South America Condestable Location: Peru, South America ww Operator: Southern Peaks Mining LP vievie Precious Metals: Au & Ag erer Stream: Gold and Silver Stream vv OO 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 Condestable, Peru 1, 2 etals M&I Royalty Ounces (000s) 164 180 188 2 Inferred Royalty Ounces (000s) 87 89 92 The Condestable mine is located approximately 90 km south of Lima, 2 Peru, and is owned and operated by a majority-owned subsidiary of P&P Royalty Ounces (000s) 97 n/a n/a ecious M Southern Peaks Mining LP (“SPM”), a private company. The Condestable 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 mine has operated for over 50 years with a proven history of 2 For Royalty Ounce calculation, Franco-Nevada estimates fixed deliveries for M&I Royalty Ounces of resource conversion. 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; For the first five years of the streaming agreement, commencing on 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 January 1, 2021 and ending December 31, 2025, Franco-Nevada will subject to the stream. Silver has been converted to Royalty Ounces assuming $1,800/oz gold and receive 8,760 ounces of gold and 291,000 ounces of silver annually until $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 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 On March 8, 2021, Franco-Nevada (Barbados) Corporation, 63% of the gold and silver contained in concentrate until a cumulative a subsidiary of Franco-Nevada, acquired a precious metals total of 87,600 ounces of gold and 2,910,000 ounces of silver have been stream on production from the Condestable mine in Peru, delivered (the “Variable Phase 1 Deliveries”). The stream then reduces to for an up-front deposit of $165 million. 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. Condestable For a period of four years from closing, subject to certain restrictions, a Gold and Silver subsidiary of SPM may, at its option, make a one-time special delivery Stream Lima comprising the number of ounces of refined gold equal to $118.8 million Condestable at the then current spot price subject to the Ongoing Payment, to achieve N Cusco the early payment of the Fixed Deliveries and Variable Phase 1 Deliveries. 0 5 Mina Justa Peru The Variable Phase 2 Deliveries would commence immediately thereafter. km The stream is referenced to the entire Condestable concessions covering Arequipa La Paz approximately 450 km2 with excellent near mine exploration upside. SPM Cerro Pelado 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 Bolivia plant capacity expansion to 10,000 tpd. Pacific Ocean Proven operation with excellent potential 102 k for expansions and mine life extension m t Surface o Lima Facilities IOCG Deposit Condestable UG Large, prospective land package of Chile 2 Antofagasta IOCG Mine (FNV Stream) approximately 450 km Raul UG Salta Cretaceous IOCG Belt Vinchos UG Teresa de Colm’o Mantoverde Santo Domingo Condestable N Candelaria Punta del Cobre Gold and Silver Lima 0 250 P Stream an A Condestable km meric N Cusco Argentina Pacific Ocean an Hw 0 5 Mina Justa Peru km y Arequipa La Paz Panulcillo Condestable Mining Cerro Pelado Property Bolivia El Espino Pacific Ocean 102 k m t Surface o Lima Facilities IOCG Deposit Santiago Condestable UG Antofagasta Chile IOCG Mine (FNV Stream) Raul UG Salta Cretaceous IOCG Belt Vinchos UG Teresa de Colm’o 30 Franco-Nevada Corporation Mantoverde Santo Domingo TSX / NYSE: FNV N Candelaria Punta del Cobre 0 250 P an A km meric Argentina Pacific Ocean an Hw y Panulcillo Condestable Mining El Espino Property Santiago