V I Z C A C H I T A S Advanced Location: Chile, South America | Operator: Los Andes Copper Limited | Metals: Cu, Mo & Ag | Royalty: NSR: 0.51% –2% Vizcachitas is located in the Andes in Central Chile at low altitude and in the same region as a number of other large porphyry deposits. Franco-Nevada has a 0.51%–2% NSR encompassing a 230 km 2 area. Los Andes Copper is developing its 100% owned Vizcachitas copper- molybdenum project in Valparaiso, within Chile’s prolific central copper belt. Vizcachitas is expected to be one of Chile’s next major copper mines, currently hosting Mineral Reserves of 9.6 billion pounds of copper and 365 Mlbs of molybdenum (1,220 Mt at 0.36% Cu and 136 ppm Mo). A pre-feasibility study was completed in February 2023, targeting a 26-year mine life producing approximately 335 Mlbs of copper per annum (with higher production of approximately 400 Mlbs of copper per annum for the first 8 years). Los Andes Copper is advancing the project, with potential first production in 2031. Franco-Nevada holds an effective 1.02% open pit NSR and 0.51% underground NSR covering the San Jose core claim of the Vizcachitas Project, and also holds a 2% open pit NSR and 1% underground NSR on certain concessions that form part of the extended Vizcachitas Project. 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 0.87% is applicable for the copper Royalty Ounces (which factors in a NSR smelting charge of 15%). Copper has been converted assuming $4,500/oz gold and $5.50/lb copper Courageous Lake Goldfields Canadian Malartic Cariboo Eagle Red Mountain Valentine Gold Monument Bay Brucejack Eskay Creek Island Gold Musselwhite Hemlo Greenstone Detour Lake Timmins West Porcupine Sudbury Macassa (Kirkland Lake) Golden Highway Red Lake (McFinley) Magino Ontario Ontario Ring of Fire Crawford Carol Lake Producing Advanced Exploration Producing Advanced Exploration Mining Assets Precious Metals Diversified Casa Berardi Côté Gold Wawa Kerr-Addison Spences Bridge (Westhaven) Scottie Redstone (Coates Lake) Fenelon Martiniere New Prosperity AurMac Canada E L A L T O Exploration Location: Chile, South America | Operator: Barrick Gold Corporation | Metals: Au & Cu | Royalty: NSR: 2.941% (Au) / 0.588% (Cu) Franco-Nevada has a 2.941% NSR (Au) / 0.588% NSR (Cu) on the Chilean portion of Barrick’s El Alto project (formerly Pascua-Lama) which straddles the border between Chile and Argentina. Barrick’s El Alto project is one of the largest gold endowments globally, with 21 million gold ounces of M&I Resources (433 Mt at 1.53 g/t gold). Barrick received an exploration permit in January 2026 approving a two-year, $35 million exploration program at El Alto (consisting of 63 boreholes), with work expected to commence after Q2 2026. For Royalty Ounce calculation, Franco-Nevada estimates 80% of the gold Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 2.941% is applicable V O L C A N Advanced Location: Chile, South America | Operator: Tiernan Gold Corporation | Precious Metals: Au | Royalty: NSR: 1.5–3% Franco-Nevada has a 1.5% NSR on the entire 530 km 2 land package, and an incremential 1.5% NSR on the exploration concessions. Volcan is a large high-quality resource with 9.8 Moz of gold M&I Resources (463 Mt at 0.66 g/t gold) and 1.2 Moz of gold Inf. Resources (75 Mt at 0.52 g/t gold) located in the prolific Maricunga Gold Belt which hosts a number of operating mines with over 100 Moz of gold of past and present gold resources. Hochschild Mining spun the asset into Tiernan Gold Corporation (“Tiernan”) in 2022 and Tiernan achieved a public listing through an RTO transaction, which Franco-Nevada contributed C$5 million to, in December 2025. The transaction provided C$53M in cash that supports Tiernan’s strategy pivoting to an engineering-led, execution-focused phase and fully funding Tiernan to complete advanced engineering studies and support submission of an EIS. In addition, Tiernan completed a PEA for Volcan in 2025, which outlined a 14-year mine life project producing c.330 kozpa on average for the first 10 years. 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 1.5% is applicable TSX / NYSE: FNV Franco-Nevada Corporation ★ 47 46 ★ Franco-Nevada Corporation TSX / NYSE: FNV South & Central America