Central America and Mexico 37 Franco-Nevada Corporation TSX / NYSE: FNV Mineral Resources and Mineral Reserves Additional Information Diversified Assets Cobre Panama Location: Panama, Central America and Mexico Operator: First Quantum Minerals Ltd. Precious Metals: Au & Ag Stream: Gold and Silver Stream Franco-Nevada (Barbados) Corporation, a subsidiary of Franco-Nevada, contributed a total of $1.36 billion to the construction of Cobre Panama. Franco-Nevada has two precious metals streams with slightly different terms: • Fixed Payment Stream – Effective since 2015 and applies to First Quantum’s original 80% interest in Cobre Panama. • Floating Payment Stream – Effective March 2018, Franco-Nevada (Barbados) Corporation added a new precious metals stream which increased its coverage to 100% of the ownership of the Cobre Panama operation. The Floating Payment Stream applies to First Quantum’s 10% indirect interest acquired from LS-Nikko Copper Inc. and KOMIR’s 10% indirect interest. The amount of precious metals deliverable under both the Fixed Payment Stream and Floating Payment Stream is currently indexed to the copper in concentrate shipped until certain specified thresholds of gold and silver deliveries are met, currently expected to occur in 2028. The main difference between the Fixed Payment Stream and Floating Payment Stream is the ongoing price per ounce paid. As of November 2022, the current ongoing payment of the Fixed Payment Stream is fixed per ounce payments of $450.59/oz gold and $6.76/oz silver with a 1.5% annual inflation factor. The Floating Payment Stream ongoing price per ounce for deliveries is 20% of the spot price for the Mineral Reserve life at the time and higher thereafter. Cobre Panama commenced production in February 2019. From January 1, 2019 until the mill throughput reached 58 Mtpa, Franco- Nevada was entitled to a 5% return on its capital invested. The return will be achieved by a $100 per gold ounce discount in the ongoing price for the initial ounces acquired. Throughput in 2022 was 86 Mtpa (nameplate capacity for the concentrator is 85 Mtpa). First Quantum has completed construction for the 100 Mtpa Expansion project (“CP100”). The project facilities are currently in commissioning and ramp up will now continue over the course of the year to achieve an expected throughput rate of 100 Mtpa by the end of 2023. As at the end of December 2022, the mine life is 32 years. 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 223.3 $ 235.0 $ 135.4 M&I Resource (koz Au) 1, 2 7,159 7,396 7,318 Inferred Resource (koz Au) 1, 2 1,296 1,301 1,133 P&P Reserves (koz Au) 1, 2 6,861 7,104 7,298 M&I Resource (Moz Ag) 1, 2 149.2 152.9 153.5 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 M&I Royalty Ounces (000s) 1, 2, 3 4,758 4,973 5,010 Inferred Royalty Ounces (000s) 2, 3 750 769 706 P&P Royalty Ounces (000s) 2, 3 4,532 4,743 4,893 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 Mineral Reserves and Mineral Resources and the related Royalty Ounces are based on publicly 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 Reserves are subject to our stream interest. Silver has been converted into Royalty Ounces assuming $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 $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 Inferred category Cobre Panama is one of the world’s largest copper-gold- silver porphyry deposits in operation and is 90% owned by First Quantum Minerals Ltd. (“First Quantum”) and 10% by Korea Mine Rehabilitation & Mineral Resources Corp. (“KOMIR”). Cobre Panama, Panama