W E S T E R N L I M B M I N I N G O P E R A T I O N S Location: South Africa | Operator: Sibanye Stillwater Limited | Precious Metals: Au & Pt | Stream: Gold and Platinum Stream In December 2024, Franco-Nevada (Barbados) Corporation announced a $500 million precious metals stream on specified production from Sibanye-Stillwater Western Limb PGM Mining Operations in South Africa (the “Western Limb Mining Operations Stream”). 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ − $ − $ − M&I Resources (koz PGM)4 182,600 − − Inferred Resources (koz PGM)4 39,000 − − P&P Reserves (koz PGM)4 34,000 − − Stream M&I Royalty Ounces (000s)4,5 1,055 − − Stream Inferred Royalty Ounces (000s)5 190 − − Stream P&P Royalty Ounces (000s)5 320 − − NSR M&I Royalty Ounces (000s)4,6 101 − − NSR Inferred Royalty Ounces (000s)6 9 − − NSR P&P Royalty Ounces (000s)6 3 − − 1 Based on 2023 production per Sibanye-Stillwater’s public disclosure and total 2023 supply per Johnson Matthey PGM market report (May 2024) 2 Assuming current projections of 4E PGM production based on Reserves and Replacement Projects at consensus commodity prices at the time of announcement 3 The ongoing payments are subject to reduction in certain circumstances 4 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 5 For Royalty Ounce calculation for the stream, Franco-Nevada estimates P&P Royalty Ounces include payable metal of the remaining deliveries before 237,000 of gold and 294,000 of platinum, with the balance of Mineral Reserves subject to an 80% gold stream. For M&I Royalty Ounces, Franco-Nevada assumes the P&P Royalty Ounces with the balance of M&I Resources subject to the 80% gold stream. For Inferred Royalty Ounces, Franco-Nevada assumes Inferred Mineral Resources are subject to the 80% gold stream. Platinum ounces have been converted into Royalty Ounces assuming $2,800/oz Au and $950/ounce Pt and Franco-Nevada estimates 95% of the Mineral Reserves, 97% of the M&I Mineral Resources and 99% of the Inferred Mineral Resources are subject to our stream interest. Gold and platinum ounces delivered will be subject to an ongoing payment of 5% of spot prices, respectively to Sibanye-Stillwater. In the case of gold, the ongoing payment will increase to 10% following the delivery of 237,000 ounces of gold 6 For Royalty Ounce calculation for the 1% NSR on Pandora, Franco-Nevada estimates a rate of 1.0% is applicable to Mineral Resources and Mineral Reserves that are subject to the Pandora royalty ground. PGM ounces have been converted into Royalty Ounces assuming $2,800/oz Au, $950/ounce Pt, $950/ounce Pd and $5,000/ounce Rh Sibanye-Stillwater’s South African PGM mining operations are located in the Western Limb of the Bushveld Complex and are an essential source of PGMs, providing approximately 15% of global platinum supply¹ and produced approximately 1.6 million ounces 4E PGMs in 2024. These operations benefit from extensive existing infrastructure consolidated through the merger of three prior operators, which has unlocked numerous synergies and consist of the Marikana, Rustenburg, and Kroondal operations and a total of 13 underground mines. The integrated operations include concentrators, a smelter and refining complex. Under the streaming agreement, gold deliveries are initially referenced to aggregate platinum, palladium, rhodium and gold (“4E PGM”) ounces contained in concentrate. Franco-Nevada will receive gold ounces equal to 1.1% of physical 4E PGM ounces contained in concentrate until delivery of 87,500 ounces of gold, then 0.75% of 4E PGM ounces contained in concentrate until total delivery of 237,000 ounces of gold, which is currently expected to occur in approximately 25 years. Thereafter, Franco-Nevada will receive 80% of gold contained in concentrate for the remaining LOM. Franco-Nevada will receive platinum deliveries equal to 1.0% of platinum contained in concentrate until the delivery of 48,000 ounces of platinum, then increase to 2.1% of platinum contained in concentrate until total delivery of 294,000 ounces of platinum, after which there will be no further platinum deliveries. The stream GEO profile is comprised of approximately 70% gold and 30% platinum deliveries2 at consensus commodity prices as of the date of transaction. Gold and platinum ounces delivered will be subject to an ongoing payment of 5% of spot prices, respectively to Sibanye-Stillwater. In the case of gold, the ongoing payment will increase to 10% following completion of the 4E PGM link (after the delivery of 237,000 ounces of gold to FNB)³. The stream is referenced to production from an area which extends over 500 km2 and has a mine life up to 2070 based on board approved ore Reserves and certain pre-feasibility and feasibility stage mechanized UG2 replacement projects being studied, which leverage existing infrastructure. The stream transaction was closed on February 28, 2025, with an effective date of September 1, 2024. Franco-Nevada expects deliveries related to 2025 production from the Western Limb Mining Operations Stream to be approximately 20,000 GEOs. Benefits from integrated and established infrastructure, including smelting Operations benefit from a unique and diversified basket of metals, supporting margins Reserves representing only a small portion of the known 4E PGM Resources Rustenburg N4 Sibanye-Stillwater Western Limb PGM Complex Stream Area Rustenburg Kroondal Khuseleka Kwezl Thembelani Bathopele UG2 outcrop Merensky outcrop Kopaneng Siphumelele Bathopele OP Project Newman Project Kwezi Shallows Project Thembelani Deeps Project Siphumelele Project Markina Project Khuseleka Project Turk Project 4B Project Rowland Project Pandora Deeps Project K4 K3 K4 EPC EPL Base Metals Refinery Karee WLTR Marikana K1 K2 Retrofit Waterval Rowland W1 1E Lift 4B Newman Saffy E1 E2 E3 E4 Project Saffy Deeps Project Kroondal Deeps Project E3 Ext Simunye Bambanani K6 Marikana Schaapkraal Hoedspruit Pandora 1% NSR N kilometer 10 0 Project Area Refnery Concentrator Operational Shaft Prospecting license Mining license Area of Interest Pandora Deeps Project E2 E3 E4 Project E3 Ext Pandora 1% NSR N kilometer 10 Project Area Refnery Concentrator Operational Shaft Prospecting license Mining license Area of Interest TSX / NYSE: FNV 72 ★ Franco-Nevada Corporation Rest of World Overview Precious Metals