G U A D A L U P E - P A L M A R E J O Location: Mexico | Operator: Coeur Mining, Inc. | Precious Metals: Au | Stream: 50% Gold Since January 2009, Franco-Nevada has received 50% of the gold produced from the Palmarejo complex located in Chihuahua Province, Mexico which is owned and operated by Coeur Mining, Inc. (“Coeur”). 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 84.8 $ 66.8 $ 74.2 M&I Resources (koz Au)1 2,104 2,090 2,127 Inferred Resources (koz Au)1 643 381 380 P&P Reserves (koz Au)1 681 769 953 M&I Royalty Ounces (000s)1,2 693 556 535 Inferred Royalty Ounces (000s)2 184 110 102 P&P Royalty Ounces (000s)2 236 209 241 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 97% of the Mineral Reserves (92% in 2023, 91% in 2022), 90% of the exclusive M&I Mineral Resource (89% in 2023, 89% in 2022) and 80% of the Inferred Mineral Resource (98% in 2023, 97% in 2022) are subject to our 50% stream interest. The stream interest has been factored by 71% to reflect $2,800 per ounce gold ($1,950/oz gold in 2023, $1,800/oz gold in 2022) and $800 per ounce ongoing payments (59% in 2023, 56% in 2022) The Palmarejo complex, which includes mining of the Palmarejo, Guadalupe and Independencia ore bodies, principally produces silver with a considerable gold by-product. It started in 2009 as an open pit and underground mine and is now only an underground operation. Starting in 2009, a Mexican subsidiary of Franco-Nevada received 50% of the gold produced from Palmarejo in return for a $75 million investment. The original contract was terminated in 2014 and Coeur fulfilled its obligation under that agreement in the third quarter of 2016, once they delivered the minimum ounce obligation of 400,000 ounces of gold. In June 2014, Franco-Nevada (Barbados) Corporation, a subsidiary of Franco-Nevada, entered into a new 50% gold stream with Coeur on the Palmarejo complex with ongoing payments equal to the lesser of $800/oz (no inflation provision) and the then prevailing spot price for gold for each ounce delivered under the new gold stream agreement. The new agreement improved mine economics for Coeur and helped extend the mine life of the entire Palmarejo complex. The agreement applies to a land position totaling over 1,200 km2 although it does not cover the adjacent concessions that Coeur acquired through the acquisition of Paramount Gold and Silver Corp. in 2014. Franco-Nevada provided an upfront $22 million deposit which was used to partially fund the development of the Guadalupe underground mine on the Palmarejo property. Franco-Nevada sold 35,678 ounces of gold from the mine in 2024, compared to 34,455 ounces of gold in 2023. Palmarejo has a mill throughput capacity of 7,000 tonnes per day and in 2024 produced approximately 6.8 million ounces of silver and 109,000 ounces of gold. Coeur’s 2025 production guidance for Palmarejo is between 5.4 million ounces and 6.5 million ounces of silver and 95,000 ounces and 105,000 ounces of gold. In 2025, Franco-Nevada expects sales from the Guadalupe-Palmarejo stream to be between 45,000 and 50,000 GEOs. Mineral Reserves and Mineral Resources remained stable in 2024 net of depletion. Franco-Nevada estimates that over 95% of the existing Mineral Resources and Mineral Reserves are covered by the stream agreement. Palmarejo Agua Salada Mill Guadalupe Mine Complex La Nación La Bavisa Zapata La Patria Independencia Mine Complex Independencia West Pacifc Ocean NM TX CA AZ MEXICO Guadalupe-Palmarejo Gold Stream Perimeter of gold stream property Excluded from Stream Deposits Guadalupe- Palmarejo kilometer 4 0 N Independencia East Over 95% of reserves on stream ground Mineral Resources and Mineral Reserves replenished depleted ore Stream has significant leverage to the gold price Franco-Nevada Corporation ★ 39 TSX / NYSE: FNV Central America & Mexico Additional Information Mineral Resources and Mineral Reserves Diversified Assets