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South America Antapaccay Location: Peru, South America ww Operator: Glencore plc vievie Precious Metals: Au & Ag erer Stream: Gold and Silver Stream vv OO 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 95.2 $ 111.6 $ 118.5 M&I Resource (koz Au)1 3,079 3,279 3,161 Inferred Resource (koz Au)1 193 383 201 P&P Reserves (koz Au)1 1,198 1,222 1,204 M&I Resource (Moz Ag)1 70.2 70.6 65.4 Inferred Resource (Moz Ag)1 3.4 6.2 2.5 P&P Reserves (Moz Ag)1 19.3 17.6 17.2 Antapaccay, Peru 1, 2 etals M&I Royalty Ounces (000s) 786 868 861 2 Inferred Royalty Ounces (000s) 36 72 34 December 31, 2022. Thereafter, Franco-Nevada will receive 30% of the 2 gold and silver shipped. Franco-Nevada will initially pay an on-going P&P Royalty Ounces (000s) 397 440 469 ecious M price of 20% of the spot price of gold and silver until 750,000 ounces of r 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral P Resource category; all M&I categories are inclusive of Mineral Reserves refined gold and 12.8 million ounces of refined silver have been delivered. 2 For Royalty Ounce calculation, Franco-Nevada estimates P&P Royalty Ounces include payable metal Thereafter, the on-going price will increase to 30% of the spot price of of the remaining deliveries before the 630,000 ounces of gold and 10 million ounces of silver hurdle gold and silver. with the balance of Mineral Reserves subject to a 30% stream. For M&I Royalty Ounces, Franco- Nevada assumes the P&P Royalty Ounces with the balance of M&I Resources subject to the 30% stream. For Inferred Royalty Ounces, Franco-Nevada assumes Inferred Mineral Resources are subject The stream is referenced to the entire Antapaccay concession covering to the 30% stream. Silver has been converted to Royalty Ounces assuming $1,800/oz gold and approximately 997 km2. Glencore is considering developing the $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). The stream interest has been factored by different ongoing payments of 20% of the spot price Coroccohuayco deposit which is located within 10 km of the Antapaccay of gold and silver on the first 750,000 ounces of gold and 12.8 million ounces of silver and 30% of the plant. The project has been rescoped as an open pit with mine planning spot price thereafter currently at the PFS level. Coroccohuayco hosts M&I Mineral Resources In February 2016, Franco-Nevada (Barbados) Corporation, of 643 million tonnes with a copper grade that is approximately 50% a subsidiary of Franco-Nevada, acquired a precious higher than the Antapaccay Mineral Reserves. In addition, there are a number of large-scale regional targets and prospects on the metals stream on production from the Antapaccay mine Antapaccay concessions. for $500 million from Glencore plc (“Glencore”) and Antapaccay has a combined (Antapaccay + Tintaya plants) mill its subsidiaries. throughput capacity of 105 ktpd. In 2022, Antapaccay produced 151 kt of Antapaccay is located within the province of Espinar in Southern Peru. copper, 61 koz of gold and 1.2 Moz of silver. Franco-Nevada sold 53,023 The property also hosts the historic Tintaya open-pit mine and related GEOs from the mine in 2022, compared with 62,411 GEOs in 2021 and, in infrastructure which began operating in 1984. Glencore (Xstrata) invested 2023, expects sales from its Antapaccay stream to be between 57,500 and in excess of $1.5 billion of initial capital to build and commission the 67,500 GEOs. Antapaccay has a planned mine life to 2034 which would be Antapaccay open-pit mine and plant, which commenced operations further extended by any development of Coroccohuayco. in 2012. Gold and silver deliveries initially referenced to Under the streaming agreement, gold and silver deliveries are initially copper in concentrate shipped referenced to copper in concentrate shipped. Franco-Nevada will receive 300 ounces of gold and 4,700 ounces of silver for each 1,000 Potential for Coroccohuayco to extend mine life tonnes of copper in concentrate shipped, until 630,000 ounces of gold and 10 million ounces of silver have been delivered, which is currently 2 Land package of 997 km offers a number of expected to occur in 2028. Cumulatively, 395,440 ounces of gold and large-scale regional targets 6.2 million ounces of silver have been delivered since acquisition until Antapaccay Gold and Silver Stream * Antapaccay Tintaya Plant Concession area covers ~997 km2 Tintaya Pit/ Tailings Storage Antapaccay Plant 0 10 8 km Antapaccay km 7 km Concession Coroccohuayco Area COLOMBIA Antapaccay Pit Not EQUADOR included BRAZIL Pacific PERU Ocean BOLIVIA Antapaccay CHILE ARGENTINA 28 Franco-Nevada Corporation TSX / NYSE: FNV

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