A N T A M I N A Location: Peru, South America | Operator: Teck Resources Limited (owns 22.50%) | Precious Metals: Ag | Stream: Silver Stream In October 2015, Franco-Nevada acquired a silver stream for $610 million on production from the Antamina mine in Peru from Teck Resources Limited (“Teck”). 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 55.3 $ 50.5 $ 68.4 M&I Resources (Moz Ag)¹ 315.4 324.7 321.2 Inferred Resources (Moz Ag)¹ 428.5 429.6 460.2 P&P Reserves (Moz Ag)¹ 207.8 77.8 88.3 M&I Royalty Ounces (000s)1,2 481 522 528 Inferred Royalty Ounces (000s)2 467 492 531 P&P Royalty Ounces (000s)2 339 134 153 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 assumes 22.5% of Teck’s interest in Antamina is subject to our stream interest and that the stream reduces by 33% once 86 million silver ounces have been delivered. 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 5% of the spot price of silver Teck has a 22.50% interest in Compañía Minera Antamina S.A. (“CMA”), the Antamina joint venture company, along with partners BHP Billiton Plc (33.75%), Glencore (33.75%) and Mitsubishi Corporation (10.00%). Antamina commenced operations in 2001 and is one of the lowest cost copper operations globally. Antamina has a mill throughput capacity of approximately 165,000 tonnes per day, depending on ore hardness. In 2024, on a 100% basis, Antamina produced 426,900 tonnes of copper, 267,900 tonnes of zinc and 11.4 million ounces of silver (silver calculated from Glencore’s 33.75% interest in Antamina) in concentrates. The stream is based on recovered silver from Teck’s attributable 22.50% interest in the Antamina mine, subject to a fixed silver payability of 90%. Franco-Nevada pays 5% of the spot silver price for each ounce of silver delivered under the stream. The stream will reduce by one-third after 86.0 million ounces of silver have been delivered, currently expected after 2040. A total of 29.1 million cumulative ounces of silver have been delivered to Franco-Nevada as of December 31, 2024. Silver sold for 2024 was 1.9 million ounces for Franco-Nevada’s attributable share under the stream, with 2.2 million ounces sold in 2023. Franco-Nevada expects attributable production in 2025 to be between 3.1 million to 3.3 million silver ounces, higher than our long-term expected annual range of 2.8 million to 3.2 million silver ounces as silver grades are expected to be higher than average in 2025. In addition, a new primary crusher is being commissioned in 2025 to replace the existing ore crusher and allow pit Phase 9 to continue expanding to the south. On February 14, 2024, the Peruvian regulators approved the Modification of Environmental Impact Assessment (“MEIA”) for the mine life expansion at Antamina. The project includes an expansion of the existing tailings dam facility, expansion of the open pit and waste dump areas, as well as changes to related infrastructure to support these expansions. The approval of the MEIA extended the mine life from 2028 to 2036 and resulted in an increase in Mineral Reserves to 550 million tonnes of ore (with a silver grade of 11.7 g/t). In addition to these Mineral Reserves, which are constrained by tailings disposal capacity, the mine has Measured and Indicated Mineral Resources of 313 million tonnes of ore (with a silver grade of 10.7 g/t) potentially amenable to open pit methods. CMA is evaluating additional tailings storage options and alternative mine plans that could result in significant mine life extensions. Beyond the known Mineral Resources and Mineral Reserves, Antamina hosts additional potential open pit and bulk/selective underground targets. There is also regional exploration potential over a large, prospective land package greater than 1,000 km2. Antamina, Peru Pacifc Ocean Argentina Bolivia Peru Brazil Chile Antamina Antamina Silver Stream kilometer 100 0 Antamina Lima Cajacay Chasquitambo Carretera Pativilca-Huarez Huarmey Punta Lobitos CMA Puerto Minero Aquia Chiquian Catac Recuay Huaraz Huallanca Yanashall Machac Parque Nacional Huascaran CMA Pipeline Pacifc Ocean Autopista Panamericana Norte Conococha Cutatambo Pachacoto Huanzala Subestacion Linea de Transmision Electrica San Marcos Huari Chavui De Huantar Paramonga Pativilca Barranca Huacho Huaral Chancay Pto. Supe N High grade copper/zinc orebody One of the lowest cost copper operations globally Large, high grade Inferred Mineral Resource Franco-Nevada Corporation ★ 27 TSX / NYSE: FNV South America Additional Information Mineral Resources and Mineral Reserves Diversified Assets