32 TSX / NYSE: FNV Franco-Nevada Corporation South America Overview Overview Precious Metals Cerro Moro Location: Argentina, South America Operator: Pan American Silver Corp. Precious Metals: Au & Ag Royalty: NSR: 2% Cerro Moro Royalty Area 2% NSR Royalty Claim Area Not Included Under 2% NSR N km 0 5 Michelle Zoe Deborah Martina Tres Lomas Esperanza Loma Escondida N Buenos Aires Cerro Moro CHILE ARGENTINA BRAZIL BOLIVIA URUGUAY PARAGUAY Carla Elsa Escondida Nini Nini Ext Natalia Natalia NW PLANT faces, which supported the increase in mill feed coming from higher- grade underground ore and stable throughput. Prior to the acquisition, Yamana’s long-term plan at Cerro Moro was to create ten years of sustainable production of at least 160,000 gold equivalent ounces 3 per year. In November 2022, Yamana continued to report exploration success at Cerro Moro. Cerro Moro exploration during 2022 concentrated in the core mine (covered by Franco-Nevada’s royalty) and Naty sectors (not covered by Franco-Nevada’s royalty) with infill drilling targeting extensions of known mineralization both to depth and along strike to replace mining depletion. Yamana was considering both a plant expansion and added heap leach project which, along with conversion of known exploration targets to mineral resources, could produce at least 200,000 gold equivalent ounces 3 per year. High grade gold/silver deposit with expansion potential Significant near-mine and regional exploration targets 3 Please refer to Yamana’s public disclosures for further details on its definition of gold equivalent ounces 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 6.3 $ 4.9 $ 4.1 M&I Resource (koz Au) 1 574 574 521 Inferred Resource (koz Au) 1 226 226 254 P&P Reserves (koz Au) 1 457 457 431 M&I Resource (Moz Ag) 1 30.0 30.0 30.1 Inferred Resource (Moz Ag) 1 8.2 8.2 8.8 P&P Reserves (Moz Ag) 1 22.2 22.2 23.9 M&I Royalty Ounces (000s) 1, 2 17 18 18 Inferred Royalty Ounces (000s) 2 6 6 7 P&P Royalty Ounces (000s) 2 14 15 15 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 95% of the Mineral Reserves (100% in 2021), 90% of the M&I Mineral Resources (95% in 2021, 95% in 2020) and 90% of the Inferred Mineral Resources (95% in 2021, 95% in 2020) are subject to our royalty interest and estimates a rate of 2.0% is applicable. Silver has been converted 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/oz silver in 2020) Franco-Nevada has a 2% NSR on the Cerro Moro mine operated by Pan American Silver Corp. (“Pan American Silver”) in Santa Cruz province, Argentina. The royalty covers approximately 160 km 2 of the property including a significant portion of the mineral resources which are contained in high-grade epithermal gold and silver veins. In March 2023, Pan American Silver acquired Cerro Moro as part of its acquisition of Yamana Gold Inc. (“Yamana”). Construction at Cerro Moro was completed in 2018 with commercial production being declared in June 2018. For 2022, actual production was 108,240 ounces of gold and 6.1 million ounces of silver compared to 79,988 ounces of gold and 5.6 million ounces of silver in 2021. Production continued to benefit from access to additional mining Cerro Moro, Argentina