inferred mineral resources of 94.3 Mt at 2.43 g/t Au for 7.4 Moz Au contained. SLIDE 25