P O S S E ( M A R A R O S A ) Producing Location: Brazil, South America | Operator: Hochschild Mining PLC | Precious Metals: Au | Royalty: NSR: 1% Franco-Nevada holds a 1% NSR royalty on the Mara Rosa open pit project located in the State of Goiás, Brazil. Hochschild Mining PLC (“Hochschild”) took ownership of the project through its acquisition of Amarillo Gold Corporation (“Amarillo”) in 2022. Commercial production of the mine was achieved in May 2024 and Mara Rosa is expected to produce between 67–80 koz of gold in 2026. Overall production in 2025 was 40,062 GEOs, well below the original guidance due to heavy seasonal rainfall and contractor performance issues that restricted access to high-grade ore zones. Hochschild expects average annual production of approximately 80 koz of gold with the current mine life estimated to extend beyond 2030. Recent exploration at the Posse belt has successfully identified new mineralization beneath the existing open pit. Hochschild is also evaluating a 20 km structural corridor including the Posse, Araras, and Speti structures to further extend the life of mine. M&I Resources could support production for 15 years and Inf. Resources for a further 3 years. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates an average rate of 1.0% is applicable T A C A T A C A Advanced Location: Argentina, South America | Operator: First Quantum Minerals Ltd. | Metals: Cu, Au & Mo | Royalty: NSR: 1.08% Franco-Nevada has a 1.08% NSR royalty on all copper, gold and molybdenum produced from Taca Taca which was acquired through the acquisition of Lumina Royalty Corp. in December 2011. The royalty is subject to a buyback provision based on the value of the reserves. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ − $ − $ – M&I Resource (Mlbs Cu) 1 19,215 20,835 20,835 Inf. Resource (Mlbs Cu)1 858 4,863 4,863 P&P Reserves (Mlbs Cu) 1 18,582 17,052 17,052 M&I Royalty Ounces (000s) 1,2 277 356 368 Inf. Royalty Ounces (000s) 2 12 81 86 P&P Royalty Ounces (000s) 2 268 293 301 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 100% of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 0.918% is applicable for the copper Royalty Ounces (which factors in a NSR smelting charge of 15%). Copper has been converted to Royalty Ounces assuming $5.50/lb ($4.25/lb in 2024, $3.75/lb in 2023) The property hosts a very large copper-gold-molybdenum porphyry system and is located in the Puna region of northwestern Argentina in Salta Province, 230 km west of the provincial capital of Salta. The royalty is subject to a buyback provision. In February 2026, First Quantum filed an updated NI 43-101 technical report with an updated Mineral Reserve of 8.4 Mt of contained copper (2 billion tonnes at copper grade of 0.42%). The technical report considers an open pit mine plan and flotation processing of copper ore for 35 years, with an initial processing capacity of 40 Mtpa and an expansion to 60 Mtpa commencing in the fifth year of operation. It is estimated that the expansion will take three years to complete. Taca Taca is expected to produce 209 kt of copper per annum over its 35-year mine life (with higher production in the first 10 years of 291 kt of copper per annum). The M&I Mineral Resource (inclusive of Mineral Reserves) is 2.1 Bt at 0.42% copper, and contains 8.7 Mt of copper, 253 kt of molybdenum and 5.7 Moz of gold. First Quantum is continuing to de-risk Taca Taca, including completion of the Environmental and Social Impact Assessment (“ESIA”) in the first half of 2026 and an application to the Argentina Incentive Regime for Large Investments (“RIGI”), which provides special foreign exchange provisions and tax and customs incentives, focusing on predictability, stability, and legal certainty across various sectors, including mining. First Quantum expects to conclude the ESIA process in H1 2026 following the completion of the public consultation. ESIA work is ongoing related to the power line, bypass and access road and groundwater catchments. Taca Taca 1.08% NSR kilometer 5 0 N First Quantum 2020 Technical Report Ultimate Pit Design N Arica Iquique Antofagasta La Serena Copiapo NuevaUnión (Relincho) Bolivia Peru Argentina Taca Taca Pacific Ocean Royalty Area 1.08% NSR 1.08% NSR Large porphyry deposit with reserve of over 8.4 Mt of contained copper and 5.5 Moz of Au Potentially First Quantum’s next development project Pre-development and permitting work underway The operator currently has a 35-year mine plan. M&I Resources could support production for 36 years, with Inf. Resources for a further 2 years TSX / NYSE: FNV Franco-Nevada Corporation ★ 39 38 ★ Franco-Nevada Corporation TSX / NYSE: FNV South & Central America South & Central America