Other Mining COPPER WORLD PROJECT w Location: Arizona, United States | Operator: Hudbay Minerals Inc. | Metals: Cu, Mo, Ag & Au | Royalty: NSR: 2.085% vie Over Franco-Nevada has a 2.085% NSR royalty covering all metals, including copper, molybdenum, silver and gold extracted from the majority of claims covering the Copper World and East (formerly known as Rosemont) deposits in Pima County, approximately 30 miles southeast of Tucson, Arizona. 2023 2022 2021 Hudbay expects to receive the remaining state permits required Revenue to Franco-Nevada ($ million) $ – $ – $ – for Phase 1 in 2024. Hudbay intends to initiate a minority joint venture 1,3 partner process following receipt of the permits, which will allow M&I Resource (Mlbs Cu) 11,157 10,597 10,915 the potential joint venture partner to participate in and help fund 1,3 Inferred Resource (Mlbs Cu) 1,940 2,125 1,539 the definitive feasibility study activities in 2025. The earliest timing 1,3 P&P Reserves (Mlbs Cu) 4,583 – 5,328 for a construction decision is late 2025. 1,2,3 M&I Royalty Ounces (000s) 380 412 372 Precious Metals 2,3 Inferred Royalty Ounces (000s) 66 83 52 Franco-Nevada’s royalty covers all metals, including copper, 2,3 P&P Royalty Ounces (000s) 156 – 181 molybdenum, silver and gold 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral Exploration and development studies focused on Copper Resource category; all M&I categories are inclusive of Mineral Reserves World targets on private land 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% (99% in 2022, 99% in 2021) of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimate a rate of 1.772% (1.772% in 2022, 1.772% in 2021) (which factors a NSR smelting charge of 15%). Copper has been converted to Royalty Ounces assuming $3.75 per pound ($4.00 per pound in 2022, $3.50 per pound in 2021) 3 Does not include silver or molybdenum Mineral Resource and Mineral Reserve estimates Hudbay Minerals Inc. (“Hudbay”) is the operator of the asset following its acquisition of Augusta Resource Corporation in 2014. The Copper World project includes seven new deposits discovered in 2021 (then Copper World Project N sified Assets referred to as the “Copper World deposits”), together with the East deposit 2.085% NSR 0 2 (formerly known as the Rosemont deposit). The property is situated near kilometer Diver a number of large producing copper mines. In November 2021, Franco-Nevada acquired an incremental 0.585% NSR 2.085% NSR royalty interest on the Copper World Project from certain private sellers. The royalty has identical terms as an existing 1.5% NSR royalty that Franco-Nevada held and covers the same land package, including most Peach of the Copper World deposits. North Limb Hudbay received the Final Record of Decision (“FROD”) for what was then Copper World referred to as the Rosemont project in June 2017 and, in March 2019, Elgin Broad Top Butte received the Section 404 Water Permit from the U.S. Army Corps of South Limb Engineers (“ACOE”). In July 2019, the U.S. District Court for Arizona Bolsa issued a ruling that vacated the FROD issued by the U.S. Forest Service. East Deposit Hudbay appealed the ruling to the U.S. Court of Appeals for the Ninth 2017 Reserve Pit Circuit. In May 2022, the U.S. Court of Appeals for the Ninth Circuit affirmed the U.S. District Court of Arizona’s decision in July 2019. 83 In recent years, Hudbay has focused on advancing the Copper World pits (including Broadtop & Bolsa, West Deposit and Peach-Elgin) which are on private land covered by Franco-Nevada’s royalty. In September 2023, Hudbay released an enhanced Pre-Feasibility Study (PFS) for the Copper World Complex. The PFS announced a Mineral Reserve estimate of 385 million ore tonnes at 0.54% copper and a Mineral Resource of 1,205 million ore tonnes at 0.42% copper. The PFS also announced Inferred Mineral Resources of 275 million ore tonnes at 0.32% copper. The PFS reflects a two-phase mine plan with the first phase reflecting a standalone operation with processing infrastructure on Hudbay’s private land and mining Oregon Idaho occurring on portions of the deposits located on patented mining claims. Nevada The first phase of the mine plan is expected to require only state and Mineral Resources Pacic Utah Ocean local permits and anticipates producing an average of approximately Patented Royalty Licences California 85,000 tonnes of copper per year for 20 years. The second phase Arizona Unpatented Royalty Licences Copper World expands mining activities onto federal land and extends the mine life Excluded from Royalty Project Mexico well beyond 20 years. 98 ★ Franco-Nevada Corporation TSX / NYSE: FNV