South America CONDESTABLE w Location: Peru, South America | Operator: Southern Peaks Mining LP | Precious Metals: Au & Ag | Stream: Gold and Silver Stream vie Over In March 2021 and amended in March 2024, Franco-Nevada (Barbados) Corporation acquired a precious metals stream on production from the Condestable mine in Peru, for a total combined deposit of $175 million. 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 23.7 $ 22.4 $ 22.5 M&I Resources (koz Au)1 537 688 701 Inferred Resources (koz Au)1 79 479 480 P&P Reserves (koz Au)1 267 163 170 1 M&I Resources (Moz Ag) 9.8 17.4 17.6 1 Inferred Resources (Moz Ag) 1.0 12.2 12.3 1 P&P Reserves (Moz Ag) 5.2 5.2 5.2 Precious Metals 1,2 M&I Royalty Ounces (000s) 147 164 180 1 Condestable, Peru Inferred Royalty Ounces (000s) 12 87 89 1 P&P Royalty Ounces (000s) 85 97 n/a 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Proven operation with excellent potential for expansions Mineral Resource category; all M&I categories are inclusive of Mineral Reserves and mine life extension 2 For Royalty Ounce calculation, Franco-Nevada estimates 昀椀xed deliveries for M&I Royalty Increased LOM exposure with additional $10M deposit Ounces of 8,760 ounces of gold and 291,000 ounces of silver per year until December 2025; then, 63% of gold and silver until 87,600 ounces of gold and 2,910,000 ounces of silver are 2 delivered, respectively; thereafter, 25% of gold and silver ounces are subject to the stream. Large, prospective land package of approximately 450 km For Inferred Royalty Ounces, Franco-Nevada assumes 25% of gold and silver from Inferred Mineral Resources (25% in 2022) are subject to the stream. 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 Condestable factored by ongoing payments of 20% of the spot price of gold and silver Gold and Silver Stream The Condestable mine is located approximately 90 km south of Lima, Peru, and is owned and operated by a majority-owned subsidiary of Southern Peaks Mining LP (“SPM”), a private company. The Condestable N mine has operated for over 50 years, produces approximately 20,000 00 55 tonnes of copper per year and has a proven history of resource conversion. kilometerkilometer For the first five years of the streaming agreement, commencing on January 1, 2021 and ending December 31, 2025, Franco-Nevada will receive 8,760 ounces of gold and 291,000 ounces of silver annually until a total of 43,800 ounces of gold and 1,455,000 ounces of silver have been delivered (the “Fixed Deliveries”). Thereafter, Franco-Nevada will receive 63% of the gold and silver contained in concentrate until a 102 km cumulative total of 87,600 ounces of gold and 2,910,000 ounces of to Lima silver have been delivered (the “Variable Phase 1 Deliveries”). The stream then reduces to 37.5% over the remaining life of mine (the Surface “Variable Phase 2 Deliveries”). The Variable Phase 2 Deliveries were facilities increased from 25% to 37.5%, as part of the March 2024 amendment. Condestable UG Franco-Nevada will pay 20% of the spot price for gold and silver for each Raul UG ounce delivered under the stream (the “Ongoing Payment”). Vinchos UG For a period of four years from closing, subject to certain restrictions, a subsidiary of SPM may, at its option, make a one-time special delivery comprising the number of ounces of refined gold equal to $118.8 million at the then current spot price subject to the Ongoing Payment, to achieve the early payment of the Fixed Deliveries and Variable Phase 1 Deliveries. Pan American Hwy The Variable Phase 2 Deliveries would commence immediately thereafter. Pacic Ocean The stream is referenced to the entire Condestable concessions covering 2 approximately 450 km with excellent near mine exploration upside. Throughput at the mine averaged 7,900 tpd in 2023. SPM is currently ramping up capacity at the Condestable mine to 8,400 tpd and is Condestable Mining Property Brazil advancing a feasibility study on a further expansion to 10,000 tpd. Peru Excluded from Royalty Condestable Bolivia Pacic Ocean Chile Argentina 32 ★ Franco-Nevada Corporation TSX / NYSE: FNV