30 TSX / NYSE: FNV Franco-Nevada Corporation South America Overview Overview Precious Metals Condestable Location: Peru, South America Operator: Southern Peaks Mining LP Precious Metals: Au & Ag Stream: Gold and Silver Stream Santia Antofagasta Arequipa Cusco Mina Justa Cerro Pelado Sant Teresa de Colm’o Punt Mantoverde El Espino Panulcillo IOCG Deposit Lima N 0 250 km Condestable Candelaria Cretaceous IOCG Belt IOCG Mine (FNV Stream) Pacific Ocean Chil Peru Condestable UG Surface Facilities Raul UG Vinchos UG Pacific Ocean N 0 5 km Condestable Gold and Silver Stream Condestable Mining Property 102 km to Lima Pan American Hwy Antofagasta Arequipa Cusco Mina Justa Cerro Pelado Santo Domingo Teresa de Colm’o Punta del Cobre Mantoverde IOCG Deposit Lima La Paz Salta N 0 250 km Condestable Candelaria Cretaceous IOCG Belt IOCG Mine (FNV Stream) Pacific Ocean Bolivia Argentina Chile Peru Condestable UG Surface Facilities Raul UG Vinchos UG Pacific Ocean N 0 5 km Condestable Gold and Silver Stream 102 km to Lima Pan American The Condestable mine is located approximately 90 km south of Lima, Peru, and is owned and operated by a majority-owned subsidiary of Southern Peaks Mining LP (“SPM”), a private company. The Condestable mine has operated for over 50 years with a proven history of resource conversion. For the first five years of the streaming agreement, commencing on January 1, 2021 and ending December 31, 2025, Franco-Nevada will receive 8,760 ounces of gold and 291,000 ounces of silver annually until a total of 43,800 ounces of gold and 1,455,000 ounces of silver have been delivered (the “Fixed Deliveries”). Thereafter, Franco-Nevada will receive 63% of the gold and silver contained in concentrate until a cumulative total of 87,600 ounces of gold and 2,910,000 ounces of silver have been delivered (the “Variable Phase 1 Deliveries”). The stream then reduces to 25% over the remaining life of mine (the “Variable Phase 2 Deliveries”). Franco-Nevada will pay 20% of the spot price for gold and silver for each ounce delivered under the stream (the “Ongoing Payment”). The stream has an effective date of January 1, 2021. For a period of four years from closing, subject to certain restrictions, a subsidiary of SPM may, at its option, make a one-time special delivery comprising the number of ounces of refined gold equal to $118.8 million at the then current spot price subject to the Ongoing Payment, to achieve the early payment of the Fixed Deliveries and Variable Phase 1 Deliveries. The Variable Phase 2 Deliveries would commence immediately thereafter. The stream is referenced to the entire Condestable concessions covering approximately 450 km 2 with excellent near mine exploration upside. SPM is currently ramping up processing capacity at the Condestable mine from 7,000 tpd to 8,400 tpd and is advancing a feasibility study on additional plant capacity expansion to 10,000 tpd. Proven operation with excellent potential for expansions and mine life extension Large, prospective land package of approximately 450 km 2 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 22.4 $ 22.5 $ – M&I Resource (koz Au) 1 688 701 711 Inferred Resource (koz Au) 1 479 480 481 P&P Reserves (koz Au) 1 163 170 n/a M&I Resource (Moz Ag) 1 17.4 17.6 17.9 Inferred Resource (Moz Ag) 1 12.2 12.3 12.3 P&P Reserves (Moz Ag) 1 5.2 5.2 n/a M&I Royalty Ounces (000s) 1, 2 164 180 188 Inferred Royalty Ounces (000s) 2 87 89 92 P&P Royalty Ounces (000s) 2 97 n/a n/a 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 2 For Royalty Ounce calculation, Franco-Nevada estimates fixed deliveries for M&I Royalty Ounces of 8,760 ounces of gold and 291,000 ounces of silver per year until December 2025; then, 63% of gold and silver until 87,600 ounces of gold and 2,910,000 ounces of silver are delivered, respectively; thereafter, 25% of gold and silver ounces are subject to the stream. For Inferred Royalty Ounces, Franco-Nevada assumes 25% of gold and silver from Inferred Mineral Resources (25% in 2021) are subject to the stream. Silver has been converted to Royalty Ounces assuming $1,800/oz gold and $21.00/oz ($1,800/oz gold and $23.00/oz silver in 2021, $1,750/oz gold and $25.00/oz in 2020). The stream interest has been factored by ongoing payments of 20% of the spot price of gold and silver On March 8, 2021, Franco-Nevada (Barbados) Corporation, a subsidiary of Franco-Nevada, acquired a precious metals stream on production from the Condestable mine in Peru, for an up-front deposit of $165 million. Condestable, Peru