Franco-Nevada (FNV) Corporate presentation summary

Producing asset updates

• Cobre Panama remains on preservation with a third-party audit planned and new presidential leadership in Panama.

• Candelaria received EIA approval in 2023, with potential underground expansion.

• Vale Royalty in Brazil expects Southeastern System contributions to begin in 2025 after reaching a 1.7 Bt iron ore sales threshold.

• Antapaccay's Coroccohuayco project could extend mine life beyond 27 years.

• Antamina received regulatory approval in 2024, extending mine life to 2036.

Royalties and production highlights

• Detour Lake achieved 28 Mtpa throughput in Q4 2024, targeting 29 Mtpa by 2028, with a new LOM plan and PEA.

• Tasiast expansion reached 24 ktpd, with ongoing underground studies and new reserves at Fennec.

• Stillwater is restructuring due to lower palladium prices, reducing production by 200 koz from 2025.

• Macassa achieved record throughput and gold production in Q4 2024, with a new paste plant coming in H1 2025.

• Bald Mountain will extend mine life through 2031 after converting 1 Moz to reserves.

Advanced, ramp-up, and construction projects

• Posse, Greenstone, Salares Norte, and Tocantinzinho all achieved first gold pours in 2024, with commercial production milestones met.

• Valentine Gold is on track for first production in Q2 2025, with accelerated expansion plans.

• Eskay Creek advanced with a 1% NSR acquisition and secured $750M in financing.