C O N D E S T A B L E Location: Peru, South America | Operator: Southern Peaks Mining LP | Precious Metals: Au & Ag | Stream: Gold and Silver Stream In March 2021, Franco-Nevada (Barbados) Corporation acquired a precious metals stream on production from the Condestable mine in Peru for $165 million and provided an additional $10 million in March 2024 to amend the phase 2 variable deliveries to 37.5%. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 29.9 $ 23.7 $ 22.4 M&I Resources (koz Au)1 546 537 688 Inferred Resources (koz Au)1 78 79 479 P&P Reserves (koz Au)1 244 267 163 M&I Resources (Moz Ag)1 9.8 9.8 17.4 Inferred Resources (Moz Ag)1 1.0 1.0 12.2 P&P Reserves (Moz Ag)1 5.0 5.2 5.2 M&I Royalty Ounces (000s)1,2 185 147 164 Inferred Royalty Ounces (000s)2 18 12 87 P&P Royalty Ounces (000s)2 72 85 97 1 Please refer to the tables on pages 114-120 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 fixed deliveries for M&I Royalty Ounces of 8,760 ounces of gold and 291,000 ounces of silver per year until December 2025; then, 63% of gold and silver until 87,600 ounces of gold and 2,910,000 ounces of silver are delivered, respectively; thereafter, 37.5% of gold and silver ounces are subject to the stream. For Inferred Royalty Ounces, Franco-Nevada assumes 37.5% of gold and silver from Inferred Mineral Resources (25% in 2023) are subject to the stream. Silver has been converted to Royalty Ounces assuming $2,800/oz gold and $31.00/oz silver ($1,950/oz gold and $22.50/oz silver in 2023, $1,800/oz gold and $21.00/oz silver in 2022). The stream interest has been factored by ongoing payments of 20% of the spot price of gold and silver The Condestable mine is located approximately 90 km south of Lima, Peru, and is owned and operated by a majority-owned subsidiary of Southern Peaks Mining LP (“SPM”), a private company. The Condestable mine has operated for over 50 years, produces approximately 20,000 tonnes of copper per year and has a proven history of resource conversion. For the first five years of the streaming agreement, commencing on January 1, 2021 and ending December 31, 2025, Franco-Nevada will receive 8,760 ounces of gold and 291,000 ounces of silver annually until a total of 43,800 ounces of gold and 1,455,000 ounces of silver have been delivered (the “Fixed Deliveries”). Thereafter, Franco-Nevada will receive 63% of the gold and silver contained in concentrate until a cumulative total of 87,600 ounces of gold and 2,910,000 ounces of silver have been delivered (the “Variable Phase 1 Deliveries”). The stream then reduces to 37.5% over the remaining life of mine (the “Variable Phase 2 Deliveries”). The Variable Phase 2 Deliveries were increased from 25% to 37.5%, as part of the March 2024 amendment. Franco-Nevada will pay 20% of the spot price for gold and silver for each ounce delivered under the stream (the “Ongoing Payment”). The stream is referenced to Condestable concessions covering approximately 450 km2 with excellent near mine exploration upside. Throughput at the mine averaged 7,600 tonnes per day in 2024. SPM is ramping up to the 8,400 tonnes per day, which was achieved for a sustained period at the end of the year, and is currently constructing a tailings filtration plant which extends the life of the tailings storage facilities. Condestable, Peru Condestable UG Surface facilities Raul UG Vinchos UG Pacifc Ocean Pan American Hwy 102 km to Lima Condestable Gold and Silver Stream kilometer 5 0 kilometer 5 0 Condestable Mining Property Excluded from Stream N Pacifc Ocean Argentina Bolivia Peru Brazil Chile Condestable Proven operation with excellent potential for expansions and mine life extension Increased LOM exposure with additional $10M deposit Large, prospective land package of approximately 450 km² TSX / NYSE: FNV 28 ★ Franco-Nevada Corporation South America Overview Precious Metals