COBRE PANAMA GROWTH OUTLOOK 24 GEO Growth Profile On track to achieve 100Mtpa by the end of 1 2023 FNV 2023 guidance of 115,000-135,000 GEOs 1. First Quantum Minerals Ltd. and the Government of Panama agreed to a draft concession contract in March which is subject to a public consultation process and certain additional Panamanian approvals. 2 2 2 2023 2020 2021 2022 2024 2025 During the month, concentrate loading and processing operations resumed to normal levels with all three trains operating Cobre Panama3 Franco-Nevada’s attributable GEOs4 2. 2020, 2021 and 2022 GEOs sold estimated copper production based on estimated copper 3. First Quantum 2023 to 2025 guidance dated January 16, 2023 (tonnes in thousands) production5 (ounces) 4. Assuming: $1,800/oz Au; $21/oz Ag 5. Franco-Nevada is entitled to $100/oz discount on initial stream payments related to the Delay Balance. The discount is expected to apply to deliveries through till the second half of 2023