A N T A M I N A Location: Peru, South America | Operator: Teck Resources Limited (owns 22.50%) | Precious Metals: Ag | Stream: Silver Stream In October 2015, Franco-Nevada acquired a silver stream for $610 million on production from the Antamina mine in Peru from Teck Resources Limited (“Teck”). 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 50.5 $ 68.4 $ 94.1 M&I Resources (Moz Ag)¹ 324.7 321.2 324.9 Inferred Resources (Moz Ag)¹ 429.6 460.2 447.7 P&P Reserves (Moz Ag)¹ 77.8 88.3 107.0 M&I Royalty Ounces (000s) 1,2 522 528 585 Inferred Royalty Ounces (000s) 1 492 531 560 P&P Royalty Ounces (000s) 1 134 153 201 1 Please refer to the tables on pages 118-124 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 assumes 22.5% of Teck’s interest in Antamina is subject 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 $1,950/ oz gold and $22.50/oz ($1,800/oz gold and $21.00/oz silver in 2022, $1,800/oz gold and $23.00/oz in 2021). The stream interest has been factored by ongoing payments of 5% of the spot price of silver Teck has a 22.50% interest in Compañía Minera Antamina S.A. (“CMA”), the Antamina joint venture company, along with partners BHP Billiton Plc (33.75%), Glencore (33.75%) and Mitsubishi Corporation (10.00%). Antamina commenced operations in 2001 and is one of the lowest cost copper operations globally. Antamina has a mill throughput capacity of approximately 145,000 tonnes per day. In 2023, on a 100% basis, Antamina produced 423,500 tonnes of copper, 463,100 tonnes of zinc and 11.6 million ounces of silver (silver calculated from Glencore’s 33.75% interest in Antamina) in concentrates. Silver sold for 2023 was 2.2 million ounces for Franco-Nevada’s attributable share under the stream, with 3.1 million ounces sold in 2022. Franco- Nevada expects attributable production in 2024 to be between 2.0 million to 2.4 million silver ounces, temporarily lower than our long-term expected annual range of 2.8 million to 3.2 million silver ounces as silver grades are expected to be lower than average in 2024. Antamina is expected to revert to higher silver grades in 2025. In addition, a capital program that includes moving the location of the in-pit crusher will provide access to higher grade ore resulting in higher metal production. The stream is based on recovered silver from Teck’s attributable 22.50% interest in the Antamina mine, subject to a fixed silver payability of 90%. Franco-Nevada pays 5% of the spot silver price for each ounce of silver delivered under the stream. The stream will reduce by one-third after 86 million ounces of silver have been delivered, currently expected after 2040. A total of 27.1 million cumulative ounces of silver have been delivered to Franco-Nevada as of December 31, 2023. Inclusive of Mineral Reserves, the mine contains total Measured and Indicated Mineral Resources of approximately 899 million tonnes of ore (with a silver grade of 11.2 g/t) and an Inferred Mineral Resource of 1.19 billion tonnes of ore (with a silver grade of 11.3 g/t). Total Mineral Reserves are 226 million tonnes of ore (with a silver grade of 10.7 g/t), which are currently constrained by tailings disposal capacity. Approval of the Modification of Environmental Impact Assessment was received on February 14, 2024, to extend its mine life from 2028 to 2036. CMA is evaluating for additional tailings storage options and alternative mine plans that could result in significant mine life extensions. Beyond the known Mineral Resources and Mineral Reserves, Antamina hosts additional potential open pit and bulk/selective underground targets. There is also regional exploration potential over a large, prospective land package greater than 1,000 km 2 . High grade copper/zinc orebody One of the lowest cost copper operations globally Large, high grade Inferred Mineral Resource Antamina, Peru Pacific Ocean Argentina Bolivia Peru Brazil Chile Antamina Antamina Silver Stream kilometer 100 0 Antamina Lima Cajacay Chasquitambo Carretera Pativilca-Huarez Huarmey Punta Lobitos CMA Puerto Minero Aquia Chiquian Catac Recuay Huaraz Huallanca Yanashall Machac Parque Nacional Huascaran CMA Pipeline Pacific Ocean Autopista Panamericana Norte Conococha Cutatambo Pachacoto Huanzala Subestacion Linea de Transmision Electrica San Marcos Huari Chavui De Huantar Paramonga Pativilca Barranca Huacho Huaral Chancay Pto. Supe N Franco-Nevada Corporation ★ 31 TSX / NYSE: FNV South America