C O B R E P A N A M Á Advanced Location: Panama, Central America | Operator: First Quantum Minerals Ltd. | Precious Metals: Au & Ag | Stream: Gold and Silver Cobre Panamá is one of the world’s largest copper-gold-silver porphyry mines and is 90% owned by First Quantum Minerals Ltd. (“First Quantum”) and 10% by Korea Mine Rehabilitation & Mineral Resources Corp. (“KOMIR”). 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 38.3 $ 0.1 $ 248.9 M&I Resources (koz Au) 1,2 Inf. Resources (koz Au) 1,2 P&P Reserves (koz Au) 1,2 M&I Resources (Moz Ag) 1,2 Inf. Resources (Moz Ag) 1,2 P&P Reserves (Moz Ag) 1,2 M&I Royalty Ounces (000s) 2,3 Inf. Royalty Ounces (000s) 3 P&P Royalty Ounces (000s) 3 1 Cobre Panamá has been a material mining project in prior years but is currently on Preservation and Safe Management. Due to the status of Cobre Panamá, Mineral Resources and Mineral Reserves are being reported separately and are not included in the Mineral Resources and Mineral Reserves table 2 Please refer to the tables on page 134 for a breakout of grade and tonnages by Mineral Resource category for Cobre Panamá as at December 31, 2025; all M&I categories are inclusive of Mineral Reserves 3 For 2025, Franco-Nevada estimates that P&P royalty ounces, M&I royalty ounces and Inf royalty ounces would be 2,324 koz, 2,635 koz and 404 koz, respectively (4,153 koz, 4,738 koz and 736 koz, respectively in 2024 and 4,468 koz, 4,673 koz and 745 koz, respectively in 2023) assuming $4,500/oz gold and $75.00/oz silver ($2,800/oz gold and $31.00/oz silver, $1,950/oz gold and $22.50/oz silver in 2023). For 2025 Royalty Ounce calculation, Franco-Nevada assumed an estimated gold recovery rate of 56% and an estimated silver recovery rate of 48% and has estimated that approximately 77% of the gold and 84% of the silver Mineral Resources and Mineral Reserves are subject to our stream interest. The stream interest has been factored by different ongoing payments and a 72% factor was applied to obtain a Royalty Ounce for the P&P category, a 68% factor was applied for Royalty Ounces in the M&I category and a 50% factor was applied for Royalty Ounces in the Inf. category FNIC, a wholly owned subsidiary of Franco-Nevada, contributed a total of $1.36 billion to the construction of Cobre Panamá since 2015. Franco-Nevada has two precious metals streams on Cobre Panamá. Each stream has slightly different terms as described below but both streams are indexed to the copper in concentrate shipped until certain specific thresholds of gold and silver deliveries are met: • Fixed Payment Stream – Effective since 2015 and applies to First Quantum’s original 80% interest in Cobre Panamá. The ongoing payment is $457.35 oz of gold and $6.86 oz of silver with a 1.5% annual inflation factor. • Floating Payment Stream – Effective March 2018, FNIC added a new precious metals stream which increased its coverage to 100% of the ownership of the Cobre Panamá operation. The Floating Payment Stream applies to First Quantum’s 10% indirect interest acquired from LS-Nikko Copper Inc. and KOMIR’s 10% indirect interest. The ongoing payment is 20% of the spot price for the Mineral Reserve life as of 2018 and higher thereafter. Cobre Panamá commenced production in February 2019. In 2023, Cobre Panamá produced approximately 330 kt of copper and achieved record copper production to the end of October before ramping down operations in November. Franco-Nevada sold 128,599 GEOs from the mine in 2023, compared to 123,769 GEOs in 2022. In October 2023, the National Assembly of Panama approved a revised concession contract for the Cobre Panamá mine through a new law, Law 406. Following this approval, widespread protests occurred in Panama resulting in the National Assembly enacting an indefinite mining moratorium in Panama. In late November 2023, the Supreme Court of Justice of Panama declared Law 406 unconstitutional and stated that the effect of the ruling was that the revised concession contract purportedly no longer existed. In November 2023, the mine was placed on preservation and safe management (“P&SM”). In July 2024, a new government under President Mulino took office. President Mulino has stated his government will discuss the mine’s long-term future including an environmental audit of the Cobre Panamá mine. First Quantum discontinued their ICC arbitration proceedings and suspended their FTA arbitration on March 31, 2025, and Franco-Nevada agreed to suspend its arbitration proceeding on June 18, 2025. On May 30, 2025, the Government of Panamá (the “GOP”) approved and formally instructed the execution of the P&SM plan for Cobre Panamá, authorized the import of fuel and the restart of Cobre Panamá’s power plant, and authorized the export of the 122,520 dry metric tonnes of copper concentrate that had been stored at site since the suspension of operations. As a result Franco-Nevada received 11,208 GEOs in stream deliveries in 2025 and approximately 935 GEOs subsequent to year-end, in February 2026. In October 2025, Panamá’s Ministry of Environment (“MiAmbiente”) issued the order for SGS Global to proceed with the integral audit of Cobre Panamá, covering environmental, social, legal, and fiscal compliance aspects of the mine. The audit is anticipated to be concluded in Q2 2026. On April 7, 2026, the GOP approved the removal, processing and export of approximately 38 Mt of stockpiled ore at the Cobre Panamá mine that was extracted prior to the suspension of operations. First Quantum estimates that processing of the stockpiles could commence three months after receiving official regulatory approval, would require one year to process, and is expected to produce approximately 70 kt of copper which would result in the delivery of approximately 23,100 gold oz and 265,000 silver oz to Franco-Nevada in H2 2026 and 2027. Timing of the receipt of such deliveries will depend on First Quantum’s processing schedule which will be carried out in close coordination with the GOP and in compliance with the approved P&SM. Cobre Panamá Gold and Silver Stream kilometer 4 0 N Concession Boundary Pits Camp Caribbean Sea Punta Rincón River Caimito Plant Site Concession Boundary Power Transmission 230 kv line Port and Powerplant Balboa Pit Colina Pit Valle Grande Pit Botija Pit Brazo Pit Medio Pit Botija Abajo Pit Cobre Panamá Panama City Panama Canal Pacific Ocean Caribbean Sea Concession Boundary Pits Camp Plant Site Concession Boundary Power Transmission 230 kv line Balboa Pit Colina Pit Valle Grande Pit Botija Pit Brazo Pit Medio Pit Botija Abajo Pit Cobre Panamá Panama City Panama Canal Pacific Ocean Caribbean Sea Cobre Panamá Gold and Silver Stream kilometer 4 0 N Concession Boundary Pits Camp Caribbean Sea Punta Rincón River Caimito Plant Site Concession Boundary Power Transmission 230 kv line Port and Powerplant Balboa Pit Colina Pit Valle Grande Pit Botija Pit Brazo Pit Medio Pit Botija Abajo Pit Cobre Panamá Panama City Panama Canal Pacific Ocean Caribbean Sea Floating Payment Stream Summary Terms: Delivery Period 1 Delivery Period 2 Delivery Period 3 Au oz delivered 0 to 202,000 202,001 to 429,047 > 429,047 Delivery terms 30 oz Au per 1 mm lbs Cu 20.25 oz Au per 1 mm lbs Cu 15.8% of Au in concentrate Ag oz delivered 0 to 2,460,500 2,460,501 to 7,432,750 > 7,432,750 Delivery terms 344 oz Ag per 1 mm lbs Cu 444 oz Ag per 1 mm lbs Cu 15.5% of Ag in concentrate Ongoing Payment The ongoing payment for deliveries will be 20% of the spot price of gold and silver until 604,000 oz of gold and 9,618,000 oz of silver have been delivered. Thereafter, the ongoing payment will increase to 50% of the spot price of gold and silver. Fixed Payment Stream Summary Terms: Delivery Period 1 Delivery Period 2 Delivery Period 3 Au oz delivered 0 to 808,000 808,001 to 1,716,188 > 1,716,188 Delivery terms 120 oz Au per 1 mm lbs Cu 81 oz Au per 1 mm lbs Cu 63.4% of Au in concentrate Ag oz delivered 0 to 9,842,000 9,842,001 to 29,731,000 > 29,731,000 Delivery terms 1,376 oz Ag per 1 mm lbs Cu 1,776 oz Ag per 1 mm lbs Cu 62.1% of Ag in concentrate Ongoing Payment The ongoing payment for deliveries will be based on a fixed gold and silver price (subject to inflation adjustment) until 1,341,000 oz of gold and 21,510,000 oz of silver have been delivered. Thereafter, the ongoing payment will be the greater of the fixed price or 50% of the spot price of gold and silver. Before production halt, employed 7,000 workers and contributed 5% of Panama’s GDP Potential to be one of the largest copper producers (approx. 1.5% of global production) Assuming a return to full production, Cobre Panamá could contribute 150k–175k GEOs per year TSX / NYSE: FNV Franco-Nevada Corporation ★ 43 42 ★ Franco-Nevada Corporation TSX / NYSE: FNV South & Central America South & Central America