T I M M I N S W E S T Location: Ontario, Canada | Operator: Pan American Silver Corp. | Precious Metals: Au | Royalty: NSR: 2.25% Franco-Nevada’s Timmins West 2.25% NSR royalty covers a large land package of approximately 130 km2 to the west of the City of Timmins, Ontario. 2024 2023 2022 Revenue to Franco-Nevada ($ million) $ 4.1 $ 4.1 $ 3.2 M&I Resources (koz Au)1 1,067 652 675 Inferred Resources (koz Au)1 383 79 24 P&P Reserves (koz Au)1 868 467 541 M&I Royalty Ounces (000s)1,2 8 15 15 Inferred Royalty Ounces (000s)2 2 2 1 P&P Royalty Ounces (000s)2 7 11 12 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. For 2024, Mineral Resources and Mineral Reserves include both Timmins West and Bell Creek. For 2022 and 2023, Mineral Resources and Mineral Reserves include Timmins West only 2 For Royalty Ounce calculation, Franco-Nevada estimates 37% of the Mineral Reserves (100% in 2023, 100% in 2022), 35% of the M&I Mineral Resources (100% in 2023, 100% in 2022) and 24% of the Inferred Mineral Resources (100% in 2023, 100% in 2022) are subject to our royalty interest and estimates a rate of 2.25% is applicable (2.25% in 2023, 2.25% in 2022) The Timmins West property hosts the Timmins, Thunder Creek and 144 Gap deposits as well as the Gold River Trend exploration zone. Franco- Nevada acquired the royalty from Lake Shore Gold Corp. (“Lake Shore Gold”) in 2012. Lake Shore Gold was acquired by Tahoe Resources Inc. (“Tahoe Resources”) in April 2016, which was subsequently acquired by Pan American in February 2019. Under Pan American Silver, public reporting for both the Timmins West and Bell Creek underground mines has been consolidated into its Timmins operations (Franco-Nevada does not have a royalty on Bell Creek). Ore from both the Timmins West and Bell Creek mines is processed at the Bell Creek mill. Franco-Nevada estimates that Timmins West represented approximately 60% to 70% of the Timmins operations’ production in 2024. Pan American Silver produced 123,700 ounces of gold from its Timmins operations in 2024 versus 132,900 ounces of gold in 2023. Pan American expects to produce between 120,000 to 130,000 ounces of gold from its Timmins operations in 2025. Pan American Silver holds a significant land position in the Timmins Camp. The operations have a history of extending mine life through exploration success and the properties have good potential for exploration upside in the future. Bell Creek Mine & Mill Destor-Porcupine Fault Burrows Benedict Fault Mattagami River Fault Bell Creek Complex Timmins Deposit Thunder Creek Deposit Gold River Trend 144 Gap Zone Deposit Timmins West Timmins Dome Mine Hollinger McIntyre Hoyle Pond Pamour Mine Quebec Ontario Timmins West Timmins West 2.25% NSR kilometer 20 0 N Deposits UG Mine Shaft Excluded from Royalty FNV Royalties 101 2.25% NSR Potential for regional synergies Exploration success has extended the mine life Large land package providing exploration upside TSX / NYSE: FNV 50 ★ Franco-Nevada Corporation Canada Overview Precious Metals