Central America and Mexico Cobre Panama Location: Panama, Central America and Mexico Franco-Nevada (Barbados) Corporation, a subsidiary of Franco-Nevada, Operator: First Quantum Minerals Ltd. contributed a total of $1.36 billion to the construction of Cobre Precious Metals: Au & Ag Panama. Franco-Nevada has two precious metals streams with slightly Stream: Gold and Silver Stream different terms: • Fixed Payment Stream – Effective since 2015 and applies to First 2022 2021 2020 Quantum’s original 80% interest in Cobre Panama. Revenue to Franco-Nevada ($ million) $ 223.3 $ 235.0 $ 135.4 • Floating Payment Stream – Effective March 2018, Franco-Nevada 1, 2 (Barbados) Corporation added a new precious metals stream which M&I Resource (koz Au) 7,159 7,396 7,318 increased its coverage to 100% of the ownership of the Cobre Panama 1, 2 Inferred Resource (koz Au) 1,296 1,301 1,133 operation. The Floating Payment Stream applies to First Quantum’s 1, 2 P&P Reserves (koz Au) 6,861 7,104 7,298 10% indirect interest acquired from LS-Nikko Copper Inc. and KOMIR’s M&I Resource (Moz Ag)1, 2 149.2 152.9 153.5 10% indirect interest. Inferred Resource (Moz Ag)1, 2 38.0 38.1 36.4 P&P Reserves (Moz Ag)1, 2 128.8 133.0 135.5 The amount of precious metals deliverable under both the Fixed Payment 1, 2, 3 Stream and Floating Payment Stream is currently indexed to the copper M&I Royalty Ounces (000s) 4,758 4,973 5,010 in concentrate shipped until certain specified thresholds of gold and 2, 3 Inferred Royalty Ounces (000s) 750 769 706 silver deliveries are met, currently expected to occur in 2028. The main 2, 3 P&P Royalty Ounces (000s) 4,532 4,743 4,893 difference between the Fixed Payment Stream and Floating Payment 1 Please refer to the tables on pages 116-120 for a breakout of grade and tonnages by Mineral Stream is the ongoing price per ounce paid. As of November 2022, the Resource category; all M&I categories are inclusive of Mineral Reserves current ongoing payment of the Fixed Payment Stream is fixed per ounce 2 Mineral Reserves and Mineral Resources and the related Royalty Ounces are based on publicly payments of $450.59/oz gold and $6.76/oz silver with a 1.5% annual disclosed information as of March 9, 2023 and do not reflect First Quantum’s updated estimate 3 For Royalty Ounce calculation, Franco-Nevada assumes 88% of the Mineral Resources and Mineral inflation factor. The Floating Payment Stream ongoing price per ounce for Reserves are subject to our stream interest. Silver has been converted into Royalty Ounces assuming deliveries is 20% of the spot price for the Mineral Reserve life at the time $1,800/oz gold and $21.00/oz silver ($1,800/oz gold and $23.00/oz silver in 2021, $1,750/oz gold and higher thereafter. and $25.00/silver in 2020) and a 62% (62% in 2021, 62% in 2020) factor has been applied to obtain a Royalty Ounce for the P&P category, a 62% (62% in 2021, 62% in 2020) factor has been applied for Royalty Ounces in the M&I category and a 50% factor has been applied for Royalty Ounces in the Cobre Panama commenced production in February 2019. From Inferred category January 1, 2019 until the mill throughput reached 58 Mtpa, Franco- Cobre Panama is one of the world’s largest copper-gold- Nevada was entitled to a 5% return on its capital invested. The return will be achieved by a $100 per gold ounce discount in the ongoing price for silver porphyry deposits in operation and is 90% owned D the initial ounces acquired. Throughput in 2022 was 86 Mtpa (nameplate iv by First Quantum Minerals Ltd. (“First Quantum”) and 10% capacity for the concentrator is 85 Mtpa). First Quantum has completed ersified A by Korea Mine Rehabilitation & Mineral Resources Corp. construction for the 100 Mtpa Expansion project (“CP100”). The project facilities are currently in commissioning and ramp up will now continue (“KOMIR”). over the course of the year to achieve an expected throughput rate of ssets 100 Mtpa by the end of 2023. As at the end of December 2022, the mine life is 32 years. M iner al R esour c es and M iner al R eser v es A dditional I nf Cobre Panama, Panama orma tion TSX / NYSE: FNV Franco-Nevada Corporation 37