C E R R O M O R O Producing Location: Argentina, South America | Operator: Pan American Silver Corp. | Precious Metals: Au & Ag | Royalty: NSR: 2% Franco-Nevada has a 2% NSR on the Cerro Moro mine operated by Pan American Silver Corp. (“Pan American Silver”) in Santa Cruz province, Argentina. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 4.4 $ 5.1 $ 5.2 M&I Resources (koz Au) 1 324 338 422 Inf. Resources (koz Au) 1 146 150 192 P&P Reserves (koz Au) 1 150 246 302 M&I Resources (Moz Ag) 1 13.4 13.8 19.5 Inf. Resources (Moz Ag) 1 3.5 3.6 4.9 P&P Reserves (Moz Ag) 1 5.0 7.5 11.3 M&I Royalty Ounces (000s) 1,2 10 9 12 Inf. Royalty Ounces (000s) 2 4 3 4 P&P Royalty Ounces (000s) 2 4 6 8 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 95% of the Mineral Reserves (95% in 2024, 95% in 2023), 90% of the M&I Mineral Resources (90% in 2024, 90% in 2023) and 90% of the Inf. Mineral Resources (90% in 2024, 90% in 2023) are subject to our royalty interest and estimates a rate of 2.0% is applicable. Silver has been converted, 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 $22.50/oz silver in 2023) 3 Please refer to Yamana’s public disclosures for further details on its definition of gold equivalent ounces Pan American Silver acquired Cerro Moro in March 2023 as part of its acquisition of Yamana Gold Inc. (“Yamana”). The royalty covers 160 km 2 , including a significant portion of the mineral resources contained in high-grade epithermal gold and silver veins. The mine, which began commercial production in June 2018, produced 83,100 oz of gold and 2.51 Moz of silver in 2025, compared to 77,500 oz of gold and 3.0 Moz of silver in 2024. The production increase year-over-year, was driven by a planned transition into higher-grade gold ore zones. For 2026, production is forecasted to be between 80–86 koz of gold and 2.8–3.0 Moz of silver. Pan American Silver expects a recovery in silver output, driven by sequencing into high-grade underground zones, while maintaining stable gold production. Yamana’s prior plans targeted sustainable production of at least 160,000 GEOs annually with aspirations to exceed 200,000 GEOs³. Pan American Silver’s strategy focuses on shorter-term operational optimization and life extension through active exploration and tailings expansions. Pan America’s exploration spending for 2026 is specifically targeting Cerro Moro to extend mine life and discover new mineralized zones. kilometer 5 0 Cerro Moro 2% NSR Carla Michelle Zoe Deborah Martina Tres Lomas Esperanza Loma Escondida Escondida Nini Nini Ext Natalia Natalia NW Plant Buenos Aires Cerro Moro Chile Argentina Uruguay Elsa 2% NSR FNV Royalties Excluded from Royalty Deposits N Cerro Moro, Argentina C A S E R O N E S Producing Location: Chile, South America | Operator: Lundin Mining Corporation | Metals: Cu & Mo | Royalty: NSR: 0.517% Franco-Nevada holds an effective 0.517% NSR on the producing Caserones copper-molybdenum mine located in the Atacama Region of northern Chile. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 5.4 $ 3.9 $ 5.8 M&I Resource (Mlbs Cu) 1 7,937 8,195 9,434 Inf. Resource (Mlbs Cu) 1 324 564 908 P&P Reserves (Mlbs Cu) 1 5,240 5,736 5,990 M&I Royalty Ounces (000s) 1,2 43 55 80 Inf. Royalty Ounces (000s) 2 2 4 8 P&P Royalty Ounces (000s) 2 28 38 51 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 estimates a rate of 0.4395% 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 ($4.25/lb in 2024, $3.75/lb in 2023) Through a series of transactions in 2022 and 2023 Franco-Nevada acquired a 0.517% NSR for a net cost of $42.3 million. Caserones is an open pit mine which began operation in 2013, following a capital investment of approximately US$4.2 billion. Lundin Mining acquired a 75% interest in Caserones via three transactions in 2023, 2024 and 2026. On March 27, 2023, Lundin Mining announced that it had entered into a binding purchase agreement to acquire 51% of the outstanding equity of SCM Minera Lumina Copper Chile (“Lumina Copper”), a wholly owned subsidiary of JX Nippon Mining & Metals Corporation of Japan, and subsequently increased their interest to 70% in 2024, and 75% in 2026. The mine is located approximately 125 km southeast of Copiapó, 9 km from the border with Argentina and is situated at an elevation ranging between 3,200 meters and 5,500 meters above sea level. The porphyry copper-molybdenum deposit is located within a large land package, of which the royalty covers ~170 km 2 . The asset produces copper and molybdenum concentrates from a conventional crusher, mill and flotation plant, as well as copper cathode from a dump leach, solvent extraction and electrowinning plant (“SX-EW”). Historically, the processing facilities have historically produced approximately 100–110 kt of copper in concentrate, 1,700–2,500 tonnes of molybdenum in concentrate and approximately 15–25 kt of copper cathodes per year. Since acquiring Caserones, Lundin Mining has focused on optimizing the operations to increase production and reduce costs. Lundin produced 133 kt of copper in 2025 (on a 100% basis) surpassing guidance and in Q4 2025, achieved its highest quarterly production since Lundin’s acquisition. Furthermore, Lundin issued guidance for 130–140 kt of copper in 2026 (on a 100% basis) with improvements in annual cathode production by 6–8 kt in 2026 and 2027 vs. prior levels and they plan to carry out an 18,000 meter drill program on their large land package. Lundin is planning a 39,800 meter drill program at Caserones with a focus on the Angelica deposit to support a maiden Mineral Resource estimate next year. Caserones, Chile 1 Grants the title holder the right to perform mining operations and to extract ore 2 Grants the title holder the right to explore exclusively a determined area for a specified amount of time Caserones 0.517% NSR Chile Caserones Mine Argentina N Arica Iquique Antofagasta Santiago Copiapo Relincho Chile Argentina Bolivia Peru Candelaria Marte-Lobo Jose Maria Los Helados Cerro Casali Andacollo Regalito Caserones Pacific Ocean Chile Exploitation 1 Concession Exploration 2 /Exploitation 1 Concession Caserones Royalty AOI 0.517% NSR kilometer 10 0 N High grade gold/silver deposit with expansion potential Significant near-mine and regional exploration targets M&I Resources could support production for 4 years and Inf. Resources for a further 2 years Large scale and long–life copper mine in Chile Large land package and aggressive exploration program The operator currently has a 17-year mine plan. M&I Resources could support production for 36 years, with Inf. Resources for a further 2 years TSX / NYSE: FNV Franco-Nevada Corporation ★ 37 36 ★ Franco-Nevada Corporation TSX / NYSE: FNV South & Central America South & Central America