Mr. Paul Brink reports

FRANCO-NEVADA ANNOUNCES $100 MILLION FINANCING WITH OREZONE GOLD ON THE CASA BERARDI MINE

Franco-Nevada Corp., through a wholly owned Canadian subsidiary, has entered into a $100-million gold stream financing transaction with Orezone Gold Corp. to support its acquisition of Hecla Mining Company's producing Casa Berardi gold mine and all other Quebec assets, including the Heva-Hosco gold project. (All dollar amounts are in U.S. dollars unless otherwise noted.)

"We are pleased to add another operating gold mine to our Canadian portfolio and to partner with Orezone on this transformative transaction," said Paul Brink, president and chief executive officer of Franco-Nevada. "Patrick and the Orezone team are proven operators and developers, and we are excited to partner with them as they build Casa Berardi's next chapter."

Patrick Downey, CEO of Orezone, commented: "We are honoured and excited to partner with Franco-Nevada on this transformational acquisition. We worked very closely with the Franco-Nevada team throughout the process and are confident that this partnership will generate significant value for both companies and all stakeholders. We are enthusiastic about the near-term opportunities to enhance value and see substantial exploration upside at Casa Berardi and across its surrounding land package. Together, our vision is to establish Casa Berardi as a profitable, long-life mining camp for decades to come."

Transaction highlights:

• Immediate gold revenues from the established Casa Berardi mine: The stream will add immediate gold revenues from a well-established operation in a highly prospective district. Casa Berardi is located in the Abitibi region of Quebec and has an extensive 35-year history of both surface and underground mining operations. The mine has produced over 3.2 million ounces (oz) of gold to date and continues to deliver meaningful production and cash flow.
• Experienced management team: Orezone is led by Mr. Downey, who has over 40 years of experience in the resource industry. The Orezone team has strong record, building both the Bombore mine and the subsequent phase 1 expansion on time and on budget.
• Large mineral resource with exploration potential: The stream will cover a large resource base and surrounding land package, which includes both the Casa Berardi mine and other Quebec assets, including the Heva-Hosco gold project. The Casa Berardi mine hosts P&P (proved and probable) mineral reserves of 1.3 million oz (14.4 million tonnes (t) at 2.79 grams per tonne (g/t) gold (Au)), mineral resources of 900,000 oz Au M&I (measured and indicated) mineral resources, exclusive of mineral reserves (4.7 million t at 5.92 g/t Au), and 500,000 oz Au inferred mineral resources (2.4 million t at 6.01 g/t Au). In addition, Heva-Hosco hosts a large resource base of 1.2 million oz Au M&I mineral resources (30.3 million t at 1.19 g/t Au) and 600,000 oz Au inferred mineral resources (14.6 million t at 1.27 g/t Au).
• Significant expansion potential: Orezone has identified a number of opportunities to increase production over time and extend the mine life, including:
  • Maintaining and extending continuing underground operations, with opportunity to increase head grade and production to historic levels with sustained investment in underground exploration and development;
  • Continuing to advance permitting and development of WMCP and principal pits;
  • Evaluating expansion of current and future open pits.

Key terms

$100-million gold stream parameters:

• Stream deliveries to Franco-Nevada, consisting of:
  • Fixed deliveries: 1,625 oz of gold per quarter (6,500 oz of gold per year) for the first five years;
  • Followed by variable deliveries: 5.0 per cent of gold produced from the Casa Berardi mine and other Quebec assets (excluding Heva-Hosco) and 2.5 per cent of gold produced from Heva-Hosco.

Additional considerations:

• Financing of the $100-million deposit upon closing, with the effective date of the stream being Jan. 1, 2026, and the first full quarter fixed delivery due by the later of April 15, 2026, and closing;
• Gold ounces delivered will be subject to a continuing payment of 20 per cent of spot price to Orezone;
• Stream will be secured and will benefit from an Orezone parent guarantee;
• Franco-Nevada will maintain a right of first refusal on future streams and royalties related to the Casa Berardi mine and the Heva-Hosco gold project;
• Closing of the transaction is subject to customary conditions, including the successful completion of the acquisition by Orezone (which is itself subject to conditions), which is expected to occur in H1 (first half) 2026.

Financing the transaction

Franco-Nevada intends to finance the transaction from cash on hand. The company had $900-million in cash and cash equivalents and $1.9-billion in available capital at Sept. 30, 2025.

About Franco-Nevada Corp.

Franco-Nevada is the leading gold-focused royalty and streaming company with the largest and most diversified portfolio of cash-flow producing assets. Its business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation. Franco-Nevada is debt free and uses its free cash flow to expand its portfolio and pay dividends. It trades under the symbol FNV on both the Toronto Stock Exchange and New York Stock Exchange. Franco-Nevada is the gold investment that works.

About Orezone Gold Corp.

Orezone is a West African gold producer engaged in mining, developing and exploring the Bombore gold mine in Burkina Faso. Combined production from the oxide and stage 1 hard rock operations is forecasted to total between 170,000 and 185,000 ounces in 2026. Orezone is also advancing stage 2 of the hard rock expansion, which is forecasted to increase annual production to between 220,000 and 250,000 ounces.

Additional information

Scientific and technical information included in this news release has been reviewed by Darrol van Deventer, vice-president, mining, of Franco-Nevada, a non-independent qualified person under National Instrument 43-101.

We seek Safe Harbor.