N U E V A U N I Ó N ( R E L I N C H O ) Advanced Location: Chile, South America | Operator: Teck Resources Limited / Newmont Corporation | Metals: Cu, Au & Mo | Royalty: NSR: 1.5% Franco-Nevada has a 1.5% NSR royalty covering the Relincho property that is part of the NuevaUnión project being advanced by 50/50 joint venture partners, Teck and Newmont. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ − $ − $ − M&I Resources (Mlbs Cu) 1 15,980 16,068 16,068 Inf. Resources (Mlbs Cu) 1 5,752 5,752 5,752 P&P Reserves (Mlbs Cu) 1 11,989 12,078 12,078 M&I Royalty Ounces (000s) 1,2 218 273 346 Inf. Royalty Ounces (000s) 2 90 111 141 P&P Royalty Ounces (000s) 2 156 196 248 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 1.275% (which factors a NSR smelting charge of 15%) and excludes the first four years of production from estimates. Copper has been converted to Royalty Ounces assuming $5.50/lb ($4.25/lb in 2024, $3.75/lb in 2023) The NuevaUnión project was formed in 2015 combining Teck’s Relincho project with Newmont’s La Fortuna (formerly El Morro) deposit, located approximately 40 km apart in the Atacama region of Chile. Franco-Nevada’s 1.5% NSR is subject to a maximum price of $6.00/lb copper and threshold price of $1.50/lb copper, inflation adjusted. No royalty is paid if the average price for the quarter is less than the threshold price and royalty payments commence four years after commercial production. Franco-Nevada acquired the royalty through its acquisition of Lumina Royalty Corp. in December 2011. Anglo American and Teck Resources agreed to a merger in September 2025, which is expected to close later this year. NuevaUnión is one of the largest undeveloped copper-gold-molybdenum projects in the Americas. A preliminary economic assessment disclosed by Teck in 2015 contemplated a conveyor to transport ore from the La Fortuna site to a single line mill and concentrator facility at the Relincho site. A 2018 prefeasibility study outlined a 36-year mine life, with a three-phase development approach assuming life of mine average production of 251 kt of copper equivalent production. Phase 1 (Years 1, 2 and 3) would see mining and a processing facility at the Relincho site assuming processing of 104 ktpd. In Phase 2 (Years 4 to 18), mining activities transfer back to Relincho with an expansion to the processing facilities increasing processing to 208 ktpd. A feasibility study was also completed in 2020, with further optimization work conducted. Work in 2025 advanced select technical and strategic activities, which will continue in 2026 with a focus on establishing a cost-effective path forward. Community engagement and investment activities will continue in 2026. NuevaUnión (Relincho), Chile Royalty Area Proposed Pit Iquique Antofagasta La Serena Santiago Copiapo Relincho Chile Argentina Chile Bolivia Candelaria Marte-Lobo El Morro El Alto Cerro Casali Andacollo Regalito Pacific Ocean Proposed Mill NuevaUnión (Relincho) 1.5% NSR kilometer 10 0 N 1.5% NSR C E N T R O G O L D ( G U R U P I ) Advanced Location: Brazil, South America | Operator: G Mining Ventures Corp. | Precious Metals: Au | Royalty: NSR: 0–1% Franco-Nevada holds a sliding scale NSR royalty (1% at greater than $400/oz gold) on the CentroGold (Gurupi) project located in the State of Maranhão in northern Brazil. G Mining Ventures acquired CentroGold (Gurupi) from BHP Group Limited (“BHP”) in 2024. The Gurupi Project, located in northeastern Brazil, has an Indicated Resource of 43.5 Mt at 1.3 g/t for 1.83 Moz of gold and Inf. Resource of 18.5 Mt at 1.3 g/t for 770 koz of gold, as of December 2025. The 2026 exploration budget for Gurupi totals $21 million, supporting resource definition drilling, resumption of regional exploration and advancement of the Environmental and Social Impact Assessment (“ESIA”), which is expected to be filed in H2 2026. In addition, G Mining Ventures anticipates publishing an updated resource and complete a PEA in H2 2026. A prefeasibility study, completed in July 2019 by Oz Minerals Limited, the prior owner before selling to BHP in 2023, envisioned a 10-year mine life with average annual gold production of 100–120 koz of gold per year with 190–210 koz of gold per year in the first two years of production. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates an average rate of 1.0% is applicable P S J C O B R E M E N D O C I N O Advanced Location: Argentina, South America | Operator: Zonda Metals GmbH & Alberdi Energy | Precious Metals: Au | Royalty: NSR: 7.5% on Au PSJ Cobre Mendocino (formerly San Jorge) is a copper-gold porphyry project located in west-central Argentina, in the province of Mendoza approximately 110 km northwest of the provincial city of Mendoza and 240 km northeast of Santiago, Chile. In April 2015, Aterra Investments Ltd. and Solway Industries Ltd. acquired the property from Coro Mining Corp. In Q1 2025, Zonda Metals GmbH and Alberdi Energy acquired control of the project and are re-evaluating the project scope under Argentina’s large investment incentive regime (RIGI), which offers tax benefits and foreign exchange stability for 30 years, among other advantages. The mine is expected to produce 40 kt of copper concentrates annually over a 16-year life and contemplates an initial capital investment of approximately $559 million. In December 2025, the project EIS was approved, leading the way for an updated feasibility study which is expected in late 2026. Construction is contemplated to begin in 2027, requiring an estimated 18 to 24 months, with initial production planned for 2029. Franco-Nevada received annual minimum payments of $1.25 million per year for a 10-year period which ended in 2021 and maintains a 7.5% NSR on all gold produced from the property, having acquired the royalty through its acquisition of Lumina Royalty Corp. in December 2011. For Royalty Ounce calculation, Franco-Nevada estimates 100% of gold Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates an average rate of 7.5% is applicable C A L C A T R E U Advanced Location: Argentina, South America | Operator: Patagonia Gold Corp. | Precious Metals: Au & Ag | Royalty: NSR: 2.5% Franco-Nevada has a 2.5% NSR on the Calcatreu property located in the Province of Rio Negro in Argentina. In December 2017, Patagonia Gold Corp. (“Patagonia Gold”) acquired the property from Pan American Silver. The Calcatreu deposit contains an Indicated Mineral Resource of 9.8 Mt at 2.1 g/t gold and 19.8 g/t silver for 669 koz of gold and 6.3 Moz of silver and an Inf. Mineral Resource of 8.1 Mt at 1.3 g/t gold and 13.1 g/t silver for 348 koz of gold and 3.4 Moz of silver. Following the receipt of final permits in Q4 2024, Patagonia Gold commenced construction of the Calcatreu heap leach facility in the first quarter of 2025. Mining activities began in August 2025 with topsoil removal, followed by the first production blast in September 2025. As of March 2026, leaching activities began following the completion of construction, commissioning of key infrastructure including the carbon-in-column (CIC) circuit, and the placement of mineralized material on the heap leach pad. During the second and third quarters of 2025, Patagonia Gold completed over 1,770 meters of core drilling across the Belen, Lucy, Nelson Central, and NVS targets to test for near-mine mineralization extensions and an updated technical report is scheduled for release in the second quarter of 2026. M&I Resources could support production for 15 years and Inf. Resources for a further 8 years. For Royalty Ounce calculation, Franco-Nevada estimates 100% of Mineral Resources and Mineral Reserves are subject to our royalty interest and estimates an average rate of 2.5% is applicable. Silver has been converted assuming $4,500/oz gold and $75.00/oz silver One of the largest undeveloped Cu-Au-Mo projects in the Americas Joint venture combines Relincho and La Fortuna to one project Project synergies to significantly reduce capital expenditure The operator currently has a 36-year mine plan. Inf. Resources could support an additional 3 years of production TSX / NYSE: FNV Franco-Nevada Corporation ★ 45 44 ★ Franco-Nevada Corporation TSX / NYSE: FNV South & Central America South & Central America