Mining Exploration Assets

Franco-Nevada has interests in 223 exploration stage mining properties as at March 31, 2021. 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 31, 2021. Assets that have had their terms or leases expire and have been written off are not listed.