South America Cascabel (Alpala) Location: Ecuador, South America ww Operator: SolGold plc 1 vievie Metals: Au, Cu, Ag erer Royalty: NSR: 1% vv OO 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ – $ – $ – M&I Resource (Mlbs Cu)1 24,626 22,994 21,826 Inferred Resource (Mlbs Cu)1 3,439 4,012 2,866 P&P Reserves (Mlbs Cu)1 7,187 – – M&I Resource (koz Au)1 24,850 22,900 21,700 Inferred Resource (koz Au)1 2,520 3,140 1,900 P&P Reserves (koz Au)1 9,370 – – Cascabel (Alpala), Ecuador etals M&I Resource (Moz Ag)1 92.2 92.2 92.2 Inferred Resource (Moz Ag)1 10.6 10.6 10.6 Franco-Nevada’s royalty covers nearly 50 km2 of the Cascabel mining P&P Reserves (Moz Ag)1 30.0 – – concessions including the Alpala and the Tandayama-America (“TAM”) ecious M 1, 2 deposit. Alpala, the main target in the Cascabel concession, is a copper- r M&I Royalty Ounces (millions) 724 621 601 P gold porphyry deposit and represents one of the largest copper-gold 2 Inferred Royalty Ounces (millions) 91 99 69 projects being advanced globally. 2 P&P Royalty Ounces (millions) 233 – – 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral The Cascabel project is owned by Exploraciones Novamining SA, which Resource category; all M&I categories are inclusive of Mineral Reserves was previously held 85% by SolGold and 15% by Cornerstone Capital 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral Resource Inc. (“Cornerstone”). In February 2023, SolGold consolidated Reserves are subject to our royalty interest and estimates a rate of 1.0% (0.85% for copper Royalty Ounces which factors a NSR smelting charge of 15%). Copper has been converted to Royalty Ounces a 100% interest in the Cascabel project, merging with Cornerstone. The assuming $4.00 per pound and silver has been converted to Royalty Ounces assuming $1,800/oz royalty is in reference to all minerals produced with the option of Franco- gold and $21.00/oz silver ($1,800/oz gold and $23.00/oz silver in 2021, $1,750/oz gold and $25.00/oz silver in 2020) Nevada to convert the royalty to a gold NSR for a period of time once Alpala is producing. Franco-Nevada is further entitled to receive certain In 2020, Franco-Nevada acquired a 1% NSR on the minimum royalty payments starting in 2028, subject to certain conditions. Cascabel copper-gold-silver project located in northern The royalty agreement includes an option to buy back 50% of the royalty Ecuador being advanced by SolGold plc (“SolGold”). for a period of time and convert to all precious metals. SolGold completed a prefeasibility study on the Cascabel project in Cascabel (Alpala) April 2022. The prefeasibility study contemplated an underground 1% NSR Area COLOMBIA block cave and outlined a Probable Mineral Reserve containing Cascabel 9.4 million ounces of gold, 3.3 million tonnes of copper, and 30 million EQUADOR ounces of silver (558 million tonnes grading 0.52 g/t Au, 0.58% Cu and N 0 1 BRAZIL 1.65 g/t Ag). The inclusive Measured and Indicated Mineral Resource km PERU Pacific comprised 2,663 million tonnes at 0.53% CuEq for 21.7 million ounces Rocafuerte Ocean BOLIVIA Site Office of gold, 9.9 million tonnes of copper, and 92.2 million ounces of silver. The prefeasibility study contemplates an initial 26-year mine life, with CHILE potential mine life upside in excess of 50 years following the initial life ARGENTINA of mine. On achieving nameplate capacity, an average of approximately 190,000 tonnes of copper, 680,000 ounces of gold and 1.4 million ounces F r on tier erse of silver per year is expected over the initial five years of production. ansv r T Hw y Exploration has yielded encouraging results on the broader Cascabel 0.1% CuEq Tandayama concessions with the identification of a highly mineralized system at America TAM, which is located approximately 3 km north of the Alpala deposit, Aguinaga that has open-pit mining potential, and is covered by the Franco-Nevada 0.1% CuEq royalty. SolGold declared a maiden mineral resource at TAM in October 2021 with a subsequent update in May 2022 comprising 528.5 million tonnes at 0. 36% copper equivalent containing 1.27 million tonnes of copper and 3.16 million ounces of gold in Measured and Indicated Mineral Resources, plus 105.1 million tonnes at 0.36% copper equivalent containing 0.26 million tonnes of copper and 0.62 million ounces of gold in the Inferred category. 0.1% Copper Equivalent 1.0% CuEq Alpala 0.4% Copper Equivalent 0.4% CuEq One of the largest copper-gold development 1.0% Copper Equivalent Alpala 0.1% CuEq Camp projects in the world Tracks Royalty Claim Area Prefeasibility study released in April 2022 34 Franco-Nevada Corporation TSX / NYSE: FNV