South America CASCABEL (ALPALA) w Location: Ecuador, South America | Operator: SolGold plc | Precious Metals: Au, Cu, Ag | Royalty: NSR: 1% vie Over In 2020, Franco-Nevada acquired a 1% NSR on the Cascabel copper-gold-silver project located in northern Ecuador being advanced by SolGold plc (“SolGold”). 2023 2022 2021 of gold and 794,000 ounces of silver per year is expected over the life Revenue to Franco-Nevada ($ million) $ − $ – $ – of the project. M&I Resources (Mlbs Cu)¹ 27,337 24,626 22,994 Exploration has yielded encouraging results on the broader Cascabel Inferred Resources (Mlbs Cu)¹ 4,409 3,439 4,012 concessions with the identification of a highly mineralized system at TAM, P&P Reserves (Mlbs Cu)¹ 7,055 7,187 – which is located approximately 6 km northeast of the Alpala deposit, M&I Resources (koz Au)1 31,200 24,850 22,900 offering an excellent opportunity to provide additional mill feed for up Inferred Resources (koz Au)1 5,400 2,520 3,140 to 7 years and the potential for an earlier start of metal production from P&P Reserves (koz Au)1 9,400 9,370 – an open pit mining method. TAM is covered by the Franco-Nevada royalty. M&I Resources (Moz Ag)1 91.3 92.2 92.2 SolGold declared a updated mineral resource at TAM in February 2024 Precious Metals Inferred Resources (Moz Ag)1 11.0 10.6 10.6 comprising 722 million tonnes at 0.36% copper equivalent containing P&P Reserves (Moz Ag)1 28.0 30.0 – 1.7 million tonnes of copper and 4.5 million ounces of gold in Indicated Mineral Resources, plus 247 million tonnes at 0.35% copper equivalent M&I Royalty Ounces (millions)1,2 769 724 621 containing 0.5 million tonnes of copper and 1.6 million ounces of gold Inferred Royalty Ounces (millions)1 127 91 99 in the Inferred category. P&P Royalty Ounces (millions)1 213 233 – 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral One of the largest copper-gold development projects Resource category; all M&I categories are inclusive of Mineral Reserves in the world 2 For Royalty Ounce calculation, Franco-Nevada estimates 100% of the Mineral Resources Updated prefeasibility study released in February 2024 and Mineral Reserves are subject to our royalty interest and estimates a rate of 1.0% (0.85% for copper Royalty Ounces 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) and silver has been converted to Royalty Ounces assuming $1,950/oz gold and $22.50/oz silver ($1,800/oz gold and $21.00/oz silver in 2022, $1,800/oz gold and $23.00/oz silver in 2021) Cascabel (Alpala) 2 Franco-Nevada’s royalty covers nearly 50 km of the Cascabel mining 1% NSR N concessions including the Alpala and the Tandayama-America (“TAM”) 0 1 deposit. Alpala, the main target in the Cascabel concession, is a kilometer copper-gold porphyry deposit and represents one of the largest copper-gold projects being advanced globally. Site Ofce Rocafuerte The Cascabel project is owned by Exploraciones Novamining SA, which was 1% NSR previously held 85% by SolGold and 15% by Cornerstone Capital Resource Inc. (“Cornerstone”). In February 2023, SolGold consolidated a 100% interest in the Cascabel project, merging with Cornerstone. The royalty Frontier is in reference to all minerals produced with the option for Franco-Nevada Transverse to convert the royalty to a gold NSR for a period of time once Alpala is Hwy producing. Franco-Nevada is further entitled to receive minimum royalty Tandayama America payments starting in 2028, subject to certain conditions. The royalty Aguinaga agreement also includes an option to buy back 50% of the royalty for a period of time. SolGold announced an updated prefeasibility study on the Cascabel project in February 2024. The prefeasibility study contemplates a phased underground block cave and outlined a Probable Mineral Reserve containing 9.4 million ounces of gold, 3.2 million tonnes of copper, and 28 million ounces of silver (540 million tonnes grading 0.54 g/t Au, 0.60% Cu and Alpala 1.6 g/t Ag). The inclusive Measured and Indicated Mineral Resource Alpala Camp comprised 3,013 million tonnes at 0.52% CuEq for 26.8 million ounces of gold, 10.7 million tonnes of copper, and 91.3 million ounces of silver. The prefeasibility study contemplates an initial 28-year mine life, which reflects the exploitation of only 18% of the Alpala measured and indicated mineral resource. The initial capital cost has decreased compared to previous Royalty Claim Area scenarios, as the phased approach gradually scales up operations. After Colombia a ramp-up period of approximately two years, the initial block cave will Cascabel 0.1% Copper Equivalent Equador achieve a production rate of 12 Mtpa. The initial cave will extract high-grade 0.4% Copper Equivalent ore, averaging approximately 1.45% CuEq for the first ten years of production. Brazil The extraction of this high-grade material will not sterilize the surrounding 1.0% Copper Equivalent Peru lower-grade ore. The mining operations will be expanded by an additional Pacic 12Mtpa, increasing to a total annual production rate of 24Mtpa in year 6. Ocean Bolivia An average of approximately 123,000 tonnes of copper, 277,000 ounces 36 ★ Franco-Nevada Corporation Chile Argentina TSX / NYSE: FNV