Y A N A C O C H A Producing Location: Peru, South America | Operator: Newmont Corporation | Precious Metals: Au,Cu & Ag | Royalty: NSR: 1.8% Franco-Nevada has a 1.8% net smelter return royalty on all minerals on Newmont’s Yanacocha mine and certain adjacent mineral properties in Peru, which includes the producing oxides and the sulfides project located within the existing oxide footprint. The royalty also covers certain other projects, including the nearby Conga Cu-Au deposit and the Quilish oxide gold project. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 32.6 $ 7.5 $ – M&I Resources (koz Au) 1 6,300 22,500 − Inf. Resources (koz Au) 1 6,700 8,500 − P&P Reserves (koz Au) 1 500 5,300 − M&I Resources (Moz Ag) 1 95.8 174.1 − Inf. Resources (Moz Ag) 1 47.3 26.6 − P&P Reserves (Moz Ag) 1 19.4 83.4 − M&I Resources (Mlbs Cu) 1 1,543 6,393 − Inf. Resources (Mlbs Cu) 1 1,102 1,102 − P&P Reserves (Mlbs Cu) 1 − 1,543 − M&I Royalty Ounces (000s) 1,2 522 588 − Inf. Royalty Ounces (000s) 2 226 184 − P&P Royalty Ounces (000s) 2 15 148 − 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 at Yanacocha and Conga are subject to our royalty interest and estimates a rate of 1.8% (1.53% for copper Royalty Ounces which factors a NSR smelting charge of 15%). Copper has been converted to Royalty Ounces assuming $5.50/lb ($4.25/lb in 2024) 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) Franco-Nevada acquired the royalty in August 2024 from Compania de Minas Buenaventura S.A.A (“Buenaventura”). Yanacocha has been one of the largest gold producing operations globally, producing more than 40 Moz of gold since 1993 and continues to extensive resource base of 30 Moz gold equivalent M&I Mineral Resources and 13 Moz gold equivalent Inferred Mineral Resources. Production in 2025 was active from the remaining oxide operation and injection leaching. Newmont continues to have significant success with injection leaching and in 2025 exceeded their production guidance of 460 koz of gold, producing 515 koz of gold (which was 45% higher versus 2024 production). 2026 guidance is 460 koz of gold which is also ahead of the estimate at the time of acquisition. Newmont continues to focus on leach production at Yanacocha and has identified a capital-efficient plan to leverage current infrastructure to continue mining operations at the site through 2026 and into 2027, adding additional low-cost ounces to Newmont’s production profile in early 2027, with further upside potential. The Yanacocha Sulfides project has been indefinitely deferred, with Newmont prioritizing optimizing injection leaching and development of the surrounding projects such as the Conga (large Cu-Au porphyry) and Quilish (high-grade gold oxide resource) projects in Peru. Both projects are covered by Franco-Nevada’s 1.8% NSR royalty. While currently deferred, the large resource base of Yanacocha Sulfides remains a significant future growth contributor that could produce c.500k GEOs per year. Perol Amaro Challhuagon Quecher Main San Jose AOI Yanacocha La Quinua Corlmayo El Tapado Cerro Quilish Maqul Maqul Chaqulcocha UG Kupfertal porphyry Cu-Au-Mo Conga +0.5% NSR Quilish +1-2% NSR HS Epithermal Deposits Porphyry Deposits Royalty licenses kilometer 10 0 N Yanacocha 1.8% NSR Pacific Ocean Argentina Bolivia Peru Brazil Chile Yanacocha Perol Amaro Challhuagon Quecher Main San Jose AOI Yanacocha La Quinua Corlmayo El Tapado Cerro Quilish Maqul Maqul Chaqulcocha UG Kupfertal porphyry Cu-Au-Mo Conga +0.5% NSR Quilish +1-2% NSR HS Epithermal Deposits Porphyry Deposits Royalty licenses kilometer 10 0 N Yanacocha 1.8% NSR Pacific Ocean Argentina Bolivia Peru Brazil Chile Yanacocha S A L A R E S N O R T E Producing Location: Chile, South America | Operator: Gold Fields Limited | Precious Metals: Au & Ag | Royalty: NSR: 1–2% In early 2019, Franco-Nevada acquired an existing 2% NSR on the Salares Norte mine being operated by Gold Fields Limited (“Gold Fields”) in the Atacama region of Northern Chile. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 13.2 $ 1.6 $ − M&I Resources (koz Au) 1 3,631 3,586 3,646 Inf. Resources (koz Au) 1 10 10 58 P&P Reserves (koz Au) 1 3,415 3,416 3,454 M&I Resources (Moz Ag) 1 48.8 44.1 44.6 Inf. Resources (Moz Ag) 1 0.1 0.1 0.5 P&P Reserves (Moz Ag) 1 46.0 41.9 42.2 M&I Royalty Ounces (000s) 1,2 44 41 42 Inf. Royalty Ounces (000s) 2 − − 1 P&P Royalty Ounces (000s) 2 42 39 39 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 Reserves & Mineral Resources are subject to our royalty interest and estimates a rate of 1.0%. Silver has been converted 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 Mineral Resource and Mineral Reserve as at December 31, 2025 was published after Franco-Nevada’s March 12, 2026 cut off date. Please note the table above shows the Mineral Resource and Reserve as at December 31, 2024 In May 2025, Gold Fields exercised its option to buyback 1% of Franco-Nevada’s 2% NSR on Salares Norte, after having paid $6.0 million in cumulative royalty payments since commencing production in Q2 2024. Franco-Nevada also acquired a separate 2% NSR on the Rio Baker concession covering the northwest extension of the deposit for $5.0 million in September 2020, with contingent payments of up to $8.0 million, providing full exposure to the Salares Norte project. Salares Norte is a blind epithermal gold-silver deposit and a key operation for Gold Fields. As of December 2025, reserves totaled 3.14 Moz of gold and 43.2 Moz of silver (19.9 Mt at 4.9 g/t gold and 67.1 g/t silver)³. Salares Norte achieved its first gold pour in March 2024, with the mine achieving commercial production in Q3 2025, ramping up to steady-state levels of production in Q4 2025. Production of 397,000 gold equivalent ounces was achieved in 2025, with output for 2026 forecast to be between 525k–550k GEOs. The 2019 feasibility study supported an 11-year open pit mine life. An underground option is also being studied at a prefeasibility level for the mining of the Agua Amarga deposit, the northern portion of the Salares Norte pit. Salares Norte, Chile High-grade gold sub-domains 2017 EIA pit outline Main low-grade domains Antofagasta La Serena Copiapo Relincho Chile Argentina BOLIVIA PERU San Jorge Taca Taca Salares Norte Brecha Principal Agua Amarga Salares Norte Rio Baker 1% NSR 2% NSR kilometer 1 0 Salares Norte 1–2% NSR N Oxide operations continue to outperform One of the largest gold producing districts globally 43 Moz AuEq in reserves and resources on the royalty property Several high quality projects providing significant upside Commercial production achieved in Q3 2025 Near-mine exploration success to potentially extend mine life The operator currently has a 9-year mine plan TSX / NYSE: FNV Franco-Nevada Corporation ★ 35 34 ★ Franco-Nevada Corporation TSX / NYSE: FNV South & Central America South & Central America