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