South America CANDELARIA Location: Chile, South America | Operator: Lundin Mining Corporation | Precious Metals: Au & Ag | Stream: Gold and Silver Stream In November 2014, Franco-Nevada (Barbados) Corporation acquired a gold and silver stream on production from the Candelaria operation in Chile. 2023 2022 2021 concession and partly on ground covered by Franco-Nevada’s area Revenue to Franco-Nevada ($ million) $ 130.3 $ 125.8 $ 116.5 of interest. Operations at the Alcaparrosa underground mine were M&I Resources (koz Au)1 5,895 5,336 5,600 suspended in connection with the sinkhole which occurred near Inferred Resources (koz Au)1 606 484 500 the mine in July 2022 and excluded from the Candelaria LOM plans. P&P Reserves (koz Au)1 2,235 2,479 2,700 Candelaria has a total mill throughput of approximately 79 ktpd. In early 1 2022, Lundin completed a feasibility study update for throughput expansion M&I Resources (Moz Ag) 86.6 80.6 83.0 1 of the underground mines from 15 ktpd to up to 30 ktpd and included Inferred Resources (Moz Ag) 6.3 5.6 7.0 1 underground crushing and conveying systems and a surface secondary P&P Reserves (Moz Ag) 32.1 36.2 39.0 1, 2 crushing plant although a construction decision has not yet been made. M&I Royalty Ounces (000s) 1,586 1,456 1,586 In 2023, Candelaria produced approximately 152 kt of copper, 90 koz 2 Inferred Royalty Ounces (000s) 145 115 125 of gold and 1.5 Moz of silver, on a 100% basis. Franco-Nevada sold 2 P&P Royalty Ounces (000s) 665 746 851 66,709 GEOs from the mine in 2023, compared with 69,854 GEOs 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral in 2022. In 2024, Franco-Nevada expects sales from its Candelaria Resource category; all M&I categories are inclusive of Mineral Reserves stream to be between 70,000 and 80,000 GEOs. 2 For Royalty Ounce calculation, Franco-Nevada estimates P&P Royalty Ounces include payable metal of the balance of the 720,000 ounces of gold and 12 million ounces of silver remaining and the balance of P&P Reserves subject to the lower stream percentage. For M&I Royalty History of expanding resources Ounces, Franco-Nevada has assumed the P&P Royalty Ounces with the balance of M&I Resources subject to the lower stream percentage. For Inferred Royalty Ounces, Franco- Updated plan extends life of mine to 2048 Nevada assumes Inferred Mineral Resources are subject to the lower stream percentage. Silver is converted to Royalty Ounces assuming $1,950/oz gold and $22.50/oz silver UG mine expansion permitted and being evaluated ($1,800/oz gold and $21.00/oz silver in 2022, $1,800/oz gold and $23.00/oz silver in 2021). The stream interest has been factored by 78% to re昀氀ect $1,950 per ounce gold and $428.85 per ounce ongoing payments (76% in 2023, 76% in 2022) Diver The Candelaria mine was discovered in 1987 and the open pit has been sified Assets in operation since 1993. The operation also includes the Candelaria North Candelaria and South, Santos and Alcaparrosa underground mines. Lundin Mining Gold and Silver Stream Corporation (“Lundin”) is the operator of the project and owns 80% Copiapo of the asset with the balance owned by Sumitomo Corporation and its affiliates. Franco-Nevada provided an up-front deposit of $655 million N to acquire the gold and silver stream from what is primarily a copper mine. Alcaparrosa The funds were used to finance a portion of the cost paid by Lundin 0 2.5 Mine to acquire the asset from Freeport-McMoRan Inc. Candelaria is an kilometer Tierra Amarilla established mining operation and the transaction was the first material Santos Mine instance of a royalty/streaming company partnering with an operating Mineral Resources and Mineral Reser company to purchase a producing asset. Candelaria North (U/G) 2 The stream covers the current property of approximately 150 km . An additional defined area of interest effectively doubles the property Candelaria Pit position. Should Lundin acquire properties located within the area Candelaria La Española South (U/G) of interest, Franco-Nevada has the option to purchase a gold and silver stream which will apply to the additional ore from such properties. Under the streaming agreement, Lundin will deliver 68% of the payable gold and silver from 100% of the mine production, which reduces to 40% after 720,000 ounces of gold and 12 million ounces of silver have been ves delivered to Franco-Nevada. This is currently expected to occur in 2027. Cumulatively, 541,308 ounces of gold and 8.7 million ounces of silver have been delivered since acquisition until December 31, 2023. Franco-Nevada pays an ongoing price equal to the lesser of $428.85 per ounce of gold and $4.28 per ounce of silver or the then prevailing spot price for gold and silver for each ounce delivered under the stream. This price escalates by 1% per annum in October of each year. Peru Brazil Additional Inf Bolivia Area of Interest Lundin has made a significant investment in exploration at Candelaria Pacic Ocean Pits and has extended the mine life from 2028, when it acquired Candelaria, Candelaria to 2048. Lundin has successfully added to the Mineral Resources and Candelaria Mining Property or Mineral Reserves at the four underground mines and has discovered Ojos del Salado Mining Property mation Chile Argentina the Española open pit deposit which is located partly on the stream TSX / NYSE: FNV Franco-Nevada Corporation ★ 29