Canada TIMMINS WEST w Location: Ontario, Canada | Operator: Pan American Silver Corp. | Precious Metals: Au | Royalty: NSR: 2.25% vie Over Franco-Nevada’s Timmins West 2.25% NSR royalty covers a large land package 2 of approximately 130 km to the west of the City of Timmins, Ontario. 2023 2022 2021 Under Pan American Silver, public reporting for both the Timmins Revenue to Franco-Nevada ($ million) $ 4.1 $ 3.2 $ 3.2 West and Bell Creek underground mines has been consolidated into M&I Resources (koz Au)1 652 675 675 its Timmins operations (Franco-Nevada does not have a royalty on Bell Inferred Resources (koz Au)1 79 24 24 Creek). Franco-Nevada estimates that Timmins West represented P&P Reserves (koz Au)1 467 541 541 approximately 60% of the Timmins operations production in 2023. M&I Royalty Ounces (000s)1,2 15 15 15 Pan American Silver produced 132,900 ounces of gold from its Timmins Inferred Royalty Ounces (000s)2 2 1 1 operations in 2023 versus 134,600 ounces of gold in 2022. Pan P&P Royalty Ounces (000s)2 11 12 12 American expects to produce between 125,000 to 135,000 ounces of gold from its Timmins operations in 2024. 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral Precious Metals Resource category; all M&I categories are inclusive of Mineral Reserves Ore from both the Timmins West and Bell Creek mines is processed 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources and at the Bell Creek mill. Mineral Reserves are subject to our royalty interest and estimates a rate of 2.25% is applicable The Timmins West property hosts the Timmins, Thunder Creek and 144 Pan American Silver holds a significant land position in the Timmins Gap deposits as well as the Gold River Trend exploration zone. Franco- Camp and exploration success has extended mine life with potential Nevada acquired the royalty from Lake Shore Gold Corp. (“Lake Shore for exploration upside in the future. Gold”) in 2012, after Lake Shore Gold put the property into full Steady production levels commercial production in 2011. Lake Shore Gold was acquired by Tahoe Resources Inc. (“Tahoe Resources”) in April 2016, which was Exploration success has extended the mine life subsequently acquired by Pan American Silver Corp. (“Pan American Large land package providing exploration upside Silver”) in February 2019. Bur Timmins West Mattagami River F rows Benedict F Bell Creek Complex 2.25% NSR Bell Creek Mine & Mill Hoyle Pond ault ault orcupine F Destor-P ault Hollinger Pamour Mine N McIntyre 0 20 Timmins Dome Mine kilometer Timmins West 2.25% NSR FNV Royalties Deposits UG Mine Shaft Excluded from Royalty Timmins Deposit Thunder Creek 1 Deposit 0 1 Gold River Trend 144 Gap Zone Ontario Quebec Deposit Timmins West 62 ★ Franco-Nevada Corporation TSX / NYSE: FNV