C O P P E R C R E E K Location: Arizona, United States | Operator: Faraday Copper Corp. | Metals: Cu, Mo & Ag | Royalty: NSR: 1% and Production Decision Royalty Payments Copper Creek is a 3-kilometer-long porphyry copper deposit located in Pinal County, less than two hours northeast of Tucson, Arizona. A 2023 Preliminary Economic Assessment (“PEA”) reported 4.2 billion pounds of copper in Measured and Indicated Mineral Resources. The PEA has a 32-year mine life with average production of 51,100 payable copper equivalent tonnes per year during active mining. Capital investment is estimated at $798 million with a two-year construction period. The Globe and Copper Prince open pit deposits, covered by Franco-Nevada’s royalty, are currently scheduled to be mined within the first three years of operations. Faraday Copper Corp. (“Faraday”) is currently performing baseline environmental monitoring and data collection to support the permitting process. A 1% NSR is payable to Franco-Nevada on all production from certain areas within Faraday’s control. Franco-Nevada’s royalty covers approximately 70% of the Globe and 50% of the Copper Prince open pit resources as reported in the PEA released in 2023. Payment of $3,000,000 ($500,000 per year over 6 years) is due to Franco-Nevada following achievement of commercial production of minerals within a 5-mile radius of certain patented claims now held by Faraday. The Copper Creek mineral resource area is within this 5-mile radius and would therefore be expected to trigger such payments upon production. The Globe resource contains 9.88 million tonnes of sulphide/transitional ore at 0.40% copper and 2.71 million tonnes of oxide ore at 0.37% copper. The Copper Prince resource contains 20.72 million tonnes of sulphide/transitional ore at 0.45% copper and 5.89 million tonnes of oxide ore at 0.36% copper. Faraday is also performing an assessment and classification of waterways for a 404 permit. In 2025, Faraday plans on completing the Phase III exploration drill program focused on resource expansion and testing new targets, metallurgical programs to support coarser grind and tailings optimization and a gold assay program to support the inclusion of gold in the updated technical report expected in H1 2025. Franco-Nevada has not included Copper Creek in Royalty Ounce estimates M I L P I L L A S Location: Mexico | Operator: Industrias Peñoles, S.A.B. de C.V. | Metals: Cu | Royalty: Production Payment Franco-Nevada has a production payment royalty on the Milpillas copper mine in Sonora, Mexico operated by Industrias Peñoles, S.A.B. de C.V. (“Peñoles”). The royalty is $0.04/lb of copper produced, if the price of copper is above $1.20/lb. The royalty ground covers an estimated 30 km2. The project is an underground copper mine and heap leach operation and was acquired by Franco-Nevada in September 2020 as part of a portfolio of 24 royalties from Freeport-McMoRan Inc. In 2024 Franco-Nevada received $1.2 million in royalty payments from Milpillas. Franco-Nevada has not included Milpillas in Royalty Ounce estimates TSX / NYSE: FNV 98 ★ Franco-Nevada Corporation Other Mining Overview Precious Metals Diversified Assets