97 Franco-Nevada Corporation TSX / NYSE: FNV Other Mining Mineral Resources and Mineral Reserves Additional Information Copper World Project Location: Arizona, United States Operator: Hudbay Minerals Inc. Metals: Cu, Mo, Ag, Au Royalty: NSR: 2.085% 83 Peach North Limb Elgin South Limb Broad Top Butte Bolsa Copper World East Deposit 2017 Reserve Pit Copper World Project N km 0 1 2.085% NSR 2 Mineral Resources Unpatented Royalty Licences Patented Royalty Licences In November 2021, Franco-Nevada acquired an incremental 0.585% NSR royalty interest on the Copper World Project from certain private sellers. The royalty has identical terms as an existing 1.5% NSR royalty that Franco-Nevada held and covers the same land package, including most of the Copper World deposits. Hudbay received the Final Record of Decision (“FROD”) for what was then referred to as the Rosemont project in June 2017 and, in March 2019, received the Section 404 Water Permit from the U.S. Army Corps of Engineers (“ACOE”). In July 2019, the U.S. District Court for Arizona issued a ruling that vacated the FROD issued by the U.S. Forest Service. Hudbay appealed the ruling to the U.S. Court of Appeals for the Ninth Circuit. In May 2022, the U.S. Court of Appeals for the Ninth Circuit affirmed the U.S. District Court of Arizona’s decision in July 2019. As Hudbay evaluates next steps for the East deposit, the company continues to advance the Copper World deposits (including Bolsa, Broad Top Butte, Copper World, Peach, Elgin, South Limb and North Limb) which are largely on private land covered by Franco-Nevada’s royalty. In June 2022, Hudbay released a Preliminary Economic Assessment (PEA) for the Copper World Complex. The PEA announced an initial mineral resource estimate of 973 million flotation ore tonnes at 0.42% copper and 200 million leach ore tonnes at 0.36% copper. The PEA also announced Inferred Mineral Resources of 210 million flotation tonnes at 0.36% copper and 52 million leach tonnes at 0.40% copper. The resources are comprised of both oxide and sulphide mineralogy and are potentially amenable to heap leach and flotation processing, respectively. The PEA reflects a two-phase mine plan with the first phase reflecting a standalone operation with processing infrastructure on Hudbay’s private land and mining occurring on portions of the deposits located on patented mining claims. The first phase of the mine plan is expected to require only state and local permits and anticipates producing an average of approximately 86,000 tonnes of copper per year for 16 years. The second phase expands mining activities onto federal land and extends the mine life to 44 years. Hudbay plans to release a prefeasibility study for Phase 1 of Copper World by mid-2023 of 2023 and also expects to receive the remaining state permits in 2023. Hudbay intends to initiate a minority joint venture partner process following receipt of the permits, which will allow the potential joint venture partner to participate in and help fund the definitive feasibility study activities in 2024. Franco-Nevada’s royalty covers all metals, including copper, molybdenum, silver and gold Exploration and development studies focused on Copper World targets on private land 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ – $ – $ – M&I Resource (Mlbs Cu) 1, 3 10,597 10,915 8,757 Inferred Resource (Mlbs Cu) 1, 3 2,125 1,539 412 P&P Reserves (Mlbs Cu) 1, 3 – 5,328 5,328 M&I Royalty Ounces (000s) 1, 2, 3 412 372 223 Inferred Royalty Ounces (000s) 2, 3 83 52 11 P&P Royalty Ounces (000s) 2, 3 – 181 136 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For Royalty Ounce calculation, Franco-Nevada estimates 99% (99% in 2021, 100% in 2020) of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimate a rate of 1.772% (1.772% in 2021, 1.275% in 2020) (which factors a NSR smelting charge of 15%). Copper has been converted to Royalty Ounces assuming $4.00 per pound ($3.50 in 2021, $3.50 in 2020) 3 Does not include silver or molybdenum Mineral Resource and Mineral Reserve estimates Franco-Nevada has a 2.085% NSR royalty covering all metals, including copper, molybdenum, silver and gold extracted from the majority of claims covering the Copper World and East (formerly known as Rosemont) deposits in Pima County, approximately 30 miles southeast of Tucson, Arizona. Hudbay Minerals Inc. (“Hudbay”) is the operator of the asset following its acquisition of Augusta Resource Corporation in 2014. The Copper World project includes seven new deposits discovered in 2021 (then referred to as the “Copper World deposits”), together with the East deposit (formerly known as the Rosemont deposit). The property is situated near a number of large porphyry style producing copper mines. Copper World Project, Arizona Copper World Project Pacific Ocean Oregon Idaho Utah Nevada California Arizona MEXICO