23 GUIDANCE Total GEOs 2022 Actual 2023 Guidance1 2027 Outlook2 729,960 + Record GEOs in 2022 + Diversified guidance exceeded + Benefit of strong energy prices 640,000-700,000 – Assumes lower oil and gas prices1 + Vale royalty attributable production 760,000-820,000 Assumes flat commodity prices1 + Growth from Precious Metal assets + Vale royalty attributable production increase + Continued development of Energy assets + Copper World Precious Metal GEOs 2022 Actual 2023 Guidance1 2027 Outlook2 510,385 + Candelaria, Tasiast, Subika (Ahafo) – Cobre Panama due to timing of shipments – Antapaccay – Less favourable GEO conversion ratios for silver and PGMs 490,000-530,000 + Cobre Panama expansion2 + Antapaccay, MWS, Tasiast, Musselwhite + New mines: Magino, Séguéla, Salares Norte – Antamina, Hemlo, Candelaria 565,000-605,000 + Cobre Panama expansion2 + New mines: Tocantinzinho, Greenstone (Hardrock), Valentine Gold, Stibnite, Eskay Creek + Sudbury still producing – Candelaria step-down – MWS cap met in 2024 Funding Commitments Up to $250M for Tocantinzinho stream Up to $79M for Continental Royalty Acquisition Venture ($10-20M expected in FY 2023) Depletion Estimate $275-$305 million 1. Assuming the following prices: $1,800/oz Au, $21/oz Ag, $900/oz Pt, $1,500/oz Pd, $120/tonne Fe 62% CFR China, $80/bbl WTI oil and $3/mcf Henry Hub natural gas 2. 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