G U A D A L U P E - P A L M A R E J O Producing Location: Mexico | Operator: Coeur Mining, Inc. | Precious Metals: Au | Stream: 50% Gold Since January 2009, Franco-Nevada has received 50% of the gold produced from the Palmarejo complex located in Chihuahua Province, Mexico which is owned and operated by Coeur Mining, Inc. (“Coeur”). 2025 2024 2023 Revenue to Franco ‑ Nevada ($ million) $ 177.3 $ 84.8 $ 66.8 M&I Resources (koz Au) 1 1,956 2,104 2,090 Inf. Resources (koz Au) 1 1,265 643 381 P&P Reserves (koz Au) 1 928 681 769 M&I Royalty Ounces (000s) 1,2 695 693 556 Inf. Royalty Ounces (000s) 2 245 184 110 P&P Royalty Ounces (000s) 2 373 236 209 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 98% of the Mineral Reserves (97% in 2024, 92% in 2023), 76% of the exclusive M&I Mineral Resource (90% in 2024, 89% in 2023) and 47% of the Inf. Mineral Resource (80% in 2023, 98% in 2023) are subject to our 50% stream interest. The stream interest has been factored by 82% to reflect $4,500/oz gold ($2,800/oz gold in 2024, $1,950/oz gold in 2023) and $800/oz ongoing payments (71% in 2024, 59% in 2023) The Palmarejo complex, which includes mining of the Palmarejo, Guadalupe and Independencia ore bodies, principally produces silver with a considerable gold by-product. It started in 2009 as an open pit and underground mine and is now only an underground operation. Starting in 2009, a Mexican subsidiary of Franco-Nevada received 50% of the gold produced from Palmarejo in return for a $75 million investment. The original contract was terminated in 2014 and Coeur fulfilled its obligation under that agreement in the third quarter of 2016, once they delivered the minimum ounce obligation of 400 koz of gold. In June 2014, FNIC, a subsidiary of Franco-Nevada, entered into a new 50% gold stream with Coeur on the Palmarejo complex with ongoing payments equal to the lesser of $800/oz (no inflation provision) and the then prevailing spot price for gold for each ounce delivered under the new gold stream agreement. The new agreement improved mine economics for Coeur and helped extend the mine life of the entire Palmarejo complex. The agreement applies to a land position totaling over 1,200 km 2 although it does not cover the adjacent concessions that Coeur acquired through the acquisition of Paramount Gold and Silver Corp. In 2014. Franco-Nevada provided an upfront $22 million deposit which was used to partially fund the development of the Guadalupe underground mine on the Palmarejo property. Mineral Reserves and Mineral Resources grew significantly in 2025 net of depletion and extended the mine life to approximately 11 years. Exploration success at Palmarejo in 2025, increased year-over-year silver and gold Mineral Reserves by 40% and 36%, respectively. Franco-Nevada estimates that over 87% of the existing Mineral Resources and Mineral Reserves are covered by the stream agreement. Franco-Nevada sold 50,609 oz of gold from the mine in 2025, compared to 35,678 oz of gold in 2024. Palmarejo has a mill throughput capacity of 7 ktpd and in 2025, along with its principal silver production, produced 100,768 oz of gold. Coeur’s 2026 gold production guidance for Palmarejo is between 95–105 koz. In 2026, Franco-Nevada expects sales from the Guadalupe-Palmarejo stream to be between 47,500– 52,500 GEOs. Palmarejo Agua Salada Mill Guadalupe Mine Complex La Nación La Bavisa Zapata La Patria Independencia Mine Complex Independencia West Pacific Ocean NM TX CA AZ MEXICO Guadalupe-Palmarejo Gold Stream Perimeter of gold stream property Excluded from Stream Deposits Guadalupe- Palmarejo kilometer 4 0 N Independencia East Over 95% of reserves on stream ground Mineral Resources and Mineral Reserves replenished depleted ore Stream has significant leverage to the gold price The operator currently has a 11-year mine plan. M&I Resources could support production for 16 years and Inf. Resources for a further 6 years TSX / NYSE: FNV 92 ★ Franco-Nevada Corporation Rest of World