Franco-Nevada (FNV) Corporate presentation summary

Transaction overview

• Acquired a 1.0% NSR royalty on the Arthur Gold Project from Altius Minerals for $250M upfront, with a $25M contingent payment based on arbitration outcome.

• Royalty covers the majority of existing mineral resources within a defined base area, with potential expansion pending arbitration.

• Asset purchase structure allows full tax depletion on a units of production basis.

• No step-downs or buybacks, ensuring stable long-term cash flow once in production.

Project resource and growth potential

• Arthur Gold Project hosts 3.4 Moz Au indicated and 12.9 Moz Au inferred resources, making it one of the largest U.S. gold projects.

• Over 430,000 meters drilled since 2018, with rapid resource growth and significant exploration upside.

• Resource growth outpaces other Nevada gold districts, with potential to become a major new district.

• Known mineralization at Merlin and Silicon, plus additional targets, could more than double the resource base.

• Mineralization extends beyond current pit shells, with infill and deeper drilling expected to expand inventory.

Operator and development outlook

• AngloGold advancing a pre-feasibility study, targeting completion by late 2025 or early 2026.

• Initial production rates estimated at ~1 Moz/year, with potential for +500 koz/year long-term.

• Merlin and Silicon areas prioritized for infill drilling and resource expansion.

• Additional upside from untested targets and deeper mineralization, especially near major fault structures.