FRANCO-NEVADA CORPORATION 39 THE GOLD INVESTMENT THAT WORKS N Kilometres 0 2.5 Candelaria Gold and Silver Stream Candelaria Mining Property Area of Interest Ojos del Salado Mining Property Tierra Amarilla Santos Mine Copiapo Candelaria North (U/G) Alcaparrosa Mine Candelaria Pit Candelaria South (U/G) La Espanola PRECIOUS METALS In November 2014, Franco-Nevada (Barbados) Corporation, a subsidiary of Franco-Nevada, acquired a gold and silver stream on production from the Candelaria operation in Chile. Lundin Mining Corporation (“Lundin”) is the operator of the project and owns 80% of the asset with the balance owned by Sumitomo Corporation and its affiliates. Franco-Nevada provided an up-front deposit of $655 million to acquire the gold and silver stream from what is primarily a copper mine. The funds were used to finance a portion of the cost paid by Lundin to acquire the asset from Freeport-McMoRan Inc. Candelaria is an established mining operation and the transaction was the first material instance of a royalty/streaming company partnering with an operating company to purchase a producing asset. The str eam covers the current property position of approximately 150 km 2 . An additional defined area of interest effectively doubles the property position. Should Lundin acquire properties located within the area of interest, Franco-Nevada has the option to purchase a gold and silver stream which will apply to the additional ore from such properties. The str eam covers 68% of the payable gold and silver from 100% of the mine which reduces to 40% after 720,000 ounces of gold and 12 million ounces of silver have been delivered to Franco-Nevada, which are currently expected to occur in late 2026 and late 2027, respectively. Cumulatively, 427,690 ounces of gold and 6.8 million ounces of silver have been delivered since acquisition until December 31, 2021. Franco-Nevada pays an ongoing price equal to the lesser of $420.40 per ounce of gold and $4.20 per ounce of silver or the then prevailing spot price for gold and silver 2021 2020 2019 Revenue to Franco-Nevada ($ million) $ 116.5 $ 106.8 $ 103.1 P&P Reserves (koz Au) 1 2,700 2,800 2,700 M&I Resource (koz Au) 1 5,600 5,600 4,900 Inferred Resource (koz Au) 1 500 300 300 P&P Reserves (moz Ag) 1 39.0 39.0 38.0 M&I Resource (moz Ag) 1 83.0 78.0 66.0 Inferred Resource (moz Ag) 1 7.0 4.0 4.0 P&P Royalty Ounces (000s) 2 851 920 840 M&I Royalty Ounces (000s) 1, 2 1,586 1,629 1,338 Inf Royalty Ounces (000s) 2 125 75 68 1 Please r efer to the tables on pages 128-136 for a breakout of grade and tonnages by Mineral Resource category; all M&I categories are inclusive of Mineral Reserves 2 For Ro yalty Ounce calculation, Franco-Nevada estimates P&P Royalty Ounces include payable metal of the balance of the 720,000 ounces of gold and 12 million ounces of silver remaining and the balance of P&P Reserves subject to the lower stream percentage. For M&I Royalty Ounces, Franco-Nevada has assumed the P&P Royalty Ounces with the balance of M&I Resources subject to the lower stream percentage. For Inf Royalty Ounces, Franco-Nevada assumes Inferred Mineral Resources are subject to the lower stream percentage. Silver is converted to Royalty Ounces assuming $1,800/oz gold and $23.00/oz silver ($1,750/oz gold and $25.00/oz silver in 2020, $1,400/oz gold and $18.00/oz silver in 2019). The stream interest has been factored by 77% to reflect $1,800 per ounce gold and $420.40 per ounce ongoing payments (76% in 2020, 71% in 2019) for each ounce delivered under the stream. This price escalates by 1% per annum in October of each year. The Candelaria mine was disco vered in 1987 and the open pit has been in operation since 1993. The operation also includes the Candelaria North and South, Santos and Alcaparrosa underground mines. Lundin has made a significant investment in exploration at Candelaria. With the exploration success, Lundin has extended the go forward mine life from 2028, when it acquired Candelaria, to 2044. Lundin has successfully added to the Mineral Reserves and Mineral Resources at the four underground mines and has discovered the La Española open-pit deposit which is located partly on the stream concession and partly on ground covered by Franco-Nevada’s area of interest. Fr anco-Nevada sold 65,034 GEOs from the mine in 2021, compared with 59,655 GEOs in 2020. In 2022, Franco-Nevada expects sales from its Candelaria stream to be between 60,000 and 70,000 GEOs. DIVERSIFIED ASSETS RESERVES AND RESOURCES ADDITIONAL INFORMATION Candelaria Au & Ag Chile, South America Operator: Lundin Mining Corporation Stream: Gold and Silver Stream Precious Metals South America Updated plan extends life of mine to 2040 Successfully increased reserves and resources at four underground mines; demonstrating continued strong exploration potential Pacific Ocean ARGENTINA BOLIVIA PERU BRAZIL CHILE Candelaria Millmerran Red October Henty Mt Keith Duketon Yandal (Bronzewing/Julius) King Vol Bowen Basin South Kalgoorlie (Mt Martin) Flying Fox Australia Subika (Ahafo) Tasiast Sabodala Edikan MWS Perama Hill Kiziltepe Karma Sissingue Pandora Franco-Nevada Australia Office CentroGold (Gurupi) Cerro Moro San Jorge Antamina Salares Norte/ Rio Baker Antapaccay Candelaria Calcatreu Agate Creek White Dam Condestable Séguéla Edna May Higginsville (Lake Cowan) Aphrodite Matilda (Wiluna) Agnew (Vivien) South Kalgoorlie (New Celebration/ Mt Marion Lithium) Cue Gold (Day Dawn) Agi Dagi ̆ ̆ Producing Advanced Producing (Energy) Cascabel (Alpala) Posse (Mara Rosa) Producing Advanced Lundin Mining Corporation Candelaria, Chile