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 W E S T E R N L I M B Producing Location: South Africa | Operator: Sibanye Stillwater Limited | Precious Metals: Au & Pt | Stream: Gold and Platinum Stream / Royalty: NSR 1% (Pandora) In December 2024, FNIC announced a $500 million precious metals stream on specified production from Sibanye-Stillwater Western Limb PGM Mining Operations in South Africa (the “Western Limb”). 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 70.3 $ − $ − M&I Resources (koz PGM) 4 179,400 182,600 − Inf. Resources (koz PGM) 4 39,000 39,000 − P&P Reserves (koz PGM) 4 35,900 34,000 − Stream M&I Royalty Ounces (000s) 4,5 1,059 1,055 − Stream Inf. Royalty Ounces (000s) 5 190 190 − Stream P&P Royalty Ounces (000s) 5 349 320 − NSR M&I Royalty Ounces (000s) 4,6 113 101 − NSR Inf. Royalty Ounces (000s) 6 10 9 − NSR P&P Royalty Ounces (000s) 6 3 3 − 1 Based on 2023 production per Sibanye-Stillwater’s public disclosure and total 2023 supply per Johnson Matthey PGM market report (May 2024) 2 Assuming current projections of 4E PGM production based on Reserves and Replacement Projects at consensus commodity prices at the time of announcement 3 The ongoing payments are subject to reduction in certain circumstances 4 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 5 For Royalty Ounce calculation for the stream, Franco-Nevada estimates P&P Royalty Ounces include payable metal of the remaining deliveries before 237,000 of gold and 294,000 of platinum, with the balance of Mineral Reserves subject to an 80% gold stream. For M&I Royalty Ounces, Franco- Nevada assumes the P&P Royalty Ounces with the balance of M&I Resources subject to the 80% gold stream. For Inf. Royalty Ounces, Franco-Nevada assumes Inf. Mineral Resources are subject to the 80% gold stream. Platinum ounces have been converted into Royalty Ounces assuming $4,500/oz Au and $2,000/ounce Pt ($2,800/oz Au and $950/ounce Pt in 2024) and Franco- Nevada estimates 95% of the Mineral Reserves, 97% of the M&I Mineral Resources and 99% of the Inf. Mineral Resources are subject to our stream interest. Gold and platinum ounces delivered will be subject to an ongoing payment of 5% of spot prices, respectively to Sibanye-Stillwater. In the case of gold, the ongoing payment will increase to 10% following the delivery of 237 koz of gold 6 For Royalty Ounce calculation for the 1% NSR on Pandora, Franco-Nevada estimates a rate of 1.0% is applicable to Mineral Resources and Mineral Reserves that are subject to the Pandora royalty ground. PGM ounces have been converted into Royalty Ounces assuming ($4,500/oz Au, $2,000/ounce Pt, $1,650/ounce Pd and $7,735/ounce Rh ($2,800/oz Au, $950/ounce Pt, $950/ounce Pd and $5,000/ounce Rh in 2024) Sibanye-Stillwater’s South African PGM mining operations are located in the Western Limb of the Bushveld Complex and are an essential source of PGMs, providing approximately 15% of global platinum supply¹. The operations produced approximately 1.6 Moz 4E PGMs in 2025, consistent with 2024. The operations benefit from extensive existing infrastructure consolidated through the merger of three prior operators, which has unlocked numerous synergies and consist of the Marikana, Rustenburg, and Kroondal operations and a total of 13 underground mines. The integrated operations include concentrators, a smelter and refining complex. Under the stream agreement, gold deliveries are initially referenced to aggregate platinum, palladium, rhodium and gold (“4E PGM”) ounces contained in concentrate. Franco-Nevada receives gold ounces equal to 1.1% of physical 4E PGM ounces contained in concentrate until delivery of 87,500 oz of gold, then 0.75% of 4E PGM ounces contained in concentrate until total delivery of 237 koz of gold, which is currently expected to occur in approximately 25 years. Thereafter, Franco-Nevada will receive 80% of gold contained in concentrate for the remaining LOM. Franco-Nevada receives platinum deliveries equal to 1.0% of platinum contained in concentrate until the delivery of 48 koz of platinum, then increase to 2.1% of platinum contained in concentrate until total delivery of 294 koz of platinum, after which there will be no further platinum deliveries. The stream GEO profile is comprised of approximately 70% gold and 30% platinum deliveries 2 at consensus commodity prices as of the date of transaction. Gold and platinum ounces delivered are subject to an ongoing payment of 5% of spot prices to Sibanye-Stillwater. In the case of gold, the ongoing payment will increase to 10% following completion of the 4E PGM link (after the delivery of 237 koz of gold to Franco-Nevada)³. The stream is referenced to production from an area which extends over 500 km 2 and has a mine life up to 2070 based on board approved ore Reserves and certain pre-feasibility and feasibility stage mechanized UG2 replacement projects being studied, which leverage existing infrastructure. The Siphumelele mechanised UG2 project was recently included in Mineral Reserves demonstrating the value being unlocked by these projects. In addition, the K4 shaft at Marikana is also successfully ramping up production (41% increase year-over-year) to 99,605 4E PGM ounces in 2025, moving Marikana down the cost curve. The stream transaction was closed on February 28, 2025, with an effective date of September 1, 2024. Franco-Nevada expects deliveries of gold and platinum ounces in 2026 from the Western Limb operations to be relatively consistent with 2025, where we received 16,933 oz of gold and 9,185 oz of platinum. Benefits from integrated and established infrastructure, including smelting Operations benefit from a unique and diversified basket of metals, supporting margins Large land package covering over 500 km² with Reserves representing only a small portion of the known 4E PGM Resources The operator currently has a 45-year mine plan. Extensive M&I resource to support potential mine life extensions Rustenburg N4 Rustenburg Kroondal Khuseleka Kwezl Thembelani Bathopele UG2 outcrop Merensky outcrop Kopaneng Siphumelele Bathopele OP Project Newman Project Kwezi Shallows Project Thembelani Deeps Project Siphumelele Project Markina Project Khuseleka Project Turk Project 4B Project Rowland Project Pandora Deeps Project K4 K3 K4 EPC EPL Base Metals Refinery Karee WLTR Marikana K1 K2 Retrofit Waterval Rowland W1 1E Lift 4B Newman Saffy E1 E2 E3 E4 Project Saffy Deeps Project Kroondal Deeps Project E3 Ext Simunye Bambanani K6 Marikana Schaapkraal Hoedspruit Pandora 1% NSR Western Limb Gold and Platinum Stream N kilometer 10 0 Project Area Refinery Concentrator Operational Shaft Prospecting license Mining license Area of Interest Rustenburg N4 Rustenburg Kroondal Khuseleka Kwezl Thembelani Bathopele UG2 outcrop Merensky outcrop Kopaneng Siphumelele Bathopele OP Project Newman Project Kwezi Shallows Project Thembelani Deeps Project Siphumelele Project Markina Project Khuseleka Project Turk Project 4B Project Rowland Project Pandora Deeps Project K4 K3 K4 EPC EPL Base Metals Refinery Karee WLTR Marikana K1 K2 Retrofit Waterval Rowland W1 1E Lift 4B Newman Saffy E1 E2 E3 E4 Project Saffy Deeps Project Kroondal Deeps Project E3 Ext Simunye Bambanani K6 Marikana Schaapkraal Hoedspruit Pandora 1% NSR Western Limb Gold and Platinum Stream N kilometer 10 0 Project Area Refinery Concentrator Operational Shaft Prospecting license Mining license Rustenburg N4 Rustenburg Kroondal Khuseleka Kwezl Thembelani Bathopele UG2 outcrop Merensky outcrop Kopaneng Siphumelele Bathopele OP Project Newman Project Kwezi Shallows Project Thembelani Deeps Project Siphumelele Project Markina Project Khuseleka Project Turk Project 4B Project Rowland Project Pandora Deeps Project K4 K3 K4 EPC EPL Base Metals Refinery Karee WLTR Marikana K1 K2 Retrofit Waterval Rowland W1 1E Lift 4B Newman Saffy E1 E2 E3 E4 Project Saffy Deeps Project Kroondal Deeps Project E3 Ext Simunye Bambanani K6 Marikana Schaapkraal Hoedspruit Pandora 1% NSR Western Limb Gold and Platinum Stream N kilometer 10 0 Project Area Refinery Concentrator Operational Shaft Prospecting license Mining license Area of Interest 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 Franco-Nevada Corporation ★ 93 92 ★ Franco-Nevada Corporation TSX / NYSE: FNV Rest of World Rest of World