C O P P E R W O R L D P R O J E C T Location: Arizona, United States | Operator: Hudbay Minerals Inc. | Metals: Cu, Mo, Ag & Au | Royalty: NSR: 2.085% Franco-Nevada has a 2.085% NSR royalty covering all metals, including copper, molybdenum, silver and gold extracted from the majority of claims covering the Copper World and East (formerly known as Rosemont) deposits in Pima County, approximately 30 miles southeast of Tucson, Arizona. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ − $ – $ – M&I Resource (Mlbs Cu)1,3 11,100 11,157 10,597 Inferred Resource (Mlbs Cu)1,3 1,957 1,940 2,125 P&P Reserves (Mlbs Cu)1,3 4,585 4,583 – M&I Royalty Ounces (000s)1,2,3 305 380 412 Inferred Royalty Ounces (000s)2,3 55 66 83 P&P Royalty Ounces (000s)2,3 123 156 – 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% (100% in 2023, 99% in 2022) of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 1.772% (1.772% in 2022, 1.772% in 2021) (which factors a NSR smelting charge of 15%) for floatation material and a rate of 2.085% for leach material. Copper has been converted to Royalty Ounces assuming $4.25 per pound ($3.75 per pound in 2023, $4.00 per pound in 2022) 3 Does not include silver or molybdenum Mineral Resource and Mineral Reserve estimates Hudbay Minerals Inc. (“Hudbay”) is the operator of the asset following its acquisition of Augusta Resource Corporation in 2014. The Copper World Project includes seven new deposits discovered in 2021 (then referred to as the “Copper World deposits”), together with the East deposit (formerly known as the Rosemont deposit). The property is situated near a number of large producing copper mines. In November 2021, Franco-Nevada acquired an incremental 0.585% NSR royalty interest on the Copper World Project from certain private sellers. The royalty has identical terms as an existing 1.5% NSR royalty that Franco-Nevada held and covers the same land package, including the Copper World deposits. Hudbay received the Final Record of Decision (“FROD”) for what was then referred to as the Rosemont project in June 2017 and, in March 2019, received the Section 404 Water Permit from the U.S. Army Corps of Engineers (“ACOE”). In July 2019, the U.S. District Court for Arizona issued a ruling that vacated the FROD issued by the U.S. Forest Service. Hudbay appealed the ruling to the U.S. Court of Appeals for the Ninth Circuit. In May 2022, the U.S. Court of Appeals for the Ninth Circuit affirmed the U.S. District Court of Arizona’s decision in July 2019. In recent years, Hudbay has focused on advancing the Copper World Project which is on private land covered by Franco-Nevada’s royalty. In September 2023, Hudbay released an enhanced Pre-Feasibility Study (PFS) for the Copper World Complex. The PFS announced a Mineral Reserve estimate of 385 million ore tonnes at 0.54% copper and a Mineral Resource of 1,205 million ore tonnes at 0.42% copper. The PFS also announced Inferred Mineral Resources of 275 million ore tonnes at 0.32% copper. The PFS reflects a two-phase mine plan with the first phase reflecting a standalone operation with processing infrastructure on Hudbay’s private land and mining occurring on portions of the deposits located on patented mining claims. The first phase of the mine plan requires only state and local permits which were obtained in January 2025. The Copper World Project anticipates producing an average of approximately 85,000 tonnes of copper per year for 20 years. The second phase expands mining activities onto federal land and extends the mine life well beyond 20 years. Hudbay intends to initiate a minority joint venture partner process in H1 2025, which will allow the potential joint venture partner to participate in and help fund the definitive feasibility study activities. Hudbay expects to make a sanctioning decision for the Copper World Project in 2026. Copper World Project 2.085% NSR 2.085% NSR kilometer 2 0 N Patented Royalty Licences Mineral Resources Unpatented Royalty Licences Excluded from Royalty Peach North Limb Elgin South Limb Broad Top Butte Bolsa Copper World East Deposit 2017 Reserve Pit 83 Copper World Project Pacifc Ocean Oregon Idaho Utah Nevada California Arizona Mexico Franco-Nevada’s royalty covers all metals, including copper, molybdenum, silver and gold Exploration and development studies focused on Copper World targets on private land TSX / NYSE: FNV 94 ★ Franco-Nevada Corporation Other Mining Overview Precious Metals Diversified Assets