A N T A P A C C A Y Producing Location: Peru, South America | Operator: Glencore plc | Precious Metals: Au & Ag | Stream: Gold and Silver Stream In February 2016, FNIC acquired a precious metals stream on production from the Antapaccay mine for $500 million from Glencore plc (“Glencore”) and its subsidiaries. 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 163.9 $ 131.0 $ 120.1 M&I Resources (koz Au) 1 2,717 2,734 2,871 Inf. Resources (koz Au) 1 457 153 164 P&P Reserves (koz Au) 1 824 909 1,033 M&I Resources (Moz Ag) 1 68.3 68.1 68.3 Inf. Resources (Moz Ag) 1 8.7 3.2 3.4 P&P Reserves (Moz Ag) 1 16.5 15.6 17.7 M&I Royalty Ounces (000s) 1,2 696 656 712 Inf. Royalty Ounces (000s) 2 94 29 32 P&P Royalty Ounces (000s) 2 263 279 333 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 P&P Royalty Ounces include payable metal of the remaining deliveries before the 630 koz of gold and 10.0 Moz of silver hurdle with the balance of Mineral Reserves subject to a 30% stream. For M&I Royalty Ounces, Franco-Nevada assumes the P&P Royalty Ounces with the balance of M&I Resources subject to the 30% stream. For Inf. Royalty Ounces, Franco-Nevada assumes Inf. Mineral Resources are subject to the 30% stream. Silver has been converted to Royalty Ounces 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). The stream interest has been factored by different ongoing payments of 20% of the spot price of gold and silver on the first 750 koz of gold and 12.8 Moz of silver and 30% of the spot price thereafter Antapaccay is located within the province of Espinar in Southern Peru. The property also hosts the historic Tintaya open pit mine and related infrastructure which began operating in 1984. Glencore (Xstrata) invested in excess of $1.5 billion of initial capital to build and commission the Antapaccay open pit mine and plant, which commenced operations in 2012. Under the streaming agreement, gold and silver deliveries are initially referenced to copper in concentrate shipped. Franco-Nevada will receive 300 oz of gold and 4,700 oz of silver for each 1 kt of copper in concentrate shipped, until 630 koz of gold and 10.0 Moz of silver have been delivered, which is currently expected to occur in 2028. Thereafter, Franco-Nevada will receive 30% of the gold and silver shipped. Cumulatively, 531,810 oz of gold and 8.3 Moz of silver have been delivered since acquisition until December 31, 2025. Franco-Nevada will initially pay an ongoing price of 20% of the spot price of gold and silver until 750 koz of refined gold and 12.8 Moz of refined silver have been delivered. Thereafter, the ongoing price will increase to 30% of the spot price of gold and silver. The stream covers approximately 997 km 2 with exposure to the majority of the Antapaccay concessions including the Coroccohuayco deposit which is located within 10 km of the Antapaccay plant. Glencore anticipates a construction decision on the Coroccohuayco open pit project in H2 2026 with first production targeted for H2 2029 with average annual production of 53 koz per annum of gold and 1.5 Mozpa of silver over 40+ years. Coroccohuayco hosts M&I Mineral Resources of 704 Mt with a copper grade that is approximately 50% higher than the Antapaccay Mineral Reserves. In addition, there are several large-scale regional targets and prospects on the Antapaccay concessions. Antapaccay currently has a combined (Antapaccay + Tintaya plants) mill throughput capacity of 105 ktpd. In 2025, Antapaccay produced approximately 131 kt of copper, 44 koz of gold and 1.0 Moz of silver. Franco-Nevada sold 45,488 GEOs from the mine in 2025, compared with 55,329 GEOs in 2024 and, in 2026, expects sales from its Antapaccay stream to be between 30k–40k GEOs based on mine sequencing. Antapaccay has a planned mine life to 2036 which would be further extended by any development of Coroccohuayco. A N T A M I N A Producing Location: Peru, South America | Operator: Teck Resources Limited (owns 22.50%) | Precious Metals: Ag | Stream: Silver Stream In October 2015, Franco-Nevada acquired a silver stream for $610 million on production from the Antamina copper/zinc mine in Peru from Teck Resources Limited (“Teck”). 2025 2024 2023 Revenue to Franco-Nevada ($ million) $ 143.3 $ 55.3 $ 50.5 M&I Resources (Moz Ag)¹ 309.0 315.4 324.7 Inf. Resources (Moz Ag)¹ 424.1 428.5 429.6 P&P Reserves (Moz Ag)¹ 195.4 207.8 77.8 M&I Royalty Ounces (000s) 1,2 703 481 522 Inf. Royalty Ounces (000s) 2 695 467 492 P&P Royalty Ounces (000s) 2 480 339 134 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 assumes 22.5% of Teck’s interest in Antamina is subject to our stream interest and that the stream reduces by 33% once 86 million silver ounces have been delivered. Silver has been converted to Royalty Ounces 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). The stream interest has been factored by ongoing payments of 5% of the spot price of silver Teck has a 22.50% interest in Compañía Minera Antamina S.A. (“CMA”), the Antamina joint venture company, along with partners BHP Billiton Plc (33.75%), Glencore (33.75%) and Mitsubishi Corporation (10.00%). The stream is based on recovered silver from Teck’s attributable 22.50% interest in the Antamina mine, subject to a fixed silver payability of 90%. Franco-Nevada pays 5% of the spot silver price for each ounce of silver delivered under the stream. The stream will reduce by one-third after 86.0 Moz of silver have been delivered, currently expected after 2040. A total of 32.1 million cumulative oz of silver has been delivered to Franco-Nevada as of December 31, 2025. In September 2025, Anglo American plc (“Anglo American”) and Teck agreed to a merger of equals which is expected to close in 2026. Antamina commenced operations in 2001 and is one of the lowest cost copper operations globally. Antamina has a mill throughput capacity of approximately 165 ktpd, depending on ore hardness. In 2025, on a 100% basis, Antamina produced approximately 381,800 tonnes of copper, 454,800 tonnes of zinc and 17.7 Moz of silver (silver calculated from Glencore’s 33.75% interest in Antamina) in concentrates. Silver sold for 2025 was 3.2 Moz for Franco-Nevada’s attributable share under the stream, with 1.9 Moz sold in 2024. Franco-Nevada expects attributable production in 2026 to be between 3.5–3.7 Moz of silver, higher than our long-term expected annual range of 2.8–3.2 Moz of silver as silver grades are expected to be higher than average in 2026. In addition, a new primary crusher was commissioned early 2025 to replace the existing ore crusher and allow pit Phase 9 to continue expanding to the south. All major regulatory approvals are in place for operations through 2036. At December 31, 2025, Mineral Reserves were 528 Mt (with a silver grade of 11.5 g/t). In addition to these Mineral Reserves, which are constrained by tailings disposal capacity, the mine has M&I Mineral Resources (exclusive of Reserves) of 338.7 Mt (with a silver grade of 10.4 g/t) and Inf. Mineral Resources of 1,256.3 Mt (with a silver grade of 10.5 g/t). CMA is evaluating additional tailings storage options and alternative mine plans that could result in significant mine life extensions well beyond 2036. Beyond the known Mineral Resources and Mineral Reserves, Antamina hosts additional potential open pit and bulk/selective underground targets. There is also regional exploration potential over a large, prospective land package greater than 1,000 km 2 . kilometer 15 0 N Antapaccay Gold and Silver Stream Pacific Ocean Argentina Bolivia Peru Brazil Chile Antapaccay Antapaccay Pit Coroccohuayco Tintaya Pit/ Tailings Storage Antapaccay Plant Tintaya Plant 8 km 7 km Pits Antapaccay Concession Area *Antapaccay Concession area covers ~997 km 2 Excluded from Stream Antapaccay Concession Area Pacific Ocean Argentina Bolivia Peru Brazil Chile Antamina Antamina Silver Stream kilometer 100 0 Antamina Lima Cajacay Chasquitambo Carretera Pativilca-Huarez Huarmey Punta Lobitos CMA Puerto Minero Aquia Chiquian Catac Recuay Huaraz Huallanca Yanashall Machac Parque Nacional Huascaran CMA Pipeline Pacific Ocean Autopista Panamericana Norte Conococha Cutatambo Pachacoto Huanzala Subestacion Linea de Transmision Electrica San Marcos Huari Chavui De Huantar Paramonga Pativilca Barranca Huacho Huaral Chancay Pto. Supe N High grade copper/zinc orebody and one of the lowest cost operations globally Large, high grade Measured, Indicated and Inf. Mineral Resources Additional tailings storage options key to unlocking mine life extensions The operator currently has a 11-year mine plan. M&I Resources could support production for 16 years and Inf. Resources for a further 24 years Gold and silver deliveries initially referenced to copper in concentrate shipped Potential for Coroccohuayco to extend mine life over 40+ years Land package of 997 km² offers a number of large-scale regional targets The operator currently has a 11-year mine plan. M&I Resources could support production for 31 years and Inf. Resources for a further 8 years TSX / NYSE: FNV Franco-Nevada Corporation ★ 29 28 ★ Franco-Nevada Corporation TSX / NYSE: FNV South & Central America South & Central America