FRANCO-NEVADA CORPORATION 41 THE GOLD INVESTMENT THAT WORKS In October 2015, Franco-Nevada acquired a silver stream for $610 million on production from the Antamina mine in Peru from Teck Resources Limited (“Teck”). Teck has a 22.50% interest in Compañía Minera Antamina S.A. (“CMA”), the Antamina joint venture company, along with partners BHP Billiton Plc (33.75%), Glencore (33.75%) and Mitsubishi Corporation (10.00%). Antamina is an established mine that commenced operations in 2001 and is one of the lowest cost copper operations globally. Silver sold for 2021 was 3.8 million ounces for Fr anco-Nevada’s attributable production under the stream, with 2.8 million ounces sold in 2020. Antamina experienced a temporary shutdown due to COVID-19 in 2020. Franco-Nevada expects attributable production in 2022 to be towards the higher end of our long-term expected annual range of 2.8 million to 3.2 million silver ounces. The stream is based on recovered silver from Teck’s attributable 22.50% interest in the Antamina mine, subject to a fixed silver payability of 90%. Franco-Nevada pays 5% of the spot silver price for each ounce of silver delivered under the stream. The stream will reduce by one-third after 86 million ounces of silver have been delivered. A total of 21.8 million cumulative ounces of silver have been delivered to Franco-Nevada as of December 31, 2021. 2021 2020 2019 Revenue to Franco-Nevada ($ million) $ 94.1 $ 57 $ 44.9 P&P Reserves (moz Ag) 1 107.0 118.3 135.1 M&I Resource (moz Ag) 1 324.9 342.5 334.7 Inferred Resource (moz Ag) 1 447.7 460.7 463.6 P&P Royalty Ounces (000s) 2 201 231 237 M&I Royalty Ounces (000s) 1, 2 585 642 575 Inf Royalty Ounces (000s) 2 560 599 543 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 assumes 22.5% of Teck’s interest in Antamina is subject to our stream interest and that the stream reduces by 33% once 86 million silver ounces have been delivered. Silver has been converted to Royalty Ounces assuming $1,800/oz gold and $23.00/oz ($1,750/oz gold and $25.00/oz in 2020, $1,400/oz gold and $18.00/oz in 2019). The stream interest has been factored by ongoing payments of 5% of the spot price of silver Antamina Ag Peru, South America Operator: Teck Resources Limited (owns 22.50%) Stream: Silver Stream Precious Metals South America High grade copper/zinc orebody One of the lowest cost copper operations globally Large, high grade Inferred Mineral Resource South America Antamina Paramonga Pativilca Lima Barranca Huacho Huaral Chancay Pto. Supe Cutatambo Autopista Panamericana Norte Autopista Panamericana Norte Cajacay Chasquitambo Conococha Carretera Pativilca-Huarez Huarmey Punta Lobitos CMA Puerto Minero Aquia Chiquian Catac Pachacoto Recuay Huaraz Huallanca Huanzala Yanashall Machac Huari San Marcos Chavui De Huantar PARQUE NACIONAL HUASCARAN Subestacion Linea de Transmision Electrica CMA Pipeline PERU Pacific Ocean N Miles 0 60 Antamina Silver Stream Inclusive of Miner al Reserves, the mine contains total Measured and Indicated Mineral Resources of approximately 925 million tonnes of ore (with a silver grade of 10.9 g/t) and an Inferred Mineral Resource of 1.26 billion tonnes of ore (with a silver grade of 11.0 g/t). Total Mineral Reserves are 336 million tonnes of ore (with a silver grade of 9.9 g/t), which are currently constrained by tailings disposal capacity. Based on currently permitted tailings storage capacity, the mine life is expected to continue until 2028. CMA is currently conducting engineering studies for additional tailings storage options and alternative mine plans that could result in significant mine life extensions. Any mine life extension will require a modification of Antamina’s current Environmental Impact Assessment certificate, a process that began in October 2019 with the submission of the study area and common terms of reference to Peruvian regulators for a mine life extension to 2036. A decision in respect of the requested modification is expected in 2023. Historically, a high level of Inferred Mineral Resources have converted to Measured and Indicated Mineral Resources and ultimately to Mineral Reserves. Beyond the known Mineral Reserves and Mineral Resources, Antamina hosts additional potential open-pit and bulk/selective underground targets. There is also regional exploration potential over a large, prospective land package greater than 700 km 2 . PRECIOUS METALS DIVERSIFIED ASSETS RESERVES AND RESOURCES ADDITIONAL INFORMATION Antamina, Peru