C O P P E R W O R L D P R O J E C T Advanced Location: Arizona, United States | Operator: Hudbay Minerals Inc. | Metals: Cu, Mo, Ag & Au | Royalty: NSR: 2.085% Franco-Nevada has a 2.085% NSR royalty covering all metals, including copper, molybdenum, silver and gold extracted from the majority of claims covering the Copper World and East (formerly known as Rosemont) deposits in Pima County, approximately 30 miles southeast of Tucson, Arizona. 2025 2024 2023 Revenue to Franco ‑ Nevada ($ million) $ − $ – $ – M&I Resource (Mlbs Cu) 1,3 11,097 11,100 11,157 Inf. Resource (Mlbs Cu) 1,3 1,940 1,957 1,940 P&P Reserves (Mlbs Cu) 1,3 4,585 4,585 4,583 M&I Royalty Ounces (000s) 1,2,3 246 305 380 Inf. Royalty Ounces (000s) 2,3 44 55 66 P&P Royalty Ounces (000s) 2,3 99 123 156 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% (100% in 2024, 100% in 2023) of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 1.772% (which factors a NSR smelting charge of 15%) for floatation material and a rate of 2.085% for leach material. Copper has been converted to Royalty Ounces assuming $5.50/lb ($4.25/lb in 2024, $3.75/lb in 2023) 3 Does not include silver or molybdenum Mineral Resource and Mineral Reserve estimates Hudbay Minerals Inc. (“Hudbay”) is the operator of the asset following its acquisition of Augusta Resource Corporation in 2014. The Copper World Project includes seven new deposits discovered in 2021 (then referred to as the “Copper World deposits”), together with the East deposit (formerly known as the “Rosemont deposit”). The property is situated near a number of large producing copper mines. In November 2021, Franco-Nevada acquired an incremental 0.585% NSR royalty interest on the Copper World Project from certain private sellers. The royalty has identical terms as an existing 1.5% NSR royalty that Franco-Nevada held and covers the same land package, including the Copper World deposits. Hudbay is focused on advancing the Copper World Project which is on private land and has obtained all required permits. In September 2023, Hudbay released an enhanced pre-feasibility study for the Copper World Complex. The pre-feasibility study announced a Mineral Reserve of 385 million ore tonnes at 0.54% copper and a Mineral Resource of 1,205 million ore tonnes at 0.42% copper. The pre-feasibility study also announced Inf. Mineral Resources of 275 million ore tonnes at 0.32% copper. The pre-feasibility study reflects a two-phase mine plan with the first phase reflecting a standalone operation with processing infrastructure on Hudbay’s private land and mining occurring on portions of the deposits located on patented mining claims. The Copper World Project anticipates producing an average of approximately 85 kt of copper per year for 20 years. The second phase expands mining activities onto federal land and extends the mine life well beyond 20 years. Hudbay announced a $600 million strategic investment from Mitsubishi Corporation in August 2025 for a 30% minority JV interest in Copper World. A detailed engineering and feasibility study are underway with results expected to be released mid-2026 and a construction sanctioning decision expected in 2026, which would allow for first production in 2029. Franco-Nevada has certain contingent payments to previous holders of the Copper World royalties, part of which are expected to be due after the release of the feasibility study in 2026. Hudbay announced the acquisition of Arizona Sonoran in March 2026 further strengthening their operating position in Arizona. The acquired Cactus project is expected to be sequenced after the construction of Copper World. Copper World Project 2.085% NSR 2.085% NSR kilometer 2 0 N Patented Royalty Licences Mineral Resources Unpatented Royalty Licences Excluded from Royalty Peach North Limb Elgin South Limb Broad Top Butte Bolsa Copper World East Deposit 2017 Reserve Pit 83 Copper World Project Pacific Ocean Oregon Idaho Utah Nevada California Arizona Mexico Franco-Nevada’s royalty covers all metals, including copper, molybdenum, silver and gold $600M strategic investment from Mitsubishi Corporation highlights quality of Copper World asset The operator currently has a 20-year mine plan. M&I Resources could support production for 61 years, with Inf. Resources for a further 14 years TSX / NYSE: FNV 86 ★ Franco-Nevada Corporation United States