C A S C A B E L ( A L P A L A ) Advanced Location: Ecuador, South America | Operator: Jiangxi Copper Company Limited | Precious Metals: Au, Cu, Ag | Stream: Gold Stream | Royalty: NSR: 0.5% In 2020, Franco-Nevada acquired a 1% NSR on the Cascabel copper-gold-silver project located in northern Ecuador being advanced by JCC for $100 million. In July 2024, FNIC announced an additional $525 million precious metals stream with reference to the Cascabel project. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ − $ − $ − M&I Resources (Mlbs Cu)¹ 27,397 27,337 27,337 Inf. Resources (Mlbs Cu)¹ 4,339 4,409 4,409 P&P Reserves (Mlbs Cu)¹ 7,128 7,128 7,055 M&I Resources (koz Au) 1 31,400 31,200 31,200 Inf. Resources (koz Au) 1 5,300 5,400 5,400 P&P Reserves (koz Au) 1 9,433 9,433 9,400 M&I Resources (Moz Ag) 1 91.3 91.3 91.3 Inf. Resources (Moz Ag) 1 11.0 11.0 11.0 P&P Reserves (Moz Ag) 1 28.0 28.0 28.0 M&I Royalty Ounces (millions) 1,2,3 1,247 2,527 769 Inf. Royalty Ounces (millions) 2,3 175 366 127 P&P Royalty Ounces (millions) 2,3 510 1,018 213 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 for the royalty, Franco-Nevada estimates 100% of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 0.5% (1.0% pre buyback in 2024 and 2023) and 0.425% for copper Royalty Ounces which factors a NSR smelting charge of 15% (0.85% pre buyback in 2024 and 2023). Copper has been converted to Royalty Ounces assuming $5.50/lb ($4.25/lb in 2024, $3.75/lb in 2023), gold and silver has been 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) 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 7.0% of the gold produced in concentrate until 262,500 ounces of gold have been delivered, and thereafter 4.2% 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 ($4,500/oz in 2025, $2,800/oz in 2024) Franco-Nevada’s royalty and stream covers nearly 50 km 2 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. Following a successful acquisition of SolGold plc (“SolGold”) by Jiangxi Copper Company Limited (“JCC”), JCC exercised their option to buyback 50% of the Cascabel Stream and 50% of the Cascabel NSR. As a result, in March 2026, Franco-Nevada received the equivalent of approximately $40.7 million (net of the ongoing payment) as a one-time delivery of gold ounces for the buyback of 50% the Cascabel Stream, and received approximately $97.5 million in cash for the buyback of 50% of the Cascabel NSR. At the time of the acquisition, Franco-Nevada had funded $46.7 million for the Cascabel Stream. Following the buybacks, key terms of the Cascabel Stream and NSR include: • 0.5% 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 of $5.0 million, subject to certain conditions. The royalty rate is also subject to an adjustment mechanism with reference to certain production thresholds. • Gold Stream: Franco-Nevada originally partnered with Osisko Bermuda Limited (“Osisko”) to provide a $750 million syndicated financing package to SolGold, on a 70%/30% basis. Following the 50% buyback, Franco-Nevada will provide a total of $262.5 million and Osisko a total of $112.5 million of funding. Franco-Nevada will provide pre-construction funding of $35 million and Osisko $15 million of which the first two tranches have been funded with the final tranche, 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 7.0% of gold produced in concentrate until 262,500 oz of gold have been delivered. Thereafter, 4.2% of gold produced in concentrate for the remaining life of mine. JCC will receive 20% of the spot gold price for each ounce of gold delivered. In February 2024, SolGold announced an updated prefeasibility study on the Cascabel project for the Alpala deposit (the “2024 PFS”). The 2024 PFS contemplates a phased underground block cave and outlined a Mineral Reserve containing 9.4 Moz of gold, 3.2 Mt of copper, and 28.0 Moz of silver (540 Mt at 0.54 g/t gold, 0.60% copper and 1.6 g/t silver), 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 Mtpa expanding to 24 Mtpa in year six of the mine life, and will extract high-grade ore, averaging approximately 1.45% copper equivalent for the first ten years of production. Average production of approximately 123 kt of copper, 277 koz of gold and 794 koz of silver per year is expected over the life of the project. JCC has indicated that it plans to complete its own technical and economic optimization studies ahead of any construction decision. 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. 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 and royalty contributions to Franco- Nevada are expected to average approximately 30,000 GEOs per year over the first 10 years of full production. 0.4% Copper Equivalent 1.0% Copper Equivalent Royalty Claim Area 0.1% Copper Equivalent Pacific Ocean Argentina Bolivia Peru Brazil Colombia Chile Cascabel Ecuador Alpala Rocafuerte Alpala Camp Tandayama America Frontier Transverse Hwy Aguinaga Site Office 0.5% NSR Cascabel (Alpala) Gold Stream 0.5% NSR kilometer 1 0 N Alpala Cross Section - Looking West Alpala Upper Zone S High-grade core Alpala Northwest Alpala Deeps 3Bt M&I 10.7 Mt Cu @ 0.35% 26.8 Moz Au @ 0.28 g/t 91.3 Moz Ag @ 0.94 g/t 540 Mt Reserves 3.2 Mt Cu @ 0.6% 9.4 Moz Au @ 0.54 g/t 28 Moz Ag @ 1.6 g/t N >0.70% Cu Eq >1.50% Cu Eq >0.15% Cu Eq +1500 m +1250 m +1000 m +750 m +500 m +250 m 0 m -250 m -500 m -750 m +1500 m +1250 m +1000 m +750 m +500 m +250 m 0 m -250 m -500 m -750 m One of the largest copper-gold development projects in the world Underexplored land package with anomalies identified on the concession Most recent operator mine life of 28 years which represents only 18% of M&I Resources TSX / NYSE: FNV Franco-Nevada Corporation ★ 41 40 ★ Franco-Nevada Corporation TSX / NYSE: FNV South & Central America South & Central America