South America GUADALUPE-PALMAREJO Location: Mexico, Central America and Mexico | Operator: Coeur Mining, Inc. | Precious Metals: Au | Stream: 50% Gold Stream Since January 2009, Franco-Nevada has received 50% of the gold produced from the Palmarejo silver mine located in Chihuahua Province, Mexico which is owned and operated by Coeur Mining, Inc. (“Coeur”). 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 66.8 $ 74.2 $ 83.4 M&I Resources (koz Au)1 2,090 2,127 1,931 Inferred Resources (koz Au)1 381 380 246 P&P Reserves (koz Au)1 769 953 884 1,2 M&I Royalty Ounces (000s) 556 535 467 1 Inferred Royalty Ounces (000s) 110 102 60 1 P&P Royalty Ounces (000s) 209 241 211 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 estimates 92% of the Mineral Reserves (91% in 2022, 86% in 2021), 89% of the exclusive M&I Mineral Resource (89% in 2022, 90% in 2021) and 98% of the Inferred Mineral Resource (97% in 2022, 88% in 2021) are subject to our 50% stream interest. The stream interest has been factored by 59% to re昀氀ect $1,950 per ounce gold ($1,800/oz gold in 2022, $1,800/oz gold in 2021) and $800 per ounce ongoing payments (56% in 2022, 56% in 2021) Palmarejo is an underground silver mine with a considerable gold by-product. Guadalupe-Palmarejo, Mexico Starting in 2009, Franco-Nevada Mexico received 50% of the gold produced from Palmarejo in return for a $75 million investment. The original contract was terminated in 2014 and Coeur fulfilled its obligation under that Diver agreement in the third quarter of 2016, once they delivered the minimum Guadalupe-Palmarejo 0 N 4 sified Assets ounce obligation of 400,000 ounces of gold. In June 2014, Franco-Nevada Gold Stream (Barbados) Corporation, a subsidiary of Franco-Nevada, entered into a new kilometer 50% gold stream with Coeur on the Palmarejo project with ongoing payments equal to the lesser of $800 per ounce (no inflation provision) and the then prevailing spot price for gold for each ounce delivered under the new gold stream agreement. The new agreement improved mine economics for Coeur and helped extend the mine life of the entire Palmarejo operation. The agreement applies to a land position totaling 2 over 1,200 km although it does not cover the adjacent concessions that Coeur acquired through the acquisition of Paramount Gold and Silver Corp. Mineral Resources and Mineral Reser in 2014. Franco-Nevada provided an upfront $22 million deposit which was used to partially fund the development of the Guadalupe underground Palmarejo mine on the Palmarejo property. Mill La Bavisa Franco-Nevada sold 34,455 ounces of gold from the mine in 2023, Agua Salada Independencia West compared to 41,000 ounces of gold in 2022. Palmarejo has a mill Independencia throughput capacity of 7 ktpd and in 2023 produced 6.6 Moz of silver Mine Complex and 101 koz of gold. Coeur’s 2024 production guidance for Palmarejo Independencia East is between 5.9 Moz and 6.7 Moz of silver and 95 koz and 103 koz La Nación of gold. In 2024, Franco-Nevada expects sales from the Guadalupe- Zapata Palmarejo stream to be between 30,000 and 35,000 GEOs. Guadalupe Perimeter of gold Mine Complex ves Mineral Reserves and Mineral Resources remained stable in 2023 net of stream property depletion. Franco-Nevada estimates that over 90% of the existing Mineral Deposits La Patria Resources and Mineral Reserves are covered by the stream agreement. Excluded from Stream Consistent exploration success Mineral Resources and Mineral Reserves CA AZ NM Additional Inf replenished depleted ore TX Stream has significant leverage to the gold price Guadalupe- Palmarejo or MEXICO mation Pacic Ocean TSX / NYSE: FNV Franco-Nevada Corporation ★ 41