S T I B N I T E G O L D Advanced Location: Idaho, United States | Operator: Perpetua Resources Corp. | Precious Metals: Au & Ag | Royalty: NSR: 1.7% Au, 100% Ag³ The Stibnite project is located in a historic mining town of the same name in Idaho, about 153 km northeast of Boise and is one of the highest grade open pit deposits in the U.S. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ − $ − $ − M&I Resources (koz Au) 1 6,320 6,317 6,317 Inf. Resources (koz Au) 1 1,611 1,611 1,611 P&P Reserves (koz Au) 1 4,819 4,816 4,816 M&I Royalty Ounces (000s) 1,2 131 123 107 Inf. Royalty Ounces (000s) 2 33 31 27 P&P Royalty Ounces (000s) 2 98 93 82 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 are subject to our royalty interest and for gold estimates a rate of 1.70% is applicable and that for silver, all of the payable silver by-product revenue over the life of mine will be received. Silver has been converted assuming $4,500/oz gold and $75.00/oz silver 3 Silver royalty is based on the expected payable silver with certain adjustments related to antimony concentrates The project is being advanced by Perpetua Resources Corp. (“Perpetua Resources”), who have consolidated 107 km 2 of unpatented and patented claims. Franco-Nevada holds a 1.7% NSR on gold production and, pursuant to a subsequent transaction that closed in March 2024, will receive all the expected payable silver by-product revenue over the life of mine. In March 2026, Perpetua Resources released an updated technical report on the Stibnite project. The project is expected to have a 15-year mine life with average annual gold production of 296 koz per year. The first four years have an average annual gold production of 463 koz per year. Stibnite has Mineral Reserves of 4.8 Moz of gold and 6.4 Moz of silver (105 Mt at 1.43 g/t gold and 1.91 g/t silver). M&I Mineral Resources are 6.3 Moz of gold and 9.4 Moz of silver (148 Mt at 1.33 g/t gold and 1.97 g/t silver). Inf. Mineral Resources are 1.6 Moz of gold and 2.3 Moz of silver (52 Mt at 0.96 g/t gold and 1.40 g/t silver). There is potential to significantly increase Mineral Resources and Mineral Reserves at the project with advancement of high potential exploration targets. The United States Forest Service (“USFS”) issued the Final Record of Decision (“ROD”) authorizing the project in January 2025 and the final federal permits were issued in May 2025. Since receiving the federal permits, Perpetua has completed $527 million of equity financing, announced a $317 million strategic equity investment and private placement with Agnico Eagle and JPMorganChase, as well as advanced an application with the Export-Import Bank of the United States (“U.S. EXIM”) for a loan of up to $2.7 billion. Early works construction was announced in October 2025, and Perpetua expects to close the U.S. EXIM loan in 2026 which will allow for a final investment decision. Commercial operations are expected in 2029. Royalty Property Prospects Mineral Deposits Patented Claims under option Utah Nevada California Stibnite Gold Project Boise Cascade McCall Coeur d'Alene Salt Yellow Pine Deposit West End Deposit Hangar Flats Deposit Historic Tailings Blow-out Mule Rabbit Scout Garnet Ridgetop Cinnamid Saddle Fern Upper Midnight Stibnite Gold 1.7% NSR Au 100% NSR Ag mile 0 1 N C O P P E R W O R L D P R O J E C T Advanced Location: Arizona, United States | Operator: Hudbay Minerals Inc. | Metals: Cu, Mo, Ag & Au | Royalty: NSR: 2.085% Franco-Nevada has a 2.085% NSR royalty covering all metals, including copper, molybdenum, silver and gold extracted from the majority of claims covering the Copper World and East (formerly known as Rosemont) deposits in Pima County, approximately 30 miles southeast of Tucson, Arizona. 2025 2024 2023 Revenue to Franco-Nevada ($ 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 One of the largest and highest grade undeveloped open pit gold deposits in the U.S. The Stibnite project would be the only domestic source of antimony mined in the U.S. $2.7B indicative U.S. EXIM financing The operator currently has a 15-year mine plan. M&I Resources could support production for 21 years and Inf. Resources for a further 5 years 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 Franco-Nevada Corporation ★ 87 86 ★ Franco-Nevada Corporation TSX / NYSE: FNV United States United States