South America ANTAPACCAY w Location: Peru, South America | Operator: Glencore plc | Precious Metals: Au & Ag | Stream: Gold and Silver Stream vie Over In February 2016, Franco-Nevada (Barbados) Corporation acquired a precious metals stream on production from the Antapaccay mine for $500 million from Glencore plc (“Glencore”) and its subsidiaries. 2023 2022 2021 10 million ounces of silver have been delivered, which is currently expected Revenue to Franco-Nevada ($ million) $ 120.1 $ 95.2 $ 111.6 to occur in 2028. Thereafter, Franco-Nevada will receive 30% of the gold M&I Resources (koz Au)1 2,871 3,079 3,279 and silver shipped. Cumulatively, 446,810 ounces of gold and 7.0 million Inferred Resources (koz Au)1 164 193 383 ounces of silver have been delivered since acquisition until December 31, P&P Reserves (koz Au)1 1,033 1,198 1,222 2023. Franco-Nevada will initially pay an on-going price of 20% of the spot price of gold and silver until 750,000 ounces of refined gold and 12.8 M&I Resources (Moz Ag)1 68.3 70.2 70.6 million ounces of refined silver have been delivered. Thereafter, the on-going Inferred Resources (Moz Ag)1 3.4 3.4 6.2 price will increase to 30% of the spot price of gold and silver. P&P Reserves (Moz Ag)1 17.7 19.3 17.6 Precious Metals 1,2 The stream is referenced to the entire Antapaccay concession covering M&I Royalty Ounces (000s) 712 786 868 2. Glencore is considering developing the 1 approximately 997 km Inferred Royalty Ounces (000s) 32 36 72 Coroccohuayco deposit which is located within 10 km of the Antapaccay 1 P&P Royalty Ounces (000s) 333 397 440 plant. The project has been rescoped as an open pit with mine planning 1 Please refer to the tables on pages 118-124 for a breakout of grade and tonnages by Mineral currently at the PFS level. Coroccohuayco hosts M&I Mineral Resources Resource category; all M&I categories are inclusive of Mineral Reserves of 643 million tonnes with a copper grade that is approximately 50% 2 For Royalty Ounce calculation, Franco-Nevada estimates P&P Royalty Ounces include payable higher than the Antapaccay Mineral Reserves. In addition, there are metal of the remaining deliveries before the 630,000 ounces of gold and 10 million ounces of silver hurdle with the balance of Mineral Reserves subject to a 30% stream. For M&I Royalty a number of large-scale regional targets and prospects on the Ounces, Franco-Nevada assumes the P&P Royalty Ounces with the balance of M&I Resources Antapaccay concessions. subject to the 30% stream. For Inferred Royalty Ounces, Franco-Nevada assumes Inferred Mineral Resources are subject to the 30% stream. 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 Antapaccay currently has a combined (Antapaccay + Tintaya plants) mill 2022, $1,800/oz gold and $23.00/oz silver in 2021). The stream interest has been factored throughput capacity of 105 ktpd. In 2023, Antapaccay produced 173 kt by different ongoing payments of 20% of the spot price of gold and silver on the 昀椀rst 750,000 ounces of gold and 12.8 million ounces of silver and 30% of the spot price thereafter of copper, 97 koz of gold and 1.3 Moz of silver. Franco-Nevada sold 61,158 GEOs from the mine in 2023, compared with 53,023 GEOs in 2022 and, Antapaccay is located within the province of Espinar in Southern Peru. in 2024, expects sales from its Antapaccay stream to be between 50,000 The property also hosts the historic Tintaya open pit mine and related and 60,000 GEOs. Antapaccay has a planned mine life to 2034 which infrastructure which began operating in 1984. Glencore (Xstrata) invested would be further extended by any development of Coroccohuayco. in excess of $1.5 billion of initial capital to build and commission the Antapaccay open pit mine and plant, which commenced operations Gold and silver deliveries initially referenced to copper in 2012. in concentrate shipped Under the streaming agreement, gold and silver deliveries are initially Potential for Coroccohuayco to extend mine life referenced to copper in concentrate shipped. Franco-Nevada will receive 2 300 ounces of gold and 4,700 ounces of silver for each 1,000 tonnes Land package of 997 km offers a number of large-scale of copper in concentrate shipped, until 630,000 ounces of gold and regional targets Antapaccay Gold and Silver Stream Brazil Peru Tintaya Pit/ Tintaya Plant N Tailings Storage Antapaccay Bolivia 0 15 Antapaccay Plant Pacic Ocean 8 km Chile Argentina kilometer 7 km Coroccohuayco Antapaccay Concession Area Antapaccay Pit Pits Antapaccay Concession Area *Antapaccay Concession area 2 covers ~997 km Excluded from Royalty 30 ★ Franco-Nevada Corporation TSX / NYSE: FNV