2018 Asset Handbook. Slanted bars were 74%, now 65% so that they read when las

Transcription

1 2018 Asset Handbook Slanted bars were 74%, now 65% so that they read when las

2 Celebrating 10 Years of Performance Franco-Nevada Corporation s roots go back to the early 1980s when Seymour Schulich and Pierre Lassonde founded the original Franco-Nevada with an initial capitalization of $2 million. That company created the mining royalty business. It was the leading public mining royalty company until 2002 when it was acquired by Newmont Mining for $2.5 billion. The original Franco-Nevada team continued to manage royalty assets as part of Newmont Capital. In 2007, Newmont offered a package of many original Franco-Nevada royalties along with other royalties for sale. The original Franco-Nevada team incorporated a new Franco-Nevada, launched an initial public offering (IPO) and on December 20, 2007 acquired the royalty portfolio for $1.2 billion. It trades under the symbol FNV on both the Toronto and New York stock exchanges. Franco-Nevada has now completed 10 full financial years since its IPO. It has expanded the original IPO portfolio to become the leading gold royalty and streaming company with a year-end market capitalization of over $14 billion. Its business model provides investors with gold price and exploration optionality with less exposure to operating risks. It uses its strong free cash flow to expand its portfolio and pay dividends. 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. This Asset Handbook reviews Franco-Nevada s performance over the past 10 financial years and provides details on its current portfolio of over 375 assets. Dollar references are in U.S. dollars unless otherwise noted. 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, 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. 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.

3 10 Years of Performance Franco-Nevada has outperformed both gold equities and gold itself 500% 450% 400% FNV (TSX) 350% 300% 250% 200% 150% 100% Gold Price 50% 0% -50% -100% FNV IPO: Dec 2007 S&P/TSX Global Gold Index Note: FNV (TSX) and S&P/TSX Global Gold Index converted to USD. Chart to March 16, 2018 FNV TSX/NYSE Franco-Nevada Corporation 1 0 Y E A R S

4 Celebrating Franco-Nevada s History Seymour Schulich and Pierre Lassonde (pictured) form the original Franco-Nevada Mining Corporation Limited 1985 acquisition of the Goldstrike royalty start of royalty focus 1996 Midas discovery in Nevada 2001 Newmont Mining bids to acquire Franco-Nevada for $2.5 billion Market capitalization > $3 billion Dividend increased Palmarejo gold stream acquisition (pictured) Subika royalty acquisition Newmont acquires original Franco-Nevada Original Franco-Nevada team continues royalty business under Newmont Capital led by David Harquail 2007 Newmont decides to sell portfolio of royalty assets The new Franco-Nevada Corporation is incorporated Successful IPO process leads to Franco-Nevada acquiring the Newmont royalty portfolio for $1.2 billion Dec 20th celebrated listing of FNV on the Toronto Stock Exchange (pictured) Market capitalization > $4 billion Dividend increased Detour and Tasiast +20 million ounce projects Board strategic session (pictured) Market capitalization > $5 billion Dividend increased $1.2 billion invested in new precious metals assets Listed on the NYSE (pictured) Market capitalization > $2 billion Dividend initiated Gold Quarry royalty acquisition (pictured) FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

5 10 Years of Performance The Gold Investment that WORKS 2012 Market capitalization > $7 billion Dividend increased $1 billion Cobre Panama precious metals stream deal (pictured) C$400 million Weyburn oil acquisition Market capitalization > $7 billion Dividend increased Inclusion in TSX 60 Index $610 million Antamina stream deal (pictured) Start of Cobre Panama funding 2015 Market capitalization of $6 billion Dividend increased Added to GDX and Aristocrat indices Open house at new offices (pictured) 2013 Market Capitalization > $10 billion Dividend increased $500 million Antapaccay transaction (pictured) $100 million initial STACK oil acquisition $920 million bought deal financing Market capitalization > $7 billion Dividend increased $648 million Candelaria precious metals stream deal (Directors visit pictured) Over $900 million committed in total 2017 Market capitalization > $14 billion Dividend increased for 10th consecutive year $178 million for increased Cobre Panama stream (increased to $356 million in early 2018) $225 million for Permian shale O&G royalties (Directors visit pictured) $74 million for Alberta Orion SAGD oil royalty Dec 20th celebrated 10 years on the Toronto Stock Exchange Franco-Nevada Corporation 1 0 Y E A R S

6 Celebrating 10 Years of Performance >$885 million in dividends paid since IPO 10 consecutive years of dividend increases IPO investors now realizing a 6.1% yield (U.S.) or 7.7% yield (CDN) Gold Equivalent Ounces (000s) Revenue (US$ millions) Market Capitalization 1 (US$ billions) 600 $700 $ $700 $ $600 $ $500 $ $400 $ $300 $ $200 $ 4 50 $100 $ $ $ 0 G&A as % of Market Capitalization 1.0% Adjusted Net Income 2 Per Share (US$ per share) $1.40 Dividends and DRIP Paid (US$ millions) $ % 0.6% $1.20 $1.00 $.80 $160 $140 $120 $ % $.60 $ 80 $.40 $ % $.20 $ 40 $ % $ $ 0 1 As at December 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. 4 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

7 FNV has provided competitive returns Compounded Annual Total Returns Summary 1-Year 2-Year 5-Year Since FNV Inception 1 Franco-Nevada - US$ basis 8% 3% 10% 17% Gold Bullion ETF 7% 2% -4% 5% GDX -5% 2% -10% -6% TSX 4% 11% 7% 5% S&P % 19% 14% 9% NASDAQ 28% 27% 20% 12% Russell 16% 23% 12% 9% 1 FNV Inception - December 20, 2007 Compounded annual total returns to March 16, 2018 Source: TD Securities; Bloomberg Outperforming in Bull and Bear Markets 40% 20% 32% 14% 1% 22% 14% 10% 23% Franco-Nevada Gold GDX (6%) (20%) (14%) (40%) Bull Market ( ) (33%) Bear Market ( ) Bull Market ( Present) All returns are in US$ Total return assumes reinvestment of dividends up until March 16, 2018 Source: TD Securities; Bloomberg Franco-Nevada Corporation 1 0 Y E A R S

8 10 Years of Performance $ Millions (except per share, GEOs, Shareholders 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 $ 1.06 $ 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 $ 1.08 $ 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 $ 2.82 $ 2.79 $ 2.37 $ 2.18 $ 2.43 $ 2.61 $ 1.58 $ 1.12 $ 1.30 $ 2.15 Dividends and DRIP Paid $ $ $ $ $ $ 77.9 $ 49.2 $ 33.3 $ 28.2 $ 21.8 Dividends Paid per share $ 0.91 $ 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 $ Nil Total Shareholders Equity $ 4.7B $ 4.1B $ 3.2B $ 3.4B $ 3.0B $ 3.1B $ 2.8B $ 2.0B $ 1.9B $ 1.4B Market Capitalization 5 $ 14.9B $ 10.7B $ 7.2B $ 7.7B $ 6.0B $ 8.3B $ 5.3B $ 3.8B $ 3.2B $ 1.7B 1 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. 2 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. 3 Fiscal years 2010 through 2017 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. 4 The Company defines Working Capital as current assets less current liabilities. 5 As at December FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

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

10 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: Capital Costs Operating & Other Costs Gold ETF FNV Operators X X Benefit of: Leverage to Gold Price Exploration & Expansion Dividend Yield X X X Royalties The majority of mineral properties have government and/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. 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 & Streams Explained, found on page 24 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. 8 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

11 Business Model Advantages Overview 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 44,000 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. Franco-Nevada Corporation 1 0 Y E A R S

12 Overview Global Overview Overview Dublin Gulch (Eagle) Brucejack Red Mountain New Prosperity Cariboo Stibnite Gold Courageous Lake Orion Edson Nevada Goldfields Mineral Reserves & Resources Weyburn Stillwater Red Lake (Phoenix) Midale Musselwhite Monument Bay Hardrock Hemlo Sudbury Mineral Reserves & Resources Ring of Fire/Black Thor Timmins West Detour Lake Golden Highway Kirkland Lake Canadian Malartic REUs Nevada (inset) Castle Mountain Mesquite Rosemont Delaware Pinson Sandman Midas Hollister South Arturo EaglePicher Goldstrike Marigold Gold Quarry Fire Creek STACK Midland SCOOP Guadalupe-Palmarejo Cerro San Pedro REUs Cobre Panama Falcondo Environmental, Social and Governance Bald Mountain Sterling Robinson Antamina Environmental, Social and Governance Antapaccay Candelaria Taca Taca NuevaUnión (Relincho) CentroGold (Gurupi) Additional Information Additional Information San Jorge Calcatreu 10 Cerro Moro

13 Global Overview Producing Mineral Advanced Mineral Exploration Mineral (not shown) Oil & Gas Producing (8 shown) 57 Oil & Gas Exploration (not shown) Total Asset Counts Perama Hill Agi Dagi Kiziltepe A detailed map of the Oil & Gas assets can be found on page 89 Refer to page 108 for methodology and breakout of asset count Tasiast Sabodala Ity Karma Sissingue Subika Edikan Mt Keith Matilda (Wiluna) Yandal (Bronzewing) Agnew (Vivien) Duketon Red October Flying Fox South Kalgoorlie Edna May (Mt Martin) Aphrodite South Kalgoorlie (Lake Cowan) South Kalgoorlie (New Celebration) Osborne King Vol Bowen Basin Millmerran (Commodore) Pandora MWS Henty 11

14 Overview Asset Portfolio 2017 Adjusted EBITDA By Geography 2017 Adjusted EBITDA By Commodity 2017 Adjusted EBITDA By Legal Ownership Latin America-42% US-18% Canada-21% Rest of World-19% Gold-66% Silver-16% PGM-7% Oil & Gas-8% Other Minerals-3% Canada-36% Barbados-43% US-18% Australia-3% Franco-Nevada Asset Counts at March 28, 2018 Precious Metals Other Minerals Oil & Gas TOTAL Producing Advanced Exploration TOTAL 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 for Franco Nevada or are expected to in the next year. A Advanced assets are interests on projects which are not yet producing, but where in management s view, the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. E Exploration assets represent interests on projects where technical feasibility and commercial viability of extracting a mineral resource are not demonstrable. 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. 12 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

15 Asset Portfolio Revenue ($ millions) Asset Operator Interest and % Notes Precious Metals (Gold unless noted) (on page 12) LATIN AMERICA Cobre Panama First Quantum Minerals Stream (indexed) $ $ $ 6, A Candelaria Lundin Mining Stream 68% Gold & Silver , P Antapaccay Glencore Stream (indexed) , P Antamina Teck Resources Stream 22.5% Silver , P Guadalupe-Palmarejo Coeur Mining Stream 50% Gold , 6, P Other (5 assets) P; Ax4 UNITED STATES Goldstrike Barrick Gold NSR 2-4%, NPI 2.4-6% , 2, P Stillwater Sibanye-Stillwater NSR 5% PGM , P Gold Quarry Newmont Mining NSR 7.29% , 3, P Marigold SSR Mining NSR %, GR 0.5-4% , 2, 3, 4, P Fire Creek/Midas Klondex Mines NSR 2.5%, Fixed to , Px2 Bald Mountain Kinross Gold NSR/GR % , 2, 3, 4, P South Arturo Barrick/Premier Gold GR 4-9% , 3, 4, P Other (9 assets) Px3, Ax6 CANADA Sudbury KGHM International Stream 50% PGM & Gold , 6, Px2 Detour Lake Detour Gold NSR 2% P Golden Highway Kirkland Lake Gold NSR 2-15% , 4, Px2, Ax2 Hemlo Barrick Gold NSR 3%, NPI 50% , 5, P Musselwhite Goldcorp NPI 5% , P Kirkland Lake Kirkland Lake Gold NSR %, NPI 20% , 3, P Timmins West Tahoe Resources NSR 2.25% P Canadian Malartic Yamana/Agnico Eagle GR 1.5% P Other (10 assets) P, Ax9 REST OF WORLD MWS AngloGold Ashanti Stream 25% , P Sabodala Teranga Gold Stream 6%, Fixed ounce , P Karma Endeavour Mining Stream 4.875%, Fixed ounce , P Tasiast Kinross Gold NSR 2% P Subika Newmont Mining NSR 2% , P Duketon Regis Resources NSR 2% , P Edikan Perseus Mining NSR 1.5% P Other (16 assets) Px8; Ax8 Mineral Exploration (138 assets) E $ $ $ Overview Other Minerals Other Minerals (14 assets) $ 18.2 $ 8.6 $ 10.1 Px7, Ax7 Mineral Exploration (70 assets) E $ 18.2 $ 8.6 $ 10.1 Oil & Gas Weyburn Unit Whitecap Resources NRI 11.71%, ORR 0.44%, WI 2.56% $ 32.2 $ 23.6 $ 21.1 Px3 Orion Osum Oil Sands GORR 4% 1.5 P SCOOP/STACK Various Various Royalty Rates Px2 Midland/Delaware Various Various Royalty Rates 2.3 Px2 Other (49 assets) Px49 Oil & Gas Exploration (25 assets) E $ 47.0 $ 30.1 $ 28.0 Revenue $ $ $ Franco-Nevada Corporation 1 0 Y E A R S

16 Overview Revenue $ millions % $ millions % $ millions % $ millions % $ millions % Commodity Gold $ % $ % $ % $ % $ % Silver % % % 4.7 1% PGM % % % % % Other Minerals % 8.6 1% % % % Oil & Gas % % % % % $ % $ % $ % $ % $ % Geography Latin America $ % $ % $ % $ % $ % United States % % % % % Canada % % % % % 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% % % Oil & Gas % % % % % $ % $ % $ % $ % $ % Geography Latin America $ % $ % $ % $ % $ % United States % % % % % Canada % % % % % Rest of World % % % % % $ % $ % $ % $ % $ % Type Revenue-based royalties $ % $ % $ % $ % $ % Stream-based % % % % % Profit-based royalties % % % % % Working interests/other % % % % % $ % $ % $ % $ % $ % 1 As defined on page 6 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. 14 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

17 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 Franco-Nevada Corporation 1 0 Y E A R S

18 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 over 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 65% of the growth of gold equivalent ounces associated with its asset portfolio since 2007 has come from new acquisitions and approximately 35% from exploration success and other impacts. Franco-Nevada estimates that overall gold equivalent Proven & Probable Mineral Reserves and Measured & Indicated Mineral Resources (only converting silver, not PGM) associated with the assets on which Franco-Nevada has an interest remained essentially unchanged year-over-year. Mineral Reserves remained unchanged despite the fact that over 7 million ounces were produced from the properties on which Franco-Nevada has interests. Gold equivalent Inferred Mineral Resources increased by approximately 6.8 million ounces. In the table below, Franco-Nevada has broken down the net impact relative to 2016 gold equivalent Mineral Reserves and gold equivalent Mineral Resources. All figures are based on operators publicly disclosed information known to Franco-Nevada as at March 16, The tables and charts on pages 16 and 17 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 % % +6, % Overall % % +6, % 1 M&I Mineral Resource excludes P&P Mineral Reserve 16 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

19 Gold Equivalent Mineral Reserve Ounces Associated with Franco-Nevada s Reserves & Resources 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 Reserve and Resource Estimates. $0 Gold Equivalent Mineral Resource Ounces (exclusive of Reserves) Associated with Franco-Nevada s Reserves & Resources Growth 350% 300% 250% 200% M&I Au M&I AuEq Inf Au Inf AuEq Gold price ($/oz) $2,000 $1,750 $1,500 $1,250 $1,000 Gold Price ($/oz) 150% $ % $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 Reserve and Resource Estimates. Franco-Nevada Corporation 1 0 Y E A R S

20 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 - Latin America Cobre Panama 4 345, ,122 2,837, ,819 3,182, ,941 Candelaria 1,5 442, ,831 55, , ,120 Antapaccay 6 216, , , , ,053 Guadalupe - Palmarejo 1,3,7 1, , , Cerro Moro 8 1, , Calcatreu 9 CentroGold (Gurupi) 10 San Jorge 11 Taca Taca 12 Volcan 1,13 Gold - United States Goldstrike 1,14 53, ,008 13, ,411 67, ,419 Gold Quarry 1,15 not available not available not available Marigold 1,16 205, , , ,190 Midas/Fire Creek 3, Bald Mountain 1,18 6, , ,555 95, ,698 South Arturo 1,19 3, , , Mesquite 20 5, , ,040 65, ,129 Hollister 3, Stibnite Gold 3,22 88, ,578 88, ,578 Castle Mountain 23 Pinson 1,3,24 5, , , Robinson , , , Sandman 26 Gold - Canada Sudbury 1, Detour Lake 28 89, , , , , ,814 Golden Highway - Holt 29 1, , , Golden Highway - Taylor , Golden Highway - Holloway Golden Highway - Hislop Hemlo 1, , ,664 24, ,774 Musselwhite 34 3, , , ,850 Kirkland Lake , ,830 3, ,030 Timmins West , , Canadian Malartic 1,37 49, , , , , ,378 Brucejack 1,38 4, ,900 13, ,800 18, ,700 Hardrock , , , ,647 Red Lake (Phoenix) 40 Courageous Lake 41 12, ,000 79, ,500 91, ,500 Dublin Gulch (Eagle Deposit) 42 27, , , , ,463 Goldfields 43 1, , , ,020 Red Mountain 44 1, , Monument Bay 45 Gold - Australia Duketon 1,46 9, , ,636 52, ,933 Henty Aphrodite 48 Yandal (Bronzewing) 49 1, , , Bullabulling 1,50 Edna May 1,51 7, , Glenburgh 52 Red October 53 South Kalgoorlie 1, , , Matilda (Wiluna) 55 1, , ,128 15, ,201 Gold - Rest of World MWS , , , , ,290 Sabodala 57 18, , ,130 61, ,700 Karma , , Tasiast 59 30, ,191 94, , , ,861 Subika 1,60 53, ,220 59, , , ,510 Edikan 61 19, , ,259 53, ,943 Agi Dagi 62 1, , ,130 54, ,166 Ity 1, , ,001 58, ,016 Perama Hill 64 2, , , Kiziltepe 65 Sissingue 1,66 3, , , Total Gold Mineral Reserves 28,642 90, , FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

21 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 - Latin America Cobre Panama 4 336, ,080 3,358, ,373 7,453 1,051, ,135 Candelaria 1,5 629, , , ,813 23, Antapaccay 6 215, , ,939 2, , Guadalupe - Palmarejo 1,2,3,7 1, , ,074 6, Cerro Moro 2,8 5, , Calcatreu 9 8, , CentroGold (Gurupi) 10 21, ,190 1,190 10, San Jorge 11 79, , ,211 11, Taca Taca 12 2,408, ,630 7, , ,700 Volcan 1,13 18, Gold - United States Goldstrike 1,2,14 57, ,640 20, ,361 10,001 1, Gold Quarry 1,15 not available not available not available Marigold 1,16 370, ,660 5,660 49, Midas/Fire Creek 3, , ,625 1,979 30, ,810 Bald Mountain 1,2,18 28, , ,439 5,047 43, South Arturo 1,2,19 8, , ,296 1, Mesquite 2,20 9, , ,162 2,310 8, Hollister 3, Stibnite Gold 3,22 4, , ,234 5,610 23, Castle Mountain , ,790 57, ,180 3, , ,580 Pinson 1,3,24 19, , ,085 1, Robinson , ,840 40, ,072 11, Sandman 26 1, , Gold - Canada Sudbury 1,27 1, , , Detour Lake 2,28 107, , , ,375 19,684 45, ,188 Golden Highway - Holt 2,29 5, , ,346 8, ,220 Golden Highway - Taylor 2,30 25, ,426 1,664 3, Golden Highway - Holloway 2,31 1, , Golden Highway - Hislop 2,32 1, Hemlo 1,2,33 2, , ,427 3,632 4, Musselwhite 2,34 4, , ,190 2,160 6, ,170 Kirkland Lake 2,35 1, ,107 7, ,606 4,706 18, ,910 Timmins West , ,001 1,040 6, ,161 Canadian Malartic 1,2,37 54, , , ,990 7,684 70, ,612 Brucejack 1,38 5, ,400 15, ,700 10,000 8, ,900 Hardrock 2,39 175, ,763 6,763 25, ,590 Red Lake (Phoenix) , Courageous Lake 41 13, ,090 93, ,884 7,974 53, ,914 Dublin Gulch (Eagle Deposit) 42 29, , ,870 3,631 17, Goldfields , ,027 4, Red Mountain 44 1, Monument Bay 45 36, ,787 1,787 41, ,781 Gold - Australia Duketon 1,46 14, , ,027 4,446 31, Henty Aphrodite 48 7, , Yandal (Bronzewing) 49 1, , ,177 1,301 4, Bullabulling 1,50 68, ,185 2,185 23, Edna May 1,51 15, , Glenburgh 52 2, , , Red October 53 4, , South Kalgoorlie 1, , ,483 1,600 14, ,118 Matilda (Wiluna) 55 1, , ,234 3,318 31, ,187 Gold - Rest of World MWS , , ,450 2,330 Sabodala 57 21, , ,655 4,438 17, ,004 Karma , ,856 2,871 21, Tasiast 2,59 35, , , ,516 10,820 41, ,237 Subika 1,2,3,60 54, , , ,950 9,180 26, ,340 Edikan 61 45, , , ,151 4,869 29, Agi Dagi 1,2,62 2, , ,132 2,192 19, Ity 1, , ,680 3,695 18, Perama Hill 64 3, , ,382 8, Kiziltepe , , Sissingue 1,66 4, , Mineral Reserves & Resources Total Gold Mineral Resources 42, , ,080 56,148 Franco-Nevada Corporation 1 0 Y E A R S

22 Reserves and Resources Mineral Reserves & Resources Silver Mineral Reserves Silver 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 Cobre Panama , ,791 2,837, ,612 3,182, ,402 Candelaria 1,68 442, ,252 55, , , ,584 Antapaccay , , , , , ,999 Antamina 1,70 180, , , , , ,126 Cerro Moro 71 1, ,723 1, ,723 Fire Creek 3, , , ,695 Calcatreu 73 Total Silver Mineral Reserves 118, , ,529 Silver 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 Cobre Panama , ,584 3,358, , ,646 1,051, ,449 Candelaria 1,68 629, , , ,429 52,234 23, ,179 Antapaccay , , , ,244 49, , ,461 Antamina 1,2,70 253, , , , ,782 1,412, ,022 Cerro Moro 2,71 5, ,036 61,036 4, ,415 Fire Creek 3, ,497 40, ,940 9,437 30, ,339 Calcatreu 73 8, ,600 6,600 3, ,800 Total Silver Mineral Resources 160, , , ,664 PGM Mineral Reserves PGM PGM Copper 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, Stillwater 1,75 5, ,000 36, ,200 42, ,200 Pandora 1,76 2, , ,683 21, ,927 Total PGM Mineral Reserves 3,244 21,995 25,239 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 1,74 1, , , Stillwater 1,75 7, ,600 49, ,800 31,400 92, ,400 Pandora 1,76 22, , , ,707 25,122 21, ,171 Total PGM Mineral Resources 8,035 48,648 56,683 52,717 Copper Mineral Reserves Proven Probable Proven & Probable Copper Notes Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained 000s % M lbs 000s % M lbs 000s % M lbs Osborne 77 6, % 177 6, % 177 Rosemont 3,78 426, % 4, , % , % 5,328 NuevaUnion (Relincho) , % 3, , % 6,557 1,239, % 10,203 Taca Taca 80 Robinson , % 1,023 8, % , % 1,078 Vizcachitas 82 Total Copper Mineral Reserves 9,179 7,547 16,787 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 77 12, % , % 179 Rosemont 3,78 632, % 6, , % 2,949 9,086 74, % 493 NuevaUnion (Relincho) 2,79 515, % 4,122 1,120, % 8,933 13, , % 5,117 Taca Taca 80 2,165, % 21,150 21, , % 7,550 Robinson , % 3,294 40, % 301 3,596 11, % 100 Vizcachitas 82 1,038, % 8,539 8, , % 2,415 Total Copper Mineral Resources 13,554 42,243 55,797 15, FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

23 Reserves and Resources Nickel Mineral Reserves Nickel Proven Probable Proven & Probable Tonnes Grade Contained Tonnes Grade Contained Tonnes Grade Contained Notes 000s % M lbs 000s % M lbs 000s % M lbs Mt Keith 83 27, % 370 4, % 41 31, % 411 Falcondo 84 44, % 1,267 26, % , % 2,056 Total Nickel Mineral Reserves 1, ,467 Nickel Mineral Resources - Inclusive of Reserves Nickel 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 Mt Keith , % 1, , % 1,124 2,876 27, % 304 Falcondo 84 40, % 1,268 31, % 1,049 2,320 4, % 151 Total Nickel Mineral Resources 3,020 2,173 5, Mineral Reserves & Resources Notes and Sources 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 Resources were reported by the operator inclusive of Mineral Reserves Contained ounces do not take into account recovery losses Mineral Reserves and Resources based on publicly disclosed information as of March 16, 2018 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 Franco-Nevada s royalties or stream interests may not cover the operator s entire property or all estimated Mineral Reserves and Resources or a combination of both 2 Mineral Resources shown by operator 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 First Quantum Minerals Ltd.; NI Technical Report, Cobre Panama Project June 30, Lundin Mining Corp.; Technical Report for the Candelaria Copper Mining Complex, November 30, Glencore; Resources & Reserves as at 31 December Coeur Mining Inc.; Company Release, February 06, Yamana Gold; News Release February 15, Pan American Silver Corp.; Mineral Reserves and Resources, 31 December, Avanco Resources Ltd.; Annual Report for the year ended 31 December Coro Mining Corp.; NI Technical Report, Preliminary Feasibility Study, San Jorge 25kt/y Copper Leach Project, March First Quantum Minerals Ltd.; Annual Information Form March 10, 2017; Lumina Copper Corp, Taca Taca Copper/Gold Molybdenum Project, PEA May 24, Hochchild Mining Plc; Corporate Website, Barrick Gold Corporation; Reserves and Resources Year End In accordance with certain provisions of the royalty agreement, the Company is not able to disclose Mineral Reserves and Resources for Gold Quarry 16 SSR Mining Inc.; Press Release February 22, Klondex Mines Ltd.; Fire Creek - Press Release February 5, 2018; Midas - Press Release September 14, Kinross Gold Corporation; 2017 Annual Mineral Reserve and Resource Statement 19 Barrick Gold Corporation; Reserves and Resources Year End New Gold Inc.; News Release February 20, Klondex Mines Ltd.; Technical Report and Pre-Feasibility Study for the Hollister Underground Mine, August 9, Midas Gold Corp.; News Releases December 15, 2014 and February 15, Equinox Gold Corp.; Corporate Presentation December 22, Atna Resources; NI Technical Report, Pinson Project, Preliminary Feasibility Study, June 30, KGHM; Mineral Resources and Reserves Report, December 31, Newmont Mining Corporation; News Release February 21, KGHM; Mineral Resources and Reserves Report, December 31, Detour; Press Release - February 22, Kirkland Lake Gold Inc.; News Release February 20, Kirkland Lake Gold Inc.; News Release February 20, 2018; Sage Gold Inc.; NI Technical Report, Mineral Resource Estimate and PEA on the Clavos JV Property, April 12, Kirkland Lake Gold Inc.; News Release February 20, Kirkland Lake Gold Inc.; News Release February 20, Barrick Gold Corporation; Reserves and Resources Year End 2017 Continued on next page Franco-Nevada Corporation 1 0 Y E A R S

24 Mineral Reserves & Resources Notes and Sources Continued from page Goldcorp Inc.; News Release October 25, Kirkland Lake Gold Inc.; News Release February 20, 2018; Yamana Gold; News Release February 15, Tahoe Resources Inc.; News Release February 15, Yamana Gold; News Release February 15, Pretium Resources Inc.; Corporate Website - Brucejack Project Reserves and Resources Update (December 2016); News Releases December 14, 2016, July 21, 2016, June 19, 2014 & Technical Report dated December 19, Greenstone Gold Mines; NI Technical Report, Hardrock Project, December 21, Rubicon Minerals Corp.; News Release January 11, Seabridge Gold Inc.; Mineral Reserves and Resources updated March 11, Victoria Gold Corp.; NI Feasibility Study Technical Report for the Eagle Gold Project, October 26, Fortune Bay Corp.; Technical Report Pre-feasibility Study, Re-issue March 13, IDM Mining Ltd.; NI Feasibility Study Technical Report for the Red Mountain Project, August 10, Yamana Gold; News Release February 15, Regis Resources Limited; Mineral Resource and Ore Reserve Statement, July 14, Unity Mining Limited; Annual Reserves and Resources Update, September 11, Aphrodite Gold Limited; Scheme Booklet, November 13, Echo Resources Limited; ASX Announcement, November 27, Norton Gold Fields Limited; January 2015 Mineral Resource and Ore Reserve Update 51 Ramelius Resources; Corporate Presentation, Denver Gold Forum September Gascoyne Resources Limited; Investor Presentation October Saracen Mineral Holdings Limited; Press Release August 2, Westgold Resources Limited; Press Release September 4, Blackham Resources Limited; AGM Presentation, November AngloGold Ashanti Ltd.; Mineral Resource and Ore Reserve Report Teranga Gold Corporation; Technical Report on the Sabodala Project, August 30, Endeavour Mining Corp.; Management Discussion & Analysis for the three and twelve months ended December 31, 2017 and Kinross Gold Corporation; 2017 Annual Mineral Reserve and Resource Statement 60 Newmont Mining Corporation; News Release February 21, Perseus Mining Limited; Annual Report Alamos Gold Inc.; Press Release February 21, Endeavour Mining Corp.; Management Discussion & Analysis for the three and twelve months ended December 31, 2017 and Eldorado Gold Corp.; Mineral Reserves and Resources as of 31 December Ariana Resources plc; Press Release 3 May Perseus Mining Limited; Annual Report First Quantum Minerals Ltd.; NI Technical Report, Cobre Panama Project June 30, Lundin Mining Corp.; Technical Report for the Candelaria Copper Mining Complex, November 30, Glencore; Resources & Reserves as at 31 December Teck Resources Limited; Annual Information Form February 26, Yamana Gold; News Release February 15, Klondex Mines Ltd.; Fire Creek - Press Release February 5, 2018; Midas - Press Release September 14, Pan American Silver Corp.; Mineral Reserves and Resources, 31 December, KGHM; Mineral Resources and Reserves Report, December 31, Sibanye Gold Limited; Competent Person s Report on the Montana Platinum Group Metal Mineral of Sibanye Gold Limited, United States of America, November Lonmin Plc; Mineral Resource and Mineral Reserve Statement Inova Resources; Corporate Presentation, September Hudbay Minerals Inc.; NI Technical Report, Feasibility Study, March 30, Teck Resources Limited; Annual Information Form, February 28, First Quantum Minerals Ltd.; Annual Information Form March 10, Lumina Copper Corp.; Taca Taca Copper/Gold Molybdenum Project, PEA May 24, KGHM; Mineral Resources and Reserves Report, December 31, Los Andes Copper Limited; MD&A for year ended September 30, BHP Billiton Ltd.; Annual Report Glencore; Resources & Reserves Report as at 31 December FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

25 Royalty Equivalent Units ( REUs ) Royalties & Streams Explained REUs Explained Precious Metals REUs Other Minerals REUs REUs Franco-Nevada Corporation 1 0 Y E A R S

26 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. REUs The two most common royalty types are: 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. Tasiast 24 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

27 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 $1,300, a stream cost of $400 per ounce and an all-in sustaining cost ( AISC ) (1) of $750 per ounce. Also assume that Franco-Nevada has a 4% NSR, a 4% stream or a 4% NPI or WI. NSR Stream NPI/WI 1 One ounce sold at $1,300 $1,300 $1,300 Applicable costs $400 $750 Margin for AISC calculation $1,300 $900 $550 NSR, Stream or NPI % 4% 4% 4% Revenue per ounce to FNV $52 $36 $22 NSR equivalent 100% 69% 42% Alternatively - Ounces required to equal a 1% NSR 1.0 oz 1.4 oz 2.4 oz 1 For applicable costs for a developed NPI or WI, Franco-Nevada is, for illustrative purposes, assuming Barrick Gold Corporation s ( Barrick ) 2017 AISC measure, as Barrick is the operator of two assets on which Franco-Nevada has NPI interests. This example assumes initial capital costs have already been recovered. The value of an undeveloped NPI or WI is lower. Based on the above economics, a comparable percentage NSR is 140% more valuable than an equivalent NPI or WI and 40% 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. Franco-Nevada Corporation 1 0 Y E A R S

28 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: REUs 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 $1,300 gold price and a $400 cost per ounce, the stream ounces are factored by 69% 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 $1,300 gold price assumption. 4. An asset producing silver or PGM. The number of attributable silver, platinum or palladium ounces are converted into gold equivalent ounces using pricing assumptions of $17.00 per ounce silver, $950 per ounce platinum and $1,050 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. 26 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

29 In the section of this Asset Handbook, Franco-Nevada has provided details for each asset that include summary figures for the Mineral Reserves (P&P Reserves), Mineral Resources (M&I Resources inclusive of P&P 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. 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 Latin America Stream M&I United States NSR Inferred Canada NPI Australia Rest of World Franco-Nevada Corporation 1 0 Y E A R S

30 Precious Metals REUs 1,2 REUs Asset Type P&P REUs M&I REUs 3 Inf REUs (000s) (000s) (000s) Precious Metals - Latin America Cobre Panama Stream 4,637 4, Candelaria Stream 757 1, Antapaccay Stream Antamina Stream Guadalupe - Palmarejo Stream Cerro Moro NSR CentroGold (Gurupi) NSR 12 7 Calcatreu NSR 17 6 San Jorge NSR Taca Taca NSR Volcan NSR 2 Precious Metals - United States Goldstrike NSR/NPI Stillwater NSR 779 1,101 2,134 Gold Quarry NSR Marigold NSR Midas/Fire Creek NSR Bald Mountain NSR South Arturo NSR Mesquite NSR Hollister NSR Stibnite Gold NSR Castle Mountain NSR Robinson NSR 1 5 Sandman NSR 1 1 Precious Metals - Canada Sudbury Stream Detour Lake NSR Golden Highway - Holt NSR Golden Highway - Taylor NSR Golden Highway - Holloway NSR Golden Highway - Hislop NSR Hemlo NSR/NPI Musselwhite NPI Kirkland Lake NSR Timmins West NSR Canadian Malartic NSR Brucejack NSR Hardrock NSR Dublin Gulch (Eagle Deposit) NSR Red Lake (Phoenix) NSR 2 6 Courageous Lake NSR Goldfields NSR Monument Bay NSR Red Mountain NSR Precious Metals - Australia Duketon NSR Henty NSR 2 Aphrodite NSR Yandal (Bronzewing) NSR Bullabulling NSR 11 4 Edna May NSR Glenburgh NPI 3 4 Red October NSR 2 3 South Kalgoorlie NSR Matilda (Wiluna) NSR Precious Metals - Rest of World MWS Stream Sabodala Stream Karma Stream Tasiast NSR Subika NSR Edikan NSR Ity NSR 4 4 Agi Dagi NSR Pandora NPI Perama Hill NSR Kiziltepe NSR 5 2 Sissingue NSR 2 4 Total Precious Metals REUs 9,759 13,571 4,896 1 For information regarding calculation of each REU, please refer to the individual asset writeups. We have assumed $1,300/oz Au, $17.00/oz Ag, $950/oz Pt and $1,050/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 28 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

31 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 1 1 Rosemont NSR NuevaUnión (Relincho) NSR Taca Taca NSR Robinson NSR 2 7 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 Detour Franco-Nevada Corporation 1 0 Y E A R S

32 Asset Index by Category Precious Metals Other Minerals Oil & Gas Latin America Cobre Panama 33 Candelaria 34 Antapaccay 35 Antamina 36 Guadalupe-Palmarejo 37 Cerro Moro 38 Cerro San Pedro 39 CentroGold (Gurupi) 39 Calcatreu 39 San Jorge 39 United States Goldstrike 40 Stillwater 41 Gold Quarry 42 Marigold 43 Fire Creek/Midas 44 Bald Mountain 45 South Arturo 46 Mesquite 47 Hollister 48 Stibnite Gold 49 Castle Mountain 49 Sterling 50 Sandman 50 Pinson 50 Canada Sudbury 51 Detour Lake 52 Golden Highway 53 Hemlo 54 Musselwhite 55 Kirkland Lake 56 Timmins West 57 Canadian Malartic 58 Brucejack 59 Hardrock 60 Dublin Gulch (Eagle) 61 Red Lake (Phoenix) 61 Courageous Lake 62 Goldfields 62 Monument Bay 62 Red Mountain 63 Cariboo 63 New Prosperity 63 Rest of World MWS 64 Sabodala 65 Karma 66 Tasiast 67 Subika 68 Duketon 69 Edikan 70 Ity 71 South Kalgoorlie 71 Cooke 4 72 Red October 72 Pandora 72 South Kalgoorlie (Lake Cowan) 73 Henty 73 Perama Hill 73 Kiziltepe 74 Agi Dagi 74 Matilda (Wiluna) 75 Agnew (Vivien) 75 Yandal (Bronzewing) 76 Sissingue 76 Aphrodite 76 Osborne (Cu, Au) 77 Mt Keith (Ni) 78 Rosemont (Cu, Mo, Ag) 79 NuevaUnión (Cu, Mo) 80 Taca Taca (Cu, Au, Mo) 81 Ring of Fire (Cr, Ni, Cu) 82 Flying Fox (Ni) 83 Robinson (Cu, Au) 83 Millmerran (Coal) 83 Bowen Basin (Coal) 83 King Vol (Zn) 84 Falcondo (Ni) 84 EaglePicher (De) 84 Mineral Exploration Latin America 85 United States 85 Canada 86 Australia 86 Rest of World 87 Oil & Gas 88 Weyburn Unit (Oil) 90 Midale Unit (Oil) 91 Edson (Gas/NGL) 92 Orion (Oil) 93 SCOOP/STACK (Oil) 94 Midland Basin (Oil) 95 Delaware Basin (Oil) 96 Other Producing Oil & Gas 97 Oil & Gas Exploration FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

33 Franco-Nevada Precious Metals Latin America United States Canada Rest of World Other Minerals Mineral Exploration Oil & Gas Oil & Gas Exploration Franco-Nevada Corporation 1 0 Y E A R S

34 Alphabetical Asset Index Agi Dagi 74 Agnew (Vivien) 75 Antamina 36 Antapaccay 35 Aphrodite 76 Bald Mountain 45 Bowen Basin (Coal) 83 Brucejack 59 Calcatreu 39 Canadian Malartic 58 Candelaria 34 Cariboo 63 Castle Mountain 49 CentroGold (Gurupi) 39 Cerro Moro 38 Cerro San Pedro 39 Cobre Panama 33 Cooke 4 72 Courageous Lake 62 Delaware Basin (Oil) 96 Detour Lake 52 Dublin Gulch (Eagle) 61 Duketon 69 EaglePicher (De) 84 Edikan 70 Edson (Gas/NGL) 92 Oil & Gas Exploration 98 Falcondo (Ni) 84 Fire Creek/Midas 44 Flying Fox (Ni) 83 Gold Quarry 42 Golden Highway 53 Goldfields 62 Goldstrike 40 Guadalupe-Palmarejo 37 Hardrock 60 Hemlo 54 Henty 73 Hollister 48 Ity 71 Karma 66 King Vol (Zn) 84 Kirkland Lake 56 Kiziltepe 74 Marigold 43 Matilda (Wiluna) 75 Mesquite 47 Midale Unit (Oil) 91 Midland Basin (Oil) 95 Millmerran (Coal) 83 Mineral Exploration 85 Monument Bay 62 Mt Keith (Ni) 78 Musselwhite 55 MWS 64 New Prosperity 63 NuevaUnión (Cu, Mo) 80 Oil & Gas 88 Orion (Oil) 93 Osborne (Cu, Au) 77 Other Producing Oil & Gas 97 Pandora 72 Perama Hill 73 Pinson 50 Red Lake (Phoenix) 61 Red Mountain 63 Red October 72 Ring of Fire (Cr, Ni, Cu) 82 Robinson (Cu, Au) 83 Rosemont (Cu, Mo, Ag) 79 Sabodala 65 San Jorge 39 Sandman 50 Sissingue 76 South Arturo 46 South Kalgoorlie 71 South Kalgoorlie (Lake Cowan) 73 SCOOP/STACK (Oil) 94 Sterling 50 Stibnite Gold 49 Stillwater 41 Subika 68 Sudbury 51 Taca Taca (Cu, Au, Mo) 81 Tasiast 67 Timmins West 57 Weyburn Unit (Oil) 90 Yandal (Bronzewing) 76 Mineral Exploration can be found tabulated on pages 85, 86 and 87. Oil & Gas Exploration can be found on page 98. The description and depiction of our assets in this Asset Handbook has been simplified for presentation purposes. More detailed and current information may be available in our previous and subsequent disclosure and on our website. Mineral Reserves and Mineral Resources information for 2016 and 2015 is provided for comparative purposes only. For a detailed breakdown of the 2016 and 2015 Mineral Reserves and Mineral Resources, please refer to our AIF for the years ended December 31, 2016 and December 31, 2015, respectively available on SEDAR at 32 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

35 Cobre Panama Panama, Latin America Stream: Gold and Silver Stream Operator: First Quantum Minerals Ltd. Cobre Panama is one of the world s largest copper-gold-silver porphyry deposits currently being constructed and is 90% owned by First Quantum Minerals Ltd. ( First Quantum ) and 10% by Korea Resources Corp. ( KORES ). The concession covers an area of 136 km 2. In January 2018, a subsidiary of Franco-Nevada agreed to add a new precious metals stream which increases its coverage to 100% of the ownership of the Cobre Panama project. Franco-Nevada now has two precious metals streams with slightly different terms: Fixed Ongoing Payment Stream - Applies to First Quantum s original 80% interest in the Cobre Panama project which has been in place since Floating Ongoing Payment Stream - Effective since March 2018 and applies to First Quantum s recent acquisition of LS-Nikko Copper Inc. s 10% indirect interest in the project and KORES 10% indirect interest. Under the terms of the Fixed Payment Stream, Franco-Nevada will provide a maximum of $1 billion pro-rated to First Quantum s share of the capital costs. As of December 31, 2017, Franco- Nevada has provided $727 million with the remaining $273 million to be funded to project completion. For the Floating Payment Stream agreed to in 2018, Franco-Nevada provided an upfront deposit of $178 million to each of First Quantum and KORES for total consideration of $356 million. The amount of precious metals deliverable under both the Fixed Payment Stream and Floating Payment Stream is indexed to total project metal-in-concentrate shipped. The main difference between the Fixed Payment Stream and Floating Payment Stream is the ongoing price per ounce paid. The ongoing payment of the Fixed Payment Stream is fixed per ounce payments of $400/oz gold and $6/oz silver with a 1.5% annual inflation factor. The Floating Payment Stream ongoing price per ounce for deliveries is 20% of the spot price for the current Mineral Reserve life and higher thereafter. Caribbean Sea * Property located approximately 20 km from Caribbean Sea Punta Rincón Port and Powerplant Concession Boundary River Caimito Caribbean Sea Cobre Panama Project Cobre Panama Power Transmission 230 kv line Panama Canal N 4 km Panama City Pacific Ocean Revenue to Franco-Nevada ($ million) $ $ $ P&P Reserves (koz Au) 1 6,941 6,941 6,941 M&I Resource (koz Au) 1 7,453 7,453 7,453 Inferred Resource (koz Au) 1 1,135 1,135 1,135 P&P Reserves (moz Ag) M&I Resource (moz Ag) Inferred Resource (moz Ag) P&P REUs (000s) 2 4,637 3,544 3,403 M&I REUs (000s) 1, 2 4,960 3,811 3,657 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 86% of the projects Mineral Reserves and Mineral Resources (69% in 2016 and 2015) are subject to our stream interest. Silver has been converted into REU gold equivalent assuming $1,300/oz gold and $17.00/oz silver ($1,200/oz gold and $17.50/oz silver in 2016; $1,200/oz gold and $15/oz silver in 2015) and a 62% (57% in 2016 and 2015) factor has been applied to obtain equivalent REUs for the P&P category, a 61% (56% in 2016 and 2015) factor has been applied for REUs in the M&I category and a 50% factor has been applied for REUs in the Inferred category In February 2018, First Quantum announced plans to expand Cobre Panama s initial throughput capacity by 15% to 85 million tonnes per annum ( Mtpa ) and potential to accommodate a further increase to 100 Mtpa after year First Quantum plans phased commissioning of Cobre Panama in 2018, with ramp-up over 2019 reaching 85 Mtpa throughput rate by Over this period, contained copper production is expected to be a minimum of 150,000 tonnes in 2019, 270, ,000 tonnes in 2020 and up to 350,000 tonnes in Franco-Nevada s precious metals delivery is indexed off the copper in concentrate shipped. Franco-Nevada is getting the benefit of a larger than expected project without having to provide any additional capital for the expansion. In addition, Franco-Nevada is protected if the ramp-up is slower than expected. If the mill has not reached a 58 Mtpa run-rate by January 1, 2019, Franco-Nevada will get a discount on the initial ounces it acquires to provide a 5% cost of capital adjustment. Balboa Pit Colina Pit Valle Grande Pit Medio Pit Botija Pit Camp Babr Pit Plant Site ASSET HIGHLIGHTS: Stream agreement now covers 100% of the ownership of Cobre Panama Increased throughput capacity to 85 Mtpa a 15% increase to the 2015 construction plan Agreement provides downside protection if ramp-up slower than expected Franco-Nevada Corporation 1 0 Y E A R S

36 Candelaria Chile, Latin America Stream: Gold and Silver Stream Operator: Lundin Mining Corporation 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 $655 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 which reduces to 40% after 720,000 ounces of gold and 12 million ounces of silver have been delivered to Franco-Nevada. Franco-Nevada pays 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 escalates by 1% per annum following the third anniversary of the closing. As of December 31, 2017, Franco-Nevada has received and sold 212,043 ounces of gold and 3.68 million ounces of silver. Candelaria is one of Franco-Nevada s largest revenue generators and has outperformed original expectations. In the fall of 2017, a pit slide resulted in lower projected 2018 copper production. Lundin has committed to $952.4 million of new capital at Candelaria including a new mining fleet. Lundin s November 2017 technical report more than replaced Mineral Reserves (net of depletion) as well as increasing the life of mine gold production starting in 2018 by over 260,000 ounces and silver by 3.8 million ounces. Based on the updated technical report, Franco-Nevada expects to receive over 73,000 gold equivalent ounces in 2018 and approximately 80,000 gold equivalent ounces per year over Revenue to Franco-Nevada ($ million) $ $ 88.5 $ P&P Reserves (koz Au) 1 2,120 1,962 1,900 M&I Resource (koz Au) 1 3,813 3,314 2,900 Inferred Resource (koz Au) P&P Reserves (moz Ag) M&I Resource (moz Ag) Inferred Resource (moz Ag) P&P REUs (000s) M&I REUs (000s) 1, 2 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 $1,300/oz gold and $17.00/oz silver ($1,200/oz gold and $17.50/oz silver in 2016; $1,200/oz gold and $15/oz silver in 2015). The stream interest has been factored by 69% to reflect $1,300 per ounce gold and $400 per ounce ongoing payments (66.6% in 2016 and 2015) 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. Candelaria Gold and Silver Stream Copiapo N Kilometres Alcaparrosa Mine Tierra Amarilla Santos Mine Candelaria Norte (U/G) Candelaria Pit Candelaria Mining Property Area of Interest Ojos del Salado Mining Property ASSET HIGHLIGHTS: LOM gold production increased by over 20% in November 2017 technical report versus previous report Near term precious metal production, with the exception of 2018, increased versus previous estimates Large land package with an additional area of interest in historic mining camp 34 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

37 Antapaccay Peru, Latin America Stream: Gold and Silver Stream Operator: Glencore plc In February 2016, Franco-Nevada acquired a precious metals stream with reference to production from the Antapaccay mine for $500 million from Glencore plc ( 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 $1.5 billion of initial capital to build and commission the Antapaccay open-pit mine and plant, which commenced operations in Franco-Nevada received 71,183 GEOs in 2017, essentially unchanged from the 73,612 GEOs received in Antapaccay stream deliveries are expected to average 70,000 GEOs per year over the next 5 years. Under the streaming agreement, precious metal deliveries are initially referenced to copper in concentrate shipped. Franco-Nevada will receive 300 ounces of gold and 4,700 ounces of silver for each 1,000 tonnes of copper in concentrate shipped, until 630,000 ounces of gold and 10 million ounces of silver have been delivered. Thereafter, Franco-Nevada will receive 30% of the gold and silver shipped. Franco-Nevada will initially pay an on-going price of 20% of the spot price of gold and silver until 750,000 ounces of refined gold and 12.8 million ounces of refined silver have been delivered. Thereafter, the on-going price will increase to 30% of the spot price of gold and silver. The stream is referenced to the entire Antapaccay concession covering approximately 997 km 2. Glencore is currently studying the development of the Coroccohuayco deposit which is located within 10 km of the Antapaccay plant. Coroccohuayco hosts a 289 million tonne M&I Mineral Resource which is approximately twice the copper grade of the Antapaccay Mineral Reserves. Coroccohuayco could potentially provide supplementary high grade ore. In addition, there are a number of large-scale regional targets and prospects on the Antapaccay concessions. ASSET HIGHLIGHTS: Precious metals deliveries initially referenced to copper in concentrate shipped Provides significant revenue and cash flow Coroccohuayco potentially to extend mine life Significant land package offers a number of large-scale regional targets Revenue to Franco-Nevada ($ million) $ 90.2 $ 92.5 $ P&P Reserves (koz Au) 1 2,053 2,226 1,946 M&I Resource (koz Au) 1 2,737 2,942 3,057 Inferred Resource (koz Au) 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 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 $1300/oz gold and $17.00/oz silver ($1200/oz gold and $17.50/oz silver in 2016; $1200/oz gold and $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 Tintaya Plant Tailings Dump Antapaccay Precious Metals Stream Antapaccay Plant Tintaya Pit 10 Km N 0 5 Km Antapaccay Pit Coroccohuayco Franco-Nevada Corporation 1 0 Y E A R S

38 Antamina Peru, Latin America Stream: Silver Stream Operator: Teck Resources Limited (owns 22.5%) 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 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. Silver deliveries for 2017 were 3.7 million ounces compared with 4.4 million ounces in silver stream contributions to Franco-Nevada are expected to be at the high end of the long term average range of million ounces per year. 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 (unchanged year-over-year) and an Inferred Mineral Resources of 1.37 billion tonnes of ore (up from 1.25 billion tonnes as of December 31, 2016). Total Mineral Reserves are 538 million tonnes of ore, which are currently constrained by tailings disposal capacity. CMA is currently considering options for additional tailings storage 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. In 2018, Franco-Nevada strengthened its relationship with CMA by contributing to the project s social license in the region. CMA has an existing program to support Enseña Peru, which aims to improve education at existing schools in the region. Franco-Nevada will partner with CMA in expanding this mission to more schools which in turn will benefit more students. 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 Revenue to Franco-Nevada ($ million) $ 62.9 $ 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 $1,300/oz gold and $17.00/oz ($1,200/oz gold and $17.50/oz in 2016; $1,200/oz gold and $15/oz in 2015). The stream interest has been factored by ongoing payments of 5% of the spot price of silver Autopista Panamericana Norte Huarmey CMA Puerto Minero Punta Lobitos Pacific Ocean N 0 60 Miles Huaraz Carretera Pativilca-Huarez Cutatambo Paramonga Pativilca Barranca Pto. Supe Recuay Catac Pachacoto Chasquitambo Autopista Panamericana Norte Huacho Huaral Chancay Conococha Cajacay Lima Chavui De Huantar Huari San Marcos Machac PARQUE NACIONAL HUASCARAN Aquia Chiquian PERU Antamina Huanzala Yanashall CMA Pipeline South America Subestacion Linea de Transmision Electrica Huallanca Antamina Silver Stream 36 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

39 Guadalupe-Palmarejo Mexico, Latin America Stream: 50% Gold Stream Operator: Coeur Mining, Inc. 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 original stream agreement once Coeur 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 $22 million deposit which was used to to partially fund the development of the Guadalupe underground mine on the Palmarejo property. Franco-Nevada received 52,124 ounces of gold in 2017 under the revised agreement, benefitting from a very strong year of production at the Palmarejo operation. This compares with a combined 36,386 ounces received in For 2018, Coeur expects to produce between 110, ,000 ounces of gold but does not publicly provide a breakdown of what is expected from Guadalupe/Independencia West (stream ground) and Independencia East (non-stream ground). Coeur provided a new Mineral Resource estimate for the Palmarejo project in February 2018 following a strong exploration campaign in Gold Mineral Reserves increased by 19%. In addition, the drill campaign contributed to a 56% increase to the M&I Mineral Resource as well as a 48% increase to the Inferred Mineral Resource. Several new veins have been discovered on the property including the Nacioin-Dana, La Bavisa and Zapata veins. The majority of the Mineral Reserves and Mineral Resources are expected to be covered by the stream agreement Revenue to Franco-Nevada ($ million) $ 65.5 $ 44.6 $ 59.6 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 77% of the Mineral Reserves (100% in 2015), 92% of the exclusive M&I Mineral Resource (93% in 2016; 100% in 2015) and 86% of the Inferred Resource (81% in 2016; 100% in 2015) are subject to our 50% stream interest. The stream interest has been factored by 38.5% to reflect $1,300 per ounce gold and $800 per ounce ongoing payments (33.3% in 2016; 66.6% until the minimum hurdle was reached followed by a 33.3% factor in 2015) ASSET HIGHLIGHTS: Restructured agreement following completion of minimum stream payments Solid production in 2017 expected to continue into 2018 Exploration results led to increase in all Mineral Resource categories Perimeter of gold stream property Agua Salada Palmarejo Mill Palmarejo Area Guadalupe-Palmarejo Gold Stream N 0 4 Km Independencia Area Non-stream ground Guadalupe Area Franco-Nevada Corporation 1 0 Y E A R S

40 Cerro Moro Argentina, Latin America Royalty: NSR: 2% Operator: Yamana Gold Inc. Franco-Nevada has a 2% NSR on the Cerro Moro project being developed by Yamana Gold Inc. ( Yamana ) 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. Cerro Moro construction is progressing which is expected to be completed by the end of the first quarter of 2018 with ramp up of operations expected in the second quarter. Cerro Moro will be a combination of open-pit and underground mining with a mill capacity of 1,000 tpd. Production in 2018 is expected to be 85,000 ounces of gold and 3.75 million ounces of silver. Yamana has undertaken studies to optimize mine sequencing and the mix of gold and silver production. With the planned changes and new sequencing, Yamana estimates a higher proportion of gold dominant stopes over the next 3 years while silver production is expected to be lower than previous guidance. Yamana forecasts production to ramp up to 125,000 ounces of gold and 6 million ounces of silver in 2019 followed by 130,000 ounces of gold and 8.3 million ounces of silver in 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. Yamana expects to spend $9 million in 2018 on infill and exploration drilling Revenue to Franco-Nevada ($ million) $ $ $ P&P Reserves (koz Au) M&I Resource (koz Au) Inferred Resource (koz Au) 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 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 $1,300/oz gold and $17.00/oz silver ($1,200/oz gold and $17.50/oz silver in 2016; $1,200/oz gold and $15/oz silver in 2015) ASSET HIGHLIGHTS: Project now approaching start-up 85,000 ounces of gold and 3.75 million ounces of silver expected in 2018 High grade gold/silver deposit with exploration potential 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 38 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

41 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. Cerro San Pedro Mexico, Latin America Royalty: GR: 1.95% Operator: New Gold Inc. Franco-Nevada has a 1.95% GR that covers most of the Cerro San Pedro project operated by New Gold Inc. ( 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-ofmine heap leach operation. Cerro San Pedro finished active mining late in the second quarter of 2016 and has now transitioned into residual leaching. Cerro San Pedro produced 34,337 ounces of gold in 2017 versus 64,993 ounces of gold in Production is expected to decrease further to 20,000-30,000 ounces of gold in FNV management has not included Cerro San Pedro in REU estimates as the Mineral Reserves and Mineral Resources are assumed to be completely depleted CentroGold (Gurupi) Brazil, Latin America Royalty: NSR: 0-1% Operator: Avanco Resources Limited Franco-Nevada holds a sliding scale NSR royalty (1% at greater than $400 per ounce gold) on the CentroGold (Gurupi) project located in the State of Maranhão in northern Brazil. Jaguar Mining Inc. entered into an earn-in agreement with Avanco Resources Limited ( Avanco ) by which Avanco may earn up to a 100% interest in the project. Terms of this agreement were revised in September 2017 allowing for Avanco to accelerate its earn-in and thus empowering Avanco with the ability to move the asset into production in an expedited manner. Avanco completed the earn-in on October 31, 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 Argentina, Latin America Royalty: NSR: 2.5% Operator: Patagonia Gold PLC 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. In December 2017, Patagonia Gold PLC agreed to acquire the property from Pan American Silver Corp. Patagonia Gold intends to advance the project during 2018 by exploring the area immediately around the existing Mineral Resource. Calcatreu has seen limited activity in several 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 2.5% is applicable San Jorge Argentina, Latin America Royalty: NSR: 7.5% / advanced payments Operator: Aterra Investing Ltd. and Solway Industries Ltd 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 copper-gold 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 $1,300/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 Franco-Nevada Corporation 1 0 Y E A R S

42 Goldstrike Nevada, United States Royalty: NSR: 2-4% / NPI: 2.4-6% Operator: Barrick Gold Corporation 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. In the first quarter of 2017, Barrick unified the management and the operation of the Cortez and Goldstrike minesites, now referred to as Barrick Nevada. For 2018, while Barrick Nevada production is expected to decrease from 2017, Goldstrike is expected to have a stronger year due to increased grades from the open pit as well as from the underground operation Total NSR Revenue to FNV ($ million) $ 7.3 $ 7.6 $ 11.8 Total NPI Revenue to FNV ($ million) Total Revenue to FNV ($ million) $ 16.8 $ 22.9 $ 23.4 P&P Reserves (koz Au) 1 8,419 8,077 8,539 M&I Resource (koz Au) 1 10,001 9,533 10,325 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) 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) is applicable Barrick drilled more than 18,000 meters at Goldstrike in 2017, adding 1.3 million ounces to Mineral Reserves and 1.5 million ounces to the M&I Mineral Resources. This drilling identified a host of high grade extensions to known lodes that will be a focus for further drilling in ASSET HIGHLIGHTS: World class gold operation Exploration drilling in 2017 added 1.3 million ounces to Mineral Reserves Profit royalties are more levered to gold prices Goldstrike Underground Mine Meikle/Rodeo Extension 5% NPI 4% NSR N 1 Mile Bazza Strip 2% NSR 2.4% NPI Corbett 2% NSR Bazza 2% NSR Gold Bug 5% NPI 4% NSR SJ 6% NPI Post 5% NPI 4% NSR Royal 3% NSR Goldstrike Open Pit Mine Pandora 2% NSR Goldstrike 5% NPI 4% NSR Weimer 4% NSR Rodeo Creek 4% NSR Above 4600 SPLC Lease 6% NPI Goldstrike Mine 40 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

43 Stillwater Montana, United States Royalty: NSR: 5% Operator: Sibanye-Stillwater The Stillwater complex is comprised of the Stillwater mine and East Boulder mine in Montana and is operated by Sibanye- Stillwater, following the acquisition of Stillwater Mining Company by Sibanye Gold Limited. 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. In recent years, the percentage of Stillwater complex production subject to Franco-Nevada s royalty has increased above 90% as mining moves away from the shaft area. Sibanye-Stillwater gained control of the operation on May 4, 2017 and thus yearly production figures for 2017 are not available. For the eight months under Sibanye-Stillwater control, PGM production was 376,356 ounces which compares favourably to PGM production of approximately 364,000 ounces for the same time period in The East Boulder mine delivered record Revenue to FNV ($ million) $ 20.6 $ 14.6 $ 15.6 P&P Reserves (koz PGM) 1 22,200 21,198 22,226 M&I Resource (koz PGM) 1 31,400 21,198 22,226 Inferred Resource (koz PGM) 1 49,400 44,113 P&P REUs (000s) 2, M&I REUs (000s) 1, 3 1, Inf REUs (000s) 2, 3 2,134 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 $1050/ounce Pd ($950/ounce Pt and $750/ounce Pd in 2016; $900/ounce Pt and $500/ounce Pd in 2015) PGM production of approximately 148,000 ounces during the eight months while the Stillwater Mine contributed approximately 228,000 ounces. Production for 2018 is expected to range between 580, ,000 ounces. The Blitz project, located east of the Stillwater mine and covered by the NSR, is progressing well with first production on September 29, Sibanye-Stillwater expects Blitz to add ~300,000 ounces by late 2021/early 2022 when the project reaches its full run rate. The addition of Blitz is expected to increase total PGM production from Stillwater by more than 50% to approximately 850,000 PGM ounces per year. ASSET HIGHLIGHTS: Sibanye acquisition completed in 2017 Steady PGM producer in Montana Blitz expected to increase PGM production by 50% by late 2021/early 2022 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 Franco-Nevada Corporation 1 0 Y E A R S

44 Gold Quarry Nevada, United States Royalty: NSR: 7.29% Operator: Newmont Mining Corporation The Gold Quarry operation is part of Newmont Mining Corporation s ( Newmont ) Carlin operations in north-central 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 2017, Franco-Nevada received 11,250 ounces based on the minimum royalty provisions and expects similar figures in Revenue to FNV ($ million) $ 14.2 $ 14.0 $ 13.1 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 4 years for P&P and M&I and 1,350 per year for Inferred (11,250 ounces for 5 years for 2016; 11,250 ounces for 4 years for 2015) ASSET HIGHLIGHTS: Annual minimum payment obligations based on contained Mineral Reserves 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 42 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

45 Marigold Nevada, United States Royalty: NSR: % / GR: 0.5-4% Operator: SSR Mining Inc. The Marigold mine is located approximately 64 km southeast of Winnemucca, Nevada on the Battle Mountain-Eureka Trend and is operated by SSR Mining Inc. ( SSR Mining ). SSR Mining 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-ofmine 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 202,240 ounces in 2017 which was largely unchanged from For 2018, SSR Mining expects production between 190, ,000. 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 SSR Mining is currently evaluating an equipment replacement trade-off which is expected to be finalized by mid Under one scenario, production could increase to over 300,000 ounces Revenue to Franco-Nevada ($ million) $ 10.3 $ 10.1 $ 6.0 P&P Reserves (koz Au) 1 3,190 2,840 2,040 M&I Resource (koz Au) 1 5,660 5,150 4,450 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 98% (100% in 2015) 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 2015) is applicable per year if additional shovels and trucks are added. Marigold exploration will target infill drilling of higher grade zones within the Mackay pit and commence a more focused program on the Red Dot deposit (located at the south-west of the Target Pit). SSR Mining is expected to spend $9.0 million dollars. 5% NSR 1.75% NSR 5% NSR Valmy 5% NSR 1.75% NSR 5% NSR 5% NSR 5 North Deposit N 2.5%-4% GR* 5% NSR 1 Mile Terry Zone North 5% NSR 2.5%-4% GR* 5% NSR 1.75% NSR 5% NSR 2.5%-4% GR* Terry Pit 0.5%-1.5% GR* 2.5%- 4% GR* Target Pit 5% NSR Mackay Pit 8 North Deposit 8D 1.75% NSR 8SX 5% NSR Hideout 2.5%-4% GR* 5% NSR 5% NSR Marigold Mine *December 2009 Acquisition 3% NSR* Valmy and 3% NSR* Mud Pits 3% NSR* Pits Exploration Targets ASSET HIGHLIGHTS: Steady year-over-year production Production expected to average 220,000 ounces through 2022 Evaluating equipment replacement trade-off with potential to increase annual production 1.75% NSR Antler and Basalt Pits (Backfilled) E. Basalt and Battle Cry Targets Schematic Representation Only Franco-Nevada Corporation 1 0 Y E A R S

46 Fire Creek/Midas Nevada, United States Royalty: Fixed Gold Deliveries / NSR: 2.5% Operator: Klondex Mines Ltd. 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. On March 19, 2018, Hecla Mining Company announced plans to acquire Klondex which includes the Fire Creek, Midas and Hollister mines (discussed on pg 48). 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 $35 million for a prepaid gold purchase arrangement totaling 38,250 ounces of gold to be delivered by December 31, 2018 and a 2.5% NSR royalty on the Fire Creek and Midas properties commencing in Under the terms of the agreement, prepaid gold purchase deliveries began in June 2014 and will be made at the end of each month until 38,250 ounces have been delivered. Klondex delivered the remaining 8,000 ounces in December 2017 which will be sold over the course of Revenue to Franco-Nevada ($ million) $ 11.0 $ 9.2 $ 8.7 P&P Reserves (koz Au) M&I Resource (koz Au) 1 1, Inferred Resource (koz Au) 1 1, 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 $1,300/oz gold and $17.00/oz silver for the REU calculation ($1,200/oz gold and $17.50/oz silver in 2016; $1,200/oz gold and $15/oz silver in 2015) Klondex is actively exploring both the Fire Creek and Midas properties in efforts to extend the mine lives. At Fire Creek, Klondex provided an initial open-pit Mineral Resource at what has historically been an underground operation. The Indicated Mineral Resource included 1.1 million gold equivalent ounces (42.9 million 0.88 AuEq g/t) and an Inferred Mineral Resource of 1.1 million gold equivalent ounces (31.7 million 1.19 AuEq g/t) which excludes all underground Mineral Resources. At Midas, Klondex is drilling the Trinity zone in an effort to extend mineralization north towards the existing underground workings and planned development. Fire Creek Royalty Area 2.5% NSR Fee Lands Unpatented Mining Claims Fire Creek deposits N 0 1 Outline of Area of Interest (AOI) Miles Midas Royalty Area 2.5% NSR ASSET HIGHLIGHTS: Fixed gold payments through delivered in December 2017 Trailing 2.5% NSR royalty on two properties starts in 2019 Actively drilling both Fire Creek and Midas to extend mine life Royalty covered areas Plus Area of Interest (AOI) (not shown) N 0 1 Miles Midas Town Plan of Operations 44 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

47 Bald Mountain Nevada, United States Royalty: NSR/GR: % Operator: Kinross Gold Corporation 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 production more than doubled to 282,715 ounces in 2017 versus 130,144 ounces in 2016 as higher grades and increased tonnage positively impacted results. Kinross does not provide asset specific guidance but had previously indicated that production for both 2017 and 2018 would be almost double that of %-5% GR Royale North Block Revenue to Franco-Nevada ($ million) $ 6.4 $ 3.9 $ 8.2 P&P Reserves (koz Au) 1 1,698 2,133 1,142 M&I Resource (koz Au) 1 5,047 5,681 4,840 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) of Mineral Reserves and 90% (92% in 2015) of Mineral Resources (exclusive of Mineral Reserves) are subject to our royalty interest and estimates an average REU rate of 2.10% is applicable to Mineral Reserves and 3.56% for Mineral Resources (exclusive of Mineral Reserves) Construction of a new heap leach facility and related infrastructure to develop the Vantage Complex in the South Zone of Bald Mountain has commenced with engineering more than 80% complete. Permitting is proceeding as planned with commissioning of the heap leach pad and processing facilities expected in Q Following a successful exploration campaign in 2016, which doubled the Bald Mountain Mineral Reserve, Kinross expects to spend $10 million at Bald Mountain in 2018 for infill drill programs with the goal of upgrading estimated Mineral Resources to Mineral Reserves at Redbird, Winrock and Yankee. In addition, exploration will also focus on other target areas for Mineral Resource growth. LJ Ridge 1%-5% GR North Duke 2/3 5 1 Redbird South Ridge Rat Banghart 4% NSR* to 1.75% NSR 2.418% NSR Poker Flats 4% NSR* Top Sage Flats 4% NSR South Duke Galaxy Bida Belmont Horseshoe 4% NSR Saga 4% NSR 4% NSR* 4% NSR* N 1 Mile 4% NSR* Lux/Vantage Targets ASSET HIGHLIGHTS: South Block 4% NSR* Yankee Targets 4% NSR Bald Mountain Mine South Block North Block New focused operator in Kinross 2017 production more than doubled compared with 2016 Construction of the Vantage Complex in South Zone commenced Ongoing exploration on large property package 4% NSR* Excluded from Royalty * Subject to possible reduction by third-party royalty Franco-Nevada Corporation 1 0 Y E A R S

48 South Arturo Nevada, United States Royalty: GR: 4-9% WITH AMR Operator: Barrick Gold / Premier Gold Mines Limited 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 142,810 ounces in 2017 (100% basis) which is down from the 223,145 ounces produced in The decrease in year-over-year production is attributable to the planned wind down of the Phase 2 pit. Production for 2018 is expected to decrease further to 12,500-25,000 ounces as the operation processes the remaining stockpiled ore from Phase 2. The joint venture is now working towards the construction of an underground mine (El Nino) and the next phase of open pit mining (Phase 1). Stripping of the Phase 1 pit is expected to commence mid-year 2018 and development of the El Nino underground is scheduled to begin in the second half of An updated Mineral Reserve and Mineral Resource estimate for the project was released in February Mineral Reserves increased by 333% and an initial Mineral Resource was provided for the Phase 3 open pit Revenue to Franco-Nevada ($ million) $ 10.7 $ 13.8 $ 0.2 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% (90% in 2015) of Mineral Reserves & Mineral Resources are subject to our royalty interest and estimates an average REU rate of 6.0% (4.0% in 2015) is applicable Dee 4-9% GR N 1 Mile Storm Underground Deposit Historic Dee Pit Deep North Target South Arturo Deposit ASSET HIGHLIGHTS: Reduced production in 2018 as Phase 2 mining completed Advancing Phase 1 pit and El Nino underground in 2018 Excluded from Royalty South Arturo 46 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

49 Mesquite California, United States Royalty: NSR: 0.5-2% Operator: New Gold Inc. 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-ofmine, 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. 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. Mesquite production improved to 168,889 ounces in 2017, a 52% increase relative to the prior year due to increased ore tonnes mined and accelerated inventory drawdown. Mesquite s full-year production significantly exceeded the 2017 guidance range of 140, ,000 ounces. New Gold anticipates gold production of 140, ,000 ounces in Revenue to Franco-Nevada ($ million) $ 2.4 $ 2.4 $ 2.1 P&P Reserves (koz Au) 1 1,129 1,179 1,492 M&I Resource (koz Au) 1 2,310 2,219 2,323 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) is applicable ASSET HIGHLIGHTS: 2017 production significantly higher than forecasted guidance Production forecast for 2018 of 140, ,000 ounces Brownie Big Chief 0.5% NSR Rainbow 1% NSR $500 Gold Pit Vista N 1 Mile 2% NSR Mesquite Mine Franco-Nevada Corporation 1 0 Y E A R S

50 Hollister Nevada, United States Royalty: NSR: 3-5% Operator: Klondex Mines Ltd. 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 $3.5 million. Klondex purchased the Hollister project in the third quarter of Klondex also operates the Fire Creek/Midas assets highlighted on page 44. This offers potential synergies to Hollister including shorter trucking distances to the Midas Mill, lower milling costs and reduced G&A costs. Hecla Mining Company announced plans to acquire Klondex on March 19, 2018 and its three producing mines in Nevada including Hollister. Hollister produced 7,371 gold equivalent ounces in 2017 which was less than the 30,000-35,000 gold equivalent ounces forecasted at the start of the year. Klondex began processing Hollister ore at the Midas Mill towards the end of the third quarter following the commissioning of the new CIL circuit needed to treat Hollister ore. For 2018, Klondex expects to produce between 37,000-40,000 gold equivalent ounces. Klondex reported an initial Mineral Reserve estimate for the property during The estimate included the Hollister Main zone and the Gloria zone but did not include any drill results from Hatter Graben. Drilling on the Hatter Graben commenced in June 2017 and is located approximately 2,500 feet east of the Hollister Main zone. Hatter Graben is a vein system comprised of multiple high grade veins which was originally drilled in 2008 but never developed Revenue to Franco-Nevada ($ million) $ 0.3 $ $ 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 Mineral Reserves & Mineral Resources are subject to our royalty interest and estimates an average REU rate of 3.0% is applicable Hillcrest Finley River Block 3% NSR N Hollister Deposit Hollister/Ivanhoe 5% NSR 1 Mile ASSET HIGHLIGHTS: Restarted operations in Q Initial Mineral Resource for Hollister Main and Gloria zone released Ongoing drill campaign on Hatter Graben area located east of Hollister Main zone USX Pits Hatter Graben Discovery Hollister Project 48 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

51 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 Idaho, United States Royalty: NSR: 1.7% Operator: Midas Gold Corp. 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. In September 2017, seven federal, state and local agencies entered into an agreement outlining their commitment to work together and coordinate efforts to permit the Stibnite project. In February 2018, Idaho s House of Representatives and Senate encouraged the U.S. President and Federal officials to move the project forward. Based on discussions with the U.S. Forest Service, a draft Environmental Impact Statement for public comment is expected in Q and an approved Record of Decision anticipated in Q based on the current timeline of the process. 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 California, United States Royalty: NSR: 2.65% Operator: Equinox Gold Corp. 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 Equinox Gold Corp. ( Equinox Gold ) which was formed in 2017 following the combination of NewCastle Gold Ltd. ( NewCastle ), Trek Mining and Anfield Gold. NewCastle was the previous owner. 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 Significant progress was made on the property in 2017 including successful water drilling in the permit area as well as an increase to the M&I Mineral Resource. Equinox Gold is actively drilling and in early 2018 announced new mineralization to the east of the original pits. Equinox Gold is targeting the release of a prefeasibility study in the first half of 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 Franco-Nevada Corporation 1 0 Y E A R S

52 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 Nevada, United States Royalty: NSR: 0.25% Operator: Northern Empire Resource Corp. Sterling is a historic gold operation located 185 km northwest of Las Vegas, Nevada near Beatty, Nevada. Northern Empire Resource Corp. ( Northern Empire ) purchased the property from Imperial Metals Corporation ( Imperial Metals ) in 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 Northern Empire is currently actively drilling the property with the aim of increasing the existing Mineral Resource. FNV management has not included Sterling in REU estimates Sandman Nevada, United States Royalty: NSR: % Operator: Newmont Mining Corporation 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. 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 Pinson Nevada, United States Royalty: NSR: 1-2% Operator: Osgood Mining Company LLC and Barrick Gold 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 50 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

53 Sudbury Ontario, Canada Stream: 50% Precious Metals Stream Operator: KGHM International Ltd. 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 $429 per ounce of payable gold (subject to an inflation adjustment of 1% per year which commenced July 2011) and the spot price for gold. At the time of acquisition by Franco-Nevada, the mines were operated by Quadra FNX Mining Ltd. ( Quadra FNX ) which was acquired by KGHM International Ltd. ( KGHM ) in March The three mines are the operating Levack (Morrison Deposit) mine and the Podolsky and McCreedy West mines which are both currently on care and maintenance. The footwall deposits are primarily rich in palladium followed by platinum and gold. KGHM does not have processing facilities in Sudbury and sells the ore to third parties for processing. The stream is calculated based on contained precious metals in the delivered ore rather than payable metals. Levack (Morrison Deposit): This mine has been in production since 2007 and is currently the only source of production from the Sudbury stream agreements. In late 2011, Quadra FNX and Xstrata Nickel entered into a life of mine agreement which allowed Quadra FNX to utilize the neighbouring underground infrastructure of Xstrata Nickel s Craig mine. A new ramp driven from the 4900 foot level of the Craig shaft allowed access to the 5040 foot level for diamond drilling and potential Mineral Reserve and Mineral Resource expansion. McCreedy West Mine: The stream agreement applies to the PM and 700 deposits at the McCreedy West mine. McCreedy West ceased mining of the precious metal-rich ores in the PM deposit in Glencore cancelled its off-take contract for nickel ores in 2014 and the mine was placed on care and maintenance. KGHM is evaluating new processing arrangements. Podolsky Mine: The stream agreement applies to the 2000 and North deposits at the Podolsky mine which started production in Podolsky was put on care and maintenance in the third quarter of KGHM is evaluating new processing arrangements PGM Revenue to Franco-Nevada ($ million) $ 23.9 $ 22.4 $ 17.7 Gold Revenue to Franco-Nevada ($ million) $ 6.4 $ 8.0 $ 5.5 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 69% factor has been applied to estimate REUs (66.6% in previous years). 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, $1,050/ounce Pd and $1,300/ounce Au ($950/ounce Pt, $750/ounce Pd and $1,200/ounce Au in 2016; $900/ounce Pt, $500/ounce Pd and $1,200/ounce Au in 2015) ASSET HIGHLIGHTS: Ongoing high grade production at Levack (Morrison Deposit) Exploration drilling continues to test potential at depth Levack (Morrison Deposit) McCreedy West Coleman 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 Franco-Nevada Corporation 1 0 Y E A R S

54 Detour Lake Ontario / Quebec, Canada Royalty: NSR: 2% Operator: Detour Gold Corporation 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 for 2017 increased to 571,463 ounces versus 537,765 ounces in 2016 and the guidance range of 550, ,000 ounces of gold. For 2018, Detour expects production to increase to 600, ,000 ounces of gold. Detour provided an updated life of mine plan in March 2017 given uncertainties with the permitting process for the West Detour project. The updated mine increased gold production over the life of mine versus the previous mine plan provided in January 2016 which represents a net benefit to the royalty. The new mine plan assumes average annual production of 656,000 ounces of gold during a year mine plan. The mine plan assumes a dip in production in 2019/2020 which Detour is currently trying to address by improving its near-term gold production by accelerating access to the higher grades currently scheduled to be processed in 2021 and Results of this assessment are expected to be completed in the second quarter of During the year, it was determined that the environmental assessment process for the permitting of West Detour would remain a provincial process which is typically a shorter process than a federal review Revenue to Franco-Nevada ($ million) $ 14.3 $ 13.3 $ 11.7 Detour Lake P&P Reserves (koz Au) 1 15,814 16,395 16,395 Detour Lake M&I Resource (koz Au) 1 19,684 20,281 20,281 Detour Lake Inferred Resource (koz Au) 1 1,188 1,121 1,121 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 or 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 ASSET HIGHLIGHTS: Produced a record 571,463 gold ounces in 2017 Expected gold production of 600, ,000 ounces in 2018 New mine plan assumes increased LOM gold production versus previous plan Study underway to smooth near term gold production profile 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 52 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

55 Golden Highway Ontario, Canada Royalty: NSR: % Operator: Kirkland Lake Gold Inc. 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 66,677 ounces of gold in 2017 which was within the guidance range of 65,000-70,000 ounces. For 2018, gold production is expected to be similar to that of 2017 with a range of 65,000-75,000 ounces. Taylor: The Taylor mine (1% NSR) achieved commercial production in November The operation produced 50,764 ounces of gold in 2017 which was short of the guidance range for 55,000-60,000 ounces. Drilling in 2018 will continue to target new mineralized extensions situated both at depth and along strike to the east of the Shaft Deposit and west of the West Porphyry Deposit. For 2018, gold production is expected to increase to between 60,000-70,000 ounces. Holloway: The Holloway mine 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 $100/ounce increase in the price of gold, up to a maximum of 15%. The Holloway mine was placed on care and maintenance at the end of 2016 due to limited economic viability. No exploration is planned for Holloway in Hislop: Franco-Nevada has a 4% NSR on the Hislop mine which is located approximately 50 km to the west of the Holt mill. ASSET HIGHLIGHTS: Two operating mines in Holt and Taylor Zone 7 expected in production in 2018 Large land position offers additional potential at higher gold prices Revenue to Franco-Nevada ($ million) $ 8.7 $ 10.7 $ 10.1 P&P Reserves (koz Au) M&I Resource (koz Au) 1 3,453 3,511 3,511 Inferred Resource (koz Au) 1 2,350 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 8% (6% in previous years); Holt 10% (9% in previous years); Hislop 4%; Taylor 1% 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 Zone 7 is covered by a reduced royalty rate if developed by the end of 2018, but will revert back to either 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. 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 Harker Central Timmins Royalty Claims % NSR Holloway Royalty Sliding scale Lamplugh Present or past producing mine Frecheville Holt Mine 101 Holloway Lake Abitibi Stoughton Marriot Holt Royalty Sliding scale Franco-Nevada Corporation 1 0 Y E A R S

56 Hemlo Ontario, Canada Royalty: NSR: 3% / NPI: 50% Operator: Barrick Gold Corporation The Hemlo gold camp has been producing gold for over 30 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. Hemlo produced 196,000 ounces of gold in 2017 compared with 235,000 ounces of gold in All-in sustaining costs increased to $1,092 per ounce in 2017 versus $839 per ounce in For 2018, gold production is expected to be 200, ,000 ounces at an all-in sustaining cost of $975-$1,075 per ounce. Hemlo continued to have exploration success at the operation in The estimated Mineral Reserve increased by 397,000 ounces while the M&I Mineral Resource increased by 535,000 ounces. Based on the technical report that Barrick provided in April 2017, it is estimated that the royalty ground covers 35% of the underground Mineral Reserve and 19% of the total Mineral Reserve Revenue to Franco-Nevada ($ million) $ 4.4 $ 12.7 $ 5.0 P&P Reserves (koz Au) 1 1,774 1, M&I Resource (koz Au) 1 3,632 3,308 2,368 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 4.83% (4.52% in 2016; 3.93% in 2015) is applicable when factoring our NSR and NPI interests ASSET HIGHLIGHTS: Established mine operation in Ontario - Barrick s only Canadian operation Continued exploration success in 2017 Profit royalties are more levered to gold prices Hemlo Long Section C Zone Pit Williams Shaft & Mill Surface C Zone Mined Area 9555 Mined Area % NSR + 50% NPI Williams Mine Franco-Nevada Royalty Ground B Zone FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

57 Musselwhite Ontario, Canada Royalty: NPI: 5% Operator: Goldcorp Inc. 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 s Musselwhite interest is a profit royalty which did not become payable until historical capital and operational costs had been recovered by the operator which occurred in Musselwhite represents one of the lower cost operations in Goldcorp s portfolio, which benefits the profit royalty, with 2018 all-in sustaining costs estimated at $775/ oz representing a slight increase from Gold production is expected to be 265,000 ounces in 2018 versus 236,000 ounces produced in The Materials Handling project is now 53% complete, which is expected to increase production from 3,600 tonnes per day to 4,300 tonnes per day. The project is expected to reach commercial production in the first quarter of 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 and enhanced production profile. Capital costs for the project are tracking 10% below budget which could positively impact the profit royalty as construction continues. Goldcorp continues to actively explore the large land package with approximately $10 million planned for Musselwhite has consistently replaced mine Mineral Reserves and discovered new mineralization. Goldcorp s predicts that there is Mineral Reserve growth potential by bringing new mine ore zones online as well as the Karl Zeemal open-pit opportunity Revenue to Franco-Nevada ($ million) $ 3.8 $ 5.1 $ 5.4 P&P Reserves (koz Au) 1 1,850 1,690 1,720 M&I Resource (koz Au) 1 2,160 2,150 2,070 Inferred Resource (koz Au) 1 1,170 1,200 1,110 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 2.19% (1.96% in 2016; 1.66% in 2015) is applicable assuming an all in cost of $750/ounce ($730/ounce in previous years) Musselwhite Esker North N O Kilometres Area of Interest Boundary ASSET HIGHLIGHTS: One of the lower cost operations in Goldcorp portfolio NPI more levered to gold price Opapimiskan Lake Exploration Materials Handling project to positively impact production and operating costs West Anticline Mill Large land package with active exploration program Karl Zeemal Area Zeemel Lake Leased Lands Unpatented Lands Deposits Franco-Nevada Corporation 1 0 Y E A R S

58 Kirkland Lake Ontario, Canada Royalty: NSR: %; NPI: 20% Operator: Kirkland Lake Gold Inc. / Agnico Eagle 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 ($36 million less royalty proceeds attributable to the buyback) An underlying 20% profit-based royalty immediately to the south-west of the SMC as shown in the inset of the schematic An underlying 2-3% NSR on claims to the west of current operations An underlying 2% NSR royalty on claims that KLG purchased from Queenston Mining Inc. in July 2012 Macassa produced a record 194,237 ounces of gold in 2017 which was higher than the original guidance range of 180, ,000 ounces. For 2018, KLG expects to increase production to 215, ,000 ounces from Macassa. KLG announced in early 2018 plans for a new shaft at the Macassa mine. The new, 21.5-foot diameter, concrete-lined shaft will support higher levels of production while also de-risking the operation, offer more effective underground exploration to the east of the SMC and improve ventilation and general working Revenue to Franco-Nevada ($ million) $ 4.1 $ 5.2 $ 4.6 P&P Reserves (koz Au) 1 2,030 1,463 1,463 M&I Resource (koz Au) 1 4,706 4,096 3,775 Inferred Resource (koz Au) 1 3,910 1,965 1,583 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 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 2015) is applicable to the KLG properties and a REU rate of 2.00% is applicable to the Agnico Eagle properties conditions. The two phase project is expected be completed by the end of 2023 at a total cost of $320 million with a total hoisting capacity of 4,000 tonnes per day and reach an ultimate depth of approximately 7,000 feet. The shaft is a key component of achieving KLG s goal of increasing production at Macassa to over 400,000 ounces per year over the next five to seven years. Franco-Nevada also has a 2% NSR royalty covering the majority of claims held in the Kirkland Lake gold camp by Agnico Eagle Mines Limited ( Agnico Eagle ) from its acquisition of Osisko Mining Corporation ( Osisko ) in April Agnico Eagle bought out its JV partner Yamana at the end of 2017 and now owns 100% of the claims. 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 New production shaft could increase production to over 400,000 gold ounces per year Large land position in historical mining area covering multiple known deposits 56 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

59 Timmins West Ontario, Canada Royalty: NSR: 2.25% Operator: Tahoe Resources Inc. 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., the previous operator of the mine. The Timmins properties (including Bell Creek on which Franco-Nevada does not have a royalty) produced 167,000 gold ounces in 2017 which was at the low end of the original guidance range of 165, ,000 ounces. This estimate includes production from Bell Creek. For 2018, Tahoe expects production from the Timmins properties to be between 160, ,000 ounces. Mineral Reserves at Timmins West increased substantially in 2017 which was mainly attributable to the initial Mineral Reserve for the 144 Gap deposit. Mineral Reserves increased from 233,000 ounces ( g/t) to 738,000 ounces ( g/t) which may help extend the mine life of the operation. Exploration continues on the property including targeting zones below the Thunder Creek deposit and drilling/test work at the Gold River Trend Revenue to Franco-Nevada ($ million) $ 3.4 $ 3.2 $ 3.7 P&P Reserves (koz Au) M&I Resource (koz Au) 1 1,040 1,141 1,114 Inferred Resource (koz Au) 1 1,161 1,208 1,607 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 ASSET HIGHLIGHTS: Maiden 144 Gap Zone Mineral Reserve released in 2017 Mineral Reserves increased substantially year over year 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 Timmins West Mine 144 Gap Deposit Gold River Trend Franco-Nevada Corporation 1 0 Y E A R S

60 Canadian Malartic Quebec, Canada Royalty: GR: 1.5% Operator: Yamana Gold / Agnico Eagle 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 and Agnico Eagle are now 50/50 joint operators of the Canadian Malartic mine following the 2014 acquisition of Osisko Mining Corporation. Canadian Malartic produced 633,462 ounces of gold in 2017 which was higher than the 600,000 ounces forecast at the beginning of the year. Mid-point production guidance for 2018 and 2019 is 650,000 ounces per year which is expected to increase to 690,000 ounces in Production in 2020 is expected to increase primarily due to the mining of higher grades in the Barnat pit of which only a small portion is covered by the Franco-Nevada royalty. The operators are aggressively drilling east of the open pit. An updated Mineral Resource was reported at Odyssey and a new Mineral Resource was reported at East Malartic. Permitting activities are underway for an exploration ramp to provide access to the shallower portions of the Odyssey South and East Malartic deposits. The ramp, which will provide access for underground drilling and collection of a bulk sample, is expected to begin in late The goal of the underground development program is to provide higher grade feed to the Canadian Malartic mill and extend the current mine life. The Odyssey Zones further east appear to be striking south-east on to Franco-Nevada s royalty claims and there is potential for the East Malartic deposit to also be partially covered by the royalty Revenue to Franco-Nevada ($ million) $ 2.0 $ 2.1 $ 1.6 P&P Reserves (koz Au) 1 6,378 7,096 7,726 M&I Resource (koz Au) 1 7,684 8,384 8,976 Inferred Resource (koz Au) 1 4,612 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 12% (10% in 2015) of the Mineral Reserves and Mineral Resources are subject to our royalty interest and estimates a REU rate of 1.5% is applicable 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 Rail line Highway 117 Malartic (town site) Canadian Malartic Royalty Area 1.5% Gross Royalty Royalty Claims Exploration Targets Open Pit Mill Open Pit East Malartic Norrie Deeps Jeffrey Zone Highway 117 Odyssey Zone 0 N 3.5 Km Canadian Malartic Property 58 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

61 Brucejack British Columbia, Canada Royalty: NSR: 1.2% Operator: Pretium Resources Inc 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. The NSR becomes payable after approximately 500,000 ounces of gold have been produced. Pretium poured first gold from the Brucejack project in June 2017 and achieved commercial production in July Total production for 2017 was 152,484 ounces of gold during the first six months of production ramp-up. During the ramp-up period, grade reconciliation to the reserve model for the period August 1, 2017 to December 31, 2017 was approximately 75% to 80% with limited mining levels available. Pretium is currently working towards adding flexibility to mine sequencing and provide access to eight mining levels by mid-year As the ramp-up of mining into areas of higher definition drilling continues, steady state gold production is expected by mid-to-late Gold production at Brucejack for the first half of 2018 is expected in the range of 150, ,000 ounces. 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 8,700 7,500 M&I Resource (koz Au) 1, 3 10,000 10,000 9,600 Inferred Resource (koz Au) 1, 3 3,900 3,900 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 Brucejack Project Royalty Area 1.2% NSR N West Zone Valley of the Kings Zone Brucejack Property Pretium Resources Brucejack Lake Metres ASSET HIGHLIGHTS: Poured first gold and achieved commercial production in 2017 Royalty becomes payable after approximately 500,000 ounces of gold produced Operator envisions average annual LOM production of 400,000 ounces over 18 years Pretium Resources - Brucejack property (royalty claims) Pretium Resources - other claim Franco-Nevada Corporation 1 0 Y E A R S

62 Hardrock 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. As part of the Greenstone partnership, Centerra paid C$96 million and is responsible for funding the initial C$185 Million of capital contributions with C$121.0M remaining as at September 30, The Hardrock property is part of the larger Trans-Canada project with Hardrock representing the core project. The district has historic production of 4 million ounces of gold and is host to multiple gold deposits. Greenstone released a feasibility study in November The study envisions an open-pit mine producing 4.2 million ounces of gold over a 14.5 year mine life. Production is expected to average approximately 300,000 ounces per year during full production and excludes processing of low-grade stockpiles. The economic study only includes the Hardrock open-pit Mineral Resource and does not include any potential from the large underground Mineral Resource on the property. Greenstone submitted the Hardrock Project Environmental Impact Statement/Environmental Assessment to the required government agencies in July 2017 to initiate the formal environmental review process. Ontario, Canada Royalty: NSR: 3% Operator: Premier Gold Mines Limited / Centerra Gold Inc Revenue to Franco-Nevada ($ million) $ $ $ P&P Reserves (koz Au) 1 4,647 4,647 M&I Resource (koz Au) 1 6,763 6,763 5,136 Inferred Resource (koz Au) 1 2,590 2,590 2,860 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 60 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

63 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) Yukon, Canada Royalty: NSR: 1.5-2% Operator: Victoria Gold Corp. 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. In March 2018, Victoria entered into a financing package for C$505 million that will fully fund the development of the Eagle Gold project through commercial production. Victoria estimates first gold pour in the second half of 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) Ontario, Canada Royalty: NSR: 2% Operator: Rubicon Minerals Corporation 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 the contained gold ounces in the Indicated Mineral Resource and an 86% reduction to the contained gold ounces in the Inferred Mineral Resource. 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. Activities for 2017 included 28,500 metres of oriented drilling and 10,000 meters of historical core relogging. For 2018, additional drilling is planned as well as underground development and test mining. 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 Franco-Nevada Corporation 1 0 Y E A R S

64 Other Canadian Precious Metals Canada Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category. Courageous Lake Northwest Territories, Canada Royalty: NSR: 1.02% Operator: Seabridge Gold Inc. 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. Seabridge will commence a 7,200 meter drill program during the first quarter of 2018 which will test seven separate targets along a geophysical and stratigraphic break that hosts the Walsh Lake Deposit, located 10 km south of the larger FAT deposit on the Courageous Lake property. Metallurgical testing demonstrated that the Walsh Lake material is free milling. Based on these factors, the Walsh Lake deposit could be mined prior to constructing the processing plant required for the larger, refractory FAT deposit thereby improving the overall economics of the Courageous Lake 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 1.02% is applicable Goldfields Saskatchewan, Canada Royalty: NSR: 2% Operator: Fortune Bay Corp. 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 Manitoba, Canada Royalty: NSR: 2-3% Operator: Yamana Gold Inc. 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. Franco-Nevada holds a 2% NSR royalty on the first 1.0 million ounces produced and a 3% NSR on any additional production. The property had a budget of $2.2 million in 2017 supporting exploration initiatives and technical studies. 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 62 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

65 Other Canadian Precious Metals Canada Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category. Red Mountain British Columbia, Canada Royalty: NSR: 1% / Production Payment Operator: IDM Mining Ltd. In April 2014, IDM Mining Ltd. ( IDM Mining ) (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 released a feasibility study in June 2017 that estimated an initial mine life of six years producing an average of 78,000 gold ounces per year. IDM Mining has begun the permitting process with the Provincial and Federal agencies and continues to 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 1.0% is applicable Cariboo British Columbia, Canada Royalty: NSR: 3% Operator: Barkerville Gold Mines Ltd. 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. 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 is continuing to aggressively explore the property with over 120,000 meters of drilling planned per year through FNV management has not included Cariboo in REU estimates New Prosperity British Columbia, Canada Stream: 22% Gold Stream Operator: Taseko Mines Limited 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 Franco-Nevada Corporation 1 0 Y E A R S

66 MWS South Africa, Rest of World Stream: 25% Gold Stream Operator: AngloGold Ashanti Limited Franco-Nevada, through 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 $424/ounce of payable gold (subject to a 1% annual inflation that commenced December 2012) and the spot price for gold. AngloGold Ashanti Limited ( AngloGold Ashanti ) purchased the operation from First Uranium Corporation in July As part of the AngloGold Ashanti purchase, Franco-Nevada amended the agreement and is now entitled to receive 25% of all the gold produced through the MWS plant including treatment of AngloGold Ashanti s tailings until Franco-Nevada has received 312,500 ounces of gold, starting on January 1, In 2017, Franco-Nevada was delivered 27,094 ounces of gold (28,397 ounces sold in 2017). As at December 31, 2017, Franco-Nevada has sold 142,066 ounces of gold of the 312,500 ounce cap since the amendment of the agreement Revenue to Franco-Nevada ($ million) $ 35.8 $ 27.1 $ 26.2 P&P Reserves (koz Au) 1 2,290 2,100 2,190 M&I Resource (koz Au) 1 2,330 2,140 2,230 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 174,546 stream ounces (198,849 in 2016; 220,465 in 2015) to be delivered and factored by 69% (66.6% in previous years) to estimate equivalent REUs ASSET HIGHLIGHTS: Franco-Nevada entitled to 25% of all gold produced until 312,500 ounces received Limited upside given production cap on payments 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 B5 B2 B3 B1 B4 Vaal West 64 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

67 Sabodala Senegal, Rest of World Stream: Fixed gold deliveries / 6% Gold Stream Operator: Teranga Gold Corporation In December 2013, Franco-Nevada provided Teranga Gold Corporation ( Teranga ) with $135 million to fund the acquisition by Teranga of the remaining interests of the Oromin Joint Venture ( OJVG ). The OJVG owned the adjacent property which hosts several deposits representing future ore sources for Teranga s neighbouring Sabodala mill. With the acquisition, Teranga now controls a sizable land package of over 950 km 2 which includes much of a 70 km strike length along a prospective greenstone belt. Under the terms of the agreement between Franco-Nevada and Teranga, Teranga will deliver 22,500 ounces of gold annually over the first six years of the agreement. Following delivery of 135,000 ounces of gold, Franco-Nevada will receive 6% of gold production that is sourced from either the Sabodala or OJVG properties. Franco-Nevada will make ongoing payments for each ounce of gold delivered equal to 20% of the spot gold price. As of the end of 2017, Teranga has delivered 90,000 ounces. Sabodala had another strong year in 2017 producing a record 233,267 ounces of gold which exceeded the guidance range of 205, ,000 ounces. For 2018, Teranga expects to produce between 210, ,000 ounces from Sabodala which compares favourably to the 213,000 ounces outlined in the 2017 technical report. The technical report outlined an increased Mineral Reserve of 2.7 million ounces ( g/t) supporting a 14 year mine life producing an average of 176,000 gold ounces per year. Production for the first five years ( ) is expected to average 213,000 gold ounces per year Revenue to Franco-Nevada ($ million) $ 30.5 $ 26.0 $ 28.3 P&P Reserves (koz Au) 1 2,700 2,640 2,640 M&I Resource (koz Au) 1 4,438 4,442 4,442 Inferred Resource (koz Au) 1 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 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) ASSET HIGHLIGHTS: Fixed ounce payments of 22,500 per year for six years with trailing 6% gold stream Estimated 13.5 year mine life based on existing Mineral Resources Land package offers significant exploration potential 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 Franco-Nevada Corporation 1 0 Y E A R S

68 Karma Burkina Faso, Rest of World Royalty: Fixed gold deliveries / 4.875% Gold Stream Operator: Endeavour Mining Corporation 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 $3.75 million as part of the increase option). The Karma Project was constructed by True Gold Mining Inc. which was acquired by Endeavour Mining Corporation ( Endeavour Mining ) in March Under the terms of the agreement, Endeavour Mining will deliver to Franco-Nevada 15,000 ounces of gold per year beginning March 31, 2016 and will continue until 75,000 ounces have been delivered. Once reached, Endeavour Mining shall then deliver to Franco-Nevada an amount of refined gold equal to 4.875% of the equivalent amount of gold produced at Karma over the life of the mine in exchange for ongoing payments equal to 20% of the spot price of gold. The increase option is repayable in 8 quarterly deliveries totaling 5,625 ounces of gold, starting 18 months from when the first tranche under the increase option was drawn down. Sandstorm will receive deliveries for its 25% interest from Endeavour Mining directly. The Karma project poured first gold on April 11, 2016 and reached commercial production on October 1, The operation increased production to 98,000 gold ounces in 2017 which represented the first year of full production. Production for 2018 is expected to increase to 105, ,000 ounces. Endeavour Mining announced in February 2017 that it had extended the mine life to over 10 years as infill drilling at the North Kao deposit added 262,000 gold ounces to Mineral Reserves. Drilling during 2017 confirmed mineralization at the Yabongso target and discovered a parallel oxide structure east of the North Kao deposit, both of which are expected to be delineated into Mineral Resource estimates in Q The agreement covers all of the concessions within the 856 km 2 Karma project and also includes a defined area of interest of 5 km surrounding the borders of the project Revenue to Franco-Nevada ($ million) $ 23.0 $ 14.4 $ P&P Reserves (koz Au) , M&I Resource (koz Au) 1 2,871 2,981 2,621 Inferred Resource (koz Au) ,362 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 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) Rounga Karma Gold Stream Karma Project Area Area of Interest 5 km Current Exploitation Area ASSET HIGHLIGHTS: Youba Fixed ounce deliveries over five years with trailing 4.875% gold stream Growing Mineral Reserves and mine life extended to over 10 years Prospective land package of over 850 km 2 Bogoya Tougou Ouahigouya Namissiguima Ouest Kao Nord Kao Pit Kao Sud Nami Pit Bonguirga N 0 10 Kilometres Nami Pit Goulagou I Pit Goulagou II Pit Rambo Pit Burkina Faso North Kao Gold Zone Kao Pit 66 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

69 Tasiast Mauritania, Rest of World Royalty: NSR: 2% Operator: Kinross Gold Corporation Franco-Nevada has a 2% NSR royalty on the Tasiast project operated by Kinross that has been payable since 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 2017, Tasiast produced 243,240 ounces of gold compared to 175,176 ounces produced in 2016 mainly due to higher mill grades, throughput and the impact of a temporary suspension of mining in Kinross does not provide individual mine guidance. In March 2016, Kinross announced 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 2018, Kinross reports that the project is on schedule and budget with the plant construction approximately 93% complete. Kinross expects full commercial production by the end of June In September 2017, Kinross announced plans to proceed with the Phase Two expansion at Tasiast. Phase Two is expected to increase mill capacity to 30,000 tonnes per day and produce an average of approximately 812,000 gold ounces per year for the first five years. Over the life of the project ( ), annual production is expected to average approximately 634,000 ounces per year. Commercial production is expected to begin in Q In addition, Kinross is now advancing pre-feasibility work at Tasiast Sud which is on track for completion in H The study is evaluating potential for a dump leach operation of low grade material from three deposits. Higher grade material from the deposit is expected to be transported to the CIL mill. In 2017, Kinross completed over 47,000 meters of drilling focused on two targets, C6.13 and C6.15. Drilling has identified continuous mineralization along an 8 km strike to depths of up to 200 meters. Following the drill campaign, Kinross added 820,000 ounces to the Inferred Mineral Resource estimates at Tasiast Sud Revenue to Franco-Nevada ($ million) $ 6.2 $ 4.4 $ 5.0 P&P Reserves (koz Au) 1 7,861 8,015 8,952 M&I Resource (koz Au) 1 10,820 11,159 12,397 Inferred Resource (koz Au) 1 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 ASSET HIGHLIGHTS: Phase One expansion currently being constructed; commercial production in Q Phase Two expansion to proceed; commercial production in Q Prospective 75 km long greenstone belt N Tasiast Main Trend Plant Site 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 Franco-Nevada Corporation 1 0 Y E A R S

70 Subika Ghana, Rest of World Royalty: NSR: 2% Operator: Newmont Mining Corporation 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 produced 349,000 gold ounces in 2017 which was unchanged from For 2018, Newmont anticipates production of 435, ,000 gold ounces which represents the first year-over-year increase in a number of years. Newmont made two significant announcements in 2017 with plans to develop the Subika underground deposit and proceed with the Ahafo mill expansion. First production from the underground already occurred in June 2017 with commercial production expected in the second half of The project is expected to increase average annual gold production by 150, ,000 gold ounces per year for the first five years beginning in 2019 with an initial mine life of approximately 11 years. The Ahafo mill expansion is expected to improve production margin and accelerate stockpile processing. First production is expected in the first half of 2019 with commercial production expected in the second half of The expansion is expected to increase average annual gold production by 75, ,000 ounces per year for the first five years beginning in Together, the mill expansion and Subika underground are expected to improve Ahafo s production to 550, ,000 ounces per year for the first five full years of production ( ) Revenue to Franco-Nevada ($ million) $ 6.6 $ 4.8 $ 4.3 P&P Reserves (koz Au) 1 6,510 6,220 6,640 M&I Resource (koz Au) 1 9,180 8,450 8,540 Inferred Resource (koz Au) 1 2,340 2,370 1,850 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), 80% of the M&I Mineral Resource (78% in 2015) and 87% of the Inferred Mineral Resource (88% in 2015) are subject to our royalty interest and estimates an average REU rate of 2.0% is applicable ASSET HIGHLIGHTS: Commercial production from Subika underground expected H Mill expansion also announced; first production expected in 2019 Together, projects expected to increase production to 550, ,000 gold ounces per year for first five years of production Amoma Ntotoroso Awonsu Apensu Plant and Offices Kenyase 2% NSR Royalty Area Subika N Note: not to scale Subika Project Area 68 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

71 Duketon Australia, Rest of World Royalty: NSR: 2% Operator: Regis Resources Ltd. 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 2017 Regis reported production of 324,353 ounces of gold for the fiscal year ending June 30, 2017, and provided production guidance of 335, ,000 ounces of gold for the fiscal year ending June 30, Duketon Southern Operations ( DSO ): Regis reported DSO production of 238,207 ounces of gold for calendar 2017, all from royalty grounds. 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 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 115,478 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 a maiden Mineral Reserve at Tooheys Well in Mining at Tooheys Well is expected to commence during Q1 2018, with first production in Q Tooheys Well is expected to increase total production as it is expected to be higher grade feed than the displaced ore from Garden Well Revenue to Franco-Nevada ($ million) $ 6.7 $ 7.2 $ 6.7 P&P Reserves (koz Au) 1 1,933 1,899 2,006 M&I Resource (koz Au) 1 4,446 4,477 4,446 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 (97% in 2015) and 97% 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 Location Map Port Hedland ASSET HIGHLIGHTS: Steady total mining/milling rate in 2017 Increased gold production in 2017 with full year contribution from higher grade ore at Gloster and Erlistoun Development of Tooheys Well, with first production in late 2018 Current Royalty Tenements Original Royalty Tenements Deposits Petra Rosemont King John Moolart Well Anchor Dogbolter Garden Well Russells Find PERTH Kalgoorlie Kambalda Norseman N 0 30 Km * Additional royalty lands to south not shown due to scale. Tooheys Well Erlistoun Reichelts Find Franco-Nevada Corporation 1 0 Y E A R S

72 Edikan Ghana, Rest of World Royalty: NSR: 1.5% Operator: Perseus Mining Limited 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 investment and ongoing efforts in 2016 led to a strong Annual gold production of 208,226 ounces in calendar year 2017 was the highest annual total since commercial production started in With the completion of the Sissingue project in Cote d Ivoire (see page 76 for Franco-Nevada s royalty interest), Perseus no longer provides asset by asset guidance. Perseus stated company wide production guidance for the first half of 2018 is 140, ,000 gold ounces with the majority of production coming from Edikan. 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 initial five years Revenue to Franco-Nevada ($ million) $ 3.7 $ 3.1 $ 3.7 P&P Reserves (koz Au) 1 1,943 2,078 2,345 M&I Resource (koz Au) 1 4,869 5,011 5,265 Inferred Resource (koz Au) ,018 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 ASSET HIGHLIGHTS: Record annual production achieved in 2017 Updated life of mine plan assumes average annual production of 214,000 gold ounces over 6.5 years Edikan Gold Mine Royalty Area 1.5% NSR Mampon Abnabna Fobinso Esuajah South Mill Site Esuajah North Chirawewa Fetish Mining License and Royalty Area Exploration License Deposit Dadieso Ataasi Ayanfuri Mine Licenses Location Map GHANA Ayanfuri Gold Project Accra N 0 10 Km 70 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

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. Ity Côte d Ivoire, Rest of World Royalty: NSR: 1-1.5% Operator: Endeavour Mining Corporation The Ity gold mine, located in western Côte d Ivoire, is operated by Endeavour Mining. Endeavour Mining increased its ownership interests to 80% in 2017 with the remainder split between the Government of Côte d Ivoire and the Drogba Group. 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 cumulative production reaches 35 tonnes of gold. Production for 2017 of 59,000 gold ounces was short of expectations due to transitioning away from the higher grade Bakatouo deposit. For 2018, Ity is expected to produce between 60,000-65,000 gold ounces is also expected to be a transition year with greater priority given to the CIL construction activities and maximizing trade-off opportunities between immediate heap leach production and deferred mining with better margins when the CIL plant is commissioned in mid 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 Australia, Rest of World Royalty: NSR: % Operator: Westgold Resources Limited Westgold Resources Limited ( Westgold ) operates the South Kalgoorlie Operation ( SKO ) which has been producing gold 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 processing 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 Westgold reported attributable 2017 gold production from SKO of 47,288 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 a one year period ending June 30, For REU calculation, FNV management estimates 74% of the Mineral Reserves, 88% of the M&I Mineral Resources and 91% of the Inferred Resources are subject to our royalty interest at an REU rate of 1.75% Franco-Nevada Corporation 1 0 Y E A R S

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. Cooke 4 South Africa, Rest of World Stream: 7% Gold Stream Operator: Sibanye Gold Limited 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 $420/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. FNV management has not included Cooke 4 in REU estimates Red October Australia, Rest of World Royalty: NSR: 1.75% Operator: Matsa Resources Limited Red October is located in the Laverton region of Western Australia which was in production as an open-pit until Saracen Mineral Holdings Limited, the previous operator, commenced underground mining in Franco-Nevada s royalty interest covers 29 km 2 surrounding the Red October deposit. Saracen reported production of 10,800 ounces of gold for the six months ending June 2017, when production at Red October ceased. In September 2017, Saracen announced the sale of Red October to Matsa Resources Limited ( Matsa ), which was completed in late March 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 1.75% is applicable Pandora South Africa, Rest of World Royalty: NPI: 5% Operator: Lonmin plc The Pandora property forms part of the Bushveld complex approximately 40 km east of the town of Rustenburg, South Africa and is 100% owned by Lonmin plc following the acquisition of Anglo American Platinum s 42.5% interest in the JV as well as Mvelaphanda Resources Proprietary Limited s 7.5% interest. Subsequently, on December 14, 2017, Sibanye-Stillwater announced plans to acquire Lonmin plc. Franco-Nevada has a 5% NPI royalty as well as 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. 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 $1,050/ounce Pd ($950/ounce Pt and $750/ounce Pd in 2016; $1,200/ounce Pt and $750/ounce Pd in 2015) 72 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

75 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. South Kalgoorlie (Lake Cowan) Australia, Rest of World Royalty: Production Payment Operator: Westgold Resources Limited 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. There has been no mining at Lake Cowan since August FNV management has not included Lake Cowan in REU estimates Henty Tasmania, Rest of World Royalty: GR: 1% Operator: Diversified Minerals Pty Ltd 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 Pty Ltd ( Diversified Minerals ). All Mineral Reserves and Mineral Resources on the property are 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. 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 Greece, Rest of World Royalty: NSR: 2% Operator: Eldorado Gold Corporation 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 Franco-Nevada Corporation 1 0 Y E A R S

76 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. Kiziltepe Turkey, Rest of World Royalty: NSR: 2.5% Operator: Ariana Resources plc Franco-Nevada has a 2.5% NSR on the Kiziltepe gold-silver mine located in Turkey which started production in April Kiziltepe is owned by JV operators Ariana Resources plc and Proccea Construction Co. Kiziltepe produced 10,191 ounces of gold in 2017 during the first partial year of production. Ariana Resources plc estimates production of 20,000 ounces of gold equivalent over an 8 year mine life with potential to increase to 11.5 years including satellite deposits. 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 2.5% is applicable Aği Daği Turkey, Rest of World Royalty: NSR: 2% Operator: Alamos Gold Inc. 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. Kirazli has a capital budget of $100 million for The bulk of this spending is expected following the receipt of the GSM (Business Opening and Operation) permit. Capital deployment at Kirazli is positive for the potential development of Agi Dagi and Çamyurt. 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 74 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

77 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. Matilda (Wiluna) Australia, Rest of World Royalty: NSR: 3.6% Operator: Blackham Resources Limited 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 total production for 2017 of 61,181 ounces of gold. Matilda/Wiluna has a 1.3 Mt per annum treatment plant and processes ore from several open-pit and underground deposits. In January 2018, Blackham announced target gold production for the next 3.5 years of 250,000 ounces of gold. For REU calculation, FNV management estimates 100% of Mineral Reserves & Mineral Resources are subject to an average REU rate of 3.6%. In 2015, 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) Australia, Rest of World Royalty: GR: 3.0% Operator: Ramelius Resources Limited 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 2017 production from Vivien of 48,711 ounces of gold. The 3% royalty applies to production once 25,000 ounces was produced which was reached in November FNV management has not included Vivien in REU estimates Franco-Nevada Corporation 1 0 Y E A R S

78 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. Yandal (Bronzewing) Australia, Rest of World Royalty: NSR: 2% Operator: Echo Resources Limited 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 Côte d Ivoire, Rest of World Royalty: NSR: 0.5% Operator: Perseus Mining Limited 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 was poured on January 26, 2018 with ramp-up to full scale commercial production expected before the end of March Perseus updated the life of mine plan for Sissingue in March The updated estimate assumes total gold production of 358,000 ounces including approximately 80,000 ounces per year over the first 3.25 year and approximately 70,000 ounces per annum over the full 5 year mine plan. 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 Australia, Rest of World Royalty: GR: 2.5% Operator: Aphrodite Gold Limited Aphrodite Gold project is 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. Spitfire Materials Limited acquired the Aphrodite Gold project in January 2018, through the takeover of Aphrodite Gold Limited. 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 76 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

79 Osborne (Cu, Au) OTHER MINERALS Australia Royalty: NSR: 2% (capped at A$15M) Shanxi Donghui Coal Coking & Chemicals Group Co., Ltd. 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$1.6 million in royalty payments paid prior to acquisition. The Osborne Copper-Gold project is located 195 km southeast of Mount Isa in Queensland, Australia. Franco-Nevada s royalty covers 413 km 2 and includes all Mineral Resources at the Kulthor and Osborne deposits. Previous owners operated the Osborne mine and plant from 1995 to Inova Resources Limited ( Inova ) acquired the project in 2010 and restarted mining operations in 2012, ramping up to full capacity in Inova was acquired by Shanxi on November 15, The Osborne plant capacity is Mt per annum. During 2017 all mining at Osborne was completed and production shifted to the low-grade stockpiles. All production during 2017 was from Franco-Nevada s royalty area. Shanxi is a private company and does not publicly report operating results Revenue to Franco-Nevada ($ million) $ 2.4 $ 1.4 $ 2.6 P&P Reserves (Mlbs Cu) 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 ASSET HIGHLIGHTS: 100% of production now from royalty area Royalty payments capped at A$15 million Osborne Royalty Area Kuridala 2% NSR Trekelano Tick Hill N 0 20 Kilometres Phosphate Hill Victoria Cannington Osborne Kulthor Franco-Nevada Corporation 1 0 Y E A R S

80 Mt Keith (Ni) OTHER MINERALS Australia Royalty: NPI: 0.25% / GR: 0.375% Operator: BHP Billiton Limited 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 open-pit 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, 2017 Annual Report, BHP Billiton reported that Mt Keith has an estimated mine life of 3 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 2018, BHP Billiton reported that Nickel West total production for 2017 was 89,400 tonnes of nickel Revenue to Franco-Nevada ($ million) $ 1.3 $ 1.3 $ 1.2 P&P Reserves (Mlbs Ni) M&I Resource (Mlbs Ni) 1 2,876 3,051 3,105 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 2015). FNV also applied a NSR smelting charge of 30% Kingston Royalty Area km 2 Mt Keith Jericho Albion Downs Kingston Royalty Area Total: km 2 N O 5 10 Kilometres Mt Keith Port Hedland ASSET HIGHLIGHTS: 3 year mine life at Mt Keith Undeveloped resource at Jericho Exploration upside on large land package Perth Wiluna Kalgoorlie Cliffs Mt Keith Royalty Area 114 km 2 Yakabindie 78 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

81 Rosemont (Cu, Mo, Ag) OTHER MINERALS Arizona Royalty: NSR: 1.5% Operator: Hudbay Minerals Inc. 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. Hudbay released a feasibility study for the Rosemont project in March 2017, representing the first update since 2012 which was conducted by the previous operator. The study estimates total payable production of 1,864,000 metric tonnes of copper, 53,370,000 ounces of silver and 37,600 short tons of molybdenum over a 19 year mine life. Rosemont has faced a challenging permitting process and is awaiting approval of its remaining permits. Hudbay received the Final Record of Decision for the project in June The other key federal permit outstanding is the Section 404 Water Permit from the U.S. Army Corps of Engineers. Spending of $35 million in 2018 on the Rosemont project is intended to support ongoing permitting, legal and mitigation efforts, and would increase significantly if permitting is completed and the project is sanctioned for development during Revenue to Franco-Nevada ($ million) $ $ $ P&P Reserves (Mlbs Cu) 1, 3 5,328 5,851 5,851 M&I Resource (Mlbs Cu) 1, 3 9,086 7,682 7,682 Inferred Resource (Mlbs Cu) 1, ,112 1,112 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 ASSET HIGHLIGHTS: New feasibility study released in March 2017 Final Record of Decision received in 2017; Section 404 Water Permit outstanding Franco-Nevada s royalty covers all metals including copper, molybdenum, silver and gold 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) Franco-Nevada Corporation 1 0 Y E A R S

82 NuevaUnión (Relincho) (Cu, Mo) OTHER MINERALS Chile Royalty: NSR: 1.5% Operator: Teck Resources Limited 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 $1.50/lb copper, inflation adjusted. No royalty is paid if the average price for the quarter is less than the threshold price and royalty payments commence after four years of commercial production. Franco-Nevada acquired the royalty through its acquisition of Lumina Royalty Corp. in December NuevaUnión is one of the largest undeveloped copper-goldmolybdenum projects in the Americas. Based on the results of a preliminary economic assessment, initial stage development of NuevaUnión contemplates a conveyor to transport ore from the El Morro site to a single line mill and concentrator facility at the Relincho site with an initial capacity in the range of 90, ,000 tonnes per day to produce an average of approximately 190,000 tonnes of copper and 315,000 ounces of gold per year over the first 10 years. The phased development approach contemplated in the PEA will allow for future expansions to be funded from project cash flows, thus significantly reducing the initial funding requirement. By combining the two projects, there will be significant reductions to infrastructure requirements and thus initial capital, including utilizing a single desalination plant, a single port, a single transmission line, a single concentrator and a common tailings facility. NuevaUnión expects to present a pre-feasibility study in Q1 2018, followed by an Environmental Impact Assessment submission in Q leading to the completion of a feasibility study in Q Based on these reports and a positive construction decision, first ore is possible by Revenue to Franco-Nevada ($ million) $ $ $ P&P Reserves (Mlbs Cu) 1, 10,203 10,203 10,203 M&I Resource (Mlbs Cu) 1 13,056 13,056 13,056 Inferred Resource (Mlbs Cu) 1 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 first quarter of 2018 Proposed Pit Peru Arica Iquique Bolivia N 0 10 Km Proposed Mill Relincho Royalty Area 1.5% NSR Mining and Royalty Area Pit Royalty Area Antofagasta Candelaria Marte-Lobo Copiapo Cerro Casali Relincho Regalito El Morro La Serena Pascua-Lama Andacollo Argentina Santiago Chile 80 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

83 Taca Taca (Cu, Au, Mo) OTHER MINERALS Argentina Royalty: NSR: 1.08% Operator: First Quantum Minerals Ltd. 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. The royalty is subject to a buy-back provision. 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 Lumina Copper. Since its acquisition, First Quantum has focused on a detailed review of geology, exploration and development options for the project. The Environmental Impact Assessment continued as planned in 2017 and the collection of baseline data for fauna, flora and other environmental attributes was completed. A scoping study for the electricity supply and transmission line was completed by a local contractor and the results are due to be incorporated into the Environmental Impact Assessment. Communication with communities and relevant authorities and a detailed social baseline study are on-going Revenue to Franco-Nevada ($ million) $ $ $ P&P Reserves (Mlbs Cu) 1 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%) ASSET HIGHLIGHTS: Project acquired by First Quantum in 2014 Very large undeveloped Mineral Resource CHILE ARGENTINA Approximately 35 km to the Chilean border PERU N Arica Iquique BOLIVIA Taca Taca Royalty Area 1.08% NSR N 0 5 Kilometres Antofagasta Taca Taca Royalty Area Copiapo Relincho La Serena ARGENTINA Santiago San Jorge Vizcachitas CHILE Franco-Nevada Corporation 1 0 Y E A R S

84 Ring of Fire - Black Thor (Cr, Ni, Cu) OTHER MINERALS Ontario Royalty: NSR: 2-3% Operator: Noront Resources Ltd. 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. ASSET HIGHLIGHTS: Established world-class chromite resource Loan structure provides modest return on capital Long-term option on prospective land package FNV management has not included Ring of Fire - Black Thor in REU estimates Ring of Fire Royalty Area Noront Properties 2-3% NSR *Royalties do not cover the Eagle s Nest deposit or certain JV ground Noront claims & lease New Noront claims (Joint Venture)* Other company claims N Note not to scale McFaulds VMS Blackbird Big Daddy Eagle s Nest* Black Thor & Black Label 82 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

85 Other Base Metals OTHER MINERALS Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category. Flying Fox (Ni) OTHER MINERALS Australia Royalty: GR: 2% Operator: Western Areas Ltd. 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 10,100 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 Nevada Royalty: NSR: 0.225% / other Operator: KGHM International Ltd. 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 2017 decreased by 10% while gold production decreased by 27% due to lower grades being mined. 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 Australia Royalty: GR: % Operator: Millmerran Power Management Pty Ltd 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 Bowen Basin (Coal) OTHER MINERALS Australia Royalty: Production Payment Operator: Peabody Energy / Pembroke Resources Effective January 31, 2018, Franco-Nevada purchased a royalty portfolio on tenements in the Bowen Basin coal region of Central Queensland for A$4.2 million. The royalty portfolio includes the southern and western portions of the Moorvale metallurgical coal mine operated by Peabody Energy Corporation. The Moorvale mine has been in production since 2003, and produced 1.9 million tonnes in The royalty rate is A$0.117 per tonne of coal mined. The royalty portfolio also includes the entire area of the Olive Downs Complex metallurgical coal mine development operated by Pembroke Resources Pty Ltd. The royalty rate of A$0.10 per tonne of coal mined is indexed to CPI adjustments from December In addition to the above royalties, the portfolio includes 33 other royalty agreements covering tenements in the Bowen Basin coal region. FNV management has not included Bowen Basin in REU estimates Franco-Nevada Corporation 1 0 Y E A R S

86 Other Base Metals OTHER MINERALS Please refer to the tables on pages for a breakout of grade and tonnages by Mineral Resource category. King Vol (Zn) OTHER MINERALS Australia Royalty: Production Payment Operator: Auctus Minerals LLC King Vol is an underground zinc mine located in Northern Queensland. Auctus Minerals LLC ( Auctus ) acquired the project in 2015, along with other assets in Northern Queensland, through the takeover of Atherton Resources Limited. Auctus finished construction of the 500,000 tonnes per annum Mungana Process Plant in April King Vol is a satellite deposit to Mungana and provides a portion of the annual concentrator feed. Auctus developed the King Vol underground deposit during Mining of ore at King Vol commenced in August In October 2017, Auctus commenced feeding ore mined from King Vol to the Mungana Process Plant. In addition to a Production Payment, Franco-Nevada also receives fixed payments of A$500,000 at commencement of commercial mining operations at King Vol, and again at the first anniversary of commencement. FNV management has not included King Vol in REU estimates Falcondo (Ni) OTHER MINERALS Dominican Republic Royalty: 4.1% Dividend Operator: Americano Nickel Limited 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 is usually put on care and maintenance when nickel prices are depressed which happened in October In 2015, Glencore sold its 85.26% ownership in the operation to Americano Nickel Limited, a private equity company. Americano Nickel Limited has since restarted operations to 50% of capacity. For REU calculation, FNV management estimates 100% of the Mineral Reserves & Mineral Resources are subject to our equity interest and estimates a margin of 20% is applicable EaglePicher (De) OTHER MINERALS Nevada Royalty: Production Payment Operator: EP Minerals, LLC 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 84 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

87 Mineral Exploration Franco-Nevada has interests in 208 exploration stage mineral properties as at March 28, By commodity, these include 138 precious metals assets and 70 other minerals exploration assets. Exploration assets represent interests on projects where technical feasibility and commercial viability of extracting a mineral resource are not demonstrable. 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 28, that have had their terms or leases expire and have been written off are not listed. Franco-Nevada has reclassified King Vol as a producing asset and Bullabulling, Peculiar Knob and Volcan (Ojo de Agua) as exploration assets. Mineral Exploration as at March 28, 2018 Asset Operator Interest and % (1) Latin America Mara Rosa, Brazil Amarillo Gold Corporation 1% NSR (Au, Ag) Para South Iron Project, Brazil Talon Metals Corp % NSR (All Metals) Terra Escura, Brazil Talon Metals Corp. 1-2% NSR (All Metals); 4% Cash Dividends Trairao Iron Project, 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) Volcan (Ojo de Agua), Chile Hochschild Mining plc 1.5% 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) 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 Nexa Resources (Compania Minera Milpo S.A.A.) 1-2% NSR (All Minerals) Yanamina, Peru Wealth Minerals Ltd. 5% NSR (All Minerals) 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 SSR Mining Inc. 5% NSR (Au) Marigold (Trout Creek/Valmy), Nevada Newmont Mining Corporation/SSR Mining Inc. 3% NSR (Au) Mountain View, Nevada Clover Nevada, LLC 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) Railroad, Nevada Gold Standard Ventures Corp. 1% NSR (All Minerals) 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) Franco-Nevada Corporation 85

88 Mineral Exploration, continued Asset Operator Interest and % (1) 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 Galway Metals Inc. 1% NSR (All Minerals) Golden Ridge, New Brunswick Tri-Star Resources plc 2% 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.) 2% 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. 2% NSR (All Minerals) Folson Lake, Ontario Noront Resources Ltd. (Noront Muketei Minerals Ltd.) 2% 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 2% NSR), Ontario Agnico Eagle Mines Limited 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. 2% NSR (All Minerals) Larose, Ontario Tashota Resources Inc. 0.5% NSR (All Minerals) MacFayden & Pele, Ontario Noront Resources Ltd. (Noront Muketei Minerals Ltd.) 2% 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.) 2% GR (Cr) plus other Shining Tree (Creso), Ontario Premet 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.) 2% 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.) 2% 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 Glencore Canada Corporation 1.5-2% NSR (Au) Norlartic-Camflo, Quebec Monarques Gold Corporation 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 (oz Au) 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 Kirkland Lake Gold Ltd. $20/oz (Au) Legend, Northern Territory Legend International Holdings, Inc 1% GR (All Minerals) Mt Fitch, Northern Territory Northern Territories Resources Pty Ltd. 1-3% NSR (Cu, Pb, Zn, Co, Ni, U) 86 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

89 Asset Operator Interest and % (1) Australia, continued 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) Bowen Basin (Various), Queensland Peabody Energy/Pembroke Resources Production Payment (Coal) 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) Peculiar Knob, S. Australia GFG Alliance Production Payment 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) Bullabulling, W. Australia Zijin Mining Group Co Ltd 1% GR (Au) 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 Horizon Gold 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 Musgrave Minerals Ltd % 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 Northern Star Resources Limited $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 Cooke 4, South Africa Sibanye Gold Limited 7% Gold Stream 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 MFC Bancorp Ltd. 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. Franco-Nevada Corporation 1 0 Y E A R S

90 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. At the end of 2017, precious metals represented 90% 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 four 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 SCOOP/STACK and Midland/ Delaware basins in the U.S. Major Producing as at March 28, 2018 Primary Commodity Location Weyburn Royalties Oil Saskatchewan Weyburn NRI Oil Saskatchewan Weybun WI Oil Saskatchewan Midale Royalties Oil Saskatchewan Midale WI Oil Saskatchewan Orion Oil Alberta Edson Gas Alberta SCOOP/STACK Oil Oklahoma Midland Basin Oil Texas Delaware Basin Oil Texas Other Producing Primary Commodity Location Alameda Oil Saskatchewan Alida Oil Saskatchewan Benson Oil Saskatchewan Carbon Area Gas Alberta Carnduff Oil Saskatchewan Other Producing, continued Primary Commodity Location Cessford Gas Alberta Claresholm Gas Alberta E. Crossfield Gas Alberta Elswick Oil Saskatchewan Enchant Gas Alberta Ferrybank Gas Alberta Flatrock Gas British Columbia Ghost Pine 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 Lochend Gas Alberta Lone Pine 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 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 Stoughton Oil Saskatchewan Swalwell Gas Alberta Swift Current Gas Saskatchewan Tidewater Oil Saskatchewan Watts/Craig Oil Alberta Viewfield Oil Saskatchewan 88 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

91 Oil & Gas Northwest Territories Nunavut British Columbia Rainbow South Alberta Saskatchewan Manitoba Paradise Fort St. John Flackrock Grande Prairie Royce Jack Edson Hotchkiss Dixonville Kimiwan Cindy/Belloy Devil Inverness Greencourt Lesser Slave Granor Widewater Big Bend Touchwood Edmonton Liege Fort McMurray Laglace Portage W. Calling Lake Western Canada Sedimentary Basin Orion Oil Gas Exploration Other Interests 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 Melville Huntoon Rocanville Qu Appelle Regina Viewfield Innes Stoughton Queensdale Colgate Elswick Oungre Weyburn Macoun Benson Alida Steelman Carnduff Alameda Midale Manitoba North Dakota Colorado Kansas Missouri New Mexico S TACK Anadarko Basin Oklahoma SCOOP Arkansas Arctic Gas Delaware Permian Basin Midland Texas Louisiana Edson Orion Weyburn Midale St. Lawrence STACK SCOOP Delaware Midland Franco-Nevada Corporation 1 0 Y E A R S

92 Weyburn Unit (Oil) OIL & GAS Saskatchewan, Canada Royalty: NRI: 11.71% / ORR: 0.44% / WI: 2.56% Operator: Whitecap Resources Inc. 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, 2017, 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 Whitecap. 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 at that time, 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 Revenue to Franco-Nevada ($ million) 1 $ 32.2 $ 23.6 $ 21.1 Production (Mboe) Revenue refers only to payments made to Franco-Nevada 2 Net to the Oil & Gas Interests based on 0.44% ORR, 11.71% NRI and 2.56% WI. NRI is accounted for net of all costs 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 2017, revenue received by Franco-Nevada from the Weyburn Unit was $32.2 million. Oil production, including NGLs, net to Franco-Nevada was 1,955 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. R15W2 R14W2 R13W2 R12W2 R11W2 R10W2 R9W2 R8W2 T9 T9 T8 Weyburn, SK T8 T7 T7 T6 T6 N Note: not to scale Midale, SK T5 T5 T4 Weyburn Unit Unitized land T4 T3 T3 ASSET HIGHLIGHTS: CO 2 EOR project commenced in 2000 CO 2 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 T7 T6 T5 R15W2 R14W2 R13W2 R12W2 R11W2 R10W2 R9W2 R8W2 N Note: not to scale Weyburn Unit Unitized land wells R14W2 R13W2 R12W2 90 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

93 Midale Unit (Oil) OIL & GAS Saskatchewan, Canada Royalty: ORR: 1.14% / WI: 1.59% Operator: Cardinal Energy Ltd. 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. Cardinal Energy Ltd. is the operator. The Midale Unit produces approximately 4,000 Boe/d and like the neighbouring Weyburn Unit, employs CO 2 EOR techniques. According to Cardinal, the Midale Unit has greater than 0.75 billion barrels of original oil in place. Approximately one-third of the Midale Unit is under CO 2 flood and Cardinal believes there are significant upside opportunities with EOR optimization and expansion, infill drilling and recompletions. For 2017, revenue received by Franco-Nevada from the Midale Unit was $1.7 million and light/medium oil production net to Franco-Nevada was 104 Boe/d. Franco-Nevada takes product-in-kind for the working interest portion of this production and markets it through a third party marketer Revenue to Franco-Nevada ($ million) 1 $ 1.7 $ 1.4 $ 1.8 Production (Mboe) Revenue refers only to payments made to Franco-Nevada 2 Net to the Oil & Gas Interests ASSET HIGHLIGHTS: CO 2 EOR project commenced in 2005 Long life, low decline asset with >0.75 billion barrels of OOIP R15W2 R14W2 R13W2 R12W2 R11W2 R10W2 R9W2 R8W2 T9 T9 T8 Weyburn, SK T8 T7 T7 T6 T6 N T5 Note: not to scale Midale Unit Unitized land Midale, SK T5 T4 T4 T3 T3 R15W2 R14W2 R13W2 R12W2 R11W2 R10W2 R9W2 R8W2 T7 N Note: not to scale T6 Midale Unit Unitized land wells T5 R12W2 R11W2 R10W2 Franco-Nevada Corporation 1 0 Y E A R S

94 Edson (Gas/NGL) OIL & GAS Alberta, Canada Royalty: ORR: 15% 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 ). 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. For 2017, revenue received by Franco-Nevada from the Edson Property was $1.9 million. For the same period, the property produced approximately 2.0 MMcf/d of natural gas and 82.9 Bbls/d of NGLs totaling 408 Boe/d of production net to Franco- Nevada from 129 gross (net 19) producing gas wells mainly from the Upper Cretaceous Cardium Formation, with lesser amounts from the Viking, Gething, Cadomin and Bluesky Formations Revenue to Franco-Nevada ($ million) 1 $ 1.9 $ 1.2 $ 1.7 Production (Mboe) Revenue refers only to payments made to Franco-Nevada 2 Net to the Oil & Gas Interests ASSET HIGHLIGHTS: Liquids rich natural gas asset R21W5 R20W5 R19W5 R18W5 T53 T53 T52 T52 Edson Lands T51 T51 N Note: not to scale T50 T50 R21W5 R20W5 R19W5 R18W5 92 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

95 Orion (Oil) OIL & GAS Alberta, Canada Royalty: Royalty Rate 4% Operator: Osum Oil Sands Corp. In the third quarter of 2017 Franco-Nevada acquired a 4% GORR on the Orion Thermal Project in the Cold Lake region of Alberta from Osum Oil Sands Corp. ( Osum ) for C$92.5M. The royalty applies to the Clearwater formation and allows for the deduction of transportation and diluent costs associated with getting the product to market. Orion is a Steam Assisted Gravity Drainage (SAGD) operation which began commercial production in The asset has a large resource base capable of supporting the production of heavy oil for many decades. At year-end 2017, Orion was producing approximately 9,000 barrels per day of bitumen. Production is set to increase from the implementation of phased expansions. The company recently completed Phase 2A and is currently constructing Phases 2B and 2C, which are expected to increase production to approximately 18,000 barrels per day by the end of Osum has regulatory approval for and is targeting production of up to 20,000 barrels per day with the completion of Phase 2D. Franco-Nevada recorded revenue of $1.5 million from the effective date of September 1, 2017 to December 31, Revenue is expected to increase as the operation is expanded Revenue to Franco-Nevada ($ million) 1 $ 1.5 $ $ Production (Mboe) Revenue refers only to payments made to Franco-Nevada 2 Net to the Oil & Gas Interests ASSET HIGHLIGHTS: Long life resource located in Canada Revenues expected to increase as operation is expanded Orion Alberta Saskatchewan Peace River Athabaska N Fort McMurray Orion Grand Prairie Cold Lake Orion Cold Lake Edmonton Lloydminster Edmonton Hardisty Lloydminster Alberta Saskatchewan Hardisty Calgary Liquids Pipeline Franco-Nevada Corporation 1 0 Y E A R S

96 SCOOP/STACK (Oil) 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. In the second quarter of 2017, Franco-Nevada announced an acquisition of mineral title and royalty interests for $27.6 million, which added to its existing position in the STACK and provided new exposure to the SCOOP shale play to the south. SCOOP is an acronym for South Central Oklahoma Oil Province. In total, the lands consist of GORRs and mineral title rights which apply to approximately 1,100 acres (net after royalties). The top three operators of the acreage are Newfield Exploration, Devon Energy, and Continental Resources. All three companies have made the SCOOP/STACK a major focus of their capital spending, a portion of which will be on the royalty lands. Full field development had begun in both plays at the end of 2017, with operators expected to ramp up activity in In 2017, Franco-Nevada recorded revenue of $3.4 million. Revenue is expected to increase as full-field development continues. COLORADO KANSAS OIL & GAS Oklahoma, United States Royalty: Various Royalty Rates Operator: Newfield Exploration Company, Devon Energy, Continental Resources, Others Revenue to Franco-Nevada ($ million) 1 $ 3.4 $ 0.9 $ Production (Mboe) Revenue refers only to payments made to Franco-Nevada 2 Net to the Oil & Gas Interests MISSOURI SCOOP/STACK Gross SCOOP/STACK Royalty Exposure NEW MEXICO STACK Anadarko Basin OKLAHOMA Oklahoma City SCOOP ARKANSAS TEXAS MAJOR GARFIELD Pressure Transition Black Oil Condensate Volatile Oil PAYNE Dry Gas DEWEY KINGFISHER LOGAN N 0 40 Kilometres 0 25 CREEK CUSTER BLAINE CANADIAN STACK OKLAHOMA Miles LINCOLN OKFUSKEE ASSET HIGHLIGHTS: Royalty acreage positioned in the core of the SCOOP/STACK resource play WASHITA CADDO GRADY MCCLAIN CLEVELAND POTTAWATOMIE SEMINOLE HUGHES GREER SCOOP/STACK represents one of the highest return plays in North America Revenues to ramp-up with full-field development JACKSON KIOWA TILLAMAN COMANCHE COTTON STEPHENS SCOOP GARVIN MURRAY PONTOTOC JOHNSTON COAL ATOKA CARTER WILBARGER WICHITA CLAY JEFFERSON MARSHALL LOVE BRYAN 94 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

97 Midland Basin (Oil) OIL & GAS Texas, United States Royalty: Various Royalty Rates Operator: Pioneer Natural Resources and various other operators Effective in the first quarter of 2017, Franco-Nevada purchased a package of royalties in the Midland Basin for approximately $115 million. The Midland Basin comprises the eastern portion of the broader Permian Basin, which is located in West Texas. The Permian is the most active play in North America. The royalty acreage is very diversified, covering a significant portion of the core of the Midland basin providing 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 1,010 acres (net after royalties) and that when pooled, provide exposure to an estimated gross acreage of 495,360 acres. 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. In 2017, Franco received a partial year of revenue in the amount of $2.3 million from its acreage in the Midland Basin Revenue to Franco-Nevada ($ million) 1 $ 2.3 $ $ Production (Mboe) Revenue refers only to payments made to Franco-Nevada 2 Net to the Oil & Gas Interests 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 ANDREWS MARTIN HOWARD 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 Franco-Nevada Corporation 1 0 Y E A R S

98 Delaware Basin (Oil) OIL & GAS Texas and New Mexico, United States Royalty: Various Royalty Rates Operator: Anadarko, Occidental Petroleum, Cimarex and various other operators In the third quarter of 2017, Franco-Nevada agreed to acquire a package of royalties in the Delaware Basin for approximately $101 million. The Delaware Basin comprises the western portion of the broader Permian Basin, which is located in West Texas and southeast New Mexico. Sitting to the west of the Midland Basin, the Delaware Basin shares many similarities geologically, but the Delaware Basin has been increasing in focus for operators to drill horizontal wells, due to the stacked pay potential and premier economics. The acquired acreage is mainly within the West Texas portion of the basin and provides exposure to multiple benches in the Wolfcamp and Bone Spring formations. The royalties consist of approximately 94% mineral title rights, along with some GORR interests, which apply to approximately 703 acres (net after royalties), that with pooling provides exposure to an estimated gross acreage of 138,240 acres. There are various operators across the acreage, and companies continue to direct capital toward the Delaware Basin which is expected to result in increased production levels going forward. The transaction closed in February Franco-Nevada expects to begin to generate revenue in 2018 from these assets. ASSET HIGHLIGHTS: Royalty acreage provides exposure to the core of the Delaware Basin Delaware Basin represents one of most actively developing and economic plays in North America Revenues expected to ramp-up as royalty acreage is developed Northwest Shelf San Simon Channel Delaware Basin Gross Royalty Acreage LEA EDDY N 0 16 Kilometres 0 10 Central Basin Platform Miles New Mexico Texas Net Royalty Acres by County LOVING WINKLER 2% Culberson 4% Ward 1% Lea 6% Eddy 16% Loving 71% Reeves CULBERSON WARD New Mexico REEVES Delaware Basin Midland Basin Texas JEFF DAVIS PECOS 96 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

99 Other Producing Oil & Gas OIL & GAS BC / AB / SK / MB, Canada Royalty: ORR/FH: Operator: Various Franco-Nevada has significant interests in Western Canada which generate revenues primarily through lessor royalties and GORRs. Aside from the major producing assets of Weyburn, Midale, Edson and Orion, Franco-Nevada has 46 Other Producing which generate revenue for the Company. These interests cover more than 2,325 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 Canlin Resources Partnership. 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 8.4% of total oil and gas revenue for the year. 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 2,325 km Revenue to Franco-Nevada ($ million) 1 $ 4.0 $ 3.0 $ 3.4 Production (Mboe) Revenue refers only to payments made to Franco-Nevada; includes revenue received from lease and bonus payments 2 Net to the Oil & Gas Interests 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 Dodsland Viking Saskatchewan/Manitoba Oil & Gas Interests SASKATCHEWAN SE Saskatchewan Lower Bakken & Mississippian Oil MANITOBA N Torquay Oil 0 80 Kilometres ALBERTA Shallow Gas Shaunavon Oil Williston Basin Bakken REGINA Weyburn/ Midale NORTH DAKOTA MONTANA Sanish Oil Spearfish Oil Company Core Land Company Non Core Land Major City Franco-Nevada Corporation 1 0 Y E A R S

100 Oil & Gas Exploration OIL & GAS AB/MB/SK/QC/Canada Arctic, Canada Royalties: 15-18% and WI: 3-15% Operator: Various 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 25 different assets covering an area of over 1,572 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 dry natural gas interests in the Drake Point, Hecla, King Christian and Roche Point gas fields located on and offshore Melville Island. 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 Dixonville Alberta Granor Alberta Greencourt Alberta Harvest - SK Saskatchewan Killam Alberta Liege Alberta Long Coulee Alberta Malmo Alberta Melville Saskatchewan Paradise British Columbia Portage Alberta Provost Alberta Prudential - SK Saskatchewan Steelman Saskatchewan St. Lawrence Quebec Touchwood Alberta Turner Alberta W. Calling Lake Alberta Widewater Alberta 98 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

101 Environmental, Social and Governance Overview Our Policies Our Process Our Third Party Operators Our Impact Environmental, Social and Governance Franco-Nevada Corporation 1 0 Y E A R S

102 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 IPO, we have continued to build our asset portfolio through additional acquisitions of 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 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

103 Our Third Party Operators 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. 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 these Third-Party Operators have demonstrated. 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. Asset: Cobre Panama Country: Panama 2017 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. Implementation of a rigorous environmental management system based on the ISO standards. Social Highlights At its peak, the 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 First Quantum has up-to-date policies regarding Social, Environmental and Human Rights and a Sustainability strategy. 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 Environmental, Social and Governance Franco-Nevada Corporation 1 0 Y E A R S

104 Environmental, Social and Governance Asset: Candelaria Country: Chile 2017 Revenue (%): 15.6% 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. Candelaria mining complex operates on a zero-discharge basis, with discharge only from the Desalination Plant at the coast. Regulatory review by the Chilean National Geology and Mining Service of the updated Candelaria Mine Closure Plan (MCP) continued in Minera Candelaria was most recently re-certified in March 2015 under the international ISO Standard and the certification for Minera Ojos del Salado was achieved in September Candelaria demonstrates proactive management by conducting energy audits, undertaking energy efficiency and GHG-reduction awareness workshops, messaging for operations staff and contractors, and identifying initiatives for future improvements. Social Highlights Over $3 million invested in community programs at Candelaria in 2016 which is a decrease from the $13 million in 2015 when Lundin funded and performed disaster relief for a catastrophic flood that hit the Copiapó region in March Candelaria has an agreement with the Tierra Amarilla Municipality to invest $16.5 million between 2016 and 2018 in community programs. Some examples of programs in place are the construction of an arts and culture centre located in an abandoned school that has heritage value, a new soccer field in the Los Loros community, and providing two ambulances and a mobile clinic to help improve local access to emergency healthcare. Governance Highlights Signed the UN Global Compact in early Lundin Mining s Candelaria District operations in Tierra Amarilla received the National Mining Society 2017 award in the large mining category. 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). Asset: Antapaccay Country: Peru 2017 Revenue (%): 13.4% Web Link: Sustainability Report: Member: ICMM Environmental Highlights 19% of energy needs met through renewable sources. 2.2 million tonnes reduction in Scope 1 and 2 CO 2 emissions. Strategic water management framework rolled out and an approach for identifying potential high water related risk sites established. Submit annual reports to the CDP climate change and water programs. Environmental, Social and Governance Social Highlights Strives to meet responsibility to respect human rights, as detailed in the UN Guiding Principles for Business and Human Rights. Member of the Plenary of the Voluntary Principles on Security and Human Rights Initiative. 35% of Antapaccay s employees are from the local area with newly introduced training programs for local people aimed to increase this factor. $84 million spent in 2016 in development initiatives to benefit local host communities. Governance Highlights In 2016, published its first payments to government report, detailing payments on a project-by-project basis Peruvian payments included taxes on income and royalty payments. 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. Processing mill feed at Antapaccay 102 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

105 Our Third Party Operators Asset: Antamina Country: Peru 2017 Revenue (%): 9.3% 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. Since 2004, Antamina supports the United Nations Global Compact and endorses the Extractive Industries Transparency Initiative (EITI) since During 2016, 99.17% of the water used in the production process was recycled from the tailings pond, being one of the highest rates in the industry worldwide. Social Highlights Franco-Nevada is pleased to partner with CMA, the Antamina joint venture company, to support Ensena Peru, which aims to improve education at existing schools in the region. 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. Efficiently coordinate resources for communities living in strategic area of influence promoting sustainable development. All workers hired for a Fixed Term or an Indeterminate Period have essentially the same benefits there are no part time workers. Governance Highlights The joint venture has its own management team and board of directors solely focused on the single operation. Code of Conduct is signed by all employees who join the company as an affirmation of their commitment to comply with Antamina s rules. Antamina revegetation and restoration Asset: Goldstrike, Hemlo, South Arturo Country: USA, Canada, USA 2017 Revenue (%): 2.5%, 0.7%, 1.6% 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. Three Barrick-operated sites which included Hemlo and Goldstrike were audited and found to be in compliance with the Cyanide Code in Barrick achieved a Leadership score of A- in its 2016 CDP Water response. Approximately 36% of electrical power was sourced from renewables in 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. Inaugural Barrick-Cisco networking academy launched in Elko, Nevada, in early This partnership will bring digital and information technology skills courses, free of charge to employees, their families, and other local Nevadans. This may help open new opportunities in the communities in which Barrick operates. 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. Environmental, Social and Governance Franco-Nevada Corporation 1 0 Y E A R S

106 Environmental, Social and Governance Asset: Gold Quarry, Ahafo (Subika) Country: USA, Ghana 2017 Revenue (%): 2.1% 1.0% Web Link: Sustainability Report: Member: WGC, ICMM 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. Partnering with Nevada state and U.S. federal officials to establish a historic sagebrush ecosystem conservation agreement. Social Highlights The Newmont Ahafo Development Foundation (NADeF) supports development projects in the 10 communities near the Ahafo mine. In 2016, Newmont contributed approximately $935,000 to NADeF, bringing the total contribution since 2007 to $24.4 million. Achieved a perfect score of 100 on the United States Corporate Equality Index (CEI), and a designation of Best Place to Work for LGBT Equality. In 2016, the Association of Ghana Industries (AGI) as well as the Ghana Chamber of Mines, named Ahafo the Mining Company of the Year in part because of its support for local content. Governance Highlights Named the mining sector leader by the Dow Jones Sustainability Index for the second consecutive year in Ranked as the top mining company in the S&P 500 for ESG performance and in the top 10 overall according to Bloomberg s ESG disclosure score. Numerous signatories and members including: International Council on Mining and Metals (ICMM) Sustainable Development Framework; Voluntary Principles on Security and Human Rights (VPSHR); Extractive Industries Transparency Initiative (EITI); Partnering Against Corruption Initiative (PACI); World Gold Council (WGC); United Nations Global Compact (UNGC); United Nations Guiding Principles on Business and Human Rights (the Guiding Principles ); International Network for Acid Prevention (INAP); Cross-Sector Biodiversity Initiative (CSBI); CDP; International Cyanide Management Code (ICMC); International Organization for Standardization ISO and 31000; Global Reporting Initiative (GRI). 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. Asset: MWS Country: South Africa 2017 Revenue (%): 5.3% Web Link: Sustainability Report: Member: WGC, ICMM Environmental Highlights AngloGold Ashanti is a founding signatory of the International Cyanide Management Code (ICMC) and is actively working towards certification at MWS. AngloGold Ashanti is a signatory of the United Nations Global Compact (UNGC) and is also aligned with the Sustainable Development Framework of the International Council of Mining and Metals (ICMM). MWS reprocesses historical tailings in the Vaal River area which reduces potential long-term environmental liabilities, closure and rehabilitation expenses. Environmental, Social and Governance Social Highlights Contributed $20.2 million to community investment projects in 2016 versus $15.2 in Proactively manage non-occupational disease in South Africa in terms of both communicable and non-communicable diseases. These programs, notably the ongoing advances made in addressing Occupational Tuberculosis, has resulted in a 70% reduction in case incidence since 2004, with incidence rates among employees now approaching national averages in South Africa. In South Africa, the Community Human Resources Development (CHRD) initiatives are part of AngloGold Ashanti s youth development strategy in host and labour sending communities. Education and training contribute to reducing poverty, unemployment and inequality, and serve as the foundation of a prosperous society. Governance Highlights Sustainable Development Report 2016 prepared in accordance with GRI G4 core reporting guidelines which provides the benchmark for sustainability reporting globally. 104 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

107 Our Third Party Operators Asset: Sabodala Country: Senegal 2017 Revenue (%): 4.5% Web Link: Sustainability Report: Environmental Highlights 10,000 trees planted as part of land rehabilitation. 46% water recycling rate in Water dams (used to harvest rainwater for operations), have led fish species starting to appear naturally in the lakes, followed by indigenous and migratory bird species. Large fauna can now be spotted around these waters as well. Cattle now have easy access to water in all seasons, and villagers have started to fish. Social Highlights In Sabodala, Teranga annually invests more than $1.2 million in the communities through the Social Fund. 93% Senegalese employees out of 1,209 site employees in Through local procurement program, Teranga currently sources 80% of its materials locally within Senegal. Governance Highlights Up until 2016, Teranga was the only company to present its CSR report in Senegal. Has proactively sought partnerships with governments, NGOs and other organizations that have a similar interest in supporting the long-term 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 Sabodala Gold Mine in Senegal, West Africa UN Sustainable Development Goals Award from Global Compact Network Canada for efforts to advance the UN SDGs. Asset: Weyburn Country: Canada 2017 Revenue (%): 4.8% Web Link: Sustainability Report: Note: Cenovus interest in the Weyburn was sold to Whitecap Resources Inc. in late Franco-Nevada has chosen to include Weyburn in this section as it represents the largest contributor to our Oil & Gas revenue and Cenovus was the operator of the asset for the vast majority of Environmental Highlights Weyburn supports the advancement of carbon capture and storage through an enhanced oil recovery project at Weyburn, where 30 million tonnes of CO 2 has been injected underground since 2000 till the end of 2016, the equivalent of taking more than 6.0 million cars off the road for an entire year. In 2016, Weyburn injected over one million tonnes of new CO 2, which is the equivalent of 30 percent of Cenovus company-wide direct GHG emissions for Social Highlights In 2016, Cenovus donated over $9.1 million to local communities. Since 2009, Cenovus has invested over $90 million in the communities around its operations through financial, in kind and employee match contributions. 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. Governance Highlights In 2016, named to the Dow Jones Sustainability North American Index for the seventh year in a row. Also named to the FTSE4Good Index Series, MSCI Global Sustainability Index Series and Sustainalytics Jantzi Social Index. Asset: STACK Country: USA 2017 Revenue (%): 0.5% 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. Franco-Nevada Corporation 1 0 Y E A R S

108 Environmental, Social and Governance: Our Impact Environmental, Social and Governance Our Impact Franco-Nevada is a proactive member and current chair 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 projects operated by members of the WGC or ICMM. Franco-Nevada at times makes corporate social investments in cooperation with the Third-Party Operators of its assets. In 2018, Franco-Nevada agreed to partner with Compania Miñera Antamina S.A., the joint venture company that operates the Antamina project in Peru, in supporting Enseña Peru. Enseña Peru is a network partner of Teach For All, which is a network of 46 independent, locally led and governed partner organizations aimed at providing educational opportunities to children. Enseña Peru aims to improve education at existing schools in the region which Compania Miñera Antamina S.A. has historically supported. With additional funding, Enseña Peru hopes to expand its mission to more schools which in turn will benefit more students. In 2012, the Corporation committed to fund Cdn $500,000 over five years to support the new School of Mines at Laurentian University in Sudbury, Ontario. From 2013 to 2017 the Corporation made annual contributions of Cdn $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 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 Cdn $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 has donated Cdn $14 million to the museum. The museum honored Mr. Lassonde in 2016 by opening the Pierre Lassonde Pavilion, an iconic new addition. 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 Cdn $10 million donation to support Laurentian University s Harquail School of Earth Sciences and its Mineral Exploration Research Centre (MERC). Mr. Harquail s donation, together with concurrent Cdn $49 million federal government funding, is a step towards making Laurentian University the leading centre for mineral exploration research in the world. In 2018, his family s foundation donated Cdn $5 million to establish the Harquail Centre of Neuromodulation at Sunnybrook Health Sciences in Toronto. In addition, Mr, Harquail serves on the Toronto and York Region United Way Cabinet. Environmental Profile 106 FNV TSX NYSE The Pierre Lassonde Pavilion at the Musée National des Beaux Art du Québec The Gold Investment that WORKS Harquail family at Harquail Centre of Neuromodulation located at Sunnybrook Health Sciences in Toronto 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. In December 2017, Commerce Court West (the office tower in which Franco-Nevada is located) achieved BOMA BEST Platinum level certification. This is the highest level of certification in the BOMA BEST green buildings certification program. BOMA BEST is Canada s largest environmental assessment and certification program for existing buildings. BOMA BEST Sustainable Buildings certification recognizes excellence in energy and environmental management and performance in commercial real estate. Additional information regarding Commerce Court s leadership and innovation in sustainability can be found on the building s website found here: Asset Handbook

109 Additional Information Asset Counts, Acreage, Mine Life Index Corporate, Management Organization Glossary Technical & Third Party Information Cautionary Statements Board of Directors Corporate Information Additional Information

110 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 for Franco Nevada or are expected to in the next year. Advanced assets are interests on projects which are not yet producing, but where in management s view, the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. Exploration assets represent interests on projects where technical feasibility and commercial viability of extracting a mineral resource are not demonstrable. Management uses the following criteria in its assessment of technical feasibility and commercial viability: (i) Geology: there is a known mineral deposit which contains mineral reserves or resources; or the project is adjacent to a mineral deposit that is already being mined or developed and there is sufficient geologic certainty of converting the deposit into mineral reserves or resources. (ii) Accessibility and authorization: there are no significant unresolved issues impacting the accessibility and authorization to develop or mine the mineral deposit, and social, environmental and governmental permits and approvals to develop or mine the mineral deposit appear obtainable. 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 are assets that are currently producing oil or natural gas, or Exploration, which are undeveloped assets that are not producing oil or natural gas. 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, contractual agreements and mineral title covering land positions in western Canada, Quebec, the Canadian Arctic and Oklahoma and Texas in the United States. For accounting purposes, these leases, contracts and mineral title 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. As of March 28, 2018, Franco-Nevada estimates that it holds 294 Mineral and 82 Oil & Gas for a total of 376 assets. Franco-Nevada Asset Tabulation at March 28, 2018 Precious Metals Other Minerals Oil & Gas TOTAL Producing Advanced Exploration TOTAL 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 28, 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) Additional Information Producing Advanced Exploration TOTAL Precious Metals Latin America 330, , ,477 1,349,779 United States 127,961 54, , ,143 Canada 127, , , ,325 Australia 1,108, ,956 1,014,805 2,303,669 Rest of World 1,898,432 16,119 54,774 1,969,325 Other Minerals 333, ,395 1,538,379 2,039,314 Total Minerals 3,926, ,497 4,201,075 9,010,555 Oil & Gas (2) 1,513, ,479 1,901,813 Total Estimated Acreage 10,912,368 Total Km 2 44,161 (1) Represents management s best available information as at March 28, (2) Gross Acreage. 108 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

111 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 2017 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 average forward looking production estimates. This metric is to provide analysts and investors with an indication of the potential for the assets in 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 and 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, Franco-Nevada has divided the total M&I REUs by the projected REU production in 5 years time. The weighted average mine life index of the mineral asset portfolio using the methodology above is approximately 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. Cobre Panama Candelaria Antapaccay Antamina Guadalupe - Palmarejo Cerro Moro Goldstrike Stillwater Marigold Midas/Fire Creek Bald Mountain Mesquite Detour Lake Golden Highway - Holt Golden Highway - Taylor Hemlo Musselwhite Kirkland Lake Timmins West Canadian Malartic Brucejack Hardrock MWS Sabodala Karma Tasiast Subika Duketon Edikan Precious Metals - LATIN AMERICA Precious Metals - USA Precious Metals - CANADA Precious Metals - REST OF WORLD Based on P&P Based on M&I (inclusive of P&P) YEARS Additional Information Franco-Nevada Corporation 1 0 Y E A R S

112 Corporate Organization ( FNC ) (Canada) 100% 100% 100% 100% 100% 100% 100% Franco-Nevada Alberta Holdings ULC ( FN ULC ) (Alberta) Franco-Nevada Australia Pty Ltd. ( FN Australia ) (Australia) Franco-Nevada GLW Holdings Corp. ( FN GLW ) (British Columbia) Franco-Nevada Alberta Corporation ( FN Alberta ) (Alberta) Franco-Nevada Canada Holdings Corp. ( FN Canada Holdings ) (Canada) Franco-Nevada LRC Holdings Corp. ( FN LRC ) (British Columbia) FN Subco Inc. ( FN Subco ) (British Columbia) Franco-Nevada U.S. Holding Corp. ( FN U.S. Holding ) (Delaware) 100% 100% Franco-Nevada (Barbados) Corporation ( FN Barbados ) (Barbados) 100% FN Holdings ULC ( FN Holdings ULC ) (Alberta) 100% Minera Global Copper Chile S.A. ( Minera Chile ) (Chile) 2 100% Franco-Nevada U.S. Corporation ( FN U.S. ) (Delaware) 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) 99% Franco- Nevada Texas LP ( FN Texas ) (Texas) Additional Information 110 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

113 Management Organization David Harquail President & CEO Sandip Rana CFO Paul Brink SVP, Business Development Lloyd Hong CLO Bonavie Tek Director of Finance Eaun Gray VP, Business Development Jason O Connell VP, Oil & Gas Christian Thatcher Legal Counsel Stefan Axell Director, Corporate Affairs Philip Wilson VP, Technical Cindy Smith Land Manager Donna Andrejek Manager, Corporate & Mineral Adrian Wong Director, Taxation Kerry Sparkes VP, Geology Kristina Molodova Oil & Gas Analyst Candida Hayden Corporate Affairs Lena Miller Controller Matthew Begeman Manager, Business Development Kelli McQuesten Oil & Gas Land Supervisor Terry-Lynn Conway Legal Assistant Alex Goncalves Senior Financial Analyst Geoff Waterman Oil & Gas Consultant Toronto Anoja Visvanathan Junior Accountant Debbie McEnaney Consultant Kevin McElligott Managing Director, Australia (Perth) Jeff Jenkins Director of Finance, US Operations Barbados Other Foreign Office Mike Pantofaru Information Technology Consultant 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 Nalinie Mahon Director of Business Operations Shaneta Spencer Corporate Accountant Kathy Ann Worrell Receptionist / Administrative Assistant Additional Information Franco-Nevada Corporation 1 0 Y E A R S

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. 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. 112 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

115 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. 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. 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. 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. Additional Information Franco-Nevada Corporation 1 0 Y E A R S

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 16, 2018 (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 114 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

117 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 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 28, 2018 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 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. 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. Additional Information Franco-Nevada Corporation 1 0 Y E A R S

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 is Chair of the World Gold Council. 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 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 as well as the Centre for Neuromodulation at Sunnybrook Health Sciences in Toronto. Tom Albanese Tom Albanese is a director of Franco-Nevada. He served as CEO of Vedanta Resources plc (2014 to 2017), CEO of Vedanta Limited (2014 to 2017) and was CEO of Rio Tinto plc (2007 to 2013). Mr. Albanese presently serves as a member of the Advisory Board of Nevada Copper Corp. and previously served on the boards of Vedanta Resources plc, Vedanta Limited, Rio Tinto plc, 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 a director of Franco-Nevada. He served as President and CEO and a director of Pengrowth Energy Corporation (an oil and natural gas company) from 2009 until March 15, 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. 116 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

119 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 a director of Franco-Nevada and President of FarExGeoMine Ltd. (a private consultancy). Dr. Farrow previously served as founding Chief Executive Officer and a Director of TMAC Resources Inc. and Chief Operating Officer of KGHM International Ltd. (formerly FNX Mining Company Inc.). Dr. Farrow is also a member of the Advisory Committee of the Goodman School of Mines and is an Adjunct Professor at Laurentian University, and also has been a member of several non-profit boards and steering committees. Dr. Farrow is a member of the Association of Professional Geoscientists of Ontario, the Canadian Institute of Mining, Metallurgy & Petroleum, and a Fellow of the Society of Economic Geologists. 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 Domtar Corporation, 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 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 has worked in natural resources in many capacities for over 30 years. From 1999 to 2003, Mr. Oliphant was the President and Chief Executive Officer of Barrick Gold Corporation, and since that time he has served on the boards of numerous public companies and not-for-profit organizations. Mr. Oliphant was the Chairman of Western Goldfields Inc. from 2006 until its business combination with New Gold in Mr. Oliphant served as the Executive Chairman of New Gold from the time of the business combination to January Mr. Oliphant presently serves on the advisory board of Metalmark Capital LLC, a leading private equity firm, and the boards of directors of New Gold Inc. (until April 25, 2018) and Franco-Nevada. In addition, Mr. Oliphant served as Chairman of the World Gold Council from 2013 to Mr. Oliphant is a CPA, CA and was granted the designation of FCPA in 2016 in recognition of his outstanding contribution to his profession. Hon. David R. Peterson David Peterson is Chairman Emeritus 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. 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 Additional Information Franco-Nevada Corporation 1 0 Y E A R S

120 Corporate Information Executive Management David Harquail President & CEO Paul Brink Senior Vice President, Business Development Sandip Rana Chief Financial Officer 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 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 28, 2018 Common shares outstanding 185,930,331 Reserved for: Options & other 1,075,074 Fully diluted: 187,005,405 Transfer Agent Computershare Investor Services Inc. 100 University Avenue, 8th Floor Toronto, Canada M5J 2Y1 Toll Free: (800) Tel: (514) service@computershare.com Investor Information Stefan Axell Director, Corporate Affairs info@franco-nevada.com Tel: (416) Toll Free: (877) Additional Information 118 FNV TSX NYSE The Gold Investment that WORKS 2018 Asset Handbook

121 Franco-Nevada Corporation 1 0 Y E A R S

122 FNV TSX/NYSE