C O P P E R C R E E K Advanced Location: Arizona, United States | Operator: Faraday Copper Corp. | Metals: Cu, Mo & Ag | Royalty: NSR: 1% and Production Decision Royalty Payments Copper Creek is a 3-km-long porphyry copper deposit located in Pinal County, less than two hours northeast of Tucson, Arizona. A 2023 Preliminary Economic Assessment (“PEA”) reported 4.2 billion pounds of copper in M&I Mineral Resources. The PEA has a 32-year mine life with average production of 51,100 payable copper equivalent tonnes per year during active mining. Capital investment is estimated at $798 million with a two-year construction period. The Globe and Copper Prince open pit deposits, covered by Franco-Nevada’s royalty, are currently scheduled to be mined within the first three years of operations. Faraday Copper Corp. (“Faraday”) is currently performing baseline environmental monitoring and data collection to support the permitting process. A 1% NSR is payable to Franco-Nevada on all production from certain areas within Faraday’s control. Franco-Nevada’s royalty covers approximately 70% of the Globe and 50% of the Copper Prince open pit resources as reported in the PEA released in 2023. Payment of $3,000,000 ($500,000 per year over 6 years) is due to Franco-Nevada following achievement of commercial production of minerals within a 5-mile radius of certain patented claims now held by Faraday. The Copper Creek mineral resource area is within this 5-mile radius and would therefore be expected to trigger such payments upon production. The Globe resource contains 9.88 Mt of sulphide/transitional ore at 0.40% copper and 2.71 Mt of oxide ore at 0.37% copper. The Copper Prince resource contains 20.72 Mt of sulphide/transitional ore at 0.45% copper and 5.89 Mt of oxide ore at 0.36% copper. Franco-Nevada estimates that resources containing 203 Mlbs of copper (22.1 Mt at 0.33% copper) fall on royalty ground. In 2026, Faraday plans on completing the 40,000 meter Phase IV exploration drill program focused on resource expansion and testing new targets, metallurgical programs to support coarser grind and tailings optimization and a gold assay program to support the inclusion of gold in the updated technical report expected after the Phase IV program is complete. In February 2026, Faraday announced the signing of a letter of intent to acquire BHP’s San Manuel property in Arizona, creating a multi-asset copper district. The acquisition accelerates the pathway to production for Copper Creek as the private land position of San Manuel has the potential for expedited production from the combined projects. For Royalty Ounce calculation, Franco-Nevada estimates 18% of the Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates a rate of 1.275% is applicable for the copper Royalty Ounces (which factors in a NSR smelting charge of 15%). Copper has been converted to Royalty Ounces assuming $5.50/lb S T E R L I N G Advanced Location: Nevada, United States | Operator: AngloGold Ashanti plc | Precious Metals: Au | Royalty: NSR: 0.25% Sterling is a historic gold operation located 185 km northwest of Las Vegas, Nevada near Beatty, Nevada. In 2022, AngloGold Ashanti acquired 100% of Coeur’s wholly owned subsidiary, Coeur Sterling, Inc., which owned the Sterling property. Franco-Nevada holds ⅛ th of a 2% NSR, or an effective 0.25% NSR royalty, on approximately 272 lode mining claims with a small minimum advance royalty. Sterling underground mining operations were terminated at the end of May 2015. The acquisition consolidates AngloGold Ashanti’s ownership position in the Beatty District allowing for optimal development of the assets centered on developing the North Bullfrog and Arthur Gold Projects. As of December 31, 2024, AngloGold Ashanti reported a mineral resource including 0.91 Moz (33.4 Mt at 0.85 g/t) at Sterling. AngloGold Ashanti now reports Sterling as part of its Nevada Regional Deposits. Franco-Nevada has not included Sterling in Royalty Ounce estimates Franco-Nevada Corporation ★ 89 TSX / NYSE: FNV United States