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 $5.50/lb A R T H U R G O L D Advanced Location: Nevada, United States | Operator: AngloGold Ashanti plc | Precious Metals: Au | Royalty: NSR: 1% The Arthur Gold Project, located in the Beatty Mining District of southern Nevada, consists of the Silicon and Merlin deposits and represents an emerging tier - one gold asset in a stable and supportive mining jurisdiction. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ – $ – $ – M&I Resources (koz Au) 1 9,350 – – Inf. Resources (koz Au) 1 6,340 – – P&P Reserves (koz Au) 1 4,940 – – M&I Royalty Ounces (000s) 1,2 97 – – Inf. Royalty Ounces (000s) 2 65 – – P&P Royalty Ounces (000s) 2 50 – – 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 99% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates an average rate of 1.0% is applicable. Silver has been converted assuming $4,500/oz gold and $75.00/oz silver The Arthur Gold Project comprises the Silicon and Merlin deposits and was formerly known as the Expanded Silicon Project. Following the successful completion of a concept study in 2023, the project advanced to a pre-feasibility study centred on the Merlin deposit. This work, supported by extensive drilling and optimisation studies, resulted in a first-time Probable Mineral Reserve of 4.9 Moz of gold (88 Mt at 1.75 g/t) and 7.8 Moz of silver (88 Mt at 2.76 g/t) as at December 31, 2025. In addition to the reported Mineral Reserves, the Arthur Gold project has M&I Resources of 4.4 Moz of gold (164.1 Mt at 0.84 g/t) and 17.6 Moz of silver (164.1 Mt at 3.33 g/t) as well as Inf. Mineral Resources of 6.3 Moz of gold (219.8 Mt at 0.90 g/t) and 16.0 Moz of silver (219.8 Mt at 2.26 g/t). The pre-feasibility study supports an initial 9-year mine life with average annual gold production of ~500 koz, with production front-loaded of approximately 800 koz per year. The project is predominantly oxide mineralisation (>95%) and envisions conventional processing flowsheets. Development plans include an integrated operation featuring a 7 Mtpa milling facility, a 5.5 Mtpa crushed heap - leach circuit, and open - pit mining using electric rope shovels and ultra - class haul trucks. To ensure environmental stewardship, the Arthur Gold Project plans to use filtered, dry-stacked tailings for enhanced water conservation. AngloGold Ashanti plc (“AngloGold Ashanti”) is forecasting $111 million of capital expenditures on the definitive feasibility study in 2026. A total of 104 kms were drilled during 2025 and drilling programs remain underway with the aim to convert additional mineral resource, expand the mineralized footprint and support additional technical studies. The pre-feasibility study is expected to be presented to the AngloGold Ashanti Board of Directors for approval to transition to the feasibility study phase in June 2026. 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 Arthur Gold Oregon Idaho Utah Nevada California Arizona Mexico Pacific Ocean Arthur Gold 1% NSR 5 0 kilometers N Royalty Lands Resource Footprint Silicon Merlin Motherlode SNA Secret Pass Daisy West Daisy South Sterling Highway 95 Highway 95 Gold Center Beatty One of the largest ever greenfield discoveries in the U.S. with significant resource expansion potential Likely developed by AngloGold Ashanti into a tier-one gold asset in a stable and supportive jurisdiction The operator currently has a 9-year mine plan. M&I Resources could support production for 19 years and Inf. Resources for a further 13 years TSX / NYSE: FNV Franco-Nevada Corporation ★ 89 88 ★ Franco-Nevada Corporation TSX / NYSE: FNV United States United States