C O B R E P A N A M A Location: Panama | Operator: First Quantum Minerals Ltd. | Precious Metals: Au & Ag | Stream: Gold and Silver Stream Cobre Panama is one of the world’s largest copper-gold-silver porphyry mines and is indirectly 90% owned by First Quantum Minerals Ltd. (“First Quantum”) and 10% by Korea Mine Rehabilitation & Mineral Resources Corp. (“KOMIR”). 2023 2022 2021 Revenue to Franco-Nevada ($ million) $ 248.9 $ 223.3 $ 235.0 2022 2021 M&I Resources (koz Au) 1,2 7,159 7,396 Inferred Resources (koz Au) 1,2 1,296 1,301 P&P Reserves (koz Au) 1,2 6,861 7,104 M&I Resources (Moz Ag) 1,2 149.2 152.9 Inferred Resources (Moz Ag) 1,2 38.0 38.1 P&P Reserves (Moz Ag) 1,2 128.8 133.0 M&I Royalty Ounces (000s) 2,3 4,758 4,973 Inferred Royalty Ounces (000s) 3 750 769 P&P Royalty Ounces (000s) 3 4,532 4,743 1 Cobre Panama has been a material mining project in prior years but is currently on Preservation and Safe Management. Due to the status of Cobre Panama, Mineral Resources and Mineral Reserves are being reported separately and are not included in the Mineral Resources and Mineral Reserves table 2 Please refer to the tables on page 122 for a breakout of grade and tonnages by Mineral Resource category for Cobre Panama as at December 31, 2022; all M&I categories are inclusive of Mineral Reserves 3 For 2023, Franco-Nevada estimates that P&P royalty ounces, M&I royalty ounces and Inf royalty ounces would be 4,468 koz, 4,673 koz and 745 koz, respectively, using the same general assumptions as 2022 and assuming $1,950/oz gold and $22.50/oz silver. For 2022 Royalty Ounce calculation, Franco-Nevada assumed 88% of the Mineral Resources and Mineral Reserves were subject to our stream interest. Silver was converted into Royalty Ounces assuming $1,800/oz gold and $21.00/oz silver ($1,800/oz gold and $23.00/oz silver in 2021) and a 62% (62% in 2021) factor was applied to obtain a Royalty Ounce for the P&P category, a 62% (62% in 2021) factor was applied for Royalty Ounces in the M&I category and a 50% factor was applied for Royalty Ounces in the Inferred category Franco-Nevada (Barbados) Corporation, a wholly owned subsidiary of Franco-Nevada, contributed a total of $1.36 billion to the construction of Cobre Panama since 2015. Franco-Nevada has two precious metals streams on Cobre Panama. Each stream has slightly different terms as described below but both streams are indexed to the copper in concentrate shipped until certain specific thresholds of gold and silver deliveries are met: • Fixed Payment Stream – Effective since 2015 and applies to First Quantum’s original 80% interest in Cobre Panama. The ongoing payment is $457.35/oz gold and $6.86/oz silver with a 1.5% annual inflation factor. • Floating Payment Stream – Effective March 2018, Franco-Nevada (Barbados) Corporation added a new precious metals stream which increased its coverage to 100% of the ownership of the Cobre Panama operation. The Floating Payment Stream applies to First Quantum’s 10% indirect interest acquired from LS-Nikko Copper Inc. and KOMIR’s 10% indirect interest. The ongoing payment is 20% of the spot price for the Mineral Reserve life as of 2018 and higher thereafter. Cobre Panama commenced production in February 2019. In 2023, Cobre Panama produced 330 kt of copper. Franco-Nevada sold 128,599 GEOs from the mine in 2023, compared to 123,769 GEOs in 2022. In October 2023, the National Assembly of Panama approved a revised concession contract for the Cobre Panama mine through a new law, Law 406. Following this approval, widespread protests occurred in Panama resulting in the National Assembly enacting an indefinite mining moratorium in Panama. In late November 2023, the Supreme Court of Justice of Panama declared Law 406 unconstitutional and stated that the effect of the ruling was that the revised concession contract purportedly no longer existed. The Supreme Court did not order the closure of the mine. However, in late November the mine was placed on preservation and safe management (“P&SM”) due to illegal blockades and, although the blockades have dissipated, the Government of Panama announced “closure” plans for the mine in December 2023 and the mine remains on P&SM. Due to the above events and the political environment surrounding the ruling by the Supreme Court, Franco-Nevada conducted an impairment analysis and, taking a prudent approach, recognized a full impairment loss for the asset under applicable accounting rules as of the end of the reporting period. Franco-Nevada is pursuing all appropriate legal avenues to protect its investment and rights. The impairment has been taken without prejudice, or without at present attributing any specific value, to the legal remedies that may be obtained through any arbitration proceedings or otherwise. Franco-Nevada does not expect deliveries from the mine in 2024. Presidential and national legislative elections are scheduled to take place in May 2024, with a new president, Government of Panama cabinet and National Assembly expected to assume office in July 2024. In the event that there is a material change in the facts and circumstances surrounding the halting of production at Cobre Panama and there is a resumption of precious metal stream deliveries to Franco-Nevada, the impairment loss that was recognized may be partially or fully reversed. Franco-Nevada strongly prefers and hopes for an amicable solution providing for the resumption of operations at Cobre Panama, with the support of the Panamanian people and the State of Panama. Cobre Panama, Panama One of the largest copper producers (approx. 1.5% of global production) Currently in a phase of Environmental Preservation and Safe Management Before production halt, employed 7,000 workers and contributed 5% of Panama’s GDP Franco-Nevada Corporation ★ 39 TSX / NYSE: FNV Central America & Mexico