South America Cerro Moro Location: Argentina, South America ww Operator: Pan American Silver Corp. vievie Precious Metals: Au & Ag erer Royalty: NSR: 2% vv OO 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 Cerro Moro, Argentina 1, 2 etals M&I Royalty Ounces (000s) 17 18 18 2 Inferred Royalty Ounces (000s) 6 6 7 faces, which supported the increase in mill feed coming from higher- 2 grade underground ore and stable throughput. Prior to the acquisition, P&P Royalty Ounces (000s) 14 15 15 ecious M Yamana’s long-term plan at Cerro Moro was to create ten years of 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 3 sustainable production of at least 160,000 gold equivalent ounces 2 For Royalty Ounce calculation, Franco-Nevada estimates 95% of the Mineral Reserves (100% in per year. 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% In November 2022, Yamana continued to report exploration success at 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) Cerro Moro. Cerro Moro exploration during 2022 concentrated in the core mine (covered by Franco-Nevada’s royalty) and Naty sectors (not covered Franco-Nevada has a 2% NSR on the Cerro Moro mine by Franco-Nevada’s royalty) with infill drilling targeting extensions of operated by Pan American Silver Corp. (“Pan American known mineralization both to depth and along strike to replace mining Silver”) in Santa Cruz province, Argentina. depletion. Yamana was considering both a plant expansion and added heap leach project which, along with conversion of known exploration The royalty covers approximately 160 km2 of the property including targets to mineral resources, could produce at least 200,000 gold a significant portion of the mineral resources which are contained equivalent ounces3 per year. in high-grade epithermal gold and silver veins. In March 2023, Pan High grade gold/silver deposit American Silver acquired Cerro Moro as part of its acquisition of Yamana with expansion potential Gold Inc. (“Yamana”). Construction at Cerro Moro was completed in 2018 with commercial Significant near-mine and regional production being declared in June 2018. For 2022, actual production exploration targets 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. 3 Please refer to Yamana’s public disclosures for further details on its definition of gold Production continued to benefit from access to additional mining equivalent ounces Cerro Moro Royalty Area 2% NSR Royalty Claim Area N Not Included Under 0 5 2% NSR km Natalia NW Natalia BOLIVIA Nini Ext N BRAZIL PARAGUAY Nini Esperanza Michelle URUGUAY Tres Lomas CHILE ARGENTINA Buenos Loma Escondida Aires Escondida PLANT Deborah Cerro Moro Elsa Martina Zoe Carla 32 Franco-Nevada Corporation TSX / NYSE: FNV