C A N D E L A R I A Producing Location: Chile, South America | Operator: Lundin Mining Corporation | Precious Metals: Au & Ag | Stream: Gold and Silver Stream In November 2014, Franco-Nevada International Corporation (“FNIC”) acquired a gold and silver stream on production from the Candelaria operation in Chile. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 232.5 $ 163.1 $ 130.3 M&I Resources (koz Au) 1 5,599 5,764 5,895 Inf. Resources (koz Au) 1 461 436 606 P&P Reserves (koz Au) 1 2,040 2,104 2,235 M&I Resources (Moz Ag) 1 83.3 86.1 86.6 Inf. Resources (Moz Ag) 1 5.7 5.5 6.3 P&P Reserves (Moz Ag) 1 27.0 29.7 32.1 M&I Royalty Ounces (000s) 1,2 1,801 1,683 1,586 Inf. Royalty Ounces (000s) 2 139 115 145 P&P Royalty Ounces (000s) 2 672 643 665 1 Please refer to the tables on pages 126–134 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 P&P Royalty Ounces include payable metal of the balance of the 720 koz of gold and 12.0 Moz of silver remaining and the balance of P&P Reserves subject to the lower stream percentage. For M&I Royalty Ounces, Franco- Nevada has assumed the P&P Royalty Ounces with the balance of M&I Resources subject to the lower stream percentage. For Inf. Royalty Ounces, Franco-Nevada assumes Inf. Mineral Resources are subject to the lower stream percentage. Silver is converted to Royalty Ounces assuming $4,500/oz gold and $75.00/oz silver ($2,800/oz gold and $31.00/oz silver in 2024, $1,950/oz gold and $22.50/oz silver in 2023). The stream interest has been factored by 90% to reflect $4,500/oz gold and $437.47/oz ongoing payments (85% in 2024, 78% in 2023) The Candelaria mine was discovered in 1987, and the open pit has been in operation since 1993. The operation also includes the Candelaria North and South and the Santos underground mines. Lundin Mining Corporation (“Lundin”) is the operator of the project and owns 80% of the asset with the balance owned by Sumitomo Corporation and its affiliates. Franco-Nevada provided an up-front deposit of $655 million to acquire the gold and silver stream from what is primarily a copper mine. The funds were used to finance a portion of the cost paid by Lundin to acquire the asset from Freeport-McMoRan Inc. Candelaria is an established mining operation and the transaction was the first material instance of a royalty/ streaming company partnering with an operating company to purchase a producing asset. The stream covers the current property of approximately 150 km 2 . An additional defined area of interest effectively doubles the property position. Should Lundin acquire properties located within the area of interest, Franco-Nevada has the option to purchase a gold and silver stream which will apply to the additional ore from such properties. Under the streaming agreement, Lundin will deliver 68% of the payable gold and silver from 100% of the mine production, which reduces to 40% after 720 koz of gold and 12.0 Moz of silver have been delivered to Franco-Nevada. This is currently expected to occur in 2027. Cumulatively, 650,089 oz of gold and 11.0 Moz of silver have been delivered since acquisition until December 31, 2025. Franco-Nevada pays an ongoing price equal to the lesser of $437.47/oz of gold and $4.36/oz of silver or the then prevailing spot price for gold and silver for each ounce delivered under the stream. This price escalates by 1% per annum in October of each year. Lundin has made a significant investment in exploration at Candelaria and has extended the mine life from 2028, when it acquired Candelaria, to 2051. Lundin has successfully added to the Mineral Resources and Mineral Reserves at the four underground mines and has discovered the open pittable Española deposit partly on ground covered by Franco-Nevada’s area of interest. Candelaria has a total mill throughput of approximately 75 kt per day. Lundin is currently evaluating the potential expansion of the underground mines utilizing hauling trucks to increase production capacity from 14 ktpd to approximately 22 ktpd. In 2025, Candelaria produced approximately 145 kt of copper, 80,500 oz of gold and 1.8 Moz of silver, on a 100% basis. Franco-Nevada sold 68,273 GEOs from the mine in 2025, compared with 67,260 GEOs in 2024. In 2026, Franco-Nevada expects sales from its Candelaria stream to be between 57,500 and 67,500 GEOs. Cobre Panamá CentroGold (Gurupi) Cerro Moro Taca Taca NuevaUnión (Relincho) Antamina Salares Norte Antapaccay Candelaria Volcan Calcatreu Cascabel (Alpala) Condestable Vale N. System Vale S.E. System Sossego Posse (Mara Rosa) Caserones Tocantinzinho Yanacocha El Alto Cobre Panamá currently on preservation and safe management Producing Advanced Exploration Producing Advanced Exploration Mining Assets Precious Metals Diversified PSJ Cobre Mendocino Vizcachitas South & Central America Tierra Amarilla Santos Mine Copiapo Candelaria North (U/G) Alcaparrosa Mine Candelaria Pit Candelaria South (U/G) La Española kilometer 0 2.5 N Candelaria Gold and Silver Stream Pacific Ocean Argentina Bolivia Peru Brazil Chile Candelaria Ojos del Salado Mining Property Candelaria Mining Property Area of Interest Pits History of expanding resources UG mine expansion permitted and being evaluated The operator currently has a 26-year mine plan. M&I Resources could support production for 43 years and Inf. Resources for a further 4 years TSX / NYSE: FNV Franco-Nevada Corporation ★ 27 26 ★ Franco-Nevada Corporation TSX / NYSE: FNV South & Central America