Franco-Nevada (FNV) Investor presentation summary

Producing asset updates

• Cobre Panamá began processing stockpiles in Q2 2026; a ministerial commission recommended formal negotiations in September, with a presidential decision expected by year-end.

• Antamina Q3 2026 deliveries are expected to be lower due to reduced Q2 concentrator throughput; a crushing and conveying project supports medium-term growth, and approved mine life extends to 2036.

• Candelaria underground output is targeted at 14 ktpd in 2027 and 22 ktpd by 2030; July weather disruption is not expected to affect FY guidance.

• Tocantinzinho drilling confirmed mineralization continuity up to 150 m below the pit design; regional exploration identified a 15 km by 3 km mineralized corridor.

• Western Limb K4 shaft ramp-up was 77% complete in June 2026; brownfields projects target ~1.5 Moz 4E PGM underground production and an 80% UG2 contribution by 2035.

Royalty asset updates

• Porcupine exploration and the Kidd Creek Met Site acquisition support a 500 kozpa to 1 Mozpa production target by 2031+, versus current output of 260–300 kozpa.

• Canadian Malartic completed the first phase of Odyssey shaft sinking in July 2026; Shaft #1 production is expected in Q2 2027, with Shaft #2 evaluation due in Q4 2026.

• Stillwater targets steady-state production of ~410 koz by 2029; a new stope-size technique is targeted for completion by H2 2028. A strike notice was issued in September, and an East Boulder wage agreement was reached.

• Magino’s expansion plan targets 20,000 tpd by early 2028, with open-pit reserves up 40% to 3.1 Moz; Island Gold targets 3,000 tpd by 2029, with reserves of 5.1 Moz.

• Detour Lake optimization targets 1 Mozpa in 2031; underground production could start as early as 2028, and drilling confirmed grade and continuity in the West Extension zone.

Ramp-up and construction

• Valentine’s approved Phase 2 expansion doubles capacity to 5 Mtpa and supports average annual production of 223 koz over 10 years; construction completion is targeted for late 2028.

• Calcatreu produced first gold in June 2026; its updated PEA outlines a 16-year mine life. Granite Creek is ramping up, with 2026 production expected at 30–40 koz Au.

• Caserones winter storms delayed the return to full production; 2026 copper guidance was reduced to 120,000–130,000 t from 130,000–140,000 t. Salares Norte produced 337 koz gold equivalent in H1 2026, up 173% YoY.

• Eskay Creek received key environmental and operating approvals in January 2026, with operations planned to start in Q2 2027.

• Stibnite secured U.S. EXIM approval for $2.9 billion in project financing, expected to close in H2 2026; construction activities continue after legal challenges were largely unsuccessful.