South America Antamina Location: Peru, South America Operator: Teck Resources Limited (owns 22.50%) Precious Metals: Ag Stream: Silver Stream 2022 2021 2020 Revenue to Franco-Nevada ($ million) $ 68.4 $ 94.1 $ 57.0 M&I Resource (Moz Ag)1 321.2 324.9 342.5 Inferred Resource (Moz Ag)1 460.2 447.7 460.7 P&P Reserves (Moz Ag)1 88.3 107.0 118.3 1, 2 M&I Royalty Ounces (000s) 528 585 642 2 Inferred Royalty Ounces (000s) 531 560 599 2 P&P Royalty Ounces (000s) 153 201 231 Antamina, Peru 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 copper operations globally. Antamina has a mill throughput capacity 2 For Royalty Ounce calculation, Franco-Nevada assumes 22.5% of Teck’s interest in Antamina is subject of approximately 145,000 tonnes per day. In 2022, on a 100% basis, to our stream interest and that the stream reduces by 33% once 86 million silver ounces have been delivered. Silver has been converted to Royalty Ounces assuming $1,800/oz gold and $21.00/oz Antamina produced 454,800 tonnes of copper, 433,000 tonnes of zinc ($1,800/oz gold and $23.00/oz silver in 2021, $1,750/oz gold and $25.00/oz in 2020). The stream and 14.7 million ounces of silver (silver calculated from Glencore’s 33.75% interest has been factored by ongoing payments of 5% of the spot price of silver interest in Antamina) in concentrates. In October 2015, Franco-Nevada acquired a silver stream Silver sold for 2022 was 3.1 million ounces for Franco-Nevada’s for $610 million on production from the Antamina mine in attributable production under the stream, with 3.8 million ounces sold Peru from Teck Resources Limited (“Teck”). in 2021. Franco-Nevada expects attributable production in 2023 to be between 2.4 to 2.8 million silver ounces, temporarily lower than our long- Teck has a 22.50% interest in Compañía Minera Antamina S.A. (“CMA”), term expected annual range of 2.8 million to 3.2 million silver ounces as the Antamina joint venture company, along with partners BHP Billiton silver grades are expected to be lower than average in 2023. The stream is Plc (33.75%), Glencore (33.75%) and Mitsubishi Corporation (10.00%). based on recovered silver from Teck’s attributable 22.50% interest in the Antamina commenced operations in 2001 and is one of the lowest cost Antamina mine, subject to a fixed silver payability of 90%. Franco-Nevada D pays 5% of the spot silver price for each ounce of silver delivered under iv the stream. The stream will reduce by one-third after 86 million ounces ersified A Antamina of silver have been delivered. A total of 24.9 million cumulative ounces of Silver Stream Huaraz Huari silver have been delivered to Franco-Nevada as of December 31, 2022. ssets San Marcos Antamina Inclusive of Mineral Reserves, the mine contains total Measured and N Chavui Subestacion 0 100 De Huantar Linea de Indicated Mineral Resources of approximately 889 million tonnes of Transmision km Machac Electrica ore (with a silver grade of 11.2 g/t) and an Inferred Mineral Resource of Recuay 1.24 billion tonnes of ore (with a silver grade of 11.5 g/t). Total Mineral Reserves are 282 million tonnes of ore (with a silver grade of 9.8 g/t), Catac PARQUE NACIONAL which are currently constrained by tailings disposal capacity. CMA is HUASCARAN Huanzala currently conducting engineering studies for additional tailings storage Pachacoto Yanashall Huallanca M Autopista options and alternative mine plans that could result in significant mine iner Panamericana Norte CMA life extensions. In 2022, CMA submitted a Modification of Environmental al R HuarmeyCMA Pipeline Impact Assessment to Peruvian regulators to extend its mine life from esour Puerto Minero Aquia 2028 to 2036. The regulatory review process is progressing as scheduled, Punta Lobitos Carretera Conococha Pativilca-Huarez c with approval anticipated in the second half of 2023. Beyond the known es and M Cajacay Chiquian Mineral Resources and Mineral Reserves, Antamina hosts additional potential open-pit and bulk/selective underground targets. There is also Chasquitambo regional exploration potential over a large, prospective land package iner greater than 1,000 km2. al R Peru South eser Cutatambo America High grade copper/zinc orebody v es One of the lowest cost copper operations globally Paramonga Autopista Pativilca Panamericana Large, high grade Inferred Mineral Resource Barranca Norte Pacific Ocean Pto. Supe Huacho Huaral Chancay A Lima dditional I nf orma tion TSX / NYSE: FNV Franco-Nevada Corporation 29