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