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Other Mining Milpillas Falcondo Location: Mexico, Central America and Mexico Location: Dominican Republic, Central America and Mexico w Operator: Industrias Peñoles, S.A.B. de C.V. Operator: Americano Nickel Limited vie Metals: Cu Metals: Ni er Royalty: Production Payment Royalty: 4.1% Dividend v O Franco-Nevada has a production payment royalty on Franco-Nevada has a 4.1% equity interest in Falconbridge the Milpillas copper mine in Sonora, Mexico operated by Dominicana, C. por A. (“Falcondo”) that is economically Industrias Peñoles, S.A.B. de C.V. (“Peñoles”). similar to a profit royalty except that payments are The royalty is $0.04/lb of copper produced, if the price of copper is above received through discretionary dividend distributions. 2 $1.20/lb. The royalty ground covers an estimated 30 km . The project is an Falcondo is a ferronickel surface mining operation with production underground copper mine and heap leach operation and was acquired capacity of 29,000 tonnes of contained nickel per annum located in the by Franco-Nevada in September 2020 as part of a portfolio of 24 royalties Dominican Republic with operations dating back to 1971. Falcondo is from Freeport-McMoRan Inc. Production resumed in mid-2022 after active typically a swing producer and was put on care and maintenance when etals mining was paused due to low copper prices in Q2 2020. nickel prices fell in October 2013. In 2015, Glencore sold its 85.26% Franco-Nevada has not included Milpillas in Royalty Ounce estimates ownership in the operation to Americano Nickel Limited, a private equity company which has subsequently restarted the mine. Franco-Nevada has ecious M not received any dividends in recent years. r P For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral Reserves are subject to our equity interest and estimates a margin of 20% is applicable. Nickel has been converted to Royalty Ounces assuming $11.00 per pound ($9.00 per pound in 2021, $7.00 per pound in 2020) ssets ersified A iv D 96 Franco-Nevada Corporation TSX / NYSE: FNV

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