C A S C A B E L ( A L P A L A ) Location: Ecuador, South America | Operator: SolGold plc | Precious Metals: Au, Cu, Ag | Stream: Gold Stream | Royalty: NSR: 1% In 2020, Franco-Nevada acquired a 1% NSR on the Cascabel copper-gold-silver project located in northern Ecuador being advanced by SolGold plc (“SolGold”). In July 2024, Franco-Nevada (Barbados) Corporation announced an additional $525 million precious metals stream with reference to the Cascabel project. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ − $ − $ – M&I Resources (Mlbs Cu)¹ 27,337 27,337 24,626 Inferred Resources (Mlbs Cu)¹ 4,409 4,409 3,439 P&P Reserves (Mlbs Cu)¹ 7,128 7,055 7,187 M&I Resources (koz Au)1 31,200 31,200 24,850 Inferred Resources (koz Au)1 5,400 5,400 2,520 P&P Reserves (koz Au)1 9,433 9,400 9,370 M&I Resources (Moz Ag)1 91.3 91.3 92.2 Inferred Resources (Moz Ag)1 11.0 11.0 10.6 P&P Reserves (Moz Ag)1 28.0 28.0 30.0 M&I Royalty Ounces (millions)1,2,3 2,527 769 724 Inferred Royalty Ounces (millions)2,3 366 127 91 P&P Royalty Ounces (millions)2,3 1,018 213 233 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 for the 1% royalty, Franco-Nevada estimates 100% of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 1.0% (0.85% for copper Royalty Ounces which factors 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), gold and 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 3 For Royalty Ounce calculation for the gold stream, Franco-Nevada estimates 100% of the Mineral Resources and Mineral Reserves are subject to our stream interest and estimates it will receive 14.0% of the gold produced in concentrate until 535,000 ounces of gold have been delivered, and thereafter 8.4% of the gold produced in concentrate for the remaining life of mine. The stream interest has been factored by ongoing payments of 20% of the spot price of gold ($2,800/oz in 2024) Franco-Nevada’s royalty and stream covers nearly 50 km2 of the Cascabel mining concessions including the Alpala and the Tandayama-America (“TAM”) deposit. Alpala, the main target in the Cascabel concession, is a copper-gold porphyry deposit and represents one of the largest copper-gold projects being advanced globally. SolGold announced an updated prefeasibility study on the Cascabel project in February 2024 (the “2024 PFS”) for the Alpala deposit. The 2024 PFS contemplates a phased underground block cave and outlined a Mineral Reserve containing 9.4 million ounces of gold, 3.2 million tonnes of copper, and 28.0 million ounces of silver (540 million tonnes grading 0.54 g/t Au, 0.60% Cu and 1.6 g/t Ag), for an initial 28-year mine life and reflects the exploitation of only 18% of the Alpala M&I Resource. The initial capital cost has decreased compared to previous scenarios, as the phased approach gradually scales up operations to achieve a production rate of 12 million tonnes per annum expanding to 24 million tonnes per annum in year six of the mine life, and will extract high-grade ore, averaging approximately 1.45% CuEq for the first ten years of production. Average production of approximately 123,000 tonnes of copper, 277,000 ounces of gold and 794,000 ounces of silver per year is expected over the life of the project. Exploration has yielded encouraging results on the broader Cascabel concessions with the identification of a highly mineralized system at TAM, which is located approximately 6 km northeast of the Alpala deposit, offering an excellent opportunity to provide additional mill feed and the potential for an initial open pit. 1% Royalty: The royalty references all minerals produced with the option for Franco-Nevada to convert the royalty to a gold NSR for a period of time once Alpala is producing. Franco-Nevada is further entitled to receive minimum royalty payments starting in 2028, subject to certain conditions. The royalty agreement also includes an option to buy back 50% of the royalty for a period of time. Gold Stream: Franco-Nevada partnered with Osisko Bermuda Limited (“Osisko”) to provide a $750 million syndicated financing package to SolGold, on a 70%/30% basis. Franco-Nevada will provide a total of $525 million and Osisko a total of $225 million of funding. Franco- Nevada will provide pre-construction funding of $70 million and Osisko $30 million available as three equal sized staged payment. The first tranche was funded at closing with two further tranches, subject to development milestones. Franco-Nevada and Osisko will make the remaining funding available towards construction once the project is fully funded and further derisked, including a minimum equity commitment. Franco-Nevada will receive attributable gold deliveries equal to 14.0% of gold produced in concentrate until 525,000 ounces of gold have been delivered. Thereafter, 8.4% of gold produced in concentrate for the remaining life of mine. SolGold will receive 20% of the spot gold price for each ounce of gold delivered. In the event of a change of control (“CoC”) within five years from closing, Franco-Nevada has the option to terminate the stream and receive repayment of the deposit that has been advanced by such date plus a return. If not elected, SolGold may purchase 50% of the Stream if the CoC occurs within three years from closing and 33.33% of the stream if the CoC occurs in the following two years for a one-time gold payment equal to a 15.0% IRR on the portion of the deposit being bought back that has been advanced by such date, plus a CoC fee. The Stream would provide meaningful GEO growth while increasing Franco-Nevada’s precious metal exposure and total asset diversification. Based on the 2024 PFS, stream contributions to Franco-Nevada are expected to average approximately 50,000 GEOs per year over the first 10 years of full production. One of the largest copper-gold development projects in the world Current mine plan represents only a small portion of the known resource Underexplored land package with anomalies identified on the concession TSX / NYSE: FNV 30 ★ Franco-Nevada Corporation South America Overview Precious Metals