Mr. Paul Brink reports

FRANCO-NEVADA ANNOUNCES $250 MILLION ROYALTY FINANCING WITH I-80 GOLD

Through a wholly owned United States subsidiary, Franco-Nevada Corp. has entered into an agreement to acquire a $250-million net smelter return royalty from i-80 Gold Corp. to support its recapitalization plan and strategy of creating a Nevada-focused mid-tier gold producer. The royalty rate will initially be 1.5 per cent, increasing to 3.0 per cent beginning in 2031 and will apply to all of i-80 Gold's material properties including their six projects in various stages of development. These projects cover more than 250 square kilometres of prospective ground and include: Granite Creek underground (operating), Archimedes underground (development), Mineral Point heap leach (study), Granite Creek open pit (study), Cove underground (study) and Lone Tree open pit (study). (All amounts are in U.S. dollars unless otherwise noted.)

i-80 Gold has outlined a three-phase development timeline to put the projects into production, anticipated to increase annual production from 150,000 to 200,000 ounces Au in phase 1 to 600,000-plus oz Au with phase 3 in 2032 plus. This financing, together with i-80 Gold's concurrent recapitalization plan, provides substantial capital to develop phases 1 and 2. See i-80 Gold's press release dated Feb. 12, 2026, for additional details.

"We are pleased to add i-80 Gold's extensive portfolio of assets in Nevada to our U.S. portfolio and to partner with i-80 to advance their development plans," said Paul Brink, president and chief executive officer of Franco-Nevada. "The i-80 team has an excellent track record and we look forward to partnering with them as they unlock what we believe will be one of largest gold operations in Nevada."

Richard Young, president and CEO of i-80 Gold, commented: "We are thrilled to have Franco-Nevada as a partner who shares our long-term vision of advancing our gold portfolio to create a Nevada-focused mid-tier gold producer. With Franco-Nevada providing the foundational capital as part of our recapitalization, we now have a clear and achievable path to over 600,000 ounces of gold production annually by the early 2030s. With additional drilling and optimization work on our large land package, we believe there are opportunities to create further long-term growth and value for all stakeholders."

Transaction highlights

Royalty covers all of i-80 Gold's growth plans in Nevada: i-80 Gold is planning an aggressive asset development program that will increase production from 30,000 to 40,000 oz Au in 2025 to more than 600 koz Au per year by 2032 upon completion of all 3 phases of the development plan, delivering a strong growth profile. phase 1 increases annual gold production to 150,000 to 200,000 oz Au from Granite Creek underground and Archimedes underground with processing at the Lone Tree autoclave in 2028 to 2029. Phase 2 further increases annual production to 300,000 to 400,000 oz Au commencing in 2030 to 2031 adding Cove and Granite Creek open pit. Finally, phase 3 in 2032-plus adds Mineral Point and increases annual production to 600,000-plus oz Au.

Comprehensive financing plan unlocks processing hub: This financing, alongside the concurrent recapitalization plans at i-80 Gold provides substantial capital to advance phases 1 and 2, including the refurbishment of the Lone Tree autoclave facility, providing a central processing hub for the Granite Creek, Archimedes and Cove underground operations.

Attractive Anchor project in Mineral Point heap leach: Mineral Point is an attractive, large-scale and straight-forward heap leach project hosting 4.6 Moz AuEq (gold equivalent) M&I (measured and indicated) mineral resources and 3.2 Moz AuEq inferred resources1. Mineral Point is phase 3 of i-80 Gold's plan, with potential to accelerate the feasibility study and permitting work with part of the royalty financing tied to Mineral Point technical and permitting work. Mineral Point is expected to produce 282,000 oz AuEq per year once in production.

Royalty rate step-up: The royalty has been designed to maximize cash flow available to i-80 Gold during the capital intensive phase of asset development. The royalty rate will be 1.5 per cent until Jan. 1, 2031, and thereafter will be 3 per cent.

Large mineral resource with exploration potential: The royalty will cover a large resource base including Granite Creek, the Ruby Hill complex (including Archimedes underground and Mineral Point), Cove and Lone Tree. The 256-square-kilometre land package in Nevada hosts a substantial mineral base of 7.8 Moz AuEq M&I mineral resources and 8.6 Moz AuEq inferred mineral resources.

Experienced management team: i-80 Gold is led by Mr. Young, who has over 30 years of experience in the resource industry. Mr. young played a key role in Teranga Gold's transformation from a single asset producer into a successful low-cost, mid-tier gold producer and Mr. Young most recently served as president and CEO of Argonaut Gold that was acquired by Alamos Gold Inc. i-80 Gold operations are led by Paul Chawrun who has over 30 years of experience permitting, building and operating gold mines globally, most recently as COO and executive vice-president of Centerra Gold, and previously as COO of Teranga Gold. Further, the i-80 Gold leadership team holds extensive Nevada mining experience in operations, processing, permitting and stakeholder relations.

Gold-focused royalty in Nevada: The royalty financing increases the company's long-term gold exposure in Nevada, where the company's royalty coverage already extends to Goldstrike, Gold Quarry, Arthur, Marigold, Bald Mountain, South Arturo and numerous other properties.

Royalty key terms

Upfront proceeds of $225-million upon closing, with a further $25-million payment subject to completion of 2026 budgeted spending at Mineral Point.

Upon closing, 1.5 per cent of net smelter returns on all minerals produced. Beginning Jan. 1, 2031, the royalty rate will increase to 3.0 per cent of net smelter returns in perpetuity.

The royalty will apply to all material properties in i-80 Gold's portfolio, including Granite Creek, Cove, the Ruby Hill complex and Lone Tree, including after-acquired properties within a one-mile area of interest.

The royalty will be registered on title as an interest in land.

Additional considerations

Franco-Nevada will maintain a right of first offer on future streams, royalties and similar interests related to i-80 Gold's assets.

Franco-Nevada will partner with i-80 Gold on environmental and social initiatives in Nevada.

Closing of the transaction is subject to customary conditions and is expected to occur in March 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 marketable securities and $1.9-billion in available capital as 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 and New York stock exchanges. Franco-Nevada is the gold investment that works.

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

We seek Safe Harbor.