Franco-Nevada Corporation is the leading gold royalty and streaming company with the largest and most diversified portfolio of assets.

Transcription

1 2017 Asset Handbook

2 2017 Asset Handbook Franco-Nevada Corporation s 2017 Asset Handbook is intended to assist investors and analysts in their understanding of our business and portfolio of assets. Franco-Nevada Corporation is the leading gold royalty and streaming company with the largest and most diversified portfolio of assets. The Company s business model provides investors with gold price and exploration optionality with less exposure to operating risks. Franco-Nevada has no debt and uses its free cash flow to expand its portfolio and pay dividends. It trades under the symbol FNV on both the Toronto and New York stock exchanges. Since its IPO, Franco-Nevada s share price has outperformed the gold price and all relevant gold equity benchmarks. Franco-Nevada is the gold investment that works. Information relating to projects, properties and their owners and operators presented in this Asset Handbook has been sourced from the public disclosure of the owners and operators of our assets available as of March 14, More current information may be available in our subsequent disclosure and our website. This Asset Handbook contains information about many of our assets, including those that may not currently be material to us. Also, the description and depiction of our business and assets have been simplified for presentation purposes. Dollar references are in U.S. dollars unless otherwise noted. This Asset Handbook should be read with reference to the explanatory notes and cautionary statements contained in the Additional Information section found at the end of this Asset Handbook. Please also refer to the additional supporting information and explanatory notes found in our Annual Information Form ( AIF ), our annual Management s Discussion & Analysis ( MD&A ), and our Annual Report on Form 40-F available at and respectively, and on our website at This Asset Handbook has not been prepared in connection with the sale of securities and is not an offering memorandum and should not be relied upon as such. This Asset Handbook does not constitute an offer to sell or a solicitation of an offer to purchase any security in any jurisdiction Asset Handbook FNV TSX NYSE

3 Franco-Nevada Overview Our Business Model Our Performance Global Map Asset Portfolio and Revenue Tables Revenue and Adjusted EBITDA Overview Mineral Reserves & Resources Historical Growth in Gold Equivalent Ounces Gold Mineral Reserves Gold Mineral Resources Silver, PGM and Other Mineral Reserves and Resources Royalty Equivalent Units (REUs) Royalties & Streams Explained Royalty Equivalent Units ( REUs ) Explained Precious Metals REUs Other Minerals REUs Oil & Gas Franco-Nevada Precious Metals United States Canada Latin America Rest of World Other Minerals Mineral Exploration Oil & Gas Oil & Gas Exploration Environmental, Social and Governance Overview Our Policies Our Process Our Third Party Operators Our Impact Additional Information Asset Counts, Mine Life Index, Acreage Historical Highlights / FAQs Corporate, Management Organization Glossary Technical & Third Party Information Cautionary Statements Board of Directors Corporate Information

4 Overview Our Business Model Franco-Nevada Corporation is the leading gold-focused royalty and streaming company. We do not operate mines, develop projects or conduct exploration. Instead, we own and continue to grow a large, diversified portfolio of royalties and streams that provide: Long Term Optionality Maximize Exploration Upside Security of Tenure Focus on New Investments Minimize Cost Exposures Margin Encroachment Involvement in Operations Royalties and streams expose Franco-Nevada to the exploration and price optionality inherent with geologically favourable properties. They can often be registered on title to a property or in a secure fashion with less exposure to government resource nationalisation. They are not subject to operating or capital cash calls, making this a free cash flow business. Franco-Nevada can provide yield along with more upside than a gold ETF with less risk than an operating company. Limited Exposure to: Benefit of: Capital Costs Operating & Other Costs Leverage to Gold Price Exploration & Expansion Dividend Yield Gold ETF FNV Operators X X X X X Our Track Record Since our IPO in December 2007, Franco-Nevada s share price has outperformed both gold and other gold equities. Over those nine years our margins have remained high, our overhead has remained low and our effective tax rate has remained stable. The Company has been able to increase dividends in each of the past nine years. Compounded Annual Total Returns Summary 1-Year 2-Year 5-Year Since FNV Inception (1) Franco-Nevada - US$ basis 10% 13% 9% 19% Gold Bullion ETF (2) 0% 2% (6%) 5% GDX 18% 6% (16%) (7%) TSX 23% 3% 7% 4% S&P % 8% 14% 7% NASDAQ 29% 9% 16% 10% Russell 36% 7% 13% 8% Vanguard Total World ETF (3) 23% 4% 9% 5% Source: TD Securities; Bloomberg Note: Total return assumes reinvestment of dividends over designated period 1 Franco-Nevada s first trading day on December 6, SPDR Gold Trust 3 Based on first trading day of ETF on June 26, Table as of February 28, Asset Handbook FNV TSX NYSE

5 Royalties The majority of mineral properties have government or private royalties associated with them. Private royalties are generally created by the original property owners, prospectors or exploration companies that sell their property rights to a more senior company capable of developing and operating a mine on the property. A royalty allows the seller to retain some exploration and price upside while the operating company only pays if ore is actually mined. The most common royalties are a simple percentage of the value of the future production from the property, typically 1% to 5%. Often these are stated as a percentage of the net value the operating company receives for its concentrated product when it is processed at a smelter, hence the term net smelter return royalty or NSR royalty. There are other forms of royalties such as profit-related royalties or fixed-rate royalties but these are not a major part of Franco-Nevada s focus or portfolio. Royalty rights are often registered on the title of the property or mineral rights. In addition, registered royalties have strong tenure and, in jurisdictions where recognized, will generally survive an operating company reorganization. The majority of Franco-Nevada s royalties have been acquired from the past owners of mineral properties but we also actively create royalties in return for mine financing. Overview Streams Streams are metal purchase agreements that provide, in exchange for an upfront payment, the right to purchase all or a portion of the gold, silver or other products from a mine at a preset price. While streams have similar exploration and price optionality to royalties, they differ from royalties because of the ongoing cash payment required to purchase the physical metal. Additional Information Royalties and Streams Explained, found on page 20 of this Asset Handbook, provides further detail on the various forms of our interests including an example of the economics of a NSR versus a stream versus a profit or working interest. Business Model Advantages 1. This business is truly a free cash flow business. We are effectively free of the need to directly fund unscheduled mining capital expenditures and other costs. 2. Typically, we participate at the revenue line of operations and are not directly impacted by cost inflation. This allows our margins to fully benefit from rising commodity prices. 3. Our business is high margin with low overheads enabling us to generate cash through the entire commodity cycle. 4. Our many assets provide exploration optionality by covering over 41,000 square kilometres of geologically prospective lands without any direct carrying, exploration or development costs. 5. Our business is scalable allowing for the acquisition of more interests than an operating company can effectively manage. A more diversified portfolio reduces overall risk. 6. Management has the benefit to be able to focus on growth as we do not have responsibility for day-to-day operational or development decisions. The Gold Investment that WORKS Franco-Nevada Corporation 3

6 Overview Our Performance Gold Equivalent Ounces (000s) Revenue (US$ millions) Market Capitalization 5 (US$ billions) 500 $700 $ $600 $500 $10 $ $400 $300 $ $200 $100 $ 4 $ $ $ 0 G&A as % of Market Capitalization Adjusted Net Income 1 Per Share (US$ per share) Dividends and DRIP Paid (US$ millions) 1.0% $1.40 $ % 0.6% $1.20 $1.00 $.80 $160 $140 $120 $ % $.60 $ % $.40 $ 60 $ 40 $.20 $ % $ $ Asset Handbook FNV TSX NYSE

7 450% 400% 350% Franco-Nevada continues to outperform both equities and gold itself FNV Overview 300% (Chart to March 21, 2017) 250% 200% 150% 100% Gold Price 50% 0% -50% FNV IPO: Dec 2007 S&P/TSX Global Gold Index -100% Note: FNV (TSX) and S&P/TSX Global Gold Index converted to USD. US$ millions (except per share, GEOs, Shareholder s Equity and Market Capitalization) $ $ $ $ $ $ $ $ $ GEOs (000s) Revenue $ $ $ $ $ $ $ $ $ Operating Income $ $ 51.3 $ $ 77.7 $ $ 45.5 $ 87.3 $ 87.4 $ 38.1 Net Income (Loss) $ $ 24.6 $ $ 11.7 $ $ (6.8) $ 62.7 $ 80.9 $ 40.3 Basic Earnings (Loss) per share $ 0.70 $ 0.16 $ 0.71 $ 0.08 $ 0.72 $ (0.05) $ 0.55 $ 0.76 $ 0.41 Adjusted Net Income 1 $ $ 88.9 $ $ $ $ $ 52.1 $ 32.0 $ 43.7 Adjusted Net Income 1 per share $ 0.94 $ 0.57 $ 0.91 $ 0.94 $ 1.19 $ 1.08 $ 0.46 $ 0.30 $ 0.48 Adjusted EBITDA 2 $ $ $ $ $ $ $ $ $ Adjusted EBITDA 2 per share $ 2.79 $ 2.15 $ 2.37 $ 2.18 $ 2.43 $ 2.61 $ 1.58 $ 1.12 $ 1.30 Dividends and DRIP Paid $ $ $ $ $ 77.9 $ 49.2 $ 33.3 $ 28.2 $ 21.8 Dividends Paid per share $ 0.87 $ 0.83 $ 0.78 $ 0.72 $ 0.54 $ 0.32 $ 0.29 C$ 0.28 C$ 0.24 Working Capital 4 $ $ $ $ $ $ $ $ $ Debt $ Nil $ $ Nil $ Nil $ Nil $ Nil $ Nil $ Nil $ Nil Total Shareholders Equity $ 4.1B $ 3.2B $ 3.4B $ 3.0B $ 3.1B $ 2.8B $ 2.0B $ 1.9B $ 1.4B Market Capitalization 5 $ 10.7B $ 7.2B $ 7.7B $ 6.0B $ 8.3B $ 5.3B $ 3.8B $ 3.2B $ 1.7B Adjusted Net Income and Adjusted Net Income per share are non-ifrs financial measures, which exclude the following from net income and earnings per share: impairment charges related to royalty, stream and working interests and investments; gains/losses on the sale of royalty, stream and working interests and investments; foreign exchange gains/losses and other income/expenses; unusual non-recurring items; and the impact of income taxes on these items. For additional information and a reconciliation of these measures to various IFRS measures, refer to the Company s MD&A. Adjusted EBITDA and Adjusted EBITDA per share are non-ifrs measures, which exclude the following from net income and earnings per share: income tax expense/ recovery; finance expenses and finance income; depletion and depreciation; non-cash costs of sales; impairment charges related to royalty, stream and working interests and investments; gains/losses on the sale of royalty, stream and working interests and investments; foreign exchange gains/losses and other income/expenses; and unusual non-recurring items. For additional information and a reconciliation of these measures to various IFRS measures, refer to the Company s MD&A. Fiscal years 2010 through 2016 were prepared in accordance with IFRS. Fiscal years 2008 and 2009 were prepared in accordance with Canadian GAAP. Comparative information has been adjusted to conform to current presentation. The Company defines Working Capital as current assets less current liabilities. As at December 31. The Gold Investment that WORKS Franco-Nevada Corporation 5

8 Overview Global Dublin Gulch Courageous Lake (Eagle) Goldfields Monument Bay Red Mountain Brucejack Red Lake Ring of Fire/Black Thor New Prosperity Edson (Phoenix) Timmins West Cariboo Weyburn Midale Hardrock Detour Lake Stibnite Gold Stillwater Canadian Malartic Hemlo Musselwhite Golden Highway Sudbury Kirkland Lake Nevada Castle Mountain Mesquite Rosemont STACK Midland Basin* Nevada (inset) Pinson Sandman EaglePicher Marigold Fire Creek South Arturo Midas Hollister Goldstrike Gold Quarry Bald Mountain Robinson Guadalupe-Palmarejo Cerro San Pedro Cobre Panama Falcondo Gurupi Sterling Antamina Volcan Antapaccay Candelaria Taca Taca NuevaUnión (Relincho) San Jorge Calcatreu Cerro Moro Asset Handbook FNV TSX NYSE

9 Overview Perama Hill Agi Dagi Kiziltepe Producing Mineral Advanced Mineral Exploration Mineral Oil & Gas Producing Oil & Gas Exploration Total Asset Counts (not shown) (5 shown) (not shown) Tasiast A detailed map of the Oil & Gas assets can be found on page 87 Refer to page 104 for methodology and breakout of asset count * Midland Basin transaction expected to close in Q Sabodala Ity Karma Sissingue Subika Edikan Pandora MWS Cooke 4 Matilda (Wiluna) Mt Keith Yandal Osborne (Bronzewing) Agnew (Vivien) Duketon Flying Fox Red October Peculiar Knob Edna May South Kalgoorlie Aphrodite Millmerran South Kalgoorlie (Commodore) South Kalgoorlie (New Celebration) (Lake Cowan) Bullabulling Henty The Gold Investment that WORKS Franco-Nevada Corporation 7

10 Overview Asset Portfolio 2016 Adjusted EBITDA By Geography 2016 Adjusted EBITDA By Commodity 2016 Adjusted EBITDA By Legal Ownership US-18% Canada-20% Latin America-47% Rest of World-15% Gold-68% Silver-19% PGM-6% Oil & Gas-5% Other Minerals-2% Canada-38% Barbados-37% US-18% Mexico-5% Australia-2% Franco-Nevada Asset Tabulation at March 22, 2017 Precious Metals Other Minerals Oil & Gas TOTAL Producing * 107 Advanced Exploration TOTAL * Midland Basin transaction expected to close in Q Abbreviated Definitions NSR Net Smelter Return Royalty GR Gross Royalty ORR Overriding Royalty FH Freehold or Lessor Royalty NPI Net Profits Interest NRI Net Royalty Interest WI Working Interest P Producing assets are those that have generated revenue from steady-state operations to Franco-Nevada or are expected to in the next year. A Advanced are assets on projects that in management s view have a reasonable possibility of generating steady-state revenue to Franco-Nevada in the next five years or includes properties under development, permitting, feasibility or advanced exploration. E Exploration represents assets on early stage exploration properties that are speculative and are expected to require more than five years to generate revenue, if ever, or are currently not active. 1 Does not cover all the Mineral Reserves or Mineral Resources reported for the property by the operator. 2 Percentage varies depending on the claim block of the property. 3 Provides for minimum or advance payments. 4 Percentage varies depending on the commodity price or value of ore. 5 Payable after operator recovers defined exploration and development expenses. 6 These revenue numbers are before the deduction of the purchase cost per ounce Asset Handbook FNV TSX NYSE

11 Asset Portfolio Overview Revenue ($ millions) Asset Operator Interest and % Notes Precious Metals (Gold unless noted) UNITED STATES Goldstrike Barrick Gold Corporation NSR 2-4%, NPI 2.4-6% $ 22.9 $ 23.4 $ , 2, P Stillwater Stillwater Mining Company NSR 5% PGM , P Gold Quarry Newmont Mining NSR 7.29% , 3, P Marigold Silver Standard Resources NSR %, GR 0.5-4% , 2, 3, 4, P Fire Creek/Midas Klondex Mines Ltd. NSR 2.5%, Fixed to , Px2 Bald Mountain Kinross Gold Corporation NSR/GR % , 2, 3, 4, P South Arturo Barrick/Premier Gold GR 4-9% , 3, 4, P Other (9 assets) Px2, Ax7 CANADA Sudbury KGHM International Ltd. Stream 50% PGM & Gold , 6, Px2 Detour Lake Detour Gold Corporation NSR 2% P Golden Highway Kirkland Lake Gold Inc. NSR 2-15% , 4, Px3, A Musselwhite Goldcorp Inc. NPI 5% , P Hemlo Barrick Gold Corporation NSR 3%, NPI 50% , 5, P Kirkland Lake Kirkland Lake Gold Inc. NSR %, NPI 20% , 3, P Timmins West Tahoe Resources Inc. NSR 2.25% P Canadian Malartic Yamana/Agnico Eagle GR 1.5% P Other (9 assets) Ax9 LATIN AMERICA Antapaccay Glencore plc Stream (indexed) , P Antamina Teck Resources Limited Stream 22.5% Silver , P Candelaria Lundin Mining Corporation Stream 68% Gold & Silver , P Guadalupe-Palmarejo Coeur Mining, Inc. Stream 50% Gold & Silver , 6, P Cobre Panama First Quantum Minerals Stream (indexed) A Other (6 assets) P, Ax5 REST OF WORLD MWS AngloGold Ashanti Limited Stream 25% , P Sabodala Teranga Gold Corporation Stream 6%, Fixed to , P Karma Endeavour Mining Stream 4.875%, Fixed to 75k oz , P Duketon Regis Resources Ltd. NSR 2% , P Subika Newmont Mining NSR 2% , P Tasiast Kinross Gold Corporation NSR 2% P Edikan Perseus Mining Limited NSR 1.5% P Other (19 assets) Px8; Ax11 Mineral Exploration (135 assets) E Other Minerals $ $ $ Other Minerals (12 assets) $ 8.6 $ 10.1 $ 13.7 Px5, Ax7 Mineral Exploration (37 assets) E Oil & Gas $ 8.6 $ 10.1 $ 13.7 Weyburn Unit Cenovus Energy Inc. NRI 11.71%, ORR 0.44%, WI 2.56% $ 23.6 $ 21.1 $ 57.8 Px3 Midale Unit Apache Canada Ltd. ORR 1.14%, WI 1.59% Px2 Edson Canadian Natural Resources ORR 15% P STACK Various Effective Royalty Rate 1.61% 0.9 P Midland Basin* Various Effective Royalty Rate 0.14% P Other (53 assets) Px53 Oil & Gas Exploration (19 assets) E $ 30.1 $ 28.0 $ 73.9 Revenue $ $ $ * Expected to close Q The Gold Investment that WORKS Franco-Nevada Corporation 9

12 Overview Revenue $ millions % $ millions % $ millions % $ millions % $ millions % Commodity Gold $ % $ % $ % $ % $ % Silver % % 4.7 1% PGM % % % % % Other Minerals 8.6 1% % % % 4.8 1% Oil & Gas % % % % % $ % $ % $ % $ % $ % Geography United States $ % $ % $ % $ % $ % Canada % % % % % Latin America % % % % % Rest of World % % % % % $ % $ % $ % $ % $ % Type Revenue-based royalties $ % $ % $ % $ % $ % Stream-based % % % % % Profit-based royalties % % % % % Working interests/other % % % % % $ % $ % $ % $ % $ % Adjusted EBITDA $ millions % $ millions % $ millions % $ millions % $ millions % Commodity Gold $ % $ % $ % $ % $ % Silver % % 3.3 1% PGM % % % % % Other Minerals 8.2 2% 9.7 3% % % 4.5 1% Oil & Gas % % % % % $ % $ % $ % $ % $ % Geography United States $ % $ % $ % $ % $ % Canada % % % % % Latin America % % % % % Rest of World % % % % % $ % $ % $ % $ % $ % Type Revenue-based royalties $ % $ % $ % $ % $ % Stream-based % % % % % Profit-based royalties % % % % % Working interests/other % % % % % $ % $ % $ % $ % $ % 1 As defined on page 5 of this Asset Handbook, Adjusted EBITDA is a non-ifrs measure, which excludes the following from net income and earnings per share: income tax expense/recovery; finance expenses and finance income; depletion and depreciation; non-cash costs of sales; impairment charges related to royalty, stream and working interests and investments; gains/losses on the sale of royalty, stream and working interests and investments; foreign exchange gains/losses and other income/expenses; and unusual non-recurring items. Management uses Adjusted EBITDA and Adjusted EBITDA per share to evaluate the underlying operating performance of the Company as a whole for the reporting periods presented, to assist with the planning and forecasting of future operating results, and to supplement information in its financial statements. The Company also uses Margin, which is defined as Adjusted EBITDA divided by revenue, in its annual incentive compensation process to evaluate management s performance in increasing revenue and containing costs. Management believes that in addition to measures prepared in accordance with IFRS such as Net Income and Earnings per Share, our investors and analysts use Adjusted EBITDA and Adjusted EBITDA per share to evaluate the results of the underlying business of the Company, particularly since the excluded items are typically not included in our guidance, with the exception of depletion and depreciation expense. While the adjustments to net income and EPS in these measures include items that are both recurring and non-recurring, management believes that Adjusted EBITDA and Adjusted EBITDA per share are useful measures of the Company s performance because they adjust for items which may not relate to or have a disproportionate effect on the period in which they are recognized, impact the comparability of our core operating results from period to period, are not always reflective of the underlying operating performance of our business and/or are not necessarily indicative of future operating results. Adjusted EBITDA and Adjusted EBITDA per share are only intended to provide additional information to investors and analysts, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. They do not have any standardized meaning under IFRS, and may not be comparable to similar measures presented by other issuers. For a reconciliation of this measure to IFRS measures, refer to the Company s MD&A Asset Handbook FNV TSX NYSE

13 Mineral Reserves & Resources Historical Growth in Gold Equivalent Ounces Gold Mineral Reserves Gold Mineral Resources Silver, PGM and Other Mineral Reserves and Resources Mineral Reserves & Resources The Gold Investment that WORKS Franco-Nevada Corporation 11

14 Historical Growth in Gold Equivalent Ounces Mineral Reserves & Resources This section of the Asset Handbook provides a tabulation of the Mineral Reserves and Mineral Resources as publicly reported by the operators of assets on which Franco-Nevada has an interest. However, these do not represent Franco-Nevada s attributable Mineral Reserves or Mineral Resources as Franco-Nevada s property interests do not always cover the entire area of the publicly reported figures. Secondly, Franco-Nevada s percentage interest can vary within the property. Finally, the form of Franco-Nevada s interest varies by property such as whether it is a revenue royalty, profit royalty or stream interest each having different economics. In the next section of the Asset Handbook, Franco-Nevada has defined Royalty Equivalent Units ( REUs ) to help provide analysts and investors with a more comparable and representative understanding of Franco-Nevada s assets. For this section, management believes that an indication of the growth associated with its asset portfolio can be provided by tabulating the total publicly reported Mineral Reserves and Mineral Resources on the properties on which Franco-Nevada has interests. This tabulation involves the least number of assumptions, estimates or adjustments by the Company. On the opposite page is an illustration of the annual growth of total gold equivalent ounces associated with Franco-Nevada s portfolio of assets. These totals have been shown in reference to the 2007 estimate (the IPO) and are broken out by the broader Mineral Reserves and Mineral Resources categories. Management estimates that approximately 70% of the growth of gold equivalent ounces associated with its asset portfolio since 2007 has come from new acquisitions and approximately 30% from exploration success and other impacts. For 2016, gold equivalent Mineral Reserves increased following the first decrease in associated Mineral Reserves in Franco-Nevada s history in With no material new assets added to the mineral assets last year (Antapaccay was completed in 2016 but already included in last year s Asset Handbook), the increase is mainly due to improved economics at the operations, projects being advanced and marginally higher gold prices. Gold equivalent Mineral Resources decreased in the Measured and Indicated category due to Mineral Reserve conversion. Inferred Mineral Resources increased during the year. Franco-Nevada estimates that overall gold equivalent Proven & Probable Reserves (only converting silver, not PGM) associated with the assets on which Franco-Nevada has an interest increased by approximately 7.8 million ounces, gold equivalent Measured & Indicated Resources decreased by approximately 1.4 million ounces and gold equivalent Inferred Mineral Resources increased by approximately 1.7 million ounces. In the table below, Franco-Nevada has broken down the net impact relative to 2015 gold equivalent Mineral Reserves and gold equivalent Mineral Resources. As noted above, with the exception of Antapaccay which was already factored into last year s estimate, Franco-Nevada did not add a material asset to the portfolio in The increase in Mineral Reserves by 7.8 million ounces is net of the over 5 million ounces that were produced from the properties on which Franco-Nevada has interests. All figures are based on operators publicly disclosed information known to Franco-Nevada as at March 14, The numbers are for gold and silver only and do not reflect the Mineral Reserves and Mineral Resources relating to our PGM, copper or nickel interests. Gold ounces for the New Prosperity project have not been historically included in the totals due to uncertainty related to permitting and this project continues to be excluded from the current tabulations. P&P P&P M&I M&I Inferred Inferred Reserve Reserve Resource 1 Resource 1 Resource Resource Change Change Change Change Change Change (000 ounces) (% to P&P) (000 ounces) (% to M&I) (000 ounces) (% to Inferred) New Acquisitions Other Impacts +7, % -1, % +1, % Overall +7, % -1, % +1, % 1 M&I Resource excludes P&P Reserve Asset Handbook FNV TSX NYSE

15 Gold Equivalent Mineral Reserve Ounces Associated with Franco-Nevada s Reserve Growth 400% 350% 300% 250% 200% 150% P&P Au Gold price ($/oz) P&P AuEq $2,000 $1,750 $1,500 $1,250 $1,000 $750 Gold Price ($/oz) Mineral Reserves & Resources 100% $500 50% $250 0% See following tables and accompanying notes for detailed breakdown of Mineral Reserves and Mineral Resources. See Cautionary Note Regarding Mineral and Oil and Gas Reserve and Resource Estimates. $0 Gold Equivalent Mineral Resource Ounces (exclusive of Reserves) Associated with Franco-Nevada s Resource Growth 350% 300% 250% 200% M&I Au M&I AuEq Inf Au Inf AuEq Gold price ($/oz) $2,000 $1,750 $1,500 $1,250 Gold Price ($/oz) $1, % $ % $500 50% $250 0% $0 See following tables and accompanying notes for detailed breakdown of Mineral Reserves and Mineral Resources. See Cautionary Note Regarding Mineral and Oil and Gas Reserve and Resource Estimates. The Gold Investment that WORKS Franco-Nevada Corporation 13

16 Gold Mineral Reserves Mineral Reserves & Resources 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 Gold - United States Goldstrike 1,4,5,6 57, ,082 13, ,995 70, ,077 Gold Quarry 1,7 not available not available not available Marigold 1,8,9 185, , , ,840 Midas/Fire Creek 3,10, Bald Mountain 1,12 10, , , , ,133 Mesquite 13,14 7, , ,056 71, ,179 Stibnite Gold 3,15,16 88, ,578 88, ,578 Castle Mountain Hollister 17, Pinson 1,3,19,20,21 5, , , Robinson 22,23,24 110, , , Sandman South Arturo 1,25,26,27 1, , Gold - Canada Detour Lake 28,29,30 91, , , , , ,395 Golden Highway (Hislop) 31, Golden Highway (Holloway) 33, Golden Highway (Holt) 35,36 1, , , Golden Highway (Taylor) 37, Sudbury Levack 1,39, Musselwhite 41,42 3, , , ,690 Hemlo 1,43,44,45 1, , ,469 25, ,588 Kirkland Lake 46, , ,051 2, ,463 Timmins West 48,49 2, , Canadian Malartic 1,50,51 51, , , , , ,096 Brucejack 1,52,53 4, ,900 13, ,800 18, ,700 Hardrock 54,55 141, , , ,647 Red Lake (Phoenix) Courageous Lake 56,57 12, ,000 79, ,500 91, ,500 Dublin Gulch (Eagle) 58,59 27, , , , ,463 Goldfields 60,61 1, , , ,020 Red Mountain Monument Bay Gold - Latin America Antapaccay , , , , ,226 Candelaria 1,63,64,65 446, ,776 36, , ,962 Guadalupe-Palmarejo 1,3,66 1, , , Cobre Panama 1,67,68 345, ,122 2,837, ,819 3,182, ,941 Cerro Moro 69,70 1, , Calcatreu Gurupi 71,72 63, ,328 63, ,328 San Jorge Taca Taca Volcan Gold - Australia Duketon 1,73,74,75 7, , ,648 53, ,899 Henty 76, Aphrodite Yandal (Bronzewing) Bullabulling Edna May 1,78,79 8, , Glenburgh Red October South Kalgoorlie 1,80, , , Matilda (Wiluna) 82, , , Gold - Rest of World MWS 84,85 117, , , , ,100 Sabodala 86,87,88 21, , ,960 59, ,640 Subika 1,89,90,91 50, ,110 56, , , ,220 Tasiast 92 28, , , , , ,015 Edikan 93 20, , ,346 56, ,078 Cooke 4 Karma , ,109 37, ,117 Agi Dagi 95,96 1, , ,130 54, ,166 Ity , ,117 43, ,123 Perama Hill 98 2, , , Sissingue 99,100 3, , , Total Gold Mineral Reserves 28,478 89, , Asset Handbook FNV TSX NYSE

17 Gold Mineral Resources - Inclusive of Reserves Measured (M) Indicated (I) (M)+(I) Inferred Tonnes Grade Contained Tonnes Grade Contained Contained Tonnage Grade Contained Notes 000s g/t 000 oz 000s g/t 000 oz 000 oz 000s g/t 000 oz Gold - United States Goldstrike 1,2,132 59, ,570 19, ,963 9,533 1, Gold Quarry 1,133 not available not available not available Marigold 1,134, , ,150 5,150 53, Midas/Fire Creek 3,136,137, , Bald Mountain 1,2,139 35, , ,893 5,681 49, Mesquite 2,140,141 13, , ,032 2,219 7, Stibnite Gold 142, , ,465 5,465 25, ,066 Castle Mountain 144,145,146 17, , ,711 4,191 40, Hollister 147,148, , ,100 34, Pinson 1,3,150,151 19, , ,085 1, Robinson 152,153, , ,840 40, ,072 11, Sandman 1,2,155 1, , South Arturo 1,2,156,157 1, Gold - Canada Detour Lake 2, , , , ,866 20,281 42, ,121 Golden Highway (Hislop) 2,159,160 1, Golden Highway (Holloway) 2,161, , Golden Highway (Holt) 2,163,164 5, , ,548 7, ,181 Golden Highway (Taylor) 2,165,166,167 26, ,633 1,633 2, Sudbury Levack 1,168,169 1, , , Musselwhite 2,170,171 3, , ,390 2,150 6, ,200 Hemlo 1,2,172 1, , ,178 3,308 7, Kirkland Lake 2,173,174,175 1, , ,236 4,096 6, ,965 Timmins West 176,177,178 8, ,141 1,141 6, ,208 Canadian Malartic 1,2,179,180 55, , , ,646 8,384 29, ,858 Brucejack 1,181,182 5, ,400 15, ,700 10,000 8, ,900 Hardrock 2,183, , ,763 6,763 25, ,590 Red Lake (Phoenix) 185, , Courageous Lake 187,188 13, ,090 93, ,884 7,974 53, ,914 Dublin Gulch (Eagle) 189,190 29, , ,870 3,631 17, Goldfields 191, , ,027 4, Red Mountain 193,194 1, Monument Bay , ,787 1,787 41, ,781 Gold - Latin America Antapaccay , , ,986 2, , Candelaria 1,197,198, , ,660 98, ,314 61, Guadalupe-Palmarejo 1,2,3,200 2, , , Cobre Panama 1,201, , ,080 3,358, ,373 7,453 1,051, ,135 Cerro Moro 2,204 5, , Calcatreu 205 8, , Gurupi 206,207 46, ,076 95, ,444 3,519 7, San Jorge 208,209 79, , ,211 11, Taca Taca 210,211,212 2,408, ,630 7, , ,700 Volcan 213,214 18, Gold - Australia Duketon 1,215,216,217 9, , ,173 4,477 25, Henty 218, Aphrodite 220,221 16, , Yandal (Bronzewing) 222,223 4, , Bullabulling 1,224 68, ,185 2,185 23, Edna May 1,225,226 14, , Glenburgh 227,228 2, , , Red October 229, , , South Kalgoorlie 1,231, , ,305 1,407 13, ,018 Matilda (Wiluna) 233,234, , ,112 3,125 33, ,309 Gold - Rest of World MWS , , ,310 2,140 15, Sabodala 237,238,239 25, , ,516 4,442 15, Subika 1,2,240 51, ,130 93, ,320 8,450 27, ,370 Tasiast 2,241 35, , , ,724 11,159 5, Edikan 242,243 47, , , ,246 5,011 30, Cooke , Karma 245, , ,973 2,981 19, Agi Dagi 1,2,247,248 2, , ,132 2,193 19, Ity , ,777 2,779 30, ,406 Perama Hill 250 3, , ,382 8, Sissingue 251,252 4, , , Mineral Reserves & Resources Total Gold Mineral Resources* 40, , ,818 49,165 *Total excludes New Prosperity The Gold Investment that WORKS Franco-Nevada Corporation 15

18 Reserves and Resources Mineral Reserves & Resources Silver Mineral Reserves Silver 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 Antapaccay , , , , , ,019 Antamina 1, , , , , , ,837 Candelaria 1,103,104, , ,230 36, , , ,388 Cobre Panama 1,106, , ,791 2,837, ,612 3,182, ,402 Cerro Moro 109,110 1, ,723 1, ,723 Midas/Fire Creek 3,111, , , ,700 Total Silver Mineral Reserves 115, , ,070 Silver Mineral Resources - Inclusive of Reserves Measured (M) Indicated (I) (M)+(I) Inferred Silver Notes Tonnes Grade Contained Tonnes Grade Contained Contained Tonnage Grade Contained 000s g/t 000 oz 000s g/t 000 oz 000 oz 000s g/t 000 oz Antapaccay , , , ,061 51, , ,332 Antamina 1, , , , , ,885 1,247, ,734 Candelaria 1,255,256, , ,335 98, ,936 45,271 11, ,956 Cobre Panama 1,258, , ,584 3,358, , ,646 1,051, ,449 Cerro Moro 2,261 5, ,036 61,036 4, ,415 Midas/Fire Creek 3,262,263, , ,471 7,031 1, ,412 Total Silver Mineral Resources 148, , , ,299 PGM Mineral Reserves PGM PGM 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 Sudbury 1,113, Stillwater 1,3,115,116 5, ,992 36, ,207 41, ,198 Pandora 1,117,118,119 2, , ,707 14, ,951 Total PGM Mineral Reserves 3,236 20,027 23,261 PGM Mineral Resources - Inclusive of Reserves Measured (M) Indicated (I) (M)+(I) Inferred Tonnes Grade Contained Tonnes Grade Contained Contained Tonnage Grade Contained Notes 000s g/t 000 oz 000s g/t 000 oz 000 oz 000s g/t 000 oz Sudbury 1,265,266 1, , , Stillwater 1,2,3,267 5, ,992 36, ,207 21,198 83, ,113 Pandora 1,268,269 25, , , ,732 24,634 23, ,415 Total PGM Mineral Resources 6,914 39,080 45,993 47,674 Copper Mineral Reserves Copper Copper Proven Probable Proven & Probable Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Notes 000s % M lbs 000s % M lbs 000s % M lbs Osborne 120,121 2, % 55 2, % 84 5, % 139 Rosemont 3,122, , % 2, , % 3, , % 5,851 NuevaUnion (Relincho) 124, , % 3, , % 6,557 1,239, % 10,203 Taca Taca Robinson 126, , % 1,023 8, % , % 1,078 Vizcachitas Total Copper Mineral Reserves 7,560 9,712 17,272 Copper Mineral Resources - Inclusive of Reserves Measured (M) Indicated (I) (M)+(I) Inferred Tonnes Grade Contained Tonnes Grade Contained Contained Tonnage Grade Contained Notes 000s % M lbs 000s % M lbs M lbs 000s % M lbs Osborne 270,271 6, % 187 5, % , % 177 Rosemont 3,272, , % 3, , % 4,450 7, , % 1,112 NuevaUnion (Relincho) 2, , % 4,122 1,120, % 8,933 13, , % 5,117 Taca Taca 275,276,277 2,165, % 21,150 21, , % 7,550 Robinson 278, , % 3,294 40, % 301 3,596 11, % 100 Vizcachitas 280,281 1,038, % 8,539 8, , % 2,415 Total Copper Mineral Resources 10,836 43,546 54,382 16, Asset Handbook FNV TSX NYSE

19 Reserves and Resources Nickel Mineral Reserves Proven Probable Proven & Probable Nickel Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Notes 000s % M lbs 000s % M lbs 000s % M lbs Mt Keith 128,129 39, % 522 5, % 64 45, % 587 Falcondo 130,131 44, % 1,267 26, % , % 2,056 Total Nickel Mineral Reserves 1, ,643 Nickel Mineral Resources - Inclusive of Reserves Measured (M) Indicated (I) (M)+(I) Inferred Nickel Tonnes Grade Contained Tonnes Grade Contained Contained Tonnage Grade Contained Notes 000s % Mlbs 000s % M lbs M lbs 000s % M lbs Mt Keith 282, , % 1, , % 1,122 3,051 35, % 370 Falcondo 284,285 40, % 1,268 31, % 1,049 2,320 4, % 151 Total Nickel Mineral Resources 3,198 2,171 5, Mineral Reserves & Resources Notes All Mineral Reserves and Resources have been calculated in accordance with acceptable foreign codes, including CIM, SEC, JORC, or SAMREC guidelines Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability Unless otherwise noted, Mineral Reserves and Resources are reported as of December 31, 2016 Unless otherwise noted, Mineral Resources were reported by the operator inclusive of Mineral Reserves Contained metal does not take into account recovery losses Mineral Reserves and Resource based on publicly disclosed information as of March 14, 2017 Rows and columns may not add up due to rounding Inferred Resources are in addition to Measured and Indicated Resources. Inferred Resources have a great amount of uncertainty as their existence and whether they can be mined legally or economically. It cannot be assumed that all or any part of the Inferred Resources will ever be upgraded to a higher category. See Cautionary Note to US Investors Regarding Reserve and Resource Reporting Standards. 1 Royalty does not cover entire property or cover all known Mineral Reserves and Resources 2 Mineral Resources shown by operator as exclusive of Mineral Reserves. The Company s QP determined the inclusive Mineral Resources by adding the exclusive Measured and Indicated Mineral Resources to the Proven and Probable Reserves 3 Mineral Reserves and Resources are reported by the operator in non-metric units. The Company s QP calculated the metric conversion using 1 opt= g/t, 1 short ton = metric tonnes, 1 oz = g 4 Mineral Reserves are calculated using an assumed gold price of $1,000/oz for 2017 through 2020 and $1,200/oz from 2021 onwards 5 Mineral Reserves estimate incorporate current and/or expected mine plans and cost levels at each property 6 Varying cut-off grades have been used depending on the mine and type of ore contained in the Mineral Reserves 7 In accordance with certain provisions of the royalty agreement, Franco-Nevada is not able to disclose Mineral Reserves and Resources for Gold Quarry 8 Mineral Reserves are calculated using a gold price of $1,250/oz 9 Mineral Reserves assume a cut-off of g/t payable gold grade 10 Mineral Reserves for Fire Creek and Midas assume $1,200/oz gold, $17.00/oz silver 11 Fire Creek Mineral Reserves uses a cut-off of Au opt; Midas Mineral Reserves uses cut-off of Au opt 12 Mineral Reserves are calculated using an assumed gold price of $1,200/oz 13 Mineral Reserves calculated using $1,250/oz Au 14 Mineral Reserves reported at a lower cut-off of 0.16 g/t Au for oxide & transition, and 0.41 g/t Au for sulphide 15 Mineral Reserves assume: $1,350/oz Au, $22.50 Ag, $4.50/lb Sb 16 As of December 15, Underground Mineral Reserves as of June 2012, depleted to September 30, Underground Mineral Reserves assume $1,400/oz Au and a cut-off of 0.25 opt 19 As of June 30, Oxide and sulfide Mineral Reserves have been estimated at a cut-off grade of 0.23 opt and 0.22 opt respectively using a gold price of $1,300/oz 21 Open pit Mineral Reserves based on a opt internal cyanide soluble gold cut-off at $1,250/oz Au 22 As of December 31, Mineral Reserves assume US$3.08/lb Cu and US$1200/oz Au 24 Mineral Reserves reported in kilograms; Company s QP converted to ounces 25 Mineral Reserves are calculated using an assumed gold price of $1,000/oz for 2017 through 2020 and $1,200/oz from 2021 onwards 26 Varying cut-off grades have been used depending on the mine and type of ore contained in the Mineral Reserves 27 Mineral Resources converted to 100% basis from Barrick s 60% attributable share 28 Mineral Reserves reported as of December 31, 2015 using $1,000/oz Au and US$/C$ exchange rate of C$1.10 and a cut-off of 0.5 g/t Au 29 Only Measured and Indicated LG fines scheduled in the mine plan were reported as Probable Mineral Reserves and are based on a 0.4 g/t cut-off 30 Mineral reserves included an average mining dilution of 5.3% from 2016 to 2018 and 4% for 2018+, at a diluting grade of 0.20g/t Au. Mining ore loss of 5% also included. 31 Mineral Reserve as at December 31, Mineral Reserves estimated using an average long-term gold price of $1,250/oz and a cut-off grade of 3.00 g/t Au 33 Mineral Reserve as at December 31, Mineral Reserves estimated using an average long-term gold price of $1,250/oz and a cut-off grade of 4.11 g/t Au 35 Mineral Reserve as at December 31, Mineral Reserves estimated using an average long-term gold price of $1,250/oz and a cut-off grade of 3.02 g/t Au 37 Mineral Reserve as at December 31, Mineral Reserves assume $1,250/oz Au and a stope by stope cut-off grade of 3.48 g/t 39 As of December 31, Mineral Reserves estimated using $3.08/lb Cu, $8.50/lb Ni, $1,700/oz Pt, $800/oz Pd and $1,200/oz Au 41 Mineral Reserves are calculated using $1,200/oz Au 42 Mineral Reserves as of June 30, Mineral Reserves are calculated using an assumed gold price of $1,000/oz for 2017 through 2020 and $1,200/oz from 2021 onwards 44 Mineral Reserve estimates incorporate current and/or expected mine plans and cost levels at each property 45 Varying cut-off grades have been used depending on the mine and type of ore contained in the Mineral Reserves 46 Kirkland Lake Property Wide as of December 31, Kirkland Lake Property Wide assume US$1,200/oz of gold at cut-off grade of 7.8 g/t 48 As of January 1, Mineral Reserves are reported using a gold cut-off grade of 2.0 g/t and a gold price of $1,250/oz 50 Mineral Reserves and Mineral Resources converted to 100% basis from Yamana s 50% interest 51 Mineral Reserves estimated using $1,200/oz Au, cut-off grades range from to g/t Au 52 Valley of the Kings as of December 2016; West Zone as of June Calculated at a C$180/t cut-off assuming $1,100/oz Au, $17/oz Ag, C$/US$ exchange rate = US$ Mineral Reserves as of October 1, Mineral Reserves reported at 0.33 g/t cut-off using $1,250/oz Au 56 As of July 24, Waste to ore cut-offs determined using $1,244/oz Au and pit limit based on a C$20.10/t cut-off 58 As of September 12, Mineral Reserves estimated using cut-off grades between g/t 60 As of October 6, Mineral Reserves assume an economic cut-off grade of 0.72 g/t Au 62 Commodity prices and exchange rates used to establish the economic viability of reserves are based on long-term forecasts applied at the time the reserve was estimated 63 As of June 30, Mineral Reserves assume $2.75/lb Cu, $1,000/oz Au and $15/oz Ag. Open pit and underground for the Candaleria property use cut-off grades of 0.20% Cu and 0.64% Cu, respectively 65 Underground Mineral Reserves for Alcaparrosa and Santos are reported at cut-off grades of 0.66% Cu and 0.73% Cu, respectively 66 Assumed metal prices for Mineral Reserves were $17.50/oz Ag and $1,250/oz Au 67 As of June 30, Mineral Reserves estimated using a $3.00/lb Cu, $1,200/oz Au, $16/oz Ag and $13.50/lb Mo 69 Mineral Reserves estimated using $950/oz Au and $18.00/oz Ag 70 Open pit cut-off at 3.4 g/t AuEq and underground cut-off at 6.2 g/t AuEq 71 As of January 31, Mineral Reserves assume a gold price of $1,066/oz 73 As of March 31, Mineral Reserves are reported inclusive of ROM stockpiles at cut-off grade of 0.4 g/t. Cut-off grades vary by oxidation and lithology domains 75 Mineral Reserves based on A$1,400/oz 76 As of February 28, 2014, a further 21,000 oz gold was depleted from Mineral Reserve between February 2014 and June Estimated at a 3.8 g/t gold cut-off using a gold price of A$1,450/oz 78 As of December Open pit Mineral Reserves are calculated at a 0.5 g/t Au cut-off, and underground mineral reserves are quoted at 2.5 g/t cut-off 80 As of June 30, Mineral Reserves based on A$1,500/oz Au 82 Mineral Reserves as of June Wiluna Mineral Reserves based of A$1500/oz 84 As of December 31, Mineral Reserves estimated using 0.23 g/t Au cut-off and ZAR 431,000/kg Au 86 Mineral Reserves as of December 31, 2015 assuming $1,100/oz gold price 87 Mineral Reserves cut-off: Sabodala 0.45 g/t for oxide; 0.55 g/t for fresh based; other deposits range from 0.35 g/t to 0.63 g/t Au for oxide and 0.42 g/t to 0.73 g/t Au for fresh 88 Underground Mineral Reserves cut-off grades ranged from g/t based on $1,200/oz gold price 89 Mineral Reserves assume $1,200/oz Au 90 Ahafo open pit cut-off grade utilized in 2016 Mineral Reserves not less than oz/t 91 Ahafo underground cut-off grade utilized in 2016 Mineral Reserves not less than oz/t 92 Mineral Reserves are calculated using an assumed gold price of $1,200/oz 93 Cut-off based on US$1,200/oz and varies according to material type and mining method 94 Mineral Reserves assume a $1,300/oz gold price 95 Agi Dagi Mineral Reserves assume $1,250/oz Au and $16.00/oz Ag 96 Agi Dagi Mineral Reserves cut-off grade is determined as a net of process value of $0.10/t incorporating both the gold and silver grades, recoveries, less process and G&A for each block 97 Mineral Reserves reported using $1,250/oz Au 98 Mineral Reserves assume a gold price of $1,200/oz and cut-off grade of 0.8 g/t 99 Mineral Reserves as of February 1, Variable cut-off grades based on recovery of each material type; oxide 0.6 g/t, transition 0.8 g/t, granite-porphyry 0.8 g/t and sediment 1.0 g/t 101 Commodity prices and exchange rates used to establish the economic viability of reserves are based on long-term forecasts applied at the time the reserve was estimated 102 Mineral Reserve and Resource estimates were prepared using long-term metal prices of: US$2.97/lb Cu, US$1.03/lb Zn, US$10.70/lb Mo and US$18.72/oz Ag 103 As of June 30, Mineral Reserves assume $2.75/lb Cu, $1,000/oz Au and $15/oz Ag. Open pit and underground for the Candaleria property use cut-off grades of 0.20% Cu and 0.64% Cu, respectively 105 Underground Mineral Reserves for Alcaparrosa and Santos are reported at cut-off grades of 0.66% Cu and 0.73% Cu, respectively 106 As of June 30, Mineral Reserves estimated using a $3.00/lb Cu, $1,200/oz Au, $16/oz Ag and $13.50/lb Mo 108 Footnote intentionally omitted 109 Mineral Reserves are estimated using $950/oz Au and $18.00/oz Ag 110 Open Pit cut-off at 3.4 g/t AuEq and underground cut-off at 6.2 g/t AuEq 111 Mineral Reserves for Fire Creek and Midas assume $1,200/oz Au, $17.00/oz Ag The Gold Investment that WORKS Franco-Nevada Corporation 17

20 Mineral Reserves & Resources 112 Fire Creek Mineral Reserves use a cut-off of Au opt; Midas Mineral Reserves use a cut-off of Au opt 113 As of December 31, Mineral Reserves estimated using $3.08/lb Cu, $8.50/lb Ni, $1,700/oz Pt, $800/oz Pd and $1,200/oz Au 115 Mineral Reserves assume $702.75/oz for Palladium and $1,139.91/oz for Platinum 116 Mineral Reserves as of December 31, As of September 30, 2016 based on Lonmin plc disclosure 118 Mineral Reserves calculated from Lonmin plc 41.00% attributable interest 119 For determination of pay limits the following commodity prices per ounce was used: Pt - $1,622; Pd - $889; Rh - $2,369; Au - $1, As of December 31, Mineral Reserves reported at a cut-off of 0.35% CuEq for Osborne open pit extension and 1.5% CuEq for Osborne underground and 1.4% CuEq for Kulthor underground where CuEq = Cu(%) + Au(g/t) * As of July 17, Mineral Reserves assume $2.50/lb Cu, $15.00/lb Mo and $20/oz Ag 124 Mineral Reserves assume $2.80/lb Cu and $13.70/lb Mo 125 As of December 31, As of December 31, Mineral Reserves assume $3.60/lb Cu and $1200/oz Au 128 As of June 30, Mineral Reserves calculated at variable cut-off grade between 0.35% and 0.40 % Ni and 0.18% Ni recoverable 130 Mineral Reserves assume a cut-off grade of 1.2% Ni 131 As of December 31, Mineral Resources estimated using varying cut-off grades, depending on both the type of mine or project, its maturity and ore types at each property 133 In accordance with certain provisions of the royalty agreement, Franco-Nevada is not able to disclose Mineral Reserves and Resources for Gold Quarry 134 Mineral Resources are calculated using a gold price of $1,400/oz 135 Mineral Resources based on an optimized pit shell at a cut-off of g/t payable gold 136 Mineral Resources for Fire Creek and Midas assume $1,400/oz Au, $19.83/oz Ag 137 Effective date for the Fire Creek and Midas Mineral Resource is June 30, 2016 and May 31, 2016 respectively 138 Fire Creek s Mineral Resources uses cut-off grade of opt; Midas Mineral Resources uses cut-off grade of opt 139 Mineral Resources are calculated using an assumed gold price of $1,400/oz 140 Mineral Resources calculated using $1,350/oz Au 141 Mineral Resources reported at a cut-off of 0.12g/t Au for oxide & transition, and 0.24 g/t Au for sulphide 142 Open pit sulfide Mineral Resources are reported at a cut-off grade of 0.75 g/t Au and open pit oxide Mineral Resources are reported at a cut-off grade of 0.45 g/t Au 143 As of September 10, As of December 1, Mineral Resources are stated at a cut-off grade of 0.20 g/t Au. 146 Mineral Resources are contained within an optimised pit shell, generated using a price of US$1,100/oz Au. 147 Underground Mineral Resource as of June 2012 depleted to September 30, 2012; open pit Mineral Resource as of October Underground Mineral Resources reported based on a 0.15 opt cut-off 149 Mineral Resources reported at 0.15g/t cut-off in oxides and 0.33 g/t cut-off in mixed zone 150 Open pit Mineral Resources as of December 31, 2013; underground Mineral Resources as of July 1, Mineral Resources assumes a 0.22 opt Au cut-off (underground) and a opt Au cut-off (open pit) 152 As of December 31, Mineral Resources assume US$4.20/lb Cu and US$1700/oz Au 154 Mineral Resources reported in kilograms; Company s QP converted to ounces 155 Mineral Resources reported at price of $1,400/oz Au 156 Mineral Resources converted to 100% basis from Barrick s 60% attributable share 157 Mineral Resources estimated using varying cut-off grades, depending on both the type of mine or project, its maturity and ore types at each property 158 Mineral Resources reported as of December 31, 2015 using $1,200/oz Au and US$/C$ exchange rate of C$1.10 and a cut-off of 0.5 g/t Au 159 Mineral Resource as at December 31, Mineral Resources estimated using an average long-term gold price of $1,250/oz and a cut-off grade of 2.5 g/t 161 Mineral Resource as at December 31, Mineral Resources estimated using an average long-term gold price of $1,250/oz and a cut-off grade of 2.5 g/t 163 Mineral Resource as at December 31, Mineral Resources estimated using an average long-term gold price of $1,250/oz and a cut-off grade of 2.5 g/t 165 Mineral Resources for Taylor as at December 31, 2014 and a cut-off grade of 3.00 g/t for Shoot Zone; 2.50 g/t for WPZ and Shaft Zones 166 Mineral Resources for Aquarius are as of the John Reddick Report & SRK Mining Study 167 Mineral Resources for Clavos Project JV represent 40%, as per the option agreement with Sage Gold calculated as of October 23, 2012 RPA Technical Report 168 As of December 31, Mineral Resources estimated using $4.20/lb Cu, $11.00/lb Ni, $1,900/oz Pt, $700/oz Pd and $1,700/oz Au 170 Mineral Resources are calculated using $1,400 /oz Au 171 Mineral Resources as of June 30, Mineral Resources estimated using varying cut-off grades, depending on both the type of mine or project, its maturity and ore types at each property 173 Kirkland Lake Property Wide Mineral Resources as of December 31, 2014 at cut-off grade of 0.18 opt. Amalgamated Kirkland & Anoki McBean Mineral Resources estimated using $1200/oz Au and 2.5 g/t cut-off 174 Amalgamated Kirkland assumes $1,200/oz Au at a cut-off grade of 2.5 g/t 175 Amalgamated Kirkland & Anoki McBean as of December 31, 2016; Amalgamated Kirkland & Anoki McBean Mineral Resource converted to 100% basis from Yamana s 50% attributable share 176 Mineral Resources for Timmins, Thunder Creek and 144 GAP as of January 1, Mineral Resources for Timmins, Thunder Creek and 144 GAP are reported using a gold cut-off grade of 1.5 g/t 178 Mineral Resources at Gold River are based on a long-term gold price of $1,200/oz and a cut-off grade of 2.0 g/t as at March 18, Mineral Reserves and Mineral Resources converted to 100% basis from Yamana s 50% interest 180 Mineral Resources assume $1200/oz Au, cut-off ranges from 0.33 g/t inside pits to 1.0 g/t outside open pit 181 Valley of the Kings as of July 2016; West Zone as of December Mineral Resources estimated at a 5.0 g/t AuEq cut-off. AuEq = Au + Ag/ Mineral Resources as of August 11, Hard Rock Mineral Resources estimated at $1,625/oz Au 185 As of January 6, Assumes a cut-off grade of 4.0 g/t based on $1,125/oz Au 187 As of September 5, 2012 for the FAT deposit and March 11, 2014 for the Walsh Lake deposit 188 Mineral Resources at FAT deposit assume a cut-off of 0.83 g/t Au and at Walsh Lake deposit assume a cut-off grade of 0.60 g/t Au 189 As of September 12, Mineral Resources estimated at a cut-off grade of 0.15 g/t using US$1,700/oz 191 As of October 6, Mineral Resources assume a cut-off grade of 0.50 g/t 193 Mineral Resources as of January 23, Mineral Resources assume a 3.0 g/t Au cut-off 195 Assumes $1,200 Au, 0.4 and 0.7 g/t cut-off for open pit cut-off and 4.0 g/t Au cut-off for underground 196 Mineral Resources reported at 0.15% Cu cut-off 197 As of June 30, Open pit Mineral Resources are reported within a conceptual pit shell based on metal prices of $3.16/lb Cu and $1,000/oz Au and are reported at a 0.2% Cu cut-off 199 Underground Mineral Resources are reported at a cut-off grade of 0.6% Cu 200 Assumed metal prices for Mineral Resources were $19.00/oz Ag and $1,275/oz Au 201 As of June Mineral Resource uses a cut-off grade of 0.15% Cu 203 Footnote intentionally omitted g/t AuEq cut-off 205 Metal prices used were $12.50/oz Ag and $650/oz Au 206 As of July 30, Mineral Resources assumes a cut-off of 0.33 g/t 208 As of March 1, Mineral Resources assume $1.50/lb Cu and a 0.30% Cu cut-off 210 As of October 30, Assumes a 0.3% CuEq cut-off for sulphides; 0.2 g/t Au cut-off for oxides 212 CuEq calculated using $2.00/lb Cu, $800/oz Au and $12.00/lb Mo 213 As of October Mineral Resources assume 0.5 g/t Au cut-off on the Ojo de Agua deposit only 215 As of March 31, Mineral Resources are reported inclusive of ROM stockpiles at cut-off grade of 0.4 g/t 217 Mineral Resources based on A$2,000/oz 218 As of February 28, Estimated at a 2.0 g/t Au cut-off using a gold price of A$1, As of April 19, Mineral Resources assume a cut-off of 0.5 g/t Au for potential open pit and 3.0 g/t Au for underground 222 Corboys as of August 23, 2016, Woornara, Cockburn and Mt Joel 4800N as of September 1, Corboys Mineral Resources reported at a 1.0 g/t cut-off, Cockburn Mineral Resources are reported at a 0.9 g/t cut-off, Woornara and Mount Joel Mineral Resources are reported at a 0.5 g/t cut-off 224 Mineral Resources reported at an 0.5 g/t Au cut-off 225 As of December Assumes a 0.4 g/t Au cut-off for open pit, 3.0 g/t Au cut-off for underground using A$1,800/oz Au 227 As of June 30, Mineral Resources assumes a 0.5 g/t Au cut-off grade 229 As of June 30, Red October Mineral Resources assume a cut-off of 2.0 g/t Au, whereas Saracen reports the natural grade distribution above background for Thin Lizzy, Crimson Belle and Butcherwell deposits was at a grade of 0.8 g/t 231 As of June 30, Cut-off grades have been selected based on the style of mineralisation, depth from surface and the most probable extraction techniques 233 Mineral Resources as of December 1, Open pit Mineral Resource reported at 0.5g/t cut-off in oxide and 1.0 g/t cut-off in transitional & fresh in an A$1800/oz shell, while the underground Mineral Resources was reported at 2g/t cut-off in fresh rock outside the shell 235 A global reporting cut-off of 3.0 g/t was applied to the Golden Age underground resource 236 As of December 31, Mineral Resources as of December 31, 2015 estimated using a gold price of US$1,450/oz 238 Open pit: oxide Mineral Resources use a cut-off grade of 0.35 g/t Au (Gora at 0.48 g/t Au); transition and fresh rock Mineral Resources use a cut-off grade of 0.40 g/t Au (Gora at 0.55 g/t Au) 239 Underground Mineral Resources cut-off grade of 2.00 g/t Au. 240 Mineral Resources assume a gold price of $1,400/oz Au 241 Mineral Resources are calculated using an assumed gold price of $1,400/oz 242 As of December, Mineral Resources reported at various cut-off grades; 0 g/t for heap leach; g/t for other Mineral Resources 244 Tailings Dump 4 Mineral Resources based on 0.1 g/t cut-off 245 Mineral Resources estimates were based on a gold price of $1,557/oz 246 Cut-off grades are defined by material type and vary from g/t 247 Agi Dagi Mineral Resources are contained within pits optimized at $1,400/oz Au, $22/oz Ag and 0.2 g/t Au cut-off grade 248 Camyurt Mineral Resources are contained within pits optimized at $1,400/oz Au, $22/oz Ag and 0.2 g/t Au cut-off grade 249 Mineral Resources reported inside an optimised pit shell above 0.5 g/t cut-off. Pit optimisation assumes $1,500/oz Au 250 Mineral Resources assumes a cut-off grade of 0.5 g/t 251 Mineral Resources as of June 30, g/t Au cut-off applied for Sissingue Mineral Resource 253 Mineral Resources reported at 0.15% Cu cut off 254 Mineral Reserve and Resource estimates were prepared using long-term metal prices of: US$2.97/lb Cu, US$1.03/lb Zn, US$10.70/lb Mo and US$18.72/oz Ag 255 As of June 30, Open pit Mineral Resources are reported within a conceptual pit shell based on metal prices of $3.16/lb Cu and $1,000/oz Au and are reported at a 0.2% Cu cut-off 257 Underground Mineral Resources are reported at a cut-off grade of 0.6% Cu 258 As of June Mineral Resources use a cut-off grade of 0.15% Cu 260 Footnote intentionally omitted g/t AuEq cut-off 262 Mineral Resources for Fire Creek and Midas assume $1,400/oz Au, $19.83/oz Ag 263 Fire Creek s Mineral Resources use a cut-off grade of opt, Midas mineral resources use a cut-off grade of opt 264 Effective date for the Fire Creek and Midas Mineral Resource is June 30, 2016 and May 31, 2016, respectively 265 As of December 31, Mineral Resources estimated using $4.20/lb Cu, $11.00/lb Ni, $1,900/oz Pt, $700/oz Pd and $1,700/oz Au 267 Company reports mineralized material estimates which correspond to Inferred Mineral Resource in Canadian definitions for Mineral Resources and Mineral Reserves 268 As of September 30, 2016 based on Lonmin plc disclosure 269 Mineral Resources calculated from Lonmin plc 41.00% attributable interest 270 As of December 31, Mineral Resources reported at a cut-off of 0.5% CuEq for Osborne open pit and 1.2% CuEq for Osborne and Kulthor underground where CuEq = Cu(%) + Au(g/t) * As of July 17, Mineral Resources cut-off: Oxides 0.10% CuEq; Sulfide 0.15% CuEq; and mixed 0.3% CuEq (CuEq based on $2.50/lb Cu, $15/lb Mo & $20/oz Ag) 274 As of December 31, As of October 30, Assumes a 0.3% CuEq cut-off for sulphides; 0.2 g/t Au cut-off for oxides 277 CuEq calculated using $2.00/lb Cu, $800/oz Au, $12.00/lb Mo 278 As of December 31, Mineral Resources assume $4.20/lb Cu, $1700/oz Au 280 As of December 13, Mineral Resources estimated using a cut-off of 0.3% CuEq where CuEq (%) = CuT (%) x Mo (%) where 4.95 represents the Mo/Cu price ratio 282 As of June 30, Mineral Resources calculated at variable a cut-off grade between 0.35% and 0.40 % Ni 284 Mineral Resources assume a cut-off grade of 1.2% Ni 285 As of December 31, Asset Handbook FNV TSX NYSE

21 Royalty Equivalent Units (REUs) Royalties & Streams Explained Royalty Equivalent Units ( REUs ) Explained Precious Metals REUs Other Minerals REUs Oil & Gas REUs The Gold Investment that WORKS Franco-Nevada Corporation 19

22 Royalties & Streams Explained Royalties are ongoing economic interests in the production or future production from a property and, depending on their terms and the laws applicable to the royalty and the project, in general share the following characteristics: They are not subject to cash calls to fund exploration, development, capital, environmental or closure costs and so are lower risk in this respect than an operating interest. They provide exposure to the upside of commodity price, Mineral Reserves and production increases. In some cases, they provide an interest in new discoveries made on a property which can result in significant value creation for Franco-Nevada. They do not involve operational or development management so a large and diversified portfolio can be assembled without the need for significant corporate overheads. The two most common royalty types are: REUs REVENUE-BASED ROYALTIES are based on the value of the production or net proceeds received by the operator with defined deductions as specified by the royalty contract. Some forms of revenue-based royalties in the mining and oil & gas industries are: NSR Net Smelter Return Royalty ORR Overriding Royalty GR Gross Royalty FH Freehold or Lessor Royalty PROFIT-BASED INTEREST ROYALTIES are based on the operating profit as defined in the royalty contract. Often, royalty payments only begin after the operator has recovered its capital costs. The net profits interest royalty ( NPI ) is the most common form of these royalties. Similar to an NPI, a net royalty interest ( NRI ) is paid net of operating and capital costs. In addition to royalties, Franco-Nevada holds stream and working interests: STREAMS are metal purchase agreements that provide, in exchange for an upfront deposit, the right to purchase all or a portion of one or more metals produced from a mine at a preset price. Streams are particularly well suited to co-product production providing significant value for by-product precious metal production. Streams are not royalties because they are not an interest in land and there is an ongoing cash payment required to purchase the physical metal. WORKING INTEREST ( WI ) holders have an ownership position in the property and operation and hence are liable for cash calls on their share of capital, operating and environmental costs usually in proportion to their ownership percentage. Working interests are not considered to be royalties because of their ongoing funding requirements although, for profitable operations, they can be economically similar in their calculations to NPIs. Detour Lake Asset Handbook FNV TSX NYSE

23 An example of the financial impact of each different structure is provided below. Example of a Royalty (NSR or NPI) versus a Stream Assume for one ounce of gold, a sales price of $1,200, a stream cost of $400 per ounce and an all-in sustaining cost ( AISC ) (1) of $730 per ounce. Also assume that Franco-Nevada has a 4% NSR, a 4% stream or a 4% NPI or WI. NSR Stream Developed NPI/WI One ounce sold at $1,200 $1,200 $1,200 Applicable costs $400 $730 1 Margin for AISC calculation $1,200 $800 $470 NSR, Stream or NPI % 4% 4% 4% Revenue per ounce to FNV $48 $32 $19 NSR equivalent 100% 67% 40% Alternatively - Ounces required to equal a 1% NSR 1.00 oz 1.50 oz 2.53 oz (1) For applicable costs for a developed NPI or WI, Franco-Nevada is, for illustrative purposes, assuming Barrick Gold Corporation s ( Barrick ) 2016 AISC measure, as Barrick represents the largest gold company by production and Mineral Reserves, as well as being the operator of two assets on which Franco-Nevada has NPI interests. Based on the above economics, a comparable percentage NSR is 2.5 times more valuable than an equivalent Developed NPI or WI and 50% more valuable than a stream interest. With changes to the gold price, the NPI or WI would demonstrate the most leverage while the NSR would provide the most down side protection. The stream provides commodity price leverage similar to a low cost operating company with more certainty as to future costs. REUs Royalty Equivalent Units ( REUs ) Explained In the previous section, Mineral Reserves and Mineral Resources for assets in which Franco-Nevada has an interest were tabulated based on the publicly disclosed reports of each operator for each property on a 100% basis. This form of tabulation provides an overall indication of the growth of Mineral Reserves or Mineral Resources on projects within Franco-Nevada s portfolio. However, the tabulation does not provide a specific measure for Franco-Nevada s interest in such Mineral Reserves and Mineral Resources for the following reasons: Not all of Franco-Nevada s assets cover the entire property associated with the operator s publicly reported figures and Franco-Nevada is not in a position to report separate Mineral Reserves and Mineral Resources figures for those properties. As demonstrated on the previous pages, royalty and stream interests have different economics than an operator has for its stated Mineral Reserves and Mineral Resources. In addition, the economics differ between NSR, NPI and stream interests and by property and would need to be factored to be comparable to each other or to an operator s interest. Directly attributing specific Mineral Reserves and Mineral Resources to Franco-Nevada may not be appropriate if the operators are not in turn deducting royalty and stream interests from their own publicly reported numbers and may lead to two companies quoting the same Mineral Reserves and Mineral Resources. The Gold Investment that WORKS Franco-Nevada Corporation 21

24 REUs Franco-Nevada s most common royalty interest is a simple percentage of the commodity produced by an operator from a property. A 2% NSR royalty on a gold property is typical. For this example, attributing 2% of the gold property ounces to Franco-Nevada can provide a view of the potential value realization to Franco-Nevada. NSR royalties are subject to minor transportation, refining and other deductions often approximating $5 per ounce that is generally seen as not material to overall valuations. Effectively, multiplying the number of attributable royalty ounces times the assumed average future gold price can provide a rough approximation of the potential undiscounted pre-tax cash flow to Franco-Nevada from that asset before metallurgical recoveries. By contrast, the valuation of Mineral Reserves and Mineral Resources from an operator s perspective requires more significant assumptions including, but not limited to, an operator s future operating, capital and other carrying and closure costs. Franco-Nevada is providing guidance to analysts and investors on how the Company estimates the Royalty Equivalent Units ( REUs ) on a broad range of its assets. The objective of an REU for any property is that it should be a reasonable comparison to a calculation of the number of attributable NSR royalty ounces that Franco-Nevada might have with a typical straight forward gold royalty covering all of the reported operator Mineral Reserves and Mineral Resources. The use of REUs provides a common basis of comparison between different asset types and royalty property coverages. To achieve comparable REU figures, guidance and adjustments are required from Franco-Nevada management in the following circumstances: 1. The royalty or stream property does not cover all the operator s reported Mineral Reserves or Mineral Resources. Franco-Nevada s management will provide its best approximation for each asset as to the appropriate percentage of Mineral Reserves and Mineral Resources that should be factored to estimate the equivalent REUs. 2. A stream interest with an associated ongoing cost per ounce. The number of attributable stream ounces will be factored to make them economically equivalent to an NSR ounce. In the example demonstrated in the previous section, for a $1,200 gold price and a $400 cost per ounce, the stream ounces are factored by 67% to become comparable to NSR equivalent ounces of REUs. The factor depends on cost per ounce or % margin written in the agreement. 3. An NPI royalty. An NPI is subject to the operating and capital costs specific to each asset. For planning purposes, Franco-Nevada s management generates its own internal mine life projections for each of its assets in order to determine its own reasonable estimates. Franco-Nevada management has provided its best approximation as to the economically equivalent NSR rate using a $1,200 gold price assumption. 4. An asset producing PGM or silver. The number of attributable silver, platinum or palladium ounces are converted into gold equivalent ounces using pricing assumptions of $17.50 per ounce silver, $950 per ounce platinum and $750 per ounce palladium. In addition, NSR deductions are more material for certain PGM assets subject to NSR deductions such as Stillwater. For Stillwater s REU calculation, 10-12% of the ounces have been deducted to reflect the higher NSR deduction for that asset compared to typical gold NSR assets. 5. Base metal assets. These REUs are calculated similar to precious metals but are done so in units of attributable copper or nickel net of NSR realization charges as these deductions are more material than for gold operations. The objective again is to provide an REU to which an assumption of future commodity prices can be applied to estimate an undiscounted pre-tax cash flow to Franco-Nevada before metallurgical recoveries Asset Handbook FNV TSX NYSE

25 In the Asset section of this Asset Handbook, Franco-Nevada has provided details on assets that include summary figures for the Mineral Reserves (P&P Mineral Reserves), Mineral Resources (M&I Mineral Resources inclusive of Mineral Reserves) and Inferred Mineral Resources associated with each asset profiled. Franco-Nevada management has also provided the related P&P REUs, M&I REUs and INF REUs for each of those assets and the key guidance and assumptions that were required to derive those REUs. For oil & gas assets, Franco-Nevada receives a technical report from an independent consultant that estimates undiscounted and discounted cash flows for assets with Proven and Probable Reserves. These are tabulated at the end of this section for our Canadian assets. Subject to the cautionary statements in the Asset Handbook, our AIF and Form 40-F regarding forward looking information, Mineral Reserves and Mineral Resources estimates and the use of technical and third party information, Franco-Nevada believes that REUs provide a useful alternative for analysts and investors to understand its assets. Readers are reminded that the REUs are prepared by management of Franco-Nevada and have not been reviewed or endorsed by the operators of the projects. REUs By Mineral Resource Category M&I REUs By Location (inclusive of P&P) M&I REUs By Type (inclusive of P&P) REUs P&P United States NSR M&I Canada Stream Inf Latin America NPI Australia Rest of World The Gold Investment that WORKS Franco-Nevada Corporation 23

26 Precious Metals REUs 1,2 REUs Asset Type P&P REUs M&I REUs 3 Inf REUs (000s) (000s) (000s) Precious Metals - United States Goldstrike NSR/NPI Stillwater NSR ,906 Gold Quarry NSR Marigold NSR Midas/Fire Creek NSR Bald Mountain NSR Mesquite NSR Stibnite Gold NSR Castle Mountain NSR Hollister NSR Robinson NSR Sandman NSR 1 1 South Arturo NSR Precious Metals - Canada Sudbury Stream Detour Lake NSR Golden Highway - Hislop NSR Golden Highway - Holloway NSR Golden Highway - Holt NSR Golden Highway - Taylor NSR Musselwhite NPI Hemlo NSR/NPI Kirkland Lake NSR Timmins West NSR Canadian Malartic NSR Brucejack NSR Hardrock NSR Red Lake (Phoenix) NSR 2 6 Courageous Lake NSR Dublin Gulch (Eagle) NSR Goldfields NSR Red Mountain NSR 6 1 Monument Bay NSR Precious Metals - Latin America Antapaccay Stream Antamina Stream Candelaria Stream Guadalupe-Palmarejo Stream Cobre Panama Stream 3,544 3, Cerro Moro NSR Calcatreu NSR 17 6 Gurupi NSR San Jorge NSR Taca Taca NSR Volcan NSR 2 Precious Metals - Australia Duketon NSR Henty NSR Aphrodite NSR Yandal (Bronzewing) NSR 6 4 Bullabulling NSR 11 4 Edna May NSR Glenburgh NPI 2 3 Red October NSR 3 3 South Kalgoorlie NSR Matilda (Wiluna) NSR Precious Metals - Rest of World MWS Stream Sabodala Stream Subika NSR Tasiast NSR Edikan NSR Cooke 4 Stream 20 Karma Stream Agi Dagi NSR ITY NSR 5 5 Pandora NPI Perama Hill NSR Sissingue NSR Total Precious Metals REUs 8,431 11,618 4,396 1 For information regarding calculation of each REU, please refer to the individual asset writeups. We have assumed $1,200/oz Au, $17.50/oz Ag, $950/oz Pt and $750/oz Pd for our calculations 2 Metallurgical deductions have not been made to the Mineral Reserves and Mineral Resources shown in order to estimate metal produced 3 M&I REUs include P&P REUs Asset Handbook FNV TSX NYSE

27 Other Minerals REUs Asset Type P&P REUs M&I REUs 4 Inf REUs (M lbs) (M lbs) (M lbs) Copper REUs 1,2,3 Osborne NSR Rosemont NSR NuevaUnion (Relincho) NSR Taca Taca NSR Robinson NSR Vizcachitas NSR Total Copper REUs For information regarding calculation of each REU, please refer to the individual asset writeups 2 Metallurgical deductions have not been made to the Mineral Reserves and Mineral Resources shown in order to estimate metal produced 3 Assumes NSR deductions of 15% 4 M&I REUs include P&P REUs Asset Type P&P REUs M&I REUs 4 Inf REUs (M lbs) (M lbs) (M lbs) Nickel REUs 1,2,3 Mt Keith NSR/NPI Falcondo NPI Total Nickel REUs For information regarding calculation of each REU, please refer to the individual asset writeups 2 Metallurgical deductions have not been made to the Mineral Reserves and Mineral Resources shown in order to estimate metal produced 3 Assumes NSR deductions of 30% 4 M&I REUs include P&P REUs REUs Cobre Panama The Gold Investment that WORKS Franco-Nevada Corporation 25

28 Oil & Gas Franco-Nevada does not calculate REUs for its oil & gas assets, instead GLJ Petroleum Consultants Ltd. ( GLJ ) was engaged by Franco-Nevada to evaluate the crude oil and natural gas reserves of its Canadian Oil & Gas producing properties and the value of future net revenue attributable to such reserves. GLJ has prepared a report (the GLJ Report ) in accordance with the requirements of NI The GLJ Report has an effective date of December 31, The GLJ Report was prepared using assumptions and methodology guidelines outlined in the COGE Handbook. All evaluations of future revenue contained in the GLJ Report are, where applicable, after the deduction of royalties, development costs, production costs and well abandonment costs of all wells to which reserves have been attributed, but before consideration of indirect costs such as general and administrative, overhead recovery and other miscellaneous expenses. The estimated future net revenues contained in the following tables do not necessarily represent the fair market value of the reserves. There is no assurance that the forecast price and cost assumptions contained in the GLJ Report will be attained and variances could be material. The recovery and reserves estimates described herein are estimates only. The actual reserves may be greater or less than those calculated. REUs Midland Basin, Texas Asset Handbook FNV TSX NYSE

29 Canadian Reserves Data The following table sets forth a summary of the Canadian crude oil & natural gas reserves and the value of future net revenue of Franco-Nevada as at December 31, 2016 as evaluated by GLJ in the GLJ Report using forecast prices and costs. Some of the tables may not add due to rounding. Reserves Category Light & Medium Heavy Tight Conventional Shale Total Oil Oil Oil Oil Natural Gas Gas NGLs Equivalent Gross Net Gross Net Gross Net Gross Net Gross Net Gross Net Gross Net (Mbbl) (Mbbl) (Mbbl) (Mbbl) (Mbbl) (Mbbl) (MMcf) (MMcf) (MMcf) (MMcf) (Mbbl) (Mbbl) (Mboe) (Mboe) Proved Developed Producing 15,728 14, , ,897 16,024 Developed Non-Producing Undeveloped 2,784 2, ,784 2,569 Total Proved 18,834 17, , ,002 18,882 Total Probable 7,497 6, , ,553 7,258 Total Proved Plus Probable 26,331 24, , ,555 26,140 The following table set forth the net present value of future net revenue attributable to the reserves categories referred to above, before deducting future income tax expenses, calculated without discount and using a discount rate of 0%, 5% and 10%. Net Present Values of Future Net Revenue Before Income Taxes Discounted At (%/year) Reserves Category (C$000) 0% 5% 10% Proved Developed Producing $ 658,953 $ 427,971 $ 315,952 Developed Non-Producing 19,389 9,839 6,055 Undeveloped 74,827 36,339 17,467 Total Proved 753, , ,474 Total Probable 456, , ,507 Total Proved Plus Probable $ 1,209,308 $ 699,390 $ 469,980 REUs The following table sets forth the net present value of future net revenue attributable to the proved, probable and proved plus probable reserves, by major and other producing assets, before deducting future income tax expenses, calculated without discount and using a discount rate of 0%, 5% and 10%. Columns may not add due to rounding. Net Present Values of Future Net Revenue Before Income Taxes Discounted At (%/year) Reserves Category (C$000) 0% 5% 10% Proved Weyburn $ 672,193 $ 419,287 $ 297,444 Midale 25,647 14,374 9,928 Edson 14,135 11,482 9,675 Other 41,194 29,006 22,427 Total Proved $ 753,169 $ 474,149 $ 339,474 Probable Weyburn $ 420,976 $ 207,845 $ 119,927 Midale 11,499 5,154 2,983 Edson 6,446 4,168 2,913 Other 17,218 8,074 4,684 Total Probable $ 456,139 $ 225,241 $ 130,507 Proved + Probable Weyburn $ 1,093,169 $ 627,133 $ 417,370 Midale 37,146 19,528 12,911 Edson 20,581 15,650 12,588 Other 58,412 37,079 27,111 Total Proved + Probable $ 1,209,308 $ 699,390 $ 469,980 See Cautionary Note Regarding Mineral and Oil and Gas Reserve and Resource Estimates and Oil & Gas Information Advisory. The Gold Investment that WORKS Franco-Nevada Corporation 27

30 Asset Index by Category Precious Metals Other Minerals Oil & Gas United States Goldstrike 31 Stillwater 32 Gold Quarry 33 Marigold 34 Fire Creek/Midas 35 Bald Mountain 36 South Arturo 37 Mesquite 38 Hollister 39 Stibnite Gold 40 Castle Mountain 40 Sterling 41 Sandman 41 Pinson 41 Canada Sudbury 42 Detour Lake 43 Golden Highway 44 Musselwhite 45 Hemlo 46 Kirkland Lake 47 Timmins West 48 Canadian Malartic 49 Brucejack 50 Hardrock 51 Dublin Gulch (Eagle) 52 Red Lake (Phoenix) 52 Courageous Lake 52 Goldfields 53 Monument Bay 53 Red Mountain 53 Cariboo 54 New Prosperity 54 Latin America Antapaccay 55 Antamina 56 Candelaria 57 Guadalupe-Palmarejo 58 Cobre Panama 59 Cerro Moro 60 Cerro San Pedro 61 Gurupi 62 Calcatreu 62 San Jorge 62 Volcan 62 Rest of World MWS 63 Sabodala 64 Karma 65 Duketon 66 Subika 67 Tasiast 68 Edikan 69 Ity 70 South Kalgoorlie 70 Cooke 4 70 Red October 71 Pandora 71 South Kalgoorlie (Lake Cowan) 71 Henty 72 Perama Hill 72 Agi Dagi 72 Matilda (Wiluna) 73 Agnew (Vivien) 73 Bullabulling 73 Yandal (Bronzewing) 74 Sissingue 74 Aphrodite 74 Osborne (Cu, Au) 75 Mt Keith (Ni) 76 Rosemont (Cu, Mo, Ag) 77 NuevaUnión (Relincho) (Cu, Mo) 78 Taca Taca (Cu, Au, Mo) 79 Ring of Fire - Black Thor (Cr, Ni, Cu) 80 Flying Fox (Ni) 81 Robinson (Cu, Au) 81 Millmerran (Commodore) (Coal) 81 Peculiar Knob (Fe) 82 Falcondo (Ni) 82 EaglePicher (De) 82 Mineral Exploration United States 83 Canada 83 Latin America 84 Australia 84 Rest of World 85 Oil & Gas 86 Weyburn Unit (Oil) 88 Midale Unit (Oil) 89 Edson (Gas/NGL) 90 STACK (Oil) 91 Midland Basin (Oil) 92 Other Producing 93 Exploration Asset Handbook FNV TSX NYSE

31 Franco-Nevada Precious Metals United States Canada Latin America Rest of World Other Minerals Mineral Exploration Oil & Gas Oil & Gas Exploration The Gold Investment that WORKS Franco-Nevada Corporation 29

32 Alphabetical Asset Index Agi Dagi 72 Agnew (Vivien) 73 Antamina 56 Antapaccay 55 Aphrodite 74 Bald Mountain 36 Brucejack 50 Bullabulling 73 Calcatreu 62 Canadian Malartic 49 Candelaria 57 Cariboo 54 Castle Mountain 40 Cerro Moro 60 Cerro San Pedro 61 Cobre Panama 59 Cooke 4 70 Courageous Lake 52 Detour Lake 43 Dublin Gulch (Eagle) 52 Duketon 66 EaglePicher (De) 82 Edikan 69 Edson (Gas/NGL) 90 Falcondo (Ni) 82 Fire Creek/Midas 35 Flying Fox (Ni) 81 Gold Quarry 33 Golden Highway 44 Goldfields 53 Goldstrike 31 Guadalupe-Palmarejo 58 Gurupi 62 Hardrock 51 Hemlo 46 Henty 72 Hollister 39 Ity 70 Karma 65 Kirkland Lake 47 Marigold 34 Matilda (Wiluna) 73 Mesquite 38 Midale Unit (Oil) 89 Midland Basin (Oil) 92 Millmerran (Commodore) (Coal) 81 Monument Bay 53 Mt Keith (Ni) 76 Musselwhite 45 MWS 63 New Prosperity 54 NuevaUnión (Relincho) (Cu, Mo) 78 Osborne (Cu, Au) 75 Other Producing Oil & Gas 93 Pandora 71 Peculiar Knob (Fe) 82 Perama Hill 72 Pinson 41 Red Lake (Phoenix) 52 Red Mountain 53 Red October 71 Ring of Fire - Black Thor (Cr, Ni, Cu) 80 Robinson (Cu, Au) 81 Rosemont (Cu, Mo, Ag) 77 Sabodala 64 San Jorge 62 Sandman 41 Sissingue 74 South Arturo 37 South Kalgoorlie (Lake Cowan) 71 South Kalgoorlie 70 STACK (Oil) 91 Sterling 41 Stibnite Gold 40 Stillwater 32 Subika 67 Sudbury 42 Taca Taca (Cu, Au, Mo) 79 Tasiast 68 Timmins West 48 Volcan 62 Weyburn Unit (Oil) 88 Yandal (Bronzewing) 74 Mineral Exploration can be found tabulated on pages 83, 84 and 85. Oil & Gas Exploration can be found on page 94. The description and depiction of our assets in this Asset Handbook has been simplified for presentation purposes. More current information may be available in our subsequent disclosure and on our web site. Mineral Reserves and Mineral Resources information for 2015 and 2014 is provided for comparative purposes only. For a detailed breakdown of the 2015 and 2014 Mineral Reserves and Mineral Resources, please refer to our AIF for the years ended December 31, 2015 and December 31, 2014, respectively available on SEDAR at Asset Handbook FNV TSX NYSE

33 Goldstrike Precious Metals Operator: Barrick Gold Corporation Nevada, United States Royalty: NSR: 2-4% / NPI: 2.4-6% Franco-Nevada holds royalties covering the majority of the Goldstrike complex operated by Barrick which remains one of Barrick s core mines. The Goldstrike complex is located on the Carlin Trend, about 60 km northwest of the town of Elko, Nevada. The Goldstrike complex includes the open-pit Betze-Post mine, as well as the underground operations of Meikle and Rodeo immediately to the north. Mining activity commenced on the property in 1976 and, since 1987, has been operated by Barrick. Franco-Nevada holds NSR (2-4%) and NPI (2.4-6%) royalties at Goldstrike covering the majority of the reported Mineral Reserves and Mineral Resources. These estimates include low grade ore that has been stockpiled. The royalties vary depending on the claim blocks, as shown in the figure. As a result, royalty payments can vary substantially on a quarterly basis, depending on mine sequencing and waste stripping. The timing of capital investments can also impact the timing of the payment of profit royalties. Production at the Goldstrike complex increased to 1,096,000 ounces in 2016 from 1,053,000 ounces in However, this included production from the nearby South Arturo deposit (Franco-Nevada has a separate royalty on this property discussed on page 37) so production from the Goldstrike open-pit and underground operations actually decreased year-over-year. The decrease in production negatively impacted the NSR royalty payments which was largely offset by the increase in NPI royalty payments due to the completion of the thiosulfate processing method ( TCM ). With the completion of the TCM, NPI payments were positively impacted due to the reduction in capital spending. For 2017, Barrick expects to produce between 910, ,000 ounces at an AISC of $910/oz-$980/oz. The majority of production is expected from the Goldstrike operations as Phase 2 mining of the South Arturo deposit is expected to be completed during 2017 (described on page 37). Goldstrike Underground Mine Meikle/Rodeo N 1 Mile Weimer 4% NSR Bazza Strip 2% NSR 2.4% NPI Corbett 2% NSR Pandora 2% NSR Bazza 2% NSR Gold Bug 5% NPI 4% NSR Rodeo Creek 4% NSR Above 4600 SJ 6% NPI SPLC Lease 6% NPI Extension 5% NPI 4% NSR Post 5% NPI 4% NSR Goldstrike 5% NPI 4% NSR Royal 3% NSR Goldstrike Open Pit Mine Goldstrike Mine Total NSR Revenue to FNV ($ million) $ 7.6 $ 11.8 $ 11.5 Total NPI Revenue to FNV ($ million) Total Revenue to FNV ($ million) $ 22.9 $ 23.4 $ 21.9 P&P Reserves (koz Au) 1 8,077 8,539 9,614 M&I Resource (koz Au) 1 9,533 10,325 11,283 Inferred Resource (koz Au) P&P REUs (000s) M&I REUs (000s) 1, Inf REUs (000s) Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For REU calculation, FNV management estimates 65% (67% estimated in 2015; 65% estimated in 2014) of the Mineral Reserves and Mineral Resources are subject to our royalty interests and estimates an average REU rate of 3.7% (3.21% in 2015; 3.4% in 2014) is applicable ASSET HIGHLIGHTS: Proven long life established operation with world class operator TCM circuit accelerating production from stockpiles Profit royalties are more levered to gold prices The Gold Investment that WORKS Franco-Nevada Corporation 31

34 Stillwater Precious Metals Operator: Stillwater Mining Company Montana, United States Royalty: NSR: 5% The Stillwater complex is comprised of the Stillwater mine and East Boulder mine in Montana and is operated by Stillwater Mining Company ( Stillwater ). Production began in 1986 at the Stillwater mine and in 2002 at the East Boulder mine. Both are PGM mines with the majority of production being palladium. Franco-Nevada has a 5% NSR royalty on all commercially recoverable metals produced from 813 of the 995 claims that cover the Stillwater complex. The amount of the royalty is reduced by permissible onward processing deductions, which have averaged 10-12% of revenue over the last several years. Based on Franco-Nevada s estimates, the NSR royalty currently covers over 90% of the Stillwater Mineral Reserves and 100% of the East Boulder Mineral Reserves. Historically, because of reliance on near-shaft stopes in the Stillwater mine, production has been sourced disproportionately from non-franco-nevada royalty ground. However, in recent years, the percentage of Stillwater complex production subject to Franco-Nevada s royalty has increased. Stillwater produced 545,000 PGM ounces in 2016, exceeding the original guidance range of 515, ,000 PGM ounces and represents a 4.7% increase to 2015 production of 520,800 PGM ounces. Stillwater has not provided guidance for The Blitz project, located east of the Stillwater mine and covered by the NSR, is progressing well. Stillwater anticipates that the Blitz project will add between 270, ,000 PGM ounces of incremental production annually when fully ramped up by This is an increase from the 150, ,000 PGM ounces that Stillwater previously expected from the Blitz project. On December 9, 2016, Sibanye Gold Limited ( Sibanye ) entered into a definitive agreement to acquire Stillwater. The transaction valued Stillwater at an aggregate enterprise value of $2.2 billion and is expected to close in the second quarter of Revenue to Franco-Nevada ($ million) $ 14.6 $ 15.6 $ 22.1 P&P Reserves (koz PGM) 1 21,198 22,226 22,226 M&I Resource (koz PGM) 1 21,198 22,226 22,226 Inferred Resource (koz PGM) 1 44,113 P&P REUs (000s) 2, M&I REUs (000s) 1, Inf REUs (000s) 2, 3 1,906 1 Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For REU calculation, FNV management estimates 96% of the Mineral Reserves and Mineral Resources are subject to our royalty interest 3 Given more significant smelting and refining charges, FNV management estimates an average REU rate of 4.50% is applicable (assuming 10% for charges) and PGM ounces converted into REU equivalent assuming $950/ounce Pt and $750/ounce Pd ($900/ounce Pt and $500/ounce Pd in 2015; $1,200/ounce Pt and $750/ounce Pd in 2014) ASSET HIGHLIGHTS: Steady PGM producer in Montana Blitz project expected to add incremental production Current Mineral Reserves supports a long mine life N 1 Mile Boulder River Sweetgrass Co. East Boulder Adit Lewis Gulch East Boulder Portal Site Camp Lake Dry Fork Creek East Boulder River Stillwater Complex (Plan View) Limit of Claims 5% NSR Stillwater Co. Sweetgrass Co. West Fork Stillwater Stillwater Mill Site Franco- Nevada Royalty County line Stillwater River Franco-Nevada Royalty Land Franco- Nevada Royalty Park Co. Graham Creek East Boulder Mine Stillwater Complex (Long Section) Stillwater Mine Proven and Probable PGM Reserve Areas Blitz Exagerrated Vertical 2:1 Non-Royalty mill area Asset Handbook FNV TSX NYSE

35 Gold Quarry Precious Metals Operator: Newmont Mining Corporation Nevada, United States Royalty: NSR: 7.29% The Gold Quarry operation is part of Newmont Mining Corporation s ( Newmont ) Carlin operations in northcentral Nevada. It is a large open-pit mine that has been in production since 1985 supplying ore as part of an integrated mining and processing complex with different mines supplying variable ore types and grades to a variety of processing facilities situated throughout the complex. Newmont has significant milling and roasting processing infrastructure immediately east of the Gold Quarry pit. Newmont currently reports Mineral Reserves and production numbers by area and does not publicly quote separate Gold Quarry numbers. Franco-Nevada s royalty interest covers only a portion of the Gold Quarry property as shown in the schematic. The Gold Quarry royalty is a 7.29% NSR based on production or on different annual minimum royalty payment obligations tied to Mineral Reserves and stockpiles attributed to the Gold Quarry royalty property. In 2016, Franco-Nevada received 11,250 ounces based on the minimum royalty provisions and expects similar figures in Revenue to Franco-Nevada ($ million) $ 14.0 $ 13.1 $ 14.3 P&P Reserves (koz Au) 1 NA NA NA M&I Resource (koz Au) 1 NA NA NA Inferred Resource (koz Au) 1 NA NA NA P&P REUs (000s) M&I REUs (000s) 2, Inf REUs (000s) Newmont does not disclose Mineral Reserves and Mineral Resources for individual assets in Nevada 2 M&I categories are inclusive of Mineral Reserves 3 For REU calculation, FNV management assumes we receive annually the minimum royalty provision of 11,250 ounces for 5 years for P&P and M&I and 1,350 per year for Inferred (11,250 ounces for 4 years for 2015; 11,250 ounces for 5 years for 2014) ASSET HIGHLIGHTS: Guaranteed annual minimum payment obligations Registered on private lands Adjacent to Newmont s milling and roasting infrastructure 7.29% NSR N 0.5 Mile 7.29% NSR West Wall Layback Gold Quarry Open Pit Gold Quarry Mine Potential Greater Gold Quarry Expansion The Gold Investment that WORKS Franco-Nevada Corporation 33

36 Marigold Precious Metals Operator: Silver Standard Resources Inc. Nevada, United States Royalty: NSR: % / GR: 0.5-4% The Marigold mine, operated by Silver Standard Resources Inc. ( Silver Standard ) is located approximately 64 km southeast of Winnemucca, Nevada on the Battle Mountain- Eureka Trend. Silver Standard purchased the mine from joint venture partners Goldcorp Inc. ( Goldcorp ) (66.7%) and Barrick (33.3%) in The mine has been in continuous production since 1988 and is a large run-of-mine heap leach operation with several open pits. Franco-Nevada has various royalties on the operation (1.75-5% NSR and 0.5-4% GR), as shown in the schematic, together covering almost all of the current Mineral Reserve base. Franco-Nevada s original royalties were acquired in connection with its IPO and, in December 2009, additional royalties covering alternate sections were added. Each full section covers one square mile. The mine produced 205,116 ounces in 2016 which was largely unchanged from the record production achieved in 2015 of 207,006 ounces production exceeded the original production guidance range of 190, ,000 ounces. For 2017, the Marigold mine is forecast to produce between 205, ,000 ounces. In September 2016, Silver Standard provided a five-year outlook for the Marigold operation which forecasts average production of nearly 220,000 ounces (200, ,000 ounces) from 2017 through 2022 which is nearly a 20% increase compared to the 2014 Technical Report. Exploration activities for 2016 focused on conversion of Mineral Resources to Mineral Reserves around the 8 South, Terry Zone North, HideOut, Mud and Valmy pits and Mineral Resources discovery at the Crossfire, East Basalt and Battle Cry targets. Successful exploration activities in 2016 increased gold Mineral Reserves at Marigold by 31%. 5% NSR 1.75% NSR 5% NSR Valmy % NSR 1.75% NSR 5% NSR Revenue to Franco-Nevada ($ million) $ 10.1 $ 6.0 $ 7.0 P&P Reserves (koz Au) 1 2,840 2,040 2,200 M&I Resource (koz Au) 1 5,150 4,450 4,040 Inferred Resource (koz Au) % NSR 5 North Deposit N P&P REUs (000s) M&I REUs (000s) 1, Inf REUs (000s) Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For REU calculation, FNV management estimates 98% (100% in previous years) of the Marigold Mineral Reserves and Mineral Resources are subject to our royalty interest and estimates an average REU rate of 3.2% (2.9% in previous years) is applicable ASSET HIGHLIGHTS: Steady year-over-year production Five-year outlook expected to avg 220,000 ounces Mineral Reserves increased by 31% in 2016 Terry Zone North 5% NSR 2.5%-4% GR* 2.5%-4% GR* 5% NSR 2.5%-4% GR* Terry Pit 0.5%-1.5% GR* Mackay Pit 5% NSR 8 North Deposit 8D 1.75% NSR 8SX 5% NSR Hideout 2.5%-4% GR* 5% NSR 5% NSR Marigold Mine *December 2009 Acquisition 1 Mile Pits 5% NSR 2.5%- 4% GR* Target Pit 3% NSR* Exploration Targets 1.75% NSR 5% NSR Valmy and 3% NSR* Mud Pits 3% NSR* 1.75% NSR Antler and Basalt Pits (Backfilled) E. Basalt and Battle Cry Targets Schematic Representation Only Asset Handbook FNV TSX NYSE

37 Fire Creek/Midas Precious Metals Operator: Klondex Mines Ltd. Nevada, United States Royalty: Fixed Gold Deliveries / NSR: 2.5% In February 2014, Franco-Nevada assisted Klondex Mines Ltd. ( Klondex ) in the acquisition of the Midas mine and milling facility located in Nevada from Newmont. Klondex purchased the Midas mill to provide it with processing capacity for its Fire Creek ores, which are located 180 km south (via highway and roadways) of Midas, while providing the option to potentially extend the mine life at Midas. The Fire Creek property is located in north central Nevada, at the cross-section of the Northern Nevada Rift and the Battle Mountain Trend and is a high-grade epithermal gold deposit. The property consists of a combination of private fee land and U.S. Bureau of Land Management ( BLM ) land for a total area of approximately 45 km 2 plus an area of interest in adjacent townships along strike with mineralization. Midas was discovered and constructed by Franco-Nevada s predecessor company prior to its combination with Newmont. The property position extends over private fee land and BLM land for a total area of 137 km 2 with an area of interest surrounding the property. Franco-Nevada paid $35 million for a prepaid gold purchase arrangement totaling 38,250 ounces of gold to be delivered by December 31, 2018 and a 2.5% NSR royalty on the Fire Creek and Midas properties commencing in Under the terms of the agreement, prepaid gold purchase deliveries began in June 2014 and will be made at the end of each month until 38,250 ounces have been delivered. The remaining deliveries based on the prepaid gold purchase arrangement is 8,000 ounces in 2017 and 8,000 ounces in Klondex produced 131,110 ounces of gold (101,286 ounces from Fire Creek and 29,824 ounces from Midas) and million ounces of silver (0.081 million ounces from Fire Creek and million from Midas) in On a gold equivalent basis, Klondex produced 150,099 gold equivalent ounces in 2016 which was higher than guidance. For 2017, Klondex expects to produce between 42,000-45,000 gold equivalent ounces from Midas and between 97, ,000 gold equivalent ounces from Fire Creek. In September 2016, Klondex announced increased Mineral Reserves and Mineral Resources for Fire Creek and Midas net of depletion. Klondex continues to actively drill both properties and in February 2017 released encouraging results expected to extend high grade veins at Fire Creek. Fire Creek Royalty Area N % NSR Fee Lands Unpatented Mining Claims Fire Creek deposits Outline of Area of Interest (AOI) Miles Revenue to Franco-Nevada ($ million) $ 9.2 $ 8.7 $ 8.4 P&P Reserves (koz Au) M&I Resource (koz Au) Inferred Resource (koz Au) P&P REUs (000s) 2, M&I REUs (000s) 1, 2, Inf REUs (000s) 2, Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For REU calculation, FNV management estimates the remaining prepaid gold purchase ounces and 100% of the remaining Mineral Reserves & Mineral Resources at Fire Creek and Midas are subject to the 2.5% NSR 3 Silver has been converted to gold equivalent assuming $1,200/oz gold and $17.50/oz silver for the REU calculation Midas Royalty Area 2.5% NSR Royalty covered areas Plus Area of Interest (AOI) (not shown) N 0 1 Miles Midas Town ASSET HIGHLIGHTS: Fixed gold payments through 2018 Trailing 2.5% NSR royalty on two properties Actively drilling both Fire Creek and Midas to extend mine life Plan of Operations The Gold Investment that WORKS Franco-Nevada Corporation 35

38 Bald Mountain Precious Metals Operator: Kinross Gold Corporation Nevada, United States Royalty: NSR/GR: % The Bald Mountain mine lies within the Southern Ruby Mountains of northeastern Nevada, approximately 110 km southeast of Elko. Ore is sourced from multiple open pits over an estimated 600 km 2 property with processing at multiple conventional heap leaching facilities. Bald Mountain is the largest mine site by area in the U.S. It stretches 40 km north to south and 15 km east to west and is divided in three zones: North Zone, South Zone and JV Zone. At the end of 2015, Kinross Gold Corporation ( Kinross ) purchased from Barrick 100% of the North and South Zones while forming a 50/50 exploration joint venture partnership with Barrick on the JV Zone in-between the North and South Zones. Franco-Nevada s Bald Mountain royalties cover a significant portion of the Bald Mountain property. Franco-Nevada holds various revenue royalties on the property depending on the claim groups, ranging from 0.875%-5% NSR/GR. A detailed map of our royalties is shown in the schematic. Bald Mountain produced 130,144 ounces in 2016 versus 191,000 ounces of gold in Production was negatively impacted by short-term integration issues following the acquisition by Kinross, including higher than anticipated level of stripping, harsh winter conditions and inventory issues. Kinross stated that it expects to almost double production in 2017 and 2018 compared with 2016 but does not provide asset specific production guidance. Following the 2016 exploration campaign, Kinross successfully doubled the Bald Mountain Mineral Reserve to 2.1 million ounces. This increase could significantly extend the mine life of the operation. Of the ounces added, 0.68 million ounces were added to the North Zone, where the existing operations are located and 0.57 million ounces were added to the South Zone. The South Zone included pre-feasibility work at the Vantage Complex which contemplates construction of a new heap leach pad with associated processing facilities and infrastructure Revenue to Franco-Nevada ($ million) $ 3.9 $ 8.2 $ 6.7 P&P Reserves (koz Au) 1 2,133 1,142 1,361 M&I Resource (koz Au) 1 5,681 4,840 5,521 Inferred Resource (koz Au) P&P REUs (000s) M&I REUs (000s) 1, Inf REUs (000s) Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For REU calculation, FNV management estimates 80% (77% in 2015; 74% in 2014) of Mineral Reserves and 90% (92% in 2015; 65% in 2014) of Mineral Resources (exclusive of Mineral Reserves) are subject to our royalty interest and estimates an average REU rate of 2.10% (3.97% in 2014) is applicable to Mineral Reserves and 3.56% (3.12% in 2014) for Mineral Resources (exclusive of Mineral Reserves) ASSET HIGHLIGHTS: New focused operator in Kinross Successfully doubled the Mineral Reserve in 2016 Ongoing exploration on large property package 2/3 5 4% NSR 4% NSR* 1 RBM South Block South Ridge 4% NSR* LJ Ridge Rat 4% NSR* Banghart 4% NSR* to 1.75% NSR 2.418% NSR Lux/Vantage Targets Yankee Targets 4% NSR 1%-5% GR 1%-5% GR Poker Flats 4% NSR* Top Sage Flats 4% NSR Horseshoe Royale Galaxy Bida Belmont 4% NSR Saga 4% NSR* Bald Mountain Mine North Duke South Duke North Block South Block North Block N 1 Mile 4% NSR* Excluded from Royalty * Subject to possible reduction by third-party royalty Asset Handbook FNV TSX NYSE

39 South Arturo Precious Metals Operator: Barrick Gold / Premier Gold Mines Limited Nevada, United States Royalty: GR: 4-9% WITH AMR The South Arturo project consists of a series of sediment hosted Carlin-style gold deposits adjacent to and including the former Dee gold mine, 60 km northwest of Elko, Nevada. The project is operated by a joint venture between Barrick (60%) and Premier Gold Mines Limited ( Premier ) (40%). Premier purchased its interest in the property in 2015 from Goldcorp. Franco-Nevada holds a sliding scale gross royalty (4-9%) on production from the Dee claims. The royalty agreement includes an annual minimum which is credited against any future production royalty payments. The South Arturo mine achieved commercial production in August The operation is located in close proximity to Barrick s Goldstrike where the ore is processed at the refractory facilities. The mine produced 223,145 ounces in 2016 (100% basis), in line with initial guidance of 225,000 ounces, which generated 11,160 GEOs and $13.8 million in revenue to Franco-Nevada. The 2016 payment was net of $3.1 million in advance minimum royalties paid. The South Arturo mine is forecast to produce between 100, ,500 ounces in The decrease in year-over-year production is attributable to the planned wind down of the Phase 2 pit. Beyond 2017, the El Nino deposit will be targeted which is located immediately down-plunge of the Phase 2 pit. Permits for a potential underground mine at El Nino were submitted in Revenue to Franco-Nevada ($ million) $ 13.8 $ 0.2 $ 0.2 P&P Reserves (koz Au) M&I Resource (koz Au) Inferred Resource (koz Au) P&P REUs (000s) M&I REUs (000s) 1, Inf REUs (000s) Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For REU calculation, FNV management estimates 100% (90% in previous years) of Mineral Reserves & Mineral Resources are subject to our royalty interest and estimates an average REU rate of 6.0% (4.0% in previous years) is applicable Dee 4-9% GR N ASSET HIGHLIGHTS: First production in 2016 Reduced production expected in 2017 Potential for larger project Historic Dee Pit 1 Mile Storm Underground Deposit Deep North Target South Arturo Deposit Excluded from Royalty South Arturo The Gold Investment that WORKS Franco-Nevada Corporation 37

40 Mesquite Precious Metals Operator: New Gold Inc. California, United States Royalty: NSR: 0.5-2% Mesquite is a gold operation located in south-east California, approximately 70 km northwest of Yuma, Arizona and 230 km east of San Diego, California. The mine is an open-pit, run-of-mine, heap leach operation. It was originally started in 1986 and then re-started in January 2008 by Western Goldfields Inc., a predecessor company of New Gold Inc. ( New Gold ). Franco-Nevada holds royalties on the entire Mesquite mine property that range from a 0.5% to a 2% NSR, depending on the claim block, as shown on the schematic. Production decreased to 111,123 ounces of gold in 2016 from 134,900 ounces in Year-over-year production decreased primarily due to lower recoveries associated with transition material mined in Production for 2016 was below the originally anticipated guidance of 130, ,000 ounces. New Gold anticipates gold production of 140, ,000 ounces in Revenue to Franco-Nevada ($ million) $ 2.4 $ 2.1 $ 1.7 P&P Reserves (koz Au) 1 1,179 1,492 1,679 M&I Resource (koz Au) 1 2,219 2,323 2,921 Inferred Resource (koz Au) P&P REUs (000s) M&I REUs (000s) 1, Inf REUs (000s) Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For REU calculation, FNV management estimates 100% of the Mineral Reserves and Mineral Resources are subject to our royalty interest and estimates an average REU rate of 1.60% (1.72% in 2015; 1.7% in 2014) is applicable ASSET HIGHLIGHTS: 2016 production down year-over-year 2017 production expected to increase Brownie Big Chief 0.5% NSR Rainbow 1% NSR $500 Gold Pit Vista N 1 Mile 2% NSR Mesquite Mine Asset Handbook FNV TSX NYSE

41 Hollister Precious Metals Precious Metals Operator: Klondex Mines Ltd. Nevada, United States Royalty: NSR: 3-5% Hollister is a historic underground mine with past production of approximately 425,000 ounces. The mine is located at the northern end of the Carlin Trend in the Ivanhoe Mining District, Elko County, Nevada, approximately 121 km east-northeast of Winnemucca, Nevada. Franco-Nevada holds a 3-5% NSR royalty on approximately 28 km 2 of the Hollister project as well as a sliding scale NSR, which is subject to gold price and production thresholds and is capped at $3.5 million. The mine was operated by Great Basin Gold Limited until it was acquired in April 2013 by Waterton Global Resources Management ( Waterton ) through a bankruptcy proceeding with mining suspended in November Klondex, which operates the Fire Creek/Midas assets highlighted on page 35, purchased the Hollister project in the third quarter of 2016 from a Waterton subsidiary, Carlin Resources, LLC. The acquisition was in consideration for $80 million in cash, 2.6 million common shares of Klondex and 5.0 million warrants to purchase common shares of Klondex. The acquisition by Klondex offers potential synergies to Hollister including shorter trucking distances to the Midas Mill, lower milling costs and reduced G&A costs. Klondex estimates production of 41,000-45,000 ounces in 2017 which is comprised of a bulk sampling mining program. Klondex is also progressing with an underground definition drill program in the Gloria zone. ASSET HIGHLIGHTS: New focused operator in Klondex Moderate production expected in 2017 Underground definition drill program Hillcrest Finley River Block 3% NSR N Revenue to Franco-Nevada ($ million) $ $ $ P&P Reserves (koz Au) M&I Resource (koz Au) 1 1, Inferred Resource (koz Au) P&P REUs (000s) M&I REUs (000s) 1, Inf REUs (000s) Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For REU calculation, FNV management estimates 100% of Mineral Reserves & Mineral Resources are subject to our royalty interest and estimates an average REU rate of 3.0% is applicable 1 Mile Hollister Deposit Hollister/Ivanhoe 5% NSR USX Pits Hatter Discovery Hollister Project The Gold Investment that WORKS Franco-Nevada Corporation 39

42 Other United States Precious Metals United States Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category. Stibnite Gold Precious Metals Operator: Midas Gold Corp. Idaho, United States Royalty: NSR: 1.7% In May 2013, Midas Gold Corp. ( Midas Gold ) agreed to sell to Franco-Nevada a newly created 1.7% NSR on the future gold production from Midas Gold s Stibnite project in Idaho for $15 million. The Stibnite project is located in a historic mining town of the same name in Idaho, about 153 km northeast of Boise. It is potentially one of the highest grade open-pit deposits in the U.S. Midas Gold has consolidated 107 km 2 of unpatented and patented claims. In December 2014, Midas Gold announced the results of an independent pre-feasibility study on the Stibnite project. The study envisages three open-pit mines along with the retreatment of historical tailings supplying a common processing plant. The Stibnite project is expected to have a 12 year mine life with annual gold production of 337,000 ounces per year. Midas Gold continues to engage stakeholders and complete environmental baseline studies and in February 2016 raised C$55.2 million to advance the project. In December 2016, Midas Gold s Plan of Restoration and Operations for the Stibnite project was deemed complete by the U.S. Forest Service. The project will now commence the formal review under the National Environmental Policy Act. For REU calculation, FNV management estimates 100% of the Mineral Reserves and Mineral Resources are subject to our royalty interest and estimates an REU rate of 1.7% is applicable Castle Mountain Precious Metals Operator: NewCastle Gold Inc. California, United States Royalty: NSR: 2.65% 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 project is being advanced by NewCastle Gold Ltd. ( NewCastle ). In April 2016, Franco-Nevada agreed with NewCastle to restructure the existing royalties, previously NSRs ranging from 1% to 5%, into a single 2.65% NSR royalty covering a larger 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 over a 10 year mine life with residual mining through NewCastle reported promising drill results during 2016 and raised additional funding to advance the project. The project has an existing mining permit in place through NewCastle is advancing local operational permits through 2017/2018 which includes water supply and construction, air emissions and explosive permits. For REU calculation, FNV management estimates 100% of Mineral Reserves & Mineral Resources are subject to our royalty interest and estimates an average REU rate of 2.65% is applicable Asset Handbook FNV TSX NYSE

43 Other United States Precious Metals United States Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category. Sterling Precious Metals Operator: Imperial Metals Corporation Nevada, United States Royalty: NSR: 0.25% Sterling is an underground gold operation located 185 km northwest of Las Vegas, Nevada near Beatty, Nevada and is owned by Imperial Metals Corporation ( Imperial Metals ). Franco-Nevada holds 1/8th of a 2% NSR, or an effective 0.25% NSR royalty on approximately 272 lode mining claims with a small minimum advance royalty. Sterling underground mining operations were terminated at the end of May In February 2017, Imperial Metals entered into a Letter of Intent with Northern Empire Resources Corp. to sell its interest in the property with closing planned for the second quarter of FNV management has not included Sterling in REU estimates Sandman Precious Metals Operator: Newmont Mining Corporation Nevada, United States Royalty: NSR: % The Sandman project is an advanced exploration project operated by Newmont, located approximately 22 km west of Winnemucca, Nevada. Franco-Nevada s royalties on the Sandman project consist of: (1) a % NSR on the first 200,000 ounces of gold produced from the royalty lands; and (2) a 5% NSR royalty on production from the 27 km 2 of subleased private lands, payable only after the initial 300,000 ounces of gold have been produced. The Sandman project covers approximately 100 km 2 and consists of mining claims and checkerboard fee lands. Franco-Nevada s two royalties are on a portion of the project that covers a total of approximately 27 km 2 of private lands under a mining sublease and approximately 10 km 2 included in some 114 unpatented mining claims. Pinson For REU calculation, FNV management estimates 100% of Mineral Reserves & Mineral Resources are subject to our royalty interest and estimates an average REU rate of 1.5% is applicable Precious Metals Operator: Osgood Mining Company LLC and Barrick Gold Nevada, United States Royalty: NSR: 1-2% The Pinson project is located near Winnemucca, Nevada, at the intersection of the Getchell Gold Belt and the Battle Mountain-Eureka Trend. Pinson is south of Barrick and Newmont s Getchell/Turquoise Ridge mine and 13 km from Newmont s Twin Creeks mine complex. Franco-Nevada holds a 1-2% NSR royalty on approximately 20 sections and a smaller royalty on another half section of checkerboard land in the area covering portions of the Pinson and Getchell properties in Nevada. The Pinson mine produced 985,000 ounces of gold from 1980 through 1999 by open-pit mining. In June 2014, Atna Resources Ltd. commenced test mining operations at the Pinson underground mine but all of the ore mined in 2014 originated from the Ogee zone, which is not subject to Franco-Nevada s royalty. Pinson was placed on care and maintenance during FNV management has not included Pinson in REU estimates The Gold Investment that WORKS Franco-Nevada Corporation 41

44 Sudbury Precious Metals Operator: KGHM International Ltd. Ontario, Canada Stream: 50% Precious Metals Stream Franco-Nevada acquired three precious metals streams in the Sudbury basin of Ontario with its acquisition of Gold Wheaton Gold Corp. ( Gold Wheaton ) in March Franco-Nevada is entitled to purchase 50% of the precious metals contained in ore produced from the footwall portions of three separate mines and makes ongoing payments equal to the lesser of $424 per ounce of payable gold (subject to an inflation adjustment of 1% per year which commenced July 2011) and the spot price for gold. At the time of acquisition by Franco-Nevada, the mines were operated by Quadra FNX Mining Ltd. ( Quadra FNX ) which was acquired by KGHM International Ltd. ( KGHM ) in March The three mines are the operating Levack (Morrison deposit) mine and the Podolsky and McCreedy West mines which are both currently on care and maintenance. The footwall deposits are primarily rich in palladium followed by platinum and gold. KGHM does not have processing facilities in Sudbury and sells the ore to third parties for processing. The stream is calculated based on contained precious metals in the delivered ore rather than payable metals. Levack (Morrison deposit): This mine has been in production since 2007 and is currently the only source of production from the Sudbury stream agreements. In late 2011, Quadra FNX and Xstrata Nickel entered into a life of mine agreement which allowed Quadra FNX to utilize the neighbouring underground infrastructure of Xstrata Nickel s Craig mine. A new ramp driven from the 4900 foot level of the Craig shaft allowed access to the 5040 foot level for diamond drilling and potential Mineral Reserve and Mineral Resource expansion. McCreedy West Mine: The stream agreement applies to the PM and 700 deposits at the McCreedy West mine. McCreedy West ceased mining of the precious metal-rich ores in the PM deposit in Glencore plc ( Glencore ) cancelled its off-take contract for nickel ores in 2014 and the mine was placed on care and maintenance. Podolsky Mine: The stream agreement applies to the 2000 and North deposits at the Podolsky mine which started production in Podolsky was put on care and maintenance in the third quarter of ASSET HIGHLIGHTS: Ongoing high grade production at Levack (Morrison) Exploration drilling continues to test potential at depth Levack (Morrison Deposit) McCreedy West Coleman PGM Revenue to Franco-Nevada ($ million) $ 22.5 $ 17.7 $ 28.4 Gold Revenue to Franco-Nevada ($ million) $ 8.0 $ 5.5 $ 7.9 PGM P&P Reserves (koz PGM) PGM M&I Resource (koz PGM) PGM Inferred Resource (koz PGM) Gold P&P Reserves (koz Au) Gold M&I Resource (koz Au) Gold Inferred Resource (koz Au) P&P REUs (000s) M&I REUs (000s) 1, Inf REUs (000s) Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves. Includes Mineral Reserves and Mineral Resources which are the sum for the Levack (Morrison deposit), McCreedy West Mine and Podolsky Mine 2 For REU calculation, FNV management estimates 100% of the Mineral Reserves and Mineral Resources are subject to our 50% stream interest to which a 66.6% factor has been applied to estimate REUs. Note that this stream interest is calculated based on contained ounces in ore as there are no losses associated to metallurgical recoveries in the calculation of the REU. FNV management has converted all precious metals into REU equivalent gold assuming $950/ounce Pt, $750/ounce Pd and $1,200/ ounce Au ($900/ounce Pt, $500/ounce Pd and $1,200/ounce Au in 2015; $1,200/ounce Pt, $750/ounce Pd and $1,200/ounce Au in 2014) Strathcona Mill Podolsky N 0 5 Km Nickel Rim South Creighton SUDBURY Clarabelle Mill Smelter Copper Cliff Sudbury Igneous Complex Chelmsford Formation Onaping & Onwatin Formations Current and Former Mines Mill Smelter Totten Asset Handbook FNV TSX NYSE

45 Detour Lake Precious Metals Operator: Detour Gold Corporation Ontario / Quebec, Canada Royalty: NSR: 2% Franco-Nevada has a 2% NSR royalty that covers an area of 140 km 2 of the Abitibi greenstone belt located 185 km northeast of Cochrane, Ontario including the Detour Lake mine. Placer Dome Inc. operated a mine on the property from 1983 through 1999 during which time approximately 1.8 million ounces of gold are estimated to have been produced. Detour Gold Corporation ( Detour ) constructed the current mine from 2010 to 2013 and is the current operator. Production has increased from a partial year in 2013 which yielded 232,287 ounces to 537,765 ounces in 2016 which was slightly below initial guidance. For 2017, Detour expects to produce between 550, ,000 ounces of gold. In January 2017, Detour announced that given the uncertainties associated with the permitting process for the West Detour project, that it would prepare an alternative life of mine plan prior to the end of March Detour was notified by one of its Aboriginal partners that it had made a request for a federal environmental assessment process versus the provincial process. The federal process typically takes two to three years versus approximately one year for the provincial process. The West Detour project (formerly Block A which was consolidated with the purchase of Trade Winds Ventures Inc.) was part of the mine plan released in January The previous mine plan assumed a mine life of 23 years with average yearly production of 655,000 ounces of gold. ASSET HIGHLIGHTS: Produced a record 537,765 ounces in 2016 Expected production of 550, ,000 ounces in 2017 Updated mine plan expected in March 2017 due to permitting process for West Detour Expansion potential at higher gold prices Revenue to Franco-Nevada ($ million) $ 13.3 $ 11.7 $ 11.2 Detour Lake P&P Reserves (koz Au) 1 16,395 16,395 14,941 Detour Lake M&I Resource (koz Au) 1 20,281 20,281 19,806 Detour Lake Inferred Resource (koz Au) 1 1,121 1, P&P REUs (000s) M&I REUs (000s) 1, Inf REUs (000s) Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For REU calculation, FNV management estimates 100% of the Mineral Reserves and Mineral Resources are subject to our royalty interest and estimates a REU rate of 2.0% is applicable Gowest Property A West Detour Mine Property B D C Detour Gold Project Sunday Lake Deformation Zone Ontario Quebec Detour Lake Royalty Area 2% NSR N O Lower Detour Lake Deformation Zone E Other Quebec royalty claims not shown 0.5-1% NSR Kilometres The Gold Investment that WORKS Franco-Nevada Corporation 43

46 Golden Highway Precious Metals Operator: Kirkland Lake Gold Inc. Ontario, Canada Royalty: NSR: % Franco-Nevada has multiple NSR royalties ranging from 0.25 to 15% over the Destor-Porcupine mineral trend just east of Timmins, Ontario spread over more than 120 km and estimated to cover over 340 km 2. Kirkland Lake Gold Inc. ( KLG ) acquired St Andrew Goldfields ( St Andrew ) in January 2016 which previously owned and operated most of the properties along the trend on which Franco-Nevada has royalties. The key properties include: Holt: The Holt mine is the main producing asset that KLG acquired as part of the St Andrew transaction and includes the Holt mill complex. Franco-Nevada has a sliding scale NSR royalty beginning at 2% when the gold price is less than or equal to $500/ounce and increasing in 1% increments for each $100/ounce increase in the gold price, to a maximum of 10%. The operation re-started in The Holt mine produced 57,086 ounces in 2016 and is expected to produce between 65,000-70,000 ounces in Holloway: The Holloway mine, restarted in 2009, is located immediately north of the Holt property with ore processed at the Holt mill. Franco-Nevada has a sliding scale NSR royalty of 2% if the price of gold is less than $800/ounce, increasing by 1% for every $100/ounce increase in the price of gold, up to a maximum of 15%. The Holloway mine was placed on care and maintenance at the end of 2016 due to limited economic viability. KLG continues to conduct surface exploration at Holloway west of the Holloway shaft which has historically been under explored. Taylor: The Taylor mine (1% NSR) achieved commercial production in November The operation produced 42,639 ounces in 2016 with production expected to increase to 55,000-60,000 ounces in Recent exploration results targeting new mineralized extensions situated both at depth and along strike to the east of the Shaft Deposit and west of the West Porphyry Deposit have been encouraging. ASSET HIGHLIGHTS: Two operating mines in Holt and Taylor Large land position offers additional potential at higher gold prices Hislop: Franco-Nevada has a 4% NSR on the Hislop mine which is located approximately 50 km to the west of the Holt mill. The open-pit Mineral Reserve for the Hislop open-pit was fully depleted in Other exploration: KLG has planned production for the Zone 7 (formerly referred to as the Ghost Zone) in 2018 which could provide over 25,000 ounces to the Holt Mine production profile. Zone 7 is covered by a reduced royalty rate if developed by the end of 2018, but will revert back to the Holt or Holloway sliding scale NSRs if not developed by such time. KLG is also actively exploring its full 120 km property along the Destor-Porcupine mineral trend including the potential to redevelop the Hislop Mine and the Aquarius deposit west of Taylor Revenue to Franco-Nevada ($ million) $ 10.7 $ 10.1 $ 11.5 P&P Reserves (koz Au) M&I Resource (koz Au) 1 3,511 3,511 3,511 Inferred Resource (koz Au) 1 2,039 2,039 2,039 P&P REUs (000s) M&I REUs (000s) 1, Inf REUs (000s) Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves. Mineral Reserves and Mineral Resources are sum of 6 different properties 2 For REU calculation, FNV management estimates 100% of the Mineral Reserves and Mineral Resources are subject to our royalty interest and estimates REU rates of: Holloway 6%; Holt 9%; Hislop 4%; Taylor 1% Timmins 101 N Kenogamisis Lake Kidd Creek Hoyle Pond Kinross 1060 Zone Owl Creek Bell Creek Broulan Reef Hallnor McIntyre Pamour #1 Porcupine Hollinger Dome Delnite Paymaster Porcupine Aunor Peninsula Royal Oak 20 kilometres Matheson Frederick House Lake Aquarius Royalty 1-2% NSR Night Hawk Lake German 11 Stock Mine and Mill Royalty 1% NSR Pipestone Fault Stock ONR Cody Macklem Bond Currie Taylor Carr Matheson Bowman Hislop Beatty Taylor Royalty Hislop Royalty 1% NSR 4% NSR 11 Destor-Porcupine Fault Zone Apollo Black Fox Munro McCool Guibord Michaud Ross Mine Ludgate Lake Abitibi Rand Holloway Mine Jonpol Garrison Cook Barnet Thackeray Lamplugh Harker Central Timmins Royalty Claims % NSR Holloway Royalty Sliding scale Present or past producing mine Frecheville Holt Mine 101 Holloway Lake Abitibi Stoughton Marriot Holt Royalty Sliding scale Asset Handbook FNV TSX NYSE

47 Musselwhite Precious Metals Operator: Goldcorp Inc. Ontario, Canada Royalty: NPI: 5% Franco-Nevada has a 5% NPI royalty that covers all of the original leased lands at Goldcorp s Musselwhite operation. The area is estimated to cover 120 km 2 in northwestern Ontario, 480 km north of Thunder Bay. The royalty also covers an area of interest surrounding the property as shown in the schematic. The mine is a fly-in/fly out underground operation which began operating in April 1997 and has produced over 3.0 million ounces of gold. Franco-Nevada received its first payment under the NPI royalty in 2011 as the mine had then recovered all historical capital and operational costs. As the royalty is a profits interest, operating costs and investment capital are important parameters of the royalty. Musselwhite represents one of the lower cost operations in Goldcorp s portfolio with 2017 all-in sustaining costs estimated at $715/oz. Production is expected to be 265,000 ounces in 2017 versus 261,000 ounces produced in In July 2016, Goldcorp decided to move ahead with the Materials Handling project. The project will enable hoisting of ore through an underground winze which will result in reduced reliance on high-cost truck haulage leading to improved energy efficiency, reduced ventilation requirements, reduced mining costs, enhanced production profile and potential to extend mine life through exploration success. Following completion of the winze, which is expected in the first quarter of 2019, incremental production of approximately 20% is anticipated and operating costs are expected to be reduced by approximately 10% for the life of the mine. Musselwhite Opapimiskan Lake West Anticline Esker North Mill Exploration N O Kilometres Area of Interest Boundary Revenue to Franco-Nevada ($ million) $ 5.1 $ 5.4 $ 4.6 P&P Reserves (koz Au) 1 1,690 1,720 1,660 M&I Resource (koz Au) 1 2,150 2,070 1,840 Inferred Resource (koz Au) 1 1,200 1,110 1,270 P&P REUs (000s) M&I REUs (000s) 1, Inf REUs (000s) Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For REU calculation, FNV management estimates 100% of the Mineral Reserves and Mineral Resources are subject to our royalty interest and estimates a REU rate of 1.96% (1.66% in 2015; 1.58% in 2014) is applicable assuming an all in cost of $730/ounce ASSET HIGHLIGHTS: One of the lower cost operations in Goldcorp portfolio Profit royalties are more levered to gold price Materials Handling project to positively impact production and operating costs Zeemel Lake Leased Lands Unpatented Lands Deposits The Gold Investment that WORKS Franco-Nevada Corporation 45

48 Hemlo Precious Metals Operator: Barrick Gold Corporation Ontario, Canada Royalty: NSR: 3% / NPI: 50% The Hemlo gold camp has been producing gold for over 25 years and is located just off the Trans-Canada highway near Marathon, Ontario. Barrick is the operator and manages both the open-pit and underground operations. Franco-Nevada has both a 3% NSR royalty and a 50% NPI royalty on a portion of the western down-dip underground extension of the Hemlo ore-body as shown in the longitudinal schematic. Initial mining on the royalty property began in late 2008, but revenues were limited to the 3% NSR royalty. The 50% NPI portion of the royalty began paying in third quarter of 2012 after the upfront capital costs had been recovered by Barrick. In 2016, Hemlo generated $10.8 million in NPI payments compared with $3.6 million in Hemlo produced 235,000 ounces of gold in 2016 compared with 219,000 ounces of gold in All-in sustaining costs increased to $839 per ounce in 2016 versus $651 per ounce in For 2017, gold production is expected to be 205, ,000 ounces at an all-in sustaining cost of $880-$980 per ounce. Hemlo s Mineral Resources increased significantly year-over-year although these Mineral Resources are not entirely covered by the royalty. Through drilling and cost improvements, Hemlo added 920,000 ounces to Mineral Reserves. ASSET HIGHLIGHTS: Established mine operation in Ontario - Barrick s only Canadian operation Significant increase to Mineral Reserves and Mineral Resources in 2016 Profit royalties are more levered to gold prices Hemlo Long Section C Zone Pit Revenue to Franco-Nevada ($ million) $ 12.7 $ 5.0 $ 9.6 P&P Reserves (koz Au) 1 1, M&I Resource (koz Au) 1 3,308 2,368 2,491 Inferred Resource (koz Au) P&P REUs (000s) M&I REUs (000s) 1, Inf REUs (000s) Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For REU calculation, FNV management estimates approximately 20% of the publicly reported Mineral Reserves and Mineral Resources for Hemlo are on its royalty ground and estimates an REU rate of 4.52% (3.93% in 2015; 3.76% in 2014) is applicable when factoring our NSR and NPI interests Williams Shaft & Mill Surface C Zone Mined Area 9555 Mined Area % NSR + 50% NPI Williams Mine Franco-Nevada Royalty Ground B Zone Asset Handbook FNV TSX NYSE

49 Kirkland Lake Precious Metals Operator: Kirkland Lake Gold Inc. / Yamana Gold / Agnico Eagle Ontario, Canada Royalty: NSR: %; NPI: 20% Franco-Nevada has various royalties covering approximately 170 km 2 of the Larder Lake and Main Breaks in the historic Kirkland Lake gold camp of Ontario. KLG has the main interests in the area and operates the Macassa mine which includes production from the Main Break, 04 Break and the high-grade South Mine Complex ( SMC ). Franco-Nevada s royalty interests with KLG include: An overlying 1.5% NSR on all of KLG s properties (including the Macassa mine) which was acquired in 2013 for $50 million. In 2016, KLG exercised its option to buyback 1% of the overlying 2.5% for aggregate cash consideration of approximately $30.3 million ($36 million less royalty proceeds attributable to the buyback). An underlying 20% profit-based royalty immediately to the south-west of the SMC as shown in the inset of the schematic An underlying 2-3% NSR on claims to the west of current operations An underlying 2% NSR royalty on claims that KLG purchased from Queenston Mining Inc. in July 2012 Macassa produced a record 175,167 ounces of gold in 2016 which was at the high end of guidance range of 160, ,000 ounces. For 2017, KLG expects to produce 180, ,000 ounces from Macassa. Development of the 5400 Level, 5600 Level and 5700 Level in the lower SMC continues to be advanced. The main decline development is ongoing and is currently below the 5700 Level. Regional exploration drilling to the east of the SMC is progressing which may advance the SMC onto the Amalgamated Kirkland claims shown in the schematic below (area D). Franco-Nevada believes that there will be continued exploration success on its royalty lands with an updated Mineral Reserve and Mineral Resource estimate expected during the first quarter of Revenue to Franco-Nevada ($ million) $ 5.2 $ 4.6 $ 4.8 P&P Reserves (koz Au) 1 1,463 1,463 1,385 M&I Resource (koz Au) 1 4,096 3,775 3,958 Inferred Resource (koz Au) 1 1,965 1,583 2,210 P&P REUs (000s) M&I REUs (000s) 1, Inf REUs (000s) Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves. The table above is the sum of reported Yamana and Agnico Eagle and KLG Mineral Reserves and Mineral Resources 2 For REU calculation, FNV management estimates 100% of the Mineral Reserves and Mineral Resources are subject to our royalty interest and estimates a REU rate of 1.50% (2.50% in previous years) is applicable to the KLG properties and a REU rate of 2.00% is applicable to the Yamana and Agnico Eagle properties Franco-Nevada also has a 2% NSR royalty covering the majority of claims held in the Kirkland Lake gold camp by Yamana Gold Inc. ( Yamana ) and Agnico Eagle Mines Limited ( Agnico Eagle ) from their acquisition of Osisko Mining Corporation ( Osisko ) in April Franco-Nevada s royalties cover the Upper Canada, Anoki-McBean and Canadian Kirkland deposits. ASSET HIGHLIGHTS: Overlying 1.5% royalty purchased in 2013 covers all of KLG s properties Continued exploration success at SMC Large land position in historical mining area covering multiple known deposits The Gold Investment that WORKS Franco-Nevada Corporation 47

50 Timmins West Precious Metals Operator: Tahoe Resources Inc. Ontario, Canada Royalty: NSR: 2.25% Franco-Nevada acquired a 2.25% NSR royalty on Tahoe Resources Inc. s ( Tahoe ) Timmins West property in February The royalty covers a large land package of approximately 130 km 2 to the west of the City of Timmins, Ontario which hosts the Timmins and Thunder Creek deposits as well as the 144 exploration zones and the Gold River Trend. In 2016, Tahoe acquired Lake Shore Gold Corp. ( Lake Shore ), the previous operator of the mine. The Timmins properties (includes Bell Creek on which Franco-Nevada does not have a royalty) produced approximately 158,800 ounces in 2016 which was below guidance set by Lake Shore at the beginning of the year. The production figure includes 36,800 ounces produced in Q1/2016 prior to the acquisition of Lake Shore by Tahoe. For 2017, production is expected to increase to 165, ,000 ounces. This estimate includes production from Bell Creek. Progress was made on the infrastructure development at the 144 Gap Deposit and included ramp, raise and lateral development to access the Mineral Resource. Drilling at the Timmins West Complex focused on definition of Mineral Resources at the 144 Gap Deposit and extensional drilling at Timmins Mine Deep, 144 Trend and Gold River Trend. Probable Mineral Reserves at Timmins West declined in 2016 due to mine depletion and Mineral Resource model reinterpretation. Tahoe expects a significant growth in Mineral Reserves with the expected release of the initial Mineral Reserve for the 144 Gap Deposit scheduled for the third quarter of ASSET HIGHLIGHTS: Newly defined 144 GAP Zone located close to existing mine infrastructure Maiden 144 Gap Zone Mineral Reserve expected in Q3/ Revenue to Franco-Nevada ($ million) $ 3.2 $ 3.7 $ 4.0 P&P Reserves (koz Au) M&I Resource (koz Au) 1 1,141 1, Inferred Resource (koz Au) 1 1,208 1,607 1,288 P&P REUs (000s) M&I REUs (000s) 1, Inf REUs (000s) Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For REU calculation, FNV management estimates 100% of the Mineral Reserves and Mineral Resources are subject to our royalty interest and estimates a REU rate of 2.25% is applicable Mattagami River Fault Burrows Benedict Fault Hollinger McIntyre Timmins Bell Creek Complex Bell Creek Mine & Mill Hoyle Pond Dome Mine Pamour Mine Destor-Porcupine Fault N 0 20 Km Timmins West N 4 kms Timmins West 2.25% NSR 101 UG Mine Shaft Deposits Timmins Deposit Thunder Creek Deposit 144 Zone Timmins West Mine Gold River Trend Asset Handbook FNV TSX NYSE

51 Canadian Malartic Precious Metals Operator: Yamana Gold / Agnico Eagle Quebec, Canada Royalty: GR: 1.5% In June 2011, Franco-Nevada purchased a 1.5% gross royalty on part of the Canadian Malartic gold project. The project is located in Quebec s Abitibi mining district and is Canada s largest gold producer. The royalty covers seven claims on the property including the central portion of the open-pit as shown in the schematic which equates to approximately 3 km 2. Royalty payments are expected to fluctuate annually based on the location of mining relative to the royalty property. Yamana Gold Inc. and Agnico Eagle Mines Limited are now 50/50 joint operators of the Canadian Malartic mine following the 2014 acquisition of Osisko Mining Corporation. For 2016, Canadian Malartic produced 585,028 ounces versus 572,000 ounces produced in Production in 2016 was higher than the 560, ,000 ounces forecast at the beginning of the year. Production is expected to steadily increase to 600,000 ounces in 2017, 650,000 ounces in 2018 and then slightly decrease in 2019 to 640,000 ounces. The operators are aggressively drilling east of the open pit. A C$13.5 million drilling budget for 2016 was increased during the year. Both the Jeffery Zone and Odyssey Zones further east appear to be striking southeast on to Franco-Nevada s royalty claims. Yamana has stated that drilling will continue into Q1 and Q2 of 2017 to develop Indicated Mineral Resources that could form the basis of a pre-feasibility study. ASSET HIGHLIGHTS: Canada s largest gold producer increasing production over next couple years Long life asset in Quebec Exploration targets partially on royalty ground to the east Revenue to Franco-Nevada ($ million) $ 2.1 $ 1.6 $ 1.2 P&P Reserves (koz Au) 1 7,096 7,726 8,658 M&I Resource (koz Au) 1 8,384 8,976 10,594 Inferred Resource (koz Au) 1 1, ,112 P&P REUs (000s) M&I REUs (000s) 1, Inf REUs (000s) Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For REU calculation, FNV management estimates 12% (10% in previous years) of the Mineral Reserves and Mineral Resources are subject to our royalty interest and estimates a REU rate of 1.5% is applicable Rail line Highway 117 Malartic (town site) Canadian Malartic Royalty Area 1.5% Gross Royalty Royalty Claims Exploration Targets Open Pit Mill Open Pit Barnat Extension Norrie Deeps Jeffrey Zone Highway N 3.5 Canadian Malartic Property Km The Gold Investment that WORKS Franco-Nevada Corporation 49

52 Brucejack Precious Metals Operator: Pretium Resources Inc. British Columbia, Canada Royalty: NSR: 1.2% In May 2013, Franco-Nevada purchased an existing 1.2% NSR royalty covering Pretium Resources Inc. s ( Pretium ) Brucejack gold project in northwestern British Columbia. The project includes two principal deposits, the Valley of the Kings and the West Zone, both of which continue to offer exploration potential. The NSR becomes payable after approximately 500,000 ounces of gold have been produced. Pretium provided a construction update at the beginning of 2017 and now expects commissioning of the project to be accelerated to the beginning of April 2017 versus mid-2017 previously. Pretium also announced an increase to the Mineral Reserve estimate in December The Mineral Reserve estimate increased from 7.5 million ounces ( g/t) to 8.1 million ounces ( g/t). The June 2014 feasibility study envisions a mine producing approximately 400,000 ounces of gold annually over an 18 year mine life Revenue to Franco-Nevada ($ million) $ $ $ P&P Reserves (koz Au) 1, 3 8,700 7,500 7,500 M&I Resource (koz Au) 1, 3 10,000 9,600 9,600 Inferred Resource (koz Au) 1, 3 3,900 5,700 5,700 P&P REUs (000s) 2, M&I REUs (000s) 1, 2, Inf REUs (000s) 2, Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For REU calculation, FNV management estimates following production of 500,000 ounces that 100% of the remaining Mineral Reserves and Mineral Resources are subject to our royalty interest and estimates a REU rate of 1.2% is applicable 3 Does not include silver Mineral Reserves or Mineral Resources ASSET HIGHLIGHTS: Accelerated commissioning now anticipated in April 2017 Envisions average annual LOM production of 400,000 ounces over 18 years West Zone Valley of the Kings Zone Brucejack Project Royalty Area 1.2% NSR Brucejack Property Pretium Resources Brucejack Lake N Metres Pretium Resources - Brucejack property Pretium Resources - other claim Asset Handbook FNV TSX NYSE

53 Hardrock Precious Metals Operator: Premier Gold Mines Limited / Centerra Gold Inc. Ontario, Canada Royalty: NSR: 3% Franco-Nevada acquired a 3% NSR on Hardrock as part of its acquisition of a portfolio of approximately 20 royalties from Barrick in November The Hardrock property is being advanced by Greenstone Gold Mines L.P. ( Greenstone ), a 50/50 partnership between Premier and Centerra Gold Inc. The Hardrock property is part of the larger Trans-Canada project with Hardrock representing the core project. The district has historic production of 4 million ounces of gold and is host to multiple gold deposits. Greenstone released a feasibility study in November The study envisions an open pit mine producing 4.2 million ounces of gold over a 14.5 year mine life. Production is expected to average approximately 300,000 ounces per year during full production and excludes processing of low-grade stockpiles. The economic study only includes the Hardrock open pit Mineral Resource and does not include any potential from the large underground Mineral Resource on the property Revenue to Franco-Nevada ($ million) $ $ $ P&P Reserves (koz Au) 1 4,647 M&I Resource (koz Au) 1 6,763 5,136 4,870 Inferred Resource (koz Au) 1 2,590 2,860 2,743 P&P REUs (000s) M&I REUs (000s) 1, Inf REUs (000s) Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For REU calculation, FNV management estimates 100% of the Mineral Reserves and Mineral Resources are subject to our royalty interest and estimates a REU rate of 3.0% is applicable ASSET HIGHLIGHTS: Advanced project in favourable mining jurisdiction Feasibility outlines potential 14.5 year mine life producing ~300,000 ounces per year Additional upside from large underground Mineral Resource Ontario Hardrock (Geraldton) Hardrock Royalty Area 3% NSR Royalty Area Mineralized zones N 0 3 Kilometres Lindsey Errington Geraldton Ashmore Other Royalty Claims Mosher Shaft SP Zone Hardrock Parent Salsberg McKelvie The Gold Investment that WORKS Franco-Nevada Corporation 51

54 Other Canadian Precious Metals Canada Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category. Dublin Gulch (Eagle) Precious Metals Operator: Victoria Gold Corp. Yukon, Canada Royalty: NSR: 1.5-2% Franco-Nevada has a 2% NSR on the Eagle deposit which is being advanced by Victoria Gold Corp. ( Victoria ). The royalty is subject to an annual minimum royalty payment of $20,000. Once in production, the NSR reduces to a 1% NSR once $1,000,000 is paid towards the royalty and does not include credit for the minimum payments received. The Eagle deposit is part of the larger Dublin Gulch claim block and is located in central Yukon. In addition, Franco-Nevada has a 1.5% royalty on the Lynx properties (part of the Dublin Gulch claim) which is subject to a $15,000 annual advance royalty payment and is capped at $1,500,000. Victoria released an updated feasibility study for the Eagle Gold project in September The study envisions average yearly production of 190,000 ounces over a 10 year mine life. The Eagle Gold project is fully permitted with a relatively low initial capital cost estimate of $289 million. Victoria recently engaged advisors to arrange up to $220 million of senior, secured project debt to help advance the project. For REU calculation, FNV management estimates 100% of Mineral Reserves & Mineral Resources are subject to our royalty interest and estimates an average REU rate of 2.0% is applicable Red Lake (Phoenix) Precious Metals Operator: Rubicon Minerals Corporation Ontario, Canada Royalty: NSR: 2% Franco-Nevada has a 2% NSR (subject to a buy-back of 0.5%) on the water claims (which cover the majority of Mineral Resources) of the Phoenix gold project in Red Lake, Ontario operated by Rubicon Minerals Corporation ( Rubicon ). The Phoenix project is located 10 km north of Goldcorp s Red Lake mine. In November 2015, Rubicon announced a temporary shutdown of underground activities to enhance its geologic model and develop an implementation plan as the gold mineralization was more geologically complex than anticipated. In January 2016, Rubicon provided an updated Mineral Resource estimate which included a reduction of 91% to Indicated contained gold ounces and an 86% reduction to Inferred contained gold ounces. Rubicon has since reorganized its debts and has put in place a new management team. Rubicon is currently focused on extensively drilling the deposit to gain a better understanding of the orebody. An updated Mineral Resource estimate is expected within months following Phase 1 of the exploration program. For REU calculation, FNV management estimates 100% of the Mineral Reserves and Mineral Resources are subject to our royalty interest and estimates a REU rate of 1.5% is applicable given Rubicon s right to repurchase 0.5% of the 2.0% NSR Courageous Lake Precious Metals Operator: Seabridge Gold Inc. Northwest Territories, Canada Royalty: NSR: 1.02% The Courageous Lake project is an advanced gold exploration project located in the Northwest Territories, Canada. Seabridge Gold Inc. has been advancing the Courageous Lake project and in July 2012, released results of its first preliminary feasibility study for the asset. The study estimated Mineral Reserves of 6.5 million ounces of gold ( g/t) and projected average annual production of 385,000 ounces over a mine life of 15 years. This project covers only 2 km of a greenstone belt that stretches 53 km. For REU calculation, FNV management estimates 100% of Mineral Reserves & Mineral Resources are subject to our royalty interest and estimates an average REU rate of 1.02% is applicable Asset Handbook FNV TSX NYSE

55 Other Canadian Precious Metals Canada Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category. Goldfields Precious Metals Operator: Fortune Bay Corp. Saskatchewan, Canada Royalty: NSR: 2% The Goldfields project currently consists of two gold deposits: the Box deposit, which is at the feasibility stage, and the Athona deposit, which has a completed preliminary feasibility study. Franco-Nevada has a 2% NSR royalty that covers both deposits. Brigus Gold Corp., which was advancing the project, was acquired by Primero Mining Corp. The Goldfields project was not part of the acquisition and was spun out into a company called Fortune Bay Corp. Limited activity has transpired on either the Box or Athona deposit since For REU calculation, FNV management estimates 100% of Mineral Reserves & Mineral Resources are subject to our royalty interest and estimates an average REU rate of 2.0% is applicable Monument Bay Precious Metals Operator: Yamana Gold Inc. Manitoba, Canada Royalty: NSR: 2-3% In June 2015, Yamana acquired Mega Precious Metals Inc. and the Monument Bay property, which is located in Manitoba, approximately 570 km northeast of Winnipeg. Monument Bay consists of 136 contiguous claims and hosts a Measured and Indicated Mineral Resource base of million ounces of gold in g/t. The 2016 $6.0 million exploration program focused on improving the drill density within the high grade mineralized shoots on the eastern portion of the deposit. A total of 27 holes totaling 7,850 meters were completed during the winter campaign. Franco-Nevada holds a 2% NSR royalty on the first 1.0 million ounces produced and a 3% NSR on any additional production. For REU calculation, FNV management estimates 100% of Mineral Reserves & Mineral Resources are subject to our royalty interest and estimates an average REU rate of 2.0% is applicable for first 1.0 million ounces produced and 3.0% on any additional ounces Red Mountain Precious Metals Operator: IDM Mining Ltd. British Columbia, Canada Royalty: NSR: 1% / Production Payment In April 2014, IDM Mining Ltd. (then Revolution Resources Corp.) entered into an option agreement with Seabridge Gold Inc. to acquire a 100% interest in the Red Mountain Gold Project located near Stewart, B.C. Franco-Nevada has a 1% NSR as well as a $10/oz production payment on gold produced in excess of 1.85 million ounces. Franco-Nevada acquired the royalty as part of the Barrick royalty portfolio in November IDM Mining Ltd. provided an updated Mineral Resource estimate for the project in March 2017 which included an Indicated Mineral Resource of 583,700 ounces of gold ( g/t). For REU calculation, FNV management estimates 100% of Mineral Reserves & Mineral Resources are subject to our royalty interest and estimates an average REU rate of 1.0% is applicable The Gold Investment that WORKS Franco-Nevada Corporation 53

56 Other Canadian Precious Metals Canada Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category. Cariboo Precious Metals Operator: Barkerville Gold Mines Ltd. British Columbia, Canada Royalty: NSR: 3% Barkerville Gold Mines Ltd. ( Barkerville ) is advancing the Cariboo Gold Project in east-central British Columbia. Barkerville controls 2,120 km 2 of mineral rights located 85 km east of the town of Quesnel. The area has historical underground and alluvial production of 4.5 million ounces of gold from 1933 to Franco-Nevada s 3% NSR covers the claims to the immediate north-east of the Bonanza Ledge Project, referred to as the KL Zone, where recent drilling included g/t Au over 1.10 metres and g/t Au over 2.00 metres. Franco-Nevada s 3% royalty interest also extends over the Williams Claims which is about 5 km south east of the Bonanza Ledge Project. Barkerville currently has 131 exploration targets along the 67 km trend. FNV management has not included Cariboo in REU estimates New Prosperity Precious Metals Operator: Taseko Mines Limited British Columbia, Canada Stream: 22% Gold Stream Franco-Nevada has the right to acquire a 22% gold stream on the Prosperity (now New Prosperity) copper-gold project in British Columbia, 100% owned by Taseko Mines Limited ( Taseko ). Franco-Nevada committed to provide a $350 million deposit and warrant consideration for the construction of New Prosperity when the project was fully permitted and financed. On February 27, 2014 the Government of Canada announced that it would not issue the federal authorizations necessary for New Prosperity to proceed. Franco-Nevada s financing commitment remains available to Taseko, but can be terminated at the option of Franco-Nevada. FNV management has not included New Prosperity in REU estimates Asset Handbook FNV TSX NYSE

57 Antapaccay Precious Metals Operator: Glencore plc Peru, Latin America Stream: Precious Metals Stream In February 2016, Franco-Nevada acquired a precious metals stream with reference to production from the Antapaccay mine for $500 million from Glencore and its subsidiaries. Antapaccay is located within the province of Espinar in Southern Peru a district with a long mining history. The property also hosts the historic Tintaya open pit mine and related infrastructure which began operating in Glencore (Xstrata) invested in excess of $1.5 billion of initial capital to build and commission the Antapaccay open pit mine and plant, which commenced operations in The Antapaccay open pit mine has been expanding throughput rates and production since late Franco-Nevada received 73,612 GEOs in 2016 from the Antapaccay stream and expects the stream deliveries to average 70,000 to 80,000 GEOs per year over the next 4 years. Under the streaming agreement, precious metal deliveries are initially referenced to copper in concentrate shipped. 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 630,000 ounces of gold and 10 million ounces of silver have been delivered. Thereafter, Franco-Nevada will receive 30% of the gold and silver shipped. Franco-Nevada will initially pay an on-going price of 20% of the spot price of gold and silver until 750,000 ounces of refined gold and 12.8 million ounces of refined silver have been delivered. Thereafter, the on-going price will increase to 30% of the spot price of gold and silver. The stream is referenced to the entire Antapaccay concession covering approximately 997 km 2. Glencore is currently studying the development of the Coroccohuayco deposit which is located within 10 km of the Antapaccay plant. Coroccohuayco hosts a 289 million tonne M&I Mineral Resource, a 13% increase to the 256 million tonnes estimated at the end of The Coroccohuayco Mineral Resource is approximately twice the copper grade of Antapaccay Mineral Reserves, and could potentially provide supplementary high grade ore later in the mine life. In addition, there are a number of large-scale regional targets and prospects on the Antapaccay concessions. ASSET HIGHLIGHTS: Precious metals deliveries initially referenced to copper in concentrate shipped Provides significant revenue and cash flow Coroccohuayco potentially to extend mine life Significant land package offers a number of large-scale regional targets Revenue to Franco-Nevada ($ million) $ 92.5 $ $ P&P Reserves (koz Au) 1 2,226 1,946 M&I Resource (koz Au) 1 2,942 3,057 Inferred Resource (koz Au) P&P REUs (000s) M&I REUs (000s) 1, Inf REUs (000s) Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For REU calculation, FNV management estimates P&P REUs include payable metal of the remaining deliveries before the 630,000 ounces of gold and 10 million ounces of silver hurdle with the balance of Mineral Reserves subject to a 30% stream with appropriate recovery parameters. For M&I REUs, Franco-Nevada has assumed the P&P REUs with the balance of M&I Resources subject to the 30% stream with appropriate recovery parameters. For Inf REUs, Franco-Nevada assumes Inferred Resources are subject to the 30% stream with appropriate recovery parameters. Silver REUs are converted to gold REUs assuming $1200/oz gold and $17.50/oz silver ($15/oz silver in 2015). The stream interest has been factored by different ongoing payments of 20% of the spot price of gold and silver on the first 750,000 ounces of gold and 12.8 million ounces of silver and 30% of the spot price thereafter Antapaccay Plant Tintaya Pit Tintaya Plant Tailings Dump 7 Km Antapaccay Precious Metals Stream N 0 5 Km Antapaccay Pit Coroccohuayco The Gold Investment that WORKS Franco-Nevada Corporation 55

58 Antamina Precious Metals Operator: Teck Resources Limited (owns 22.5%) Peru, Latin America Stream: Silver Stream In October 2015, Franco-Nevada provided a deposit of $610 million for a silver stream on production from the Antamina mine in Peru from Teck Resources Limited ( Teck ). Teck has a 22.50% interest in Compania Miñera Antamina S.A. ( CMA ), the Antamina joint venture company, along with partners BHP Billiton Plc (33.75%), Glencore (33.75%) and Mitsubishi Corporation (10.00%). Antamina is an established mine that commenced operations in 2001 with over $6.5 billion spent to date in constructing and expanding the mine and its infrastructure by the CMA partners. Antamina is the 8th largest copper mine in the world and is one of the lowest cost copper operations globally. The low costs are facilitated by the wholly-owned mining infrastructure including a concentrate pipeline and port facilities. Annual silver stream contributions to Franco-Nevada are expected to average million ounces going forward. Silver deliveries for 2016 were 4.4 million ounces, exceeding expected deliveries. For 2017, silver deliveries are expected to also exceed the longer term range. The stream is based on all recovered silver from Teck s attributable 22.50% interest in the Antamina mine, subject to a fixed silver payability of 90%. Franco-Nevada pays 5% of the spot silver price for each ounce of silver delivered under the stream. The stream will reduce by one-third after 86 million ounces have been delivered, estimated at the current throughput rate of 54 Mt per year to be in approximately 30 years. The mine contains total M&I Mineral Resources of 1.1 billion tonnes of ore and Inferred Mineral Resources of 1.25 billion tonnes of ore. Within the Mineral Resource envelope, total Mineral Reserves are 553 million tonnes of ore, which are currently constrained by tailings disposal capacity. CMA is currently considering options for storing additional tailings and alternative mine plans that could result in significant mine life extensions. Current M&I Mineral Resources are sufficient to support over 20 years of open pit mining. Historically, a high level of Inferred Mineral Resources have converted to M&I Mineral Resources and ultimately to Mineral Reserves. Beyond the known Mineral Reserves and Mineral Resources, Antamina hosts additional potential open pit and bulk/selective underground targets. There is also regional exploration potential over a large, prospective land package greater than 700 km 2. ASSET HIGHLIGHTS: Franco-Nevada s first pure silver stream Proven, high-margin asset contributing to revenue and cash flow Mineral Resource conversion could support mining for years Autopista Panamericana Norte Huarmey CMA Puerto Minero Punta Lobitos N 0 60 Miles Huaraz Recuay Carretera Pativilca-Huarez Catac Pachacoto Chasquitambo Conococha Cajacay Chavui De Huantar Huari San Marcos Machac PARQUE NACIONAL HUASCARAN Aquia Chiquian Revenue to Franco-Nevada ($ million) $ 75.0 $ 14.4 $ P&P Reserves (moz Ag) M&I Resource (moz Ag) Inferred Resource (moz Ag) P&P REUs (000s) M&I REUs (000s) 1, Inf REUs (000s) Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For REU calculation, FNV management assumes 22.5% of Teck s interest in Antamina is subject to our stream interest and that the silver is subject to fixed payability of 90% with appropriate recovery factors and that the stream reduces by 33% once 86 million silver ounces have been delivered. Silver has been converted into REU gold equivalent assuming $1,200/oz gold and $17.50/oz ($15/oz in 2015). The stream interest has been factored by ongoing payments of 5% of the spot price of silver Yanashall Antamina Huanzala CMA Pipeline Subestacion Linea de Transmision Electrica Huallanca Antamina Silver Stream Cutatambo PERU South America Pacific Ocean Paramonga Pativilca Barranca Pto. Supe Huacho Autopista Panamericana Norte Huaral Chancay Lima Asset Handbook FNV TSX NYSE

59 Candelaria Precious Metals Operator: Lundin Mining Corporation Chile, Latin America Stream: Gold and Silver Stream In November 2014, Franco-Nevada acquired a gold and silver stream on production from the Candelaria operation in Chile. Lundin Mining Corporation ( Lundin ) is the operator of the project and owns 80% of the asset with the balance owned by Sumitomo Corporation and its affiliates. Franco-Nevada provided an up-front deposit of $648 million to acquire the gold and silver stream from what is primarily a copper mine. Candelaria is an established mining operation and the transaction is the first material instance of a royalty/streaming company partnering with an operating company to purchase a producing asset. The stream covers 68% of the payable gold and silver from 100% of the mine and reduces to 40% after 720,000 ounces of gold and 12 million ounces of silver have been delivered to Franco-Nevada. Franco-Nevada will pay an ongoing price equal to the lesser of $400 per ounce of gold and $4.00 per ounce of silver or the then prevailing spot price for gold and silver for each ounce delivered under the stream. This price will escalate by 1% per annum following the third anniversary of the closing. Candelaria is one of Franco-Nevada s largest revenue generators and has had solid results since acquisition. Lundin has successfully increased near term precious metal production since acquisition and has more than replaced Mineral Reserves (net of depletion). Based on the revised Candelaria Technical Report released in January 2017, Franco-Nevada expects to receive over 85,000 gold equivalent ounces in 2017 and approximately 75,000 gold equivalent ounces over The stream covers the current property position of approximately 150 km 2. An additional defined area of interest effectively doubles the property position. Should Lundin acquire properties located within the area of interest, Franco-Nevada has the option to purchase a gold and silver stream which will apply to the additional ore from such properties. The Candelaria mine was discovered in 1987 and the open-pit has been in operation since The operation also includes the Candelaria Norte, Santos and Alcaparrosa underground mines. ASSET HIGHLIGHTS: Increased Mineral Reserves (including depletion) by close to 50% since acquisition Near term production estimates increased since acquisition Large land package with an additional area of interest in historic mining camp Candelaria Gold and Silver Stream Copiapo Revenue to Franco-Nevada ($ million) $ 88.4 $ P&P Reserves (koz Au) 1 1,962 1,900 1,530 M&I Resource (koz Au) 1 3,314 2,900 2,050 Inferred Resource (koz Au) P&P REUs (000s) M&I REUs (000s) 1, Inf REUs (000s) Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For REU calculation, FNV management estimates P&P REUs include payable metal of the balance of the 720,000 ounces of gold and 12 million ounces of silver remaining and the balance of P&P Reserves subject to the lower stream percentage with appropriate payable and recovery parameters. For M&I REUs, Franco-Nevada has assumed the P&P REUs with the balance of M&I Resources subject to the lower stream percentage with appropriate payable and recovery parameters. For Inf REUs, Franco-Nevada assumes Inferred Resources are subject to the lower stream percentage with appropriate payable and recovery parameters. Silver REUs are converted to gold REUs assuming $1,200/oz gold and $17.50/oz silver ($1,200/oz gold and $15/oz silver in 2015; $1,200/oz gold and $17/oz silver in 2014). The stream interest has been factored by 66.6% to reflect $1,200 per ounce gold and $400 per ounce ongoing payments N Kilometres Candelaria Mining Property Area of Interest Ojos del Salado Mining Property Alcaparrosa Mine Candelaria Norte (U/G) Candelaria Pit Tierra Amarilla Santos Mine The Gold Investment that WORKS Franco-Nevada Corporation 57

60 Guadalupe-Palmarejo Precious Metals Operator: Coeur Mining, Inc. Mexico, Latin America Stream: 50% Gold Stream Since January 2009, Franco-Nevada has received 50% of the gold produced from the Palmarejo operation located in Chihuahua Province, Mexico which is owned and operated by Coeur Mining, Inc. ( Coeur ). Palmarejo is a silver project with a considerable gold by-product. In June 2014, Franco-Nevada agreed to terminate the existing stream agreement once Coeur has delivered the minimum 400,000 ounce obligation under that agreement. The minimum obligation was met in the third quarter of In June 2014, Franco-Nevada also entered into a new 50% gold stream with Coeur on the Palmarejo project with ongoing payments equal to the lesser of $800 per ounce (no inflation provision) and the then prevailing spot price for gold for each ounce delivered under the new gold stream agreement. The restructured agreement improves mine economics for Coeur and extends the mine life of the entire Palmarejo operation. This agreement continues to apply to the extensive land position totaling over 1,200 km 2. Franco-Nevada provided an upfront $22 million deposit to be used to partially fund the development of the Guadalupe underground mine on the Palmarejo property. In 2016, Franco-Nevada received 29,328 ounces under the original Palmarejo agreement and 7,058 ounces under the revised agreement. With the acquisition of the Independencia deposit in 2014, of which only a portion is subject to the stream agreement, Coeur is processing both Independencia and Guadalupe ore through the Palmarejo mill. In 2016, open pit and underground operations at Palmarejo were completed while underground operations at Guadalupe and Independencia steadily accelerated, reaching a mining rate of approximately 2,400 and 1,000 tons per day, respectively, as of year-end. Coeur is targeting a combined mining rate of 4,500 tons per day by year-end For 2017, Coeur expects to produce between 110, ,000 ounces of gold but does not provide a breakdown of what is expected from Guadalupe/ Independencia West (stream ground) and Independencia East (non-stream ground). The two deposits, Guadalupe and Independencia, remain open at depth and along strike with $14 million in exploration planned for 2017 versus a total of $11.2 million spent in Revenue to Franco-Nevada ($ million) $ 44.6 $ 59.6 $ 66.6 P&P Reserves (koz Au) M&I Resource (koz Au) Inferred Resource (koz Au) P&P REUs (000s) M&I REUs (000s) 1, Inf REUs (000s) Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For REU calculation, FNV management estimates 77% of the Mineral Reserves, 93% of the exclusive M&I Mineral Resource and 81% of the Inferred Resource are subject to our 50% stream interest to which a 33.3% factor has been applied to obtain equivalent REUs. In previous years, 100% of the Mineral Reserves and Mineral Resources were subject to our 50% stream interest to which a 66.6% factor was applied to obtain equivalent REUs until the minimum hurdle was reached followed by a 33.3% factor. ASSET HIGHLIGHTS: Restructured agreement following completion of minimum stream payments Improved mine economics and potential for extended mine life Extensive land position with multiple prospects Perimeter of gold stream property Agua Salada Palmarejo Guadalupe-Palmarejo Gold Stream N 0 4 Km Mine Palmarejo Area Independencia Area Non-stream ground Guadalupe Area Asset Handbook FNV TSX NYSE

61 Cobre Panama Precious Metals Operator: First Quantum Minerals Ltd. Panama, Latin America Stream: Gold and Silver Stream In October 2015, Franco-Nevada and First Quantum Minerals Ltd. ( First Quantum ) agreed to a replacement precious metals stream agreement on the Cobre Panama project. Cobre Panama is one of the world s largest copper-gold-silver porphyry deposits currently being constructed. The concession covers an area of 136 km 2. Under the terms of the precious metals purchase agreement, Franco-Nevada will provide a maximum of $1 billion deposit pro-rata on a 1:3 ratio of First Quantum s share of the capital costs (First Quantum owns 80% of the project). As of December 31, 2016, Franco-Nevada has provided $462 million and expects to provide additional funding of between $200-$220 million in The amount of precious metals deliverable under the precious metals purchase agreement is indexed to the copper in concentrate produced from the project and approximates 86% of the expected payable precious metals attributable to First Quantum. Beyond the initial contemplated mine life, the precious metals deliverable under the agreement will be based on a fixed percentage of the precious metals in concentrate. Phased commissioning of Cobre Panama is planned in 2018 with ramp-up in First Quantum estimates that the overall project is over 46% complete as of December 2016 with the estimated total capital expenditure for the project unchanged from its early 2016 estimate of $5.48 billion. The power station and associated infrastructure have been prioritized for early completion starting in the second half of The January 2014 mine plan envisions a 34 year mine life with potential for further expansion Revenue to Franco-Nevada ($ million) $ $ $ P&P Reserves (koz Au) 1 6,941 6,941 7,300 M&I Resource (koz Au) 1 7,453 7,453 9,006 Inferred Resource (koz Au) 1 1,135 1,135 4,396 P&P REUs (000s) 2 3,544 3,403 3,603 M&I REUs (000s) 1, 2 3,811 3,657 4,380 Inf REUs (000s) ,073 1 Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For REU calculation, FNV management assumes 80% of First Quantum s share and 86% of their share of Mineral Reserves and Mineral Resources are subject to our stream interest. Silver has been converted into REU gold equivalent assuming $1,200/oz gold and $17.50/oz silver ($1,200/oz gold and $15/oz silver in 2015; $1,200/oz gold and $17/oz silver in 2014) and a 57% factor has been applied to obtain equivalent REUs for the P&P category, a 56% factor has been applied for REUs in the M&I category and a 50% factor has been applied for REUs in the Inferred category ASSET HIGHLIGHTS: Replacement precious metals stream agreement reached in October 2015 Franco-Nevada has funded $462 million as of December 2016 Franco-Nevada anticipates funding of $ million in 2017 First Quantum estimates that the project was 46% complete at the end of 2016 Caribbean Sea * Property located approximately 20 km from Caribbean Sea Punta Rincón Port and Powerplant River Caimito Caribbean Sea Cobre Panama Project Panama Canal Cobre Panama N 4 km Panama City Pacific Ocean Concession Boundary Power Transmission 230 kv line Balboa Pit Collina Pit Valle Grande Pit Botija Pit Plant Site Camp Brazo Pit The Gold Investment that WORKS Franco-Nevada Corporation 59

62 Cerro Moro Precious Metals Operator: Yamana Gold Inc. Argentina, Latin America Royalty: NSR: 2% Franco-Nevada has a 2% NSR on the Cerro Moro project being developed by Yamana Gold in Santa Cruz province of Argentina. The royalty is estimated to cover 160 km 2 of the property and all current Mineral Resources which are contained in high grade epithermal gold and silver veins. The formal decision to proceed with construction was made in late 2015 with first production expected in early 2018 with a combination of open-pit and underground mining through a mill with 1000 tpd capacity. The expenditure for 2016 was approximately $55 million with the balance of $233 million expected to be spent in 2017 and The updated mine plan shows partial production in 2018 of gold and silver at feed grades of 11 g/t, and 650 g/t respectively, and reflects the impact of the 3-month ramp-up during Q The 2019 gold production is estimated to be approximately 130,000 ounces and the silver production to be approximately 9,900,000 ounces. The Cerro Moro feasibility study is based on an initial 6.5 year mine life but the exploration program continues to be focused on discovering new high-grade structures and expanding the current Indicated Mineral Resource. ASSET HIGHLIGHTS: Formal construction decision made in late 2015 Production expected in early 2018 High grade gold/silver deposit with exploration potential Revenue to Franco-Nevada ($ million) $ $ $ P&P Reserves (koz Au) M&I Resource (koz Au) Inferred Resource (koz Au) P&P REUs (000s) M&I REUs (000s) 1, Inf REUs (000s) Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For REU calculation, FNV management estimates 100% of the Mineral Reserves Mineral Resources are subject to our royalty interest and a REU rate of 2.0% is applicable. Silver has been converted assuming $1,200/oz gold and $17.50/oz silver ($1,200/oz gold and $15/oz silver in 2015; $1,200/oz gold and $17/oz silver in 2014) Cerro N Moro 0 10 Cella Kilometres Celeste Silvana Jimena Cerro Moro Royalty Area 2% NSR Royalty Claim Area Carina Daniel Alejandro Pablo Lola Maria Belen Juan Not included under 2% NSR N 0 5 Kilometres Nini Esperanza Resource Locations Loma Escondida Escondida Carla Martina Zoe Not included under 2% NSR Asset Handbook FNV TSX NYSE

63 Cerro San Pedro Precious Metals Operator: New Gold Inc. Mexico, Latin America Royalty: GR: 1.95% Franco-Nevada has a 1.95% GR that covers most of the known mineralization on the Cerro San Pedro project operated by New Gold. Cerro San Pedro is located in the San Luis Potosi mining district of central Mexico. The project is a gold-silver, open-pit, run-of-mine heap leach operation and consists of 36 mining and exploration concessions totaling 78 km 2. Cerro San Pedro finished active mining late in the second quarter of 2016 and has now transitioned into residual leaching. As a result, gold production decreased to 64,993 ounces in 2016 compared to 105,512 gold ounces in Silver production also decreased in 2016 to 0.9 million ounces from 1.5 million ounces in full-year gold production achieved the mid-point of the guidance range of 60,000-70,000 ounces while silver production was below the guidance range of million ounces. For 2017, New Gold expects gold production of 35,000-45,000 ounces which represents the first full year of residual leaching. New Gold did not provide asset specific guidance for silver production but previously had indicated 2017 production of approximately 1 million ounces for Cerro San Pedro. ASSET HIGHLIGHTS: 2017 first full year of residual leaching Residual leaching expected to continue into 2018 Ultimate Pit Limit N Note: not to scale Revenue to Franco-Nevada ($ million) $ 1.8 $ 2.9 $ 2.0 P&P Reserves (koz Au) M&I Resource (koz Au) Inferred Resource (koz Au) 0 4 P&P REUs (000s) M&I REUs (000s) 1,2 0 4 Inf REUs (000s) 2 1 All M&I categories are inclusive of Mineral Reserves 2 For previous REU calculations, FNV management estimates 100% of the Mineral Reserves and M&I resources are subject to our royalty interest and a REU rate of 1.95% is applicable Cerro San Pedro Mine 1.95% GR The Gold Investment that WORKS Franco-Nevada Corporation 61

64 Other Latin America Precious Metals Latin America Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category. Gurupi Precious Metals Operator: Jaguar Mining Inc. Brazil, Latin America Royalty: NSR: 0-1% Franco-Nevada holds a sliding scale NSR royalty (1% at greater than $400 per ounce gold) on Jaguar Mining Inc. s ( Jaguar ) Gurupi project located in the State of Maranhão in northern Brazil. Jaguar entered into an earn-in agreement with Avanco Resources Limited ( Avanco ) by which Avanco may earn up to a 100% interest in the project. The last feasibility study was prepared in January 2011, which anticipated an open-pit mine that would produce approximately 149,000 ounces of gold annually for a period of 13 years. For REU calculation, FNV management estimates 100% of Mineral Reserves & Mineral Resources are subject to our royalty interest and estimates an average REU rate of 1.0% is applicable Calcatreu Precious Metals Operator: Pan American Silver Corp. Argentina, Latin America Royalty: NSR: 2.5% Franco-Nevada has a 2.5% NSR on the Calcatreu property in Argentina. Calcatreu is an advanced exploration-stage, epithermal gold-silver deposit located in the Province of Rio Negro. Pan American Silver Corp. acquired the property in 2010 through the acquisition of Aquiline Resources Inc. The project is currently on care and maintenance. For REU calculation, FNV management estimates 100% of Mineral Reserves & Mineral Resources are subject to our royalty interest and estimates an average REU rate of 2.5% is applicable San Jorge Precious Metals Operator: Aterra Investing Ltd. and Solway Industries Ltd Argentina, Latin America Royalty: NSR: 7.5% / advanced payments Franco-Nevada acquired the royalty on the San Jorge property through its acquisition of Lumina Royalty Corp. in December San Jorge is an advanced stage coppergold porphyry project located in the Province of Mendoza, Argentina. Under the revised terms of the royalty agreement, Franco-Nevada receives annual payments of $1.25 million per year for 10 years commencing March 31, 2012 with a subsequent 7.5% NSR on all gold produced from the property. In April 2015, Coro Mining Corp. finalized an amended agreement with Aterra Investing Ltd. and Solway Industries Ltd ( A&S ). A&S exercised its option and now has the option to acquire 100% of the San Jorge property. For REU calculation, FNV management converts the remaining annual payments to REUs based on $1,200/oz Au and estimates 100% of Mineral Reserves & Mineral Resources are subject to our royalty interest and estimates an average REU rate of 7.5% is applicable Volcan Precious Metals Operator: Hochschild Mining PLC Chile, Latin America Royalty: NSR: 1.5% As part its acquisition of a portfolio of approximately 20 royalties from Barrick in November 2013, Franco-Nevada has a 1.5% NSR on part of the Volcan property owned by Hochschild Mining plc. The property is strategically located in the Maricunga gold belt, which hosts a number of significant gold deposits. The royalty covers a portion of the Agua de Oro deposit but not the main Dorado deposits which comprise the preliminary feasibility study. For REU calculation, FNV management estimates 25% of Mineral Reserves & Mineral Resources are subject to our royalty interest and estimates an average REU rate of 1.5% is applicable Asset Handbook FNV TSX NYSE

65 MWS Precious Metals Operator: AngloGold Ashanti Limited South Africa, Rest of World Stream: 25% Gold Stream Franco-Nevada, as a result of its acquisition of Gold Wheaton in March 2011, receives 25% of gold produced from the Mine Waste Solutions ( MWS ) project. MWS is a gold and uranium tailings recovery operation located near Stilfontein, approximately 160 km west of Johannesburg, South Africa. The operation processes multiple tailings dumps in the area through three production modules. It also includes a modern tailings storage facility approximately 15 km from the gold plant. Franco-Nevada makes ongoing payments equal to the lesser of $420/ounce of payable gold (subject to a 1% annual inflation that commenced December 2012) and the spot price for gold. AngloGold Ashanti Limited ( AngloGold Ashanti ) purchased the operation from First Uranium Corporation in July As part of the AngloGold Ashanti purchase, Franco-Nevada amended the agreement and is now entitled to receive 25% of all the gold produced through the MWS plant including treatment of AngloGold Ashanti s tailings until Franco-Nevada has received 312,500 ounces of gold, starting on January 1, 2012 (the prior agreement had no production cap). In 2016, Franco-Nevada was delivered 22,919 ounces of gold of which 21,616 ounces were sold. As at December 31, 2016, Franco-Nevada has sold 113,651 ounces of the 312,500 ounce cap since the amendment of the agreement. Franco-Nevada expects similar deliveries in 2017 as it received in ASSET HIGHLIGHTS: Franco-Nevada entitled to 25% of all gold produced until 312,500 ounces received Limited upside given production cap on payments Revenue to Franco-Nevada ($ million) $ 27.1 $ 26.2 $ 30.5 P&P Reserves (koz Au) 1 2,100 2,190 2,250 M&I Resource (koz Au) 1 2,140 2,230 2,260 Inferred Resource (koz Au) P&P REUs (000s) M&I REUs (000s) 1, Inf REUs (000s) 2 1 Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For REU calculation, FNV management estimates 198,849 stream ounces (220,465 in 2015; 243,081 in 2014) to be delivered and factored by 66.6% to estimate equivalent REUs MWS 25% Gold Stream AngloGold Ashanti Dumps MWS 5 MWS MWS 4 N 12 STILFONTEIN Town Plant Site N Kilometres H5 H6 Hartebeestfontein H1 H2 Tailings storage facility site SPD Buffelsfontein Vaal East B2 B1 B5 B3 B4 Vaal West The Gold Investment that WORKS Franco-Nevada Corporation 63

66 Sabodala Precious Metals Operator: Teranga Gold Corporation Senegal, Rest of World Stream: Fixed gold deliveries / 6% Gold Stream In December 2013, Franco-Nevada provided Teranga Gold Corporation ( Teranga ) with $135 million to fund the acquisition by Teranga of the remaining interests of the Oromin Joint Venture ( OJVG ). The OJVG owned the adjacent property which hosts several deposits representing future ore sources for Teranga s neighbouring Sabodala mill. With the acquisition, Teranga now controls a sizable land package of 1,055 km 2 which includes much of a 70 km strike length along a prospective greenstone belt. Under the terms of the agreement between Franco-Nevada and Teranga, Teranga will deliver 22,500 ounces of gold annually over the first six years of the agreement. Following delivery of 135,000 ounces of gold, Franco-Nevada will receive 6% of gold production that is sourced from either the Sabodala or OJVG properties. Franco-Nevada will make ongoing payments for each ounce of gold delivered equal to 20% of the spot gold price. As of the end of 2016, Teranga has delivered 67,500 ounces (Franco-Nevada has sold 65,625 ounces). Sabodala produced a record 216,735 ounces in 2016 versus 182,282 ounces in production exceeded guidance of 200, ,000 ounces. For 2017, Teranga expects to produce between 205, ,000 ounces from Sabodala. Teranga estimates a mine life for Sabodala of over 13 years based on existing Mineral Resources. ASSET HIGHLIGHTS: Fixed ounce payments of 22,500 per year for six years with trailing 6% stream (67,500 ounces delivered and Franco-Nevada has sold 65,625 ounces to date) Estimated 13.5 year mine life based on existing Mineral Resources Land package offers significant exploration potential Revenue to Franco-Nevada ($ million) $ 26.0 $ 28.3 $ 26.3 P&P Reserves (koz Au) 1 2,640 2,640 2,620 M&I Resource (koz Au) 1 4,442 4,442 6,050 Inferred Resource (koz Au) ,370 P&P REUs (000s) M&I REUs (000s) 1, Inf REUs (000s) Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For REU calculation, FNV management estimates account for the remaining prepaid gold purchase ounces and 100% of the remaining Mineral Reserves & Mineral Resources are subject to an REU rate of 4.8% (6.0% gold stream which is factored by 80% to estimate equivalent REU rate) Sabodala 22.5 K oz/yr for 6 yrs; then 6% Stream 10 kilometres from mill Tailings Sabodala Pit Mill Sabodala Masato Deposit Sabodala West Gora Deposit Sabodala Concession OJVG Concession Deposits N Kilometres Niakafiri Deposit OJVG Golouma Deposits N 0 20 Kilometres Asset Handbook FNV TSX NYSE

67 Karma Precious Metals Operator: Endeavour Mining Corporation Burkina Faso, Rest of World Stream: Fixed gold deliveries / 4.875% Gold Stream In August 2014, Franco-Nevada and Sandstorm Gold Inc. ( Sandstorm ) committed to provide up to $120 million in stream financing to assist the construction of the Karma Project in Burkina Faso, West Africa, the first ever syndicated stream transaction. Franco-Nevada committed 75% of the funding and Sandstorm committed the remaining 25%. Franco-Nevada ultimately contributed $78.75 million (minimum commitment of $75 million and $3.75 million as part of the increase option). The Karma Project was constructed by True Gold Mining Inc. which was acquired by Endeavour Mining Corporation in March Under the terms of the agreement, Endeavour Mining will deliver to Franco-Nevada 15,000 ounces of gold per year which started March 31, 2016 and will continue until 75,000 ounces have been paid. Once reached, Endeavour Mining shall then deliver to Franco-Nevada an amount of refined gold equal to 4.875% of the equivalent amount of gold produced at Karma over the life of the mine in exchange for ongoing payments equal to 20% of the spot price of gold. The increase option is repayable in eight quarterly deliveries totaling 5,625 ounces of gold, starting 18 months from when the first tranche under the increase option was drawn down. Sandstorm will receive deliveries for its 25% interest from Endeavour Mining directly. The Karma project poured first gold on April 11, 2016 and reached commercial production on October 1, The operation produced 62,000 ounces in 2016 with production expected to increase to 100, ,000 ounces in Endeavour announced in February 2017 that it has extended the mine life to over 10 years as infill drilling at the North Kao deposit added 262,000 ounces to Mineral Reserves. The agreement covers all of the concessions within the 856 km 2 Karma project and also includes a defined area of interest of 5 km surrounding the borders of the Karma project. Endeavour s 2017 exploration program will focus on other near-mill targets, including Rambo West and Yabonsgo in an effort to add further to Mineral Reserves and Mineral Resources. ASSET HIGHLIGHTS: First ounces delivered in 2016 Fixed ounce deliveries of 15,000 ounces (plus a portion of the increase option) to Franco-Nevada over five years with trailing 4.875% stream Successfully added to Mineral Reserves and extended mine life to over 10 years Prospective land package of over 850 km 2 Rounga Karma Gold Stream Karma Project Area Area of Interest 5 km Current Exploitation Area Revenue to Franco-Nevada ($ million) $ 14.4 $ $ Youba Tougou P&P Reserves (koz Au) 1 1, M&I Resource (koz Au) 1 2,981 2,621 2,621 Inferred Resource (koz Au) ,362 2,362 P&P REUs (000s) M&I REUs (000s) 1, Inf REUs (000s) Bogoya Ouahigouya Namissiguima Ouest Kao Nord Kao Pit Nami Pit Bonguirga 1 Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For REU calculation, FNV management estimates account for the balance of the prepaid gold purchase ounces of 75,000 ounces (and increase option) and 100% of the remaining Mineral Reserves & Mineral Resources at Karma are subject to an REU rate of 3.9% (6.5% gold stream which are factored by 80% to estimate equivalent REU rate as well as Franco-Nevada s 75% interest) N 0 10 Kilometres Kao Sud Nami Pit Goulagou I Pit Goulagou II Pit Rambo Pit Burkina Faso North Kao Gold Zone Kao Pit The Gold Investment that WORKS Franco-Nevada Corporation 65

68 Duketon Precious Metals Operator: Regis Resources Ltd. Australia, Rest of World Royalty: NSR: 2% Franco-Nevada has a 2% NSR royalty that covers 2,678 km 2 of the Duketon gold project in Western Australia. The project is operated by Regis Resources Ltd. ( Regis ) and includes five operating mines and eight other deposits at various stages of development. The royalty covers all known Mineral Reserves and Mineral Resources, except for the Gloster deposit and a portion of the Erlistoun deposit Mineral Resources. In November 2016 Regis reported production of 305,084 ounces of gold for the fiscal year ending June 30, 2016, and provided production guidance as follows: 300, ,000 ounces of gold for the fiscal year ending June 30, 2017; 320, ,000 ounces of gold for the fiscal year ending June 30, 2018; and 340, ,000 ounces of gold for the fiscal year ending June 30, Duketon Southern Operations ( DSO ): Regis reported DSO production of 225,994 ounces of gold for calendar 2016, all from royalty ground. DSO has three operating mines at Garden Well, Rosemont and Erlistoun. Garden Well has been in production since September 2012 and has a 5 Mt per annum plant. Rosemont has been in production since October 2013 and has a 2 Mt per annum plant. Milled ore from Rosemont is piped 10 km in a slurry form for leaching at Garden Well. Erlistoun was developed during 2016, with first ore hauled 8 km north to Garden Well late in Q Erlistoun ore is expected to have a positive effect on grade and throughput at Garden Well in Regis has estimated that 100% of Erlistoun Mineral Reserves and 89% of Erlistoun Mineral Resources are covered by Franco-Nevada s royalty. Duketon Northern Operations ( DNO ): Regis reported DNO production of 82,835 ounces of gold for calendar DNO has two operating mines at Moolart Well and Gloster. Moolart Well has been in production since August 2010 and has a 2.8 Mt per annum plant. Gloster was developed during 2016, with first ore processed during Q Gloster is not covered by Franco-Nevada s royalty. Gloster is expected to provide 3 years of mill feed to the Moolart Well processing plant partially displacing Moolart Well ore. With an extensive land position, and an active exploration program, Regis continues to add to the overall Mineral Reserve and Mineral Resource base at Duketon. Regis announced maiden Mineral Reserves at Baneygo and Gloster in In Q3 2016, Regis announced a maiden Mineral Resource at Tooheys Well, 2.5 km south of Garden Well. Other notable exploration activity is extensive drilling at Rosemont South, outside current Mineral Reserves, and underground drilling at Rosemont Main, to test underground targets below the pit Revenue to Franco-Nevada ($ million) $ 7.2 $ 6.7 $ 7.1 P&P Reserves (koz Au) 1 1,899 2,006 2,528 M&I Resource (koz Au) 1 4,477 4,446 4,700 Inferred Resource (koz Au) ,097 P&P REUs (000s) M&I REUs (000s) 1, Inf REUs (000s) Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For REU calculation, FNV management estimates 100% of Mineral Reserves (97% in 2015; 99% in 2014) and 97% (99% in 2014) of the Mineral Resources are subject to our royalty interest and estimates a REU rate of 2.0% is applicable Duketon Royalty Area 2% NSR Current Royalty Tenements Original Royalty Tenements Deposits Location Map PERTH Port Hedland Kalgoorlie Kambalda Norseman ASSET HIGHLIGHTS: Steady total production in 2016; mining commenced at Erlistoun Production commenced at Gloster, partially displacing Moolart Well ore Maiden Mineral Reserve at Gloster and Baneygo; maiden Mineral Resource at Tooheys Well Petra Rosemont King John No Mistake Erlistoun Moolart Well Anchor Dogbolter Garden Well Russells Find Reichelts Find N 0 30 Km * Additional royalty lands to south not shown due to scale Asset Handbook FNV TSX NYSE

69 Subika Precious Metals Operator: Newmont Mining Corporation Ghana, Rest of World Royalty: NSR: 2% Franco-Nevada has a 2% NSR royalty which covers a 78 km 2 area of Newmont s Ahafo project in Ghana (shown in the schematic). Franco-Nevada s royalty is believed to cover most, if not all, of the Subika open-pit as well as a majority of the Subika underground mineralization identified to date. The royalty first became payable to Franco-Nevada in the third quarter of Ahafo production has steadily declined in recent years from 570,000 ounces in 2013 to 349,000 ounces in For 2017, Newmont anticipates production of 305, ,000 ounces of gold from Ahafo. Newmont is expected to make a decision in Q whether to develop the Subika underground. First production could potentially begin in the second half of 2017 with commercial production beginning in late The project would increase average annual gold production by 150, ,000 ounces per year for the first five years beginning in 2019, with an initial mine life of approximately 11 years. In addition, Newmont is exploring a mill expansion at Ahafo which is designed to maximize resource value by improving production margins and accelerating stockpile processing. A decision is expected in the first half of 2017 with first production potentially beginning in The expansion would increase average annual gold production by 75, ,000 ounces per year for the first five years beginning in ASSET HIGHLIGHTS: Subika underground decision expected in Q2 2017; production as early as second half of 2017 Mill expansion decision expected in first half of 2017; first production could occur in 2019 Ntotoroso Amoma Revenue to Franco-Nevada ($ million) $ 4.8 $ 4.3 $ 9.0 P&P Reserves (koz Au) 1 6,220 6,640 9,910 M&I Resource (koz Au) 1 8,450 8,540 12,190 Inferred Resource (koz Au) 1 2,370 1,850 3,200 P&P REUs (000s) M&I REUs (000s) 1, Inf REUs (000s) Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves. Prior to 2015, Newmont did not report Ahafo North and Ahafo South separately 2 For REU calculation, FNV management estimates 78% of Mineral Reserves (77% in 2015; 35% in 2014), 80% of the M&I Mineral Resource (78% in 2015; 35% in 2014) and 87% of the Inferred Mineral Resource (88% in 2014; 35% in 2014) are subject to our royalty interest and estimates an average REU rate of 2.0% is applicable. Prior to 2015, Newmont did not report Ahafo North and Ahafo South separately Apensu Awonsu Plant and Offices Kenyase 2% NSR Royalty Area Subika N Note: not to scale Subika Project Area The Gold Investment that WORKS Franco-Nevada Corporation 67

70 Tasiast Precious Metals Operator: Kinross Gold Corporation Mauritania, Rest of World Royalty: NSR: 2% Franco-Nevada has a 2% NSR royalty on the Tasiast project operated by Kinross. Franco-Nevada s royalty first became payable in the third quarter of Kinross acquired control of Tasiast in September 2010 pursuant to its acquisition of Red Back Mining Inc. The royalty originally covered three large permit areas in Mauritania, West Africa of which the most prominent is Tasiast with a currently reported mining license area of 312 km 2 and a total exploration license area of 3,118 km 2. In 2016, Tasiast produced 175,176 ounces of gold compared to 219,045 ounces produced in 2015 mainly due a six-week suspension of mining. Kinross does not provide asset specific guidance but anticipates regional production of 420, ,000 ounces from West Africa versus the 365,935 ounces produced in 2016 on a regional basis. Kinross announced in March 2016 plans to proceed with Phase One of the Tasiast expansion which is now in construction. Phase One is expected to increase mill capacity from the current 8,000 tonnes per day to 12,000 tonnes per day with gold production to average 409,000 ounces per year over As of February 2017, Kinross reports that the project is on schedule and budget, with full commercial production expected in Q Kinross is currently completing the Phase Two feasibility study which is expected to be completed in Q Phase Two contemplates installing an additional 18,000 tpd of throughput capacity, an expanded power plant, and upgraded infrastructure which would increase annual production to 780,000 ounces per year. Kinross expects to make a development decision on Phase Two once the feasibility study has been completed. ASSET HIGHLIGHTS: Phase One expansion currently being constructed; commercial production in Q Phase Two feasibility study and development decision expected in Q Prospective 75 km long greenstone belt Revenue to Franco-Nevada ($ million) $ 4.4 $ 5.0 $ 7.1 P&P Reserves (koz Au) 1 8,015 8,952 9,196 M&I Resource (koz Au) 1 11,159 12,397 12,344 Inferred Resource (koz Au) P&P REUs (000s) M&I REUs (000s) 1, Inf REUs (000s) Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For REU calculation, FNV management estimates 100% of the Mineral Reserves and Mineral Resources are subject to our royalty interest and estimates a REU rate of 2.0% is applicable Tasiast Main Trend Plant Site N 25 km Tasiast Permit Area Tasiast License Area, March 2012 Tasiast Mining License Gold Prospects Trends Resource/Reserve Target Plant Site Original 2% NSR Royalty Boundary Asset Handbook FNV TSX NYSE

71 Edikan Precious Metals Operator: Perseus Mining Limited Ghana, Rest of World Royalty: NSR: 1.5% In 2011, Franco-Nevada acquired an effective 1.5% NSR royalty on Perseus Mining Limited s ( Perseus ) Edikan gold mine in Ghana. Perseus has 482 km² of tenements centered on the Ashanti Gold Belt including two mining leases of approximately 93 km 2 that are the focus of initial production. In June 2015, Perseus Supplementary Environmental Impact Statement was approved which was required for mining the Fetish, Chirawewa, Bokitsi (collectively referred to as the Eastern Pits ) and Esuajah North gold deposits. An upgrade to the mill and relocation of housing was successfully completed by the end of The ongoing mill upgrade negatively impacted production during the second half of Subsequent to the plant shutdown in the December 2016 quarter, operating performance has materially improved and operating statistics for the March 2017 quarter to date indicate a significant improvement. Production guidance for the first six months of 2017 has been lowered to 90, ,001 ounces from 125, ,000 ounces previously. Perseus released an updated life of mine plan in February 2017 with anticipated average annual gold production of 214,000 ounces over a 6.5 year mine life (starting July 1, 2017). This includes higher average annual production of approximately 240,000 ounces of gold over the next five years. ASSET HIGHLIGHTS: Expected production of 90, ,001 ounces for first six months of 2017 Updated life of mine plan assumes average annual production of 214,000 over 6.5 years Edikan Gold Mine Royalty Area 1.5% NSR Mampon Abnabna Fobinso Esuajah South Mill Site Esuajah North Chirawewa Fetish Revenue to Franco-Nevada ($ million) $ 3.1 $ 3.7 $ 3.4 P&P Reserves (koz Au) 1 2,078 2,345 2,685 M&I Resource (koz Au) 1 5,011 5,265 5,338 Inferred Resource (koz Au) ,018 2,356 P&P REUs (000s) M&I REUs (000s) 1, Inf REUs (000s) Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For REU calculation, FNV management estimates 100% of the Mineral Reserves and Mineral Resources are subject to our royalty interest and estimates a REU rate of 1.5% is applicable Mining License and Royalty Area Exploration License Deposit Dadieso Ataasi Ayanfuri Mine Licenses Location Map GHANA Ayanfuri Gold Project Accra N 0 10 Km The Gold Investment that WORKS Franco-Nevada Corporation 69

72 Other Rest of World Precious Metals Rest of World Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category. Ity Precious Metals Operator: Endeavour Mining Corporation Côte d Ivoire, Rest of World Royalty: NSR: 1-1.5% (approximately) The Ity gold mine, located in western Côte d Ivoire, is operated by Endeavour Mining. Endeavour Mining holds a 55% interest in the operation while the remainder is held 30% by Sodemi (the State Mining and Exploration Agency), 10% by the Government of Côte d Ivoire, and 5% by a private investor. Franco-Nevada has a sliding scale royalty which increased to an approximate 1.5% NSR once cumulative production from 2001 onwards exceeded 21 tonnes of gold (reached at beginning of 2015). The royalty ceases once production reaches 35 tonnes of gold. Ity had a strong 2016 producing 76,000 ounces, reported an increase in Mineral Reserves and discovered two new deposits on royalty ground, Bakatouo and Colline Sud which are close to the existing operations. For 2017, Endeavour forecasts Ity to produce between 75,000-80,000 ounces and is currently studying the potential of constructing a CIL plant. For REU calculation, FNV management estimates an average REU rate of 1.5% is applicable with a production cap of 35 tonnes of gold South Kalgoorlie Precious Metals Operator: Westgold Resources Limited Australia, Rest of World Royalty: NSR: % Westgold Resources Limited ( Westgold ) operates the South Kalgoorlie Operation ( SKO ) which has been in production since Westgold was created in December 2016 when Metals X Limited ( Metals X ) demerged its gold assets to create a separate ASX listed gold company. SKO is located 15 km south of Kalgoorlie in Western Australia. Franco-Nevada holds a 1.75% NSR royalty for gold and a 1% NSR royalty for other minerals which covers 470 km 2 of the SKO tenements including the northern and central sections of the HBJ deposit and all of the Mt Marion, Pernatty and Mt Martin deposits. Mining was stopped by the previous owner in 2013 but production continued from a combination of low grade stockpiles and third party ore at the 1.2 Mt per annum Jubilee mill. Open pit mining resumed in January 2015, and underground mining resumed in June Metals X and Westgold reported attributable 2016 gold production from SKO of 43,246 ounces. In February 2017, Westgold announced a toll-milling and option agreement with RNC Minerals, granting RNC access to 50% of SKO plant capacity for one year and also granting RNC a six month option to outright purchase SKO for A$80 million. For REU calculation, FNV management estimates that 74% (70% in 2014)of Mineral Reserves, 88% (91% in 2014; 87% in 2014) of M&I Mineral Resources and 91% of Inferred Resources are subject to our royalty interest at an REU rate of 1.75% Cooke 4 Precious Metals Operator: Sibanye Gold Limited South Africa, Rest of World Stream: 7% Gold Stream Cooke 4, which was formerly known as the Western Areas Gold Mine or Ezulwini, is located near the Town of Westonaria approximately 40 km west of Johannesburg, South Africa and owned by Sibanye Gold Limited. Cooke 4 is contiguous to the South Deep operation of Goldfields Limited to the south. Franco-Nevada, as a result of its acquisition of Gold Wheaton, is entitled to 7% of the gold produced from the Cooke 4 mine and makes ongoing payments equal to the lesser of $416/ounce of payable gold (subject to 1% inflation per annum that commenced in December 2013) and the spot price of gold. Sibanye announced in 2016 plans to place the mine on care and maintenance and allow the mine to flood. While the stream agreement remains in place, Franco-Nevada has impaired the majority of its carrying value for this asset. For REU calculation, FNV management estimates 100% of the Mineral Reserves and Mineral Resources are subject to our 7% stream interest to which a 66.6% factor has been applied to obtain equivalent REUs Asset Handbook FNV TSX NYSE

73 Other Rest of World Precious Metals Rest of World Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category. Red October Precious Metals Operator: Saracen Mineral Holdings Limited Australia, Rest of World Royalty: NSR: 1.75% Red October is located in the Laverton region of Western Australia which was in production as an open-pit until Saracen Mineral Holdings Limited ( Saracen ), the current operator, commenced underground mining in Franco-Nevada s royalty interest covers 29 km 2 surrounding the Red October deposit. Saracen reported Red October production of 21,000 ounces of gold for There was a production hiatus at Red October during the September quarter while exploration drilling was conducted from the base of the mine. Production re-commenced at Red October during the December quarter. Saracen has forecast lower production from Red October in 2017 and 2018 as activities have shifted to their Deep South Mine. For REU calculation, FNV management estimates 100% of Mineral Reserves & Mineral Resources following the production hurdle are subject to our royalty interest and estimates an average REU rate of 1.75% is applicable Pandora Precious Metals Operator: Lonmin PLC/Mvelaphanda Resources South Africa, Rest of World Royalty: NPI: 5% The Pandora property forms part of the Bushveld complex approximately 40 km east of the town of Rustenburg, South Africa. On November 10, 2016, Lonmin plc announced plans to acquire Anglo American Platinum Limited s 42.5% interest in the Pandora Joint Venture, increasing Lonmin plc s interest in the project from 50% to 92.5%. The other 7.5% interest is held by Mvelaphanda Resources. Franco-Nevada has a 5% NPI royalty on a portion of the Pandora operation including a small minimum annual payment of ZAR 100,000. The mine is an underground operation and exploits the UG2 reef horizon with access via a decline from surface. A shaft deepening project was completed in 2013 accessing the newly developed 9 and 10 levels. The majority of planned future mining is covered by Franco-Nevada s 5% NPI royalty. Pandora has fallen short of its operating plans over the last few years and not generated a profit. New management are expecting operating improvements. For REU calculation, FNV management estimates 80% of the Mineral Reserves and Mineral Resources are subject to our royalty interest. FNV management estimates a NPI rate of 5.00% with applicable all-in sustaining costs. PGM ounces are converted into REU equivalent gold assuming $950/ounce Pt and $750/ounce Pd ($1,200/ounce Pt and $750/ounce Pd in 2015; $1,200/ounce Pt and $750/ounce Pd in 2014) South Kalgoorlie (Lake Cowan) Precious Metals Operator: Westgold Resources Limited Australia, Rest of World Royalty: Production Payment Effective April 1, 2014, Franco-Nevada acquired a production payment royalty on all mineral production from the Lake Cowan Project operated by Westgold located in Western Australia northeast of the Higginsville Gold Plant. Westgold was created late in 2016 when Metals X demerged its gold assets into a separate ASX listed company. The Lake Cowan royalty rate is A$1.00 per tonne of ore processed and covers 32 km 2 including five small open-pit gold deposits. Westgold (then Metals X) began mining and processing ore from Lake Cowan in September 2014, to utilize spare capacity at its Higginsville Gold Plant and also at its South Kalgoorlie Gold Plant. Neither Metals X nor Westgold reported separate production figures for Lake Cowan during FNV management has not included Lake Cowan in REU estimates The Gold Investment that WORKS Franco-Nevada Corporation 71

74 Other Rest of World Precious Metals Rest of World Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category. Henty Precious Metals Operator: Diversified Minerals Pty Ltd Tasmania, Rest of World Royalty: GR: 1% Henty is an underground gold mine that has historically produced approximately 1.3 million ounces. Franco-Nevada holds a 1% gross royalty on the Henty Gold Mine located in northwest Tasmania operated by Diversified Minerals. All Mineral Reserves and Mineral Resources are on property subject to Franco-Nevada s royalties which cover 160 km 2. This is a result of a September 2015 agreement whereby Franco-Nevada and then-operator Unity Mining Limited ( Unity ) agreed to consolidate Franco-Nevada s various royalties at Henty into a single 1% gross royalty over the entire 160 km 2 project area. In December 2015, Unity placed the Henty Gold Mine on care and maintenance. In May 2016 Unity was acquired by Diversified Minerals by a Scheme of Arrangement. Diversified Minerals is a private company associated with PYBAR Mining Services, an Australian based underground mining contractor. Diversified Minerals resumed production at Henty late in 2016 and poured first gold in January For REU calculation, FNV management estimates 100% of the Mineral Reserves and Mineral Resources are subject to our royalty interest and estimates an average REU rate of 1.0% is applicable Perama Hill Precious Metals Operator: Eldorado Gold Corporation Greece, Rest of World Royalty: NSR: 2% Franco-Nevada has a 2% NSR on the Perama Hill project currently held by Eldorado Gold Corporation ( Eldorado ). The Perama Hill gold project is a late-stage development project in the Thrace region of northeastern Greece and consists of two mining titles covering an area of 19 km 2 and two mining exploration licenses covering an area of 18 km 2. Eldorado has been challenged in getting needed approvals to advance its activities in Greece. For REU calculation, FNV management estimates 100% of Mineral Reserves & Mineral Resources are subject to our royalty interest and estimates an average REU rate of 2.0% is applicable Aği Daği Precious Metals Operator: Alamos Gold Inc. Turkey, Rest of World Royalty: NSR: 2% Franco-Nevada has a 2% NSR on the Agi Dagi property owned by Alamos Gold Inc. ( Alamos ) and located in northwest Turkey. The NSR covers the Agi Dagi area as well as most of the Çamyurt deposit but does not cover the Kirazli area. Alamos released a feasibility study conducted on its Agi Dagi project and a preliminary economic assessment on its Çamyurt project in February The Agi Dagi study envisioned average production of 177,600 ounces of gold over 5 years while the Çamyurt study estimated production of 93,200 ounces of gold and 403,000 ounces of silver over 4 years. Alamos has stated its intention to develop Agi Dagi sequentially after the Kirazli project. For REU calculation, FNV management estimates 100% of the M&I Mineral Resources and 95% of the Inferred Resources are subject to our royalty interest and estimates an average REU rate of 2.0% is applicable Asset Handbook FNV TSX NYSE

75 Rest of World Precious Metals Rest of World Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category. Matilda (Wiluna) Precious Metals Operator: Blackham Resources Limited Australia, Rest of World Royalty: NSR: 3.6% Franco-Nevada holds a 3.6% NSR royalty on all gold production from the Matilda/Wiluna Gold Project located in Western Australia. In December 2016, Franco-Nevada and Blackham Resources Limited ( Blackham ) agreed to restructure the royalty agreements. Prior to this date Franco-Nevada had a 3-5% variable rate NSR royalty that excluded portions of the Matilda/Wiluna Gold Project Mineral Resource. Wiluna was discovered in 1896 and has produced in excess of 4.0 million ounces of gold to date, with nearly continuous production from 1987 to Blackham acquired the Wiluna Gold Operation in March Blackham had previously acquired a large tenement position surrounding Wiluna, called the Matilda Gold Project, with over 1,150 km 2 subject to an identical royalty arrangement with Franco-Nevada. Blackham resumed mining operations at Matilda/Wiluna in July 2016 with first gold pour in October Total production for 2016 was 9,240 ounces of gold, with 4,900 ounces of gold production in December Matilda/Wiluna has a 1.3 Mt per annum treatment plant and will process ore from several open pit and underground deposits. According to a feasibility study released by Blackham in February 2016, operations will have an initial mine life of 7 years, with average annual production of 101,000 ounces of gold per annum during the first five years. For REU calculation, FNV management estimates 100% of Mineral Reserves & Mineral Resources are subject to an average REU rate of 3.6%. In previous years, FNV assumed that 100% of the Mineral Reserves & Mineral Resources following the production hurdle were subject to our royalty interest and estimated an average REU rate of 5.0% was applicable Agnew (Vivien) Precious Metals Operator: Ramelius Resources Limited Australia, Rest of World Royalty: GR: 3.0% The Vivien gold mine is located in the Agnew-Leinster region of Western Australia. Franco-Nevada s royalty interest covers 1.5 km 2. Vivien was operated as a small open pit during 1997 and Ramelius Resources Limited ( Ramelius ) acquired the project in 2013 and commenced redevelopment of Vivien as an underground gold mine in Q First gold pour was in Q Vivien ore is trucked 300 km to Ramelius 1.7 Mt per annum Checkers mill at Mt Magnet. Ramelius reported 2016 production from Vivien of 31,710 ounces of gold. The 3% royalty applies to production once 25,000 was produced which was reached in November FNV management has not included Vivien in REU estimates Bullabulling Precious Metals Operator: Zijin Mining Group Co., Ltd Australia, Rest of World Royalty: GR: 1% Franco-Nevada holds a 1% gross royalty for gold on portions of the Bullabulling Gold Project, located in the Coolgardie region of Western Australia. The project is owned by Zijin Mining Group Co., Ltd ( Zijin ) following its takeover of Norton Gold Fields Limited ( Norton ) in June Norton itself had acquired the previous owner, Bullabulling Gold Limited ( BGL ), in late BGL, completed a pre-feasibility study for the project in February The study envisioned the development of an open-pit mine with anticipated production of 1.95 million ounces of gold over an 11 year mine life. Franco-Nevada s royalty covers 12 km 2 and includes the southern and western portions of the Phoenix deposit and all of the Edwards and Gryphon deposits on the Bullabulling property. For REU calculation, FNV management estimates 50% of Mineral Reserves & Mineral Resources are subject to our royalty interest and estimates an average REU rate of 1.0% is applicable The Gold Investment that WORKS Franco-Nevada Corporation 73

76 Rest of World Precious Metals Rest of World Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category. Yandal (Bronzewing) Precious Metals Operator: Echo Resources Limited Australia, Rest of World Royalty: NSR: 2% Bronzewing is located in the Yandal Greenstone Belt of Western Australia and has produced 2.19 million ounces of gold from several open-pit and underground deposits from 1994 to 2004, when the operation was placed on care and maintenance. Franco-Nevada s royalty covers 590 km 2 including all Mineral Resources identified. Navigator Resources Limited ( Navigator ) acquired the project in 2009 and recommissioned mining operations in April Navigator went into administration in March 2013 and Bronzewing was again placed on care and maintenance. In June 2014, Metaliko Resources Ltd. ( Metaliko ) acquired the project which included the processing plant and associated infrastructure, project tenements and Mineral Resources. Metaliko was acquired by Echo Resources Limited ( Echo ) in January Echo intends to use the Bronzewing mill to process ore from Echo s Julius Gold deposit. Franco-Nevada has a 1.5% NSR royalty covering the Julius deposit under a separate royalty agreement. For REU calculation, FNV management estimates 100% of Mineral Reserves & Mineral Resources are subject to our royalty interest and estimates an average REU rate of 2.0% is applicable Sissingué Precious Metals Operator: Perseus Mining Limited Côte d Ivoire, Rest of World Royalty: NSR: 0.5% In 2013, Franco-Nevada acquired a 0.5% NSR on certain tenements that comprise the Sissingué gold project located in Côte d Ivoire operated by Perseus. Perseus made a construction decision in First gold is now expected in February 2018 which is approximately 4 months later than originally expected. A revised mine plan is currently being prepared incorporating a revised Mineral Reserve estimate. The previous study envisioned average annual production of 75,000 ounces of gold over a 5.25 year mine life. For REU calculation, FNV management estimates 100% of Mineral Reserves & Mineral Resources are subject to our royalty interest and estimates an average REU rate of 0.5% is applicable Aphrodite Precious Metals Operator: Aphrodite Gold Limited Australia, Rest of World Royalty: GR: 2.5% Aphrodite Gold Limited ( Aphrodite ) remains focused on its namesake Aphrodite Gold project, located in Western Australia, 65 km northwest of Kalgoorlie. Franco-Nevada s 2.5% gross royalty covers a 29 km 2 area and all Mineral Resources. The royalty area was reduced from previous years following the termination of a joint venture agreement on surrounding areas in November A revised scoping study was completed in April 2016 which included a small oxide open pit, to complement the refractory underground ore in the original 2012 scoping study. Pre-feasibility study work, which had been halted during 2014 due to low gold prices, resumed in An advance minimum royalty of A$250,000 per annum applies from November 1, 2017 onward. For REU calculation, FNV management estimates 100% of Mineral Reserves & Mineral Resources are subject to our royalty interest and estimates an average REU rate of 2.5% is applicable Asset Handbook FNV TSX NYSE

77 Osborne (Cu, Au) Other Minerals Operator: Shanxi Donghui Coal Coking & Chemicals Group Co., Ltd. Australia Royalty: NSR: 2% (capped at A$15M) Effective July 1, 2013, Franco-Nevada acquired a 2% NSR royalty on the Osborne Copper-Gold project which is now operated by Shanxi Donghui Coal Coking & Chemicals Group Co., Ltd. ( Shanxi ), a private company incorporated in China. Royalty payments are capped at A$15 million with A$1.6 million in royalty payments paid prior to acquisition. The Osborne Copper-Gold project is located 195 km southeast of Mount Isa in Queensland, Australia. Franco-Nevada s royalty covers 413 km 2 and includes all Mineral Resources at the Kulthor and Osborne deposits which are connected by a 2 km decline. Previous owners operated the Osborne mine and plant from 1995 to Inova Resources Limited ( Inova ) acquired the project in 2010 and restarted mining operations in 2012, ramping up to full capacity in Inova was acquired by Shanxi on November 15, The Osborne plant capacity is Mt per annum. During 2016 underground mining at Osborne and Kulthor was completed and production shifted to the Osborne open pit operation. All production during 2016 was from Franco-Nevada s royalty area. Shanxi is a private company and does not publicly report operating results. ASSET HIGHLIGHTS: 100% of production now from royalty area Royalty payments capped at A$15 million Revenue to Franco-Nevada ($ million) $ 1.4 $ 2.6 $ 2.7 P&P Reserves (Mlbs Cu) Inclusive M&I Resource (Mlbs Cu) Inferred Resource (Mlbs Cu) P&P REUs (millions) M&I REUs (millions) 1, Inf REUs (millions) Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For REU calculation, FNV management estimates 100% of the Mineral Reserves and Mineral Resources are subject to our royalty interest and estimate a REU rate of 2.0% subject to the A$15M royalty cap Kuridala Osborne Royalty Area 2% NSR Trekelano N Tick Hill 0 20 Kilometres Phosphate Hill Victoria Cannington Osborne Kulthor The Gold Investment that WORKS Franco-Nevada Corporation 75

78 Mt Keith (Ni) Other Minerals Operator: BHP Billiton Limited Australia Royalty: NPI: 0.25% / GR: 0.375% Franco-Nevada has both a 0.375% GR royalty and a 0.25% NPI royalty on lands including the Mt Keith nickel operation in Western Australia, located 460 km north of Kalgoorlie. BHP Billiton Limited ( BHP Billiton ) is the operator and the project is a large, low-grade disseminated nickel sulphide ore body with an openpit mine. Franco-Nevada s royalties cover 236 km 2 and includes the Jericho Nickel Deposit located approximately 25 km northwest of Mt Keith. Jericho is a 50/50 joint venture between BHP Billiton and MMC Norilsk Nickel. Mining commenced in 1993 with the first nickel concentrate produced in In its June 30, 2016 Annual Report, BHP Billiton reported that Mt Keith has an estimated mine life of 4.2 years. Mt Keith concentrator ore throughput is approximately 11.5 Mt per annum with 68% recoveries. Production capacity is 35,000-40,000 tonnes per annum of nickel in concentrate. Mt Keith is part of Nickel West, BHP Billiton s integrated business unit for Australian nickel assets, along with two other underground mines, a concentrator, a smelter and a refinery. In January 2017, BHP Billiton reported that Nickel West total production for 2016 was 84,300 tonnes of nickel but no significant developments were reported for Mt Keith Revenue to Franco-Nevada ($ million) $ 1.3 $ 1.2 $ 1.8 P&P Reserves (Mlbs Ni) ,366 Inclusive M&I Resource (Mlbs Ni) 1 3,051 3,105 3,241 Inferred Resource (Mlbs Ni) P&P REUs (millions) M&I REUs (millions) 1, Inf REUs (millions) Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For REU calculation, FNV management estimates 100% of the Mineral Reserves and Mineral Resources are subject to our royalty interest and estimate a REU rate of 0.50% (0.48% in previous years). FNV also applied a NSR smelting charge of 30% ASSET HIGHLIGHTS: 4 year mine life at Mt Keith Undeveloped resource at Jericho Exploration upside on large land package Jericho Kingston Royalty Area km 2 Mt Keith Kingston Royalty Area Albion Downs Total: km 2 N O 5 10 Kilometres Mt Keith Port Hedland Perth Wiluna Kalgoorlie Cliffs Mt Keith Royalty Area 114 km 2 Yakabindie Asset Handbook FNV TSX NYSE

79 Rosemont (Cu, Mo, Ag) Other Minerals Operator: Hudbay Minerals Inc. Arizona Royalty: NSR: 1.5% Franco-Nevada has a 1.5% NSR royalty covering all metals including copper, molybdenum, silver and gold extracted from the majority of claims covering the Rosemont project which is located in Pima County, approximately 30 miles southeast of Tucson, Arizona. The project is 80% owned by Hudbay Minerals Inc. ( Hudbay ) following its acquisition of Augusta Resource Corporation ( Augusta ). The Rosemont property contains three known potentially open-pit mineable deposits (Rosemont, Peach Elgin and Broadtop Butte) and is situated near a number of large porphyry type producing copper mines. Rosemont has faced a challenging permitting process and is awaiting approval of its remaining permits. On February 3, 2015, the Arizona Department of Environmental Quality issued the Clean Water Act Section 401 Water Quality Certification. The remaining required permits are the final Record of Decision from the U.S. Forest Service and the Clean Water Act Section 404 Permit from the U.S. Army Corps of Engineers. Hudbay has not provided a timeline for expected receipt. Hudbay is planning to release a new technical report on Rosemont during the first quarter of The previous study released by Augusta in 2012 proposed production of 243 million pounds of copper, 5.4 million pounds of molybdenum, 2.9 million ounces of silver and approximately 17,000 ounces of gold annually over the anticipated 20+ year mine life. ASSET HIGHLIGHTS: New technical report expected in first quarter of 2017 Permitting efforts remain ongoing Franco-Nevada s royalty covers all metals including copper, molybdenum, silver and gold Revenue to Franco-Nevada ($ million) $ $ $ P&P Reserves (Mlbs Cu) 1, 3 5,851 5,851 5,851 Inclusive M&I Resource (Mlbs Cu) 1, 3 7,682 7,682 7,682 Inferred Resource (Mlbs Cu) 1, 3 1,112 1,112 1,031 P&P REUs (millions) 2, M&I REUs (millions) 1, 2, Inf REUs (millions) 2, Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For REU calculation, FNV management estimates 100% of the Mineral Reserves and Mineral Resources are subject to our royalty interest and estimate a REU rate of 1.275% (which factors a NSR smelting charge of 15%) 3 Does not include silver or molybdenum Mineral Reserve and Mineral Resource estimates Unpatented Mining Claims (To US Hwy I-10 and Tucson) Fee Lands Peach Elgin Deposit Copper World Mine N 0 2 Km Patented Mining Claims Mine Workings Broadtop Butte Deposit Rosemont Property 1.5% NSR Rosemont Deposit Highway 83 Patented Mining Claims Unpatented Mining Claims Fee Lands (To Highway 82) The Gold Investment that WORKS Franco-Nevada Corporation 77

80 NuevaUnión (Relincho) (Cu, Mo) Other Minerals Operator: Teck Resources Limited Chile Royalty: NSR: 1.5% Franco-Nevada has a 1.5% NSR royalty covering the Relincho property of the combined NuevaUnión project being advanced by 50/50 joint venture partners, Teck and Goldcorp. The NuevaUnión project combines Teck s Relincho project with Goldcorp s El Morro project, located approximately 40 km apart in the Atacama region of Chile. The 1.5% NSR is subject to a maximum price of $6.00/lb copper and threshold price of $1.50/lb copper, inflation adjusted. No royalty is paid if the average price for the quarter is less than the threshold price and royalty payments commence after four years of commercial production. Franco-Nevada acquired the royalty through its acquisition of Lumina Royalty Corp. in December NuevaUnión is one of the largest undeveloped copper-gold-molybdenum projects in the Americas. Based on the results of a preliminary economic assessment, initial stage development of NuevaUnión contemplates a conveyor to transport ore from the El Morro site to a single line mill and concentrator facility at the Relincho site with an initial capacity in the range of 90, ,000 tonnes per day to produce an average of approximately 190,000 tonnes of copper and 315,000 ounces of gold per year over the first 10 years. The phased development approach contemplated in the PEA will allow for future expansions to be funded from project cash flows, thus significantly reducing the initial funding requirement. By combining the two projects, there will be will be significant reductions to infrastructure requirements and thus initial capital, including utilizing a single desalination plant, a single port, a single transmission line, a single concentrator and a common tailings facility. NuevaUnión is currently working on various development scenarios and plans to complete a pre-feasibility study in the second half of Revenue to Franco-Nevada ($ million) $ $ $ P&P Reserves (Mlbs Cu) 1, 3 10,203 10,203 10,203 Inclusive M&I Resource (Mlbs Cu) 1, 3 13,056 13,056 13,056 Inferred Resource (Mlbs Cu) 1, 3 5,117 5,117 5,117 P&P REUs (millions) M&I REUs (millions) 1, Inf REUs (millions) Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For REU calculation, FNV management estimates 100% of the Mineral Reserves and Mineral Resources are subject to our royalty interest and estimate a REU rate of 1.275% (which factors a NSR smelting charge of 15%) and excludes the first four years of production from estimates ASSET HIGHLIGHTS: Joint Venture established with Goldcorp to combine Relincho and El Morro into one development project Project synergies estimated to significantly reduce initial capital Pre-feasibility for combined project expected in second half of 2017 Proposed Pit Peru Arica Iquique Bolivia N 0 10 Km Relincho Royalty Area 1.5% NSR Mining and Royalty Area Pit Proposed Mill Royalty Area Location Map South America Chile Antofagasta Candelaria Marte-Lobo Copiapo Cerro Casali Relincho Regalito El Morro La Serena Pascua-Lama Andacollo Argentina Santiago Chile Asset Handbook FNV TSX NYSE

81 Taca Taca (Cu, Au, Mo) Other Minerals Operator: First Quantum Minerals Ltd. Argentina Royalty: NSR: 1.08% Franco-Nevada has a 1.08% NSR royalty on all copper, gold and molybdenum produced from Taca Taca which was acquired through the acquisition of Lumina Royalty Corp. in December The property is located in the Puna region of northwestern Argentina in Salta Province, 230 km west of the provincial capital of Salta and 90 km east of the world s largest copper mine, Escondida. Taca Taca is a very large copper/gold/molybdenum porphyry system with a preliminary economic assessment completed by Lumina Copper Corp. ( Lumina Copper ) in April The study estimated a potential mine life of 28 years with annual throughput of 120,000 tonnes per day and expansion potential to 180,000 tonnes per day after seven years. In August 2014, First Quantum acquired all outstanding shares of Lumina Copper. Since its acquisition, First Quantum has focused on detailed review of geology, exploration and development options for the project. Environmental Impact Assessment studies has collected baseline data and begun the implementation of a communications and consultation plan in three local population centres. Initial engineering studies were carried out and commercial/logistical aspects continue to be addressed. The Environmental Impact Assessment baseline studies are planned to be finished in second quarter of 2017 while further studies such as transport and electricity supply should be initiated in ASSET HIGHLIGHTS: Project acquired by First Quantum in 2014 Very large undeveloped Mineral Resource Revenue to Franco-Nevada ($ million) $ $ $ P&P Reserves (Mlbs Cu) 1 Inclusive M&I Resource (Mlbs Cu) 1 21,150 21,150 21,150 Inferred Resource (Mlbs Cu) 1 7,550 7,550 7,550 P&P REUs (millions) 2 M&I REUs (millions) 1, Inf REUs (millions) Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For REU calculation, FNV management estimates 100% of the Mineral Reserves and Mineral Resources are subject to our royalty interest and estimate a REU rate of 0.918% (which factors in a NSR smelting charge of 15%) CHILE ARGENTINA Approximately 35 km to the Chilean border Arica PERU Taca Taca Royalty Area 1.08% NSR N 0 5 Kilometres N Iquique BOLIVIA Royalty Area Antofagasta Taca Taca Copiapo Relincho La Serena ARGENTINA Santiago San Jorge Vizcachitas CHILE The Gold Investment that WORKS Franco-Nevada Corporation 79

82 Ring of Fire - Black Thor (Cr, Ni, Cu) Other Minerals Operator: Noront Resources Ltd. Ontario Royalty: NSR: 2-3% In April, 2015, Franco-Nevada acquired royalty rights in the Ring of Fire mining district of Ontario by providing a loan and royalty financing to Noront Resources Ltd. ( Noront ). The financing package enabled Noront to acquire the mining claims held by subsidiaries of Cliffs Natural Resources Inc. ( Cliffs ) in the Ring of Fire mining district. Following the close of the transaction, Noront holds a total of approximately 360 mining claims in the emerging mining camp, located 500 km northeast of Thunder Bay. Franco-Nevada provided Noront with a $25 million loan for a period of five years at a 7% interest rate which is secured by the acquired Cliffs properties. Franco- Nevada paid an additional $3.5 million in cash as part of the granting of the royalty over the existing Noront property. Franco-Nevada received a 3% royalty over the Black Thor chromite deposit, a 2% royalty over all of Noront s property in the region (excluding the Eagle s Nest deposit), 2% on certain other properties previously being advanced by Cliffs as well as a number of other third party exploration royalties. The total royalty concession is estimated to cover 1,000 km 2. The royalty package provides Franco-Nevada with a long-term interest in a potential new mining camp with exposure to a world-class chromite resource. FNV management has not included Ring of Fire - Black Thor in REU estimates ASSET HIGHLIGHTS: Established world-class chromite resource Loan structure provides modest return on capital Long-term option on prospective land package Noront claims & lease New Noront claims (Joint Venture)* Other company claims Ring of Fire Royalty Area Noront Properties 2-3% NSR *Royalties do not cover the Eagle s Nest deposit or certain JV ground N Note not to scale McFaulds VMS Black Thor & Black Label Blackbird Big Daddy Eagle s Nest* Asset Handbook FNV TSX NYSE

83 Other Base Metal Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category. Flying Fox (Ni) Other Minerals Operator: Western Areas Ltd. Australia Royalty: GR: 2% Franco-Nevada has a 2% gross revenue royalty on the southern portion of Flying Fox nickel mine located in the Forrestania Greenstone belt in Western Australia. Flying Fox is a high-grade underground nickel mine operated by Western Areas Ltd. which has been in production since 2007 and produced 11,443 tonnes of nickel in Franco-Nevada s royalty covers a total of 400 km 2 in several non-contiguous blocks. FNV management has not included Flying Fox in REU estimates Robinson (Cu, Au) Other Minerals Operator: KGHM International Ltd. Nevada Royalty: NSR: 0.225% / other The Robinson open pit mining complex, operated by KGHM produces copper, gold and molybdenum and is located near Ely, Nevada. Franco-Nevada has three royalties covering the Robinson mine: 1) a 0.225% NSR on all base metal and associated precious metal production; 2) a 10% NSR on 51% of the gold production from the property in excess of 60,000 ounces of gold per year; and 3) under a copper agreement, a price participation royalty on 51% of 40% of each pound of copper production from the property in excess of 130 million pounds of copper, multiplied by the spot price, less $1.00 per pound adjusted for inflation (based on 1990 dollars). Amounts are only payable in any year in which the average price of copper during that year exceeds a $1 per pound threshold, as adjusted for inflation (based on 1990 dollars). Copper production for the first nine months of 2016 decreased by 6% while gold production decreased by 16% due to extended maintenance shutdown of the floatation thickening unit. As a result, Franco-Nevada was only paid on the base 0.225% NSR royalty. For REU calculation, FNV management estimates 100% of the gold and copper Mineral Reserves & Mineral Resources are subject to our royalty interest and estimates an average REU rate of 0.225% is applicable for gold and % for copper (which factors a NSR smelting charge of 15%) Millmerran (Commodore) (Coal) Other Minerals Operator: Millmerran Power Management Pty Ltd Australia Royalty: GR: % Franco-Nevada holds a variable rate gross revenue royalty on coal production from the Commodore coal mine located in the Surat Basin in Queensland. The royalty rate is equal to the state government royalty rate for coal, a graduated royalty rate of 7% to 15% depending on the value, of which Franco-Nevada has an % share. The Commodore coal mine was developed to feed the adjacent Millmerran Power Station, which commenced operation in Both the mine and the power station had an initial 40 year life. Royalty payments have been received in past years but mining operations are currently off royalty lands. Franco-Nevada has been advised that substantial unmined Mineral Reserves remain on royalty ground and mining is expected to return to the royalty lands. FNV management has not included Commodore Coal in REU estimates The Gold Investment that WORKS Franco-Nevada Corporation 81

84 Other Base Metals Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category. Peculiar Knob (Fe) Other Minerals Operator: Arrium Limited Australia Royalty: Production Payment Franco-Nevada has a variable dollar per tonne royalty on the Peculiar Knob iron ore project located northwest of Prominent Hill in South Australia which is operated by Arrium Limited ( Arrium ). The royalty rate is A$ multiplied by the percentage of iron ore content in ore shipped quarterly and is also adjusted for movements in the iron ore index price from a base date of December 4, Franco-Nevada estimates this royalty to be comparable to a 2% gross royalty. Franco-Nevada s royalty interest covers 2.5 km 2 and includes all known Mineral Reserves and Mineral Resources at the Peculiar Knob iron ore deposit. On January 23, 2015, Arrium announced that due to a substantial fall in iron ore prices, there will be a re-design of mining operations and Peculiar Knob will be closed. Mining ended in March 2015 and Peculiar Knob was mothballed in June FNV management has not included Peculiar Knob in REU estimates Falcondo (Ni) Other Minerals Operator: American Nickel Limited Dominican Republic Royalty: 4.1% Dividend Franco-Nevada has a 4.1% equity interest in Falconbridge Dominicana, C. por A. ( Falcondo ) that is economically similar to a profit royalty except that payments are received through discretionary dividend distributions. Falcondo is a ferronickel surface mining operation with production capacity of 29,000 tonnes of contained nickel per annum located in the Dominican Republic with operations dating back to Falcondo is typically a swing producer and announced in October 2013 that it will temporarily shut down due to continued depressed nickel prices. Glencore sold its 85.26% ownership in the operation to American Nickel Limited in American Nickel has since partially restarted operations. For REU calculation, FNV management estimates 100% of the Mineral Reserves & Mineral Resources are subject to our royalty interest and estimates an average REU rate of 1% is applicable EaglePicher (De) Other Minerals Operator: EP Minerals, LLC Nevada Royalty: Advanced Payments EaglePicher is a diatomaceous earth operation in Pershing County, Nevada about 23 miles northwest of Lovelock. The royalty is based on a fixed payment per ton which fluctuates based on the average sales price from the prior year s sales. The royalty covers approximately 15 km 2 of checkerboard lands. The intervening lands are public and EaglePicher holds unpatented placer claims on those lands as needed for mining. The mine has been in continuous operation since the 1950s with approximately 65% of production coming from Franco-Nevada land. FNV management has not included EaglePicher in REU estimates Asset Handbook FNV TSX NYSE

85 Mineral Exploration Franco-Nevada has interests in 172 exploration stage mineral properties as at March 22, By commodity, these include 135 precious metals assets and 37 other minerals exploration assets. Exploration assets are speculative and unlikely to generate revenue to Franco-Nevada in the next five years, if ever. Some of these assets have associated Mineral Resources that, to be economic, may require additional Mineral Resources, higher commodity prices, permitting approval, lower geopolitical risk or a better financing environment. A good portion of the properties are inactive and may not see activity again. Some of the properties are in proximity to producing or advanced projects discussed above. Franco-Nevada has not visited or audited its full list of exploration assets and has relied on operator reports, public disclosures to determine which properties are in good standing. It is possible some properties may have lapsed. The following table is a list of exploration assets of Franco-Nevada as at March 22, that have had their terms or leases expire and have been written off are not listed. Franco-Nevada has reclassified Agnew (Vivien Gold Mine) as a producing asset, Cariboo and Red Mountain as advanced assets and Admiral Hill and Glenburgh as exploration assets. In 2016, Franco-Nevada wrote off three mineral exploration royalty assets and removed them from its asset counts. Mineral Exploration as at March 22, 2017 Asset Operator Interest and % (1) United States Zeolites, Arizona Zeox Corporation $1.50/ton plus escalator (Clay) Darwin, California Project Darwin LLC 5% NSR plus other (Au, etc.) Cripple Creek, Colorado Searchlight Exploration LLC 3% NSR (Au, Ag) Corbin Wickes, Montana Eastern Resources, Inc. (Elkhorn Goldfields LLC) 5% NSR (Au) Elkhorn, Montana Eastern Resources, Inc. (Elkhorn Goldfields LLC) % NSR (Au) Forest Products (Tuxedo Mine), Montana Trevali Resources Corp. 2% NSR (All Minerals) Bald Mountain (White Pine), Nevada Kinross Gold Corporation (KG Mining (Bald Mountain) Inc.) 1-5% GR (Au) Carlin (Currant Creek), Nevada Carlin Gold Corp. 3% NSR (All Minerals) Carlin (Willow Creek), Nevada Carlin Gold Corp. 1% NSR (All Minerals) Chukar Claims, Nevada Tesoro Gold Company 1.67% NSR (All Minerals) Curtiss-Wright, Nevada South Meadows Property Ltd. 2% NSR (Au) EaglePicher Diatomite II, Nevada EP Minerals, LLC $0.25/short ton plus other Getchell, Nevada Barrick Gold Corporation 2% NSR (Au) Goldstrike (Rodeo Creek), Nevada Barrick Gold Corporation 4% NSR; capped at $500K (Au, Ag) Limousine Butte, Nevada McEwen Mining Inc % NSR (Au) Marigold (SAR), Nevada Silver Standard Resources Inc. 5% NSR (Au) Marigold (Trout Creek/Valmy), Nevada Newmont Mining Corporation/Silver Standard 3% NSR (Au) Mountain View, Nevada Allied Nevada Gold Corp. 1% NSR (All Minerals) NMC/NGC Deeds Barium, Nevada Barium, Inc. 3% GP (All Precious Metals) NMC/NGC Deeds Pacific Spar, Nevada Pacific Spar Corp. 3% GP (Au) Preble, Nevada Barrick Gold Corporation 10% NP (Au) Preble (Pinson Fee), Nevada Barrick Gold Corporation % NSR (Au, Ag) Tonkin Springs, Nevada McEwen Mining Inc. 1-2% NSR (Au) Boling Dome, Texas Total E&P USA/H&L Newgulf $ per long ton (Sulfur) Hobson Pearson, Texas Bridge Oil 20% OR (Uranium) Texas Sulfur, Texas Pacific Coast Mines, Inc. 4% GR (Sulfur) Kings Canyon, Utah Pine Cliff Energy Ltd. (Geomark Exploration Ltd.) 4% NSR (Au) Silver Bell, Utah Unico, Inc. 5% NSR plus other (Au, Cu, Pb, Zn) Tintic, Utah Keystone Surveys 1% NSR (All Minerals) Shirley Basin (Davy Crockett), Wyoming Ur-Energy Inc. (Pathfinder Mines Corporation) 4% on FMV (Uranium) Canada Eskay Creek, British Columbia Barrick Gold Corporation 1% NSR (Au, Ag, Pb) Tide, British Columbia B.C. Ltd. 1.5% NSR (All Minerals) Trout Lake (MAX Moly Mine), British Columbia Roca Mines Inc. (Forty Two Metals Inc.) 2.5% NSR (All Minerals) Maverick (Nokomis), Manitoba Minnova Corp. 2-3% NSR (All Minerals) Maverick (Puffy Lake), Manitoba Minnova Corp. 2-3% NSR (All Minerals) Oxford Lake, Manitoba Alto Ventures Ltd % NSR (All Minerals) Clarence Stream, New Brunswick Wolfden Resources Corporation 1% NSR (All Minerals) Golden Ridge, New Brunswick Tri-Star Resources plc 3% NSR (All Minerals) Clan Lake (Sito Lake), NWT Roland T. Trenaman 2-3% NSR (All Minerals) Redstone (Coates Lake), NWT Copper North Mining Corp. (Redbed Resources Corp.) 3-4% NSR (Cu, Ag) Bull Lake, Ontario Noront Resources Ltd. (Noront Muketei Minerals Ltd.) 3% NSR (All Minerals) Butler and Sanderson (Diagnos), Ontario MacDonald Mines Exploration Ltd. ROFR on Diagnos Royalty (Diamonds/Base Metals) Catharine 1, Ontario Canadian Exploration Services Limited 1/3 of a 2-3% NSR (All Minerals) Catharine 4, Ontario Canadian Exploration Services/Northstar Gold 2-3% NSR (All Minerals) Cline Lake, Ontario Cline Mining Corporation 0.75% NSR (All Minerals) Detour (Gowest), Ontario Detour Gold Corporation 1% NSR (All Minerals) (buy-back option on 0.5%) Detour (Mikwam), Ontario & Quebec ALX Uranium Corp % NSR (All Minerals) Diagnos, Ontario Debut Diamonds Inc. 3% NSR (All Minerals) The Gold Investment that WORKS Franco-Nevada Corporation 83

86 Mineral Exploration, continued Asset Operator Interest and % (1) Canada, continued Folson Lake, Ontario Noront Resources Ltd. (Noront Muketei Minerals Ltd.) 3% NSR (All Minerals) Golden Highway (Aquarius), Ontario Kirkland Lake Gold Inc. 1-2% NSR (All Minerals) Golden Highway (Central Timmins), Ontario Kirkland Lake Gold Inc. 0-1% NSR (All Minerals) Golden Highway (Kerrs Leases), Ontario B.C. Ltd. 1-2% NSR (Au) Golden Highway (Stock), Ontario Primero Mining Corp. (Brigus Gold Corp.) 1% NSR (All Minerals) Golden Highway (Stoughton), Ontario Harte Gold Corp % NSR (Au) Hemlo (JOA), Ontario Beaufield Resources Inc % NSR (Au) Kirkland Lake (Agnico-Yamana JV 2% NSR), Ontario Agnico Eagle Mines/Yamana Gold JV 2% NSR (Au) Kirkland Lake (KLG Underlying 2% NSR A&D), Ontario Kirkland Lake Gold Inc. 2% NSR (Au) Kirkland Lake (KLG Underlying 3% NSR B), Ontario Kirkland Lake Gold Inc. 2-3% NSR (Au) Kyle, Ontario Renforth Resources Inc. 3% NSR (All Minerals) Larose, Ontario Russell A. Kwiatkowski 0.5% NSR (All Minerals) MacFayden & Pele, Ontario Noront Resources Ltd. (Noront Muketei Minerals Ltd.) 3% NSR (All Minerals) Marathon PGM (Par Lake), Ontario Stillwater Canada Inc. 2% NSR (Pt, Pd) Red Lake (Madsen: Aiken-Russet claims), Ontario Pure Gold Mining Inc. 1% NSR; capped at C$1M (All Minerals) Red Lake (Madsen: Newman-Heyson claims), Ontario Pure Gold Mining Inc % NSR (All Minerals) Red Lake (Newman-Todd), Ontario Confederation Minerals/Redstar Gold 1.5-2% NSR (Au) Red Lake (Skinner), Ontario Sabina Gold & Silver Corp. 1% NSR (All Minerals) Ring of Fire (Original Noront Properties), Ontario Noront Resources Ltd. (Noront Muketei Minerals Ltd.) 3% GR (Cr) plus other Shining Tree (Creso), Ontario Dundee Sustainable Technologies Inc. Option to acquire 2% NSR (All Minerals) Shining Tree (Knight), Ontario Timothy A. Young 2-3% NSR (Au) Sudbury-Podolsky, Ontario KGHM International Ltd. Stream 50% PGM & Gold Sungold, Ontario Noront Resources Ltd. (Noront Muketei Minerals Ltd.) 3% NSR (All Minerals) Timmins (Cripple Creek), Ontario Richmont Mines Inc % NSR (Au) Timmins (Project 81), Ontario Noble Mineral Exploration Inc. Option to purchase 2.25% NSR (Au, Other Minerals) Timmins (Sewell), Ontario Richmont Mines Inc % NSR (Au) Timmins (West Porcupine), Ontario Probe Metals Inc. 2% NSR (All Minerals) Timmins (Whitney 1), Ontario John Prochnau 2.5% NSR (All Minerals) Timmins (Whitney 2), Ontario Goldcorp Inc. 2.5% NSR (All Minerals) Verneuil, Ontario Viking Gold Exploration Inc. 0.5% NSR (All Minerals) Windarra (East Property), Ontario Wesdome Gold Mines Ltd. 0.5% NSR (All Minerals) Barry, Quebec Metanor Resources Inc. 0.5% NSR (All Minerals) (buy-back option on 0.25%) Benoist, Quebec Cartier Resources Inc. 1% NSR (All Minerals) (buy-back option on 0.5%) Cadillac-Sphinx, Quebec Agnico Eagle Mines Limited 1.5% NSR (All Minerals) Casa Berardi (Caribou-Estrees), Quebec Yorbeau Resources Inc % NSR (Au, Base Metals) Casa Berardi (Dieppe), Quebec Agnico Eagle Mines Limited 2-3% NSR (Au) Dalhousie, Quebec Noront Resources Ltd. (Noront Muketei Minerals Ltd.) 3% NSR (All Minerals) Destiny (Rochebaucourt), Quebec Alto Ventures Ltd. 3% NSR (All Minerals) Eastmain, Quebec Eastmain Mines Inc % NSR on initial 250K oz (Au) Galinee, Quebec Nyrstar NV 1.5-2% NSR (Au) Norlartic-Camflo, Quebec Richmont Mines Inc. 25% NPI (All Minerals) Radisson, Quebec Eastmain Resources Inc. 2% NSR (All Minerals) Windfall Lake, Quebec Osisko Mining Inc % NSR (All Minerals) (buy-back option) Brewery Creek, Yukon Golden Predator Mining Corp. $40/oz; capped at $300K (Au) Latin America Mara Rosa, Brazil Amarillo Gold Corporation 1% NSR (Au, Ag) Para (Inaja) South, Brazil Talon Metals Corp % NSR (All Metals) Terra Escura, Brazil Talon Metals Corp. 1-2% NSR (All Metals); 4% Cash Dividends Trairao, Brazil Talon Metals Corp. $ per tonne (Fe) La Coipa, Chile Kinross Gold Corporation 3% NSR (Au) Vizcachitas, Chile Los Andes Copper Limited 1-2% NSR (All Minerals) Hispaniola, Dominican Republic Energold Drilling Corp. 0.6% NSR (All Minerals) Ayahuanca, Peru Apumayo SAC 1% NSR (Au) Choreveco, Peru Minera del Norte S.A./Aruntani S.A.C % NSR (Au) Cristiana, Peru Fresnillo Peru S.A.C. 1.5% NSR (All Metals) Dorato, Peru Xiana Mining Inc. 2% NSR (All Minerals) Invicta (Victoria), Peru Lupaka Gold Corp. 1% NSR; capped at $800k (All Minerals) Los Pinos, Peru Tamerlane Ventures Inc. 0.5% NSR (All Metals) Minasnioc, Peru Duran Ventures Inc. 2% NSR (All Metals) Parinacochas (Urbaque), Peru Hochschild Mining PLC 2% NSR (All Minerals) Pukaqaqa (Antoro Sur), Peru Compania Minera Milpo S.A.A. 1-2% NSR (All Minerals) Yanamina, Peru Wealth Minerals Ltd. 5% NSR (All Minerals) Australia Brown s Creek, New South Wales Australian Native Landscapes/Hargraves 2.25% NSR (All Minerals) Brown s Creek (Blayney), New South Wales Aeris Resources Limited 2.25% NSR (All Minerals) Brocks Creek (Zapopan), Northern Territory Newmarket Gold Inc. $20/oz (Au) Legend, Northern Territory Legend International Holdings, Inc 1% GR (All Minerals) Asset Handbook FNV TSX NYSE

87 Asset Operator Interest and % (1) Australia, continued Mt Fitch, Northern Territory Compass Resources/Hunan Nonferrous Metals 1-3% NSR (Cu, Pb, Zn, Co, Ni, U) Reynolds Range, Northern Territory ABM Resources NL 1-2.5% NSR (Au) Rover, Northern Territory Andromeda Metals/Emmerson earning 70% % NSR (All Minerals) Tennant Creek, Northern Territory Emmerson Resources Limited 1.29% NSR (Au) Tennant Creek (Chariot), Northern Territory Emmerson Resources Limited A$17.10 or A$30/oz (Au) Agate Creek, Queensland Laneway Resources Limited 1% NSR (All Minerals) King Vol, Queensland Auctus Minerals LLC Production payments Millmerran (Power Station), Queensland Millmerran Power Partnership % NPI of cashflow; NPV threshold (Coal) Mt Carlton, Queensland Evolution Mining Limited 2.75% GR (All Minerals) Mt Carlton (Crush Creek), Queensland Basin Gold Pty Ltd 2.75% GR (All Minerals) Top Camp, Queensland Orion Metals Limited 0.5% GR (Au)/NPI (Other Minerals) Twin Hills, Queensland Shandong Tyan Home Co., Ltd. 2.5% NSR (Au) Third Plain, S. Australia Perilya/Minotaur Exploration 0.5% NSR (Zn) White Dam (Drew Hill Gold), S. Australia Washington H. Soul Pattinson and Company Limited 13.48% of $0.25/dry tonne; capped at 10M dry tonnes (All Minerals) Moina, Tasmania Niuminco Group Limited A$125k lump sum at commencement of mining Rosebery Extension, Tasmania MMG Limited % (Au, Ag, Other Minerals) Admiral Hill, W. Australia Focus Minerals Ltd. Production payment Agnew, W. Australia Gold Fields Limited 2.5% GR (All Minerals) Agnew (Cox), W. Australia Gold Fields Limited 5% GR (Au) Agnew (Miranda Gold), W. Australia Gold Fields Limited 3% GR (Au) Agnew (Miranda Nickel), W. Australia Gold Fields Limited 0.5% of production (Ni) Agnew (Miranda Nickel No2), W. Australia Ramelius Resources Limited 0.5% of production (Ni) Camelback, W. Australia GME Resources Limited $0.50/tonne (Ni) Day Dawn (Big Bell Gold), W. Australia Westgold Resources Limited 1% GR (Au) Duketon (Southwest), W. Australia Duketon Mining Limited 2% NSR (All Minerals) Duketon (West), W. Australia Duketon Mining Limited 2% NSR (All Minerals) Flushing Meadow, W. Australia Orex Mining/Nemex/Maximus Resources 1% NSR (Au, Other Minerals) FMG Hamersley, W. Australia Fortescue Metals Group Ltd. $0.05/tonne; capped at A$1M (Fe) Glenburgh, W. Australia Gascoyne Resources Ltd. 1.5% NPI (All Minerals) Granny Smith (Windich South), W. Australia Gold Fields Limited 1% NSR (All Minerals) Gum Creek (Gidgee/Wyooda Thangoo), W. Australia Panoramic Resources Limited A$0.60/tonne (Au) Gum Creek (Sandstone II/Howards), W. Australia Horizon Gold Limited $0.35/dry tonne (All Minerals) Heather Bore/Mount Clifford, W. Australia Independence Group NL 1-2% NSR (Cu, Zn, Other Metals) Jeffreys Gold, W. Australia Mincor Resources NL 2% GP (Au) Kalgoorlie Super Pit (Western Lease), W. Australia KCGM Pty Ltd (Newmont/Barrick) 2.5% GR (Au) Karonie (Aldiss), W. Australia Silver Lake Resources Limited $10-20/oz (Au) Lake Maitland, W. Australia Toro Energy/Mega Uranium/Oz Minerals 1% NSR (All Minerals) Lake Percy, W. Australia Poseidon Nickel Limited 2% NPI (All Minerals) Marvel Loch (May Queen), W. Australia China Hanking Holdings Limited $ /cubic metre (Au) Moyagee, W. Australia Silverlake Resources Ltd./Musgrave earning 80% % NSR (All Minerals) Mt Newman-Victory, W. Australia St Barbara/Astro Resources 0.07% GR (All Minerals) Mungari (Carbine North/Chadwin s Dam), W. Australia Evolution Mining Limited 3% NPI (All Minerals) Mungari (Lady Jane), W. Australia Evolution Mining Limited 4.5% GR (Au) Munni Munni, W. Australia Platina Resources Limited/Artemis earning 70% One-time payment on production (Au and/or Pt) Murrin Murrin Gold, W. Australia Zeta Resources Limited 2.625% NSR (Au and Sulfides) Paddington (Breakaway Dam/12 Mile), W. Australia Zijin Mining Group Co., Ltd. $1/ton (All Minerals) Paddington (Matt Dam), W. Australia Zijin Mining Group Co., Ltd. A$0.60/tonne (A$1.00/t x 60%) (Au) Polar Bear, W. Australia S2 Resources 2% NSR (All Minerals) Randwick Gold Hill, W. Australia E Bouverie, Trindal P/L, Lucas Gold P/L et al 1-1.5% GR (Au) Red October (Butcher Well), W. Australia Saracen Mineral Holdings Limited 1% NSR; 50k oz production threshold (Au) Red October (Butcher Well Area), W. Australia Saracen Mineral Holdings Limited / AngloGold Ashanti earning 70% % NSR (Au) Red October (Yundamindera), W. Australia Nex Metals Explorations Ltd 1% NSR (Au) South Kalgoorlie (Goldjet), W. Australia Goldjet Investments Pty Ltd 1.75% NSR (Au, Ag); 1% NSR (Other Minerals) South Kalgoorlie (Location 48), W. Australia BHP Billiton Limited 1.75% NSR (Au, Ag); 1% NSR (Other Minerals) South Kalgoorlie (St Ives), W. Australia Gold Fields Limited 1.75% NSR (Au, Ag); 1% NSR (Other Minerals) Western Tamani (Coyote), W. Australia Tanami Gold NL $5-15/oz on production between 300K-1M oz (Au) Yandal (Julius/Red Lake), W. Australia Echo Resources Limited 0.5 or 1.5% NSR (All Minerals) Rest of World Mizek Gold Mine, Kazakhstan KAZ Minerals PLC $10.41/oz plus escalator (Au) NPI, Philippines Nickel Asia Corporation Production Payment; capped at $1M Demirci, Turkey Ariana Resources PLC 2% NSR (Au) Hasandagi-Dikmen, Turkey Teck/Koza Altin 2% NSR (Au) Karadag, Turkey Koza Altin 2.5% NSR (Au) Torul, Turkey Koza Altin 1.5% NSR (Au) Kasese, Uganda Blue Earth Refineries Inc. 10% of free cash flow (Co) 1 Royalty terms have been simplified for presentation purposes. Different terms may apply to certain portions of properties or by commodity. Some royalties may have sliding scales tied to commodity price. Others may include participation in sale proceeds of property or gross sales. The Gold Investment that WORKS Franco-Nevada Corporation 85

88 Oil & Gas Franco-Nevada and its predecessor companies have been active investing in oil & gas for over 25 years. We actively manage our business with an objective that precious metals represent at least 80% of our business over the long term while non-precious metals activities including oil & gas are no more than 20% of our business. In 2016, precious metals represented 94% of Franco-Nevada s revenues so there is further scope to increase Franco-Nevada s non-precious metals investments including oil & gas. Similar to the gold industry, the oil & gas sector has many active participants from senior to junior companies which provides a broad range of royalty opportunities. Our experience is that when precious metals investments are expensive, the oil & gas sector can provide an attractive alternative for new royalty investments. Franco-Nevada manages its oil & gas division with three dedicated employees. Until 2016, Franco-Nevada s focus was limited primarily to the Western Canadian sedimentary basin. In late 2016, Franco-Nevada began to increase the scope of its oil & gas royalty investment activities to include the Anadarko and Permian basins in the U.S. Major Producing as at March 22, 2017 Primary Commodity Location Weyburn Royalties Oil Saskatchewan Weyburn NRI Oil Saskatchewan Weybun WI Oil Saskatchewan Midale Royalties Oil Saskatchewan Midale WI Oil Saskatchewan Edson Gas Alberta STACK Oil Oklahoma Midland Basin* Oil Texas Other Producing Primary Commodity Location Alameda Oil Saskatchewan Alida Oil Saskatchewan Benson Oil Saskatchewan Carbon Area Gas Alberta Carnduff Oil Saskatchewan Cessford Gas Alberta Claresholm Gas Alberta Dixonville Gas Alberta Other Producing, continued Primary Commodity Location E. Crossfield Gas Alberta Elswick Oil Saskatchewan Enchant Gas Alberta Ferrybank Gas Alberta Flatrock Gas British Columbia Ghost Pine Gas Alberta Granor Gas Alberta Hanlan Gas Alberta Harmattan Gas Alberta Harvest - AB Gas Alberta Hotchkiss Gas Alberta Huntoon Oil Saskatchewan Innes Oil Saskatchewan Inverness Oil Alberta Kimiwan Gas Alberta Laglace Gas Alberta Lesser Slave Oil Alberta Liege Gas Alberta Lochend Gas Alberta Lone Pine Gas Alberta Long Coulee Gas Alberta Macoun Oil Saskatchewan Manitoba Oil Manitoba Other Producing, continued Primary Commodity Location Medicine Hat Gas Alberta Montreal Trust Oil Saskatchewan Oungre Oil Saskatchewan Pearmac - AB Gas Alberta Pearmac - MB Oil Manitoba Pearmac - SK Oil Saskatchewan Provost Gas Alberta Prudential - AB Gas Alberta Prudential - MB Oil Manitoba Qu Appelle Oil Saskatchewan Queensdale Oil Saskatchewan Rainbow South Oil Alberta Rocanville Oil Saskatchewan Royce Gas Alberta Steelman Oil Saskatchewan Stoughton Oil Saskatchewan Swalwell Gas Alberta Swift Current Gas Saskatchewan Tidewater Oil Saskatchewan Watts/Craig Oil Alberta Widewater Gas Alberta Viewfield Oil Saskatchewan * Expected to close Q Asset Handbook FNV TSX NYSE

89 Northwest Territories Nunavut ge TRIM Oil & Gas British Columbia Rainbow South Alberta Saskatchewan Manitoba Paradise Fort St. John Flackrock Grande Prairie Royce Jack Hotchkiss Dixonville Kimiwan Cindy/Belloy Devil Inverness Greencourt Lesser Slave Granor Widewater Big Bend Touchwood Liege Fort McMurray Laglace Portage W. Calling Lake Western Canada Sedimentary Basin Oil Gas Exploration Other Interests Mineral Reserves & Resources Edson Edmonton Hanlan Ferrybank Malmo Killam Lone Pine E. Crossfield Ghost Pine Watts/Craig. Saskatoon Not all assets are shown on map. Washington Idaho Provost Harmattan Carbon Area Lochend Swalwell Cessford Calgary Long Coulee Enchant Swift Current Turner Tidewater. Montana Claresholm Badger Medicine Hat Weyburn Midale Melville Huntoon Rocanville Qu Appelle Regina Viewfield Innes Stoughton Queensdale Colgate Elswick Oungre Benson Alida Steelman Macoun Alameda Carnduff Manitoba North Dakota Colorado Kansas Missouri New Mexico Permian Basin Anadarko Basin Texas Oklahoma STACK Midland Basin Arkansas Louisiana Environmental, Social and Governance Arctic Gas Edson Weyburn Midale STACK Midland Basin St. Lawrence The Gold Investment that WORKS Additional Information Franco-Nevada Corporation 87

90 Weyburn Unit (Oil) Oil & Gas Operator: Cenovus Energy Inc. Saskatchewan, Canada Royalty: NRI: 11.71% / ORR: 0.44% / WI: 2.56% The Weyburn Unit is located approximately 129 km southeast of Regina, Saskatchewan and encompasses approximately 216 km 2 on a gross basis (net 31 km 2 ) in which the Mississippian Midale beds are unitized. As of December 31, 2016, Franco-Nevada held an 11.71% NRI, a 0.44% ORR and a 2.56% WI in the Weyburn Unit. Collectively, these interests provide Franco-Nevada with the second largest economic interest in the Weyburn Unit after Cenovus. Production commenced from the Midale zone within the unitized area in 1955 under primary depletion (solution gas expansion). Formation of the Weyburn Unit occurred in 1963 for the purpose of implementing an inverted nine-spot waterflood pressure maintenance scheme on 80 acre well spacing. In 2000, Cenovus, the operator, began injecting CO 2 in a portion of the Weyburn Unit as an enhanced oil recovery ( EOR ) method. Some of the injected CO 2 remains in the reservoir and the Weyburn Unit is recognized as one of the world s largest geological CO 2 storage projects. Current gross production of the Weyburn Unit is approximately 25,000 Boe/d at an average water cut of 88.0%. Produced oil within the Weyburn Unit averages 31 degrees API and contains approximately 2.2% sulphur. Weyburn has a reserve life of approximately 50 years. For 2016, revenue received by Franco-Nevada from the Weyburn Unit was $23.6 million. Oil production, including NGLs, net to Franco-Nevada was 1,812 Boe/d. Franco-Nevada takes product-in-kind for its WI and NRI share of this production and markets it through a third party marketer. As of December 31, 2016, Franco-Nevada s Proved Reserves for the Weyburn Unit were 19,291 Mboe. ASSET HIGHLIGHTS: CO 2 EOR project commenced in 2000 EOR project continues to be rolled out with ~60% of the Weyburn Unit under CO 2 flood In 2014, added SaskPower s Boundary Dam Power Station as second source of CO 2 T9 T8 R15W2 R14W2 R13W2 R12W2 R11W2 R10W2 R9W2 R8W2 Weyburn, SK T9 T Revenue to Franco-Nevada ($ million) 1 $ 23.6 $ 21.1 $ 57.8 Production (Mboe) Proved Reserves (Mboe) 3, 4 19,291 20,777 21,486 Proved plus Probable Reserves (Mboe) 3, 4 26,978 28,273 29,090 1 Revenue refers only to payments made to Franco-Nevada 2 Net to the Oil & Gas Interests 3 Net to Franco-Nevada based on 0.44% ORR, 11.71% NRI and 2.56% WI 4 The estimates of reserves for individual properties may not reflect the same confidence level as estimates of reserves for all properties due to the effects of aggregation - as of year end for each of the three years T7 T7 T6 T5 T4 N Note: not to scale Weyburn Unit Unitized land Midale, SK T6 T5 T4 T3 T3 R15W2 R14W2 R13W2 R12W2 R11W2 R10W2 R9W2 R8W2 T7 T6 N Note: not to scale Weyburn Unit Unitized land wells T5 R14W2 R13W2 R12W Asset Handbook FNV TSX NYSE

91 Midale Unit (Oil) Oil & Gas Operator: Apache Canada Ltd. Saskatchewan, Canada Royalty: ORR: 1.14% / WI: 1.59% ge TRIM The Midale Unit was discovered in 1953 and unitized in 1964 for the purpose of implementing a pressure maintenance scheme by water injection. The Midale Unit is located in southeast Saskatchewan approximately 40 km southeast of the city of Weyburn and encompasses 56 km 2 on a gross basis (net 1.5 km 2 ). Franco-Nevada holds a 1.14% gross override royalty interest and a 1.59% working interest in the Midale Unit. Apache Canada Ltd. is the operator. The Midale Unit produces approximately 4,600 Boe/d and like the neighbouring Weyburn Unit, employs CO 2 EOR techniques. According to Apache, CO 2 injection has extended Midale s life by more than 30 years and over the full life of the project, 8.75 million tonnes of carbon dioxide will be sequestered. For 2016, revenue received by Franco-Nevada from the Midale Unit was $1.4 million and light/medium oil production net to Franco-Nevada was 109 Boe/d. Franco-Nevada takes product-in-kind for the working interest portion of this production and markets it through a third party marketer. As of December 31, 2016, Franco-Nevada s Proved Reserves for the Midale Unit were 503 Mboe. T9 R15W2 R14W2 R13W2 R12W2 R11W2 R10W2 R9W2 R8W2 T9 Mineral Reserves & Resources Revenue to Franco-Nevada ($ million) 1 $ 1.4 $ 1.8 $ 3.4 Production (Mboe) T8 Weyburn, SK T8 Proved Reserves (Mboe) 2, Proved plus Probable Reserves (Mboe) 2, T7 T7 1 Revenue refers only to payments made to Franco-Nevada 2 Net to the Oil & Gas Interests 3 The estimates of reserves for the individual properties may not reflect the same confidence level as estimates of reserves for all properties due to the effects of aggregation - as of year end for each of the three years T6 T5 N Note: not to scale Midale Unit Unitized land Midale, SK T6 T5 ASSET HIGHLIGHTS: CO 2 EOR project commenced in 2005 Proved plus probable reserves of 672 Mboe net to Franco-Nevada under current EOR project T4 T3 R15W2 R14W2 R13W2 R12W2 R11W2 R10W2 R9W2 R8W2 T4 T3 T7 T6 Environmental, Social and Governance N Note: not to scale Midale Unit Unitized land wells T5 R12W2 R11W2 Additional Information R10W2 The Gold Investment that WORKS Franco-Nevada Corporation 89

92 Mineral Reserves & Resources Edson (Gas/NGL) Oil & Gas Operator: Canadian Natural Resources Limited The Edson Property is located approximately 209 km west of Edmonton, Alberta and encompasses over 103 km 2 (net 15.5 km 2 ) of which approximately 13 km 2 on a gross basis (net 2 km 2 ) are currently undeveloped. Franco-Nevada has an approximate 15% overriding royalty in this property. The wells are operated by Canadian Natural Resources Limited ( CNRL ). For 2016, revenue received by Franco- Nevada from the Edson Property was $1.2 million. For the same period, the property produced approximately 1.6 MMcf/d of natural gas and 90.2 Bbls/d of NGLs totaling 358 Boe/d of production net to Franco-Nevada from 130 gross (net 20) producing gas wells mainly from the Upper Cretaceous Cardium Formation, with lesser amounts from the Viking, Gething, Cadomin and Bluesky Formations. As of December 31, 2016, Franco-Nevada s Proved Reserves for the Edson Property were 649 Mboe. Gas is processed at the CNRL operated Galloway, Edson West and Ansell gas plants which extract natural gas liquids. The main reserves bearing formation in the Edson Property area is the Upper Cretaceous Cardium Formation. The Edson Property lies in an area of northwest southeast trending fault traces where the faults ramp up through the Cardium Formation. The faults dip to the west. The best Cardium wells, both vertical and especially horizontal, have targeted the hanging wall of the updip leading edge of Cardium sand cycles. This potentially helps the wells take advantage of the better productivity associated with narrow areas of higher fracture density induced by the higher stresses related to deformation along the leading edges of the faults. ASSET HIGHLIGHTS: Liquids rich natural gas asset T53 Overview Mineral Reserves & Resources REUs Alberta, Canada Royalty: ORR: 15% R21W5 R20W5 R19W5 R18W5 Overview Revenue to Franco-Nevada ($ million) 1 $ 1.2 $ 1.7 $ 4.8 Production (Mboe) Proved Reserves (Mboe) 2, Proved plus Probable Reserves (Mboe) 2, ,005 1,122 1 Revenue refers only to payments made to Franco-Nevada 2 Net to the Oil & Gas Interests 3 The estimates of reserves for the individual properties may not reflect the same confidence level as estimates of reserves for all properties due to the effects of aggregation - as of year end for each of the three years Mineral Reserves & Resources T53 T52 T51 Environmental, Social and Governance Edson Lands T52 T51 N Note: not to scale Additional Information 90 T50 Additional Information R21W5 R20W5 R19W5 R18W Asset Handbook FNV TSX NYSE T50

93 STACK (Oil) Oil & Gas Operator: Newfield Exploration Company, Devon Energy, Others Oklahoma, United States Royalty: Effective Royalty Rate 1.61% In the fourth quarter of 2016 Franco-Nevada purchased royalty rights in the STACK shale play in Oklahoma s Anadarko basin for $100 million. STACK is an acronym for Sooner Trend, Anadarko Basin, Canadian and Kingfisher counties, and the play has been gaining momentum over the past couple of years due to its status as one of the most economic shale plays in North America. The current focus is on the Meramec formation, although the royalties have exposure to multiple horizons at depth, including the Woodford and Osage formations. The lands consist of GORRs and mineral title rights which apply to approximately 1,200 acres (net after royalties) that with pooling provides exposure to an estimated gross acreage of approximately 74,880 acres with an estimated average royalty rate of 1.61%. The top two operators of the acreage are Newfield Exploration and Devon Energy. Both companies have made the STACK a major focus of their capital spending, a portion of which will be on the royalty lands. Until recently, most of the drilling was focused on proving up resources, however, full-field development is expected to begin in In 2016, Franco-Nevada booked revenue for Q4 of $0.87 million. Revenue is expected to increase as full-field development begins Revenue to Franco-Nevada ($ million) 1 $ 0.9 $ $ Production (Mboe) ASSET HIGHLIGHTS: Royalty positioned in the core of the STACK resource play STACK represents one of the highest return plays in North America STACK Gross STACK Royalty Exposure COLORADO NEW MEXICO Anadarko Basin TEXAS KANSAS MISSOURI OKLAHOMA Oklahoma City STACK ARKANSAS Revenues expected to ramp-up as royalty acreage is developed N 0 25 MAJOR Pressure Transition GARFIELD Black Oil Kilometres 0 15 Volatile Oil Miles DEWEY KINGFISHER BLAINE CUSTER Condensate Dry Gas CADDO CANADIAN The Gold Investment that WORKS Franco-Nevada Corporation 91

94 Midland Basin (Oil) Oil & Gas Operator: Pioneer Natural Resources and various other operators Texas, United States Royalty: Effective Royalty Rate 0.14% In the first quarter of 2017, Franco-Nevada agreed to acquire a package of royalties in the Midland Basin for a price of $110 million. The Midland Basin comprises the eastern portion of the broader Permian Basin, which is located in west Texas, and which is known to be one of the most active plays in North America. The acreage is extremely diversified, covering a significant portion of the core of the Midland basin and provides exposure to multiple benches in the Wolfcamp and Spraberry formations. The royalties consist of approximately 97% mineral title rights, along with some GORR interests, which apply to approximately 908 acres (net after royalties) that with pooling provides exposure to an estimated gross acreage of 675,000 acres at an estimated average royalty rate of 0.14%. The acreage is host to numerous operators, however, Pioneer Natural Resources is the operator for the largest portion of royalty acreage. Pioneer is one of the largest companies operating in the basin. Pioneer is focused solely on its Midland Basin acreage and achieves some of the best well results in the area. Closing of the Midland acquisition is expected in the second quarter of At the time of this report, Franco-Nevada had not yet begun to receive revenue from the Midland Basin royalties. ASSET HIGHLIGHTS: Royalty provides exposure to effectively all of the Midland Basin Midland Basin represents one of most active plays in North America Revenues expected to ramp-up as royalty acreage is developed Midland Basin DAWSON BORDEN Gross Royalty Exposure MARTIN HOWARD ANDREWS N 0 20 Kilometres Miles Net Royalty Acres by County GLASSCOCK 7% Upton 9% Reagan 1% Others 26% Martin ECTOR MIDLAND 14% Howard 19% Midland 24% Glasscock UPTON Midland Basin REAGAN IRION Texas CROCKETT Asset Handbook FNV TSX NYSE

95 Other Producing Oil & Gas Oil & Gas Operator: Various BC / AB / SK / MB, Canada Royalty: ORR/FH: % Franco-Nevada has significant interests in Western Canada which generates revenues primarily through lessor royalties and GORRs. Aside from the major producing assets of Weyburn, Midale and Edson, Franco has 53 Other Producing which generate revenue for the Company. These interests cover more than 2,526 km 2. In Saskatchewan and Manitoba, the interests are focused primarily in high quality oil plays including, the Shaunavon and Mississippian. Lands are operated by companies such as Crescent Point Energy, NAL Resources and CNRL. The production in these areas is almost entirely oil and the most significant contributor within the land position is the Tidewater royalty which generates oil production from the Shaunavon and other formations. In Alberta and BC, the interests generate revenue primarily from natural gas production from shallow gas formations such as Milk River and Medicine Hat. In northern Alberta, the interests provide exposure to deeper conventional gas targets including the Shunda, Grosmont and Elkton formations. Production comes from unitized and non-unitized wells, including gross overriding royalty positions in eleven different Units across Alberta. Units include the Medicine Hat Consolidated Unit No.1, Ghost Pine Unit and Inverness Unit No.1 with the most significant contributor being the Medicine Hat Unit operated by Centrica Energy. The Medicine Hat Unit has been producing gas since 1963 and is located approximately 257 kilometres southeast of Calgary. Other operators on the interests include, ConocoPhillips, ARC Resources, Canadian Natural Resources Ltd. and Imperial Oil. Revenue from the Other Producing assets represented 10% of total oil and gas revenue for the year. At December 31, 2016 Proved Reserves were 828 Mboe. ASSET HIGHLIGHTS: Primarily quality oil plays in Saskatchewan and Manitoba Exposure to shallow gas and deeper conventional gas in Alberta and BC Interests cover more than 2,526 km Revenue to Franco-Nevada ($ million) 1 $ 3.0 $ 3.4 $ 7.9 Production (Mboe) Proved Reserves (Mboe) 2, Proved plus Probable Reserves (Mboe) 2, 3 1,098 1,152 1,320 1 Revenue refers only to payments made to Franco-Nevada; includes revenue received from lease and bonus payments 2 Net to the Oil & Gas Interests 3 The estimates of reserves for the individual properties may not reflect the same confidence level as estimates of reserves for all properties due to the effects of aggregation - as of year end for each of the three years Deep Basin N 0 80 Kilometres WASHINGTON Montney Cardium Edson Alberta/ British Columbia Oil & Gas Interests IDAHO Peace River Oil Sands Company Core Land Company Non Core Land Major City BRITISH COLUMBIA MONTANA Duvernay CALGARY EDMONTON ALBERTA Redwater Viking CBM (HSCN) Athabasca Oil Sands Alberta Bakken Cold Lake Oil Sands Lloydminster Heavy Oil Shallow Gas SASKATCHEWAN Lloydminster Heavy Oil Saskatchewan/Manitoba Oil & Gas Interests SASKATCHEWAN Dodsland Viking SE Saskatchewan Lower Bakken & Mississippian Oil MANITOBA N Torquay Oil 0 80 Kilometres ALBERTA Shallow Gas Shaunavon Oil REGINA Weyburn/ Williston Basin Midale Bakken NORTH DAKOTA MONTANA Sanish Oil Spearfish Oil Company Core Land Company Non Core Land Major City The Gold Investment that WORKS Franco-Nevada Corporation 93

96 Oil & Gas Exploration Oil & Gas Operator: Various AB / MB / SK / QC / Canada Arctic, Canada Royalties: 15-18% and WI: 3-15% In addition to its producing assets in Western Canada, Franco-Nevada has exposure to a portfolio of undeveloped, non-producing oil & gas interests. These are grouped into 19 different assets covering an area of over 1,348 km 2 and are located in Alberta, Saskatchewan and Manitoba. Much of the interests consist of mineral title which is currently unleased. Apart from Western Canada, Franco-Nevada also has interests in Quebec and in the Canadian Arctic. In Quebec, Franco-Nevada holds a 47% working interest in approximately 372 km 2 of undeveloped land which provides exposure to the Utica Shale in the St. Lawrence basin. In the Canadian Arctic, Franco-Nevada has, net to Franco-Nevada, 428 Bcf of contingent dry natural gas resource in the Drake Point, Hecla, King Christian and Roche Point gas fields located on and offshore Melville Island. This represents working interests of between 3% and 15% in these gas fields. The stated resources are an estimate of the recoverable contingent resources as evaluated by GLJ as at December 31, ASSET HIGHLIGHTS: Numerous future opportunities in Western Canada Interest in long-term Arctic and Quebec gas resources Exploration Location Arctic Gas Nunavut Badger Alberta Big Bend Alberta Cindy/Belloy Alberta Colgate Saskatchewan Devil Alberta Greencourt Alberta Harvest - SK Saskatchewan Jack Alberta Killam Alberta Malmo Alberta Melville Saskatchewan Paradise British Columbia Portage Alberta Prudential - SK Saskatchewan St. Lawrence Quebec Touchwood Alberta Turner Alberta W. Calling Lake Alberta Asset Handbook FNV TSX NYSE

97 Environmental, Social and Governance Overview Our Policies Our Process Our Third Party Operators Our Impact Environmental, Social and Governance The Gold Investment that WORKS Franco-Nevada Corporation 95

98 Environmental, Social and Governance Overview Franco-Nevada s business is investing in the business of others and Franco-Nevada does not directly operate any of its assets. The projects on which the Corporation has royalties and streams are owned and operated by independent mining and oil & gas companies which are typically publicly listed ( Third-Party Operators ). As management is not responsible for the day-to-day operational or development decisions at a project, it is able to focus on growth and new investments. While Franco-Nevada does not control or influence the operations of any of the properties over which it has an interest, it is committed to advancing responsible mining and oil & gas extraction in all aspects of its investments including with respect to environmental, social and governance issues, which are addressed through a combination of the following: policies which guide investment decisions due diligence for new investments contractual rights in royalty and stream agreements The approach taken by Franco-Nevada has generated real value for shareholders and has allowed it to acquire royalties and streams on projects operated by some of the best operators in the industry. Our Policies Franco-Nevada has adopted several environmental, social and governance responsibility policies, including: our Investment Principles (Environmental, Social and Governance) Policy our Corporate Responsibility Policy our Health and Safety Policy These policies, among others, are available on the Corporation s website at Environmental, Social and Governance Our Process Since our initial public offering in December 2007, we have continued to build our asset portfolio through additional acquisitions, adding numerous royalty, stream and other interests. When evaluating new opportunities, we employ extensive methods to identify, assess and, where possible, mitigate our risks prior to entering into royalty and stream agreements. Franco-Nevada s management team uses a multi-disciplinary approach when evaluating potential transactions. Our team consists of professionals with significant experience and expertise in the fields of geology, mining, metallurgy, engineering, oil & gas, finance and law. Environmental, social and governance issues relate to a number of these disciplines and Franco-Nevada s experience in evaluating and structuring royalty and stream transactions has given Franco-Nevada significant exposure to and experience in addressing such issues. In addition to relying on management s expertise, Franco-Nevada benefits from the experience and expertise of its Board of Directors. Board members are very active in the review of potential investments including participating in due diligence and providing technical, operational, political, financial, environmental, corporate social responsibility and other expertise. When conducting due diligence, environmental, social and governance issues are considered as these are critical to the long-term success of a project and the industry generally, which, in turn, is key to Franco-Nevada s success. In addition, when engaging in exploration efforts as part of advancing a property or to conduct due diligence in advance of undertaking an investment, Franco-Nevada undertakes to be guided by the Principles and Guidance for a Framework of Responsible Exploration as set forth by the e3plus program of the Prospectors and Developers Association of Canada (the PDAC ). The due diligence process will vary in each case as Franco-Nevada deems necessary or appropriate in the circumstances, all applied on a risk-adjusted basis. Further information regarding the Corporation s due diligence process can be found on our website at Asset Handbook FNV TSX NYSE

99 When conducting due diligence, environmental, social and governance issues are considered as these are critical to the long-term success of a project and the industry generally, which, in turn, is key to Franco-Nevada s success. Antamina revegetation and restoration Our Third-Party Operators Franco-Nevada holds royalties and streams over projects that are operated by some of the largest and most recognized Third-Party Operators in the world which represent some of the largest royalties, streams or interests in the Franco-Nevada portfolio. On the following pages, we have highlighted selected accomplishments of the Third-Party Operators. Franco-Nevada is proud of the accomplishments and the ongoing commitment to responsible production that such Third-Party Operators have demonstrated. Asset: Candelaria Country: Chile 2016 Revenue (%): 14.5% Web Link: Sustainability Report: Environmental Highlights Candelaria 2030 Project s environmental impact assessment approved by the Chilean authorities which allows for the expansion of current operations and construction of a new tailings facility. Demonstrates local and federal commitment to the operation. 88% of water used was ocean water treated at the desalination plant. At the port site, a monitoring program is conducted to monitor for potential impacts from the desalination plant s ocean discharge, from the port facilities and from concentrate shipment upon aquatic life and fish resources. No negative impact upon biodiversity have been recorded since the mine and port operations commenced. Commenced the implementation of the Candelaria closure plan despite the fact that the operation will operate for many years to come. The plan targets the social impact considering the operation is a major employer in the region. Social Highlights Close to $13 million invested in community programs at Candelaria. Investments include flood disaster relief funded and performed by Lundin for a catastrophic flood that hit the Copiapó region in March 2015, as well as funds expended pertinent to a multi-year community investment agreement reached with the Municipality of Tierra Amarilla for assistance to this under-privileged area. Candelaria recognized as the safest mine in the Atacama Region. Governance Highlights Signed the UN Global Compact in early Aligned with the Government of Canada s Enhanced Corporate Responsibility (CSR) Strategy as well as the OECD Guidelines for Multinational Enterprises, the UN Guiding Principles on Business and Human Rights, IFC Performance Standards on Social and Environmental Sustainability, Global Reporting Initiative (GRI) and Prospectors and Developers Association of Canada (PDAC). Environmental, Social and Governance The Gold Investment that WORKS Franco-Nevada Corporation 97

100 Environmental, Social and Governance Asset: Antamina Country: Peru 2016 Revenue (%): 12.3% Web Link: Sustainability Report: Member: ICMM Environmental Highlights Joint venture operation (BHP, Glencore, Teck and Mitsubishi) has extensive website and report dedicated to the single asset. Environmental Management system based on ISO certification. Social Highlights In addition to supporting an area of 115,000 people, Antamina co-financed major projects such as: Irrigation, forestry projects, new government buildings, development for competitive farming and the implementation of youth entrepreneurship. Governance Highlights The joint venture has its own management team and board of directors solely focused on the single operation. Antamina water management Asset: Antapaccay Country: Peru 2016 Revenue (%): 15.2% Web Link: Sustainability Report: Member: ICMM Environmental, Social and Governance Environmental Highlights Peru s Environmental Assessment and Enforcement Agency (OEFA) recognized nine companies from different market sectors which focus on activities to reduce environmental impact and improve sustainable use of natural resources; Antapaccay was one of only two recognized from the mining sector. OEFA recognized Antapaccay for its reduced carbon footprint and tree planting program. Social Highlights Antapaccay formalized its activities to support subsistence cattle farmers in the Espinar province, investing $2.2 million in the program. Antapaccay runs an educational initiative that supports teachers in providing students with Regular Basic Education (EBR) as well as offering EBR to local parents. Governance Highlights Sustainability report complies with the core level of the Global Reporting Initiative. Glencore is a signatory to the United Nations Global Compact. Glencore s sustainability report complies with the core level of the Global Reporting Initiative (GRI) G4 sustainability reporting guidelines and has been externally reviewed and assured by a third party Asset Handbook FNV TSX NYSE

101 Our Third Party Operators Asset: Cobre Panama Country: Panama 2016 Revenue (%): Web Link: Sustainability Report: Environmental Highlights First Quantum has created a network of programs to mitigate and remediate environmental impact around the Cobre Panama project. The Biodiversity Action Plan for the Cobre Panama mine calls for the reforestation of more than 10,000 hectares in and around the project site. Social Highlights At its peak, the $5.9 billion project will rank among Panama s largest employers. Once construction is completed, Cobre Panama will continue to be significant contributor to job creation and economic growth. Resettlement plan has developed local school, timber homes with raised wooden floors and a reliable source of potable water. Governance Highlights In addition to complying with the national laws of its host countries, First Quantum has confirmed alignment with the Universal Declaration of Human Rights, the Voluntary Principles on Security and Human Rights, the Equator Principles, the International Labour Organization s Declaration of Fundamental Principles and Rights at Work and the Extractive Industries Transparency Initiative (EITI). Cobre Panama employees work to restore the natural vegetation cover Asset: MWS Country: South Africa 2016 Revenue (%): 4.4% Web Link: Sustainability Report: Member: ICMM Environmental Highlights AngloGold Ashanti is a founding signatory of the International Cyanide Management Code (ICMC) and is actively working towards certification at MWS. MWS reprocesses historical tailings in the Vaal River area which reduces potential long-term environmental liabilities, closure and rehabilitation expenses. Social Highlights Contributed $15.2 million to community investment projects in In South Africa, AngloGold has focused on skills development as a driver of economic inclusion and prosperity which saw the launch of the Youth Technical Skills Development Programme in April This is a joint venture between the Mining Qualifications Authority (MQA), local authorities and AngloGold Ashanti. The objective of the initiative is to equip unemployed youth in the Eastern Cape with skills such as welding, brick-laying, carpentry and plumbing. Environmental, Social and Governance The Gold Investment that WORKS Franco-Nevada Corporation 99

102 Environmental, Social and Governance Asset: Sabodala Country: Senegal 2016 Revenue (%): 4.3% Web Link: Sustainability Report: Environmental Highlights Over 51% of water is recycled. Water used by Teranga is sourced from rainwater stored within the three dams. Social Highlights Over $1.2 million invested in 2015 in communities close to project, $10 million investment to finance construction projects in Senegal and over 75% of supplies coming from Senegal. 52% of Senegalese employees from local areas. Governance Highlights Has proactively sought partnerships with governments, NGOs and other organizations that have a similar interest in supporting the longterm socio-economic development of the Kedougou Region. In March 2017, Teranga was awarded the Environmental & Social Responsibility Award by the Prospectors and Developers Association of Canada for outstanding community relations in the communities and surrounding regions of the the Sabodala Gold Mine in Senegal, West Africa. Nursery with 10,000 plant capacity at Sabodala mine Environmental, Social and Governance Asset: Gold Quarry, Ahafo Country: USA, Ghana 2016 Revenue (%): 2.3% 0.8% Web Link: Sustainability Report: Environmental Highlights Both operations on which Franco-Nevada has royalties, Gold Quarry and Ahafo, are considered zero process discharge facilities by recycling all process water Both operations are certified under the International Cyanide Management Code All operations environmental management systems are certified to ISO standards Newmont was ranked was ranked by the Dow Jones Sustainability World Index as the mining industry s overall leader in sustainability as well has been recognized for leading sustainability performance (and as the most improved company in the mining sector) in the 2017 Sustainability Yearbook published by RobecoSAM Social Highlights Newmont invested a total of more than $28 million globally in 2015 to support a wide range of community investments 100 percent of its sites and projects had a social impact assessment (SIA) in place Governance Highlights Newmont Ahafo has a Board of Trustees that includes community members to ensure community ownership and participation. Investments generally focus on capacity building, community health and education, infrastructure development and livelihood and skills building Signed the World Economic Forum s Compact for Responsive and Responsible Leadership which commits signatory businesses and their boards of directors to creating a corporate governance framework with a focus on the long-term sustainability of corporation and the longterm goals of the society Asset Handbook FNV TSX NYSE

103 Our Third Party Operators Asset: Goldstrike, Hemlo, South Arturo Country: USA, Canada 2016 Revenue (%): 3.8%, 2.1%, 2.3% Web Link: Sustainability Report: www. Member: WGC, ICMM Environmental Highlights Goldstrike is the first operation in the western world to successfully produce gold using calcium thiosulfate leaching rather than cyanide. The tailings of the thiosulphate circuit are benign in fact, thiosulphate is commonly used as fertilizer. Social Highlights Goldstrike opened an on-site medical clinic, possibly the first among any of Nevada s mining operations. In addition to saving time by being able to have wellness exams and flu shots on site, the clinic brings peace of mind to workers knowing medical attention is available if needed. Governance Highlights Implemented an Operations Leadership Program at Goldstrike to help senior site leaders allowing more focused and people oriented leadership at operations rather than corporate head office. Asset: Weyburn Country: Canada 2016 Revenue (%): 3.9% Web Link: Sustainability Report: Environmental Highlights Weyburn supports the advancement of carbon capture and storage through an enhanced oil recovery project at Weyburn, where 27 million tonnes of CO2 has been injected underground since 2000, the equivalent of taking more than 5.7 million cars off the road for an entire year. In 2015, Weyburn injected over two million tonnes of new CO2, which is the equivalent of 33 percent of Cenovus company-wide direct GHG emissions for Social Highlights Despite the challenging economic times for the oil and gas industry, Cenovus remained committed to giving back and getting involved in local communities. In 2015, Cenovus donated over $8.4 million to 1,133 organizations. Several of Cenovus other projects are located near several Aboriginal communities. Cenovus works closely with these communities by consulting through the entire life cycle of the project, procuring products and services from the local businesses, providing community investment funding and supporting employment and training programs. Asset: STACK Country: USA 2016 Revenue (%): 0.1% Web Link: Sustainability Report: Environmental Highlights Devon Energy consistently ranks high among energy producers on Newsweek s annual green rankings list, which considers only companies in the S&P 500. In 2016, Devon ranked eighth among 41 companies listed in the energy sector. Social Highlights The Urban Land Institute, an international advocate for responsible land use, awarded Devon Energy Center its 2015 Global Award for Excellence in recognition of the development s transformative impact on downtown Oklahoma City. Devon was chosen from 22 international finalists. For eight straight years ( ), Fortune magazine recognized Devon as being one of USA s 100 best workplaces. Environmental, Social and Governance This information is based on the public disclosure of the Third-Party Operator and has not been independently verified by Franco-Nevada. The Gold Investment that WORKS Franco-Nevada Corporation 101

104 Environmental, Social and Governance: Our Impact Our Impact Franco-Nevada is a proactive member of the World Gold Council ( WGC ) Board and, in 2012, led the establishment of the WGC s new Conflict-Free Gold Standard to combat the potential misuse of mined gold to fund unlawful armed conflict. WGC members are also committed to the principles of the International Council on Mining & Metals ( ICMM ). These principles seek continual improvement in sustainable development performance. The majority of Franco-Nevada s gold mineral revenues are from properties operated by members of the WGC or ICMM. Franco-Nevada occasionally makes corporate social investments in cooperation with the Third-Party Operators of its assets. In 2012, the Corporation committed to fund $500,000 over five years to support the new School of Mines at Laurentian University in Sudbury, Ontario. From 2013 to 2016 the Corporation made annual contributions of $100,000 under this commitment. Franco-Nevada is also the primary sponsor of the PDAC annual awards that recognize industry successes in exploration, development, safety, environmental stewardship and aboriginal cooperation. In accordance with Franco-Nevada s Investment Principles Policy (Environmental, Social and Governance), the Corporation has undertaken to consider partnerships with its Third-Party Operators to support projects in the communities associated with its producing assets. Franco-Nevada is in discussions with Compania Minera Antamina to support ongoing ESG initiatives at Antamina. Franco-Nevada s directors and management support philanthropic and charitable efforts using their own personal resources. Our philosophy is that the Corporation is a steward of shareholders capital and charity is a decision best made with one s personal resources rather than the shareholders. All members of the executive team are also involved in non-profit activities. As a philanthropist, Pierre Lassonde, Chair of Franco-Nevada s Board of Directors, has made generous donations to many educational institutions and is a benefactor of the Lassonde Entrepreneur Institute at the University of Utah, which pairs faculty members with business, engineering and science students and helps them write business plans. In 2011, he donated $25 million to expand the School of Engineering at York University, where the Computer Science & Engineering Building was renamed the Lassonde Building in honor of his generosity over the years. He established the Lassonde Chair in Mining Engineering at the University of Toronto in 1996, followed by the Lassonde Mineral Engineering Program and the Lassonde Institute for Engineering Geosciences in Mr. Lassonde served as Chairman of the World Gold Council from 2005 to A passionate supporter of Canadian art, Mr. Lassonde served as Chairman of the Musée National des Beaux Arts du Québec and donated $3.9 million to the museum in 2006 and following another $10 million donation, the museum honored Mr. Lassonde in 2016 by opening the Pierre Lassonde Pavilion, an iconic new addition. Pierre Lassonde, Chair of Franco-Nevada s Board of Directors at the Musée National des Beaux Arts HARQUAIL SCHOOL OF EARTH SCIENCES ÉCOLE DES SCIENCES DE LA TERRE Environmental, Social and Governance In 2016, Franco-Nevada s Chief Executive Officer, David Harquail, through his family s Midas Touch Foundation, an organization that supports charities, hospitals, education and the arts, made a $10 million donation to support Laurentian University s Department of Earth Sciences and its Mineral Exploration Research Centre (MERC). Mr. Harquail s donation, together with concurrent federal government funding, is a step towards making Laurentian University the leading centre for mineral exploration research in the world. In addition, Mr, Harquail is on the Toronto and York region United Way Cabinet, the SOS Children s Canada board and the Laurentian Mining School Advisory board. Environmental Profile Franco-Nevada s workforce operates solely within office environments and predominantly in Commerce Court located at 199 Bay Street in Toronto, Ontario. Commerce Court is certified LEED EB Gold reflecting the successful implementation of its long-term sustainability strategy and an ongoing commitment to the environment and other sustainability focused initiatives. The LEED Canada EB rating system applies a rigorous internationally-recognized standard measuring and evaluating the effectiveness of a property s sustainable practices and policies in a range of green categories. LEED EB addresses whole building cleaning, general maintenance issues, recycling programs, exterior maintenance and systems upgrades or modernization. Additional information regarding Commerce Court s leadership and innovation in sustainability can be found on the building s website found here: Asset Handbook FNV TSX NYSE

105 Additional Information Asset Counts, Mine Life Index, Acreage Historical Highlights / FAQs Corporate, Management Organization Glossary Technical & Third Party Information Cautionary Statements Board of Directors Corporate Information Additional Information

106 Asset Counts Franco-Nevada s assets are categorized by commodity and stage of development. By commodity, assets are either Precious Metals, Other Minerals or Oil & Gas. Precious Metals includes gold, silver and PGM. The categories other than Oil & Gas are collectively referred to as Mineral. For presentation purposes, Precious Metals encompasses gold, silver, some polymetallic exploration prospects, and platinum group metals including palladium. Other Minerals includes base metals, iron ore, coal, industrial and miscellaneous minerals. Producing assets are those that have generated revenue from steady-state operations to Franco-Nevada or are expected to in the next year. Advanced assets are assets on projects that in management s view have a reasonable possibility of generating steady-state revenue to Franco-Nevada in the next five years or includes properties under development, permitting, feasibility or advanced exploration. Exploration assets represent early stage exploration properties that are speculative and are expected to require more than five years to generate revenue, if ever, or are currently not active. For accounting purposes, the number of assets has been counted in different manners depending on the category. Royalties on a producing or advanced property are generally counted as a single asset even if Franco-Nevada has multiple different royalties on the property, such as at the Goldstrike complex. Streams covering a group of mines in close proximity and operated by a common operator such as the Sudbury streams have also been counted as one asset. However, royalties and streams on producing properties that have significant co-products have been counted twice, such as the Robinson royalties for gold and copper or the Sudbury streams for gold and PGM. Exploration royalties are simply counted by the number of royalty contracts and no effort has been made to consolidate royalties on the same property. Franco-Nevada s oil & gas interests are subdivided into Producing, which include assets that are currently producing oil or natural gas, or Exploration, which are early stage, undeveloped assets, whereby no oil or gas production is expected from Franco-Nevada s land interests for more than five years, if ever. Franco-Nevada s oil & gas interests consist of a variety of working interests and royalty interests which are derived from a large number of underlying leases and contractual agreements covering land positions in western Canada, the United States, Quebec, and the Canadian Arctic. For accounting purposes, these leases and contracts have been grouped into distinct land areas and tabulated as individual assets. In many cases, Franco-Nevada owns multiple royalties or working interests that pertain to the same land area and, in these circumstances, the interests are counted as a single asset. More detail on Franco-Nevada s oil & gas land positions can be found in the section entitled Oil & Gas. As of March 22, 2017, Franco-Nevada estimates that it holds 259 Mineral and 80 Oil & Gas for a total of 339 assets. Franco-Nevada Asset Tabulation at March 22, 2017 Precious Metals Other Minerals Oil & Gas TOTAL Producing * 107 Advanced Exploration TOTAL * Midland Basin transaction expected to close in Q Additional Information Asset Handbook FNV TSX NYSE

107 Mine Life Index Franco-Nevada s asset portfolio is comprised of a large variety of properties and operations with a range of projected production profiles. The table below provides an estimated mine life index for producing and development assets with published Mineral Reserve and Mineral Resource estimates. For the assets that are in production, management has estimated a mine life index by dividing the Proven and Probable Mineral Reserves as well as the Measured and Indicated Mineral Resources (inclusive of Mineral Reserves) by the stated 2016 production as reported by the operators. For the assets that are in development, management has estimated a mine life index by dividing the Proven and Probable Mineral Reserves as well as the Measured and Indicated Mineral Resources (inclusive of Mineral Reserves) by the stated forward looking production estimates. This metric is to provide analysts and investors with an indication of the potential for the assets at which Franco-Nevada has interests and should not be viewed as a defined mine life estimate. Certain assets within the portfolio are either currently more significant, or are likely to be more significant over time, than other assets. For example, Cobre Panama is expected to be a significant revenue generating asset for many years, whereas Golden Highway - Taylor is a smaller royalty and is expected to be less significant within the overall portfolio. Due to the range in asset contributions within the portfolio, it would be inaccurate to take a simple average of the mine life indexes. In an effort to provide a more accurate picture for the mine life index of the overall portfolio, the assets have been assigned weightings based on their REUs. The weighted average mine life index of the mineral asset portfolio using the methodology above is in excess of 30 years. In the chart below we have provided mine life index estimates assuming just Mineral Reserves as well as mine life indexes assuming M&I Mineral Resources (inclusive of Mineral Reserves) to show the potential of some of our assets. Franco-Nevada has not included any Inferred Mineral Resources in the analysis. Our significant producing oil and gas assets in Canada and the U.S. have long lives and are expected to generate revenue to Franco-Nevada for several decades. Goldstrike Stillwater Marigold Midas/Fire Creek Bald Mountain Mesquite Detour Lake Golden Highway - Holt Golden Highway - Taylor Musselwhite Hemlo Kirkland Lake Timmins West Canadian Malartic Hardrock Brucejack Antapaccay Antamina Candelaria Guadalupe-Palmarejo Cobre Panama Cerro Moro Duketon MWS Sabodala Subika Tasiast Edikan Karma The Gold Investment that WORKS - Precious Metals - USA Precious Metals - CANADA Precious Metals - LATIN AMERICA Precious Metals - REST OF WORLD Based on P&P Based on M&I (inclusive of P&P) YEARS Franco-Nevada Corporation 105 Additional Information

108 Acreage of The following is a tabulation of the acreage of mineral lands subject to Franco-Nevada s royalty, stream or other interests as at March 22, Acreage amounts are approximate or estimated and are compiled from information contained in asset agreements and updated when possible using various sources including government recording offices, operator information such as technical reports, presentations and other sources. Acreage has been converted into standard measure by Franco-Nevada. Franco-Nevada Acreage Tabulation (1) Producing Advanced Exploration TOTAL Precious Metals United States 114,729 60, , ,153 Canada 144, , , ,324 Latin America 330, , ,336 1,618,802 Australia 1,108, ,800 1,011,961 2,303,670 Rest of World 1,681, ,770 45,587 1,969,325 Other Minerals 289, , ,320 1,215,117 Total Minerals 3,669,853 1,102,758 3,666,780 8,439,391 Oil & Gas (2) 1,467, ,119 1,800,733 Total Estimated Acreage 10,240,124 Total Km 2 41,400 (1) Represents management s best available information as at March 22, (2) Gross Acreage exposure. Additional Information Asset Handbook FNV TSX NYSE

109 Historical Highlights FNV:TSX +472% Total Return from IPO to December 31, 2016 Market Capitalization >$10 billion Dividend increased for 9th consecutive year $500 million Antapaccay transaction $100 million STACK oil acquisition $920 million bought deal financing Market capitalization > $7 billion Dividend increased for 8th consecutive year Inclusion in TSX 60 Index $610 million Antamina stream deal Finalized amended Cobre Panama agreement and began funding Market capitalization > $7 billion Dividend increased for 7th consecutive year $648 million Candelaria precious metals stream deal Over $900 million committed in total Market capitalization of $6 billion Dividend increased Added to GDX and Aristocrat indices Market capitalization > $7 billion Dividend increased $1 billion Cobre Panama precious metals stream deal C$400 million Weyburn oil acquisition Market capitalization > $5 billion Dividend increased $1.2 billion invested in new precious metals assets Listed on the NYSE Market capitalization > $4 billion Dividend increased and paid monthly Detour and Tasiast +20 million ounce projects Market capitalization > $3 billion Dividend increased Palmarejo gold stream acquisition Subika royalty acquisition Market capitalization > $2 billion Start of semi-annual dividends Gold Quarry acquisition Dec. 20th IPO for $1.2 billion The Gold Investment that WORKS Franco-Nevada Corporation 107 Additional Information

110 Frequently Asked Questions Who is Franco-Nevada? Franco-Nevada is a gold-focused royalty and streaming company with the largest and most diversified portfolio of assets. The Company has been public since late 2007 and trades on both the TSX and NYSE. Franco-Nevada provides investors with a gold price and exploration optionality with less exposure to operating risks while providing yield and leverage to gold in terms of exploration and expansion that gold ETFs cannot. Royalties and streams what is the difference? Royalty rights can be registered on the title of the property or mineral rights in certain jurisdictions. They tend to be relatively small in terms of the percentage of future production but have strong tenure and in jurisdictions where recognized, will generally survive an operating company reorganization. There are generally no ongoing costs for royalties. Streams are contractual agreements to purchase a portion of the future metals produced at a pre-set price. Streams offer similar exposure in terms of exploration and price optionality as royalties but differ as the interest is not an interest in land and there is an ongoing cost to purchase the physical metal. For further detail, please see page 20 of this Asset Handbook. Franco-Nevada is gold focused but has other interests. What is the target weighting for precious metals? Franco-Nevada strives to generate 80% of revenue from precious metals over a long-term horizon which includes gold, silver and PGM. The remainder of our revenue is weighted towards oil & gas. In the short term, we may drift from the long-term target for the right opportunity. In 2016, 94% of revenues were from precious metals. Franco-Nevada has the flexibility to invest in the most attractive interest irrespective of commodity. Are there any commodities in which Franco-Nevada would not invest? As stated, Franco-Nevada is gold focused with additional interests in silver, PGM and oil & gas as well as minor base metal interests. Franco-Nevada would invest in most commodities including base metals or bulk commodities provided that we remain gold focused and the opportunity complements our portfolio. What is the target weighting in terms of geographic break down? Are there regions where Franco-Nevada will not invest? Franco-Nevada currently generates the majority of its revenue from North America and Latin America in safe mining jurisdictions. We have followed some western mining companies into some developing areas to be exposed to prospective new geological districts. What is most important to us is a strong long-term tenure. To achieve this, Franco-Nevada generally works with Western domiciled companies and enters into contracts that have recourse to Western courts of law. How are your interests registered or secured? For our royalty interests in North America, we can register our interest on the title of the property with the local land registry or mining recorder. Outside of North America and for our streaming contracts, Franco-Nevada looks to structure its contracts supported by security and guarantees and generally deals only with Western operators which can be held accountable by Western courts of law. Additional Information Asset Handbook FNV TSX NYSE

111 What is the current opportunity set for adding assets to the portfolio? Historically we bought already existing royalties on properties. In 2009, we started to provide mine financing using streams to purchase gold from silver or copper projects. Since 2012, we have provided mine financing to gold companies in return for royalties or streams and, since 2013, we have provided M&A financing and balance sheet recapitalization in return for royalties or streams. Our investment opportunity set has continued to grow as there has been less competition from both commercial bankers and equity financing. As commodity pricing continues to be cyclical, we expect further windows of new investing opportunities. Does Franco-Nevada s large market capitalization lead to a focus on only large transactions? Franco-Nevada applies a barbell investment approach to investing in new assets meaning that we will invest both in large and small transactions. In August 2012, we signed our largest transaction to date which was a $1 billion commitment to help fund construction of the Cobre Panama project. In February 2015, we completed one of our smallest transactions to date, a $50,000 royalty investment in the Red Lake camp in Ontario. We believe that the most optionality and upside comes from our smallest deals. We continue to accumulate royalties on prospective geological trends that meets our criteria irrespective of size. Does Franco-Nevada ever sell any of its interests? Each of our royalty and stream assets represents a long-term, cost-free perpetual option. The value to Franco-Nevada over the long term is generally higher than any current market realizable value. Franco-Nevada s ambition is to continue to grow its portfolio. We believe that our business is very scalable and this can be done without significantly adding to our overhead costs. How are your deals priced and what are the return requirements? With any new investment we want to ensure that we get our money back and expose the Company to any upside. Franco-Nevada The Gold Investment that WORKS structures most of its deals by paying fair value at consensus pricing for our view of the project base case. Our focus and upside is on the geological potential beyond that base case. What differentiates Franco-Nevada is that we believe the greatest wealth is created by new discoveries on land that we already own rather than financial engineering or trying to time the commodity cycle. Franco-Nevada s objective is to get exposure to the price and exploration optionality inherent with every property at essentially no additional cost which can generate substantial returns. There have been several new entrants into the royalty and streaming space, how has the competition changed? Our biggest competition is from brokers providing equity financing to mining companies rather than other royalty/streaming companies. The market will continue to be cyclical and we expect there will be ongoing opportunities for all the royalty and streaming companies. What is your dividend policy? Our first goal is to make our dividend sustainable and our second goal is to make the dividend progressive. As long as we can grow our portfolio either organically or with acquisitions, then we have the capacity to increase dividends. Franco-Nevada has increased its dividend in each year since its IPO in 2007 and is proud to be part of the Aristocrat Index reserved for companies that have increased dividends in each of the previous five years. Franco-Nevada does not need to tie its dividend to traditional cash flow or commodity prices measures because our business already has some of the highest margins found in any business. We believe a sustainable and progressive dividend differentiates us from gold operating companies. What happens when gold price decreases? Franco-Nevada s revenues and cash flow are directly impacted by the price of gold as well as other commodities. Thus, if the gold price were to fall, Franco-Nevada would generate less revenue and cash flow. However, Franco-Nevada has some of the strongest margins in the business and would hence continue to generate profit as well as service our dividend even if gold were to fall. A further decrease in gold price would also enable Franco-Nevada to add to its royalty and stream interests at attractive prices. Franco-Nevada Corporation 109 Additional Information

112 Corporate Organization ( FNC ) (Canada) 1 100% 100% 100% 100% 100% 100% 100% Franco-Nevada Alberta Holdings ULC ( FN ULC ) (Alberta) Franco-Nevada Australia Pty Ltd. ( FN Australia ) (Australia) 3 Franco-Nevada GLW Holdings Corp. ( FN GLW ) (British Columbia) 4 Franco-Nevada Alberta Corporation ( FN Alberta ) (Alberta) Franco-Nevada Canada Holdings Corp. ( FN Canada Holdings ) (Canada) 6 Franco-Nevada LRC Holdings Corp. ( FN LRC ) (British Columbia) 8 FN Subco Inc. ( FN Subco ) (British Columbia) 10 Franco-Nevada U.S. Holding Corp. ( FN U.S. Holding ) (Delaware) 100% 100% Franco-Nevada (Barbados) Corporation ( FN Barbados ) (Barbados) 5 100% FN Holdings ULC ( FN Holdings ULC ) (Alberta) 7 100% Minera Global Copper Chile S.A. ( Minera Chile ) (Chile) % Franco-Nevada U.S. Corporation ( FN U.S. ) (Delaware) 2 1% 99% Franco-Nevada Mexico Corporation, S.A. de C.V. ( FN Mexico ) (Mexico) 100% Franco-Nevada Idaho Corporation ( FN Idaho ) (Delaware) 100% Franco-Nevada Delaware LLC ( FN Delaware ) (Delaware) Franco-Nevada 2 Franco-Nevada 3 Franco-Nevada 4 Franco-Nevada 5 Franco-Nevada 6 Franco-Nevada Corporation U.S. Corporation Australia Pty GLW Holdings (Barbados) Canada Holdings Ltd. Corp. Corporation Corp. Properties in Canada unless noted Properties in the US unless noted Properties in Australia unless noted Properties in Canada unless noted Properties in South Africa unless noted Properties in Canada unless noted Producing: Canadian Malartic Cerro San Pedro - Mexico Edikan - Ghana Golden Highway Hemlo Ity - Cote d ivoire Kirkland Lake (Macassa) Kiziltepe - Turkey Musselwhite Pandora - South Africa Timmins West Producing: Bald Mountain EaglePicher Gold Quarry Goldstrike Marigold Mesquite Robinson South Arturo Stillwater Midland Basin* (O&G) Other Advanced & Exploration *expected to close Q Producing: Agnew (Vivien Gold Mine) Duketon Flying Fox Henty Matilda Matilda (Wiluna) Mt Keith Osborne Red October South Kalgoorlie (New Celebration) Other Advanced & Exploration Producing: Fire Creek - US Midas - US Sudbury-Levack (Morrison) Other Advanced & Exploration Producing: Antapaccay - Peru Candelaria - Chile Guadalupe-Palmarejo - Mexico Karma - Burkina Faso MWS Sabodala - Senegal Advanced: Cobre Panama - Panama Cooke 4 Producing: Detour Kirkland Lake Tasiast - Mauritania Other Advanced & Exploration Oil & Gas Additional Information 7 FN Holdings ULC Properties in Peru unless noted Producing: Antamina 8 Franco-Nevada 9 Minera Global 10 FN Subco 11 Franco-Nevada 12 Franco-Nevada LRC Holdings Copper Chile Inc. Idaho Delaware LLC Corp. S.A. Corporation Advanced: NuevaUnión (Relincho) - Chile San Jorge - Argentina Taca Taca - Argentina Exploration: Vizcachitas - Chile Properties in Chile unless noted Advanced: Volcan Properties in Ghana unless noted Producing: Subika Properties in the US unless noted Advanced: Stibnite Gold Properties in the US unless noted STACK (O&G) Asset Handbook FNV TSX NYSE

113 Management Organization David Harquail President & CEO Sandip Rana CFO Paul Brink SVP, Business Development Lloyd Hong CLO Bonavie Tek Director of Finance Philip Wilson VP, Technical Jason O Connell VP, Oil & Gas Christian Thatcher Legal Counsel Stefan Axell Director, Corporate Affairs Kerry Sparkes VP, Geology Cindy Smith Land Manager Donna Andrejek Manager, Corporate & Mineral Adrian Wong Director, Taxation John Graham Director, Business Development Kristina Molodova Oil & Gas Analyst Candida Hayden Office Manager & Executive Assistant Lena Miller Controller Eaun Gray Director, Business Development Geoff Waterman Oil & Gas Consultant Terry-Lynn Conway Legal Assistant Anoja Visvanathan Junior Accountant David Milstead Manager, Business Development Jeff Jenkins Director of Finance (Denver) Kevin McElligott Managing Director, Australia (Perth) Toronto, Full-time Barbados Debbie McEnaney Consultant John Morganti Business Development (B.C.) Other Mike Pantofaru Information Technology James Gardiner President & Director Franco-Nevada (Barbados) Corporation Tom Ogryzlo Managing Director Business Development Matthew Clarke Director of Finance Boris de Vries VP, Business Development Marlene Nicholas Accounting Supervisor Alicia Sobers Financial Analyst George Young Manager, Business Development Nalinie Mahon Director of Business Operations Shaneta Spencer Corporate Accountant Kathy Ann Worrell Receptionist / Administrative Assistant The Gold Investment that WORKS Franco-Nevada Corporation 111 Additional Information

114 Glossary Additional Information A$ means Australian dollars. Adjusted EBITDA and Adjusted EBITDA per share are non-ifrs measures, which exclude the following from net income and earnings per share: income tax expense/recovery; finance expenses and finance income; depletion and depreciation; non-cash costs of sales; impairment charges related to royalty, stream and working interests and investments; gains/ losses on the sale of royalty, stream and working interests and investments; foreign exchange gains/losses and other income/ expenses; and unusual nonrecurring items. For additional information and a reconciliation of these measures to various IFRS measures, refer to the Company s MD&A. Adjusted Net Income and Adjusted Net Income per share are non-ifrs financial measures, which exclude the following from net income and earnings per share: impairment charges related to royalty, stream and working interests and investments; gains/losses on the sale of royalty, stream and working interests and investments; foreign exchange gains/losses and other income/expenses; unusual nonrecurring items; and the impact of income taxes on these items. For additional information and a reconciliation of these measures to various IFRS measures, refer to the Company s MD&A. AMR means Advanced Minimum Royalty and is rent paid to the royalty holder prior to the payment of royalties on production. Once production begins, the AMR payments are then credited in full against stream of production royalty payments. Au means the chemical symbol for the element gold. bbl means barrel. Bbls/d means barrels per day. Bcf means billion cubic feet. Boe mean barrels of oil equivalent. Boe/d means barrels of oil equivalent per day. CAGR means Compounded Annual Growth Rate. CIM means the Canadian Institute of Mining, Metallurgy and Petroleum. CIM Definitions means the CIM Standards on Mineral Resources and Reserves Definition and Guidelines adopted by CIM Council on December 11, 2005, as amended from time to time. concentrate is the product of physical concentration process, such as flotation or gravity concentration, which involves separating ore minerals from unwanted waste rock. Concentrates require subsequent processing (such as smelting or leaching) to break down or dissolve the ore minerals and obtain the desired elements, usually metals. Cu means the chemical symbol for the element copper. cut-off grade means the lowest grade of Mineral Resource considered economic; used in the calculation of Mineral Reserves and Mineral Resources in a given deposit. diamond drill is a type of drill in which the rock cutting is done by abrasion, with a diamond impregnated bit, rather than by percussion. The drill cuts a core of rock which is recovered in long cylindrical sections. Syn: core drill. dip is the angle between a horizontal plane and an inclined surface such as a rock formation, fault or vein. drift is a horizontal passage underground that follows along the length of a vein of rock formation. EIS means environmental mpact statement. eq or Eq means equivalent. fault means a fracture in a rock where there has been displacement of the two sides. Fe means the chemical symbol for iron. feasibility study means a comprehensive study of a mineral deposit in which all geological, engineering, legal, operation, economic, social, environmental and other relevant factors are considered in sufficient detail that it could reasonably serve as a basis by a financial institution to finance the development of a deposit for mineral production. FH means Freehold. flotation is a process by which mineral particles are induced to become attached to bubbles and float, in an ore and water slurry, so that the valuable minerals are concentrated at the slurry surface and separated from the worthless gangue. fracture means breaks in a rock, usually due to intensive folding or faulting. Franco-Nevada means Franco-Nevada Corporation and is also referred to as Franco, FNV, the Company, Corporation, management, we, or our in this Asset Handbook. Freehold means an interest in real property. g represents grams. g/t means grams per tonne. GR means Gross Royalty and is a royalty based on all revenues in cash or in-kind products received by the operator for the sale of product. grade means the concentration of each ore metal in a rock sample, usually given as weight percent. Where extremely low concentrations are involved, the concentration may be given in grams per tonne (g/t) or oz per ton (oz/t). Guide 7 means the mining industry guide entitled Description of Property by Issuers Engaged or to be Engaged in Significant Mining Operations contained in the Securities Act Industry Guides published by the United States Securities and Exchange Commission, as amended. ha means hectares; 10,000 square metres. heap leaching process is the process of extracting gold and silver by placing broken ore on an impermeable pad and applying a diluted cyanide solution that dissolves a portion of the contained gold and silver, which are then recovered in metallurgical processes. Indicated Resources has the meaning ascribed to the term indicated mineral resource pursuant to CIM Definitions. Inf means Inferred. Inferred Resources has the meaning ascribed to the term inferred mineral resource pursuant to CIM Definitions. JORC means the Australasian Code for Reporting of Mineral Resources and Reserves prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Mineral Council of Australia, as amended. kg represents kilogram. km represents kilometre. km 2 represents square kilometre. koz means thousand ounces. kt means thousand tonnes. lb represents pound. LOM means life of mine. m means metres. M&I means Measured and Indicated. Mbbls/mbbls means thousand barrels. Mboe/mboe means thousand barrels of oil equivalent. Mcf/mcf means thousand cubic feet. Measured Resources has the meaning ascribed to the term measured mineral resource pursuant to CIM Definitions. mineralization usually implies minerals of value occurring in rocks Asset Handbook FNV TSX NYSE

115 Mineral Royalties means the royalty interests in precious and base metal properties and certain equity interests owned by Franco-Nevada. Mlbs means millions of pounds. MMbbl means million barrels of oil. MMcf/mmcf means million cubic feet. MMcf/d or mmcf/d means million cubic feet per day. Mo means the chemical symbol for the element molybdenum. Moz means million ounces. Mtpa means million tonnes per annum. NGLs means Natural Gas Liquids. NI means National Instrument Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators. NI means National Instrument Standards of Disclosure for Oil & Gas Activities of the Canadian Securities Administrators. Ni means the chemical symbol for the element nickel. NPI means Net Profit Interest: the profits after deduction of expenses. NPI Royalty has the meaning ascribed to it under Royalties and streams explained. NPR means Net Proceeds Royalties: which is the profits after deduction of expenses. NRI means Net Royalty Interest: paid net of operating and capital costs (similar to an NPI). NSR means Net Smelter Return: Which is the proceeds returned from the smelter and/or refinery to the mine owner less certain costs. NSR Royalty has the meaning ascribed to it under Royalties and streams explained. The Gold Investment that WORKS Oil & Gas Interests means the royalty interests, working interests and oil and natural gas mineral rights in oil and natural gas properties owned by Franco-Nevada. open pit is a surface working open to daylight, such as a quarry. ore means a natural aggregate of one or more minerals which may be mined and sold at a profit, or from which some part may be profitably separated. ORR means Overriding Royalty: A percentage share of production, which is free of all costs of drilling and producing, and is created by the lessee or working interest owner and paid by the lessee or working interest owner. oz represents ounce (troy). 1 troy ounce = avoirdupois ounce. oz/ton represents troy ounces per short ton. P&P means Proven and Probable. Pb means the chemical symbol for the element lead. Pd means the chemical symbol for the element palladium. PFS means preliminary feasibility study. PGM means the platinum group of metals, including but not limited to Palladium, Platinum, Rhodium, Osmium, and Rhenium. porphyry is an igneous rock of any composition that contains conspicuous, large mineral grains (phenocrysts) in a fine-grained matrix. preliminary feasibility study means a comprehensive study of the viability of a mineral project that has advanced to a stage where the mining method, in the case of underground mining, or the pit configuration, in the case of an open pit, has been established and an effective method of mineral processing has been determined, and includes a financial analysis based on reasonable assumptions of technical, engineering, legal, operating, economic, social, and environmental factors and the evaluation of other relevant factors which are sufficient for a qualified person, acting reasonably, to determine if all or part of the mineral resource may be classified as a mineral reserve. Probable Reserve in respect of Mineral Reserves has the meaning ascribed to the term probable mineral reserve pursuant to CIM Definitions. Probable Reserves are those additional oil & gas reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves. Proved Reserves are those oil & gas reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. Proven Reserve in respect of Mineral Reserves has the meaning ascribed to the term proven mineral reserve pursuant to CIM Definitions. Pt means the chemical symbol for the element platinum. Qualified Person for the purposes of NI , is an individual who is an engineer or geoscientist with at least five years of experience in mineral exploration, mine development or operation or mineral project assessment, or any combination of these; and has experience relevant to the subject matter of the mineral project; and who is a member in good standing of a recognized self-regulatory organization of engineers or geoscientists. Reserves means collectively, in respect of Mineral Reserves, Probable Reserves and Proven Reserves, or in respect of oil and natural gas reserves, Probable Reserves and Proved Reserves. Resources means a concentration or occurrence of diamonds, natural solid inorganic material, or natural solid fossilized organic material including base and precious metals, coal, and industrial minerals in or on the earth s crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. REUs means Royalty Equivalent Units. run-of-mine ore means mined ore which has not been subjected to any pre-treatment, such as washing, sorting or crushing prior to metallurgical processing. SAMREC means the South African Code for Reporting of Mineral Resources and Mineral Reserves prepared by the South African Mineral Committee under the auspices of the South African Institute of Mining and Metallurgy, as amended. smelting is an intermediate stage metallurgical process in which metal is separated from impurities by using thermal or chemical separation techniques. stope means an excavation in an underground mine from which ore is being or has been extracted. strike means the trend or direction of the intersection of a dipping a layer of rock, fault, vein or other geologic feature with a horizontal surface. tailings means material rejected after recoverable valuable minerals have been extracted from the ore or concentrate. ton is 2,000 pounds. Syn; short ton. tonne means 1,000 kilograms. tpa means tonnes per annum. vein means an epigenetic mineral filling of a fault or other fracture, in tabular or sheet-like form, often with associated replacement of the host rock; a mineral deposit of this form and origin. waste is rock which is not ore and usually has to be removed during the normal course of mining to get at the ore. WI means working interest. Zn means the chemical symbol for the element zinc. Franco-Nevada Corporation 113 Additional Information

116 Technical and Third Party Information Philip D. Wilson, Vice President, Technical of Franco-Nevada is the qualified person that approved the scientific or technical information contained in this Asset Handbook related to mineral projects that are material (for purposes of NI ) to Franco-Nevada. Except where otherwise stated, the disclosure in this Asset Handbook relating to properties and operations on the properties on which Franco-Nevada holds royalty or stream interests is based on information publicly disclosed by the owners or operators of these properties and information/data available in the public domain as at March 14,2017 (except where stated otherwise), and none of this information has been independently verified by Franco-Nevada. Specifically, as a royalty or stream holder, Franco-Nevada has limited, if any, access to properties included in its asset portfolio. Additionally, Franco-Nevada may from time to time receive operating information from the owners and operators of the properties, which it is not permitted to disclose to the public. Franco-Nevada is dependent on the operators of the properties and their qualified persons to provide information to Franco-Nevada or on publicly available information to prepare required disclosure pertaining to properties and operations on the properties on which Franco-Nevada holds royalty or stream interests and generally has limited or no ability to independently verify such information. Although Franco-Nevada does not have any knowledge that such information may not be accurate, there can be no assurance that such third party information is complete or accurate. Some information publicly reported by operators may relate to a larger property than the area covered by Franco-Nevada s royalty or stream interest. Franco-Nevada s royalty or stream interests often cover less than 100% and sometimes only a portion of the publicly reported Mineral Reserves, Mineral Resources and production of the property. Reconciliation to CIM Definitions In this Asset Handbook, Franco-Nevada has disclosed a number of resource and reserve estimates covering properties related to the mineral assets that are not based on Canadian Institute of Mining, Metallurgy and Petroleum ( CIM ) definitions, but instead have been prepared in reliance upon JORC, SAMREC and SEC Industry Guide 7 (collectively, the Acceptable Foreign Codes ). Estimates based on Acceptable Foreign Codes are recognized under NI in certain circumstances. In each case, the Mineral Resources and Mineral Reserves reported in this Asset Handbook are based on estimates previously disclosed by the relevant property owner or operator, without reference to the underlying data used to calculate the estimates. Accordingly, Franco-Nevada is not able to reconcile the resource and reserve estimates prepared in reliance on an Acceptable Foreign Code with that of CIM definitions. Franco-Nevada previously sought confirmation from one of its technical advisory firms, that is comprised of engineers experienced in the preparation of resource and reserve estimates using CIM and each of the Acceptable Foreign Codes, of the extent to which an estimate prepared under an Acceptable Foreign Code would differ from that prepared under CIM definitions. Franco-Nevada was advised that, while the CIM definitions are not identical to those of the Acceptable Foreign Codes, the resource and reserve definitions and categories are substantively the same as the CIM definitions mandated in NI and will typically result in reporting of substantially similar reserve and resource estimates. Such advisors further confirmed, without reference to the procedures in which the estimates prepared using Acceptable Foreign Codes that are reproduced in this Asset Handbook were conducted, that in the course of their preparation of a resource or reserve estimate they would effectively use the same procedures to prepare and report the resource or reserve estimate regardless of the reliance on CIM or any of the Acceptable Foreign Codes. Such advisors noted two provisos to this confirmation, being (i) SEC Industry Guide 7 prohibits the reporting of resources, and will only permit reporting of reserves, and (ii) it is now generally accepted practice that staff at the SEC expect to see metals prices based on historic three year average prices, while each of CIM and the other Acceptable Foreign Codes permits the author of a resource or reserve estimate to use his or her discretion to establish a reasonable assumed metal price in such calculations. See Cautionary Note Regarding Mineral and Oil and Gas Reserve and Resource Estimates. Additional Information Forward Looking Information This Asset Handbook contains forward looking information and forward looking statements within the meaning of applicable Canadian securities laws and the U.S. 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, management s expectations regarding Franco-Nevada s growth, results of operations, estimated future revenues, carrying value of assets, future dividends and requirements for additional capital, mineral reserve and mineral resource estimates, production estimates, production costs and revenue, future demand for and prices of commodities, expected mining sequences, business prospects, opportunities and financial results for the year ended December 31, In addition, statements (including data in tables) relating to reserves and resources, gold equivalent ounces and royalty equivalent units 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 reserves and resources and gold equivalent ounces 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, 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, uranium, silver, iron-ore and oil and gas); fluctuations in the value of the Canadian and Australian dollar, 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; regulatory and 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; 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; actual mineral content may differ from the reserves and resources contained in technical reports; rate and timing of production differences from 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, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious diseases; and the integration of acquired assets. The forward looking Asset Handbook FNV TSX NYSE

117 statements contained in this Asset Handbook 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; the Company s ongoing income and assets relating to determination of our PFIC status; no material changes to existing tax treatment; 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 and investors are cautioned that forward looking statements are not guarantees of future performance. 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 the Risk Factors section of our most recent Annual Information Form as well as our most recent Management s Discussion and Analysis filed with the Canadian securities regulatory authorities on and contained in Franco-Nevada s Form 40-F filed with the SEC on The forward looking statements herein are made as of March 22, 2017 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. Cautionary Note Regarding Mineral and Oil and Gas Reserve and Resource Estimates This Asset Handbook has been prepared in accordance with the requirements of Canadian securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all mineral resource and reserve estimates included in this Asset Handbook have been prepared by the owners or operators of the relevant properties (as and to the extent indicated by them) in accordance with NI and the Canadian Institute of Mining and Metallurgy Classification System. NI is a rule developed by the Canadian securities regulatory authorities which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. NI permits a historical estimate made prior to the adoption of NI that does not comply with NI to be disclosed using the historical terminology if, among other things, the disclosure: (a) identifies the source and date of the historical estimate; (b) comments on the relevance and reliability of the historical estimate; (c) states whether the historical estimate uses categories other than those prescribed by NI ; and (d) includes any more recent estimates or data available. Canadian standards for reporting reserves and resources, including NI , differ significantly from the requirements of the SEC, and reserve and resource information contained herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, the term resource does not equate to the term reserves. Under U.S. standards, mineralization may not be classified as a reserve unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. The SEC s disclosure standards normally do not permit the inclusion of information concerning measured mineral resources, indicated mineral resources or inferred mineral resources or other descriptions of the amount of mineralization in mineral deposits that do not constitute reserves by U.S. standards in documents filed with the SEC. U.S. investors should also understand that inferred mineral resources have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimated inferred mineral resources may not form the basis of feasibility or pre-feasibility studies except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable. Disclosure of contained ounces in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute reserves by SEC standards as in-place tonnage and grade without reference to unit measures. The requirements of NI for identification of reserves are also not the same as those of the SEC, and reserves reported by the Corporation in compliance with NI may not qualify as reserves under SEC standards. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards. In addition to NI , a number of resource and reserve estimates have been prepared in accordance with the JORC Code or the SAMREC Code (as such terms are defined in NI ), which differ from the requirements of NI and U.S. securities laws. Accordingly, information containing descriptions of the Corporation s mineral properties set forth herein may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder. For more information, see Reconciliation to CIM Definitions. As noted under Royalty Equivalent Units - Oil & Gas, Franco-Nevada is providing in this Asset Handbook disclosure relating to reserves and other oil & gas information prepared in accordance with Canadian disclosure requirements. The requirements of NI for disclosure of oil and gas activities differ significantly from those of the SEC, and disclosure concerning the oil and gas properties in which the Corporation has interests may not be comparable with information made public by companies that report in accordance with U.S. standards. The primary differences between the Canadian requirements and the U.S. standards for oil and gas related disclosure are that: NI requires disclosure of gross and net reserves using forecast prices, whereas the SEC rules require the disclosure of net reserves estimated using a historical 12-month average price; NI requires the disclosure of the net present value of future net revenue attributable to all of the disclosed reserves categories, estimated using forecast prices and costs, before and after deducting future income tax expenses, calculated without discount and using discount rates of 5%, 10%, 15% and 20%, whereas the SEC rules require disclosure of the present value of future net cash flows attributable to proved reserves only, estimated using a constant price (the historical 12-month average price) and a 10% discount rate; NI requires a one-year reconciliation of gross proved reserves, gross probable reserves and gross proved plus probable reserves, based on forecast prices and costs, for various product types, whereas the SEC rules require a three-year reconciliation of net proved reserves, based on constant prices and costs, for less specific product types; and NI reserve estimates are based on definitions and standards promulgated by the Canadian Oil and Gas Evaluation Handbook and generally recognized industry practices in Canada, whereas SEC reserve estimates are based on different reserves definitions and are prepared in accordance with generally recognized industry practices in the United States. Oil & Gas Information Advisory In this Asset Handbook, certain natural gas volumes have been converted to barrels of oil equivalent on the basis of six Mcf to one bbl. Boe and mboe may be misleading, particularly if used in isolation. A conversion ratio of six Mcf to one bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the wellhead. The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation. The Gold Investment that WORKS Franco-Nevada Corporation 115 Additional Information

118 Board of Directors Additional Information Pierre Lassonde, Chair Pierre Lassonde is the independent Chair of the Board. Mr. Lassonde formerly served as President of Newmont Mining Corporation ( Newmont ) from 2002 to 2006 and as a director and Vice-Chair of Newmont until November 30, Previously, Mr. Lassonde served as a director and President (1982 to 2002) and Co-CEO (1999 to 2002) of Franco-Nevada Mining Corporation Limited ( Old Franco-Nevada ). Mr. Lassonde also served as President and CEO of Euro-Nevada Mining Corporation Limited from 1985 to 1999, prior to its amalgamation with Old Franco-Nevada. Mr. Lassonde served as a director of Normandy Mining Limited from 2001 to 2002 and of New Gold Inc. from 2008 to Mr. Lassonde is past Chair and a past director of the World Gold Council, past Chair of the Quebec National Art Museum and a director of Enghouse Systems Limited. Mr. Lassonde received his Chartered Financial Analyst designation from the CFA Institute in 1984, a P. Eng (Association of Professional Engineers of Ontario) in 1976, a Master of Business Administration from the University of Utah in 1973, a B.Sc. (Electrical Engineering) from Ecole Polytechnique in 1971 and a B.A. from Seminaire de St. Hyacinthe/Université de Montréal in Mr. Lassonde was appointed a Member of the Order of Canada in 2002, was inducted into the Canadian Mining Hall of Fame in 2013 and was appointed Chair of the Canadian Council for the Arts in July David Harquail, President & Chief Executive Officer David Harquail is President & CEO and is a director of Franco-Nevada. He served as Executive Vice President of Newmont (2006 to 2007) and previously served as President and Managing Director of Newmont Capital, the merchant banking division of Newmont (2002 to 2006). Prior to the acquisition by Newmont of Old Franco-Nevada in 2002, Mr. Harquail was with Old Franco-Nevada for a period of 15 years with the final position of Senior Vice President responsible for the metals royalty division and corporate development. He is on the board of the World Gold Council and has also held roles as President and CEO of Redstone Resources Inc., as a director of Inco Limited, Echo Bay Mines Limited, Kinross Gold Corporation and the Prospectors and Developers Association of Canada and as a task force advisor to the Toronto Stock Exchange. Mr. Harquail holds a B.A.Sc. in Geological Engineering from the University of Toronto, an MBA from McGill University and is a registered Professional Engineer in Ontario. He is also a major benefactor of the School of Earth Sciences and its Mineral Exploration Research Centre (MERC) at Laurentian University in Sudbury. Tom Albanese Tom Albanese is CEO and a director of Vedanta Resources plc and is a director of Franco-Nevada. Mr. Albanese is also CEO and a director of Vedanta Limited (formerly known as SesaSterlite Ltd.), a subsidiary of Vedanta Resources plc. From 2007 to January 2013, Mr. Albanese was CEO of Rio Tinto plc. Mr. Albanese previously served on the boards of Ivanhoe Mines Limited, Palabora Mining Company and Turquoise Hill Resources Limited. Mr. Albanese holds a Master s of Science degree in Mining Engineering and a Bachelor of Science degree in Mineral Economics both from the University of Alaska Fairbanks. Derek Evans Derek Evans is President and CEO of Pengrowth Energy Corporation (an oil and natural gas company), and is a director of Franco-Nevada. From May to September 2009, Mr. Evans was President and Chief Operating Officer of Pengrowth Energy Trust. Mr. Evans served as President and CEO of Focus Energy Trust from May 2002 until March Mr. Evans has over 30 years of experience in a variety of operational and senior management positions in the oil and gas business in Western Canada. Mr. Evans holds a Bachelor of Science degree in Mining Engineering from Queen s University and is a registered Professional Engineer in Alberta. Mr. Evans is also a member of the Institute of Corporate Directors. Graham Farquharson Graham Farquharson is President of Strathcona Mineral Services Limited (a mining consulting firm) and is a director of Franco-Nevada. Mr. Farquharson previously served on the boards of Placer Dome Inc., Cambior Inc., St Andrew Goldfields Ltd. and several other mining companies. In addition, Mr. Farquharson is the Chair of the Canadian Mineral Industry Education Foundation. Mr. Farquharson holds a Bachelor of Science degree in Mining Engineering from the University of Alberta, a Master s degree in Business Administration from Queen s University and is a registered Professional Engineer in Ontario. Mr. Farquharson was inducted into the Canadian Mining Hall of Fame in Dr. Catharine Farrow Dr. Catharine Farrow is CEO and a director of TMAC Resources Inc. (a gold exploration and mining company) and President of FarExGeoMine Ltd. (a private consultancy) and is a director of Franco-Nevada. In addition, Dr. Farrow is also an advisory board member of the Laurentian University Goodman School of Mines. Dr. Farrow previously served as Chief Operating Officer of KGHM International Ltd. (formerly Quadra FNX Mining Company Inc.). Dr. Farrow is a member of the Association of Professional Geoscientists of Ontario and the Canadian Institute of Mining, Metallurgy & Petroleum, a fellow member of the Society of Economic Geologists and is an Adjunct Professor at Laurentian University. She holds a Doctorate in Earth Sciences from Carleton University, a Master s degree in Geology from Acadia University, and a Bachelor of Science degree in Geology from Mount Allison University. Louis Gignac Louis Gignac is Chair of G Mining Services Inc. (a private consultancy) and is a director of Franco-Nevada. Mr. Gignac previously served as President, CEO and a director of Cambior Inc. from its creation in 1986 until its acquisition by IAMGOLD Corporation in Mr. Gignac previously held management positions with Falconbridge Copper Company and Exxon Minerals Company and has served as a director of several companies including St Andrew Goldfields Ltd., Marengo Mining Limited and Gaz Métro Inc. Mr. Gignac also served as a professor in mining engineering at Laval University from 1979 to Mr. Gignac serves as a director of Domtar Corporation but will not be standing for re-election to the Domtar board and will cease to be a director as of May 3, Mr. Gignac is a member of the Ordre des ingénieurs du Québec. Mr. Gignac holds a Doctorate of Engineering in Mining Engineering from the University of Missouri Rolla, a Master s degree in Mineral Engineering from the University of Minnesota, and a Bachelor of Science degree in Mining Engineering from Laval University. Mr. Gignac was inducted into the Canadian Mining Hall of Fame in Randall Oliphant Randall Oliphant is a director of Franco-Nevada. Mr. Oliphant serves as a director of New Gold Inc., WesternZagros Resources Ltd. and is also a member of the advisory board of Metalmark Capital LLC. Mr. Oliphant is the current Chairman of the World Gold Council and has also served on the boards and advisory boards of a number of companies and notfor-profit organizations. Mr. Oliphant held positions with Barrick Gold Corporation from 1987 to 2003 and served as Barrick s President and CEO from 1999 to He served as New Gold s Executive Chairman from 2009 to Mr. Oliphant received his Bachelor of Commerce degree in 1984 from the University of Toronto and his Chartered Professional Accountant, CA designation in Mr. Oliphant received the FCPA, FCA designation in 2016, the accounting profession s highest distinction in recognition of his significant career achievements and contributions to the community. Hon. David R. Peterson David Peterson is Senior Counsel at the law firm Cassels Brock & Blackwell LLP and is a director of Franco-Nevada. He was the Premier of the Province of Ontario from 1985 to He was the founding Chair of the Toronto Raptors of the National Basketball Association and was the Chair of the successful Toronto Bid for the 2015 Pan Am Games and was the Chair of the 2015 Pan American and Parapan American Games Organizing Committee. Mr. Peterson also serves as a director of Rogers Communications Inc. and VersaPay Corporation. Mr. Peterson is Chancellor Emeritus of the University of Toronto and a director of St. Michael s Hospital Foundation. Mr. Peterson holds an LL.B. from the University of Toronto, was called to the Bar of Ontario in 1969, appointed Queen s Counsel in 1980 and summoned by Her Majesty to the Privy Council in Asset Handbook FNV TSX NYSE

119 Corporate Information Executive Management David Harquail President & CEO Sandip Rana Chief Financial Officer Paul Brink Senior Vice President, Business Development Lloyd Hong Chief Legal Officer & Corporate Secretary Directors Pierre Lassonde Chair David Harquail President & CEO Tom Albanese Derek Evans Graham Farquharson Dr. Catharine Farrow Louis Gignac Randall Oliphant Hon. David R. Peterson Investor Information Stefan Axell Director, Corporate Affairs Tel: (416) Toll Free: (877) Head Office 199 Bay Street, Suite 2000, P.O. Box 285 Commerce Court Postal Station Toronto, Canada M5L 1G9 Tel: (416) Barbados Office Ground Floor, Balmoral Hall, Balmoral Gap, Hastings, Christ Church, Barbados, BB14034 Tel: (246) U.S. Office 1745 Shea Center Drive, Suite 400 Highlands Ranch, Colorado, USA Tel: (720) Australia Office 44 Kings Park Road, Suite 41 West Perth, WA 6005, Australia Tel: Auditors PricewaterhouseCoopers LLP Toronto, Canada Listings Toronto Stock Exchange New York Stock Exchange - Common shares: FNV Share Capital As at March 21, 2017 Common shares outstanding 178,483,895 Reserved for: 2017 Warrants: 8,508,524 Options & other: 1,442,942 Fully diluted: 188,435,361 Transfer Agent Computershare Investor Services Inc. 100 University Avenue, 8th Floor Toronto, Canada M5J 2Y1 Toll Free: (800) Tel: (514) service@computershare.com The Gold Investment that WORKS Franco-Nevada Corporation

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