24 COBRE PANAMA GROWTH OUTLOOK GEO Growth Profile Cobre Panama3 estimated copper production (tonnes in thousands) Franco-Nevada’s attributable GEOs4 based on estimated copper production5 (ounces) 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. During the month, concentrate loading and processing operations resumed to normal levels with all three trains operating 2. 2020, 2021 and 2022 GEOs sold 3. First Quantum 2023 to 2025 guidance dated January 16, 2023 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 On track to achieve 100Mtpa by the end of 20231 FNV 2023 guidance of 115,000-135,000 GEOs 20202 20222 2023 20212 2025 2024