Central America and Mexico Guadalupe-Palmarejo Location: Mexico, Central America and Mexico Operator: Coeur Mining, Inc. Precious Metals: Au Stream: 50% Gold Stream 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 74.2 $ 83.4 $ 79.0 M&I Resource (koz Au)1 2,127 1,931 1,462 Inferred Resource (koz Au)1 380 246 280 P&P Reserves (koz Au)1 953 884 849 1, 2 M&I Royalty Ounces (000s) 535 467 342 2 Inferred Royalty Ounces (000s) 102 60 66 2 P&P Royalty Ounces (000s) 241 211 194 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 91% of the Mineral Reserves (86% in 2021, Guadalupe-Palmarejo, Mexico 84% in 2020), 89% of the exclusive M&I Mineral Resource (90% in 2021, 89% in 2020) and 97% of the Inferred Mineral Resource (88% in 2021, 87% in 2020) are subject to our 50% stream interest. The stream interest has been factored by 56% to reflect $1,800 per ounce gold ($1,800/oz gold in 2021, each ounce delivered under the new gold stream agreement. The new $1,750/oz gold in 2020) and $800 per ounce ongoing payments (56% in 2021, 54% in 2020) agreement improved mine economics for Coeur and helped extend the mine life of the entire Palmarejo operation. The agreement applies to a Since January 2009, Franco-Nevada has received 50% of 2 land position totaling over 1,200 km . Franco-Nevada provided an upfront the gold produced from the Palmarejo operation located $22 million deposit which was used to partially fund the development of in Chihuahua Province, Mexico which is owned and the Guadalupe underground mine on the Palmarejo property. operated by Coeur Mining, Inc. (“Coeur”). Franco-Nevada sold 41,000 ounces of gold from the mine in 2022, Palmarejo is an underground silver project with a considerable gold compared to 46,506 ounces of gold in 2021. Palmarejo has a mill by-product. Starting in 2009, Franco-Nevada Mexico received 50% of the throughput capacity of 7 ktpd and in 2022 produced 6.7 Moz of silver and 107 koz of gold. Coeur’s 2023 production guidance for Palmarejo is gold produced from Palmarejo in return for a $75 million investment. The D between 100 koz and 112.5 koz of gold and 6.5 and 7.5 Moz of silver. In iv original contract was terminated in 2014 and Coeur fulfilled its obligation 2023, Franco-Nevada expects sales from the Guadalupe-Palmarejo stream ersified A under that agreement in the third quarter of 2016, once they delivered to be between 35,000 and 40,000 GEOs, as less production is anticipated the minimum ounce obligation of 400,000 ounces of gold. In June 2014, to be sourced from ground covered by our stream during the year. Franco-Nevada (Barbados) Corporation, a subsidiary of Franco-Nevada, ssets entered into a new 50% gold stream with Coeur on the Palmarejo Mineral Reserves grew by approximately 8% in 2022 versus the previous project with ongoing payments equal to the lesser of $800 per ounce 2021 estimate, net of depletion. Franco-Nevada estimates that over 80% (no inflation provision) and the then prevailing spot price for gold for of the existing Mineral Resources and Mineral Reserves are covered by the stream agreement. Perimeter Exploration success has grown of gold Mineral Resources and Mineral Reserves M stream iner property Mineral Reserves grew by approximately al R La Bavisa 8% in 2022 esour Palmarejo c Independencia es and M Agua Salada Mill Mine Complex Independencia iner West Independencia La Nación East al R Zapata eser v Non-stream Guadalupe es Guadalupe-Palmarejo ground Mine Gold Stream Complex CA NM AZ 0 4 La Patria TX km A Guadalupe- dditional I Palmarejo MEXICO Pacific Ocean nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 39