C A S E R O N E S Location: Chile, South America | Operator: Lundin Mining Corporation | Metals: Cu & Mo | Royalty: NSR: 0.517% Franco-Nevada holds an effective 0.517% NSR on the producing Caserones copper-molybdenum mine located in the Atacama Region of northern Chile. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 3.9 $ 5.8 $ 3.0 M&I Resource (Mlbs Cu)1 8,195 9,434 10,197 Inferred Resource (Mlbs Cu)1 564 908 0 P&P Reserves (Mlbs Cu)1 5,736 5,990 6,489 M&I Royalty Ounces (000s)1,2 55 80 93 Inferred Royalty Ounces (000s)2 4 8 – P&P Royalty Ounces (000s)2 38 51 59 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 100% of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 0.4395% is applicable for the copper Royalty Ounces (which factors in a NSR smelting charge of 15%). Copper has been converted to Royalty Ounces assuming $4.25 per pound ($3.75 per pound in 2023, $4.00 per pound in 2022) Through a series of transactions in 2022 and 2023 Franco-Nevada acquired a 0.517% NSR for a net cost of $42.3 million. Caserones is an open pit mine which began operation in 2013, following a capital investment of approximately US$4.2 billion. On March 27, 2023, Lundin Mining announced that it had entered into a binding purchase agreement to acquire 51% of the outstanding equity of SCM Minera Lumina Copper Chile (“Lumina Copper”), a wholly owned subsidiary of JX Nippon Mining & Metals Corporation of Japan, and on July 2, 2024 their interest was increased to 70%. The mine is located approximately 125 km southeast of Copiapó, 9 km from the border with Argentina and is situated at an elevation ranging between 3,200 meters and 5,500 meters above sea level. The porphyry copper-molybdenum deposit is located within a large land package, of which the royalty covers ~170 km2. The asset produces copper and molybdenum concentrates from a conventional crusher, mill and flotation plant, as well as copper cathode from a dump leach, solvent extraction and electrowinning plant (“SX-EW”). The processing facilities have historically produced approximately 100,000 to 120,000 tonnes of copper in concentrate, 1,700 to 2,500 tonnes of molybdenum in concentrate and approximately 25,000 tonnes of copper cathodes per year. Lundin issued guidance for 115,000 to 125,000 tonnes of copper in 2025 (on a 100% basis) and they plan to carry out an 18,000 meter drill program on their large land package. Caserones, Chile 1 Grants the title holder the right to perform mining operations and to extract ore 2 Grants the title holder the right to explore exclusively a determined area for a specified amount of time Caserones 0.517% NSR Chile Caserones Mine Argentina Arica Iquique Antofagasta Santiago Copiapo Relincho Argentina Candelaria Marte-Lobo Jose Maria Los Helados Cerro Casali Andacollo Regalito Caserones Pacifc Ocean Chile Exploitation1 Concession Exploration2/Exploitation1 Concession Caserones Royalty AOI 0.517% NSR kilometer 10 0 N Producing mine in Chile Long life copper asset Large land package and aggressive exploration program Franco-Nevada Corporation ★ 93 TSX / NYSE: FNV Other Mining Additional Information Mineral Resources and Mineral Reserves