Other Mining NuevaUnión (Relincho) Location: Chile, South America Operator: Teck Resources Limited / Newmont Corporation Metals: Cu, Au, Mo Royalty: NSR: 1.5% 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ – $ – $ – M&I Resource (Mlbs Cu)1 16,068 16,068 16,068 Inferred Resource (Mlbs Cu)1 5,752 5,752 5,752 P&P Reserves (Mlbs Cu)1 12,078 12,078 12,078 1, 2 M&I Royalty Ounces (000s) 399 349 359 Inferred Royalty Ounces (000s)2 163 143 147 P&P Royalty Ounces (000s)2 286 250 258 NuevaUnión (Relincho), Chile 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 NuevaUnión is one of the largest undeveloped copper-gold-molybdenum 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and Mineral projects in the Americas. A prefeasibility study was completed in 2018 Reserves are subject to our royalty interest and estimates a rate of 1.275% (which factors a NSR smelting charge of 15%) and excludes the first four years of production from estimates. Copper has which incorporated key design changes to improve project economics been converted to Royalty Ounces assuming $4.00 per pound ($3.50 per pound in 2021, $3.50 per and respond to local community and ESG input. The prefeasibility study pound in 2020) outlined an increased mine life from 32 to 36 years, with a three-phase Franco-Nevada has a 1.5% NSR royalty covering the development approach assuming life of mine average production of Relincho property that is part of the NuevaUnión 251,000 tonnes of copper equivalent production based on $10 per pound molybdenum and $1,300 per ounce gold. Phase 1 (Years 1 – 3) project being advanced by 50/50 joint venture would see mining and a processing facility at the Relincho site assuming partners, Teck Resources Limited (“Teck”) and Newmont processing of 104,000 tonnes per day (“tpd”). In Phase 2 (Years 4 – 18), Corporation (“Newmont”). mining activities would transfer to the La Fortuna site utilizing an ore conveyance system to transport ore to the processing facilities at Relincho The NuevaUnión project was formed in 2015 combining Teck’s Relincho (116,000 tpd in Phase 2). Phase 3 (Years 19 – 36) would see mining project with Newmont’s La Fortuna (formerly El Morro) deposit, located activities transfer back to Relincho with an expansion to the processing approximately 40 km apart in the Atacama region of Chile. Franco- facilities increasing processing to 208,000 tpd. A feasibility study was also Nevada’s 1.5% NSR is subject to a maximum price of $6.00/lb copper and completed in 2020, with further optimization work conducted. threshold price of $1.50/lb copper, inflation adjusted. No royalty is paid An updated preliminary economic assessment disclosed by Teck if the average price for the quarter is less than the threshold price and contemplates a conveyor to transport ore from the El Morro site to a royalty payments commence four years after commercial production. single line mill and concentrator facility at the Relincho site. The phased Franco-Nevada acquired the royalty through its acquisition of Lumina development approach contemplated in the study allows for future Royalty Corp. in December 2011. expansions to be funded from project cash flow, reducing any initial funding requirement. Work in 2023 will be focused on establishing a cost- effective path forward for the development of the project. NuevaUnión (Relincho) Peru Royalty Area Arica One of the largest undeveloped Cu-Au-Mo projects M 1.5% NSR N in the Americas iner Iquique Bolivia al R N Joint venture combines Relincho and La Fortuna to esour Antofagasta one project c 0 10 es and M km Mining and Project synergies estimated to significantly reduce Royalty Area Candelaria Pit Copiapo Marte-Lobo capital expenditure iner Cerro Casali al R Relincho Regalito La Serena El Morro eser Pascua-Lama Andacollo v Proposed Pit es Royalty Santiago Proposed Area Mill Argentina Chile A dditional I nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 93