C O N D E S T A B L E Producing Location: Peru, South America | Operator: Rio2 Limited | Precious Metals: Au & Ag | Stream: Gold and Silver Stream In March 2021, FNIC acquired a precious metals stream on production from the Condestable mine in Peru for $165 million and provided an additional $10 million in March 2024 to amend the phase 2 variable deliveries to 37.5%. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 44.5 $ 29.9 $ 23.7 M&I Resources (koz Au) 1 346 546 537 Inf. Resources (koz Au) 1 31 78 79 P&P Reserves (koz Au) 1 170 244 267 M&I Resources (Moz Ag) 1 9.8 9.8 9.8 Inf. Resources (Moz Ag) 1 0.9 1.0 1.0 P&P Reserves (Moz Ag) 1 5.3 5.0 5.2 M&I Royalty Ounces (000s) 1,2 152 185 147 Inf. Royalty Ounces (000s) 2 11 18 12 P&P Royalty Ounces (000s) 2 94 72 85 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 63% of gold and silver until 87,600 ounces of gold and 2,910 koz of silver are delivered, respectively; thereafter, 37.5% of gold and silver ounces are subject to the stream. For Inf. Royalty Ounces, Franco-Nevada assumes 37.5% of gold and silver from Inf. Mineral Resources (25% in 2023) are subject to the stream. 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, $1,950/oz gold and $22.50/oz silver in 2023). The stream interest has been factored by ongoing payments of 20% of the spot price of gold and silver The Condestable mine is located approximately 90 km south of Lima, Peru. In January 2026, Rio2 Limited (“Rio 2”) completed the acquisition of the mine, which was previously held by Southern Peaks Mining L.P ., a private company. The Condestable mine has operated for over 60 years, produces approximately 20 kt of copper per year and has a proven history of resource conversion. For the first five years of the streaming agreement, commencing on January 1, 2021 and ending December 31, 2025, Franco-Nevada received 8,760 oz of gold and 291 koz of silver annually until a total of 43,800 oz of gold and 1,455 koz of silver were delivered (the “Fixed Deliveries”). Franco-Nevada will now receive 63% of the gold and silver contained in concentrate until a cumulative total of 87,600 oz of gold and 2,910 koz of silver have been delivered (the “Variable Phase 1 Deliveries”). The stream then reduces to 37.5% over the remaining life of mine (the “Variable Phase 2 Deliveries”). Franco-Nevada pays 20% of the spot price for gold and silver for each ounce delivered under the stream. The stream is referenced to Condestable concessions covering approximately 450 km 2 with excellent near mine exploration upside. The mine is ramping up to 8,400 tonnes per day, which was achieved for a sustained period during the year, and is currently constructing a tailings filtration plant which extends the life of the tailings storage facilities. Due to a timing delay as a result of the transition from fixed to variable deliveries, Franco-Nevada expects deliveries of approximately 7.7 koz of gold and 150 koz of silver in 2026, based on three quarterly delivers starting in the second quarter. Following the end of the 5-year fixed delivery period, deliveries will be lower in 2026, however, Rio2 is evaluating a 20% to 40% increase in permitted capacity of the underground mine and is evaluating the development of an open pit, which may result in increased deliveries in the coming years. Condestable UG Surface facilities Raul UG Vinchos UG Pacific Ocean Pan American Hwy 102 km to Lima Condestable Gold and Silver Stream kilometer 5 0 kilometer 5 0 Condestable Mining Property Excluded from Stream N Pacific Ocean Argentina Bolivia Peru Brazil Chile Condestable T O C A N T I N Z I N H O Producing Location: Brazil, South America | Operator: G Mining Ventures Corp. | Precious Metals: Au | Stream: Gold Stream In July 2022, FNIC announced a $352.5 million funding package supporting G Mining Ventures Corp. on the Tocantinzinho gold project in Brazil. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 72.5 $ 15.4 $ – M&I Resources (koz Au) 1 1,928 2,181 2,102 Inf. Resources (koz Au) 1 14 27 50 P&P Reserves (koz Au) 1 1,874 2,031 2,042 M&I Royalty Ounces (000s) 1,2 193 218 210 Inf. Royalty Ounces (000s) 2 1 3 5 P&P Royalty Ounces (000s) 2 187 203 204 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 it will receive 12.5% of gold produced which reduces to 7.5% after 300 koz of gold have been delivered. The stream interest has been factored by 80% to reflect an ongoing payment price of 20% of the spot price for each ounce of gold delivered ($4,500/oz gold in 2025, $2,800/oz gold in 2024, $1,950/oz gold in 2023) Tocantinzinho is located in the Tapajos region of Pará State, Brazil, 200 km south-southwest of the city of Itaituba, and is owned and operated by G Mining Ventures Corp. (“G Mining Ventures”). The construction funding package included a $250 million gold stream, $75 million secured term loan and purchase of $27.5 million of G Mining Ventures’ common shares. The project was completed on time and on budget and achieved commercial production in September 2024. In 2024, Franco-Nevada also completed a private placement for an additional $25 million in shares following the Reunion Gold merger and exercised its warrants in connections with the initial project finance package. Under the streaming agreement, Franco-Nevada will receive 12.5% of gold produced which reduces to 7.5% after 300 koz of gold have been delivered. Franco-Nevada pays an ongoing price of 20% of the spot gold price for each ounce of gold delivered. Tocantinzinho is a conventional open pit mining and milling operation. G Mining Ventures’ February 2022 feasibility study outlined a 12,600 tpd mill producing 1.8 Moz of gold over 10.5 years, resulting in an average annual gold production profile of approximately 175 koz with an all-in-sustaining cost of $681/oz and initial capital cost of $458 million. As of December 31, 2025, Tocantinzinho had Mineral Reserves of 1.87 Moz of gold (49.8 Mt at 1.17 g/t gold). The 2026 exploration budget is set at $8 million to $10 million with the intent to discover the next deposit on the existing land package. Tocantinzinho produced 171,871 oz of gold in 2025 and is estimated to produce between 160–190 koz of gold for 2026 and 200–235 koz of gold in 2027, with the increase in 2027 driven by a full-year contribution of higher-grade ore from Phase 2. Franco-Nevada sold 20,900 oz of gold from the mine in 2025, compared to 5,813 oz of gold in 2024. Tocantinzinho Gold Stream kilometer 10 0 N Tocantinzinho Pacific Ocean Argentina Bolivia Peru Brazil Tocantinzinho Mining Licenses Exploration Licenses Excluded from Stream Licenses under application Ramping up to nameplate capacity Large, prospective land package of approximately 996 km² The operator currently has a 10-year mine plan. M&I Resources could support production for 11 years Proven operation targeting plant expansion up to 12 ktpd with excellent potential for mine life extension Rio2 assessing options to develop a potential open pit project Large, prospective land package of approximately 450 km² The operator currently has a 11-year mine plan. M&I Resources could support production for 28 years and Inf. Resources for a further 4 years TSX / NYSE: FNV Franco-Nevada Corporation ★ 31 30 ★ Franco-Nevada Corporation TSX / NYSE: FNV South & Central America South & Central America