# EDGAR Filing Document

**Accession Number:** 0001456346
**File Stem:** 0001104659-26-032133
**Filing Date:** 2026-3
**Character Count:** 889562
**Document Hash:** 173b216d257eaa944d403b79c1e314fa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-032133.hdr.sgml**: 20260319

**ACCESSION NUMBER**: 0001104659-26-032133

**CONFORMED SUBMISSION TYPE**: 40-F

**PUBLIC DOCUMENT COUNT**: 177

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260319

**DATE AS OF CHANGE**: 20260319

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRANCO NEVADA Corp
- **CENTRAL INDEX KEY:** 0001456346
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Z4
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 40-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35286
- **FILM NUMBER:** 26774870

**BUSINESS ADDRESS:**
- **STREET 1:** 199 BAY STREET, SUITE 2000
- **STREET 2:** COMMERCE COURT WEST
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5L 1G9
- **BUSINESS PHONE:** 416-306-6317

**MAIL ADDRESS:**
- **STREET 1:** 199 BAY STREET, SUITE 2000
- **STREET 2:** COMMERCE COURT WEST
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5L 1G9

?xml version='1.0' encoding='ASCII'? Franco-Nevada Corporation_December 31, 2025

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**UNITED STATESSECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 40-F**

**☐** **Registration statement pursuant to Section 12 of the Securities Exchange Act of 1934**

**or**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**☒** **Annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934** 

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| | |
|:---|:---|
| 6<br>|  |
| **For the fiscal year ended December 31, 2025** | **Commission File Number 001-35286** |

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**Franco-Nevada Corporation**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Canada** | **1040** | **Not Applicable** |
| (Province or Other Jurisdiction of | (Primary Standard Industrial | (I.R.S. Employer |
| Incorporation or Organization) | Classification | Identification No.) |
|  | Code) |  |

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**199 Bay Street, Suite 2000**

**P.O. Box 285**

**Commerce Court Postal Station**

**Toronto, Ontario M5L 1G9**

**Canada**

**(416) 306-6300**

(Address and telephone number of registrant's principal executive offices)

**Corporation Service Company**

**80 State Street** 

**Albany, New York 12207-2543**

 **(866) 403-5272**

(Name, address (including zip code) and telephone number (including

area code) of agent for service in the United States)

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of Each Class:** | **Trading**<br>**Symbol(s)** | **Name of Each Exchange On Which Registered:** |
| **Common Shares** | **FNV** | **New York Stock Exchange** |

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Securities registered pursuant to Section 12(g) of the Act: **None**

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: **None**

For annual reports, indicate by check mark the information filed with this form:

☒ Annual Information Form ☒ Audited Annual Financial Statements

Indicate the number of outstanding shares of each of the registrant's classes of capital or common stock as of the close of the period covered by the annual report: 192,798,692

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. ⌧ Yes ◻ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ⌧ Yes ◻ No

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by checkmark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Exchange Act, indicate by check mark whether the financial statements of the registrant

included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based

compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

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**EXPLANATORY NOTE**

Franco-Nevada Corporation (the "Registrant" or the "Company") is a Canadian issuer that is permitted, under the multijurisdictional disclosure system adopted in the United States ("MJDS"), to prepare its annual report pursuant to Section 13 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), in accordance with disclosure requirements in effect in Canada that differ from those of the United States. The Registrant is a "foreign private issuer" as defined in Rule 3b-4 under the Exchange Act and in Rule 405 under the Securities Act of 1933, as amended (the "Securities Act"). Equity securities of the Registrant are accordingly exempt from Sections 14(a), 14(b), 14(c), 14(f), 16(b) and 16(c) of the Exchange Act pursuant to Rule 3a12-3.

**FORWARD-LOOKING STATEMENTS**

This Annual Report on Form 40-F and the exhibits hereto (this "Annual Report") contain "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, respectively, which may include, but are not limited to, statements with respect to future events or future performance, management's expectations regarding the Registrant's growth, results of operations, estimated future revenues, performance guidance, carrying value of assets, future dividends and requirements for additional capital, mineral resources and mineral reserves estimates, production estimates, production costs and revenue, future demand for and prices of commodities, expected mining sequences, business prospects and opportunities, the performance and plans of third-party operators, any ongoing or future audits being conducted by the Canada Revenue Agency ("CRA"), the expected exposure for current and future tax assessments and available remedies, and statements with respect to the future status and any potential restart of the Cobre Panamá mine and related arbitration proceedings. In addition, statements relating to mineral resources and mineral reserves, gold equivalent ounces ("GEOs") or mine lives are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions are accurate and that such mineral resources and mineral reserves, GEOs or mine lives will be realized. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "potential for", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved.

Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Registrant to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. A number of factors could cause actual events or results to differ materially from any forward-looking statement, including, without limitation: fluctuations in the prices of the primary commodities that drive royalty and stream revenue (gold, platinum group metals, copper, nickel, silver, iron ore and oil and gas); fluctuations in the value of the Canadian and Australian dollar, Brazilian real, Mexican peso, and any other currency in which revenue is generated, relative to the U.S. dollar; changes in national and local government legislation, including permitting and licensing regimes and taxation policies and the enforcement thereof; proposed tariff and other trade measures that may be imposed by the United States and proposed retaliatory measures that may be adopted by its trading partners; the adoption and implementation of a global minimum tax on corporations; regulatory, political or economic developments in any of the countries where properties in which the Registrant holds a royalty, stream or other interest are located or through which they are held; risks related to the operators of the properties in which the Registrant holds a royalty, stream or other interest, including changes in the ownership and control of such operators; relinquishment or sale of mineral properties; influence of macroeconomic developments; business opportunities that become available to, or are pursued by the Registrant; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which the Registrant holds a royalty, stream or other interest; whether or not the Registrant is determined to have "passive foreign investment company" ("PFIC") status as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended; potential changes in Canadian tax treatment of offshore streams; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the properties in which the Registrant holds a royalty, stream or other interest; access to sufficient pipeline capacity; actual mineral content may differ from the mineral resources and mineral reserves contained in technical reports; rate and timing of production differences from mineral resource estimates, other technical reports and mine plans; risks and hazards associated with

the business of development and mining on any of the properties in which the Registrant holds a royalty, stream or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, sinkholes, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious disease; the impact of future pandemics; and the integration of acquired assets. The forward-looking statements contained in, or incorporated by reference into, this Annual Report are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which the Registrant holds a royalty, stream or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; the Registrant's ongoing income and assets relating to determination of its PFIC status; no material changes to existing tax treatment; the expected application of tax laws and regulations by taxation authorities; the expected assessment and outcome of any audit by any taxation authority; no adverse development in respect of any significant property in which the Registrant holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; integration of acquired assets; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance. In addition, there can be no assurance as to (i) the outcome of any ongoing or future audit by the CRA or the Registrant's exposure as a result thereof, or (ii) the future status and any potential restart of the Cobre Panamá mine or the outcome of any related arbitration proceedings. The Registrant cannot assure investors that actual results will be consistent with these forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements due to the inherent uncertainty therein. For additional information with respect to risks, uncertainties and assumptions, please refer to the "Risk Factors" section of the 2025 AIF (as defined below) filed as Exhibit 99.1 to this Annual Report with the Canadian securities regulatory authorities on www.sedarplus.com and the United States Securities and Exchange Commission (the "SEC") on www.sec.gov.

The forward-looking statements herein are made as of the date of this Annual Report only and the Registrant does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. The Registrant's forward-looking statements contained in the exhibits incorporated by reference into this Annual Report are made as of the respective dates set forth in such exhibits. Such forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made. In preparing this Annual Report, the Registrant has not updated such forward-looking statements to reflect any change in circumstances or in management's beliefs, expectations or opinions that may have occurred subsequent to the date thereof, nor does the Registrant assume any obligation to update such forward-looking statements in the future, except as required by applicable law. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.

**CAUTIONARY NOTE REGARDING MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES**

The 2025 AIF has been prepared in accordance with the requirements of Canadian securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all mineral resource and mineral reserve estimates included in the 2025 AIF have been prepared by the owners or operators of the relevant properties (as and to the extent indicated by them) in accordance with National Instrument 43-101 – *Standards of Disclosure for Mineral Projects* ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards ("CIM Definition Standards"). NI 43-101 is a rule developed by the Canadian securities regulatory authorities which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. NI 43-101 permits a historical estimate made prior to the adoption of NI 43-101 that does not comply with NI 43-101 to be disclosed using the historical terminology if, among other things, the disclosure: (a) identifies the source and date of the historical estimate; (b) comments on the relevance and reliability of the historical estimate; (c) states whether the historical estimate uses categories other than those prescribed by NI 43-101; and (d) includes any more recent estimates or data available.

Mining disclosure under U.S. securities law was previously required to comply with SEC Industry Guide 7 ("SEC Industry Guide 7") under the United States *Securities Exchange Act of 1934*, as amended. The SEC has adopted rules to replace SEC Industry Guide 7 with new mining disclosure rules under sub-parts 1300 and 1301 of Regulation S-K of the United States *Securities Act of 1933* ("Regulation S-K 1300") which became mandatory for U.S. reporting companies beginning with the first fiscal year commencing on or after January 1, 2021. Under Regulation S-K 1300, the

SEC now recognizes estimates of "Measured Mineral Resources", "Indicated Mineral Resources" and "Inferred Mineral Resources". In addition, the SEC has amended its definitions of "Proven Mineral Reserves" and "Probable Mineral Reserves" to be substantially similar to international standards. Readers are cautioned that despite efforts to harmonize U.S. mining disclosure rules with NI 43-101 and other international requirements, there are differences between the terms and definitions used in Regulation S-K 1300 and mining terms defined in the Canadian Institute of Mining, Metallurgy and Petroleum Standards, which definitions have been adopted by NI 43-101, and there is no assurance that any mineral resources or mineral reserves that an owner or operator may report as "measured mineral resources", "indicated mineral resources", "inferred mineral resources", "proven mineral reserves" and "probable mineral reserves" under NI 43-101 would be the same had the owner or operator prepared the mineral resource or mineral reserve estimates under the standards of Regulation S-K 1300.

In addition to NI 43-101 and S-K 1300, a number of mineral resource and mineral reserve estimates have been prepared in accordance with the JORC Code or the SAMREC Code each of which constitutes an "acceptable foreign code" for purposes of NI 43-101, which differ from the requirements of NI 43-101 and U.S. securities laws. Accordingly, information containing descriptions of the Registrant's mineral properties set forth in the documents incorporated by reference herein may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under U.S. federal securities laws and the rules and regulations thereunder. For more information, see "Reconciliation to CIM Definitions" in the 2025 AIF.

**DOCUMENTS INCORPORATED BY REFERENCE**

The following documents are filed as exhibits to this Annual Report and are hereby incorporated by reference herein:

● the Annual Information Form of the Registrant for the fiscal year ended December 31, 2025 (the "2025 AIF");

● the Management's Discussion and Analysis of the Registrant for the fiscal year ended December 31, 2025 (the "2025 MD&A"); and

● the audited consolidated financial statements of the Registrant as at and for the fiscal years ended December 31, 2025 and 2024, including the notes thereto, together with Management's Report on Internal Control over Financial Reporting and the report of our Independent Registered Public Accounting Firm thereon.

The Registrant prepares its consolidated financial statements, which are filed as Exhibit 99.3 to this Annual Report, in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board ("IFRS Accounting Standards"). IFRS Accounting Standards differ in some significant respects from generally accepted accounting principles in the United States, and thus the consolidated financial statements may not be comparable to financial statements of United States companies.

**DISCLOSURE CONTROLS AND PROCEDURES**

The information relating to the Registrant's disclosure controls and procedures is included under the heading "Internal Control over Financial Reporting and Disclosure Controls and Procedures" in the 2025 MD&A, which is filed as Exhibit 99.2 hereto and incorporated by reference herein.

**MANAGEMENT'S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING**

The Management's Report on Internal Control over Financial Reporting is filed in Exhibit 99.3 hereto and incorporated by reference herein.

**ATTESTATION REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

PricewaterhouseCoopers LLP (PCAOB ID 271), an independent registered public accounting firm, audited the effectiveness of the Registrant's internal control over financial reporting as of December 31, 2025, and issued an

unqualified opinion thereon, as stated in their report included in Exhibit 99.3 hereto and incorporated by reference herein.

**CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING**

The information relating to changes in the Registrant's internal control over financial reporting is included under the heading "Internal Control over Financial Reporting and Disclosure Controls and Procedures" in the 2025 MD&A, which is filed as Exhibit 99.2 hereto and incorporated by reference herein.

**NOTICES PURSUANT TO REGULATION BTR**

There were no notices required by Rule 104 of Regulation BTR that the Registrant sent during the year ended December 31, 2025 concerning any equity security subject to a blackout period under Rule 101 of Regulation BTR.

**BOARD OF DIRECTORS**

The Board is comprised of a majority of independent directors in accordance with the requirements of Sections 303A.01 and 303A.02 of the New York Stock Exchange Listed Company Manual (the "NYSE Manual"). The composition of the Board, including the designation of a lead independent director, ensures that the Board has in place appropriate structures and procedures to ensure that the Board can function independently of management.

The Board meets at each regularly scheduled meeting for executive sessions in which the Registrant's independent and "non-management" directors (as defined in the NYSE Manual) meet independently of non-independent directors and management. David Harquail, the Chair of the Board, serves as the presiding director at all meetings of the Board, and Tom Albanese, lead independent director, serves as the presiding director at all such executive sessions.

In addition, the Board has established the Audit and Risk Committee (as described more fully below under "Audit and Risk Committee"), the Compensation and Sustainability Committee, and the Nominating and Governance Committee, each of which is comprised of independent directors, as determined under the NYSE Manual.

The mandate of the Board, the Audit and Risk Committee charter, the Compensation and Sustainability Committee charter and the Nominating and Governance Committee charter are located on the Registrant's website at www.franco-nevada.com, under the heading "Corporate—Policies & Mandates—Charters and Mandates." Copies of the Board mandate and committee charters may also be obtained upon request from Investor Relations at 416-306-6323, or by email to info@franco-nevada.com. Information contained or otherwise accessed through the Registrant's website or any other website, other than those documents filed as exhibits hereto or otherwise specifically referred to herein, does not form part of this Form 40-F, and any reference to the Registrant's' website herein is as an inactive textual reference only.

**AUDIT AND RISK COMMITTEE**

The Board has a separately designated standing Audit and Risk Committee established for the purpose of overseeing the accounting and financial reporting processes of the Registrant and audits of the financial statements of the Registrant in accordance with Section 3(a)(58)(A) of the Exchange Act. As of the date of this Annual Report, the Audit and Risk Committee is comprised of Hugo Dryland, Catharine Farrow, and committee chair Jennifer Maki, each of whom is independent under the NYSE Manual and Rule 10A-3 under the Exchange Act. In addition, the Board has determined that Ms. Maki is an "audit committee financial expert" within the meaning of the rules of the SEC. The information provided under the heading "Audit and Risk Committee Information" in the 2025 AIF and the Audit and Risk Committee Charter attached as Appendix A to the 2025 AIF is hereby incorporated by reference herein.

A copy of Audit and Risk Committee charter is also located on the Registrant's website at www.franco-nevada.com, under the heading "Corporate—Policies & Mandates—Charters and Mandates," or may be obtained upon request from Investor Relations at 416-306-6323, or by email to info@franco-nevada.com.

**NYSE CORPORATE GOVERNANCE**

The Registrant operates under corporate governance practices that are consistent with the requirements of Section 303A of the NYSE Manual.

In accordance with Section 303A.11 of the NYSE Manual, a summary of the significant ways in which the Registrant's corporate governance practices differ from those applicable to U.S. domestic companies under New York Stock Exchange listing standards is located on the Registrant's website at www.franco-nevada.com, under the heading "Corporate—FNV Practices & NYSE Rules," or may be obtained upon request from Investor Relations at 416-306-6323, or by email to info@franco-nevada.com.

The Registrant is permitted to follow certain home country corporate governance practices instead of those otherwise required under the NYSE Manual for domestic issuers. In particular, the Registrant intends to follow the listing rules of the TSX in respect of private placements instead of the requirements of the NYSE to obtain shareholder approval for certain dilutive events (such as issuances that will result in a change of control, certain transactions other than a public offering involving issuances of a 20% or greater interest in the Registrant and certain acquisitions of the shares or assets of another company). The TSX threshold for shareholder approval of private issuances of common shares is generally 25%, subject to additional shareholder approval requirements in the case of certain issuances to insiders, and accordingly, the Registrant will be permitted to rely on shareholder approval rules that may be less favorable to shareholders than for U.S. domestic companies that are subject to NYSE shareholder approval rules.

The Registrant also intends to follow the listing rules of the TSX in regard to shareholder approval of certain equity compensation matters instead of those required under the NYSE Manual for U.S. domestic issuers. Although the TSX requires shareholder approval for most equity compensation plans, the NYSE rules differ from the TSX rules in some respects, e.g., there is no requirement in Canada for shareholder approval of compensation arrangements with shares purchased in the open market at fair value or for amendments to such arrangements. The Registrant is permitted to follow its home country shareholder approval practices for its equity compensation plans in lieu of these NYSE rules, and accordingly, the Registrant may elect to only obtain shareholder approval of those share compensation arrangements that involve the issuance of shares from treasury or involving amendments to such arrangements that require shareholder approval (in accordance with the TSX rules and the terms of such arrangements).

**CODE OF ETHICS**

The Registrant has adopted a Code of Business Conduct and Ethics (the "Code"), which is applicable to all directors, officers and employees. All amendments to the Code, and all waivers of the Code with respect to any of the officers covered by it, which waiver may be made only by the Board in respect of senior officers, will be promptly posted on the Registrant's website and provided in print to any shareholder who requests them.

A copy of the Code is located on the Registrant's website at www.franco-nevada.com, under the heading "Corporate—Policies & Mandates—Policies," or may be obtained, without charge, upon request from Investor Relations at 416-306-6323, or by email to info@franco-nevada.com.

**PRINCIPAL ACCOUNTANT FEES AND SERVICES**

The information relating to the Registrant's principal accountant fees and services that is included under the heading "Audit and Risk Committee Information—Fees" in the 2025 AIF is hereby incorporated by reference herein.

In addition, the information relating to the Audit and Risk Committee's pre-approval policies and procedures that is included under the heading "Audit and Risk Committee Information—Pre-Approval Policies and Procedures" in the 2025 AIF is hereby incorporated by reference herein.

**OFF-BALANCE SHEET ARRANGEMENTS**

The Registrant does not have any off-balance sheet arrangements.

**MATERIAL CASH REQUIREMENTS**

The information relating to the Registrant's material cash requirements is included under the headings "Liquidity and Capital Resources – Purchase Commitments" and "Liquidity and Capital Resources – Capital Commitments" in the 2025 MD&A, which is filed as Exhibit 99.2 hereto and incorporated by reference herein.

**MINE SAFETY DISCLOSURE**

None.

**DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS**

None.

**UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS**

The following is a general summary of certain material U.S. federal income tax considerations applicable to a U.S. Holder (as defined below) arising from and relating to the acquisition, ownership and disposition of Common Shares.

This summary is for general information purposes only and does not purport to be a complete analysis or listing of all potential U.S. federal income tax considerations that may apply to a U.S. Holder arising from and relating to the acquisition, ownership and disposition of Common Shares. In addition, this summary does not take into account the individual facts and circumstances of any particular U.S. Holder that may affect the U.S. federal income tax consequences to such U.S. Holder, including specific tax consequences to a U.S. Holder under an applicable tax treaty. Accordingly, this summary is not intended to be, and should not be construed as, legal or U.S. federal income tax advice with respect to any U.S. Holder. This summary does not address the U.S. federal alternative minimum, U.S. federal estate and gift, U.S. state and local, or non-U.S. tax consequences to U.S. Holders of the acquisition, ownership and disposition of Common Shares. Except as specifically set forth below, this summary does not discuss applicable tax reporting requirements. Each prospective holder of Common Shares should consult its own tax advisor regarding the U.S. federal, U.S. federal alternative minimum, U.S. federal estate and gift, U.S. state and local, and non-U.S. tax consequences relating to the acquisition, ownership and disposition of Common Shares.

No ruling from the United States Internal Revenue Service (the "IRS") has been requested, or will be obtained, regarding the U.S. federal income tax consequences of the acquisition, ownership and disposition of Common Shares. This summary is not binding on the IRS, and the IRS is not precluded from taking positions that are different from, and contrary to, the positions taken in this summary. In addition, because the authorities on which this summary is based are subject to various interpretations, the IRS and the U.S. courts could disagree with one or more of the conclusions described in this summary.

**Scope of this Summary**

*Authorities*

This summary is based on the United States Internal Revenue Code of 1986, as amended (the "Code"), Treasury Regulations (whether final, temporary, or proposed), published rulings of the IRS, published administrative positions of the IRS, the Convention Between Canada and the United States of America with Respect to Taxes on Income and on Capital, signed September 26, 1980, as amended (the "Canada-U.S. Tax Convention"), and U.S. court decisions that are applicable and, in each case, as in effect and available as of the date of this Annual Report. Any of the authorities on which this summary is based could be changed in a material and adverse manner at any time, and any such change could be applied on a retroactive or prospective basis, which could affect the U.S. federal income tax considerations described in this summary. This summary does not discuss the potential effects, whether adverse or beneficial, of any proposed legislation that, if enacted, could be applied on a retroactive or prospective basis.

*U.S. Holders*

For purposes of this summary, the term "U.S. Holder" means a beneficial owner of Common Shares that is for U.S. federal income tax purposes:

● an individual who is a citizen or resident of the United States;

● a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) organized under the laws of the United States, any state thereof or the District of Columbia;

● an estate whose income is subject to U.S. federal income taxation regardless of its source; or

● a trust that (a) is subject to the primary supervision of a court within the United States and the control of one or more U.S. persons for all substantial decisions or (b) has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.

*U.S. Holders Subject to Special U.S. Federal Income Tax Rules Not Addressed*

This summary does not address the U.S. federal income tax considerations applicable to U.S. Holders that are subject to special provisions under the Code, including, but not limited to, the following: (a) U.S. Holders that are tax-exempt organizations, qualified retirement plans, individual retirement accounts, or other tax-deferred accounts; (b) U.S. Holders that are financial institutions, underwriters, insurance companies, real estate investment trusts, or regulated investment companies; (c) U.S. Holders that are broker-dealers, dealers, or traders in securities or currencies that elect to apply a mark-to-market accounting method; (d) U.S. Holders that have a "functional currency" other than the U.S. dollar; (e) U.S. Holders that own Common Shares as part of a straddle, hedging transaction, conversion transaction, constructive sale, or other arrangement involving more than one position; (f) U.S. Holders that acquired Common Shares in connection with the exercise of employee stock options or otherwise as compensation for services; (g) U.S. Holders that hold Common Shares other than as a capital asset within the meaning of Section 1221 of the Code (generally, property held for investment purposes); (h) U.S. Holders subject to special tax accounting rules under Section 451(b) of the Code; or (i) U.S. Holders that own or have owned (directly, indirectly, or by attribution) 10 percent or more of the total combined voting power or value of all outstanding shares of the Company. This summary does not address any tax consequences to U.S. expatriates, former long-term residents of the United States, or persons that are not U.S. Holders. Persons that are subject to special provisions under the Code, including, but not limited to, U.S. Holders described immediately above, should consult their own tax advisors regarding the U.S. federal, U.S. federal alternative minimum, U.S. federal estate and gift, U.S. state and local, and non-U.S. tax consequences relating to the acquisition, ownership and disposition of Common Shares.

If an entity or arrangement that is classified as a partnership for U.S. federal income tax purposes holds Common Shares, the U.S. federal income tax consequences to such partnership and the partners (or other owners) of such partnership generally will depend on the activities of the partnership and the status of such partners (or owners). This summary does not address the tax consequences to partnerships or other entities or arrangements classified as partnerships for U.S. federal income tax purposes or the partners (or other owners) thereof. Partners (or other owners) of entities or arrangements that are classified as partnerships for U.S. federal income tax purposes should consult their own tax advisors regarding the U.S. federal income tax consequences arising from and relating to the acquisition, ownership and disposition of Common Shares.

**Ownership and Disposition of Common Shares**

The following discussion is subject to the rules described below under the heading "Passive Foreign Investment Company Rules."

*Distributions on Common Shares*

A U.S. Holder that receives a distribution, including a constructive distribution, with respect to a Common Share will be required to include the amount of such distribution in gross income as a dividend (including the amount of any Canadian income tax withheld from such distribution) to the extent of the current or accumulated "earnings and profits" of the Company, as calculated for U.S. federal income tax purposes. To the extent that a distribution exceeds the current and accumulated earnings and profits of the Company, such distribution will be treated first as a tax-free return of capital to the extent of a U.S. Holder's tax basis in the Common Shares and thereafter as gain from the sale or exchange of such Common Shares. (See "Sale or Other Taxable Disposition of Common Shares" below.) However, the

Company may not calculate earnings and profits in accordance with U.S. federal income tax principles, and each U.S. Holder should therefore assume that any distribution by the Company with respect to the Common Shares will be treated as a dividend for U.S. federal information reporting purposes.

Dividends received by a non-corporate U.S. Holder of Common Shares generally will be "qualified dividend income" subject to tax at preferential rates applicable to long-term capital gains, provided that the Company is a "qualified foreign corporation" and such U.S. Holder satisfies a holding period requirement. A qualified foreign corporation includes a foreign corporation that is eligible for the benefits of a comprehensive income tax treaty with the United States that the U.S. Treasury Department determines to be satisfactory for these purposes and that includes an exchange of information provision. The U.S. Treasury has determined that the Canada-U.S. Tax Convention meets these requirements, and the Company believes that it is eligible for the benefits of the Canada-U.S. Tax Convention. A foreign corporation is also treated as a qualified foreign corporation with respect to dividends paid by that corporation on ordinary shares that are readily tradeable on an established securities market in the United States. U.S. Treasury guidance indicates that the Company's Common Shares are readily tradeable on an established securities market in the United States. However, there can be no assurance that the Common Shares will be considered readily tradeable on an established securities market in future years. Moreover, the Company will not be a qualified foreign corporation if it is classified as a PFIC (as defined below) for the taxable year in which a dividend is paid or for the preceding taxable year. Dividends received by corporate U.S. Holders generally will not be eligible for the "dividends received deduction." The dividend rules are complex, and each U.S. Holder should consult its own tax advisor regarding the application of such rules.

*Sale or Other Taxable Disposition of Common Shares*

Upon the sale or other taxable disposition of Common Shares, a U.S. Holder generally will recognize capital gain or loss in an amount equal to the difference between the U.S. dollar value of cash received plus the fair market value of any property received and such U.S. Holder's tax basis in such Common Shares sold or otherwise disposed of. A U.S. Holder's tax basis in Common Shares generally will be such holder's U.S. dollar cost for such shares. Gain or loss recognized on such sale or other disposition generally will be long-term capital gain or loss if, at the time of the sale or other disposition, the Common Shares have been held for more than one year.

Preferential tax rates apply to long-term capital gain of a U.S. Holder that is an individual, estate, or trust. There are currently no preferential tax rates for long-term capital gain of a U.S. Holder that is a corporation. Deductions for capital losses are subject to significant limitations under the Code.

**Passive Foreign Investment Company Rules**

If the Company were to constitute a "passive foreign investment company" within the meaning of Section 1297 of the Code (a "PFIC") for any year during a U.S. Holder's holding period, then certain different and potentially adverse U.S. federal income tax rules would affect the U.S. federal income tax consequences to a U.S. Holder resulting from the acquisition, ownership and disposition of Common Shares. The U.S. Treasury Department has not issued specific guidance on how the income and assets of a non-U.S. corporation such as the Company will be treated under the PFIC rules.

The Company generally will be a PFIC for any taxable year in which, after applying relevant look-through rules with respect to the income and assets of subsidiaries, (a) 75 percent or more of its gross income is passive income (the "income test") or (b) 50 percent or more of the value of its assets consists of assets that either produce passive income or are held for the production of passive income (the "asset test"). "Gross income" generally includes all sales revenues less the cost of goods sold, plus income from investments and from incidental or outside operations or sources. "Passive income" generally includes, for example, dividends, interest, certain rents and royalties, certain gains from the sale of stock and securities, and certain gains from commodities transactions. Passive income generally excludes active business gains arising from the sale of commodities, if substantially all of a foreign corporation's commodities are stock in trade or inventory, real and depreciable property used in a trade or business, or supplies regularly used or consumed in a trade or business, and certain other requirements are satisfied.

Under certain attribution rules, if the Company were a PFIC, U.S. Holders would generally be deemed to own their proportionate share of the Company's direct or indirect equity interest in any company that is also a PFIC (a "Subsidiary PFIC"), and would be subject to U.S. federal income tax on any indirect gain realized on the stock of a

Subsidiary PFIC upon the sale of the Common Shares of the Company, as well as their proportionate share of (a) any "excess distributions" (as discussed below) on the stock of a Subsidiary PFIC and (b) any gain realized upon the disposition or deemed disposition of stock of a Subsidiary PFIC by the Company or by another Subsidiary PFIC, both as if such U.S. Holders directly held the shares of such Subsidiary PFIC. If the Company were classified as a PFIC for any taxable year in which a U.S. Holder held Common Shares, then the Company generally would continue to be classified as a PFIC with respect to such U.S. Holder for any subsequent taxable year in which the U.S. Holder continued to hold Common Shares, even if the Company's income or assets would not cause it to be a PFIC in such subsequent taxable year, unless an exception were to apply. The IRS has issued final and proposed regulations providing guidance on various aspects of the PFIC rules, including the income and asset tests described above. The proposed regulations will not be effective unless and until they are adopted in final form, although taxpayers generally may rely on the proposed regulations before adoption, provided the proposed regulations are applied consistently.

The Company believes, on a more-likely-than-not basis, that it currently qualifies, and expects to continue to qualify in the future, for the active commodities business exception for purposes of the PFIC asset test and PFIC income test. Accordingly, the Company believes, on a more-likely-than-not basis, that it was not a PFIC for its taxable year ended December 31, 2025, and, based on its current and anticipated business activities and financial expectations, the Company expects, on a more-likely-than-not basis, that it will not be a PFIC for its current taxable year or for the foreseeable future. However, the determination as to whether any corporation was, or will be, a PFIC for a particular taxable year depends, in part, on the application of complex U.S. federal income tax rules, which are subject to differing interpretations and uncertainty. In addition, there is limited authority on the application of the active commodities exception and other relevant PFIC rules to entities such as the Company. Accordingly, there can be no assurance that the IRS will not challenge the views of the Company (or a Subsidiary PFIC, as defined above) concerning its PFIC status. In addition, whether any corporation will be a PFIC for any taxable year depends on its assets and income over the course of such taxable year, and, as a result, the Company's PFIC status for its current taxable year and any future taxable year cannot be predicted with certainty. Each U.S. Holder should consult its own tax advisor regarding the PFIC status of the Company and any Subsidiary PFIC.

If the Company were a PFIC for any taxable year in which a U.S. Holder held Common Shares, and such U.S. Holder had not made an effective QEF Election or Mark-to-Market Election under the PFIC rules (as defined and more fully described below) with respect to its Common Shares, then such holder generally would be subject to special rules with respect to "excess distributions" made by the Company on the Common Shares and with respect to gain from the direct or indirect disposition of Common Shares. An "excess distribution" generally would include the excess of distributions made with respect to the Common Shares to a U.S. Holder in any taxable year over 125% of the average annual distributions made to such U.S. Holder by the Company during the shorter of the three preceding taxable years or such U.S. Holder's holding period for the Common Shares. Generally, a U.S. Holder would be required to allocate any excess distribution or gain from the direct or indirect disposition of the Common Shares ratably over its holding period for the Common Shares. Amounts allocated to the year of the disposition or excess distribution and to any year before the Company became a PFIC would be taxed as ordinary income. The amount allocated to each other taxable year would be subject to tax at the highest tax rate in effect for individuals or corporations, as appropriate, for that taxable year, and an interest charge would be imposed on the tax on such amount.

If the Company were a PFIC for any taxable year in which a U.S. Holder held Common Shares, and such U.S. Holder had made a timely and effective election to treat the Company as a "qualified electing fund" (a "QEF Election") for the first taxable year of such U.S. Holder's holding period in which the Company were classified as a PFIC, then such U.S. Holder generally would not be subject to the PFIC rules described in the preceding paragraph. Instead, such U.S. Holder would be subject to U.S. federal income tax on such holder's pro rata share of (a) the net capital gain of the Company, which would be taxed as long-term capital gain to such U.S. Holder, and (b) the ordinary earnings of the Company, which would be taxed as ordinary income to such U.S. Holder. A QEF Election, once made, would be effective with respect to such U.S. Holder's Common Shares for all subsequent taxable years in which the Company were treated as a PFIC, unless the QEF Election were invalidated or terminated or the IRS were to consent to revocation of the QEF Election. The QEF Election cannot be made unless the Company provides or makes available certain information. To facilitate the making of QEF Elections by U.S. Holders, for each taxable year that the Company is classified as a PFIC, the Company intends to: (a) make available to U.S. Holders, upon written request, a "PFIC Annual Information Statement" and (b) upon written request, use commercially reasonable efforts to provide all additional information that such U.S. Holder is required to obtain in connection with maintaining such QEF Election with regard to the Company or any of its Subsidiary PFICs. The Company may provide such information on its website (www.franco-nevada.com). U.S. Holders considering the QEF election should note that a QEF election with respect to Common

Shares would not apply to any Subsidiary PFICs. Consequently, unless a U.S. Holder makes a QEF election with respect to any Subsidiary PFIC, it could be subject to the adverse tax consequences described above with respect to any interests in a Subsidiary PFIC.

If the Company were a PFIC for any taxable year in which a U.S. Holder held Common Shares, and such U.S. Holder had made a timely and effective "mark to market" election (a "Mark-to-Market Election") in the first taxable year of such U.S. Holder's holding period in which the Company were classified as a PFIC, then such U.S. Holder generally would not be subject to the PFIC rules described in the preceding paragraphs. Instead, such U.S. Holder generally would include in ordinary income, for each taxable year in which the Company were a PFIC, an amount equal to the excess, if any, of (a) the fair market value of the Common Shares, as of the close of such taxable year over (b) such U.S. Holder's adjusted tax basis in such Common Shares. The U.S. Holder would be entitled to deduct as an ordinary loss each year the excess of its adjusted tax basis in the Common Shares over their fair market value at the end of the year, but only to the extent of the net amount previously included in income as a result of the Mark-to-Market Election. A U.S. Holder's adjusted tax basis in the Common Shares would be increased by the amount of any income inclusion and decreased by the amount of any deductions under the Mark-to-Market Election rules. In addition, upon a sale or other taxable disposition of Common Shares, a U.S. Holder that made a Mark-to-Market Election would recognize ordinary income or ordinary loss (but only to the extent such loss did not exceed the net amount of previously included income as a result of the Mark-to-Market Election). A Mark-to-Market Election would apply to the taxable year in which such election is made and to each subsequent taxable year, unless the Common Shares were to cease to be "marketable stock," the U.S. Holder were to mark the Common Shares to market under non-PFIC provisions of the Code, or the IRS were to consent to the revocation of such election. The Mark-to-Market Election is expected to be available with respect to the Company, provided that the Common Shares are regularly traded on certain qualified exchanges, including the New York Stock Exchange. For these purposes, the Common Shares generally will be considered regularly traded during any calendar year in which they are traded, other than in de minimis quantities, on at least 15 days during each calendar quarter, which is expected to be the case. However, the Mark-to-Market Election generally will not be available with respect to any Subsidiary PFIC. Accordingly, U.S. Holders making a Mark-to-Market Election would be subject to unfavorable tax consequences described above with respect to any Subsidiary PFIC .

In any year in which the Company is classified as a PFIC, a U.S. Holder generally will be required to file an annual report with the IRS containing certain information regarding such holder's interest in the Company (or a Subsidiary PFIC), subject to certain exceptions. A failure to satisfy such reporting requirement could result in the extension of the statute of limitations with respect to federal income tax returns filed by such U.S. Holder. Each U.S. Holder should consult its own tax advisor regarding the foregoing reporting requirements, the application of the final and proposed regulations, the advisability of making a QEF Election or Mark-to-Market Election, and any other tax consequences under the PFIC rules of acquiring, owning and disposing of Common Shares.

**Additional Considerations**

*Tax on Net Investment Income*

Certain individuals, estates and trusts whose income exceeds certain thresholds are required to pay a 3.8 percent additional tax on "net investment income," including, among other things, dividends and net gain from disposition of property (other than property held in a trade or business). Accordingly, dividends on and capital gain from the sale or other taxable disposition of the Common Shares may be subject to this additional tax.

*Receipt of Foreign Currency*

The amount of any distribution paid to a U.S. Holder in foreign currency, or received by a U.S. Holder in foreign currency on the sale, exchange or other taxable disposition of Common Shares, generally will be equal to the U.S. dollar value of such foreign currency based on the exchange rate applicable on the date of receipt (regardless of whether such foreign currency is converted into U.S. dollars at that time). A U.S. Holder generally will have a basis in the foreign currency equal to its U.S. dollar value on the date of receipt. Any U.S. Holder who converts or otherwise disposes of the foreign currency after the date of receipt may have a foreign currency exchange gain or loss that would be treated as ordinary income or loss, and generally will be U.S.-source income or loss for foreign tax credit purposes. Each U.S. Holder should consult its own tax advisor regarding the U.S. federal income tax consequences of receiving, owning, and disposing of foreign currency.

*Foreign Tax Credit*

Subject to the PFIC rules discussed above, a U.S. Holder that pays (whether directly or through withholding) Canadian income tax with respect to dividends paid on the Common Shares generally will be entitled, at the election of such U.S. Holder, to receive either a deduction or a credit for such Canadian income tax paid. Generally, a credit will reduce a U.S. Holder's U.S. federal income tax liability on a dollar-for-dollar basis, whereas a deduction will reduce a U.S. Holder's income subject to U.S. federal income tax. This election is made on a year-by-year basis and applies to all foreign taxes paid (whether directly or through withholding) by a U.S. Holder during a year.

Complex limitations apply to the foreign tax credit, including the general limitation that the credit cannot exceed the proportionate share of a U.S. Holder's U.S. federal income tax liability that such U.S. Holder's "foreign source" taxable income bears to such U.S. Holder's worldwide taxable income. In applying this limitation, a U.S. Holder's various items of income and deduction must be classified, under complex rules, as either "foreign source" or "U.S. source." Generally, dividends paid by a foreign corporation should be treated as foreign-source for this purpose, and gains recognized on the sale of stock of a foreign corporation by a U.S. Holder should be treated as U.S.-source for this purpose, except as otherwise provided in an applicable income tax treaty, and if an election is properly made under the Code. However, the amount of a distribution with respect to the Common Shares that is treated as a "dividend" may be lower for U.S. federal income tax purposes than it is for Canadian federal income tax purposes, resulting in a reduced foreign tax credit allowance to a U.S. Holder. In addition, this limitation is calculated separately with respect to specific categories of income. The foreign tax credit rules are complex and depend upon a U.S. Holder's particular circumstances. Each U.S. Holder should consult its own U.S. tax advisor regarding the foreign tax credit rules.

*Disclosure Requirements for Specified Foreign Financial Assets*

Certain U.S. Holders that, during any taxable year, hold an interest in a "specified foreign financial asset" generally will be required to file with their U.S. federal income tax returns a statement on IRS Form 8938 setting forth certain information, if the aggregate value of all such assets exceeds certain threshold amounts. "Specified foreign financial assets" generally include shares issued by non-U.S. corporations, subject to certain exceptions (including an exception for shares held in custodial accounts maintained with certain financial institutions). Substantial penalties may be imposed, and the period of limitations on assessment and collection of U.S. federal income taxes may be extended, in the event of a failure to comply. U.S. Holders should consult their own tax advisors as to the possible application to them of this filing requirement.

*Backup Withholding and Additional Information Reporting*

Payments made within the United States or by a U.S. payor or U.S. middleman, of dividends on, and proceeds arising from the sale or other taxable disposition of, Common Shares will generally be subject to information reporting. Such payments may also be subject to backup withholding tax if a U.S. Holder (a) fails to furnish such U.S. Holder's correct U.S. taxpayer identification number (generally on Form W-9), (b) is notified by the IRS that such U.S. Holder has previously failed to properly report interest and dividend income, or (c) fails to certify, under penalty of perjury, that such U.S. Holder has furnished its correct U.S. taxpayer identification number, that the IRS has not notified such U.S. Holder that it is subject to backup withholding tax, and that such U.S. Holder is a U.S. person. However, certain exempt persons generally are excluded from these information reporting and backup withholding rules. Backup withholding is not an additional tax. Any amounts withheld under the U.S. backup withholding tax rules will be allowed as a credit against a U.S. Holder's U.S. federal income tax liability, if any, or will be refunded, if such U.S. Holder furnishes the required information to the IRS in a timely manner. Each U.S. Holder should consult its own tax advisor regarding the information reporting and backup withholding rules.

**UNDERTAKING AND CONSENT TO SERVICE OF PROCESS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Undertaking.** 

The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the SEC staff, and to furnish promptly, when requested to do so by the SEC staff, information relating to: the securities registered pursuant to Form 40-F; the securities in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Consent to Service of Process.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant has previously filed a Form F-X in connection with the class of securities in relation to which the obligation to file this report arises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any change to the name or address of the Registrant's agent for service shall be communicated promptly to the SEC by amendment to the Form F-X referencing the file number of the Registrant.

**EXHIBIT INDEX**

The following documents are being filed with the SEC as exhibits to this Annual Report.

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| | |
|:---|:---|
| **Exhibit** | **Description** |
| 97.1 | [Compensation Recovery Policy of the Registrant\*](https://www.sec.gov/Archives/edgar/data/1456346/000155837024003443/fnv-20231231xex97d1.htm) |
| 99.1 | [Annual Information Form for the fiscal year ended December 31, 2025](fnv-20251231xex99d1.htm) |
| 99.2 | [Management's Discussion and Analysis for the fiscal year ended December 31, 2025](fnv-20251231xex99d2.htm) |
| 99.3 | [Audited Consolidated Financial Statements of the Registrant, as at and for the fiscal years ended December 31, 2025 and 2024, including the notes thereto, together with Management's Report on Internal Control over Financial Reporting and the Report of Independent Registered Public Accounting Firm thereon](fnv-20251231xex99d3.htm) |
| 99.4 | [Certifications of the Chief Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](fnv-20251231xex99d4.htm) |
| 99.5 | [Certifications of the Chief Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](fnv-20251231xex99d5.htm) |
| 99.6 | [Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](fnv-20251231xex99d6.htm) |
| 99.7 | [Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](fnv-20251231xex99d7.htm) |
| 99.8 | [Consent of PricewaterhouseCoopers LLP](fnv-20251231xex99d8.htm) |
| 99.9 | [Consent of Darrol van Deventer](fnv-20251231xex99d9.htm) |
| 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents |
| 104 | Coverage Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

---

\* Filed as an exhibit to Form 40-F on March 15, 2024 and incorporated herein by reference.

**SIGNATURE**

Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this Annual Report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| |
|:---|
| **FRANCO-NEVADA CORPORATION** |
| /s/ Lloyd Hong |
| Lloyd Hong |
| Chief Legal Officer & Corporate Secretary |

---

Date: March 19, 2026

## Exhibit 99.1

**Exhibit 99.1**

![Graphic](fnv-20251231xex99d1001.jpg)

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| [GENERAL MATTERS](#GENERALMATTERS_18078) | 1 |
| [CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION](#FORWARDLOOKINGSTATEMENTS_537297) | 1 |
| [EXCHANGE RATE INFORMATION](#EXCHANGERATEINFORMATION_500011) | 3 |
| [COMMODITY PRICE INFORMATION](#COMMODITYPRICEINFORMATION_798942) | 3 |
| [THE CORPORATION](#THECORPORATION_347234) | 3 |
| [GENERAL DEVELOPMENT OF FRANCO-NEVADA'S BUSINESS](#GENERALDEVELOPMENTOFFRANCONEVADASBUSINES) | 4 |
| [EXPLANATION OF ROYALTIES, STREAMS AND OTHER INTERESTS](#EXPLANATIONOFROYALTIESSTREAMSANDOTHERINT) | 20 |
| [TECHNICAL AND THIRD-PARTY INFORMATION](#TECHNICALANDTHIRDPARTYINFORMATION_875433) | 22 |
| [FRANCO-NEVADA'S ASSETS](#FRANCONEVADASASSETS_97358) | 24 |
| [CANDELARIA MINING AND TECHNICAL INFORMATION](#CANDELARIAMININGANDTECHNICALINFORMATION_) | 34 |
| [COBRE PANAMÁ MINING AND TECHNICAL INFORMATION](#COBREPANAMAMININGANDTECHNICALINFORMATION) | 42 |
| [RISK FACTORS](#RISKFACTORS_814500) | 49 |
| [DIVIDENDS](#DIVIDENDS_702278) | 65 |
| [CAPITAL STRUCTURE](#CAPITALSTRUCTURE_172853) | 65 |
| [MARKET FOR SECURITIES](#MARKETFORSECURITIES_115620) | 66 |
| [DIRECTORS AND OFFICERS](#DIRECTORSANDOFFICERS_683163) | 67 |
| [LEGAL PROCEEDINGS AND REGULATORY ACTIONS](#LEGALPROCEEDINGSANDREGULATORYACTIONS_815) | 72 |
| [INTERESTS OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS](#INTERESTSOFMANAGEMENTANDOTHERSINMATERIAL) | 72 |
| [REGISTRAR AND TRANSFER AGENT](#REGISTRARANDTRANSFERAGENT_728993) | 72 |
| [MATERIAL CONTRACTS](#MATERIALCONTRACTS_187801) | 72 |
| [EXPERTS](#EXPERTS_249474) | 72 |
| [ADDITIONAL INFORMATION](#ADDITIONALINFORMATION_336853) | 72 |
| [AUDIT AND RISK COMMITTEE INFORMATION](#AUDITANDRISKCOMMITTEEINFORMATION_839593) | 73 |
| [APPENDIX A FRANCO-NEVADA CORPORATION AUDIT AND RISK COMMITTEE CHARTER](#APPENDIXC_481901) | A-1 |

---

i

------

**GENERAL MATTERS**

Unless otherwise noted or the context otherwise indicates, the terms "Franco-Nevada", "FNV", "Company", "Corporation", "our" and "we" refer to Franco-Nevada Corporation and its subsidiaries. For reporting purposes, the Corporation presents its financial statements in United States dollars and in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board ("**IFRS Accounting Standards**"). All dollar amounts in this Annual Information Form ("**AIF**") are expressed in United States dollars, except as otherwise indicated. References to "US$", "$" or "dollars" are to United States dollars, references to "C$" are to Canadian dollars and references to "A$" are to Australian dollars.

The information contained in this AIF is as of December 31, 2025, unless otherwise indicated. More current information may be available on our public website at www.franco-nevada.com, on SEDAR+ at www.sedarplus.com, or on the website of the United States Securities and Exchange Commission (the "**SEC**") at www.sec.gov. In addition, we generally maintain supporting materials on our website, which may assist in reviewing (but are not to be considered part of) this AIF, including Franco-Nevada's most recent Asset Handbook and Sustainability Report (which contains a discussion of sustainability-related issues, including climate-related risks and opportunities), and a glossary of non-technical and technical terms.

**CAUTIONARY STATEMENT ON FORWARD-LOOKING** **INFORMATION**

This AIF contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, respectively, which may include, but are not limited to, statements with respect to future events or future performance, management's expectations regarding Franco-Nevada's growth, results of operations, estimated future revenues, performance guidance, carrying value of assets, future dividends and requirements for additional capital, mineral resources and mineral reserves estimates, production estimates, production costs and revenue, future demand for and prices of commodities, expected mining sequences, business prospects and opportunities, the performance and plans of third-party operators, any ongoing or future audits being conducted by the Canada Revenue Agency (the "**CRA**"), the expected exposure for current and future tax assessments and available remedies, and statements with respect to the future status and any potential restart of the Cobre Panamá mine and related arbitration proceedings. In addition, statements relating to mineral resources and mineral reserves, gold equivalent ounces ("**GEOs**") or mine lives are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions are accurate and that such mineral resources and mineral reserves, GEOs or mine lives will be realized. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "potential for", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Franco-Nevada to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. A number of factors could cause actual events or results to differ materially from any forward-looking statement, including, without limitation: fluctuations in the prices of the primary commodities that drive royalty and stream revenue (gold, platinum group metals, copper, nickel, silver, iron ore and oil and gas); fluctuations in the value of the Canadian and Australian dollar, Brazilian real, Mexican peso, and any other currency in which revenue is generated, relative to the U.S. dollar; changes in national and local government legislation, including permitting and licensing regimes and taxation policies and the enforcement thereof; proposed tariff and other trade measures that may be imposed by the United States and proposed retaliatory measures that may be adopted by its trading partners; the adoption and implementation of a global minimum tax on corporations; regulatory, political or economic developments in any of the countries where properties in which Franco-Nevada holds a royalty, stream or other interest are located or through which they are held; risks related to the operators of the properties in which Franco-Nevada holds a royalty, stream or other interest, including changes in the ownership and control of such operators; relinquishment or sale of mineral properties; influence of macroeconomic developments; business opportunities that become available to, or are pursued by Franco-Nevada; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; whether or not the Company is determined to have "passive foreign investment company" ("**PFIC**") status as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended; potential changes in Canadian tax treatment of offshore streams; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; access to sufficient pipeline capacity; actual mineral content may differ from the mineral resources and mineral reserves contained in technical reports; rate and timing of production differences from mineral resource estimates, other technical reports and mine plans; risks and hazards associated with the business of development and mining on any of the properties in which Franco-Nevada holds a royalty, stream or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, sinkholes, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious disease; the impact of future pandemics; and the integration of acquired assets. The forward-looking statements contained herein are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Franco-Nevada holds a royalty, stream or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; the Company's ongoing income and assets relating to determination of its PFIC status; no material changes to existing tax treatment; the expected application of tax laws and regulations by taxation authorities; the expected assessment and outcome of any audit by any taxation authority; no adverse development in respect of any significant property in which Franco-

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Nevada holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; integration of acquired assets; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance. In addition, there can be no assurance as to (i) the outcome of any ongoing or future audit by the CRA or the Company's exposure as a result thereof, or (ii) the future status and any potential restart of the Cobre Panamá mine or the outcome of any related arbitration proceedings. Franco-Nevada cannot assure investors that actual results will be consistent with these forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements due to the inherent uncertainty therein.

For additional information with respect to risks, uncertainties and assumptions, please refer to the "Risk Factors" section from pages 49 to 64 of this AIF. The forward-looking statements herein are made as of the date of this AIF only and Franco-Nevada does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law.

***CAUTIONARY NOTE REGARDING MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES***

This AIF has been prepared in accordance with the requirements of Canadian securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all mineral resource and mineral reserve estimates included in this AIF have been prepared by the owners or operators of the relevant properties (as and to the extent indicated by them) in accordance with National Instrument 43-101 — *Standards of Disclosure for Mineral Projects* ("**NI 43-101**") and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards ("**CIM Definition Standards**"). NI 43-101 is a rule developed by the Canadian securities regulatory authorities which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. NI 43-101 permits a historical estimate made prior to the adoption of NI 43-101 that does not comply with NI 43-101 to be disclosed using the historical terminology if, among other things, the disclosure: (a) identifies the source and date of the historical estimate; (b) comments on the relevance and reliability of the historical estimate; (c) states whether the historical estimate uses categories other than those prescribed by NI 43-101; and (d) includes any more recent estimates or data available.

Mining disclosure under U.S. securities law was previously required to comply with SEC Industry Guide 7 ("**SEC Industry Guide 7**") under the United States Securities Exchange Act of 1934, as amended. The SEC has adopted rules to replace SEC Industry Guide 7 with new mining disclosure rules under sub-parts 1300 and 1301 of Regulation S-K of the United States Securities Act of 1933 ("**Regulation S-K 1300**") which became mandatory for U.S. reporting companies beginning with the first fiscal year commencing on or after January 1, 2021. Under Regulation S-K 1300, the SEC now recognizes estimates of "Measured Mineral Resources", "Indicated Mineral Resources" and "Inferred Mineral Resources". In addition, the SEC has amended its definitions of "Proven Mineral Reserves" and "Probable Mineral Reserves" to be substantially similar to international standards. Readers are cautioned that despite efforts to harmonize U.S. mining disclosure rules with NI 43-101 and other international requirements, there are differences between the terms and definitions used in Regulation S-K 1300 and mining terms defined in the Canadian Institute of Mining, Metallurgy and Petroleum Standards, which definitions have been adopted by NI 43-101, and there is no assurance that any mineral resources or mineral reserves that an owner or operator may report as "measured mineral resources", "indicated mineral resources", "inferred mineral resources", "proven mineral reserves" and "probable mineral reserves" under NI 43-101 would be the same had the owner or operator prepared the mineral resource or mineral reserve estimates under the standards of Regulation S-K 1300.

In addition to NI 43-101 and S-K 1300, a number of mineral resource and mineral reserve estimates have been prepared in accordance with the JORC Code or the SAMREC Code each of which constitutes an "acceptable foreign code" for purposes of NI 43-101, which differ from the requirements of NI 43-101 and U.S. securities laws. Accordingly, information containing descriptions of the Corporation's mineral properties set forth herein may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under U.S. federal securities laws and the rules and regulations thereunder. For more information, please refer to "Reconciliation to CIM Definitions" on page 22 of this AIF.

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**EXCHANGE RATE INFORMATIO** **N**

The following table sets out the high and low rates of exchange for one U.S. dollar expressed in Canadian dollars during each of the following periods; the average rate of exchange for those periods; and the rate of exchange in effect at the end of each of those periods, each based on the exchange rate published by the Bank of Canada.

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| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
|  | **2025**<sup>(1)</sup> | **2024**<sup>(1)</sup> | **2023**<sup>(1)</sup> |
| High | $1.4603 | $1.4415 | $1.3875 |
| Low | $1.3558 | $1.3316 | $1.3129 |
| Average for the Period | $1.3978 | $1.3697 | $1.3493 |
| End of Period | $1.3706 | $1.4388 | $1.3226 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on the daily exchange rate published by the Bank of Canada

On March 18, 2026 the daily exchange rate was US$1.00 = C$1.37 as published by the Bank of Canada.

**COMMODITY PRICE INFORMATION**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Spot Commodity Prices** | **Spot Commodity Prices** | **Spot Commodity Prices** | **Spot Commodity Prices** | **Spot Commodity Prices** | **Spot Commodity Prices** | **Spot Commodity Prices** | **Spot Commodity Prices** | **Spot Commodity Prices** |
|  | **Gold/oz** | **Silver/oz** | **Platinum/oz** | **Palladium/oz** | **Iron Ore/$ tonne** | **Oil/C$ bbl** | **Gas/C$ mcf** | **Oil/$ bbl** | **Gas/$ mcf** |
|  | (LBMA Gold) | (LBMA Silver) | (London PM | (London PM | (62% Fe, CFR | (Edmonton | (AECO-C) | (WTI) | (Henry Hub) |
|  | Price PM) | Price) | Fix) | Fix) | China) | Light) |  |  |  |
| Average for 2023 | $1943 | $23.39 | $967 | $1338 | $119 | $100 | $2.50 | $78 | $2.66 |
| Average for 2024 | $2387 | $28.24 | $955 | $983 | $110 | $98 | $1.31 | $76 | $2.41 |
| Average for 2025 | $3435 | $39.94 | $1277 | $1149 | $102 | $86 | $1.60 | $65 | $3.62 |

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**THE CORPORATION**

**Name, Address and Incorporation**

Franco-Nevada was incorporated under the *Canada Business Corporations Act* on October 17, 2007 and was amalgamated with Franco-Nevada Canada Corporation, its wholly-owned subsidiary, on January 1, 2008. Franco-Nevada's head office and registered office is currently located at Suite 2000, Commerce Court West, 199 Bay Street, Toronto, Ontario, M5L 1G9. Franco-Nevada has additional offices in (i) Hastings, Christ Church, Barbados, (ii) Denver, Colorado and (iii) Perth, Australia, all of which are used to manage its asset portfolio and pursue new investment opportunities.

**Intercorporate Relationships**

The chart below depicts certain subsidiaries of Franco-Nevada including those subsidiaries in jurisdictions in which Franco-Nevada maintains an office that are wholly-owned by Franco-Nevada either directly or indirectly and are existing under the laws of the jurisdictions set out therein. As of December 31, 2025, Franco-Nevada International Corporation ("**FNIC**") (formerly Franco-Nevada (Barbados) Corporation) is Franco-Nevada's only subsidiary with assets and revenue greater than 10% of the consolidated assets and revenue of the Company. Intermediate holding companies have been omitted.

![Graphic](fnv-20251231xex99d1002.jpg)

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**GENERAL DEVELOPMENT OF FRANCO-NEVADA'S BUSINESS**

**Overview**

Franco-Nevada is the leading gold-focused royalty and streaming company with the largest and most diversified portfolio of cash-flow producing assets.

Franco-Nevada's shares are listed on the Toronto and New York stock exchanges under the symbol FNV. An investment in Franco-Nevada's shares is expected to provide investors with yield and exposure to commodity price and exploration optionality while limiting exposure to cost inflation and other operating risks.

![Graphic](fnv-20251231xex99d1003.jpg)

**Strategy**

Franco-Nevada believes that combining lower risk gold investments with a strong balance sheet, progressively growing dividends and exposure to exploration optionality is the right mix to appeal to investors seeking to hedge market instability. Since Franco-Nevada's Initial Public Offering over 18 years ago, Franco-Nevada has increased its dividend annually and its share price has outperformed the gold price and all relevant gold equity benchmarks. Creating successful long-term partnerships with operators is a core objective. The alignment and the natural flexibility of royalty and stream financing has made it an attractive source of capital for the cyclical resource sector. Franco-Nevada also works to be a positive force in all its communities, providing a safe and diverse workplace, promoting responsible mining and contributing to build community support for the operations in which Franco-Nevada invests.

Franco-Nevada's revenue is generated from various forms of agreements, ranging from net smelter return royalties, streams, profit-based royalty interests, net royalty interests, working interests and other types of arrangements. Franco-Nevada does not operate mines, develop projects or conduct exploration. Franco-Nevada has a free cash flow generating business with no additional capital requirements other than the initial commitment, and limited cash calls with respect to its working interests. Management is focused on managing and growing its portfolio of royalties and streams for the long-term. Franco-Nevada recognizes the cyclical nature of the industry and has a long-term investment outlook. Franco-Nevada maintains a strong balance sheet to minimize financial risk and to provide capital to the industry when it is otherwise scarce.

The advantages of this business model are:

● Exposure to commodity price optionality;

● A perpetual discovery option over large areas of geologically prospective lands;

● No additional capital requirements other than the initial commitment and limited cash calls;

● Limited exposure to cost inflation;

● A free cash-flow business with limited cash calls;

● A high-margin business that can generate cash through the entire commodity cycle;

● A scalable and diversified business in which a large number of assets can be managed with a small stable overhead; and

● Management that focuses on forward-looking growth opportunities rather than operational or development issues.

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Franco-Nevada's short-term financial results are primarily tied to the price of commodities and the amount of production from its portfolio of assets. Franco-Nevada's attributable production has typically been supplemented by acquisitions of new assets. Over the longer term, Franco-Nevada's results are impacted by the amount of exploration and development capital available to operators to expand or extend Franco-Nevada's producing assets or to progress Franco-Nevada's advanced and exploration assets into production.

The focus of Franco-Nevada's business is to create exposure to gold and precious metal resource optionality. This principally involves investments in gold mines and providing capital to copper and other base metal mines to obtain exposure to by-product gold, silver and platinum group metals production. Franco-Nevada also invests in other metals and energy to expose Franco-Nevada's shareholders to additional resource optionality. In 2025, 88% of Franco-Nevada's revenue was earned from mining assets, of which 85% was earned from precious metals.

A strength of Franco-Nevada's business model is that Franco-Nevada's margins are not generally impacted when producer costs increase. The majority of Franco-Nevada's interests are royalty and streams with payments/deliveries that are based on production levels with no adjustments for the operator's operating costs. In 2025, these interests accounted for 91% of Franco-Nevada's revenue (2024 – 93%). The remainder of Franco-Nevada's revenue was earned from WI, NPI, NRI and GMR royalties which are based on the margin or profit of the underlying operations.

Franco-Nevada currently operates a small organization. As of March 19, 2026, Franco-Nevada has 44 full-time employees and 5 part-time contractors. As such, Franco-Nevada is dependent upon the continued availability and commitment of its key management, whose contributions to the immediate and future operations of Franco-Nevada are of significant importance. From time to time, Franco-Nevada may also need to identify and retain additional skilled management and specialized technical personnel to efficiently operate its business. For additional information, please see the "Risk Factors" section from pages 49 to 64 of this AIF.

**Investment Process and Corporate Policies**

Franco-Nevada currently does not operate any of the precious metals or diversified assets in which it has royalty, stream or other interests. However, Franco-Nevada recognizes its business model is dependent on the industry operating in a responsible fashion and actively supports the industry in its efforts and initiatives, including the World Gold Council and its Responsible Gold Mining Principles and the Prospectors and Developers Association of Canada and its initiatives for responsible exploration, and support for industry organizations such as the Canadian Institute of Mining, Metallurgy and Petroleum, as well as other frameworks and initiatives that promote responsible mining practices, professional standards and industry education. A detailed description of Franco-Nevada's investment process and a discussion of sustainability-related issues, including climate-related risks and opportunities, is contained in Franco-Nevada's most recent Sustainability Report, which can be found on the Corporation's website at www.franco-nevada.com but is not to be considered part of this AIF.

Franco-Nevada has adopted policies relating to its business conduct, including the following: a code of business conduct and ethics; a business integrity policy; a whistleblower policy; a policy concerning confidentiality, fair disclosure and trading in securities; a human rights policy; a non-discrimination, anti-harassment and equal opportunity policy; a diversity and inclusion policy; an investment principles (environmental, social and governance) policy; a responsible gold mining principles policy; a supplier code of conduct; a corporate responsibility policy; a health and safety policy; and an information security policy. These and other policies can be found on the Corporation's website at www.franco-nevada.com and are summarized in Franco-Nevada's most recent Sustainability Report and its management information circular for its annual and special meeting of shareholders scheduled to be held on May 12, 2026 (the "**Annual Meeting**"), which circular will be filed on SEDAR+.

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**Three-Year History**

**2023**

**Receipt of Valentine Gold Royalty Buy-back – Canada**

On February 22, 2023, Marathon Gold Corporation ("**Marathon**") exercised its option to buy-back 0.5% of the initial 2.0% NSR on the Valentine Gold project by paying $7.0 million to the Company. Franco-Nevada acquired the initial 2.0% NSR on February 21, 2019 for $13.7 million (C$18.0 million). On January 24, 2024, Marathon was acquired by Calibre Mining Corp. which was subsequently acquired by Equinox Gold Corp. ("**Equinox**") on June 17, 2025.

**Acquisition of Gold Royalties – Australia**

On February 22, 2023, Franco-Nevada acquired, through a wholly-owned subsidiary, a portfolio of five primarily gold royalties from Trident Royalties Plc ("**Trident**"), which includes a 1.5% NSR on Ramelius Resources Limited's ("**Ramelius**") Rebecca gold project ("**Rebecca**") located in Australia, for total consideration of $15.6 million payable as follows: (i) $14.3 million paid on closing of the transaction, and (ii) $1.3 million in a contingent payment payable upon first gold production at Rebecca.

**Acquisition of Royalty on Kerr-Addison Property and Share Subscription with Gold Candle Ltd. *–* Canada**

On April 14, 2023, Franco-Nevada acquired a 1% NSR on Gold Candle Ltd.'s ("**Gold Candle**") Kerr-Addison project located in Ontario, which hosts the formerly producing Kerr-Addison gold mine, for a purchase price of $10.0 million.

On July 26, 2023, Franco-Nevada acquired 5,454,546 common shares of Gold Candle, a private company, at a price of C$1.10 per common share for an aggregate purchase price of $4.6 million (C$6.0 million).

**Acquisition of Additional Royalty on Valentine Gold Project and Private Placement with Marathon – Canada**

On June 8, 2023, Franco-Nevada acquired an additional 1.5% NSR on Marathon's (now Equinox's) Valentine Gold project for a purchase price of $45.0 million. Inclusive of the Franco-Nevada's initial 1.5% NSR (reduced from 2.0% following Marathon's buy-back of 0.5%, as described above), Franco-Nevada now holds an aggregate 3.0% NSR on the project.

On July 5, 2023, Franco-Nevada acquired 6,578,947 common shares of Marathon at a price of C$0.76 per common share for an aggregate of $3.8 million (C$5.0 million), comprising the back-end of a non-brokered charity flow-through offering.

**Acquisition of Royalties on Exploration Properties – U.S.A.**

On June 15, 2023, Franco-Nevada acquired, through a wholly-owned subsidiary, a portfolio of eight royalties on exploration properties located in the states of Nevada and Arizona, including a 0.5% NSR on Integra Resources Corp.'s Wildcat and Mountain View gold projects, for a purchase price of $2.5 million.

**Acquisition Agreement for New Royalties with EMX Royalty Corporation**

On June 27, 2023, Franco-Nevada executed a binding term sheet with EMX Royalty Corporation ("**EMX**") for a three-year arrangement for the joint acquisition of newly created precious metals and copper royalties sourced by EMX. Franco-Nevada will contribute 55% (up to $5.5 million) and EMX will contribute 45% (up to $4.5 million) towards the royalty acquisitions, with the resulting royalty interests equally split on a 50/50 basis. On November 13, 2025, EMX and Elemental Altus Royalties Corp. completed a merger to become Elemental Royalties Corporation ("**Elemental**").

**Acquisition of Additional Royalty Interest on Caserones – Chile**

Franco-Nevada acquired, through a wholly-owned subsidiary, an incremental effective NSR totaling 0.1120% on the Caserones copper-molybdenum mine, now owned by Lundin Mining Corporation ("**Lundin Mining**"), in Chile. The incremental effective 0.1120% NSR was acquired in two transactions: (i) a 0.0260% effective NSR on March 8, 2023, for a purchase price of $2.1 million, and (ii) a 0.0860% NSR on June 29, 2023, for a purchase price of $7.3 million. Inclusive of Franco-Nevada's interest of 0.4582% acquired in April 2022, the Company held a 0.5702% effective NSR on Caserones as at December 31, 2023.

On January 19, 2024, EMX exercised an option to acquire a portion of Franco-Nevada's interest for a sale price of $4.7 million, such that Franco-Nevada's effective NSR on Caserones is now 0.517%.

**Acquisition of Royalty on Volcan Gold Project – Chile**

On July 6, 2023, Franco-Nevada agreed to acquire, through a wholly-owned subsidiary, a 1.5% NSR on the Volcan gold project located in Chile for a purchase price of $15.0 million. The project is owned by Tiernan Gold Corporation ("**Tiernan**"), who completed a reverse take-over transaction and began trading on the TSXV in December 2025. The NSR covers the entire land package comprising the Volcan project, as well as a surrounding area of interest extending 1.5 kilometers. The agreement provides Franco-Nevada the option to acquire an additional 1.0% NSR based on predetermined conditions. Franco-Nevada already holds an existing 1.5% NSR on the peripheral Ojo de Agua area, which is owned by Tiernan and forms part of the Volcan project.

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**Acquisition of Royalties on Pascua-Lama Project *–* Chile**

On August 8, 2023, Franco-Nevada agreed to acquire, through a wholly-owned subsidiary, a sliding-scale gold royalty and fixed-rate copper royalty from private individuals over property pertaining to the Chilean portion of Barrick Mining Corporation's (then Barrick Gold Corporation's) ("**Barrick**") Pascua-Lama project for an aggregate purchase price of $75.0 million.

**Acquisition of Royalty on Wawa Gold Project *–* Canada**

On August 29, 2023, Franco-Nevada acquired a 1.5% NSR on Red Pine Exploration Inc.'s Wawa gold project, located in Ontario, for a purchase price of $5.0 million (C$6.8 million). The agreement provides Franco-Nevada the option to acquire an additional 0.5% NSR based on predetermined conditions.

**Acquisition of Additional Royalty on Magino Gold Mine – Canada**

On November 15, 2023, Franco-Nevada acquired, through a wholly-owned subsidiary, an additional 1.0% NSR on Argonaut Gold Inc.'s (now Alamos Gold Inc.'s) Magino gold mine in Ontario, for a purchase price of $28.0 million. Inclusive of Franco-Nevada's initial 2.0% NSR acquired on October 27, 2022, Franco-Nevada now holds an aggregate 3.0% NSR on Magino.

**Financing Package with Skeena on Eskay Creek – Canada**

On December 18, 2023, Franco-Nevada completed the following transactions with Skeena Resources Limited ("**Skeena**"):

&nbsp;&nbsp;&nbsp;&nbsp;***(a)***  ***Eskay Creek Royalty*** 

Franco-Nevada acquired an incremental 1.0% NSR for a purchase price of $41.8 million (C$56.0 million). Including Franco-Nevada's initial 1% NSR and the incremental 0.5% NSR it acquired in December 2022 for a purchase price of $19.9 million (C$27.0 million), Franco-Nevada now holds a 2.5% NSR covering Skeena's Eskay Creek properties. The amended royalty agreement also provides contingent consideration of $3.4 million (C$4.5 million) payable by Franco-Nevada upon the achievement of certain conditions relating to materials in the Albino Lake Storage Facility at Eskay Creek.

&nbsp;&nbsp;&nbsp;&nbsp;***(b)***  ***Skeena Convertible Debenture*** 

Franco-Nevada advanced $18.7 million (C$25.0 million) and received a convertible debenture (the "**Skeena Convertible Debenture**"). The C$25.0 million Skeena Convertible Debenture had a maturity date of the earlier of December 19, 2028 or the completion of a project financing for Eskay Creek approved by the Board of Skeena, carried an interest rate of 7% and was convertible into common shares of Skeena at a conversion price of C$7.70. Skeena could elect to defer interest payments until maturity.

On June 26, 2024, following the completion of a project financing for Eskay Creek, Skeena paid $18.9 million (C$25.9 million) to Franco-Nevada as full repayment for the Skeena Convertible Debenture.

**2024**

**Acquisition of Additional Natural Gas Royalty Interests in the Haynesville – U.S.A.**

On January 2, 2024, Franco-Nevada acquired, through wholly-owned subsidiaries, a royalty portfolio in the Haynesville gas play in Louisiana and Texas for a total purchase price of $125.0 million.

**Acquisition of Additional Royalties on Pascua-Lama Project *–* Chile**

On January 3, 2024, Franco-Nevada acquired, through a wholly-owned subsidiary, an additional interest in the Chilean portion of Barrick's Pascua-Lama project for a purchase price of $6.7 million. Including the interest Franco-Nevada acquired in August 2023, the Company now holds a 2.941% NSR (gold) and a 0.588% NSR (copper) on the property.

**Acquisition of Silver Royalty on Stibnite Gold Project – U.S.A.**

On March 21, 2024, Franco-Nevada acquired, through a wholly-owned subsidiary, a NSR interest covering all of the payable silver production from the Stibnite Gold project in Idaho for a purchase price of $8.5 million.

**Amendment of Condestable Gold and Silver Stream – Peru**

On March 27, 2024, Franco-Nevada amended its precious metal stream agreement with reference to the gold and silver production from the Condestable mine in Peru, owned and operated by a subsidiary of Southern Peaks Mining LP, a private company (now Rio2 Limited), by advancing, through a wholly-owned subsidiary, an additional upfront deposit of $10.0 million for a total combined deposit of $175.0 million. Under the amended agreement, following the end of the fixed delivery period on December 31, 2025, Franco-Nevada receives 63% of the gold and silver contained in concentrate until a cumulative total of 87,600 ounces of gold and 2,910,000 ounces of silver have been delivered (the "**Variable Phase 1 Deliveries**"), then 37.5% over the remaining life of the mine (the "**Variable Phase 2 Deliveries**"). The March 2024 amendment increased the Variable Phase 2 Deliveries from 25% to 37.5%.

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**Receipt of Séguéla Royalty Buy-Back Proceeds – Cote d'Ivoire**

On March 30, 2024, Fortuna Mining Corp. exercised its option to buy-back 0.6% of our initial 1.2% NSR on the Séguéla mine for $6.5 million (A$10.0 million). Franco-Nevada's royalty percentage on the Séguéla mine is now 0.6%.

**Acquisition of Royalty in the Stewart Mining Camp and Private Placement with Scottie Resources Corp. – Canada**

On April 15, 2024, Franco-Nevada acquired a 2.0% gross production royalty on all minerals produced on Scottie Resources Corp.'s ("**Scottie**") claims in the Stewart Mining Camp in the Golden Triangle in British Columbia, for a purchase price of $5.9 million (C$8.1 million).

In addition, Franco-Nevada acquired 5,422,994 common shares of Scottie at a price of C$0.18 per common share for an aggregate purchase price of $0.7 million (C$1.0 million), comprising the back-end of a non-brokered charity flow-through offering.

**Term Loan with SolGold plc**

On May 13, 2024, Franco-Nevada advanced to SolGold plc ("**SolGold**") a $10.0 million term loan (the "**SolGold Term Loan**") which was repaid on July 17, 2024. The SolGold Term Loan had a maturity date of July 19, 2024 and carried an interest rate of 12% per annum with interest payments deferred until maturity.

**EMX Term Loan**

On August 19, 2024, Franco-Nevada advanced, through a wholly-owned subsidiary, a $35.0 million term loan (net of a commitment fee equal to 1% of the principal amount) to EMX (the "**EMX Term Loan**"). As a result of the merger forming Elemental, the EMX Term Loan became due and payable and Franco-Nevada received $25.1 million for the full repayment of the EMX Term Loan (net of a $10.0 million principal repayment made by EMX on April 15, 2025).

**G Mining Ventures Equity Investment**

On July 12, 2024, Franco-Nevada completed a private placement of $25.0 million with G Mining Ventures Corp. ("**G Mining Ventures**") at a price of C$2.279 per share (equivalent to C$9.116 per share following the merger between G Mining Ventures and Reunion Gold Corporation ("**Reunion Gold**") on July 15, 2024). La Mancha Investments S.à r.l. completed a concurrent $25.0 million private placement resulting in total proceeds to G Mining Ventures of $50.0 million. The placement was related to G Mining Ventures' business combination with Reunion Gold and advancement of the Oko West gold development project in Guyana.

On December 4, 2024, Franco-Nevada exercised share purchase warrants to acquire 2,875,000 common shares of G Mining Ventures at a price of C$7.60 for a total cost of $15.5 million (C$21.9 million). The share purchase warrants were granted to Franco-Nevada in connection with our initial project financing package for the Tocantinzinho gold project in July 2022.

**Acquisition of Gold Stream on SolGold's Cascabel Copper-Gold Project – Ecuador**

On July 15, 2024, FNIC acquired a gold stream (the "**Cascabel Stream**") from SolGold with reference to production from the Cascabel project located in Ecuador. Franco-Nevada has a pre-existing 1.0% net smelter return royalty on all minerals produced from the project. FNIC and OR Gold Royalties Ltd.'s subsidiary, Osisko Bermuda Limited ("**Osisko**"), participated in the stream financing package on a 70%/30% basis. FNIC has committed to provide a total of $525.0 million and Osisko a total of $225.0 million for a total combined funding of $750.0 million as follows:

● $70.0 million from FNIC in pre-construction funding available as three equal sized staged payments, subject to completion of key development milestones. As of the date of this AIF, FNIC has funded $46.7 million in pre-construction payments.

● $455.0 million available from FNIC towards construction, subject to customary conditions including receipt of all material permits, a construction decision approved by the SolGold board of directors and the remainder of the required project financing being available.

Stream deliveries attributable to FNIC are based on gold production from the Cascabel property, according to the following schedule:

● 14.0% of gold produced in concentrate until 525,000 ounces of gold have been delivered.

● Thereafter, 8.4% of gold produced in concentrate for the remaining life of mine.

SolGold will receive 20% of the spot gold price for each ounce of gold delivered.

Other terms include:

● In the event of a change of control within five years from closing, FNIC has the option to terminate the Cascabel Stream and receive repayment of the deposit that has been advanced by such date plus a return. If not elected, SolGold may purchase 50% of the Cascabel Stream if the change of control occurs within three years from closing and 33.33% of the Cascabel Stream if the change of control occurs in the following two years for a one-time gold payment equal to a 15.0% internal rate of return on the portion of the deposit being bought back that has been advanced by such date, plus a change of control fee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● FNIC and Osisko obtained a right of first refusal on any future royalties or streams over the Cascabel concession and the Cascabel Stream applies to any production from other properties owned by SolGold that is processed through the project mill or infrastructure.

● The Cascabel Stream has adjustment mechanisms in the event of changes to the scale or timeline of development. SolGold and certain of its subsidiaries have provided FNIC and Osisko with corporate guarantees and security over their assets related to the Cascabel project.

On March 4, 2026, Jiangxi Copper Company Limited ("**JCC**"), through a wholly-owned subsidiary, completed the acquisition of SolGold and exercised their option to buy back 50% of the Cascabel Stream, as described further below.

**Acquisition of Royalty on Newmont Corporation's Yanacocha Operations – Peru**

On August 13, 2024, Franco-Nevada indirectly acquired from Compañía de Minas Buenaventura S.A.A. ("**Buenaventura**") and its subsidiary, an existing 1.8% net smelter return royalty on all minerals (the "**Yanacocha Royalty**") covering Newmont Corporation's ("**Newmont**") Yanacocha mine and certain adjacent mineral properties, including the Conga project, located in Peru.

Consideration for the Yanacocha Royalty consisted of $210.0 million paid in cash on closing, plus a contingent payment of $15.0 million (payable with 118,534 common shares of Franco-Nevada, as determined as of the date of closing), payable upon the Conga project achieving commercial production for a full year prior to the 20th anniversary of closing.

**Option to Acquire Royalty with Brazil Potash Corp. – Brazil**

On November 1, 2024, Franco-Nevada acquired an option from Brazil Potash Corp. ("**Brazil Potash**") for $1.0 million to purchase a 4.0% gross revenue royalty on potash produced from Brazil Potash's Autazes development stage project in Brazil.

**2025 and 2026 YTD**

**Acquisition of Royalty on Hayasa Metals Inc.'s Urasar Project – Armenia**

On January 21, 2025, Franco-Nevada acquired a 0.625% NSR covering all minerals produced from Hayasa Metals Inc.'s Urasar gold-copper project in northern Armenia for $0.55 million, pursuant to a three-year joint acquisition agreement entered into with EMX (prior to its merger with Elemental Altus Royalties Corp.) in June 2023.

**Pandora Royalty – South Africa**

On February 28, 2025, Franco-Nevada and Sibanye Stillwater Limited ("**Sibanye-Stillwater**") converted the 5% net profit interest that Franco-Nevada held on the Pandora property to a 1% net smelter return royalty. Sibanye-Stillwater's Pandora property forms a portion of its Marikana operations and includes the currently operating E3 decline.

**Acquisition of Precious Metals Stream on Sibanye-Stillwater's Western Limb Mining Operations – South Africa**

On February 28, 2025, FNIC completed the acquisition of a precious metals stream (the "**Western Limb Stream**") with reference to specific production from Sibanye-Stillwater's Marikana, Rustenburg and Kroondal mining operations (the "**Stream Area**") in South Africa for a purchase price of $500.0 million. The Western Limb Stream is comprised of a gold component for the life of mine and a platinum component for approximately 25 years.

***Key terms of the Western Limb stream include:***

● Gold stream deliveries to FNIC are initially based off the platinum, palladium, rhodium and gold ()"**4E PGM**") production from the Stream Area, according to the following schedule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Gold ounces equal to 1.1% of 4E PGM ounces contained in concentrate until delivery of 87,500 ounces of gold, then

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Gold ounces equal to 0.75% of 4E PGM ounces contained in concentrate until total delivery of 237,000 ounces of gold, then

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 80% of gold contained in concentrate for the remaining life of mine.

● Platinum stream deliveries to FNIC are based on platinum production from the Western Limb Stream Area, according to the following schedule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 1.0% of platinum contained in concentrate until the delivery of 48,000 ounces of platinum, then

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Step-up to 2.1% of platinum contained in concentrate until total delivery of 294,000 ounces of platinum, then

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o No further platinum deliveries.

● Gold and platinum ounces delivered are subject to an ongoing payment of 5% of spot prices, respectively, to Sibanye-Stillwater. In the case of gold, the ongoing payment will increase to 10% following the delivery of 237,000 ounces of gold to FNIC.

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**Financing Package with Discovery Silver Corp. on the Porcupine Complex – Canada**

On April 15, 2025, Franco-Nevada completed, through wholly-owned Canadian subsidiaries, a comprehensive financing transaction with Discovery Silver Corp. ("**Discovery**") to support its acquisition of the Porcupine complex located near Timmins, Ontario, from Newmont. The financing package includes (i) a 4.25% NSR, consisting of two tranches, for $300.0 million, on production from the Porcupine complex, (ii) a $100.0 million senior secured term loan (the "**Discovery Term Loan**"), and (iii) $48.6 million (C$70.9 million) of equity participation. The financing package, totaling $448.6 million, provided Discovery with proceeds to acquire and fund a planned capital program for the Porcupine complex.

&nbsp;&nbsp;&nbsp;&nbsp;***(a)***  ***Porcupine Royalty*** 

The royalty on the Porcupine Complex consists of two tranches:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a 2.25% NSR in perpetuity on all minerals produced; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a 2.00% NSR on all minerals produced until the earlier of royalty payments on the tranche equivalent to 72,000 gold ounces or a cash payment equal to a pre-tax annual internal rate of return of 12% in reference to a $100.0 million attributable purchase price.

&nbsp;&nbsp;&nbsp;&nbsp;***(b)***  ***Discovery Term Loan*** 

The Discovery Term Loan was a $100.0 million, 7-year term loan with an availability period of 2 years from closing at an interest rate of 3-Month SOFR +4.50% per annum and amortization after year 5 at 5% per quarter, with no restrictions on prepayment. The loan provided for an upfront fee equal to 2% on any principal drawn, a standby fee of 100 basis points per annum on undrawn funds, and the issuance by Discovery of 3,900,000 common share purchase warrants with an exercise price of C$0.95 per common share and an expiry date of April 15, 2028.

On September 15, 2025, after arranging a credit facility with a syndicate of commercial banks, Discovery terminated the Discovery Term Loan, which remained undrawn as of the date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;***(c)***  ***Discovery Common Shares*** 

As part of Discovery's public offering of subscription receipts of approximately $169.5 million (C$247.5 million), which closed on February 3, 2025, Franco-Nevada purchased 78,833,333 subscription receipts at a price of C$0.90 per subscription receipt for an aggregate purchase price of $48.6 million (C$70.9 million). Upon closing of the acquisition of the Porcupine complex by Discovery, the subscription receipts were automatically exchanged for common shares of Discovery.

On September 18, 2025, Franco-Nevada sold 26,000,000 shares for aggregate net proceeds of $84.4 million (C$116.5 million) and realized a gain of $67.4 million (C$93.1 million). The proceeds were used to repay amount previously drawn under Franco-Nevada's $1.0 billion revolving credit facility the ("**Corporate Revolver**"), as referenced in the "Credit Facility" section on page 15 of this AIF, and for general corporate purposes.

**Partial Buyback of Salares Norte NSR – Chile**

In May 2025, Gold Fields Limited exercised its option to buy back 1% of Franco-Nevada's 2% NSR on Salares Norte after having paid $6.0 million in cumulative royalty payments.

**Acquisition of Royalty on Côté Gold Mine – Canada**

On June 24, 2025, Franco-Nevada acquired an existing royalty on the Côté Gold mine in Ontario from a private third party for total cash consideration of $1,050.0 million. The royalty consists of a 7.5% gross margin royalty on the Côté Gold mine. Royalty deductions include cash operating costs and exclude all capital, exploration, depreciation and other non-cash costs. The Côté Gold mine is operated through an unincorporated joint venture by IAMGOLD Corporation ("**IAMGOLD**") and is owned by IAMGOLD (70%) and Sumitomo Metal Mining Co. Ltd. ("**Sumitomo**") (30%).

IAMGOLD and Sumitomo hold an option, exercisable at their discretion, to buy down up to 50% of the royalty at Franco-Nevada's attributable cost in two equal tranches of 25%. The cost to repurchase the tranches are as follows: (i) the initial 25% buydown option for an internal rate of return equal to the Secured Overnight Financing Rate ("**SOFR**") plus 1.1%, exercisable within two years of closing, and (ii) the additional 25% buydown option cost for an internal rate of return equal to 10%, following exercise of the initial option, exercisable within three years of closing. Both 25% buydown options are subject to a minimum such that the exercise price shall be the greater of the calculated value or 25% of Franco-Nevada's royalty purchase price ($262.5 million).

**Acquisition of Additional Royalty on Gold Quarry Mine – U.S.A.**

On July 11, 2025, through a wholly-owned U.S. subsidiary, Franco-Nevada acquired from a third party an additional NSR on Nevada Gold Mines LLC's Gold Quarry mine for $10.5 million plus a $1.0 million contingent payment. As a result, Franco-Nevada now holds a combined NSR which provides an annual minimum payment of at least 1,650 gold ounces tied to mineral reserves and stockpiles attributed to the royalty property. Franco-Nevada expects to receive this annual minimum payment through to the end of the mine life with the potential to increase to a higher level if mineral reserves increase beyond current levels. The contingent consideration is payable dependent upon the annual minimum payment.

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**Acquisition of Royalty on AngloGold Ashanti plc's Arthur Gold Project – U.S.A.**

On July 23, 2025, Franco-Nevada acquired, through a wholly-owned U.S. subsidiary, a 1.0% NSR (of an existing 1.5% NSR) on AngloGold Ashanti plc's ("**AngloGold**") Arthur Gold Project (previously the Expanded Silicon Project) from Altius Minerals Corporation ("**Altius**") for $250.0 million in cash, plus a contingent cash payment of $25.0 million. The contingent cash consideration was payable dependent upon the final award outcome of an arbitration process between Altius and AngloGold related to the coverage of the royalty. The final award decision confirming the extent of the area of coverage was received by Altius on August 14, 2025. Franco-Nevada paid $25.0 million in relation to the contingent cash consideration on November 19, 2025.

**Repayment of Loan Receivable from G Mining Ventures**

In November 2025, after arranging a credit facility with a syndicate of commercial banks, G Mining Ventures repaid its $75.0 million secured term loan term loan with Franco-Nevada (the "**G Mining Ventures Term Loan**"), which had an outstanding balance of $79.9 million at the time of the repayment. The G Mining Ventures Term Loan was entered into in July 2022 as part of Franco-Nevada's financing package in connection with the Tocantinzinho gold mine.

**Acquisition of Royalty on Barto Gold Mining's Yilgarn Star Gold Mine – Australia**

On December 24, 2025, Franco-Nevada acquired, through a wholly-owned Australian subsidiary, a 1.0% NSR on 75% of all ounces produced and sold on Barto Gold Mining Pty Ltd's ("**Barto Gold**") Yilgarn Star Project for $4.7 million (A$7.0 million), plus a contingent cash payment of $1.0 million (A$1.5 million). The contingent cash consideration is payable if commercial mining is achieved within 18 months of the closing date.

**Acquisition of Stream on the Casa Berardi Gold Mine with Orezone Gold Corporation – Canada**

Subsequent to year-end, on January 26, 2026, Franco-Nevada agreed to acquire, through a wholly-owned Canadian subsidiary, a $100 million gold stream (the "**Casa Berardi Stream**") from Orezone Gold Corporation ("**Orezone**"). The stream transaction will support Orezone's acquisition of Hecla Mining Company's ("**Hecla**") producing Casa Berardi gold mine and other Quebec assets, including the Heva-Hosco gold project.

***Key terms of the Casa Berardi Stream include:***

● Fixed Deliveries: 1,625 oz of gold per quarter (6,500 oz of gold per year) for the first five years, followed by Variable Deliveries described immediately below.

● Variable Deliveries: 5.0% of gold produced from the Casa Berardi Mine and other Quebec assets (excluding Heva-Hosco) and 2.5% of gold produced from Heva-Hosco.

● Gold ounces delivered will be subject to an ongoing payment of 20% of spot price to Orezone for each ounce of gold delivered.

Funding of the $100.0 million deposit will be made upon closing. Closing of the transaction is subject to customary conditions, including the successful completion of the asset acquisition by Orezone from Hecla (which is itself subject to conditions), and is expected to occur in March 2026.

The effective date of the Casa Berardi Stream is January 1, 2026 and the first full quarter fixed delivery will be due by the later of April 15, 2026 and closing.

**Acquisition of Royalty with i-80 Gold Corp. – U.S.A.**

Subsequent to year-end, on February 12, 2026, Franco-Nevada agreed to acquire, through a wholly-owned U.S. subsidiary, a $250.0 million NSR (the "**i-80 Gold Royalty**") from i-80 Gold Corp. ("**i-80 Gold**"). The royalty consists of a 1.5% NSR on all minerals produced and will increase to 3.0% in perpetuity beginning on January 1, 2031, and will apply to Granite Creek, the Ruby Hill Complex (including Archimedes and Mineral Point), Cove and Lone Tree.

Funding of the upfront payment of $225.0 million was made upon closing, with a further $25.0 million payment subject to completion of 2026 budgeted spending at Mineral Point. Closing of the transaction occurred on March 16, 2026.

**Partial Buybacks of Cascabel Stream and NSR – Ecuador**

On December 24, 2025, SolGold and Jiangxi Copper (Hong Kong) Investment Company Limited ("**JCHK**"), for and on behalf of JCC, announced they reached an agreement on the terms of a recommended cash offer acquisition to be made by JCHK to acquire the entire issued and to be issued share capital of SolGold. The arrangement became effective March 4, 2026. Subsequent to year end, in February 2026, Franco-Nevada was notified that SolGold and JCC were exercising their option to buy back 50% of the Cascabel Stream and 50% of the Cascabel NSR. As a result, in March 2026, FNIC received the equivalent of approximately $40.7 million (net of the ongoing payment) as a one-time delivery of gold ounces for the buyback of 50% the Cascabel Stream, and Franco-Nevada expects to receive approximately $97.5 million in cash for the buyback of 50% of the Cascabel NSR. As of the date of this AIF, FNIC has funded $46.7 million for the Cascabel Stream. Franco-Nevada acquired the Cascabel NSR for $100.0 million in 2020.

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Following the buybacks, key terms of the Cascabel Stream and Cascabel NSR include:

&nbsp;&nbsp;&nbsp;&nbsp;***(a)***  ***Cascabel Stream*** 

● 7.0% of gold produced in concentrate until 262,500 ounces of gold have been delivered.

● Thereafter, 4.2% of gold produced in concentrate for the remaining life of mine.

● Gold ounces delivered will be subject to an ongoing payment of 20% of spot price to JCC for each ounce of gold delivered.

&nbsp;&nbsp;&nbsp;&nbsp;***(b)***  ***Cascabel NSR*** 

● 0.5% NSR on all minerals produced, subject to adjustments based on the production rate, with the option to convert to a gold only NSR for a period of time.

● Annual minimum royalty payments of $5.0 million starting from 2028, subject to certain conditions.

**Financing Package with Minerals 260 Limited on the Bullabulling Gold Project – Australia**

Subsequent to year-end, on February 22, 2026, Franco-Nevada agreed to acquire, through a wholly-owned Australian subsidiary, a A$170.0 million (approximately $120.0 million) gross royalty (the "**Bullabulling Royalty**") from Minerals 260 Limited ("**Minerals 260**") to support its development of the Bullabulling gold project located approximately 65 km from Kalgoorlie in Western Australia, in the Eastern Goldfields.

The royalty consists of an incremental 1.45% gross royalty over certain Bullabulling tenements on which Franco-Nevada already held a 1.00% royalty and a new 2.45% gross royalty over Bullabulling tenements where Franco-Nevada did not already hold an existing royalty. Upon production of an aggregate of 4.0 Moz Au from royalty lands, the aggregate royalty burden on the royalty lands will step down from 2.45% to 1.63%. The royalties cover a Bullabulling land package inclusive of all Mineral Resources, plus an area of interest and includes the Phoenix, Bacchus, Dicksons, Kraken and Gibraltar deposits.

An initial A$75.0 million ($53.3 million) was funded on February 26, 2026, with a further A$95.0 million (approximately $67.0 million) payment to be funded upon obtaining Foreign Investment Review Board approval for the acquisition of security interests over the project tenements.

***Minerals 260 Shares***

Additionally, Franco-Nevada purchased 111,111,111 shares of Minerals 260 at an issue price of A$0.45 per share for an aggregate purchase price of A$50.0 million ($35.5 million). Upon closing of the transaction, Franco-Nevada owned approximately 4.9% of Minerals 260's issued and outstanding shares.

**Acquisition of Royalty Portfolio from Victoria Gold Corp.– Canada & U.S.A.**

Subsequent to year-end, on February 24, 2026, Franco-Nevada and a wholly-owned U.S. subsidiary agreed to acquire a portfolio of six royalties held by Victoria Gold Corp. for total cash consideration of C$55.0 million (approximately $40.0 million). The portfolio includes a 6.0% NSR (subject to a 5.0% buydown at the operator's election for C$10.0 million (approximately $7.3 million)) on Banyan Gold Corp.'s AurMac property and a 1.0% NSR on Banyan Gold Corp.'s Hyland property both in the Yukon. The portfolio also includes a milestone payment royalty on i-80 Gold's Cove project in Nevada and three additional royalties on earlier stage properties in Nevada and the Yukon. Closing of the transaction is expected to occur in H1 2026 subject to customary conditions.

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**Portfolio Updates**

**Acquisition of Mineral Rights with Continental Resources, Inc. – U.S.A.**

Through a wholly-owned U.S. subsidiary, Franco-Nevada has a strategic relationship with Continental Resources, Inc. ("**Continental**") to acquire, through a jointly-owned entity (the "**Royalty Acquisition Venture**"), royalty rights within Continental's areas of operation. Franco-Nevada recorded contributions to the Royalty Acquisition Venture of $2.8 million and $9.8 million in Q4 2025 and 2025, respectively (Q4 2024 and 2024 – $2.5 million and $23.5 million, respectively). As at December 31, 2025, Franco-Nevada has remaining commitments of up to $36.5 million.

**Cobre Panamá Updates – Panamá**

&nbsp;&nbsp;&nbsp;&nbsp;***(a)***  ***Preservation and Safe Management*** 

Cobre Panamá remains on preservation and safe management ("**P&SM**") with production halted since November 2023. First Quantum Minerals Ltd. ("**First Quantum**") has been working with the Government of Panamá (the "**GOP**") and the Ministry of Commerce and Industry (the "**MICI**") to implement a plan that would allow for the execution of environmental and asset integrity measures during the P&SM phase of Cobre Panamá (the "**P&SM Plan**").

On January 6, 2025, Panamá's Ministry of Environment ("**MiAmbiente**") released the draft terms of reference for the environmental audit of the Cobre Panamá mine. A public consultation process on the terms of reference concluded on February 7, 2025.

On January 12, 2025, the Minister of Environment and the Minister of Public Security conducted a site visit of Cobre Panamá. During the visit, the ministers toured the mine as well as the process, port and power plant facilities to inspect the upkeep of the mine and the status of surrounding communities and the environment. The visit also enabled the ministers to inspect and approve the export of 7,960 tons of ammonium nitrate stored at the mine's Punta Rincón port. Export of the ammonium nitrate commenced by road in January 2025.

On May 30, 2025, the GOP approved and formally instructed the execution of the P&SM plan for Cobre Panamá. Activities related to the P&SM plan included:

● The P&SM Plan approval authorized the export of the copper concentrate that had been produced and stored at site since prior to the suspension of operations. The 122,520 dry metric tonnes of copper concentrate was exported in June and July 2025. First Quantum reported the proceeds from the concentrate sales were used to fund P&SM activities, including local supply and procurement in Panamá and the ongoing environmental stewardship of the mine and its surroundings.

● In October 2025, MiAmbiente issued the order for SGS Global ()"**SGS**") to proceed with the integral audit of Cobre Panamá, covering environmental, social, legal, and fiscal compliance aspects of the mine. Under the coordination of MiAmbiente and MICI, SGS commenced the process and, to date, documentary verification and field visit inspections have been completed as scheduled. The audit is anticipated to be concluded in April 2026.

● The execution of the P&SM plan also included the import of fuel and the restart of Cobre Panamá's power plant. In November 2025, commissioning tests for Unit 2 of the power plant were completed and one supply shipment was received, allowing the conveying system to reach its nominal capacity. Unit 2 was then hot-commissioned and synchronized to the grid. It maintained stable operation and successfully increased output to its maximum capacity of 150 MW in December 2025. The plant is operating at an average output of 120 MW based on the power requirements of the P&SM activities and the demands of the national power grid. The second supply shipment arrived in mid-January 2026. The commissioning of Unit 1 is ongoing and, to date, performance has been normal.

In the State of the Nation address on January 2, 2026, President José Raúl Mulino announced that the GOP will authorize the removal, processing and export of stockpiled ore at Cobre Panamá that was previously extracted before operations were suspended. Processing of the stockpiles will mitigate environmental and operational risks associated with their prolonged storage, such as acid rock drainage, and provide important feed material to the tailings management facility. First Quantum awaits formal approvals to undertake these activities, which will be carried out in coordination with the GOP and in strict compliance with the P&SM Plan. The processing of stockpiles does not constitute a mine reopening and will not require any new extraction, drilling, blasting, or mine operational reactivation.

First Quantum reported that the total amount of stockpiled ore is approximately 38 million tonnes. On a preliminary basis, First Quantum estimates that processing of the stockpiles could commence three months after receiving official regulatory approval, would require one year to process, and is expected to produce approximately 70,000 tonnes of copper. Proceeds from the sale of copper concentrate are anticipated to offset P&SM costs.

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As a result, of the shipment of the 122,520 dry metric tonnes of copper concentrate shipped in June and July 2025, Franco-Nevada received 11,208 GEOs in stream deliveries in 2025 and approximately 935 GEOs subsequent to year-end, in February 2026. With respect to the processing and export of stockpiled ore, if authorized, the stockpiles are expected to produce approximately 70,000 tonnes of copper which would result in the delivery of approximately 23,100 gold ounces and 265,000 silver ounces to Franco-Nevada. Timing of the receipt of such deliveries depends on the timing of formal approval by the GOP.

&nbsp;&nbsp;&nbsp;&nbsp;***(b)***  ***Arbitration Proceedings*** 

On March 31, 2025, First Quantum announced it had agreed to discontinue its International Chamber of Commerce arbitration proceedings and also agreed to suspend its Canada-Panama Free Trade Agreement arbitration.

On June 18, 2025, Franco-Nevada agreed to suspend its arbitration proceeding against the GOP. Franco-Nevada reiterates its hope for a resolution with the State of Panamá providing the best outcome for the Panamanian people and all parties involved.

**Yanacocha Update – Peru**

On February 19, 2026, Newmont announced it had indefinitely deferred the Yanacocha Sulfides project. Newmont has reiterated its commitment to Peru, in particular to the Quilish and Conga deposits, both of which Franco-Nevada has a royalty on. Since Franco-Nevada's acquisition of the royalty in 2024, Yanacocha has significantly outperformed compared to our initial expectations at the time of the acquisition, with oxide re-leaching delivering significantly higher production. Production at Yanacocha in 2025 of 515,000 ounces again exceeded Newmont's guidance due to the successful use of patented injection leaching technology. Newmont's production guidance for 2026 is 460,000 gold ounces, continuing as a leach-only operation. Newmont announced the extension of mining operations at site through 2026 and 2027, adding additional ounces in early 2027 with potential for further production extensions.

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**Corporate and Tax Updates**

**Canada Revenue Agency Audit**

On September 11, 2025, Franco-Nevada reached a settlement with the Canada Revenue Agency (the "**CRA Settlement**") which provided for a final resolution of Franco-Nevada's tax dispute in connection with the reassessments under transfer pricing rules of the 2013 to 2019 taxation years in relation to its Mexican and Barbadian subsidiaries. Under the terms of the CRA Settlement, no payment of any tax in Canada is required on the foreign earnings of the Company's Barbadian and Mexican subsidiaries for the 2013 to 2019 taxation years. Please refer to "Legal Proceedings and Regulatory Actions" on page 72 of this AIF.

Franco-Nevada has posted security in the form of cash totaling $44.7 million (C$61.4 million) and standby letters of credit totaling $48.1 million (C$66.0 million). Subsequent to year-end, Franco-Nevada recovered cash deposits of $30.0 million (C$41.2 million) and all standby letters of credit were released. Franco-Nevada expects the balance of the cash deposits to be returned in the short-term.

**Credit Facility**

On July 22, 2025, Franco-Nevada drew down $175.0 million from the Corporate Revolver to finance part of the acquisition of the royalty on the Arthur Gold Project, as referenced above. The Corporate Revolver was fully repaid within the same quarter, with $100.0 million repaid on August 21, 2025, and $75.0 million on September 22, 2025.

As at December 31, 2025, there were no amounts drawn from the Corporate Revolver. However, there were four standby letters of credit issued against the Corporate Revolver as deposits for the audit by the CRA. These standby letters of credit reduced the amount available to draw such that the available balance under our Corporate Revolver was $951.9 million. Subsequent to year-end and following the CRA Settlement referenced above, these standby letters of credit were released by the CRA.

In addition, subsequent to year-end, on March 10, 2026, Franco-Nevada extended the maturity date of its Corporate Revolver from June 3, 2029 to March 10, 2031, increased the amount available under the accordion from $250.0 million to $500.0 million, and reduced the applicable margin for U.S. advances based on the SOFR from between 1.10% and 2.15% to between 1.00% and 2.05%, depending on the Company's leverage ratio.

**Dividends**

&nbsp;&nbsp;&nbsp;&nbsp;***(a)***  ***2026*** 

As announced on January 26, 2026, Franco-Nevada raised its quarterly dividend to US$0.44 per share and declared a quarterly dividend payable on March 26, 2026 to shareholders of record on March 12, 2026. This is a 16% increase from the previous US$0.38 per share quarterly dividend and marks the 19th consecutive annual increase for Franco-Nevada shareholders. The increased dividend is intended to be effective for the full 2026 fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;***(b)***  ***2025*** 

Franco-Nevada's quarterly dividend throughout 2025 was US$0.38 per share, compared to US$0.36 per share in 2024. In 2025, Franco-Nevada paid total dividends of $293.8 million, of which $275.1 million was paid in cash and $18.7 million was settled in common shares under our Dividend Reinvestment Plan (the "**DRIP**"). During the quarter, Franco-Nevada paid total dividends of $73.8 million, of which $70.6 million was paid in cash and $3.2 million was settled in common shares under our DRIP.

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**Guidance and Outlook**

The following contains forward-looking statements. For a description of material factors that could cause our actual results to differ materially from the forward-looking statements below, please see the "Cautionary Statement on Forward-Looking Information" section on page 1 of this AIF and the "Risk Factors" section from pages 49 to 64 of this AIF. The 2026 guidance and outlook are based on assumptions including the forecasted state of operations from our assets based on the public statements and other disclosures by the third-party owners and operators of the underlying properties and our assessment thereof.

**Pricing Assumptions and GEO Methodology**

Franco-Nevada presents its guidance in reference to commodity sales. For streams, Franco-Nevada's guidance reflects metals that have been delivered from the operators of Franco-Nevada's assets and subsequently sold. Franco-Nevada's deliveries may differ from operators' production based on timing of deliveries and due to recovery and payability factors. Sales may differ from deliveries based on the timing of the sales. For royalties, Franco-Nevada's guidance reflects the timing of royalty payments or accruals.

Franco-Nevada's 2026 guidance and five-year outlook is based on the following assumed commodity prices: $4,500/oz Au, $75.00/oz Ag, $2,000/oz Pt, $1,650/oz Pd, $100/tonne Fe 62% CFR China, $70/bbl WTI oil and $3.00/mcf Henry Hub natural gas.

Beginning in 2026, Franco-Nevada will be adopting fixed GEO conversion ratios based on the pricing assumptions outlined in Franco-Nevada's 2026 guidance. This methodology replaces Franco-Nevada's previous variable GEO conversion ratios based on prevailing market prices, and is intended to make Franco-Nevada's GEO guidance better reflect production volumes.

**2025 Performance Compared to Guidance**

Franco-Nevada achieved the upper range of its revised guidance, with Precious Metal and Total GEOs totaling 440,140 ounces and 519,106 ounces, respectively. During the year, Franco-Nevada benefited from the increase in gold prices, resulting in revenue of $1,822.8 million, a year-over-year increase of 64%. On a GEO basis, higher gold prices negatively impacted the conversion of Franco-Nevada's non-gold revenue into GEOs. The following table presents Franco-Nevada's 2025 actual performance compared to Franco-Nevada's 2025 guidance.

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| | | | |
|:---|:---|:---|:---|
|  | **Initial 2025**<br>**Guidance**<sup>(1)</sup> | **Revised 2025**<br>**Guidance**<sup>(2)</sup> | **2025 Actual**<br>**GEOs Sold**<sup>(3)</sup> |
| Precious Metal GEO sales | 385000 - 425000 | 420000 - 440000 | 440140 |
| Total GEO sales | 465000 - 525000 | 495000 - 525000 | 519106 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Initial 2025 guidance as disclosed in our 2024 MD&A filed on March 10, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Revised 2025 guidance as disclosed in Franco-Nevada's Q3 2025 MD&A filed on November 3, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Actual GEOs sold are calculated using prevailing prices in 2025. For further details on our methodology for computing GEOs, please refer to the "Gold Equivalent Ounces and Net Gold Equivalent Ounces" section of Franco-Nevada's Q4 2025 MD&A filed on March 10, 2026.

**2026 Guidance**

Franco-Nevada's Total GEOs are expected to range from 510,000 to 570,000 ounces, with approximately 90% from Precious Metal assets and 10% from our Diversified assets. Given the volatility in commodity prices, Franco-Nevada is also providing volume-based guidance for its Precious Metal assets. The table below presents Franco-Nevada's guidance for 2026.

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| | | |
|:---|:---|:---|
|  | **2026**<br>**GEO Sales Guidance**<sup>(1)(2)</sup> | <br>**2025 Actual** |
| **Commodity** |  |  |
| &nbsp;&nbsp;Gold ounces sold | 360,000 to 400,000 ounces | 366,265 gold ounces |
| &nbsp;&nbsp;Silver ounces sold | 4.7 to 5.5 million ounces | 5.4 million silver ounces |
| &nbsp;&nbsp;PGMs ounces sold | 32,000 to 37,000 ounces | 28,374 PGMs ounces |
| &nbsp;&nbsp;Diversified revenue | $245 to $285 million | $259.9 million |
| **Gold Equivalent Ounces Sold** |  |  |
| &nbsp;&nbsp;Total | 510,000 to 570,000 GEOs | 519,106 GEOs |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Franco-Nevada's 2026 guidance assumes the following commodity prices: $4,500/oz Au, $75.00/oz Ag, $2,000/oz Pt, $1,650/oz Pd, $100/tonne Fe 62% CFR China, $70/bbl WTI oil and $3.00/mcf Henry Hub natural gas. Starting in 2026, actual GEOs will be calculated based on fixed conversion ratios based on the prices assumed in this 2026 guidance.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Franco-Nevada's guidance and outlook reflect contributions from acquisitions Franco-Nevada entered into subsequent to year-end as of the date of this AIF but does not reflect any incremental revenue from additional contributions Franco-Nevada may make to the Royalty Acquisition Venture with Continental. Franco-Nevada's guidance and outlook do not reflect any buyback options which may be exercised at the discretion of Franco-Nevada's operators with the exception of the Cascabel buybacks as further detailed below.

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The anticipated increase in Franco-Nevada's Precious Metal GEOs is primarily a reflection of the first full year of contribution from Côté Gold, Porcupine, and Valentine, the continued ramp-up of Salares Norte and Greenstone, and the recent acquisitions of the Casa Berardi stream and i-80 Gold Royalty. With respect to Franco-Nevada's Diversified revenue, the commodity breakdown is expected to be approximately 50% oil and liquids, 25% natural gas and 25% iron ore and other minerals.

Franco-Nevada has not assumed any contributions from Cobre Panamá in Franco-Nevada's 2026 guidance. As discussed above, First Quantum is awaiting formal approval to process stockpiled ore, which is expected to produce approximately 70,000 tonnes of copper and would result in stream deliveries to Franco-Nevada of approximately 23,100 gold ounces and 265,000 silver ounces. The timing of stream deliveries would depend on when formal approval is received.

***Precious Metals***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **South America**: For Candelaria, Franco-Nevada forecasts between 57,500 and 67,500 GEOs sold, compared to 68,273 GEOs sold in 2025. Lundin Mining expects lower underground mining rates in the first half of 2026 as it insources the underground mining contract, and higher production in the second half of the year due to higher expected grades from Phase 12. For Antapaccay, Franco-Nevada anticipates GEOs sold to decrease from 45,488 GEOs in 2025 to between 30,000 and 40,000 GEOs based on mine sequencing. For Antamina, Franco-Nevada anticipates an increase in silver ounces to between 3.5 and 3.7 million silver ounces, compared to 3.2 million silver ounces sold in 2025, reflecting anticipated higher silver grades. Tocantinzinho is expected to generate a modest increase in deliveries, with deliveries weighted to H2 2026 as higher grade mineralization becomes available in accordance with the mine plan. Franco-Nevada also expects higher contributions from Salares Norte as the mine achieved steady-state levels of production in Q4 2025 and expects to produce over 500,000 ounces over the next three years. These increases are expected to be offset by lower production from Yanacocha as the current phase on oxide mining operations ended in Q4 2025 as planned. Production will continue from residual leaching, albeit at a lower rate. While production from Condestable is expected to increase in the next few years, deliveries to Franco-Nevada are expected to decrease following the end of the 5-year fixed delivery period in Q4 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Central America & Mexico**: For Guadalupe-Palmarejo, Franco-Nevada anticipates deliveries of between 47,000 and 52,500 GEOs, in-line with 2025 where we sold 50,609 GEOs, reflecting a similar proportion of Palmarejo's production being mined from ground covered by Franco-Nevada's stream. Franco-Nevada assumed no production from Cobre Panamá, which currently remains in a phase of P&SM with production halted. As discussed above, if authorized, the processing of stockpiles is expected to produce approximately 70,000 tonnes of copper and would result in approximately 23,100 gold ounces and 265,000 silver ounces to Franco-Nevada. Timing of the receipt of such deliveries depends on the timing of formal approval by the GOP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Canada & United States**: Franco-Nevada expects higher contributions from our Côté Gold gross margin royalty. After having achieved nameplate throughput capacity in June 2025, production at the mine is expected to increase from 399,800 gold ounces in 2025 to between 390,000 and 440,000 ounces in 2026. Operating costs are expected to decrease as IAMGOLD implements measures to improve the cost structure. Franco-Nevada also expects strong contributions from Porcupine, with a first full year of contributions. Discovery Silver expects to produce between 260,000 and 300,000 gold ounces from Porcupine in 2026, reflecting higher output at Hoyle Pond and Borden as well as increased production from open pit sources, including both Pamour and Hollinger. At Valentine, where commercial production commenced in September 2025, Equinox Gold expects the mine to reach nameplate throughput by Q2 2026 and to produce between 150,000 and 200,000 gold ounces in 2026. Production from Greenstone is expected to increase to between 250,000 and 300,000 gold ounces in 2026 as Equinox Gold expects to improve reliability and overall operational performance of the mine. Franco-Nevada expects its Hemlo and Musselwhite royalty payments to increase, reflecting the leverage of NPI royalties to higher gold prices. South Arturo is expected to have another strong year in 2026 as the open pit will remain a focus for the Nevada Gold Mines' Carlin operations. At Stillwater, Sibanye-Stillwater expects U.S. PGM operations to produce between 280,000 and 300,000 platinum and palladium ounces, consistent with 2025 production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Rest of World**: Deliveries of gold and platinum ounces from Franco-Nevada's Western Limb stream are expected to be relatively consistent with 2025, where we received and sold 16,933 gold ounces and 9,185 platinum ounces. Franco-Nevada expects its GEO sales to benefit from higher platinum prices when compared to 2025 based on its current price assumptions. Payments from Franco-Nevada's Subika (Ahafo) royalty are expected to decrease relative to 2025 as mining activities in the Subika open pit were completed as planned in Q3 2025. Newmont plans to increase its investment in exploration and advanced projects, including at Subika Underground.

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***Diversified***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Other Mining**: Attributable sales from Franco-Nevada's Vale royalty are expected to increase in 2026 compared to 2025, reflecting a first full year of contributions from the Southeastern System where the cumulative sales threshold of 1.7 billion tonnes of iron ore was reached mid-2025. With respect to Franco-Nevada's interest in Labrador Iron Ore Company of Canada ()"**LIORC** "), Rio Tinto expects an increase in iron ore production at Iron Ore Company of Canada, with 15 to 18 Mt of iron ore for 2026 compared to 16 Mt sold in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Energy**: For its U.S. Energy assets, Franco-Nevada expects production growth from its SCOOP/STACK and Haynesville interests to be lower when compared to 2025, offset by softer gas prices based on Franco-Nevada's current price assumptions. With respect to Franco-Nevada's Canadian assets, production from the Weyburn Unit is forecasted to remain relatively constant year-over-year.

**Depletion Expense**: Based on currently available mineral reserves estimates published by Franco-Nevada's operators, Franco-Nevada expects depletion and depreciation expense to range between $310.0 million and $340.0 million for 2026. Depletion rates may be updated throughout the year as updated mineral reserves estimates become available.

**Income Tax**: Franco-Nevada expects its annual effective tax rate to be between 20% and 23%.

**Capital Commitments**: Franco-Nevada anticipates making the third pre-construction payment for the Cascabel Stream of $11.7 million in 2026. As of December 31, 2025, Franco-Nevada's remaining capital commitment to the Royalty Acquisition Venture with Continental was $36.5 million. Franco-Nevada also expects to fund part of the contingent consideration Franco-Nevada is committed to for its Copper World royalty. Please refer to the "Capital Commitments" section on page 35 of Franco-Nevada's Management Discussion and Analysis for the fiscal year ended December 31, 2025, filed with the Canadian securities regulatory authorities on www.sedarplus.com and on Form 40-F filed with the SEC on www.sec.gov, for further details on our other capital commitments.

**Five-Year Outlook**

For 2030, Franco-Nevada expects Total GEOs to range between 555,000 and 615,000 GEOs. Franco-Nevada has not assumed any contributions from Cobre Panamá in this outlook. Should production restart, there is potential for materially higher GEOs, depending on the conditions of such restart. Based on the average of the next five years of the Cobre Panamá mine plan which was in place at the time of suspension, the stream has the potential to contribute as much as 150,000 to 175,000 GEOs to Franco-Nevada annually once the mine has ramped up to full capacity.

***Precious Metals***

Franco-Nevada assumed the start of production at Cascabel in 2028, based on the development of the Tandayama-America open pit in 2028 and the underground block cave in 2030 as outlined by SolGold. Franco-Nevada's outlook reflects the partial buybacks of the Cascabel Stream and NSR which were exercised following the acquisition of SolGold by JCC. At Eskay Creek, Skeena anticipates commencement of mining operations in 2027, having now completed the permitting process with the support of the Tahltan Nation. At Stibnite Gold, Perpetua Resources Corp. expects to start production in 2029, having received the final federal permit and commenced early works construction. At Castle Mountain, Equinox Gold is expecting to receive the federal decision for the development of the Phase 2 expansion project in late 2026 and estimates a two-year construction period. At Detour Lake, Agnico Eagle Mines Limited expects to reach production of 1 Moz per annum in 2031 for approximately 14 years and is evaluating the potential for a third processing line which could lift annual production above the 1 Mozpa level. At Antamina, silver production is expected to increase based on higher silver grades in the life of mine plan. At Stillwater, Sibanye-Stillwater is expecting to reopen Stillwater West in 2028, doubling current production levels. In Australia, production at the Rebecca Gold Project is anticipated to start in late 2028 following the completion of the definitive feasibility study and final investment decision by Ramelius Resources Limited.

Franco-Nevada anticipates a step-down in deliveries at Candelaria in H2 2027, where Franco-Nevada's stream interest will decrease from 68% to 40% of gold and silver produced, partly offset by potential production from the Candelaria Underground Expansion Project. At Antapaccay, a stepdown in deliveries is expected in H2 2028, where Franco-Nevada's stream will be based on 30% of gold and silver produced rather than indexed to copper production. This may be partly offset by the development of the Coroccohuayco project. While the project is pending a final investment decision, Glencore has outlined a timetable that would see Coroccohuayco starting production in late 2028. At Guadalupe-Palmarejo, Coeur Mining announced an increase in gold mineral reserves of 40%, extending the mine life by approximately five years. At Subika (Ahafo), production attributable to Franco-Nevada's royalty is expected to decline following the end of mining operations at the Subika open pit at Ahafo South in July 2025 as planned. Production from royalty ground at Subika Underground is expected to continue for a period of time.

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***Diversified***

With respect to Franco-Nevada's Diversified assets, Franco-Nevada assumes the start of production at Copper World, where a definitive feasibility study and sanction decision are expected in 2026 following the completion of a joint venture agreement between Hudbay Minerals Inc. and Mitsubishi Corporation. Franco-Nevada also assumed the start of production at Taca Taca, for which First Quantum released a NI 43-101 Technical Report and is working on the approval of the Environmental and Social Impact Assessment and critical water permit and preparing for an application to Argentina's investment promotion regime, Régimen de Incentivos para Grandes Inversiones in H1 2026. For Franco-Nevada's Energy assets, Franco-Nevada anticipates production growth from the continued development of its U.S. assets, in particular at its Haynesville, SCOOP/STACK, and Permian interests, and expects steady-state production from its Canadian assets.

**Long-Term Optionality**

Franco-Nevada holds a large portfolio of over 300 exploration and advanced-stage royalty and stream interests which are not reflected in our guidance or five-year outlook and provide the potential for significant organic growth. Please refer to Franco-Nevada's News Release issued on March 10, 2026 for additional portofilio updates.

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**EXPLANATION OF ROYALTIES, STREAMS AND OTHER INTERESTS**

A royalty is a payment to a royalty holder by a property owner or an operator of a property and is typically based on a percentage of the minerals or other products produced or the revenues or profits generated from the property. The granting of a royalty to a person usually arises as a result of: (i) paying part of the consideration payable to landowners, prospectors or junior mining companies for the purchase of their property interests; (ii) providing capital in exchange for granting a royalty; or (iii) converting a participating interest in a joint venture relationship into a royalty.

Royalties are not typically working interests in a property. Therefore, depending on the nature of the royalty interest and the laws applicable to the royalty and project, the royalty holder is generally not responsible for, and has no obligation to contribute, additional funds for any purpose, including, but not limited to, operating or capital costs, or environmental or reclamation liabilities. Typically, royalty interests are established through a contract between the royalty holder and the property owner, although many jurisdictions permit the holder to also register or otherwise record evidence of a royalty interest in applicable mineral title or land registries. The unique characteristics of royalties may provide royalty holders with special commercial benefits not available to the property owner because the royalty holder may enjoy the upside potential of the property with reduced risk.

**Revenue-based Royalties:** The majority of royalty revenues that Franco-Nevada receives are royalties based on revenues from the value of production. The key types of revenue-based royalties are described in general terms below:

**Net Smelter Return** <u>("</u>**NSR**<u>")</u> royalties are based on the value of production or net proceeds received by the operator from a smelter or refinery. These proceeds are usually subject to deductions or charges for transportation, insurance, smelting and refining costs as set out in the royalty agreement. For gold royalties, the deductions are generally minimal, while for base metal projects the deductions can be much more substantial. This type of royalty generally provides cash flow that is free of any operating or capital costs and environmental liabilities. A smaller percentage NSR in a project can effectively equate to the economic value of a larger percentage profit or working interest in the same project.

**Gross Royalties** <u>("</u>**GR**<u>")</u> **or Gross Overriding Royalties** <u>("</u>**GORR**<u>")</u> are based on the total revenue stream from the sale of production from the property with few, if any, deductions. Some contracts refer to gross proceeds ("**GP**") which have been characterized as comparable to GRs in this document.

**Overriding Royalties** <u>("</u>**ORR**<u>")</u> **and Lessor or Freehold Royalties** <u>("</u>**FH**<u>")</u> are based on the proceeds from gross production and are usually free of any operating, capital and environmental costs. These terms are usually applied in the oil and gas industry.

**Profit-based Royalties:** Franco-Nevada also receives a portion of its revenues from royalties that are calculated based on profits, as described below:

**Net Profit Interest** <u>("</u>**NPI**<u>")</u> is based on the profit realized after deducting costs related to production as set out in the royalty agreement. NPI payments generally begin after payback of capital costs. Although the royalty holder is generally not responsible for providing capital, covering operating losses or environmental liabilities, increases in production costs will affect net profits and royalties payable.

**Net Royalty Interest** <u>("</u>**NRI**<u>")</u> is paid net of operating and capital costs similar to an NPI.

**Gross Margin Royalties ("GMR")** are based on the gross revenue realized from the property after deducting specified operating costs from total revenue. The calculation of gross revenue generally excludes deductions for capital costs and similar expenditures.

**Fixed Royalties:** Franco-Nevada has a small number of fixed royalties. These are royalties that are paid based on a set rate per tonne mined, produced or processed or even a minimum for a period of time rather than as a percentage of revenue or profits. These types of royalties are more common for iron ore, coal and industrial minerals and usually do not have exposure to changes in the underlying commodity price.

The royalty types listed above can include additional provisions that allow them to change character in different circumstances or have varying rates. Some examples are as follows:

**Minimum Royalty** <u>("</u>**MR**<u>")</u> is a provision included in some royalties that requires fixed payments at a certain level even if the project is not producing, or the project is producing at too low a rate to achieve the minimum.

**Advance Minimum Royalty** <u>("</u>**AMR**<u>")</u> is similar to an MR except that, once production begins, the minimum payments already paid are often credited against subsequent royalty payments from production that exceeds the minimum.

**Sliding Scale Royalty** <u>("</u>**Sliding Scale**<u>"</u> **or** <u>"</u>**ss**<u>")</u> refers to royalties where the royalty percentage is variable. Generally, this royalty percentage is indexed to metal prices or a production threshold. Generally, a minimum or maximum percentage would be applied to such a royalty.

**Capped Royalty** <u>("</u>**Capped**<u>")</u> refers to royalties that expire or cease payment after a particular cumulative royalty amount has been paid or a set production volume threshold or time period has been reached.

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Royalties can be commodity specific and, for instance, apply only to gold or hydrocarbons or have varying royalty structures for different commodities from the same property. Royalties can be restricted or varied by metallurgy, ore type or even by stratigraphic horizon. Generally, the contract terms for royalties in the oil and gas business are more standardized than those found in the mining business.

**Streams:** Streams are distinct from royalties. They are metal purchase agreements where, in exchange for an upfront deposit and ongoing payments for metal delivered, the holder purchases all or a portion of one or more metals produced from a mine, at a preset price. In the case of gold, the agreements typically provide for the purchase price to be the spot price at the time of delivery with a fixed price per ounce (typically the lesser of (i) $400 per ounce with a small inflationary adjustment and (ii) the spot price at the time of delivery) or a percentage of the spot price for gold payable in cash (the "**Ongoing Price**") and the balance paid by applying the upfront deposit. Once the upfront deposit is fully applied, the purchase price is the Ongoing Price. Precious metals streams are well suited to co-product production providing incentive to the operator to produce the precious metals. Because streams can also be used as a form of financing a project, the stream structure may also help maintain the borrowing capacity for the project. Streams can provide higher leverage to commodity price changes when structured with a fixed purchase price per ounce.

**Working Interests** ("**WI**")**:** A working interest is significantly different than a royalty or stream in that a holder of a WI owns an undivided possessory interest in the land or leasehold itself, and is liable for its share of capital, operating and environmental costs, usually in proportion to its ownership percentage, and it receives its pro-rata share of revenue. Minority working or equity interests are not considered to be royalties because of the ongoing funding commitments, although they can be similar in their calculations to NPIs.

**Example Economics of a Royalty (NSR or NPI) versus a Stream**

The example below compares the relative value per ounce to Franco-Nevada of an NSR, a stream or an NPI or WI. Assume for one ounce of gold, a sales price of $4,500, a "stream cost"<sup>(1)</sup> of $400 per ounce and that the "all-in sustaining cost"<sup>(2)</sup> of the mine is $1,637 per ounce.

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| | | | |
|:---|:---|:---|:---|
|  | <br>NSR | <br>Stream | Developed<br>NPI or WI |
| One ounce sold at | $4500 | $4500 | $4500 |
| Applicable cost |  | $400<br><sup>(1)</sup>  | $1637<br><sup>(2)</sup>  |
| Margin for calculation | $4500 | $4100 | $2863 |
| NSR, Stream or NPI % | 4% | 4% | 4% |
| Revenue per ounce to FNV | $180 | $164 | $115 |
| Value relative to an NSR | 1.00x | 0.91x | 0.64x |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Franco-Nevada's streams have various ongoing costs. In some cases, it is $400 per ounce of gold plus a 1% annual increment, in other cases it is 20% of the spot price of gold. For each stream, Franco-Nevada indicates the detail for ongoing costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For applicable costs for a developed NPI or WI, Franco-Nevada is, for illustrative purposes, assuming Barrick Gold Corporation's ()"**Barrick**") 2025 all-in sustaining cash cost measure, as Barrick is the operator of two assets at which Franco-Nevada has NPI interests.

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**TECHNICAL AND THIRD-PARTY INFORMATION**

Except where otherwise stated, the disclosure in this AIF relating to properties and operations on the properties in which Franco-Nevada holds royalty, stream or other interests is based on information publicly disclosed by the owners or operators of these properties and information/data available in the public domain as at March 12, 2026 (except where stated otherwise), and none of this information has been independently verified by Franco-Nevada. Specifically, as a royalty or stream holder, Franco-Nevada has limited, if any, access to properties included in its asset portfolio. Additionally, Franco-Nevada may from time to time receive operating information from the owners and operators of the properties, which it is not permitted to disclose to the public. Franco-Nevada is dependent on the operators of the properties and their qualified persons to provide information to Franco-Nevada or on publicly available information to prepare disclosure pertaining to properties and operations on the properties on which Franco-Nevada holds royalty, stream or other interests and generally has limited or no ability to independently verify such information. Although Franco-Nevada does not have any knowledge that such information may not be accurate, there can be no assurance that such third-party information is complete or accurate. Some information publicly reported by operators may relate to a larger property than the area covered by Franco-Nevada's royalty, stream or other interest. Franco-Nevada's royalty, stream or other interests often cover less than 100% and sometimes only a portion of the publicly reported mineral resources, mineral reserves and production of a property.

Except where otherwise noted, the disclosure in this AIF relating to mineral resources and mineral reserves statements for individual properties is made as at December 31, 2025. In addition, such numerical information presented in this AIF which has been derived from information publicly disclosed by owners or operators may have been rounded by Franco-Nevada and, therefore, there may be some inconsistencies between the significant digits presented in this AIF and the information publicly disclosed by owners and operators.

As at December 31, 2025, Franco-Nevada considers its stream interest in the Candelaria mine to be its only material mining project for the purposes of NI 43-101. In prior years, NI 43-101 disclosure was provided for Cobre Panamá as a material mining project, but it is currently on P&SM with production halted since November 2023. Currently, NI 43-101 disclosure is not required for Cobre Panamá, but Franco-Nevada has provided disclosure on the asset consistent with its approach in prior years. Please refer to "Cobre Panamá Updates – Panamá" on page 13 of this AIF for further information on the status of Cobre Panamá. Franco-Nevada will continue to assess the materiality of its assets, with respect to developments affecting existing assets and as new assets are acquired or move into production. During 2026, Franco-Nevada intends to continue to evaluate whether the inclusion of the Summary of Mineral Resources and Mineral Reserves contained in this AIF should be continued to be included going forward. For additional information, please refer to Franco-Nevada's most recent Asset Handbook which can be found on our website.

Information contained in this AIF with respect to each of the Candelaria mine and the Cobre Panamá mine has been prepared in accordance with the exemption set forth in section 9.2 of NI 43-101.

The technical and scientific disclosure contained in this AIF for the Candelaria mine is based on (i) the information disclosed in the annual information form of Lundin Mining dated February 19, 2025 and filed under Lundin Mining's SEDAR+ profile on February 19, 2025 information disclosed in the annual information form of Lundin Mining dated February 19, 2025 and filed under Lundin Mining's SEDAR+ profile on February 19, 2025, and (ii) Lundin Mining's news release dated February 18, 2026 titled "Lundin Mining Increases M&I Copper Mineral Resources by 37% and Updates Mineral Reserves" and (iii) the management's discussion and analysis of Lundin Mining for the year ended December 31, 2025 and filed under Lundin Mining's SEDAR+ profile on February 19, 2026.

The technical and scientific disclosure contained in this AIF for the Cobre Panamá mine is based on (i) the technical report entitled "Cobre Panamá Project -- Colón Province, Republic of Panamá -- NI 43-101 Technical Report" and dated March 2019, which was prepared for First Quantum and filed under First Quantum's SEDAR+ profile on March 29, 2019 ("**Cobre Panamá Technical Report**"); (ii) the information disclosed in the annual information form of First Quantum dated February 10, 2026 and filed under First Quantum's SEDAR+ profile on February 10, 2026; and (iii) the management's discussion and analysis of First Quantum for the year ended December 31, 2025 and filed under First Quantum's SEDAR+ profile on February 10, 2026.

The technical and scientific information contained in this AIF including relating to the Candelaria mine and the Cobre Panamá mine was reviewed and approved in accordance with NI 43-101 by Darrol van Deventer, P.Eng., Vice President, Mining of the Corporation and a "Qualified Person" as defined in NI 43-101.

**Reconciliation to CIM Definitions**

In this AIF, Franco-Nevada has disclosed a number of Mineral Resource and Mineral Reserve estimates covering properties related to mining assets that are not based on Canadian Institute of Mining, Metallurgy and Petroleum definitions ("**CIM**"), but have instead been prepared in reliance upon other comparable international reporting codes, including JORC (Australia), SAMREC (South Africa) and Regulation S-K 1300 (collectively, the "**Acceptable Foreign Codes**"). Similar to the CIM, reporting standards adopted by these Acceptable Foreign Codes are all compliant with the international Mineral Resource and Mineral Reserve Guidelines defined by the Committee for Mineral Reserves International Reporting Standards ("**CRIRSCO**").

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In each case, the Mineral Resources and Mineral Reserves reported in this AIF are based on estimates previously disclosed by the relevant property owner or operator, without reference to the underlying data used to calculate the estimates. Accordingly, Franco-Nevada is unable to reconcile the Mineral Resource and Mineral Reserve estimates prepared in reliance with the Acceptable Foreign Codes with that of CIM. Franco-Nevada sought confirmation from one of its technical advisory firms, that is comprised of engineers experienced in the preparation of Mineral Resource and Mineral Reserve estimates using CIM and each of the Acceptable Foreign Codes, of the extent to which an estimate prepared under an Acceptable Foreign Code would differ from that prepared under CIM. Franco-Nevada was advised that CIM are largely comparable to those of the Acceptable Foreign Codes and that the Mineral Resource and Mineral Reserve definitions and categories are similar to CIM as adopted in NI 43-101 and will typically result in reporting of substantially similar Mineral Resource and Mineral Reserve estimates. Such advisors further confirmed, without reference to the procedures in which the estimates prepared using Acceptable Foreign Codes that are reproduced in this AIF were conducted, that in the course of their preparation of a Mineral Resource or Mineral Reserve estimate they would effectively apply similar procedures to prepare and report the Mineral Resource or Mineral Reserve estimate regardless of the reliance on CIM or any of the Acceptable Foreign Codes.

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**FRANCO-NEVADA'S ASSETS**

Franco-Nevada's assets are categorized by commodity and stage of development. By commodity, assets are characterized as "**Precious Metals**" or "**Diversified**". Precious Metals includes gold, silver, and PGM assets. Diversified includes iron ore, other mining and energy assets (which encompass oil, gas and natural gas liquids). "**Producing**" assets are those that have generated revenue from steady-state operations for Franco-Nevada or are expected to in the next year. "**Advanced**" assets are interests on projects which are not yet producing but where, in management's view, the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. "**Exploration**" assets represent interests on projects where technical feasibility and commercial viability of extracting a mineral resource are not demonstrable.

Management uses the following criteria in its assessment of technical feasibility and commercial viability:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Geology: there is a known mineral deposit which contains mineral resources or mineral reserves; or the project is adjacent to a mineral deposit that is already being mined or developed and there is sufficient geologic certainty of converting the deposit into mineral resources or mineral reserves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Accessibility and authorization: there are no significant unresolved issues impacting the accessibility and authorization to develop or mine the mineral deposit, and social, environmental and governmental permits and approvals to develop or mine the mineral deposit appear obtainable.

For accounting purposes, the number of assets has been counted in different manners depending on the category. Royalties on a producing or advanced property are generally counted as a single asset even if Franco-Nevada has multiple different royalties on the property, such as at the Goldstrike complex. Streams covering a group of mines in close proximity and operated by a common operator, such as the Sudbury streams, have also been counted as one asset. However, royalties and streams on producing properties that have significant co-products have been counted twice, such as the Robinson royalties for gold and copper or the Sudbury streams for gold and PGM. Exploration royalties are simply counted by the number of royalty contracts and no effort has been made to consolidate royalties on the same property. Franco-Nevada's energy interests are subdivided into Producing Assets, which are assets that are currently producing oil or natural gas, or Exploration Assets, which are undeveloped assets that are not producing oil or natural gas. Franco-Nevada's energy interests consist of a variety of royalty interests and working interests which are derived from a large number of underlying leases, contractual agreements and mineral title covering land positions primarily in western Canada and Oklahoma, North Dakota, Pennsylvania, Louisiana, Texas and New Mexico in the United States. For accounting purposes, these leases, contracts and mineral title have been grouped into distinct land areas and tabulated as individual assets. In many cases, Franco-Nevada owns multiple royalties or working interests that pertain to the same land area, and in these circumstances, the interests are counted as a single asset.

As of March 19, 2026, Franco-Nevada estimates that it holds 249 Precious Metals assets and 189 Diversified assets (106 Other Mining assets and 83 Energy assets) for a total of 438 assets.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Franco-Nevada Asset Tabulation at March 19, 2026** | **Franco-Nevada Asset Tabulation at March 19, 2026** | **Franco-Nevada Asset Tabulation at March 19, 2026** | **Franco-Nevada Asset Tabulation at March 19, 2026** | **Franco-Nevada Asset Tabulation at March 19, 2026** |
|  | | **Diversified** | **Diversified** | |
|  | <br>**Precious Metals** | **Other Mining** | **Energy** | <br>**TOTAL** |
| &nbsp;&nbsp;Producing | 52 | 13 | 55 | 120 |
| &nbsp;&nbsp;Advanced | 35 | 8 |  | 43 |
| &nbsp;&nbsp;Exploration | 162 | 85 | 28 | 275 |
| &nbsp;&nbsp;TOTAL | 249 | 106 | 83 | 438 |

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------

**Summary of Mineral Resources and Mineral Reserves**

The Mineral Resources and Mineral Reserves tabulated in this AIF reflect the most recent publicly disclosed figures by the operators of the assets (converted to a 100% basis where appropriate) in which Franco-Nevada has interests. However, Franco-Nevada's interests often do not cover the entire Mineral Resource and Mineral Reserve that is publicly reported by the operator. This could be a result of the underlying agreement not applying to the entire property or due to the underlying agreement not applying to 100% of the disclosed Mineral Resources and Mineral Reserves. In such cases, Franco-Nevada is reporting either that portion of the Mineral Resource and Mineral Reserve covered by its interests or is providing its best approximation as to the percentage covered by Franco-Nevada's interests.

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Gold Mineral Resources - Inclusive of Mineral Reserves** | **Gold Mineral Resources - Inclusive of Mineral Reserves** | **Gold Mineral Resources - Inclusive of Mineral Reserves** | **Gold Mineral Resources - Inclusive of Mineral Reserves** | **Gold Mineral Resources - Inclusive of Mineral Reserves** | **Gold Mineral Resources - Inclusive of Mineral Reserves** | **Gold Mineral Resources - Inclusive of Mineral Reserves** | **Gold Mineral Resources** | **Gold Mineral Resources** | **Gold Mineral Resources** | Est. % of Mineral |
|  |  | Measured (M) | Measured (M) | Measured (M) | Indicated (I) | Indicated (I) | Indicated (I) | **(M)+(I)** | Inferred | Inferred | Inferred | Resources Covered |
|  |  | Tonnes | Grade | Contained | Tonnes | Grade | Contained | **Contained** | Tonnes | Grade | Contained | by FNV Interest |
| &nbsp;&nbsp;&nbsp;**GOLD - SOUTH AMERICA** | **Notes** | 000s | g/t | 000 oz | 000s | g/t | 000 oz | **000 oz** | 000s | g/t | 000 oz |  |
| &nbsp;&nbsp;&nbsp;Candelaria  | 34 | 795303 | 0.13 | 3294 | 562429 | 0.13 | 2305 | **5599** | 127911 | 0.11 | 461 | 80% |
| &nbsp;&nbsp;&nbsp;Antapaccay  | 5 | 435000 | 0.06 | 782 | 856000 | 0.07 | 1989 | **2717** | 344000 | 0.04 | 457 | 100% |
| &nbsp;&nbsp;&nbsp;Tocantinzinho | 6 | 23986 | 1.20 | 927 | 23669 | 1.32 | 1001 | **1928** | 342 | 1.28 | 14 | 100% |
| &nbsp;&nbsp;&nbsp;Condestable | 7 | 40300 | 0.15 | 192 | 43400 | 0.11 | 153 | **346** | 12900 | 0.07 | 31 | 100% |
| &nbsp;&nbsp;&nbsp;Yanacocha | 18 | 35400 | 1.41 | 1600 | 114300 | 1.28 | 4700 | **6300** | 363900 | 0.60 | 6700 | 100% |
| &nbsp;&nbsp;&nbsp;Conga | 19 |  |  |  | 693800 | 0.65 | 14600 | **14600** | 230500 | 0.40 | 2900 | 100% |
| &nbsp;&nbsp;&nbsp;Salares Norte | 110 |  |  |  | 22713 | 4.97 | 3631 | **3631** | 210 | 1.50 | 10 | 100% |
| &nbsp;&nbsp;&nbsp;Sossego | 111 | 334200 | 0.10 | 1066 | 498000 | 0.09 | 1495 | **2560** | 55000 | 0.10 | 177 | varies by deposit |
| &nbsp;&nbsp;&nbsp;Cerro Moro  | 112 | 600 | 6.79 | 131 | 1100 | 5.46 | 193 | **324** | 700 | 6.85 | 146 | 90% |
| &nbsp;&nbsp;&nbsp;Cascabel | 13 | 1647000 | 0.34 | 18000 | 2131000 | 0.20 | 13500 | **31400** | 849000 | 0.19 | 5300 | 100% |
| &nbsp;&nbsp;&nbsp;Posse (Mara Rosa) | 14 | 5965 | 0.98 | 188 | 31993 | 0.87 | 898 | **1086** | 9353 | 0.72 | 217 | 100% |
| &nbsp;&nbsp;&nbsp;Taca Taca  | 15 | 441000 | 0.13 | 1868 | 1637000 | 0.07 | 3847 | **5715** | 145000 | 0.06 | 263 | 100% |
| &nbsp;&nbsp;&nbsp;CentroGold (Gurupi) | 16 |  |  |  | 43512 | 1.31 | 1830 | **1830** | 18517 | 1.29 | 770 | 100% |
| &nbsp;&nbsp;&nbsp;Calcatreu  | 17 |  |  |  | 9841 | 2.11 | 669 | **669** | 8078 | 1.34 | 348 | 100% |
| &nbsp;&nbsp;&nbsp;PSJ Cobre Mendocino (San Jorge) | 18 | 10391 | 0.25 | 83 | 214662 | 0.17 | 1178 | **1260** | 434972 | 0.13 | 1832 | 100% |
| &nbsp;&nbsp;&nbsp;Pascua-Lama | 19 | 43000 | 1.86 | 2600 | 390000 | 1.49 | 19000 | **21000** | 15000 | 1.70 | 860 | 80% |
| &nbsp;&nbsp;&nbsp;Volcan  | 20 | 123979 | 0.70 | 2792 | 339274 | 0.64 | 7013 | **9804** | 75018 | 0.52 | 1246 | 100% |
| &nbsp;&nbsp;&nbsp;**GOLD - CENTRAL AMERICA & MEXICO** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Guadalupe-Palmarejo | 121 | 9735 | 1.70 | 531 | 26124 | 1.70 | 1424 | **1956** | 19203 | 2.05 | 1265 | 86% |
| &nbsp;&nbsp;&nbsp;**GOLD - UNITED STATES** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Carlin Trend | 22 | 15610 | 1.31 | 667 | 195122 | 3.67 | 24390 | **24390** | 95935 | 3.00 | 9431 | 24% |
| &nbsp;&nbsp;&nbsp;Bald Mountain  | 123 | 5678 | 1.00 | 188 | 205572 | 0.54 | 3585 | **3773** | 78862 | 0.30 | 790 | 99% |
| &nbsp;&nbsp;&nbsp;Marigold  | 124 |  |  |  | 365133 | 0.43 | 5044 | **5044** | 36903 | 0.38 | 453 | 74% |
| &nbsp;&nbsp;&nbsp;Mesquite  | 125 | 6716 | 0.66 | 143 | 74242 | 0.45 | 1070 | **1213** | 5683 | 0.30 | 55 | 100% |
| &nbsp;&nbsp;&nbsp;Castle Mountain  | 126 | 82179 | 0.57 | 1502 | 235862 | 0.54 | 4073 | **5575** | 69980 | 0.63 | 1422 | 100% |
| &nbsp;&nbsp;&nbsp;Fire Creek/Midas | 1227 |  |  |  | 259 | 13.31 | 111 | **111** | 70178 | 1.48 | 3344 | 100% |
| &nbsp;&nbsp;&nbsp;Hollister  | 1228 |  |  |  | 86 | 18.77 | 52 | **52** | 745 | 12.90 | 309 | 100% |
| &nbsp;&nbsp;&nbsp;Stibnite | 129 |  |  |  | 148159 | 1.33 | 6320 | **6320** | 52128 | 0.96 | 1611 | 100% |
| &nbsp;&nbsp;&nbsp;Sandman  | 30 |  |  |  | 18550 | 0.73 | 433 | **433** | 3246 | 0.58 | 61 | 34% |
| &nbsp;&nbsp;&nbsp;Robinson  | 31 | 317942 | 0.18 | 1861 | 40173 | 0.15 | 189 | **2050** | 11942 | 0.18 | 68 | 100% |
| &nbsp;&nbsp;&nbsp;Nevada North (Wildcat & Mountain View) | 32 |  |  |  | 88624 | 0.46 | 1324 | **1324** | 26611 | 0.32 | 270 | 100% |
| &nbsp;&nbsp;&nbsp;Sleeper | 1233 | 4902 | 0.54 | 85 | 158338 | 0.36 | 1812 | **1897** | 119910 | 0.31 | 1214 | 100% |
| &nbsp;&nbsp;&nbsp;Arthur | 134 |  |  |  | 251780 | 1.16 | 9350 | **9350** | 219790 | 0.90 | 6340 | 99% |
| &nbsp;&nbsp;&nbsp;Granite Creek | 35 | 26493 | 1.29 | 1103 | 11980 | 1.54 | 593 | **1696** | 2930 | 4.26 | 401 | 100% |
| &nbsp;&nbsp;&nbsp;Lone Tree | 36 |  |  |  | 7690 | 1.73 | 428 | **428** | 52940 | 1.64 | 2789 | 100% |
| &nbsp;&nbsp;&nbsp;Cove | 37 |  |  |  | 1177 | 8.20 | 310 | **310** | 4047 | 8.90 | 1156 | 100% |
| &nbsp;&nbsp;&nbsp;Ruby Hill - Mineral Point | 38 |  |  |  | 216982 | 0.48 | 3376 | **3376** | 194442 | 0.34 | 2117 | 100% |
| &nbsp;&nbsp;&nbsp;Ruby Hill - Archimedes | 39 |  |  |  | 6111 | 3.60 | 708 | **708** | 5058 | 6.27 | 1019 | 100% |
| &nbsp;&nbsp;&nbsp;**GOLD - CANADA** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Detour Lake  | 140 | 155671 | 0.87 | 4347 | 1317621 | 0.74 | 31385 | **35732** | 110991 | 1.73 | 6168 | 100% |
| &nbsp;&nbsp;&nbsp;Hemlo | 41 | 1750 | 4.89 | 275 | 2594 | 4.57 | 381 | **656** | 1224 | 7.13 | 281 | 100% |
| &nbsp;&nbsp;&nbsp;Côté Gold | 42 | 153873 | 0.93 | 4598 | 535574 | 0.79 | 13558 | **18156** | 100600 | 0.67 | 2165 | 100% |
| &nbsp;&nbsp;&nbsp;Porcupine - Hoyle Pond | 43 |  |  |  | 1167 | 12.90 | 484 | **484** | 578 | 15.24 | 283 | 100% |
| &nbsp;&nbsp;&nbsp;Porcupine - Borden | 44 | 1471 | 6.17 | 292 | 2274 | 6.15 | 449 | **741** | 1372 | 5.22 | 230 | 100% |
| &nbsp;&nbsp;&nbsp;Porcupine - Pamour | 45 |  |  |  | 64755 | 1.30 | 2704 | **2704** | 23264 | 1.34 | 1002 | 100% |
| &nbsp;&nbsp;&nbsp;Porcupine - Dome | 46 |  |  |  |  |  |  | **—** | 229284 | 1.49 | 10978 | 100% |
| &nbsp;&nbsp;&nbsp;Greenstone | 147 | 6817 | 1.16 | 255 | 167813 | 1.42 | 7663 | **7918** | 26371 | 3.26 | 2763 | 100% |
| &nbsp;&nbsp;&nbsp;Kirkland Lake  | 148 | 1121 | 9.66 | 348 | 26099 | 4.41 | 3697 | **4047** | 31076 | 3.62 | 3618 | 100% |
| &nbsp;&nbsp;&nbsp;Musselwhite  | 149 | 5660 | 6.02 | 1096 | 5520 | 5.28 | 937 | **2032** | 1860 | 4.99 | 299 | 100% |
| &nbsp;&nbsp;&nbsp;Sudbury | 150 |  |  |  | 5278 | 0.44 | 75 | **75** | 1424 | 0.36 | 16 | 100% |
| &nbsp;&nbsp;&nbsp;Brucejack  | 151 |  |  |  | 17800 | 6.12 | 3500 | **3500** | 14500 | 5.30 | 2500 | 100% |
| &nbsp;&nbsp;&nbsp;Magino | 152 | 49151 | 0.79 | 1248 | 120788 | 0.86 | 3332 | **4580** | 14045 | 0.75 | 338 | 100% |
| &nbsp;&nbsp;&nbsp;Casa Berardi | 1253 | 9380 | 3.19 | 962 | 11443 | 3.75 | 1378 | **2340** | 2500 | 6.13 | 493 | 100% |
| &nbsp;&nbsp;&nbsp;Heva-Hosco | 1254 |  |  |  | 31711 | 1.16 | 1179 | **1179** | 17688 | 1.22 | 691 | 100% |
| &nbsp;&nbsp;&nbsp;Dublin Gulch (Eagle)  | 55 | 35237 | 0.62 | 705 | 197960 | 0.57 | 3596 | **4304** | 29595 | 0.52 | 497 | 100% |
| &nbsp;&nbsp;&nbsp;Timmins | 156 | 7000 | 2.68 | 604 | 6700 | 2.54 | 548 | **1152** | 5700 | 2.98 | 546 | 33% |
| &nbsp;&nbsp;&nbsp;Gold River | 157 |  |  |  | 700 | 5.29 | 117 | **117** | 5300 | 6.06 | 1027 | 100% |
| &nbsp;&nbsp;&nbsp;Canadian Malartic  | 158 | 36896 | 0.50 | 597 | 81688 | 2.58 | 6781 | **7378** | 99289 | 2.35 | 7490 | 28% |
| &nbsp;&nbsp;&nbsp;Island Gold | 159 | 1452 | 11.42 | 533 | 15713 | 10.29 | 5198 | **5731** | 2867 | 11.51 | 1061 | 56% |
| &nbsp;&nbsp;&nbsp;Golden Highway - Holt Complex | 160 | 5806 | 4.29 | 800 | 5884 | 4.75 | 898 | **1699** | 9097 | 4.48 | 1310 | 100% |
| &nbsp;&nbsp;&nbsp;Golden Highway - Hislop | 161 |  |  |  | 1337 | 4.00 | 173 | **173** | 804 | 3.80 | 97 | 100% |
| &nbsp;&nbsp;&nbsp;Golden Highway - Aquarius | 162 |  |  |  | 12364 | 2.15 | 856 | **856** | 122 | 3.59 | 14 | 100% |
| &nbsp;&nbsp;&nbsp;Valentine Gold | 163 | 33368 | 1.75 | 1880 | 46746 | 1.43 | 2146 | **4027** | 20312 | 1.65 | 1079 | 100% |
| &nbsp;&nbsp;&nbsp;Eskay Creek | 64 | 28648 | 3.37 | 3106 | 23252 | 1.71 | 1275 | **4380** | 924 | 2.26 | 67 | 100% |
| &nbsp;&nbsp;&nbsp;Red Lake (McFinley)  | 65 |  |  |  | 2130 | 4.63 | 317 | **317** | 1780 | 3.84 | 220 | 100% |
| &nbsp;&nbsp;&nbsp;Courageous Lake  | 66 | 6007 | 2.84 | 548 | 139167 | 2.34 | 10449 | **10997** | 44737 | 2.67 | 3841 | 100% |
| &nbsp;&nbsp;&nbsp;Goldfields  | 67 |  |  |  | 24000 | 1.28 | 990 | **990** | 7400 | 0.90 | 214 | 100% |
| &nbsp;&nbsp;&nbsp;Monument Bay  | 68 |  |  |  | 36581 | 1.52 | 1787 | **1787** | 41946 | 1.32 | 1781 | 100% |
| &nbsp;&nbsp;&nbsp;Red Mountain  | 69 | 1920 | 8.81 | 544 | 1271 | 5.85 | 239 | **783** | 405 | 5.32 | 69 | 100% |
| &nbsp;&nbsp;&nbsp;Fenelon-Martiniere | 70 |  |  |  | 19790 | 3.30 | 2100 | **2100** | 18899 | 3.35 | 2037 | 100% |
| &nbsp;&nbsp;&nbsp;Spences Bridge (Shovelnose) | 71 |  |  |  | 3437 | 6.13 | 677 | **677** | 2292 | 3.67 | 270 | 100% |
| &nbsp;&nbsp;&nbsp;Wawa | 72 |  |  |  | 14653 | 1.79 | 842 | **842** | 16183 | 1.62 | 843 | 100% |
| &nbsp;&nbsp;&nbsp;Kerr-Addison | 73 |  |  |  | 69252 | 1.50 | 3311 | **3311** | 55611 | 1.30 | 2369 | 100% |
| &nbsp;&nbsp;&nbsp;Clarence Stream | 74 |  |  |  | 12396 | 2.31 | 922 | **922** | 15963 | 2.60 | 1334 | 100% |
| &nbsp;&nbsp;&nbsp;Scottie | 75 |  |  |  |  |  |  | **—** | 3604 | 6.06 | 703 | 100% |
| &nbsp;&nbsp;&nbsp;AurMac | 76 |  |  |  | 112500 | 0.63 | 2274 | **2274** | 280600 | 0.60 | 5453 | 100% |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Gold Mineral Resources - Inclusive of Mineral Reserves** | **Gold Mineral Resources - Inclusive of Mineral Reserves** | **Gold Mineral Resources - Inclusive of Mineral Reserves** | **Gold Mineral Resources - Inclusive of Mineral Reserves** | **Gold Mineral Resources - Inclusive of Mineral Reserves** | **Gold Mineral Resources - Inclusive of Mineral Reserves** | **Gold Mineral Resources - Inclusive of Mineral Reserves** | **Gold Mineral Resources** | **Gold Mineral Resources** | **Gold Mineral Resources** | Est. % of Mineral |
|  |  | Measured (M) | Measured (M) | Measured (M) | Indicated (I) | Indicated (I) | Indicated (I) | **(M)+(I)** | Inferred | Inferred | Inferred | Resources Covered |
|  |  | Tonnes | Grade | Contained | Tonnes | Grade | Contained | **Contained** | Tonnes | Grade | Contained | by FNV Interest |
| &nbsp;&nbsp;&nbsp;**GOLD - AUSTRALIA** | **Notes** | 000s | g/t | 000 oz | 000s | g/t | 000 oz | **000 oz** | 000s | g/t | 000 oz |  |
| &nbsp;&nbsp;&nbsp;Duketon  | 77 | 10000 | 0.80 | 270 | 61000 | 1.20 | 2320 | **2590** | 16000 | 1.30 | 680 | 81% |
| &nbsp;&nbsp;&nbsp;Matilda (Wiluna)  | 78 | 2760 | 3.90 | 346 | 54200 | 1.50 | 2609 | **2955** | 34800 | 3.62 | 4046 | 100% |
| &nbsp;&nbsp;&nbsp;South Kalgoorlie | 79 | 2506 | 4.40 | 357 | 19881 | 2.60 | 1635 | **1992** | 14405 | 2.50 | 1162 | 100% |
| &nbsp;&nbsp;&nbsp;Yilgarn Star | 80 | 1976 | 3.68 | 234 | 2350 | 4.84 | 366 | **600** | 1489 | 6.79 | 325 | 100% |
| &nbsp;&nbsp;&nbsp;Agate Creek | 181 | 447 | 2.04 | 29 | 9403 | 0.98 | 297 | **326** | 6090 | 0.67 | 132 | 100% |
| &nbsp;&nbsp;&nbsp;Mt Martin | 82 |  |  |  | 5600 | 1.40 | 248 | **248** | 3690 | 1.61 | 192 | 100% |
| &nbsp;&nbsp;&nbsp;Cue | 83 | 460 | 4.40 | 66 | 5900 | 2.00 | 390 | **456** | 4500 | 2.00 | 290 | 100% |
| &nbsp;&nbsp;&nbsp;Yandal (Bronzewing)  | 84 | 21059 | 1.40 | 949 | 52804 | 1.80 | 3080 | **4029** | 12108 | 1.60 | 636 | 47% |
| &nbsp;&nbsp;&nbsp;Aphrodite  | 85 |  |  |  | 10000 | 2.80 | 930 | **930** | 13000 | 1.70 | 690 | 100% |
| &nbsp;&nbsp;&nbsp;Red October  | 186 | 105 | 8.40 | 28 | 608 | 5.40 | 105 | **133** | 4492 | 4.07 | 587 | 100% |
| &nbsp;&nbsp;&nbsp;Henty  | 87 |  |  |  | 3250 | 3.33 | 347 | **347** | 860 | 3.29 | 91 | 100% |
| &nbsp;&nbsp;&nbsp;Bullabulling  | 88 |  |  |  | 93000 | 1.00 | 3000 | **3000** | 42000 | 1.10 | 1500 | 100% |
| &nbsp;&nbsp;&nbsp;Rebecca | 89 |  |  |  | 27000 | 1.30 | 1100 | **1100** | 6500 | 1.20 | 240 | 100% |
| &nbsp;&nbsp;&nbsp;Edna May  | 90 | 720 | 1.10 | 25 | 23000 | 1.00 | 700 | **725** | 7000 | 1.00 | 220 | 2% |
| &nbsp;&nbsp;&nbsp;Glenburgh  | 91 |  |  |  | 13500 | 1.00 | 431 | **431** | 2800 | 0.90 | 79 | 100% |
| &nbsp;&nbsp;&nbsp;**GOLD - REST OF WORLD** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subika (Ahafo) | 192 | 32600 | 1.53 | 1600 | 97300 | 2.53 | 7900 | **9500** | 22700 | 2.70 | 2000 | 31% |
| &nbsp;&nbsp;&nbsp;Tasiast  | 193 | 76861 | 0.91 | 2252 | 104971 | 1.35 | 4545 | **6797** | 35950 | 2.10 | 2377 | 100% |
| &nbsp;&nbsp;&nbsp;Sabodala-Massawa Complex | 94 | 16900 | 1.21 | 661 | 63100 | 2.23 | 4529 | **5190** | 27200 | 2.02 | 1766 | 47% |
| &nbsp;&nbsp;&nbsp;Karma  | 95 | 300 | 0.40 | 4 | 47700 | 1.24 | 1894 | **1898** | 16200 | 1.30 | 679 | 100% |
| &nbsp;&nbsp;&nbsp;Edikan  | 96 | 13100 | 0.96 | 407 | 24700 | 1.08 | 857 | **1265** | 6600 | 1.58 | 336 | 100% |
| &nbsp;&nbsp;&nbsp;Kiziltepe | 97 | 832 | 1.60 | 43 | 976 | 1.72 | 54 | **97** | 1009 | 1.47 | 48 | 100% |
| &nbsp;&nbsp;&nbsp;Séguéla | 198 | 626 | 1.39 | 28 | 20490 | 3.00 | 1974 | **2004** | 9171 | 2.50 | 736 | 100% |
| &nbsp;&nbsp;&nbsp;Perama Hill  | 99 | 2890 | 4.30 | 412 | 6194 | 2.49 | 496 | **908** | 31831 | 2.10 | 2145 | 100% |
| &nbsp;&nbsp;&nbsp;Aği Daği  | 1100 | 2516 | 0.74 | 60 | 104453 | 0.63 | 2132 | **2192** | 19551 | 0.52 | 330 | 100% |
| &nbsp;&nbsp;&nbsp;Sissingué | 101 | 900 | 1.13 | 34 | 3800 | 1.41 | 174 | **208** | 200 | 1.10 | 5 | 100% |
| &nbsp;&nbsp;&nbsp;Rogozna | 102 |  |  |  |  |  |  | **—** | 211000 | 0.76 | 5200 | 100% |
| &nbsp;&nbsp;&nbsp;**TOTAL GOLD MINERAL RESOURCES\*** |  |  |  | **70145** |  |  | **300923** | **369654** |  |  | **146485** |  |

---

\*Total excludes Cobre Panamá and New Prosperity

------

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Gold Mineral Reserves** | **Gold Mineral Reserves** | **Gold Mineral Reserves** | **Gold Mineral Reserves** | **Gold Mineral Reserves** | **Gold Mineral Reserves** | **Gold Mineral Reserves** | **Gold Mineral Reserves** | **Gold Mineral Reserves** | Est. % of Mineral |
|  |  | Proven | Proven | Proven | Probable | Probable | Probable | **Proven & Probable** | **Proven & Probable** | **Proven & Probable** | Reserves Covered |
|  |  | Tonnes | Grade | Contained | Tonnes | Grade | Contained | **Tonnes** | **Grade** | **Contained** | by FNV Interest |
| &nbsp;&nbsp;&nbsp;**GOLD - SOUTH AMERICA** | **Notes** | 000s | g/t | 000 oz | 000s | g/t | 000 oz | **000s** | **g/t** | **000 oz** |  |
| &nbsp;&nbsp;&nbsp;Candelaria  | 34 | 345438 | 0.11 | 1206 | 247274 | 0.10 | 834 | **592712** | **0.11** | **2040** | 80% |
| &nbsp;&nbsp;&nbsp;Antapaccay  | 5 | 170000 | 0.05 | 273 | 257000 | 0.07 | 578 | **427000** | **0.06** | **824** | 100% |
| &nbsp;&nbsp;&nbsp;Tocantinzinho | 6 | 25545 | 1.14 | 939 | 24240 | 1.20 | 935 | **49784** | **1.17** | **1874** | 100% |
| &nbsp;&nbsp;&nbsp;Condestable | 7 | 18800 | 0.16 | 94 | 20700 | 0.11 | 76 | **39500** | **0.13** | **170** | 100% |
| &nbsp;&nbsp;&nbsp;Yanacocha | 8 | 18800 | 0.81 | 500 |  |  |  | **18800** | **0.81** | **500** | 100% |
| &nbsp;&nbsp;&nbsp;Conga | 9 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Salares Norte | 10 |  |  |  | 19821 | 5.40 | 3415 | **19821** | **5.40** | **3415** | 100% |
| &nbsp;&nbsp;&nbsp;Sossego | 11 | 17100 | 0.27 | 148 | 42000 | 0.13 | 176 | **59100** | **0.17** | **323** | 100% |
| &nbsp;&nbsp;&nbsp;Cerro Moro  | 12 | 300 | 9.94 | 92 | 300 | 5.59 | 58 | **600** | **7.65** | **150** | 95% |
| &nbsp;&nbsp;&nbsp;Cascabel | 13 | 457500 | 0.60 | 8855 | 82200 | 0.22 | 579 | **539700** | **0.54** | **9433** | 100% |
| &nbsp;&nbsp;&nbsp;Posse (Mara Rosa) | 14 | 5009 | 1.06 | 171 | 24447 | 0.95 | 747 | **29456** | **0.97** | **917** | 100% |
| &nbsp;&nbsp;&nbsp;Taca Taca  | 15 | 432100 | 0.13 | 1836 | 1558000 | 0.07 | 3697 | **1990100** | **0.09** | **5532** | 100% |
| &nbsp;&nbsp;&nbsp;CentroGold (Gurupi)  | 16 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Calcatreu  | 17 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;PSJ Cobre Mendocino (San Jorge) | 18 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Pascua-Lama | 19 |  |  |  |  |  |  | **—** | **—** | **—** | 80% |
| &nbsp;&nbsp;&nbsp;Volcan  | 20 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;**GOLD - CENTRAL AMERICA & MEXICO** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Guadalupe-Palmarejo | 21 | 5137 | 1.79 | 295 | 13927 | 1.41 | 632 | **19064** | **1.51** | **928** | 98% |
| &nbsp;&nbsp;&nbsp;**GOLD - UNITED STATES** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Carlin Trend | 22 | 8130 | 1.56 | 407 | 113821 | 3.81 | 13984 | **121951** | **3.66** | **14309** | 24% |
| &nbsp;&nbsp;&nbsp;Bald Mountain  | 23 |  |  |  | 66306 | 0.60 | 1225 | **66306** | **0.60** | **1225** | 100% |
| &nbsp;&nbsp;&nbsp;Marigold  | 24 |  |  |  | 238504 | 0.42 | 3237 | **238504** | **0.42** | **3237** | 77% |
| &nbsp;&nbsp;&nbsp;Mesquite  | 25 |  |  |  | 5045 | 0.77 | 125 | **5045** | **0.77** | **125** | 100% |
| &nbsp;&nbsp;&nbsp;Castle Mountain  | 26 | 81398 | 0.57 | 1485 | 162410 | 0.50 | 2620 | **243808** | **0.52** | **4105** | 100% |
| &nbsp;&nbsp;&nbsp;Fire Creek/Midas | 227 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Hollister  | 228 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Stibnite | 29 |  |  |  | 104625 | 1.43 | 4819 | **104625** | **1.43** | **4819** | 100% |
| &nbsp;&nbsp;&nbsp;Sandman  | 30 |  |  |  |  |  |  | **—** | **—** | **—** | 34% |
| &nbsp;&nbsp;&nbsp;Robinson  | 31 | 110513 | 0.15 | 545 | 8860 | 0.12 | 34 | **119374** | **0.15** | **579** | 100% |
| &nbsp;&nbsp;&nbsp;Nevada North (Wildcat & Mountain View) | 32 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Sleeper | 233 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Arthur | 34 |  |  |  | 87640 | 1.75 | 4940 | **87640** | **1.75** | **4940** | 99% |
| &nbsp;&nbsp;&nbsp;Granite Creek | 35 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Lone Tree | 36 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Cove | 37 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Ruby Hill - Mineral Point | 38 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Ruby Hill - Archimedes | 39 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;**GOLD - CANADA** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Detour Lake  | 40 | 120371 | 0.78 | 3035 | 677690 | 0.71 | 15540 | **798061** | **0.72** | **18575** | 100% |
| &nbsp;&nbsp;&nbsp;Hemlo | 41 |  |  |  | 3746 | 3.93 | 473 | **3746** | **3.93** | **473** | 100% |
| &nbsp;&nbsp;&nbsp;Côté Gold | 42 | 116055 | 1.05 | 3902 | 101112 | 0.97 | 3139 | **217167** | **1.01** | **7041** | 100% |
| &nbsp;&nbsp;&nbsp;Porcupine - Hoyle Pond | 43 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Porcupine - Borden | 44 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Porcupine - Pamour | 45 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Porcupine - Dome | 46 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Greenstone | 47 | 6817 | 1.16 | 255 | 137846 | 1.23 | 5445 | **144662** | **1.23** | **5700** | 100% |
| &nbsp;&nbsp;&nbsp;Kirkland Lake  | 48 | 742 | 9.36 | 223 | 8068 | 7.62 | 1976 | **8810** | **7.77** | **2200** | 100% |
| &nbsp;&nbsp;&nbsp;Musselwhite  | 49 | 4150 | 6.69 | 892 | 3230 | 6.10 | 635 | **7380** | **6.43** | **1526** | 100% |
| &nbsp;&nbsp;&nbsp;Sudbury | 50 |  |  |  | 987 | 0.32 | 10 | **987** | **0.32** | **10** | 100% |
| &nbsp;&nbsp;&nbsp;Brucejack  | 51 |  |  |  | 13500 | 6.65 | 2900 | **13500** | **6.65** | **2900** | 100% |
| &nbsp;&nbsp;&nbsp;Magino | 52 | 42437 | 0.80 | 1097 | 70704 | 0.90 | 2044 | **113141** | **0.86** | **3141** | 100% |
| &nbsp;&nbsp;&nbsp;Casa Berardi | 253 | 5573 | 2.58 | 463 | 7199 | 3.00 | 695 | **12772** | **2.82** | **1158** | 100% |
| &nbsp;&nbsp;&nbsp;Heva-Hosco | 254 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Dublin Gulch (Eagle)  | 55 | 21100 | 0.68 | 464 | 96600 | 0.63 | 1943 | **117700** | **0.64** | **2407** | 100% |
| &nbsp;&nbsp;&nbsp;Timmins | 56 | 5000 | 2.79 | 451 | 4600 | 2.68 | 395 | **9600** | **2.74** | **846** | 38% |
| &nbsp;&nbsp;&nbsp;Gold River | 57 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Canadian Malartic  | 58 | 36896 | 0.50 | 597 | 76640 | 2.66 | 6551 | **113537** | **1.96** | **7148** | 26% |
| &nbsp;&nbsp;&nbsp;Island Gold | 59 | 1123 | 11.50 | 415 | 13949 | 10.54 | 4726 | **15072** | **10.61** | **5141** | 57% |
| &nbsp;&nbsp;&nbsp;Golden Highway - Holt Complex | 60 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Golden Highway - Hislop | 61 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Golden Highway - Aquarius | 62 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Valentine Gold | 63 | 23400 | 1.89 | 1400 | 28200 | 1.40 | 1300 | **51600** | **1.62** | **2700** | 100% |
| &nbsp;&nbsp;&nbsp;Eskay Creek | 64 | 27954 | 3.00 | 2657 | 11889 | 1.80 | 680 | **39843** | **2.60** | **3336** | 100% |
| &nbsp;&nbsp;&nbsp;Red Lake (McFinley)  | 65 |  |  |  | 400 | 5.66 | 78 | **400** | **5.66** | **78** | 100% |
| &nbsp;&nbsp;&nbsp;Courageous Lake  | 66 | 2000 | 3.50 | 200 | 31900 | 2.60 | 2600 | **33900** | **2.60** | **2800** | 100% |
| &nbsp;&nbsp;&nbsp;Goldfields  | 67 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Monument Bay  | 68 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Red Mountain  | 69 | 2194 | 6.68 | 471 | 351 | 5.51 | 62 | **2545** | **6.52** | **534** | 100% |
| &nbsp;&nbsp;&nbsp;Fenelon-Martiniere | 70 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Spences Bridge (Shovelnose) | 71 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Wawa | 72 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Kerr-Addison | 73 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Clarence Stream | 74 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Scottie | 75 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;AurMac | 76 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;**GOLD - AUSTRALIA** |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Duketon  | 77 | 9000 | 0.70 | 191 | 21000 | 1.30 | 891 | **30000** | **1.10** | **1082** | 85% |
| &nbsp;&nbsp;&nbsp;Matilda (Wiluna)  | 78 |  |  |  | 5379 | 2.00 | 345 | **5379** | **2.00** | **345** | 100% |
| &nbsp;&nbsp;&nbsp;South Kalgoorlie | 79 | 1052 | 5.20 | 176 | 5035 | 3.30 | 538 | **6087** | **3.70** | **714** | 100% |
| &nbsp;&nbsp;&nbsp;Yilgarn Star | 80 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Agate Creek | 81 | 87 | 3.30 | 9 | 373 | 2.30 | 28 | **460** | **2.50** | **37** | 100% |
| &nbsp;&nbsp;&nbsp;Mt Martin | 82 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Cue | 83 |  |  |  | 3800 | 2.00 | 250 | **3800** | **2.00** | **250** | 100% |
| &nbsp;&nbsp;&nbsp;Yandal (Bronzewing)  | 84 | 15658 | 1.20 | 622 | 19844 | 2.10 | 1341 | **35502** | **1.70** | **1962** | 44% |
| &nbsp;&nbsp;&nbsp;Aphrodite  | 85 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Red October  | 86 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Henty  | 87 |  |  |  | 1890 | 3.28 | 199 | **1890** | **3.28** | **199** | 100% |
| &nbsp;&nbsp;&nbsp;Bullabulling  | 88 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Rebecca | 89 |  |  |  | 17900 | 1.24 | 716 | **17900** | **1.24** | **716** | 100% |
| &nbsp;&nbsp;&nbsp;Edna May  | 90 |  |  |  |  |  |  | **—** | **—** | **—** | 2% |
| &nbsp;&nbsp;&nbsp;Glenburgh  | 91 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |

---

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Gold Mineral Reserves** | **Gold Mineral Reserves** | **Gold Mineral Reserves** | **Gold Mineral Reserves** | **Gold Mineral Reserves** | **Gold Mineral Reserves** | **Gold Mineral Reserves** | **Gold Mineral Reserves** | **Gold Mineral Reserves** | Est. % of Mineral |
|  |  | Proven | Proven | Proven | Probable | Probable | Probable | **Proven & Probable** | **Proven & Probable** | **Proven & Probable** | Reserves Covered |
|  |  | Tonnes | Grade | Contained | Tonnes | Grade | Contained | **Tonnes** | **Grade** | **Contained** | by FNV Interest |
| &nbsp;&nbsp;&nbsp;**GOLD - REST OF WORLD** | **Notes** | 000s | g/t | 000 oz | 000s | g/t | 000 oz | **000s** | **g/t** | **000 oz** |  |
| &nbsp;&nbsp;&nbsp;Subika (Ahafo) | 92 | 30400 | 1.44 | 1400 | 50900 | 1.63 | 2700 | **81300** | **1.56** | **4100** | 48% |
| &nbsp;&nbsp;&nbsp;Tasiast  | 93 | 55584 | 1.00 | 1806 | 47181 | 1.70 | 2595 | **102765** | **1.30** | **4401** | 100% |
| &nbsp;&nbsp;&nbsp;Sabodala-Massawa Complex | 94 | 14800 | 1.12 | 531 | 28000 | 2.48 | 2237 | **42800** | **2.01** | **2768** | 45% |
| &nbsp;&nbsp;&nbsp;Karma  | 95 | 300 | 0.40 | 4 | 5200 | 0.93 | 154 | **5500** | **0.90** | **158** | 100% |
| &nbsp;&nbsp;&nbsp;Edikan  | 96 | 8600 | 0.91 | 250 | 9300 | 1.27 | 380 | **17900** | **1.09** | **629** | 100% |
| &nbsp;&nbsp;&nbsp;Kiziltepe | 97 | 451 | 1.76 | 26 | 287 | 1.81 | 17 | **738** | **1.78** | **42** | 100% |
| &nbsp;&nbsp;&nbsp;Séguéla | 98 | 626 | 1.39 | 28 | 15335 | 3.07 | 1513 | **15961** | **3.01** | **1543** | 100% |
| &nbsp;&nbsp;&nbsp;Perama Hill  | 99 | 3000 | 4.36 | 421 | 5909 | 2.59 | 491 | **8910** | **3.18** | **912** | 100% |
| &nbsp;&nbsp;&nbsp;Aği Daği  | 100 | 1450 | 0.76 | 36 | 52911 | 0.66 | 1130 | **54361** | **0.67** | **1166** | 100% |
| &nbsp;&nbsp;&nbsp;Sissingué | 101 | 400 | 1.70 | 23 | 1800 | 1.95 | 111 | **2200** | **1.90** | **134** | 100% |
| &nbsp;&nbsp;&nbsp;Rogozna | 102 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;**TOTAL GOLD MINERAL RESERVES\*** |  |  |  | **38890** |  |  | **109538** |  |  | **148318** |  |

---

\*Total excludes Cobre Panamá and New Prosperity

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Silver Mineral Resources - Inclusive of Mineral Reserves** | **Silver Mineral Resources - Inclusive of Mineral Reserves** | **Silver Mineral Resources - Inclusive of Mineral Reserves** | **Silver Mineral Resources - Inclusive of Mineral Reserves** | **Silver Mineral Resources - Inclusive of Mineral Reserves** | **Silver Mineral Resources - Inclusive of Mineral Reserves** | **Silver Mineral Resources - Inclusive of Mineral Reserves** |  |  |  | Est. % of Mineral |
|  |  | Measured (M) | Measured (M) | Measured (M) | Indicated (I) | Indicated (I) | Indicated (I) | **(M)+(I)** | **Silver Inferred Mineral Resources** | **Silver Inferred Mineral Resources** | **Silver Inferred Mineral Resources** | Resources Covered |
|  |  | Tonnes | Grade | Contained | Tonnes | Grade | Contained | **Contained** | Tonnes | Grade | Contained | by FNV Interest |
| &nbsp;&nbsp;&nbsp;**Silver** | **Notes** | 000s | g/t | 000 oz | 000s | g/t | 000 oz | **000 oz** | 000s | g/t | 000 oz |  |
| &nbsp;&nbsp;&nbsp;Candelaria  | 4103 | 795303 | 1.85 | 47255 | 562429 | 1.99 | 36022 | **83277** | 127911 | 1.39 | 5735 | 80% |
| &nbsp;&nbsp;&nbsp;Antapaccay  | 104 | 435000 | 1.22 | 17111 | 856000 | 1.90 | 52216 | **68291** | 344000 | 0.79 | 8735 | 100% |
| &nbsp;&nbsp;&nbsp;Antamina  | 1105106 | 359000 | 9.73 | 112361 | 508100 | 12.01 | 196168 | **308980** | 1256300 | 10.50 | 424105 | 22.5% |
| &nbsp;&nbsp;&nbsp;Condestable | 107 | 40300 | 4.18 | 5419 | 43400 | 3.15 | 4396 | **9815** | 12900 | 2.28 | 947 | 100% |
| &nbsp;&nbsp;&nbsp;Yanacocha | 1108 | 19300 | 6.41 | 4000 | 236500 | 12.07 | 91800 | **95800** | 104700 | 14.10 | 47300 | 100% |
| &nbsp;&nbsp;&nbsp;Conga | 1109 |  |  |  | 693800 | 2.06 | 45900 | **45900** | 175000 | 1.10 | 6300 | 100% |
| &nbsp;&nbsp;&nbsp;Salares Norte | 1110 |  |  |  | 22713 | 66.89 | 48845 | **48845** | 210 | 8.30 | 56 | 100% |
| &nbsp;&nbsp;&nbsp;Cerro Moro  | 1111 | 600 | 222.91 | 4300 | 1100 | 254.48 | 9000 | **13400** | 700 | 164.00 | 3500 | 90% |
| &nbsp;&nbsp;&nbsp;Cascabel | 112 | 1576000 | 1.16 | 58600 | 1437000 | 0.71 | 32700 | **91300** | 607000 | 0.56 | 11000 | 100% |
| &nbsp;&nbsp;&nbsp;Calcatreu | 113 |  |  |  | 9841 | 19.80 | 6275 | **6275** | 8078 | 13.10 | 3399 | 100% |
| &nbsp;&nbsp;&nbsp;Fire Creek/Midas | 12114 |  |  |  | 259 | 83.20 | 694 | **694** | 70178 | 6.29 | 14199 | 100% |
| &nbsp;&nbsp;&nbsp;Stibnite | 1115 |  |  |  | 148159 | 1.97 | 9400 | **9400** | 52128 | 1.40 | 2345 | 100% |
| &nbsp;&nbsp;&nbsp;Eskay Creek | 116 | 28648 | 89.45 | 82391 | 23252 | 32.97 | 24644 | **107035** | 924 | 30.36 | 902 | 100% |
| &nbsp;&nbsp;&nbsp;Perama Hill | 117 | 2890 | 4.00 | 372 | 6194 | 5.00 | 929 | **1302** | 16961 | 11.27 | 6148 | 100% |
| &nbsp;&nbsp;&nbsp;Nevada North (Wildcat & Mountain View) | 118 |  |  |  | 88624 | 3.45 | 9840 | **9840** | 26611 | 2.60 | 2224 | 100% |
| &nbsp;&nbsp;&nbsp;Spences Bridge (Shovelnose) | 119 |  |  |  | 3437 | 32.30 | 3565 | **3565** | 2292 | 25.20 | 1860 | 100% |
| &nbsp;&nbsp;&nbsp;Sleeper | 12120 | 4902 | 3.62 | 570 | 158338 | 4.06 | 20661 | **21231** | 119910 | 2.45 | 9454 | 100% |
| &nbsp;&nbsp;&nbsp;Cove | 121 |  |  |  | 1177 | 15.00 | 568 | **568** | 4047 | 11.10 | 1439 | 100% |
| &nbsp;&nbsp;&nbsp;Ruby Hill - Mineral Point | 122 |  |  |  | 216982 | 15.00 | 104332 | **104332** | 194442 | 14.60 | 91473 | 100% |
| &nbsp;&nbsp;&nbsp;Ruby Hill - Archimedes | 123 |  |  |  | 6111 | 8.05 | 1582 | **1582** | 5058 | 3.30 | 536 | 100% |
| &nbsp;&nbsp;&nbsp;Arthur | 1124 |  |  |  | 251780 | 3.13 | 25350 | **25350** | 219790 | 2.26 | 15960 | 99% |
| &nbsp;&nbsp;&nbsp;Copper Creek | 125 | 67200 | 1.20 | 2600 | 59900 | 0.60 | 1100 | **3800** | 48100 | 0.50 | 700 | 18% |
| &nbsp;&nbsp;&nbsp;Vizcachitas | 126 | 273000 | 1.30 | 11000 | 1268000 | 1.00 | 43000 | **54000** | 1823000 | 0.90 | 55000 | 100% |
| &nbsp;&nbsp;&nbsp;Rogozna | 127 |  |  |  |  |  |  | **—** | 211000 | 4.80 | 32300 | 100% |
| &nbsp;&nbsp;&nbsp;**TOTAL SILVER MINERAL RESOURCES\*** |  |  |  | **345979** |  |  | **768987** | **1114582** |  |  | **745616** |  |

---

\*Total excludes Cobre Panamá

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Silver Mineral Reserves** | **Silver Mineral Reserves** | **Silver Mineral Reserves** | **Silver Mineral Reserves** | **Silver Mineral Reserves** | **Silver Mineral Reserves** | **Silver Mineral Reserves** | **Silver Mineral Reserves** | **Silver Mineral Reserves** | Est. % of Mineral |
|  |  | Proven | Proven | Proven | Probable | Probable | Probable | **Proven & Probable** | **Proven & Probable** | **Proven & Probable** | Reserves Covered |
|  |  | Tonnes | Grade | Contained | Tonnes | Grade | Contained | **Tonnes** | **Grade** | **Contained** | by FNV Interest |
| &nbsp;&nbsp;&nbsp;**Silver** | **Notes** | 000s | g/t | 000 oz | 000s | g/t | 000 oz | **000s** | **g/t** | **000 oz** |  |
| &nbsp;&nbsp;&nbsp;Candelaria  | 4103 | 345438 | 1.34 | 14827 | 247274 | 1.53 | 12155 | **592712** | **1.42** | **26981** | 80% |
| &nbsp;&nbsp;&nbsp;Antapaccay  | 104 | 170000 | 1.00 | 5466 | 257000 | 1.30 | 10742 | **427000** | **1.20** | **16474** | 100% |
| &nbsp;&nbsp;&nbsp;Antamina  | 105106 | 260200 | 9.90 | 82820 | 268200 | 13.00 | 112097 | **528400** | **11.50** | **195367** | 22.5% |
| &nbsp;&nbsp;&nbsp;Condestable | 107 | 18800 | 4.82 | 2919 | 20700 | 3.50 | 2333 | **39500** | **4.13** | **5252** | 100% |
| &nbsp;&nbsp;&nbsp;Yanacocha | 108 |  |  |  | 68300 | 8.82 | 19400 | **68300** | **8.82** | **19400** | 100% |
| &nbsp;&nbsp;&nbsp;Conga | 109 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Salares Norte | 110 |  |  |  | 19821 | 72.21 | 46013 | **19821** | **72.21** | **46013** | 100% |
| &nbsp;&nbsp;&nbsp;Cerro Moro  | 111 | 300 | 223.00 | 2100 | 300 | 282.00 | 2900 | **600** | **254.00** | **5000** | 95% |
| &nbsp;&nbsp;&nbsp;Cascabel | 112 | 457500 | 1.70 | 24942 | 82200 | 1.20 | 3093 | **539700** | **1.60** | **28034** | 100% |
| &nbsp;&nbsp;&nbsp;Calcatreu | 113 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Fire Creek/Midas | 2114 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Stibnite | 115 |  |  |  | 104625 | 1.91 | 6430 | **104625** | **1.91** | **6430** | 100% |
| &nbsp;&nbsp;&nbsp;Eskay Creek | 116 | 27954 | 80.90 | 72661 | 11889 | 40.10 | 15308 | **39843** | **68.70** | **87969** | 100% |
| &nbsp;&nbsp;&nbsp;Perama Hill | 117 | 3000 | 3.88 | 374 | 5909 | 4.78 | 909 | **8910** | **4.48** | **1283** | 100% |
| &nbsp;&nbsp;&nbsp;Nevada North (Wildcat & Mountain View) | 118 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Spences Bridge (Shovelnose) | 119 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Sleeper | 2120 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Cove | 121 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Ruby Hill - Mineral Point | 122 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Ruby Hill - Archimedes | 123 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Arthur | 124 |  |  |  | 87640 | 2.76 | 7780 | **87640** | **2.76** | **7780** | 99% |
| &nbsp;&nbsp;&nbsp;Copper Creek | 125 |  |  |  |  |  |  | **—** | **—** | **—** | 18% |
| &nbsp;&nbsp;&nbsp;Vizcachitas | 126 | 302247 | 1.20 | 11900 | 917685 | 1.10 | 31800 | **1219932** | **1.10** | **43600** | 100% |
| &nbsp;&nbsp;&nbsp;Rogozna | 127 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;**TOTAL SILVER MINERAL RESERVES\*** |  |  |  | **218008** |  |  | **270959** |  |  | **489583** |  |

---

\*Total excludes Cobre Panamá

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **PGM Mineral Resources - Inclusive of Mineral Reserves** | **PGM Mineral Resources - Inclusive of Mineral Reserves** | **PGM Mineral Resources - Inclusive of Mineral Reserves** | **PGM Mineral Resources - Inclusive of Mineral Reserves** | **PGM Mineral Resources - Inclusive of Mineral Reserves** | **PGM Mineral Resources - Inclusive of Mineral Reserves** | **PGM Mineral Resources - Inclusive of Mineral Reserves** |  |  |  | Est. % of Mineral |
|  |  | Measured (M) | Measured (M) | Measured (M) | Indicated (I) | Indicated (I) | Indicated (I) | **(M)+(I)** | **PGM Inferred Mineral Resources** | **PGM Inferred Mineral Resources** | **PGM Inferred Mineral Resources** | Resources Covered |
|  |  | Tonnes | Grade | Contained | Tonnes | Grade | Contained | **Contained** | Tonnes | Grade | Contained | by FNV Interest |
| &nbsp;&nbsp;&nbsp;**PGM** | **Notes** | 000s | g/t | 000 oz | 000s | g/t | 000 oz | **000 oz** | 000s | g/t | 000 oz |  |
| &nbsp;&nbsp;&nbsp;Stillwater | 128 | 41000 | 15.40 | 20200 | 44100 | 13.80 | 19600 | **39800** | 96500 | 13.20 | 41100 | 98% |
| &nbsp;&nbsp;&nbsp;Western Limb | 129130 | 580225 | 3.82 | 71200 | 826252 | 4.07 | 108100 | **179400** | 278889 | 4.35 | 39000 | 97% |
| &nbsp;&nbsp;&nbsp;Sudbury | 1131 |  |  |  | 5278 | 3.05 | 517 | **517** | 1424 | 2.47 | 113 | 100% |
| &nbsp;&nbsp;&nbsp;Eagle's Nest | 132 | 4727 | 5.19 | 789 | 4288 | 4.48 | 618 | **1408** | 6750 | 4.35 | 943 | 100% |
| &nbsp;&nbsp;&nbsp;Marathon (Sally) | 133 |  |  |  | 24801 | 0.62 | 494 | **494** | 14019 | 0.48 | 218 | 100% |
| &nbsp;&nbsp;&nbsp;**TOTAL PGM MINERAL RESOURCES** |  |  |  | **92189** |  |  | **129329** | **221618** |  |  | **81374** |  |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **PGM Mineral Reserves** | **PGM Mineral Reserves** | **PGM Mineral Reserves** | **PGM Mineral Reserves** | **PGM Mineral Reserves** | **PGM Mineral Reserves** | **PGM Mineral Reserves** | **PGM Mineral Reserves** | **PGM Mineral Reserves** | Est. % of Mineral |
|  |  | Proven | Proven | Proven | Probable | Probable | Probable | **Proven & Probable** | **Proven & Probable** | **Proven & Probable** | Reserves Covered |
|  |  | Tonnes | Grade | Contained | Tonnes | Grade | Contained | **Tonnes** | **Grade** | **Contained** | by FNV Interest |
| &nbsp;&nbsp;&nbsp;**PGM** | **Notes** | 000s | g/t | 000 oz | 000s | g/t | 000 oz | **000s** | **g/t** | **000 oz** |  |
| &nbsp;&nbsp;&nbsp;Stillwater | 128 | 7900 | 14.80 | 3700 | 37100 | 13.10 | 15600 | **45000** | **13.40** | **19400** | 98% |
| &nbsp;&nbsp;&nbsp;Western Limb | 129130 | 141651 | 3.47 | 15800 | 221047 | 2.81 | 20000 | **362698** | **3.08** | **35900** | 95% |
| &nbsp;&nbsp;&nbsp;Sudbury | 131 |  |  |  | 987 | 2.37 | 75 | **987** | **2.37** | **75** | 100% |
| &nbsp;&nbsp;&nbsp;Eagle's Nest | 132 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Marathon (Sally) | 133 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;**TOTAL PGM MINERAL RESERVES** |  |  |  | **19500** |  |  | **35675** |  |  | **55375** |  |

---

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Copper Mineral Resources - Inclusive of Mineral Reserves** | **Copper Mineral Resources - Inclusive of Mineral Reserves** | **Copper Mineral Resources - Inclusive of Mineral Reserves** | **Copper Mineral Resources - Inclusive of Mineral Reserves** | **Copper Mineral Resources - Inclusive of Mineral Reserves** | **Copper Mineral Resources - Inclusive of Mineral Reserves** | **Copper Mineral Resources - Inclusive of Mineral Reserves** |  |  |  | Est. % of Mineral |
|  |  | Measured (M) | Measured (M) | Measured (M) | Indicated (I) | Indicated (I) | Indicated (I) | **(M)+(I)** | **Copper Inferred Mineral Resources** | **Copper Inferred Mineral Resources** | **Copper Inferred Mineral Resources** | Resources Covered |
|  |  | Tonnes | Grade | Contained | Tonnes | Grade | Contained | **Contained** | Tonnes | Grade | Contained | by FNV Interest |
| &nbsp;&nbsp;&nbsp;**Copper** | **Notes** | 000s | % | Mlbs | 000s | % | Mlbs | **Mlbs** | 000s | % | Mlbs |  |
| &nbsp;&nbsp;&nbsp;Yanacocha | 1134 | 3700 | 0.29 |  | 114100 | 0.61 | 1543 | **1543** | 134900 | 0.40 | 1102 | 100% |
| &nbsp;&nbsp;&nbsp;Conga | 1135 |  |  |  | 693800 | 0.26 | 3968 | **3968** | 230500 | 0.20 | 882 | 100% |
| &nbsp;&nbsp;&nbsp;Copper Creek | 136 | 67200 | 0.48 | 711 | 59900 | 0.31 | 413 | **1123** | 48100 | 0.28 | 298 | 18% |
| &nbsp;&nbsp;&nbsp;Sossego | 1137 | 334200 | 0.66 | 4883 | 498000 | 0.59 | 6512 | **11453** | 55000 | 0.70 | 849 | varies by deposit |
| &nbsp;&nbsp;&nbsp;Cascabel | 138 | 1647000 | 0.42 | 15093 | 2131000 | 0.26 | 12304 | **27397** | 849000 | 0.23 | 4339 | 100% |
| &nbsp;&nbsp;&nbsp;NuevaUnión (Relincho) | 1139 | 895400 | 0.29 | 5657 | 1440400 | 0.33 | 10411 | **15980** | 724700 | 0.36 | 5752 | 100% |
| &nbsp;&nbsp;&nbsp;Taca Taca | 140 | 441000 | 0.58 | 5637 | 1637000 | 0.38 | 13578 | **19215** | 145000 | 0.27 | 858 | 100% |
| &nbsp;&nbsp;&nbsp;Caserones | 141 | 357020 | 0.33 | 2637 | 938920 | 0.26 | 5300 | **7937** | 74766 | 0.20 | 324 | 100% |
| &nbsp;&nbsp;&nbsp;Vizcachitas | 142 | 273000 | 0.43 | 2605 | 1268000 | 0.37 | 10416 | **13021** | 1823000 | 0.34 | 13747 | 100% |
| &nbsp;&nbsp;&nbsp;Copper World/East Pit | 1143 | 902400 | 0.42 | 8429 | 326700 | 0.37 | 2670 | **11097** | 275000 | 0.32 | 1940 | 100% |
| &nbsp;&nbsp;&nbsp;Robinson | 144 | 317942 | 0.47 | 3261 | 40173 | 0.34 | 305 | **3566** | 11942 | 0.38 | 100 | 100% |
| &nbsp;&nbsp;&nbsp;Rogozna | 145 |  |  |  |  |  |  | **—** | 211000 | 0.15 | 708 | 100% |
| &nbsp;&nbsp;&nbsp;**TOTAL COPPER MINERAL RESOURCES** |  |  |  | **48913** |  |  | **67421** | **116300** |  |  | **30898** |  |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Copper Mineral Reserves** | **Copper Mineral Reserves** | **Copper Mineral Reserves** | **Copper Mineral Reserves** | **Copper Mineral Reserves** | **Copper Mineral Reserves** | **Copper Mineral Reserves** | **Copper Mineral Reserves** | **Copper Mineral Reserves** | Est. % of Mineral |
|  |  | Proven | Proven | Proven | Probable | Probable | Probable | **Proven & Probable** | **Proven & Probable** | **Proven & Probable** | Reserves Covered |
|  |  | Tonnes | Grade | Contained | Tonnes | Grade | Contained | **Tonnes** | **Grade** | **Contained** | by FNV Interest |
| &nbsp;&nbsp;&nbsp;**Copper** | **Notes** | 000s | % | Mlbs | 000s | % | Mlbs | **000s** | **%** | **Mlbs** |  |
| &nbsp;&nbsp;&nbsp;Yanacocha | 134 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Conga | 135 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Copper Creek | 136 |  |  |  |  |  |  | **—** | **—** | **—** | 18% |
| &nbsp;&nbsp;&nbsp;Sossego | 137 | 17100 | 0.90 | 339 | 42000 | 0.41 | 380 | **59100** | **0.55** | **717** | 100% |
| &nbsp;&nbsp;&nbsp;Cascabel | 138 | 457500 | 0.64 | 6475 | 82200 | 0.36 | 653 | **539700** | **0.60** | **7128** | 100% |
| &nbsp;&nbsp;&nbsp;NuevaUnión (Relincho) | 139 | 576400 | 0.34 | 4321 | 977400 | 0.36 | 7757 | **1553800** | **0.35** | **11989** | 100% |
| &nbsp;&nbsp;&nbsp;Taca Taca | 140 | 432100 | 0.58 | 5532 | 1558000 | 0.38 | 13049 | **1990100** | **0.42** | **18582** | 100% |
| &nbsp;&nbsp;&nbsp;Caserones | 141 | 310112 | 0.34 | 2317 | 486958 | 0.27 | 2923 | **797070** | **0.30** | **5240** | 100% |
| &nbsp;&nbsp;&nbsp;Vizcachitas | 142 | 302247 | 0.41 | 2714 | 917685 | 0.34 | 6908 | **1219932** | **0.36** | **9623** | 100% |
| &nbsp;&nbsp;&nbsp;Copper World/East Pit | 143 | 319400 | 0.54 | 3802 | 65700 | 0.52 | 753 | **385100** | **0.54** | **4585** | 100% |
| &nbsp;&nbsp;&nbsp;Robinson | 144 | 110513 | 0.42 | 1025 | 8860 | 0.28 | 54 | **119374** | **0.41** | **1079** | 100% |
| &nbsp;&nbsp;&nbsp;Rogozna | 145 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;**TOTAL COPPER MINERAL RESERVES** |  |  |  | **26526** |  |  | **32477** |  |  | **58942** |  |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Nickel Mineral Resources - Inclusive of Mineral Reserves** | **Nickel Mineral Resources - Inclusive of Mineral Reserves** | **Nickel Mineral Resources - Inclusive of Mineral Reserves** | **Nickel Mineral Resources - Inclusive of Mineral Reserves** | **Nickel Mineral Resources - Inclusive of Mineral Reserves** | **Nickel Mineral Resources - Inclusive of Mineral Reserves** | **Nickel Mineral Resources - Inclusive of Mineral Reserves** |  |  |  | Est. % of Mineral |
|  |  | Measured (M) | Measured (M) | Measured (M) | Indicated (I) | Indicated (I) | Indicated (I) | **(M)+(I)** | **Nickel Inferred Mineral Resources** | **Nickel Inferred Mineral Resources** | **Nickel Inferred Mineral Resources** | Resources Covered |
|  |  | Tonnes | Grade | Contained | Tonnes | Grade | Contained | **Contained** | Tonnes | Grade | Contained | by FNV Interest |
| &nbsp;&nbsp;&nbsp;**Nickel** | **Notes** | 000s | % | Mlbs | 000s | % | Mlbs | **Mlbs** | 000s | % | Mlbs |  |
| &nbsp;&nbsp;&nbsp;Falcondo | 146 | 40500 | 1.42 | 1268 | 31100 | 1.53 | 1049 | **2320** | 4900 | 1.40 | 151 | 100% |
| &nbsp;&nbsp;&nbsp;Eagle's Nest | 147 | 4727 | 2.24 | 234 | 4288 | 1.50 | 141 | **375** | 6750 | 1.67 | 249 | 100% |
| &nbsp;&nbsp;&nbsp;Crawford | 148 | 1097100 | 0.24 | 5904 | 1464700 | 0.23 | 7402 | **13306** | 1693200 | 0.22 | 8215 | 100% |
| &nbsp;&nbsp;&nbsp;Mt Keith | 149 | 132000 | 0.54 | 1571 | 67000 | 0.52 | 768 | **2340** | 24000 | 0.52 | 275 | 100% |
| &nbsp;&nbsp;&nbsp;**TOTAL NICKEL MINERAL RESOURCES** |  |  |  | **8977** |  |  | **9360** | **18340** |  |  | **8891** |  |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Nickel Mineral Reserves** | **Nickel Mineral Reserves** | **Nickel Mineral Reserves** | **Nickel Mineral Reserves** | **Nickel Mineral Reserves** | **Nickel Mineral Reserves** | **Nickel Mineral Reserves** | **Nickel Mineral Reserves** | **Nickel Mineral Reserves** | Est. % of Mineral |
|  |  | Proven | Proven | Proven | Probable | Probable | Probable | **Proven & Probable** | **Proven & Probable** | **Proven & Probable** | Reserves Covered |
|  |  | Tonnes | Grade | Contained | Tonnes | Grade | Contained | **Tonnes** | **Grade** | **Contained** | by FNV Interest |
| &nbsp;&nbsp;&nbsp;**Nickel** | **Notes** | 000s | % | Mlbs | 000s | % | Mlbs | **000s** | **%** | **Mlbs** |  |
| &nbsp;&nbsp;&nbsp;Falcondo | 146 | 44900 | 1.28 | 1267 | 26300 | 1.36 | 789 | **71200** | **1.31** | **2056** | 100% |
| &nbsp;&nbsp;&nbsp;Eagle's Nest | 147 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;Crawford | 148 | 994000 | 0.24 | 5172 | 721000 | 0.20 | 3183 | **1715000** | **0.22** | **8356** | 100% |
| &nbsp;&nbsp;&nbsp;Mt Keith | 149 |  |  |  |  |  |  | **—** | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;**TOTAL NICKEL MINERAL RESERVES** |  |  |  | **6439** |  |  | **3972** |  |  | **10412** |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Chromite Mineral Resources - Inclusive of Mineral Reserves** | **Chromite Mineral Resources - Inclusive of Mineral Reserves** | **Chromite Mineral Resources - Inclusive of Mineral Reserves** | **Chromite Mineral Resources - Inclusive of Mineral Reserves** |  |  | Est. % of Mineral |
|  |  | Measured (M) | Measured (M) | Indicated (I) | Indicated (I) | **Chromite Inferred Mineral Resources** | **Chromite Inferred Mineral Resources** | Resources Covered |
|  |  | Tonnes | Grade | Tonnes | Grade | Tonnes | Grade | by FNV Interest |
| &nbsp;&nbsp;&nbsp;**Chromite** | **Notes** | 000s | % Cr2O3 | 000s | % Cr2O3 | 000s | % Cr2O3 |  |
| &nbsp;&nbsp;&nbsp;Ring of Fire | 150 | 140190 | 32.5 | 52573 | 29.8 | 54581 | 30.8 | 100% |
| &nbsp;&nbsp;&nbsp;**TOTAL CHROMITE MINERAL RESOURCES** |  | **140190** |  | **52573** |  | **54581** |  |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Chromite Mineral Reserves** | **Chromite Mineral Reserves** | **Chromite Mineral Reserves** | **Chromite Mineral Reserves** | **Chromite Mineral Reserves** | **Chromite Mineral Reserves** | Est. % of Mineral |
|  |  | Proven | Proven | Probable | Probable | **Proven & Probable** | **Proven & Probable** | Reserves Covered |
|  |  | Tonnes | Grade | Tonnes | Grade | **Tonnes** | **Grade** | by FNV Interest |
| &nbsp;&nbsp;&nbsp;**Chromite** | **Notes** | 000s | % Cr2O3 | 000s | % Cr2O3 | **000s** | **% Cr2O3** |  |
| &nbsp;&nbsp;&nbsp;Ring of Fire | 150 |  |  |  |  | **—** | **—** | 100% |
| &nbsp;&nbsp;&nbsp;**TOTAL CHROMITE MINERAL RESERVES\*** |  | **—** |  | **—** |  | **—** |  |  |

---

\*No Mineral Reserve estimate has been reported for the Ring of Fire

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Iron Ore Mineral Resources - Inclusive of Mineral Reserves** | **Iron Ore Mineral Resources - Inclusive of Mineral Reserves** | **Iron Ore Mineral Resources - Inclusive of Mineral Reserves** | **Iron Ore Mineral Resources - Inclusive of Mineral Reserves** |  |  | Est. % of Mineral |
|  |  | Measured (M) | Measured (M) | Indicated (I) | Indicated (I) | **Iron Ore Inferred Mineral Resources** | **Iron Ore Inferred Mineral Resources** | Resources Covered |
|  |  | Tonnes | Grade | Tonnes | Grade | Tonnes | Grade | by FNV Interest |
| &nbsp;&nbsp;&nbsp;**Iron Ore** | **Notes** | 000s | % Fe | 000s | % Fe | 000s | % Fe |  |
| &nbsp;&nbsp;&nbsp;Vale (Northern & Southeastern System) | 1151 | 8316000 | 52.7 | 10720300 | 53.0 | 4709000 | 43.9 | varies by system |
| &nbsp;&nbsp;&nbsp;LIORC | 1152153 | 523000 | 39.3 | 1229000 | 39.0 | 662000 | 39.0 | 100% |
| &nbsp;&nbsp;&nbsp;**TOTAL IRON ORE MINERAL RESOURCES** |  | **8839000** |  | **11949300** |  | **5371000** |  |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Iron Ore Mineral Reserves** | **Iron Ore Mineral Reserves** | **Iron Ore Mineral Reserves** | **Iron Ore Mineral Reserves** | **Iron Ore Mineral Reserves** | **Iron Ore Mineral Reserves** | Est. % of Mineral |
|  |  | Proven | Proven | Probable | Probable | **Proven & Probable** | **Proven & Probable** | Reserves Covered |
|  |  | Tonnes | Grade | Tonnes | Grade | **Tonnes** | **Grade** | by FNV Interest |
| &nbsp;&nbsp;&nbsp;**Iron Ore** | **Notes** | 000s | % Fe | 000s | % Fe | **000s** | **% Fe** |  |
| &nbsp;&nbsp;&nbsp;Vale (Northern & Southeastern System) | 151 | 2873600 | 59.2 | 5182600 | 59.8 | **8056300** | **59.6** | varies by system |
| &nbsp;&nbsp;&nbsp;LIORC | 152153 | 352000 | 39.0 | 571000 | 39.0 | **923000** | **39.0** | 100% |
| &nbsp;&nbsp;&nbsp;**TOTAL IRON ORE MINERAL RESERVES** |  | **3225600** |  | **5753600** |  | **8979300** |  |  |

---

------

**Notes and Sources**

&nbsp;&nbsp;&nbsp;&nbsp;● All Mineral Resources and Mineral Reserves have been calculated in accordance with CIM or Acceptable Foreign Codes for the purposes of NI 43-101, including Regulation S-K 1300, JORC, or SAMREC guidelines

&nbsp;&nbsp;&nbsp;&nbsp;● Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability

&nbsp;&nbsp;&nbsp;&nbsp;● Unless otherwise noted, Mineral Resources were reported by the operator inclusive of Mineral Reserves

&nbsp;&nbsp;&nbsp;&nbsp;● Contained metal does not take into account recovery losses

&nbsp;&nbsp;&nbsp;&nbsp;● Franco-Nevada's royalties or stream interests may not cover the operator's entire property or all estimated Mineral Resources and Mineral Reserves or a combination of both

&nbsp;&nbsp;&nbsp;&nbsp;● The grade of platinum group elements has been reported by the operators as either the sum of the individual platinum group elements grades or the individual grades. In the cases where individual platinum group element grades have been reported, Franco-Nevada's Qualified Person has calculated the sum of the platinum group element grades for presentation purposes

&nbsp;&nbsp;&nbsp;&nbsp;● Mineral Resources and Mineral Reserves based on publicly disclosed information available as of March 12, 2026

&nbsp;&nbsp;&nbsp;&nbsp;● The MRMR statement might have excluded depletion prior to this year's reporting

&nbsp;&nbsp;&nbsp;&nbsp;● Rows and columns may not total precisely due to rounding

Inferred Resources are in addition to Measured and Indicated Resources, as described in the "Cautionary Note Regarding Mineral Resource and Mineral Reserve Estimates" section on page 2 of this AIF.

1 Mineral Resources reported by operator exclusive of Mineral Reserves. Franco-Nevada's Qualified Person determined the inclusive Mineral Resources by adding the exclusive Measured and Indicated Mineral Resources to the Proven and Probable Reserves

2 Mineral Resources and Mineral Reserves are reported by the operator in non-metric units. Franco-Nevada's Qualified Person calculated the metric conversion using 1 opt = 34.286 g/t, 1 short ton = 0.9072 metric tonnes, 1 oz = 31.1035 g

3 Lundin Mining Corporation; News Release, February 18, 2026

---

| | |
|:---|:---|
| 4 | The stream agreement applies to 100% of the property, but only with respect to the ownership interest of Lundin Mining Corporation which indirectly owns 80% of the Candelaria Copper Mining Complex |

---

5 Glencore plc; Resources & Reserves as at December 31, 2025

6 G Mining Ventures Corp.; News Release, March 12, 2026

7 Rio2 Limited; Corporate Pesentation, December 8, 2025

8 Newmont Corporation; News Release, February 19, 2026

9 Newmont Corporation; News Release, February 19, 2026

10 Gold Fields Limited; Mineral Resources and Mineral Reserves Supplement to the Integrated Annual Report 2024, March 31, 2025

11 Vale S.A.; Form 20-F, March 28, 2025. Details of Vale's Participating Debentures are available on Vale's website

12 Pan American Silver Corp.; News Release, September 11, 2025 & Corporate Website

13 SolGold plc; Annual Information Form, September 24, 2025 (Alpala & Tandayama America Underground) & News Release, November 26, 2025 (Tandayama America Open Pit)

14 Hochschild Mining PLC; News Release, March 11, 2026

15 First Quantum Minerals Ltd.; Taca Taca Project NI 43-101 Technical Report, February 19, 2026

16 G Mining Ventures Corp.; Corporate Presentation, March 2026

17 Patagonia Gold Corp.; MD&A, November 27, 2025

18 Minera San Jorge SA; Disclosure to Franco-Nevada Corporation, Mineral Resource Estimate Update for the San Jorge Deposit, March 9, 2026

19 Barrick Gold Corporation; Management's Discussion and Analysis ("MD&A") Fourth Quarter and Full Year 2025, February 5, 2026

20 Hochschild Mining PLC; News Release, March 11, 2026

21 Coeur Mining, Inc.; Corporate Presentation, February 23, 2026

22 Barrick Gold Corporation; Management's Discussion and Analysis ("MD&A") Fourth Quarter and Full Year 2025, February 5, 2026. Carlin Trend includes Goldstrike, Gold Quarry and South Arturo as well as other properties where Franco-Nevada has no royalties or stream interests

23 Kinross Gold Corporation; News Release, February 18, 2026

24 SSR Mining Inc.; Mineral Reserve and Resource Tables as of December 31, 2025, February 17, 2026

25 Equinox Gold Corp.; Corporate Presentation, February 2026

26 Equinox Gold Corp.; Corporate Presentation, February 2026

27 Hecla Mining Company; News Release, February 13, 2026

28 Hecla Mining Company; News Release, February 13, 2026

29 Perpetua Resources Corp., Form 10-K, April 2, 2025

30 Borealis Mining Company Ltd. & Gold Bull Resources Corp.; News Release, December 10, 2024

31 KGHM Polska Miedź S.A.; Mineral Resources and Reserves Report, December 31, 2014

32 Integra Resources Corp.; Corporate Presentation, February 2026

---

| | |
|:---|:---|
| 33 | Paramount Gold Nevada Corp.; Form 10-K; September 25, 2025 |

---

34 AngloGold Ashanti plc; Q4 2025 & Full Year Earnings Release, February 20, 2026

35 i-80 Gold Corp.; Corporate Presentation, March 2026

36 i-80 Gold Corp.; Corporate Presentation, March 2026

37 i-80 Gold Corp.; Corporate Presentation, March 2026

38 i-80 Gold Corp.; Corporate Presentation, March 2026

39 i-80 Gold Corp.; Corporate Presentation, March 2026

40 Agnico Eagle Mines Limited; News Release, February 12, 2026

41 Hemlo Mining Corp.; Corporate Presentation, February 2026

42 IAMGOLD Corporation; New Release, February 17, 2026

43 Discovery Silver Corp.; Investor Day Presentation, March 2, 2026

44 Discovery Silver Corp.; Investor Day Presentation, March 2, 2026

45 Discovery Silver Corp.; Investor Day Presentation, March 2, 2026

46 Discovery Silver Corp.; Investor Day Presentation, March 2, 2026

47 Equinox Gold Corp.; Corporate Presentation, February 2026

48 Agnico Eagle Mines Limited; News Release, February 12, 2026

49 Orla Mining Ltd.; Corporate Presentation, March 2026

50 Magna Mining Inc.; Corporate Presentation, March 2026

51 Newmont Corporation; News Release, February 19, 2026

52 Alamos Gold Inc.; News Release, February 17, 2026

53 Hecla Mining Company; News Release, February 13, 2026

54 Hecla Mining Company; News Release, February 13, 2026

55 Victoria Gold Corp.; Eagle Gold Mine NI 43-101 Technical Report, April 10, 2023

56 Pan American Silver Corp.; News Release, September 11, 2025

57 Pan American Silver Corp.; News Release, September 11, 2025

58 Agnico Eagle Mines Limited; News Release, February 12, 2026

59 Alamos Gold Inc.; News Release, February 17, 2026

60 Agnico Eagle Mines Limited; News Release, February 12, 2026

61 Kirkland Lake Gold Ltd.; News Release, February 25, 2021

62 Agnico Eagle Mines Limited; News Release, February 12, 2026

63 Equinox Gold Corp.; Corporate Presentation, February 2026

64 Skeena Resources Limited; Eskay Creek Project NI 43-101 Technical Report, November 14, 2023

65 Evolution Mining Limited; ASX Announcement, February 14, 2024

66 Seabridge Gold Inc.; Courageous Lake Pre-feasibility study and Preliminary Economic Assessment NI 43-101 Technical Report, January 5, 2024

67 Fortune Bay Corp.; Goldfields Project Updated NI 43-101 Technical Report & Preliminary Economic Assessment, October 20, 2025

68 Agnico Eagle Mines Limited; News Release, February 16, 2023

69 Ascot Resources Ltd.; Annual Information Form, March 24, 2025

70 Wallbridge Mining Company Limited.; NI 43-101 Technical Report and Preliminary Economic Assessment Update on the Fenelon Gold Project, Quebec, Canada, March 26, 2025

71 Westhaven Gold Corp.; Updated Preliminary Economic Assessment and Mineral Resource Estimate of the Shovelnose Gold Project, April 17, 2025

72 Red Pine Exploration Inc.; Wawa Gold Project NI 43-101 Technical Report, September 30, 2024

73 Gold Candle Ltd.; Corporate Presentation, February 2026

74 Galway Metals Inc.; Corporate Presentation, January 2026

75 Scottie Resources Corp; News Release, May 7, 2025

76 Banyan Gold Corp.; News Release, March 1, 2026

77 Regis Resources Limited; ASX Announcement, May 20, 2025

78 Wiluna Mining Corporation Limited; 2024 & 2025 Annual General Meetings, November 28, 2025 and ASX Announcement, February 16, 2024

79 Northern Star Resources Limited; ASX Announcement, May 15, 2025

80 Barto Gold Mining Pty Ltd, Annual Mineral Resource Statement as at August 31, 2024

81 Savannah Goldfields Ltd; ASX Announcement, January 30, 2026

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82 Lefroy Exploration Limited; Corporate Presentation, November 28, 2025

83 Ramelius Resources Limited; ASX Announcement, October 1, 2025

84 Northern Star Resources Limited; ASX Announcement, May 15, 2025

85 Genesis Minerals Limited; Annual Report, August 21, 2025

86 Matsa Resources Ltd.; Annual Report, October 26, 2025 for Red October and AngloGold Ashanti Limited; Mineral Resource and Mineral Reserve Report at December 31, 2024 for Butcher Well

87 Kaiser Reef Limited; ASX Announcement, October 23, 2025

88 Minerals 260 Limited; Corporate Presentation, February 2026

89 Ramelius Resources Limited; ASX Announcement, October 1, 2025

90 Ramelius Resources Limited; ASX Announcement, October 1, 2025

91 Benz Mining Corp; Annual Report, August 29, 2025

92 Newmont Corporation; News Release, February 19, 2026

93 Kinross Gold Corporation; News Release, February 18, 2026

94 Endeavour Mining plc; News Release, March 5, 2026

95 Endeavour Mining Corp.; Annual Report, March 17, 2022

96 Perseus Mining Limited; News Release, August 21, 2025

97 Ariana Resources plc; Replacement Prospectus, August 5, 2025

98 Fortuna Mining Corp.; News Release, January 20, 2026

99 Eldorado Gold Corporation; News Release, November 26, 2025

100 Alamos Gold Inc.; News Release, February 18, 2025

101 Perseus Mining Limited; News Release, August 21, 2025

102 Strickland Metals Limited; ASX Announcement, February 2, 2026

103 Lundin Mining Corporation; News Release, February 18, 2026

104 Glencore plc; Resources & Reserves as at December 31, 2025

105 Teck Resources Limited; Annual Information Form, February 18, 2026

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| | |
|:---|:---|
| 106 | The stream agreement applies to 100% of the property, but only with respect to the ownership interest of Teck Resources Limited which indirectly owns a 22.5% interest in Compañía Minera Antamina S.A. |

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107 Rio2 Limited; Corporate Presentation, December 8, 2025

108 Newmont Corporation; News Release, February 19, 2026

109 Newmont Corporation; News Release, February 19, 2026

110 Gold Fields Limited; Mineral Resources and Mineral Reserves Supplement to the Integrated Annual Report, March 31, 2025

111 Pan American Silver Corp; News Release, September 11, 2025 & Corporate Website

112 SolGold plc; Annual Information Form, September 24, 2025

113 Patagonia Gold Corp.; MD&A, November 27, 2025

114 Hecla Mining Company; News Release, February 13, 2026

115 Perpetua Resources Corp., Form 10-K, April 2, 2025

116 Skeena Resources Limited; Eskay Creek Project NI 43-101 Technical Report, November 14, 2023

117 Eldorado Gold Corporation; News Release, November 26, 2025

118 Integra Resources Corp.; Corporate Presentation, February, 2026

119 Westhaven Gold Corp.; Updated Preliminary Economic Assessment and Mineral Resource Estimate of the Shovelnose Gold Project, April 17, 2025

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| | |
|:---|:---|
| 120 | Paramount Gold Nevada Corp.; Form 10-K; September 25, 2025 |

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121 i-80 Gold Corp.; Corporate Presentation, March 2026

122 i-80 Gold Corp.; Corporate Presentation, March 2026

123 i-80 Gold Corp.; Corporate Presentation, March 2026

124 AngloGold Ashanti plc; Q4 2025 & Full Year Earnings Release, February 20, 2026

125 Faraday Copper Corp.; Corporate Presentation, February 2026

126 Los Andes Copper Ltd.; Corporate Presentation, February 2026

127 Strickland Metals Limited; ASX Announcement, February 2, 2026

128 Sibanye Stillwater Limited; JSE Market Release, February 17, 2026

129 Sibanye Stillwater Limited; JSE Market Release, February 17, 2026

130 Western Limb includes the precious metals stream on Sibanye Stillwater Limited's Western Limb mining operations and the net smelter return royalty on the Pandora property

131 Magna Mining Inc.; Corporate Presentation, March 2026

132 Ring of Fire Metals Pty Ltd.; Technical Report on the Eagle's Nest Project, January 24, 2024

133 Generation Mining Limited; Marathon Copper-Palladium Project Feasibility Study Report Update, March 28, 2025

134 Newmont Corporation; News Release, February 19, 2026

135 Newmont Corporation; News Release, February 19, 2026

136 Faraday Copper Corp.; Corporate Presentation, February 2026

137 Vale S.A.; Form 20-F, March 28, 2025. Details of Vale's Participating Debentures are available on Vale's website

138 SolGold plc; Annual Information Form, September 24, 2025 (Alpala & Tandayama America Underground) & News Release (Tandayama America Open Pit), November 26, 2025

139 Teck Resources Limited; Annual Information Form, February 18, 2026

140 First Quantum Minerals Ltd.; Taca Taca Project NI 43-101 Technical Report, February 19, 2026

141 Lundin Mining Corporation; News Release, February 18, 2026

142 Los Andes Copper Ltd.; Corporate Presentation, February 2026

143 Hudbay Minerals Inc.; Investor Presentation, February 2026

144 KGHM Polska Miedź S.A.; Mineral Resources and Reserves Report, December 31, 2014

145 Strickland Metals Limited; ASX Announcement, February 2, 2026

146 Glencore plc; Resources & Reserves as at December 31, 2014

147 Ring of Fire Metals Pty Ltd.; Technical Report on the Eagle's Nest Project, January 24, 2024

148 Canada Nickel Company, Inc.; Crawford Nickel Sulfide Project NI 43-101 Technical Report, October 1, 2023

149 BHP Group Limited; Annual Report, August 19, 2025

150 Noront Resources Ltd.; Black Thor, Black Label and Big Daddy NI 43-101 Technical Report, July 27, 2015 & Eagle's Nest Project NI 43-101 Technical Report, October 19, 2012 for Blackbird

151 Vale S.A.; Form 20-F, March 28, 2025. Details of Vale's Participating Debentures are available on Vale's website

152 Labrador Iron Ore Royalty Corporation; Annual Information Form, March 11, 2026

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|:---|:---|
| 153 | Franco-Nevada holds a 9.9% equity interest in Labrador Iron Ore Royalty Corporation ("LIORC"). LIORC, directly and through its wholly-owned subsidiary, owns a 15.1% equity interest in Iron Ore Company of Canada and receives a 7% gross overriding royalty on the operation and also receives a C$0.10/t commission on sales of iron ore |

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***Cobre Panamá Exclusion***

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Mineral Resources - Inclusive of Mineral Reserves** | **Mineral Resources - Inclusive of Mineral Reserves** | **Mineral Resources - Inclusive of Mineral Reserves** | **Mineral Resources - Inclusive of Mineral Reserves** | **Mineral Resources - Inclusive of Mineral Reserves** | **Mineral Resources - Inclusive of Mineral Reserves** | Est. % of Mineral |
|  |  | Grade | Grade | Contained Metal | Contained Metal | Resources Covered |
| Category | Tonnes | Au | Ag | Au | Ag | by FNV Interest |
|  | 000s | g/t | g/t | 000 oz | 000 oz |  |
| Measured | 100900 | 0.15 | 1.65 | 487 | 5353 | 100% |
| Indicated | 3212000 | 0.06 | 1.33 | 6224 | 136987 | 100% |
| **M&I** | **3312900** | **0.06** | **1.34** | **6710** | **142339** | 100% |
| Inferred | 1084500 | 0.04 | 1.09 | 1286 | 37825 | 100% |
| **Mineral Reserves** | **Mineral Reserves** | **Mineral Reserves** | **Mineral Reserves** | **Mineral Reserves** | **Mineral Reserves** | Est. % of Mineral |
|  |  | Grade | Grade | Contained Metal | Contained Metal | Reserves Covered |
| Category | Tonnes | Au | Ag | Au | Ag | by FNV Interest |
|  | 000s | g/t | g/t | 000 oz | 000 oz |  |
| Proven | 98400 | 0.15 | 1.61 | 475 | 5093 | 100% |
| Probable | 2669300 | 0.06 | 1.35 | 5125 | 116062 | 100% |
| **Total** | **2767700** | **0.06** | **1.36** | **5600** | **121243** | 100% |

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**Notes** 

&nbsp;&nbsp;&nbsp;&nbsp;● Source: First Quantum Minerals Ltd.'s Annual Information Form dated February 10, 2026

&nbsp;&nbsp;&nbsp;&nbsp;● Cobre Panamá has been on P&SM with production halted since November 2023. Please refer to the "Cobre Panamá Updates – Panamá" section on page 13 of this AIF and the "Technical and Third-Party Information" section on page 22 of this AIF. Due to the status of Cobre Panamá, Mineral Resources and Mineral Reserves are being reported separately and are not included in the comprehensive Mineral Resources and Mineral Reserves tables above

&nbsp;&nbsp;&nbsp;&nbsp;● Mineral Resources and Mineral Reserves as defined in accordance with NI 43-101 under guidelines set out in the CIM Standards on Mineral Resources and Mineral Reserves adopted by the CIM Council

&nbsp;&nbsp;&nbsp;&nbsp;● Mineral Resources are reported inclusive of Mineral Reserves

&nbsp;&nbsp;&nbsp;&nbsp;● Stockpiles have been added into the Mineral Resources and Mineral Reserves

&nbsp;&nbsp;&nbsp;&nbsp;● Rows and columns may not total precisely due to rounding

***New Prosperity Exclusion***

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| | | | | |
|:---|:---|:---|:---|:---|
| **Mineral Resources - Inclusive of Mineral Reserves** | **Mineral Resources - Inclusive of Mineral Reserves** | **Mineral Resources - Inclusive of Mineral Reserves** | **Mineral Resources - Inclusive of Mineral Reserves** | Est. % of Mineral |
|  |  | Grade | Contained Metal | Resources Covered |
| Category | Tonnes | Au | Au | by FNV Interest |
|  | 000s | g/t | 000 oz |  |
| Measured | 547000 | 0.46 | 8100 | 100% |
| Indicated | 463000 | 0.34 | 5100 | 100% |
| **M&I** | **1010000** | **0.41** | **13300** | 100% |
| Inferred |  |  |  | 100% |
| **Mineral Reserves** | **Mineral Reserves** | **Mineral Reserves** | **Mineral Reserves** | Est. % of Mineral |
|  |  | Grade | Contained Metal | Reserves Covered |
| Category | Tonnes | Au | Au | by FNV Interest |
|  | 000s | g/t | 000 oz |  |
| Proven | 481000 | 0.46 | 7100 | 100% |
| Probable | 350000 | 0.35 | 3900 | 100% |
| **Total** | **831000** | **0.41** | **11000** | 100% |

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**Notes** 

&nbsp;&nbsp;&nbsp;&nbsp;● Source: Taseko Mines Limited's Corporate Presentation dated January 2026

&nbsp;&nbsp;&nbsp;&nbsp;● The source data above for the New Prosperity Project Mineral Resource and Mineral Reserve estimate and related technical report entitled "Technical Report on the 344 Million Tonne Increase in Mineral Reserves at the Prosperity Gold-Copper Project, British Columbia, Canada" has an effective date of November 2, 2009. Franco-Nevada is not treating the New Prosperity Mineral Resource and Mineral Reserve estimate as current and caution is advised when assessing the reliability of such estimate. Readers are further cautioned that the source data has not been updated since 2009 and, accordingly, caution is advised when assessing its conclusions in light of current operating and capital costs, appropriate technologies, metals price outlooks and like matters

&nbsp;&nbsp;&nbsp;&nbsp;● Mineral Resources and Mineral Reserves as defined in accordance with NI 43-101 under guidelines set out in the CIM Standards on Mineral Resources and Mineral Reserves adopted by the CIM Council

&nbsp;&nbsp;&nbsp;&nbsp;● Mineral Resources are reported inclusive of Mineral Reserves

&nbsp;&nbsp;&nbsp;&nbsp;● Rows and columns may not total precisely due to rounding

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**CANDELARIA MINING AND TECHNICAL INFORMATIO** **N**

**Property Description, Location and Access**

The Candelaria Copper Mining Complex comprises two adjacent copper mining operations, Candelaria and Ojos del Salado, which produce copper concentrates from open pit and underground mines. Candelaria consists of an open pit and underground mine providing copper ore to an on-site flotation concentrator with a nominal processing capacity of 75,000 tpd. Ojos del Salado comprises two underground mines: Santos and Alcaparrosa. Operations at the Alcaparrosa mine were suspended and ultimately closed following the appearance of a surficial sinkhole near the mine on July 30, 2022 and Alcaparrosa was removed from Candelaria's life of mine plans and Mineral Reserves. The Santos mine provides copper ore to the Pedro Aguirre Cerda ("**PAC**") processing plant with a capacity of 3,700 tpd. The remainder of the ore extracted from the Santos mine is treated at the Candelaria processing plant. The Candelaria Copper Mining Complex is indirectly owned by Lundin Mining (80%) and Sumitomo Corporation ("**Sumitomo**") (20%).

The Candelaria Copper Mining Complex is located in Chile's Atacama Region, at an elevation of approximately 650 m above sea level, approximately 20 km south of the city of Copiapó and 650 km north of Santiago. The properties are easily accessed using the public road system. Employees and contractors are primarily from the Atacama region. Copiapó is a modern city with regular services and a population of approximately 170,000. The regional Atacama airport is serviced by daily commercial flights from Santiago and other destinations.

The Candelaria property within the Candelaria district comprises 237 mining exploitation concessions (approximately 6,499 ha) and 30 mining exploration concessions (approximately 6,880 ha). The Ojos del Salado property comprises 190 mining exploitation concessions (approximately 9,123 ha) and 49 mining exploration concessions (approximately 11,350 ha). The concessions either have been granted or are in the process of being granted. The tenements are free of material mortgages, encumbrances, prohibitions, injunctions, and litigation. The tenements containing the active and future mining activities are not affected by material royalties.

Exploration concessions have a duration of four years and require an annual fee of approximately $4.00 per hectare payable to the Chilean Treasury. At the end of this period, the exploration concessions may be converted, totally or partially, into exploitation concessions. Exploitation concessions are of indefinite duration and an annual fee is payable to the Chilean Treasury of approximately $7.00 per hectare and $28.00 per hectare without activity, pursuant to a recent law implemented at the end of 2023, known as N° 21.420. The holder of a mining concession, whether exploitation or exploration, has the right to establish an occupation easement over the surface properties required for the exploration or exploitation of its concession.

**History**

The Candelaria sulphide deposit was discovered by Phelps Dodge Corporation ("**Phelps Dodge**") in 1987. A feasibility study was completed in 1990 and, following approval by the Chilean government, construction started in October of 1992. Sumitomo acquired a 20% stake in the property in 1992. Production commenced in early 1995. In 1997, Phelps Dodge completed the expansion of the concentrator throughput with the installation of a second SAG mill, additional mining facilities and new and expanded concentrator facilities.

In 2007, property ownership changed when Freeport-McMoRan Inc. ("**Freeport**") acquired Phelps Dodge.

During 2011, a pipeline was completed to bring water from a nearby sewage treatment facility to the Candelaria Copper Mining Complex. A desalination plant at the port of Caldera was built and commissioned in 2013 at a capacity of 500 litres per second.

Mine site and district exploration programs have been active since the discovery of the Candelaria deposit. This work resulted in the discovery of the Alcaparrosa, Candelaria underground (both North and South Sectors), and Española deposits. Both sectors in Candelaria underground are now in active production.

The Santos underground mine has been in production since 1929, with processing taking place at the PAC plant. Phelps Dodge became sole owner of Ojos del Salado and the Santos mine and the PAC plant in 1985. The PAC plant has been expanded several times to its current capacity of 3,700 tpd. Sumitomo acquired its 20% interest in Ojos del Salado in 2005.

In 1995, construction of a second underground operation at the Alcaparrosa mine commenced, with production starting in early 1996.

Between October 1998 and 2004, the Santos, Alcaparrosa and PAC plant operations were suspended due to the weak copper price environment.

On October 6, 2014, LMC Bermuda Ltd., Franco-Nevada and FNBC entered into the Candelaria stream agreement, as amended, to sell to FNBC a gold and silver stream from Candelaria Copper Mining Complex for an upfront deposit of $648.0 million. In addition to the upfront deposit, FNBC will make ongoing payments upon delivery under the stream. The stream covers 68% of the payable gold and silver from 100% of the properties comprising the Candelaria Copper Mining Complex which reduces to 40% after 720 koz of gold and 12 Moz of silver have been delivered to Franco-Nevada. As of December 31, 2024, Candelaria Copper Mining Complex has delivered 598 koz of gold and 9.9 Moz of silver. Based on the 2025 life of mine

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production estimates, the change in the stream percentage from 68 percent of production to 40 percent of production is expected to occur in year 2027.

In November 2014, Lundin Mining acquired Freeport's 80% interest in the Candelaria Copper Mining Complex.

In 2015, the Candelaria 2030 Environmental Impact Assessment ("**EIA**"), including the new Los Diques tailings storage facility ("**Los Diques TSF**"), received environmental approval from Chilean regulators. Construction of Los Diques TSF commenced in 2016 after the receipt of the major construction permits. Construction continued throughout 2017 and first tailings were placed during the first quarter of 2018.

During 2018, exploration success led to the first declaration of Mineral Resources and Mineral Reserves on the Española deposit. In 2019, first ore was produced from the new South Sector of the Candelaria underground mine.

In February 2020, the Candelaria Copper Mining Complex submitted the Candelaria 2040 EIA which was approved by the Regional Environmental Commission of Atacama on September 8, 2023. The Candelaria 2040 EIA considers several enhancements to the current operation that will enable the extension of the mine life to at least 2040.

The Candelaria Copper Mining Complex has been a significant producer of copper since the mid-1990s. In 2025, annual contained metal in concentrate was 145,471 tonnes of copper, 80,528 ounces of gold and 1.798 million ounces of silver.

**Geological Setting and Mineralization**

***Geological Setting***

The Candelaria sulphide deposit is located at the boundary between the Coastal Cordillera and the Copiapó Precordillera. The Coastal Cordillera of Chañaral and Copiapó is composed of Permian to Lower Cretaceous intrusions within a basement of metasedimentary rocks of Devonian to Carboniferous age. Volcanic, volcaniclastic, and marine carbonate rocks represent intra and back-arc sequences that were deposited during the early to mid-cretaceous period.

The Candelaria, Santos, and Alcaparrosa mines and the Española deposit are located in the district of Punta del Cobre. The polymetallic sulphide deposits are hosted in volcanic rocks of the Punta del Cobre Formation. Polymetallic sulphide deposits in the Punta del Cobre district are located to the east of the main branches of the Atacama fault zone, a subduction-linked strike-slip fault system stretching over 1,000 km along the Chilean coast and active at least since the Jurassic period. The dominant structural elements of the Punta del Cobre area are the northeast-trending Tierra Amarilla Anticlinorium, a southeast verging fold-and-thrust system, and a series of north-northwest to northwest-trending high-angle faults.

Calcareous, sedimentary, and volcaniclastic rock of the Abundancia and Punta del Cobre formations are exposed within the open pit of the Candelaria mine. The lowermost unit in the Candelaria open pit mine and Candelaria underground is the Lower Andesite, a compact succession of porphyritic to massive andesite and volcaniclastic breccias with intense biotite-quartz-magnetite-albite alteration. The Santos mine is located in the eastern limb of the north-northeast-trending Tierra Amarilla anticline, and the rocks of the Santos mine are comprised mainly of the Punta del Cobre and Abundancia Formations. The Alcaparrosa mine is located in the northern part of the Punta del Cobre mining district, with the Punta del Cobre Formation subdivided into a Lower Andesite unit, which is succeeded by volcanoclastic breccias, albitophyre and pyroxene-scapolite hornfels interbedded with garnetites. The Española deposit is in the south portion of Candelaria-Punta del Cobre district, and occurs in the contact aureole between the Copiapó batholith and sedimentary and volcano-sedimentary rocks of the Chañarcillo Group and the Punta del Cobre Formation in a tectonically depressed block controlled by San Gregorio fault system.

***Mineralization***

The copper-gold sulphide mineralization found at the Candelaria Copper Mining Complex, which is generally referred to as iron oxide copper gold ("**IOCG**") mineralization, is located within the thermal aureole of the Lower Cretaceous magmatic arc plutonic suite in the Candelaria-Punta del Cobre district. Depending on lithology and the structural setting, the polymetallic sulphide mineralization can occur as veins, hydrothermal breccias, replacement mantos, and calcic skarns within andesite and tuff units. The sulphide mineralization is hosted in breccias, stockwork veinlets, disseminations in andesite, and as an internal tuff unit. There are also some localized controls to mineralization in the form of faults, breccias, veins, and foliation. Candelaria has become an exploration model for Andean-type IOCG deposits that display close relationships to the plutonic complexes and broadly coeval fault systems.

The main mineralized body at the Candelaria mine is up to 400 m thick in its central part and thins towards the edges. In east-west sections, the mineralization has a lenticular, downward concave shape with a steep eastern limb and a shallowly dipping western limb. The shape of the mineralized body in north-south section is irregular. In plan view, the extent of the mineralization in the Candelaria mine is approximately 1,400 m by 2,400 m. The mineralized body was folded after its formation. The north-northeast-trending fold axis corresponds to the Tierra Amarilla Anticline.

In the Santos mine, three styles of mineralization are observed: veins, mantos, and breccia bodies. An important vein in the Santos Mine is the Isabel Vein, which has a northwest striking orientation, and extends over 1 km in length and between 4 m and 30 m in width. Manto-type mineralization occurs as tabular bodies located at two sedimentary horizons located in the floor

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and roof of the albitophyre. The manto mineralization is characterized by variable iron contents with magnetite common in the north and deeper areas, and specular hematite in the south. Mineralization occurs within breccia bodies which are typically contained with the albitophyre and lower andesite units, and the mineralization generally forms steeply west-dipping and north-northwest to northwest-striking bodies.

Mineralization at the Alcaparrosa mine principally occurs as mantos that trend to the northeast and dip to the west. Ore mineralogy consists of chalcopyrite, pyrite, and magnetite, with trace pyrrhotite, molybdenite, and arsenopyrite. Mineralization at the Alcaparrosa mine also occurs as veinlets defining dense stockwork, breccias as well as fine dissemination in biotite meta-andesites. High-grade bodies are also found in massive veins striking north-northwest, north, and east.

In the Española project area, mineralization occurs within mantos hosted mainly in a brown garnet skarn, and in lesser proportions within silica hornfels. Chalcopyrite is the primary copper sulphide mineral found as clusters and in disseminated form, commonly associated with brown garnet porphyroblasts. Near the surface and down to a depth of approximately 70 m, the mineralization is oxidized, characterized by the presence of chrysocolla, malachite, native copper, diogenite and bornite.

**Exploration and Drilling**

Exploration at the Candelaria Copper Mining Complex is focused on tracing known mantos, veins, and breccia masses in proximity to existing open pit and underground infrastructure. Much of the exploration is conducted from underground, requiring significant underground development to provide adequate drilling stations. Regional exploration is also undertaken on the large property holdings surrounding the mines to identify targets and define new areas with Mineral Resource potential.

From 2010 to the end of December 2024, exploration at the Candelaria Copper Mining Complex has focused on expanding the Mineral Resources primarily below the Candelaria open pit (to the north and south of the pit) and at the three underground mines (Candelaria underground, Santos and, until 2023, at Alcaparrosa). During this period, over 15,163 m of underground development drifting was completed to provide access for Exploration drilling. In 2015, a new exploration and resource development tool, Mineral Inventory Range Analysis (MIRA), was initiated to understand the potential mineral inventory remaining in the mines as well as within the Candelaria land holdings.

Mineral Resources are estimated based on information obtained from surface and underground drill holes. From 1990 to December 2024, 6,170 core and percussion boreholes (1,494,056 m) were drilled in and around the Candelaria District. Approximately 96% of all drilling comprised core boreholes. From 1990 to 2004, three exploration diamond drill holes drilled in Española totaling 1,892 m. From July 2017 to the end of September 2023, 195 new diamond drill holes were completed. To date, Española has 214 drill holes with 64,128 m in total. In the Santos mine, a total 1,648 core boreholes (343,677 m) were drilled from underground and surface stations from 1988 until November 2023. The borehole database for the Alcaparrosa mine contains 1,221 boreholes (294,047 m) drilled from surface and underground locations from 1990 to March 2023.

In 2024, a total of 18,039 m was drilled in Candelaria underground (North and South sectors) and 10,746 m drilled from Candelaria surface on the west and south extensions of the Candelaria mineralization. Moving away from the mine, 5,180 m were drilled at Española with a further 3,828 m of drilling completed in the District. A total of 16,070 m was drilled for exploration purposes. Additionally, technical drilling comprised of 1,305 m geotechnical drilling at Candelaria. A further 10,746 m was drilled for infill mine planning at Candelaria underground. The drilling and sampling procedures used are consistent with generally recognized industry best practices.

**Sampling, Analysis and Data Verification**

Analytical samples informing the Candelaria open pit Mineral Resources were prepared and assayed at the Candelaria mine laboratory that is accredited to ISO17025 for the analyses of copper, iron, zinc, and silver. The laboratory is not independent from Candelaria and is managed by the Candelaria Processing Department. Intertek and Geolaqium in the Paipote Sector of Copiapo, Chile have been used as umpire laboratories, which are independent of Candelaria.

Analytical samples informing the Ojos del Salado Mineral Resource estimates were prepared and assayed by Intertek in Paipote, Chile. Intertek is a global group operating 13 laboratories in Chile with a management system accredited to ISO9001. Intertek's laboratories are independent from Ojos del Salado. Since 2016, the Candelaria laboratory has been used as an umpire laboratory.

The sample analyses used for the Mineral Resource reporting for the Española project were prepared by Geolaquim (80%) and Intertek (20%). Geolaquim is certified under regulation ISO17025 by the Chilean Instituto Nacional de Normalización ("**INN**") for concentrated minerals and others (soluble copper, total copper, iron and gold). The sample preparation and analytical methodologies used for assaying Candelaria, Ojos del Salado and Española samples are similar. Upon reception, sample details are recorded and insertion points for quality control samples in the sample stream are determined. Sample preparation includes drying at 105 degrees Celsius in a forced air furnace, primary crushing to 100% passing 5 mm, and secondary crushing cycle to 90% passing 1.68 mm (12 mesh). Grinding tests are conducted on every 40<sup>th</sup> sample. From the crushed material two 1 kg samples are prepared using a rotary splitter. Both samples are pulverized separately to 95% passing

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0.106 mm (140 mesh), and further subdivided into subsamples, including those used for quality control and those kept for future reference or as backup should more sample material be required.

Copper is analyzed by multi acid digestion and atomic absorption spectroscopy. Gold is assayed using a fire assay procedure. Specific gravity is measured systematically every 2 m over the full sample interval. Assay data are loaded directly from digital assay result files into the final database in order to minimize entry errors.

All drilling assay samples are collected by a contractor under the direct supervision of a mine geologist. Samples from Candelaria are processed at the mine site. Samples from Ojos del Salado are shipped directly from the property to the Intertek laboratory in Paipote. In each case, established procedures were used to ensure the security of samples during transportation between the drill rig and the laboratories, including through maintaining the chain of custody of samples to prevent inadvertent contamination or mixing of samples and rendering active tampering as difficult as possible.

The analytical quality control program implemented at Candelaria and Ojos del Salado includes the use of control samples (coarse and pulp duplicate samples and reference material samples) inserted within all batches submitted for assaying. Reference materials from Candelaria samples have been prepared by INTEM laboratory in Antofagasta, Chile, including new reference materials created for copper and gold of low grade, medium grade, high grade and blanks. Ten laboratories are used in a round robin process to define the recommended grade and variance of the reference materials. A duplicate and approximately 5% of the samples are sent to the umpire laboratories.

Since 2016, exploration data are managed through an acQuire<sup>TM</sup> database, which includes quality control management features for sample coordinates from borehole surveys and data management tools. Sample numbering and labelling is controlled through acQuire<sup>TM</sup>, including insertion of quality control samples and consignment notes to the primary laboratories. Analytical results are received electronically and managed through acQuire<sup>TM</sup> with quality control filters. Samples outside defined limits are rejected by acQuire<sup>TM</sup> and flagged for further investigation. The acQuire<sup>TM</sup> system includes features for reporting analytical results and preparing bias charts and time series plots.

Exploration and production work completed by the Candelaria Copper Mining Complex was conducted using documented procedures and involved extensive verification and validation of exploration and production data prior to them being considered for geological modelling and Mineral Resource estimation. Candelaria Copper Mining Complex technical staff monitor analytical quality control data on a real-time basis. The authors of the Candelaria Technical Report conducted numerous site visits to examine aspects that could materially impact the integrity of the data informing the Mineral Resources (core logging, sampling, analytical results, and database management), and reviewed the borehole databases, Mineral Resource models, documented Mineral Resource estimation procedures and digital mine infrastructure wireframes.

The sampling preparation, security, analytical and data verification procedures used by the Candelaria Copper Mining Complex are consistent with generally accepted industry best practices.

**Metallurgical Testing**

The Candelaria Copper Mining Complex maintains regular metallurgical testing programs that are incorporated with historical testing results and mill performance into statistical models to predict and improve processing performance in terms of mill throughput, metal recovery, and final concentrate grade. Metallurgical tests are generally conducted at specialized facilities such as the Universidad de Atacama and at commercial third-party laboratories in Chile, including SGS Mineral Services. Metallurgical testing focuses on rock hardness, mineralogy and bench scale flotation tests to predict mill throughput and metallurgical performance. The internal test work conducted by the Candelaria Copper Mining Complex includes comminution and flotation testing for routine characterization and ongoing development of geo-metallurgical models. A similar but less intense program is underway for the PAC plant.

The Candelaria Copper Mining Complex considers a throughput model that includes factors for geological units, feed particle size, source of mineral and operational factors including pebble processing, coating effect, stockpile, and liners time. This model is updated regularly based on metallurgical pilot testing and operations data. The most important factor impacting throughput is geological unit.

The Candelaria Copper Mining Complex maintains a copper recovery model. This model includes factors for geological units, P<sub>80</sub> to flotation, long term stockpiled material and copper and zinc head grades. This model is updated regularly based on metallurgical testing and operations data. The most important factors impacting recovery are copper grade, throughput and feed particle size.

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**Mineral Resource and Mineral Reserve Estimates**

The Mineral Resources at the Candelaria Copper Mining Complex are estimated from core drilling information stored in a secure central database and were evaluated using a geostatistical block modelling approach. Six Mineral Resource models were prepared for the Candelaria open pit mine, the Española open pit project and the four underground mines (Candelaria underground South sector, Candelaria underground North sector, Santos and Alcaparrosa) using slightly different methodologies and assumptions. Geological modelling is carried out using Leapfrog Geo software. Mineral Resource estimation is carried out using NPV Scheduler (Datamine software).

The open pit Mineral Reserve estimates for both Candelaria and Española are based on a life of mine plan and open pit designs developed using modifying parameters including metal prices, metal recovery based on performance of the processing plant, operating cost and sustaining capital cost estimates based on the production schedule and equipment requirements. Open pit optimizations are carried out using HxGN MinePlan<sup>TM</sup> 3D and Datamine software.

Underground Mineral Reserve estimates at Candelaria underground (North and South sectors) and Santos are based on life of mine plans and the stopes were designed and developed using modifying parameters including metal prices, metal recovery based on performance of the processing plant, actual operating and sustaining capital cost estimates based on the production schedule and equipment requirements. Stope layouts, mining sequence and development plans are developed using Deswik software with Stope Optimizer and MineSight® for detailed design and operational refinements.

Factors which may affect the Mineral Resource and Mineral Reserve estimates include: dilution and mining recovery, metal prices, smelter, refining and shipping terms, metallurgical performance, geotechnical characteristics of the rock mass, capital and operating cost estimates, and the likelihood of obtaining land title, required permits and environmental, social and legal licenses. To the extent such factors are within the control of, or capable of influence by the Candelaria Copper Mining Complex, these factors are managed through industry accepted practices and procedures and well as maintaining an engaged and constructive dialogue with the local communities and government authorities.

Details of the December 31, 2025 Mineral Resource and Mineral Reserve estimates for the Candelaria Copper Mining Complex are set forth below:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated Mineral Resources Statement as of December 31, 2025 (100% Basis)**<sup>(1)(2)(3)</sup> | **Consolidated Mineral Resources Statement as of December 31, 2025 (100% Basis)**<sup>(1)(2)(3)</sup> | **Consolidated Mineral Resources Statement as of December 31, 2025 (100% Basis)**<sup>(1)(2)(3)</sup> | **Consolidated Mineral Resources Statement as of December 31, 2025 (100% Basis)**<sup>(1)(2)(3)</sup> | **Consolidated Mineral Resources Statement as of December 31, 2025 (100% Basis)**<sup>(1)(2)(3)</sup> | **Consolidated Mineral Resources Statement as of December 31, 2025 (100% Basis)**<sup>(1)(2)(3)</sup> | **Consolidated Mineral Resources Statement as of December 31, 2025 (100% Basis)**<sup>(1)(2)(3)</sup> | **Consolidated Mineral Resources Statement as of December 31, 2025 (100% Basis)**<sup>(1)(2)(3)</sup> | **Consolidated Mineral Resources Statement as of December 31, 2025 (100% Basis)**<sup>(1)(2)(3)</sup> |
|  | <br>**Category** | **Quantity**<br>**'000 t** | **Cu %**<br> | **Au**<br>**g/t** | **Ag**<br>**g/t** | **Cu**<br>**'000 t** | **Au**<br>**Koz** | **Ag**<br>**Koz** |
| &nbsp;&nbsp;**Candelaria Open Pit** | Measured | 487110 | 0.40 | 0.10 | 1.36 | 1948 | 1519 | 21236 |
|  | Indicated | 65339 | 0.26 | 0.07 | 1.02 | 170 | 151 | 2147 |
|  | **M&I** | **552449** | **0.38** | **0.09** | **1.32** | **2118** | **1670** | **23383** |
|  | Inferred | 11489 | 0.19 | 0.05 | 0.86 | 21 | 20 | 316 |
| &nbsp;&nbsp;**La Española** | Measured | 64297 | 0.38 | 0.08 | 0.33 | 242 | 161 | 684 |
|  | Indicated | 97599 | 0.31 | 0.06 | 0.31 | 305 | 182 | 960 |
|  | **M&I** | **161896** | **0.34** | **0.07** | **0.32** | **548** | **343** | **1644** |
|  | Inferred | 43677 | 0.28 | 0.05 | 0.25 | 122 | 66 | 355 |
| &nbsp;&nbsp;**Candelaria Stockpile** | Measured |  |  |  |  |  |  |  |
|  | Indicated | 86187 | 0.29 | 0.09 | 1.20 | 246 | 238 | 3325 |
|  | **M&I** | **86187** | **0.29** | **0.09** | **1.20** | **246** | **238** | **3325** |
|  | Inferred |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**Candelaria Underground** | Measured | 192402 | 0.86 | 0.20 | 3.57 | 1655 | 1250 | 22090 |
|  | Indicated | 259416 | 0.77 | 0.17 | 3.14 | 2000 | 1418 | 26189 |
|  | **M&I** | **451818** | **0.81** | **0.18** | **3.32** | **3655** | **2667** | **48279** |
|  | Inferred | 48782 | 0.72 | 0.15 | 2.01 | 349 | 234 | 3156 |
| &nbsp;&nbsp;**Ojos del Salado Underground** | Measured | 51494 | 0.94 | 0.22 | 1.96 | 484 | 364 | 3245 |
|  | Indicated | 53888 | 0.83 | 0.18 | 1.96 | 448 | 315 | 3401 |
|  | **M&I** | **105382** | **0.88** | **0.20** | **1.96** | **932** | **680** | **6646** |
|  | Inferred | 23963 | 0.89 | 0.18 | 2.48 | 213 | 142 | 1908 |
| &nbsp;&nbsp;**District Total** | Measured | 795303 | 0.54 | 0.13 | 1.85 | 4329 | 3294 | 47255 |
|  | Indicated | 562429 | 0.56 | 0.13 | 1.99 | 3170 | 2305 | 36022 |
|  | **M&I** | **1357732** | **0.55** | **0.13** | **1.91** | **7499** | **5599** | **83277** |
|  | Inferred | 127911 | 0.55 | 0.11 | 1.39 | 705 | 461 | 5735 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Totals may not summate correctly due to rounding.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Mineral Resources have been estimated using metal prices of $4.43/lb copper and $2,185/oz gold.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Mineral Resources for open pit are reported at a cut-off grade of 0.12% copper for Candelaria and 0.14% copper for the Española Project. Underground Mineral Resources for Candelaria are reported at cut-off of 0.39% copper. Underground Mineral Resources for Santos mine at Ojos del Salado are reported at cut-off of 0.42% copper.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Consolidated Mineral Reserves Statement as of December 31, 2025 (100% Basis)**<sup>(1)(2)(3)</sup> | **Consolidated Mineral Reserves Statement as of December 31, 2025 (100% Basis)**<sup>(1)(2)(3)</sup> | **Consolidated Mineral Reserves Statement as of December 31, 2025 (100% Basis)**<sup>(1)(2)(3)</sup> | **Consolidated Mineral Reserves Statement as of December 31, 2025 (100% Basis)**<sup>(1)(2)(3)</sup> | **Consolidated Mineral Reserves Statement as of December 31, 2025 (100% Basis)**<sup>(1)(2)(3)</sup> | **Consolidated Mineral Reserves Statement as of December 31, 2025 (100% Basis)**<sup>(1)(2)(3)</sup> | **Consolidated Mineral Reserves Statement as of December 31, 2025 (100% Basis)**<sup>(1)(2)(3)</sup> | **Consolidated Mineral Reserves Statement as of December 31, 2025 (100% Basis)**<sup>(1)(2)(3)</sup> | **Consolidated Mineral Reserves Statement as of December 31, 2025 (100% Basis)**<sup>(1)(2)(3)</sup> |
|  | <br>**Category** | **Tonnes**<br>**'000 t** | **Cu %**<br> | **Au**<br>**g/t** | **Ag**<br>**g/t** | **Cu**<br>**'000 t** | **Au**<br>**Koz** | **Ag**<br>**Koz** |
| &nbsp;&nbsp;**Candelaria Open Pit** | Proven | 269001 | 0.45 | 0.11 | 1.37 | 1208 | 917 | 11823 |
|  | Probable | 24372 | 0.29 | 0.08 | 1.09 | 70 | 63 | 853 |
|  | **Total** | **293373** | **0.44** | **0.10** | **1.34** | **1278** | **979** | **12676** |
| &nbsp;&nbsp;**La Española** | Proven | 52454 | 0.40 | 0.08 | 0.34 | 209 | 138 | 567 |
|  | Probable | 64326 | 0.36 | 0.07 | 0.32 | 231 | 136 | 668 |
|  | **Total** | **116780** | **0.38** | **0.07** | **0.33** | **440** | **275** | **1235** |
| &nbsp;&nbsp;**Candelaria Underground** | Proven | 20999 | 0.85 | 0.19 | 3.33 | 177 | 131 | 2248 |
|  | Probable | 62817 | 0.78 | 0.17 | 3.29 | 490 | 343 | 6653 |
|  | **Total** | **83816** | **0.80** | **0.18** | **3.30** | **667** | **474** | **8901** |
| &nbsp;&nbsp;**Candelaria Stockpile** | Proven |  |  |  |  |  |  |  |
|  | Probable | 86187 | 0.29 | 0.09 | 1.20 | 246 | 238 | 3325 |
|  | **Total** | **86187** | **0.29** | **0.09** | **1.20** | **246** | **238** | **3325** |
| &nbsp;&nbsp;**Ojos del Salado Underground** | Proven | 2984 | 0.84 | 0.21 | 1.97 | 25 | 20 | 189 |
|  | Probable | 9572 | 0.83 | 0.17 | 2.13 | 80 | 54 | 656 |
|  | **Total** | **12556** | **0.83** | **0.18** | **2.09** | **105** | **73** | **845** |
| &nbsp;&nbsp;**District Total** | Proven | 345438 | 0.47 | 0.11 | 1.34 | 1619 | 1206 | 14827 |
|  | Probable | 247274 | 0.45 | 0.10 | 1.53 | 1117 | 834 | 12155 |
|  | **Total** | **592712** | **0.46** | **0.11** | **1.42** | **2736** | **2040** | **26981** |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Totals may not summate correctly due to rounding.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Mineral Reserves have been prepared using metal prices of $3.85/lb of copper, $1,900/oz of gold and $25/oz of silver.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Mineral Reserves for open pit are reported at a cut-off grade of 0.14% copper for Candelaria and 0.16% copper for the Española Project. Underground Mineral Reserves for Candelaria are reported at cut-off of 0.45% copper. Underground Mineral Reserves for Santos mine at Ojos del Salado are reported at cut-off of 0.48% copper .

**Mining Operations**

The Candelaria and Española open pits are designed to operate with an overall mining rate of approximately 250,000 tpd until 2040. As the final waste stripping is completed, the overall mining rate will decline. A stockpile strategy has been developed to maximize the grade of material going to the processing facility. Direct milling ore is expected to average 0.55% Cu from Candelaria and 0.41% Cu from Española. Lower grade stockpile ore will be accessed to meet the plant capacity as required. The mine currently operates hydraulic and electric shovels, 54 haulage trucks, seven production drills, and a fleet of support equipment.

The Candelaria open pit was designed to be mined in several phases of development. Based on the 2025 life of mine plan, four phases of development remain in the life of mine plan (Phases 11, 12, 13A and 13B). The overall strip ratio is expected to be 2.2:1 including ore that is initially delivered to stockpiles. The total in-pit waste is 716.8 Mt and the overall life of the open pit mine is 21 years. The Española total in-pit waste is 243 Mt and the overall life estimated is 19 years.

Mining operations at the Alcaparrosa mine were suspended following the appearance of a surficial sinkhole near the mine on July 30, 2022. The Alcaparrosa mine is permanently closed following receipt of the SMA's notice levying a fine of $3.3 million and ordering the continued closure of the Alcaparrosa mine. The Company has sought review of the penalties imposed and has otherwise collaborated with investigative proceedings initiated by the SMA, including providing monitoring technology, studies and experts to guide the process.

All underground mines use the sublevel stoping mining method, suitable for large, vertical deposits with stable rock. Stopes, up to 100 m high with 20 m to 60 m sublevel intervals, are drilled as benches using 114 mm to 130 mm diameter bit down-the-hole holes. After blasting, ore gravitates to the bottom of the stope, and is collected in draw points at the production level. The Epiroc Simba tophammer rig drills 64 mm upholes in the undercut, which are loaded, blasted, and the ore flows to the haulage drift. No backfill is used, and mucked ore is transported to the surface stockpile in 60-tonne underground trucks (Candelaria-owned) and 30 or 40-tonne highway trucks (contractor-owned). The current life of the Candelaria underground and Santos mines is 18 and 11 years, respectively.

In early 2022, a feasibility study update was completed for expansion of throughput of the underground mines from 14 ktpd to up to 26 ktpd and included underground crushing and conveying systems and a surface secondary crushing plant. The expansion project is currently under evaluation based on the latest Mineral Reserves and an alternative scenario has been incorporated into the analysis, which explores the possibility of utilizing hauling trucks to increase production capacity from prior levels of approximately 12,000 to 14,000 tonnes per day to approximately 22 ktpd.

**Processing and Recovery Operations**

The Candelaria Copper Mining Complex operates two processing plants: Candelaria and PAC. The Candelaria processing plant receives ore from the Candelaria open pit as well as from the Candelaria underground mine and part of the Santos underground mine. It has a nominal capacity of 75,000 tpd. The PAC processing plant receives ore exclusively from the Santos underground mine and has a design capacity of 3,700 tpd.

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The annual throughput of Candelaria from 2005 to late 2024 averaged 26 Mtpa, equivalent to 70,800 tpd at a plant utilization of 92%. The average process plant recoveries for copper, gold and silver during this period were 93%, 72% and 83% respectively. Copper head grades are forecasted to be between 0.5% to 0.7% until 2036 before falling to below 0.4% at the end of mine life. Reclaimed stockpiles and Candelaria underground will be the only mill feed source at the end of mine life. In October 2023, the conversion of the existing ball mill N°6 to a rod mill was complete. This allows all the crushed and milled pebbles to advance to secondary grinding, liberating room for incremental fresh feed to SAG milling.

The PAC concentrator of Ojos del Salado has been in operation since 1929. The concentrator processes 3,700 tpd of fresh feed from the Santos underground mine with an average head grade of 0.86% copper achieving a recovery of 94%. Final flotation tailings from the PAC plant are pumped to a new line to the Los Diques TSF, installed in 2019.

The Candelaria processing plant produces a clean concentrate containing no penalty elements, with payable gold and silver. Based on the 2024 life of mine plan, the copper concentrate grade is 30% Cu, with 5 to 6 g/t Au and 95 g/t Ag. For the PAC processing plant, the copper concentrate is 30% Cu, with 5 to 6 g/t Au and 62 g/t Ag.

Candelaria has an agreement with a third-party company to process Candelaria's flotation tailings to produce a magnetite concentrate and this produces an additional source of by-product revenue subject to favourable iron ore prices.

**Infrastructure, Permitting and Compliance Activities**

The facilities of the Candelaria Copper Mining Complex receive electrical power through long-term contracts with AES Andes S.A. (formerly AES Gener S.A.), a local energy company. Currently, 100% of power generation is from renewable energy sources. The current contract with AES Andes S.A. expires in December 2035.

The main water supply comes from a desalination plant, which was commissioned in 2013 and is located adjacent to the Punta Padrones port facility. Copper concentrate is sold on contract to local traders or is trucked to the Punta Padrones port facility and from there shipped to various smelters around the world. The desalination plant and the Punta Padrones port are owned and operated by Candelaria.

The active tailings facility, the Los Diques TSF, commenced operation in 2018 replacing the original Candelaria tailings storage facility. The Los Diques TSF, approved as a key part of the Candelaria 2030 EIA, is located to the southwest of the open pit and plant sites and has a designed capacity of approximately 600 million tonnes. The tailings facility includes three dams, all constructed from rockfill using the downstream method. The Los Diques TSF now receives the full flotation tailings from the Candelaria and PAC processing plants. Future phases of the Los Diques TSF have been initiated ahead of schedule, taking advantage of synergies with the original project and the availability of mine waste from the open pit. The original Candelaria tailings storage facility is inactive, except for on-going recovery of tailings drain-down water, recycled to the process plant. There is no longer a supernatant pond on the Candelaria tailings storage facility.

The physical stability of the tailings storage facility embankments is inspected and monitored on a continuous basis by Candelaria operations staff and a monitoring report is submitted quarterly to the Chilean Mining and Geology National Authority. All Candelaria Copper Mining Complex tailings storage facilities have a formally appointed external Engineer of Record that conducts in-person dam safety focused inspections at least annually. For the active Los Diques TSF, representatives from the Engineer of Record team maintain a full-time site presence to perform construction quality assurance and supervision. Monitoring data is regularly shared with the Engineer of Record to review and verify that all levels are below predetermined safety trigger levels. The Candelaria Copper Mining Complex also conducts regular additional tailings review activities, including by an Independent Tailings Review Board (with the most recent review completed during a site visit in June 2024).

Chile has established a comprehensive regulatory framework for mining and other industrial activities, dating from the mid-1990's that has been updated several times since then. Although the Candelaria and Ojos del Salado facilities were permitted and developed prior to the modern framework being in place, both hold numerous environmental approvals stemming from modifications to the original developments and are compliant with current regulatory requirements. In addition, the two companies hold more than 1,000 permits for construction and operation of the mining and milling facilities, and related infrastructure.

Candelaria is operating under the Candelaria 2040 EIA approved by the environmental authorities on September 8, 2023. The Resolución de Calificación Ambiental by Servicio de Evaluación Ambiental de la República de Chile was received in October 2023. The Candelaria 2040 EIA considers several enhancements to the current operation that will enable the extension of the mine life to 2040 from 2030, as contemplated under the previous EIA, and includes various measures that will support sustainable social, economic, and environmental development within the Atacama Region. Approval represents a key milestone towards successfully extending the operational life, including development of the La Española open pit and the potential development of the Candelaria Underground Expansion Project.

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The Alcaparrosa mine received environmental approval in 1996 with subsequent amendments, most recently a Declaración de Impacto Ambiental ("**DIA**") to support the extension of the mine operation through 2025. A routine permit renewal was submitted in December 2020 and was approved in 2021. A sectorial permit for the Santos mine was updated in 2022 and, if issued, will allow the mine to continue its operations until 2029.

Candelaria and Ojos del Salado operate under Lundin Mining's Responsible Mining Management System and corresponding health, safety, environment and community standards. This system undergoes a third-party audit to ensure continued compliance with those standards and guidance documents. In addition, the Health, Safety and Environmental Management Systems at Candelaria and Ojos del Salado are certified under the international ISO — 45000 and ISO — 14001 (2015) standards. The environmental management systems that fall under ISO — 14001 were last certified in March 2018 and were recertified in the first quarter of 2021. The health and safety management systems that fall under OHSAS — 18001 were last certified in March 2018, and were converted to ISO — 45001 certifications in October 2021. The energy management systems that fall under ISO — 50001 were certified in 2021.

Separate mine closure plans are in place for Candelaria and Ojos del Salado and both have been approved by SERNAGEOMIN. These plans are updated periodically, at a minimum of every five years, and include financial guarantees pursuant to local regulations. A final report indicating completion of obligations identified in the San Esteban closure plan (which consisted of two small historical tailings storage facilities) was approved in 2020 under new Chilean regulations. One of the closed San Esteban tailings storage facilities has been decommissioned with the tailings solids relocated to the Candelaria tailings storage facility and the Candelaria Copper Mining Complex continues to maintain and monitor the other closed tailings storage facility. In addition, the Candelaria Copper Mining Complex maintains and monitors six closed tailings storage facility locations at Ojos del Salado, none of which have a water cover.

The social performance team engages with numerous stakeholders, primarily in the communities nearest the mine and port facilities, namely Tierra Amarilla, Caldera and Copiapó. Community offices are located in each of these municipalities; engagement occurs throughout the year and is focused on managing social impacts, risks and opportunities specific to each community. The team bases its activities on a 5-year social performance strategic plan and systems, which reflect best practice and international standards in stakeholder engagement, grievance procedures, risk management and community investment.

**Capital and Operating Costs**

For the year ending December 31, 2025, Candelaria's annual production cost is presented below. In addition, the Candelaria Copper Mining Complex's actual Cash Cost and Cash Cost per pound of copper sold for 2024 and guidance for 2025 are presented below.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Candelaria** | **Unit** | **2025 Actual** | **2026 Guidance**<sup>(2)</sup> |
| &nbsp;&nbsp;Annual production cost | $M | 784 |  |
| &nbsp;&nbsp;Cash Cost<sup>(1)</sup>  | $M | 595 |  |
| &nbsp;&nbsp;Cash Cost per pound sold of copper<sup>(1)</sup> | $/lb Cu | 1.92 | $2.05-2.25 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Cash Cost and Cash Cost per pound sold of copper are non-GAAP measures. Cash Cost and Cash Cost per pound sold of copper include the impact of the Candelaria stream agreement but exclude an allocation of upfront cash received under that agreement, and capitalized stripping costs. 68% of Candelaria's total gold and silver production are subject to the Candelaria stream agreement and as such Cash Costs are calculated based on receipt of approximately $437/oz and $4.36 /oz, respectively, on gold and silver sales in the year ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Cash Cost guidance is based on various assumptions and estimates including, but not limited to, production volumes, commodity prices (Au: $4,000/oz), foreign exchange rates (USD/CLP 1:900) and operating costs.

Capital cost estimates for the Candelaria Copper Mining Complex in 2026 are $215.0 million.

**Production and Outlook**

The last five years of production of metal contained in concentrate from the Candelaria Copper Mining Complex is shown in the table below:

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| | | | |
|:---|:---|:---|:---|
|  | **Metal Produced in Concentrates** | **Metal Produced in Concentrates** | **Metal Produced in Concentrates** |
|  | **Cu**<br>**'000 t** | **Au**<br>**Koz** | **Ag**<br>**Moz** |
| 2021 | 152 | 91 | 1.4 |
| 2022 | 152 | 86 | 1.6 |
| 2023 | 152 | 90 | 1.5 |
| 2024 | 162 | 93 | 2.0 |
| 2025 | 145 | 81 | 1.8 |

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For 2026, forecast production is 135 - 145 thousand tonnes copper and 77,000 – 87,000 ounces of gold. As per Lundin Mining's February 2025 AIF, the current forecast life of mine of the Candelaria Copper Mining Complex is until 2051.

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**COBRE PANAMÁ MINING AND TECHNICAL INFORMATIO** **N**

**Cobre Panamá Updates** 

Cobre Panamá remains on P&SM with production halted since November 2023. Currently, NI 43-101 disclosure is not required for Cobre Panamá, but Franco-Nevada has provided disclosure on the asset consistent with its approach in prior years. For further information, please refer to the "Cobre Panamá Updates – Panamá" section on page 13 of this AIF and the "Technical and Third-Party Information" section on page 22 of this AIF.

**Property Description, Location and Access**

The Cobre Panamá concessions are located 120 km west of Panamá City and 20 km from the Caribbean Sea coast, located in the Donoso and Omar Torrijos Herrera Districts of Colon Province in the Republic of Panamá. Previously the Cobre Panamá Project was located completely within the Donoso District however, following district realignment, the Project now lies partly within each of the amended Districts.

The Cobre Panamá property consists of four concessions covering a combined area of 12,955.1 ha. There is no other industrial development in the area of the concessions and the region is sparsely populated. The primary occupation of the local residents is subsistence farming. The nearest community, the village of Coclesito (population approximately 2,600), is 12 km southeast of the plant site. The city of Penonomé, which has a population of approximately 25,000, is 49 km southeast of Coclesito.

Access to the Cobre Panamá property is via the southern Pan-American Highway from Panamá City to Penonomé, all-weather roads to La Pintada and then sealed roads from Coclesito to the mine site. Helicopter pads have been retained for occasional use.

The topography in the concession area is rugged with considerable local relief which is covered by dense forest. The area to the north is a lowland with minimal relief extending to the Caribbean coast. Climatic conditions are tropical with high precipitation levels, high humidity and relatively high temperatures year-round of 25 to 30 degrees Celsius.

**History**

In August 2012, Minera Panamá, S.A. ("**MPSA**") entered into a precious metals stream agreement with a subsidiary of Franco-Nevada Corporation for the delivery of precious metals based on production of the Cobre Panamá project, which was amended and restated on November 2, 2015 (the "**PSA**").

In 2013, First Quantum acquired an indirect 80% interest in MPSA, which holds the Cobre Panamá concession, through its acquisition of Inmet Mining Corporation ("**Inmet**"). At that time the remaining 20% interest in MPSA was held by Korea Panamá Mining Corp. ("**KPMC**") a 50/50 joint venture company whose ultimate shareholders were LS-Nikko Copper Inc. and Korea Mine Rehabilitation and Mineral Resources Corporation ("**KOMIR**") (formerly known as Korea Resources Corporation).

In August 2017, First Quantum increased its effective ownership of MPSA to 90% by acquiring LS-Nikko's 50% holding of KPMC which was payable in six installments over a five-year period.

On January 19, 2018, Franco-Nevada, through a wholly owned subsidiary, entered into an amended and restated stream agreement with First Quantum and KOMIR which covers 100% of Cobre Panamá.

Cobre Panamá completed construction, phased commissioning and start-up in 2019 and commercial production was declared from September 1, 2019. Cobre Panamá achieved record copper production of 350kt for the year 2022.

Cobre Panamá successfully dispatched 35 concentrate shipments during 2023, reflecting a total of 307,848 tonnes of contained copper sold before operations were halted in November 2023.

**Geological Setting and Mineralization**

Mineralization at Cobre Panamá consists of several disseminated copper-gold-molybdenum deposits. Known geologically as porphyry copper deposits, these are typical of the Western Cordillera of the Americas and other regions around the Pacific Ocean basin.

The porphyry deposits occur at the southern margin of a large granodioritic batholith of mid-Oligocene age. The main deposits are Balboa, Botija, Colina and Valle Grande. There are also a number of smaller zones, the most significant being Brazo and Botija Abajo (collectively "**BABR**") and Medio.

All of the porphyry style mineralization on the property is hosted in granodiorite, feldspar-quartz-hornblende porphyry and adjacent andesitic volcanic rocks. The porphyry at Balboa intruded passively toward the south from a source located northwest of the deposit and is also thought to be influenced by a high angle structure to the west of the deposit.

At Botija, a number of north dipping feldspar-quartz-hornblende dikes cut the granodiorite. Two roof pendants of andesitic volcanic rock occur in the central and eastern parts of the deposit. At Colina, mineralization is associated with an east-southeasterly trending, shallow north-dipping 2.5 km by 1 km feldspar-quartz-hornblende porphyry sill and dyke complex that

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intrudes granodiorite and andesitic volcanic rocks. The Valle Grande zone is associated with a southeast trending feldspar-quartz-hornblende porphyry lopolith that is bounded to the north and south by andesitic volcanics and minor granodioritic dykes. Mineralisation at Balboa is dominantly hosted by a feldspar-quartz-hornblende porphyry that intrudes the adjacent andesite. Medio is a low to moderate grade porphyry associated with silicified and sereticised porphyritic intrusive rocks and brecciated andesite volcanics, and at Brazo and Botija Abajo mineralisation is primarily located within feldspar-quartz or feldspar-quartz-hornblende porphyry.

Hydrothermal alteration along the Cobre Panamá mineral trend is primarily silica-chlorite which is interpreted to be a form of propylitic alteration. Potassic alteration, consisting of salmon coloured potassium feldspar and secondary biotite is seen in the central parts of Botija. Argillic and phyllic alteration is patchy in the three main deposits, with the latter variety being most prevalent near the tops of the deposits. At Brazo, pervasive sericite, clay and pyrite is associated with well-developed quartz stockworks.

Hypogene sulphides occur as disseminations, micro-veinlets, fracture fillings, and quartz-sulphide stockworks. Chalcopyrite is the dominant copper mineral with lesser bornite. Traces of molybdenite are commonly found in quartz veinlets. There is no significant zone of supergene enrichment at Botija, Colina and Valle Grande. At Brazo, supergene mineralization consisting of chalcocite-coated pyrite and rare native copper occurs to a depth of at least 150 m.

There has been significant exploration drilling in this region, giving the project a potential life of operations in excess of 35 years. Mineral Resources and Mineral Reserves were updated by MPSA in December 2018, and MPSA filed a Cobre Panamá Technical Report on March 29, 2019.

**Exploration and Drilling**

During a regional survey in 1968, a United Nations Development Program team discovered copper, gold and molybdenum porphyry style mineralization in the Petaquilla River region of north-central Panamá, with follow up drilling leading to the discovery of Botija East, Colina and Valle Grande. Later exploration by several other companies outlined four large deposits and several smaller deposits in the concession zones.

Since 1968, a number of drill programs have been conducted. A total of 1,813 diamond drill holes totalling 348,775 m have been drilled through to 2013.

During 2019, MPSA commenced additional diamond drilling in the vicinity of the Colina and smaller Medio pits in order to sterilize proposed areas for infrastructure development, and for further resource delineation at Colina.

Recent exploration diamond drilling activities focused on extending mineralization in the north, north east and gathering additional geo-metallurgical information from the central portion of the Colina deposit and to test the Colina north and central mineralization at depth.

**Sampling, Analysis and Data Verification**

Samples from MPSA drilling were placed within aluminum trays and dried in ovens. Once dry, the entire sample was crushed in a Rocklabs Boyd crusher, with sieve tests conducted regularly to ensure that the material was being crushed to the appropriate size. The equipment was cleaned after every sample using high-pressure air and after every tenth sample a coarse blank sample was passed through the crusher. The crushed sample material was split using a Jones rifle splitter and a 500 g aliquot taken for assay. The aliquot was placed in a small plastic bag which was heat sealed and marked with a bar-coded sample tag. The reject material was returned to the original sample bag and stored on site.

The sample aliquots were shipped by air courier to ALS Chemex Lima in Lima, Peru, for analysis. Copper assays were conducted using four acid digestion and Atomic Absorption Spectroscopy ("**AAS**") finish. Umpire assay checks and secondary assay work was conducted by Acme Santiago in Santiago, Chile. Both labs have ISO/IEC 17025-2005 certification. Residual pulps were stored at either ALS Chemex in Lima, Perú, or at a storage warehouse at First Quantum's Minera Antares office in Arequipa, Peru. Residual pulps were discarded after three years due to oxidation and a reduced ability to repeat the original assays. All MPSA drill core is, however, safely and securely stored in warehouses located on the Cobre Panamá site.

All assay samples were kept in a locked facility on site until they were ready for shipment. Samples for a given hole were batched once the entire hole had been logged and sampled. Samples were collected into larger bags in batches of approximately 90 samples per bag. Samples to be assayed for sequential copper were batched into bags of 20 to 25 samples. Several times a week, the samples were dispatched by road to a secure warehouse in Penonomé by MPSA staff. While in storage, generally for less than two days, samples were kept under locked conditions until picked up by DHL cargo shipping. DHL then airfreighted the samples to ALS Chemex Laboratory in Lima, Peru.

A detailed review of all the historical and current QA/QC practices, QA/QC data and historical QA/QC reports at Cobre Panamá has been undertaken by First Quantum in order to determine the accuracy, precision and bias present in the drillhole assay data for the mine, in order to determine suitability for mineral resource estimation.

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While a systemized program of QA/QC sampling was not fully implemented until 2006, numerous programs of check analysis were undertaken to compare each program of drilling to historic drilling undertaken by previous owners. Similarly, routine review of the QA/QC data and results did not occur until the MPSA drilling programs. Regular reviews of the QA/QC data have been undertaken by MPSA personnel and corrections made to the database when an error was identified. The sampling QA/QC results and the related studies demonstrate that sample assay data is representative of the mineralisation sampled and that it is appropriate for use in the Mineral Resource estimation. In addition, data verification completed by First Quantum supports that data used in the Mineral Resource estimate is similarly adequate.

**Metallurgical Testing**

Various metallurgical test work programs have been undertaken on the Cobre Panamá project since 1968, commensurate with the various levels of preliminary feasibility and prefeasibility studies that were completed up until 1998.

The predominantly copper/molybdenum sulphide ore is amenable to conventional differential flotation processing, with lesser gold and silver recovered into the copper concentrate and separated into a bleed stream gravity concentrate.

In 1997, an extensive program of metallurgical testing was designed to confirm earlier studies on the metallurgical response of the Botija and Colina ores. Work included grinding, flotation, dewatering and mineralogical testing. Further testing was completed, including locked-cycle flotation test work and modal analysis to assist in defining grind requirements for both rougher and cleaner flotation. Copper-molybdenum separation by means of differential flotation was also tested.

Confirmatory batch laboratory flotation test work was conducted during 2014. Based on all of this test work, variable processing recovery relationships were determined for copper and gold, whilst fixed recovery values were determined for molybdenum and silver. This information is the basis for the life of mine production scheduling and cash flow modelling which supports the Mineral Reserve estimate.

**Mineral Resources**

The Mineral Resource estimate for each of the Cobre Panamá deposits was generated from the drillhole sample results and an interpretation of the relevant geology that relates to the spatial distribution of copper, molybdenum, gold and silver mineralization. The Botija Mineral Resource estimate was updated in December 2018 with added Reverse Circulation ("**RC**") grade control drilling results. Block grade estimates used ordinary kriging and was post processed by local uniform conditioning of the copper and gold panel estimates considered appropriate to the scale of mining, The Mineral Resource estimates were classified according to the drill hole spacing, sample QA/QC, geological confidence and confidence in the grade estimates.

The Mineral Resource estimate for Cobre Panamá, inclusive of the Mineral Reserve inventory, is presented below and reflects the March 2019 NI 43-101 Technical Report estimate, inclusive of depletion through December 31, 2025.

***Mineral Resources Statement as at December 31, 2025, and Reported Using a 0.15% Cu Cut-off Grade***

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>&nbsp;&nbsp;**Deposit** | <br>**Category** | **Tonnes**<br>**(Mt)** | **TCu %**<br> | **Mo %**<br> | **Au**<br>**g/t** | **Ag**<br>**g/t** |
| &nbsp;&nbsp;Botija | Measured | 100.9 | 0.58 | 0.009 | 0.15 | 1.65 |
| &nbsp;&nbsp;Botija  | Indicated | 488.1 | 0.36 | 0.007 | 0.07 | 1.10 |
| &nbsp;&nbsp;Colina | Indicated | 1031.6 | 0.39 | 0.007 | 0.06 | 1.58 |
| &nbsp;&nbsp;Medio | Indicated | 63.0 | 0.28 | 0.004 | 0.03 | 0.96 |
| &nbsp;&nbsp;Valle Grande | Indicated | 602.1 | 0.36 | 0.006 | 0.04 | 1.37 |
| &nbsp;&nbsp;Balboa | Indicated | 647.3 | 0.35 | 0.002 | 0.08 | 1.37 |
| &nbsp;&nbsp;Botija Abajo | Indicated | 114.0 | 0.31 | 0.004 | 0.06 | 0.93 |
| &nbsp;&nbsp;Brazo | Indicated | 228.3 | 0.36 | 0.004 | 0.05 | 0.81 |
| &nbsp;&nbsp;**Total Measured and Indicated** |  | **3275.4** | **0.37** | **0.005** | **0.07** | **1.34** |
| &nbsp;&nbsp;Botija  | Inferred | 185.2 | 0.23 | 0.004 | 0.05 | 0.87 |
| &nbsp;&nbsp;Colina | Inferred | 125.1 | 0.26 | 0.006 | 0.05 | 1.20 |
| &nbsp;&nbsp;Medio | Inferred | 189.4 | 0.25 | 0.005 | 0.03 | 1.25 |
| &nbsp;&nbsp;Valle Grande | Inferred | 362.9 | 0.29 | 0.005 | 0.03 | 1.14 |
| &nbsp;&nbsp;Balboa | Inferred | 78.8 | 0.23 | 0.003 | 0.04 | 0.96 |
| &nbsp;&nbsp;Botija Abajo | Inferred | 66.7 | 0.27 | 0.005 | 0.06 | 1.25 |
| &nbsp;&nbsp;Brazo | Inferred | 76.4 | 0.21 | 0.003 | 0.01 | 0.73 |
| &nbsp;&nbsp;**Total Inferred** |  | **1084.5** | **0.26** | **0.005** | **0.04** | **1.09** |

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***Stockpile Mineral Resource Statement as at December 31, 2025***

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>&nbsp;&nbsp;**Deposit** | <br>**Category** | **Tonnes**<br>**(Mt)** | **TCu %**<br> | **Mo**<br>**ppm** | **Au**<br>**g/t** | **Ag**<br>**g/t** |
| &nbsp;&nbsp;Botija | Stockpile | 37.6 | 0.19 | 33.30 | 0.04 | 0.82 |

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**Mineral Reserves**

The Mineral Reserve estimate for Cobre Panamá is disclosed entirely within the Measured and Indicated Mineral Resource estimate in the table above. It is prepared consistent with the Mineral Reserve estimate methodology reported in the Cobre Panamá Technical Report. The actual cut-off grade for the estimate varies due to variable processing recovery, but otherwise reflects a longer-term consensus copper price of $3.00/lb, a molybdenum price of $13.50/lb, a gold price of $1,200/oz and a silver price of $16.00/oz.

***Mineral Reserves Statement as at December 31, 2025, and Reported Based on a $3.00/lb Cu Price***

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Total Ore** | **Total Ore** | **Total Ore** | **Total Ore** | **Total Ore** |
| <br>&nbsp;&nbsp;**Pit and Classification** | **Tonnes**<br>**(Mt)** | **TCu %**<br> | **Mo**<br>**ppm** | **Au**<br>**ppm** | **Ag**<br>**ppm** |
| &nbsp;&nbsp;**Botija** |  |  |  |  |  |
| &nbsp;&nbsp;Proven | 98.4 | 0.56 | 85.85 | 0.15 | 1.61 |
| &nbsp;&nbsp;Probable | 453.1 | 0.34 | 68.60 | 0.07 | 1.07 |
| &nbsp;&nbsp;**Total Mineral Reserves** | **551.5** | **0.38** | **71.67** | **0.09** | **1.17** |
| &nbsp;&nbsp;**Colina and Medio** |  |  |  |  |  |
| &nbsp;&nbsp;Proven |  |  |  |  |  |
| &nbsp;&nbsp;Probable | 980.7 | 0.39 | 65.60 | 0.06 | 1.57 |
| &nbsp;&nbsp;**Total Mineral Reserves** | **980.7** | **0.39** | **65.60** | **0.06** | **1.57** |
| &nbsp;&nbsp;**Valle Grande** |  |  |  |  |  |
| &nbsp;&nbsp;Proven |  |  |  |  |  |
| &nbsp;&nbsp;Probable | 541.1 | 0.37 | 67.43 | 0.05 | 1.42 |
| &nbsp;&nbsp;**Total Mineral Reserves** | **541.1** | **0.37** | **67.43** | **0.05** | **1.42** |
| &nbsp;&nbsp;**Balboa** |  |  |  |  |  |
| &nbsp;&nbsp;Proven |  |  |  |  |  |
| &nbsp;&nbsp;Probable | 437.1 | 0.35 | 16.10 | 0.08 | 1.36 |
| &nbsp;&nbsp;**Total Mineral Reserves** | **437.1** | **0.35** | **16.10** | **0.08** | **1.36** |
| &nbsp;&nbsp;**BABR** |  |  |  |  |  |
| &nbsp;&nbsp;Proven |  |  |  |  |  |
| &nbsp;&nbsp;Probable | 219.7 | 0.40 | 41.31 | 0.07 | 0.87 |
| &nbsp;&nbsp;**Total Mineral Reserves** | **219.7** | **0.40** | **41.31** | **0.07** | **0.87** |
| &nbsp;&nbsp;**Combined Pits** |  |  |  |  |  |
| &nbsp;&nbsp;Proven | 98.4 | 0.56 | 85.85 | 0.15 | 1.61 |
| &nbsp;&nbsp;Probable | 2631.7 | 0.37 | 56.25 | 0.06 | 1.36 |
| &nbsp;&nbsp;**Total Mineral Reserves** | **2730.1** | **0.38** | **57.31** | **0.07** | **1.37** |

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***Stockpile Mineral Reserves Statement as at December 31, 2025***

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Total Ore** | **Total Ore** | **Total Ore** | **Total Ore** | **Total Ore** |
|  | **Tonnes**<br>**(Mt)** | **TCu %**<br> | **Mo**<br>**ppm** | **Au**<br>**ppm** | **Ag**<br>**ppm** |
| &nbsp;&nbsp;Proven |  |  |  |  |  |
| &nbsp;&nbsp;Probable | 37.6 | 0.19 | 33.30 | 0.04 | 0.82 |
| &nbsp;&nbsp;**Total Mineral Reserves** | **37.6** | **0.19** | **33.30** | **0.04** | **0.82** |

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**Mining Operations**

Cobre Panamá is an open pit mine and mining is based on conventional open pit mining techniques. Mining proceeded in phases from an initial starter pit at Botija, supplying pre-strip development waste for site infrastructure construction and ore for process plant commissioning. Production was subsequently ramped up for full-scale ore processing, with the open pits pushed out and deepened in successive phases.

Prior to being placed into a period of P&SM, mining at Cobre Panamá involved ultra-class scaled mining equipment and conventional open pit methods at up to approximately 83 Mbcm of ore and waste mined per annum. The multiple pits would be mined in an optimized sequence and in phases, with ore crushed in-pit and conveyed overland to the nearby processing plant.

The Cobre Panamá mining fleet that was operating in the Botija Pit consisted of five rope shovels, three ultraclass loaders and over thirty ultraclass trucks. Significant progress had been made on the pre-strip work for the Colina pit and earthworks for the associated overland conveyor and in-pit crushing facility. The crusher feed was planned to ramp up to 100 Mtpa by the end of 2023.

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**Processing and Recovery Operations**

The predominantly copper/molybdenum sulphide ore is amenable to conventional differential flotation processing, with gold and silver recovered into the copper concentrate and also separated into gravity concentrate.

The processing plant design is based upon a conventional sulphide ore flotation circuit, with differential flotation to produce separate copper and molybdenum concentrate products. Plant tailings are directed into the tailings management facility and at a later date will be directed into the depleted Botija open pit.

The copper concentrate containing gold and silver by-products, is piped as a slurry to the port site on the northern coast of the country (on the Caribbean Sea), where it is dried in filter presses and stored before being loaded onto vessels for shipping to world markets. The molybdenum concentrate will be delivered to the port by road and shipped in bulk bags.

While design recoveries vary for each deposit the average recoveries are expected to be as follows over the life of mine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Copper:90%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Molybdenum:53%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Gold:56%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Silver:45%

Construction was completed for the CP100 Expansion project at Cobre Panamá, which, prior to the suspension of Cobre Panamá in November 2023, was intended to achieve a throughput rate of 100 Mtpa by the end of 2023.

**Infrastructure**

The mining complex has two main areas: the mine and plant site within the concession boundaries, and the port and power station at Punta Rincon, approximately 20 km north of the plant site on the Caribbean coast. The port and power plant site consists of a deep-water berth for concentrate and coal shipments, a conventional ship landing site and a 300 MW coal fired power plant. An access road has been constructed between the mine and the power plant site and port area.

Project power was generated by a coal-fired power station at the port site and transmitted to the mine site along an access and transmission line corridor, which also incorporated the concentrate pipeline. The power plant is connected to the national grid, to sell surplus energy generated to the distribution system. A power purchase agreement was signed in 2022 for incremental electrical supply for the CP100 Expansion, (64MW) from 100% renewable power, sourced from the Panamanian grid. As part of the P&SM agreement the power plant was successfully restarted in October 2025.

Access is via the Pan-American Highway system that runs parallel to the Pacific coast from Panama City to Penonomé, all-weather roads to La Pintada and then sealed roads from Coclesito to the mine site.

**Permitting and Compliance Activities**

In December 2011, the GOP, through MiAmbiente, being the Panamanian national environmental authority, formerly known as Autoridad Nacional del Ambiente, approved the mine environmental and social impact assessment ("**ESIA**") required for development of the Cobre Panamá copper project, including the mining operations and related infrastructure at Botija, Colina, Medio and Valle Grande, the port facility, and the coal-fired power plant. Since the initial submission, the Project definition and development scope has changed to include additional open pits and aspects that will need to be addressed in a new ESIA. Considering the P&SM phase, MPSA does not provide a timeline for new EISA submission.

In 2025, Cobre Panamá continued to meet its environmental management commitments by ensuring compliance with the ESIA, Panamanian environmental regulations and observe standards including Equator Principles and IFC Performance Standards and Company environmental policy. A key focus in 2025 was on maintaining the physical and chemical stability of the site while the site remains in P&SM.

MPSA continues to implement its environmental management plans to meet commitments made in the project ESIA and comply with Panamanian environmental regulations, international standards including Equator Principles and IFC Performance Standards and MPSA environmental policy. MPSA is developing and implementing its environmental management system in accordance with ISO 14001:2015 standard.

The closure cost present value as of December 31, 2025, was $106.0 million.

The mine is located in the tropics with a high average annual rainfall and all drainage and contact water from the open pit, waste dumps and ore stockpiles is being collected and used as process water in the mill whilst non-contact water for environmental flow is released to the Botija river. Furthermore, water is being recycled from the Tailings Management Facility ("**TMF**") to the plant. Excess water decanted off the surface of the TMF is being released to the Del Medio River, in compliance with local regulations and discharge permits. The discharged water quality currently meets all local discharge requirements and is expected to continue meeting water quality standards for aquatic biota over the life of mine.

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Prior to the suspension of commercial production in November 2023, the project was audited bi-annually against ESIA commitments by a government appointed independent auditor. The results of the audits were provided to the national environmental regulator, MiAmbiente. The bi-annual government appointed environmental compliance audits continued and the results of the audits were provided to MiAmbiente. In recent audits the Company has demonstrated 100% compliance with all environmental commitments.

No material environmental incident was reported at Cobre Panamá in 2025 and there were no notices of violation or penalties issued by any applicable authority.

**Capital and Operating Expenses**

Cobre Panamá currently remains in a phase of P&SM with production halted and production guidance suspended. P&SM costs during the year ended December 31, 2025, averaged approximately $15 million per month.

**Mine Development and Production**

The table below shows the historical production from Cobre Panamá:

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| | | | |
|:---|:---|:---|:---|
|  | **Cu**<br>**tonnes** | **Au**<br>**ounces** | **Ag**<br>**ounces** |
| &nbsp;&nbsp;2021 | 331000 | 141637 | 2521235 |
| &nbsp;&nbsp;2022 | 350438 | 139751 | 2813129 |
| &nbsp;&nbsp;2023 | 330863 | 129854 | 2724347 |
| &nbsp;&nbsp;2024 |  |  |  |
| &nbsp;&nbsp;2025 |  |  |  |

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FNIC's precious metals streams with respect to Cobre Panamá are linked to copper production from the Cobre Panamá mine.

As the mine is currently in a P&SM phase, there is currently no metal production forecast.

**P&SM Developments**

Following Panamá's Supreme Court ruling Law 406 unconstitutional in December 2023, at the request of MICI, MPSA delivered a draft plan for the first phase of the P&SM plan on January 16, 2024. Following a request for additional information and clarification from MICI, an updated and expanded plan was presented to the Government of Panamá on March 26, 2024.

On May 13, 2024, an Intergovernmental Commission that had been convened to inspect the site and review the P&SM plan issued its inspection report and recommendation for approval and implementation of the P&SM plan and its key activities, including the export of copper concentrate that has been stored at site since operations were suspended, reactivation of the power plant, determining a means of dealing with the sulphur containing ore stockpiles and providing material for the embankment walls of the tailings facility.

On June 11, 2024, the government, through MICI, requested additional updated information regarding the stability of the TMF, which the company provided on June 17, 2024. Subsequently, there was an election and a change of government on July 1, 2024. The incoming administration reviewed the P&SM plan upon taking office in July 2024 and requested additional information, which was submitted by First Quantum on August 27, 2024, along with a formal presentation to MICI on September 25, 2024.

In January 2025, the terms of reference of an environmental audit of Cobre Panamá were submitted to a public consultation process which concluded in February 2025. Separately, an independent audit of the copper concentrate stored on site was completed by the GOP in December 2024, which confirmed the quantities of copper concentrate stored at the site. On May 30, 2025, Panamá issued a resolution approving the P&SM plan proposed in 2024 by MPSA, which allowed the sale and export of stored copper concentrate, completed between June and September 2025.

The execution of the P&SM plan also included the import of fuel and the restart of Cobre Panamá's power plant. In November 2025, commissioning tests for Unit 2 of the power plant were completed and one coal shipment was received. As of December 31, 2025, the power plant is operating at an average output of 120MW, based on the power requirements of the P&SM activities and the demands of the national power grid.

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On January 2, 2026, President José Raúl Mulino announced that the government will authorize the removal, processing and export of stockpiled ore at Cobre Panamá that was previously extracted before operations were suspended. Processing of the stockpiles will mitigate environmental and operational risks associated with their prolonged storage, such as acid rock drainage, and provide important feed material to the TMF. First Quantum awaits formal approvals to carry out these activities, which will be carried out in coordination with the GOP and in strict compliance with the P&SM plan. The processing of stockpiles does not constitute a mine reopening and will not require any new extraction, drilling, blasting, or mine operational reactivation.

Cobre Panamá remains in a phase of P&SM with production halted. MPSA covers the cost of the program with 1,300 workers onsite to run the P&SM program.

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**RISK FACTOR** **S**

***Investors should carefully consider all of the information disclosed in this AIF. In addition to the other information presented in this AIF, the following risk factors should be given special consideration.***

**Risks Related to the Business of Franco-Nevada**

***Changes in the market price of the commodities that underlie the royalty, stream, working and other interests will affect the profitability of Franco-Nevada and the revenue generated therefrom***

The revenue derived by Franco-Nevada from its asset portfolio will be significantly affected by changes in the market price of the commodities underlying the royalties, streams, working interests and investments. Franco-Nevada's revenue is particularly sensitive to changes in the price of gold, silver, oil, natural gas, natural gas liquids, PGM, copper and iron ore, as the revenue from these commodities represents substantially all of the cash flow derived from the asset portfolio. Commodity prices, including those to which Franco-Nevada is exposed, fluctuate on a daily basis and are affected by numerous factors beyond the control of Franco-Nevada, including levels of supply and demand, industrial development levels, imposition of tariffs and retaliatory actions, inflation and the level of interest rates and the strength of the U.S. dollar. Such external economic factors are in turn influenced by changes in international investment patterns, monetary systems, political developments and geopolitical events.

Franco-Nevada also holds marketable securities in a number of companies that operate in the commodity sector and the value of these securities may be adversely affected by price fluctuations and future material commodity price declines, as well as other factors.

All commodities, by their nature, are subject to wide price fluctuations and future material price declines will result in a decrease in revenue or, in the case of severe declines that cause a suspension or termination of production by relevant operators, a complete cessation of revenue from royalties, streams or working interests applicable to one or more relevant commodities. Moreover, despite Franco-Nevada's commodity diversification, the broader commodity market tends to be cyclical, and a general downturn in overall commodity prices could result in a significant decrease in overall revenue. Any such price decline may result in a material adverse effect on Franco-Nevada's profitability, results of operations and financial condition.

Gold, silver, and/or PGM are produced or will be produced as a by-product metal at some of the assets including, amongst others, the Antamina mine, Antapaccay mine, Candelaria mine, Cobre Panamá mine (prior to its production halt) and Sudbury mine; therefore, production decisions and the economic cut-off applied to the reporting of gold, silver and PGM mineral resources and mineral reserves, as applicable, will be influenced by changes in the commodity prices of other metals at the mines. To some extent, risks related to this will be mitigated by Franco-Nevada in respect of each of Antapaccay and Cobre Panamá as gold and silver deliveries under the stream are initially tied to the production of copper, the primary product to be produced at such mines.

For mining assets that are subject to stream agreements where there is a fixed price payable per ounce, in the event that the price of gold and/or silver falls below the fixed price per ounce (subject to inflation adjustment), Franco-Nevada would not realize any profits.

***The operation of the properties in which Franco-Nevada holds an interest is generally determined by third-party property owners and operators, and Franco-Nevada has no or limited decision making power as to how these properties are operated, and the operators' failure to perform could affect the revenues generated by Franco-Nevada***

Franco-Nevada is not directly involved in the operation of mines. The revenue derived from the asset portfolio is based on production by third-party property owners and operators. The owners and operators generally will have the power to determine the manner in which the properties are exploited, including decisions to expand, sell, continue or reduce, suspend or discontinue production from a property, decisions about the marketing of products extracted from the property, decisions to relinquish or dispose of mineral properties, and decisions to advance exploration efforts and conduct development of non-producing properties. The interests of third-party owners and operators and those of Franco-Nevada on the relevant properties may not always be aligned. As an example, it will usually be in the interest of Franco-Nevada to advance development and production on properties as rapidly as possible in order to maximize near-term cash flow, while third-party owners and operators may take a more cautious approach to development as they are at risk on the cost of development and operations. Likewise, it may be in the interest of property owners to invest in the development of and emphasize production from projects or areas of a project that are not subject to streaming, royalty or working interest obligations. The inability of Franco-Nevada to control the operations for the properties in which it has a royalty, stream or other interest may result in, among other things, differences between Franco-Nevada's assumptions for a property and actual results, which may lead to a material and adverse effect on Franco-Nevada's profitability, results of operations and financial condition. In addition, the owners or operators may take action contrary to Franco-Nevada's policies or objectives; be unable or unwilling to fulfill their obligations under their agreements with Franco-Nevada; have difficulty obtaining or be unable to obtain the financing necessary to move projects

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forward; or experience financial, operational or other difficulties, including insolvency, which could limit the owner or operator's ability to perform its obligations under arrangements with Franco-Nevada.

Franco-Nevada may not be entitled to any material compensation if any of the properties in which it holds a royalty, stream or other interest shuts down or discontinues their operations on a temporary or permanent basis. At any time, any of the operators of the properties in which it holds a royalty, stream or other interest or their successors may decide to suspend or discontinue operations.

In addition, Franco-Nevada may make debt, equity or other investments in companies in which Franco-Nevada does not participate in management of or otherwise have influence over the business or assets of such company. As a non-controlling investor, Franco-Nevada may be subject to certain shareholder agreements, or agreements of a similar nature, which contain terms more favourable to the controlling parties. In such cases, or where Franco-Nevada does not have the ability or right to influence or control the company and management, securityholders or other stakeholders may make decisions that are not in Franco-Nevada's best interest.

The owners or operators of the projects in which Franco-Nevada holds an interest may from time to time announce transactions, including the sale or transfer of the projects or of the operator itself, over which Franco-Nevada has little or no control. If such transactions are completed, it may result in a new operator controlling the project, who may or may not operate the project in a similar manner to the current operator which may positively or negatively impact Franco-Nevada. If any such transaction is announced, there is no certainty that such transaction will be completed, or completed as announced, and any consequences of such non-completion on Franco-Nevada may be difficult or impossible to predict.

***Franco-Nevada has limited access to data and disclosure regarding the operation of properties, which will affect its ability to assess the royalty, stream, or other interest's performance and accurately forecast long-term outlook of its assets***

As a holder of royalties, streams or other interests, Franco-Nevada has limited access to data on the operations or to the actual properties themselves. This could affect its ability to assess the performance of the royalty, stream, or working or other interest. This could result in deviations in cash flow from that which is anticipated by Franco-Nevada. In addition, some royalties, streams or other interests may be subject to confidentiality arrangements which govern the disclosure of information with regard to the applicable interest and, as such, Franco-Nevada may not be in a position to publicly disclose non-public information with respect to certain royalties, streams, or other interests. The limited access to data and disclosure regarding the operations of the properties in which Franco-Nevada has an interest, may restrict Franco-Nevada's ability to enhance its performance which may result in a material and adverse effect on Franco-Nevada's profitability, results of operations and financial condition. Although Franco-Nevada attempts to obtain these rights when creating new royalty or stream agreements or negotiating working or other interests, there is no assurance that Franco-Nevada's efforts will be successful or that if successful, such rights will be sufficient to enhance its performance.

Franco-Nevada prepares forecasts and long-term outlook based on assumptions including the forecasted state of operations from its assets based on the public statements and other disclosures by the third-party owners and operators of the underlying properties and its assessment thereof. Such information is necessarily imprecise because it depends upon the judgment of the individuals who operate such properties as well as those who review and assess the geological and engineering information. If Franco-Nevada's forecasts prove to be incorrect due to incorrect underlying information, it may result in a material adverse effect on its profitability, results of operations and financial condition.

***Franco-Nevada depends on its operators for the calculation of applicable payments. It may not be able to detect errors and payment calculations may call for retroactive adjustments***

Franco-Nevada's royalty, stream and other payments are calculated by the operators of the properties on which Franco-Nevada has royalties, streams, or interests based on the reported production. Each operator's calculation of Franco-Nevada's royalty, stream or other payments is subject to and dependent upon the adequacy and accuracy of its production, cost and accounting functions, and errors may occur from time to time in the calculations made by an operator. Certain royalty, stream or other agreements require the operators to provide Franco-Nevada with production and operating information that may, depending on the completeness and accuracy of such information, enable Franco-Nevada to detect errors in the calculation of royalty, stream or other payments that it receives. Franco-Nevada does not, however, have the contractual right to receive production information for all of its royalty, stream or other interests. As a result, Franco-Nevada's ability to detect payment errors through its monitoring program and its associated internal controls and procedures is limited, and the possibility exists that Franco-Nevada will need to make retroactive royalty, stream or other revenue adjustments. Some of Franco-Nevada's royalty, stream or other contracts provide the right to audit the operational calculations and production data for the associated royalty, stream or other payments; however, such audit rights may be time-limited by contract or statute and such audits may occur many months following Franco-Nevada's recognition of the royalty, stream or other interest revenue and may require Franco-Nevada to adjust its revenue in later periods.

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***The Candelaria stream is and the Cobre Panamá stream (prior to its production halt) was significant to Franco-Nevada and other assets and properties may become significant to Franco-Nevada from time to time and any adverse development related to any such assets will affect the revenue derived from such assets***

The stream on Candelaria was significant to Franco-Nevada in 2025. As new assets are acquired or move into production, the materiality of each of Franco-Nevada's assets will be reconsidered. Any adverse development affecting the operation of, production from, ownership of, or recoverability of mineral reserves from any significant property in the asset portfolio from time to time, such as, but not limited to, unusual and unexpected geologic formations, seismic activity, rock bursts, cave-ins, sinkholes, pit wall failures, tailings dam failures, flooding and other conditions involved in the drilling and removal of material, any of which could result in damage to, or destruction of, mines and other producing facilities, damage to life or property, environmental damage, or the inability to hire suitable personnel and engineering contractors or secure supply agreements on commercially suitable terms, may have a material adverse effect on Franco-Nevada's profitability, financial condition and results of operations. In addition, Franco-Nevada has no control over operational decisions made by the third-party owners and operators of these projects. Any adverse decision made by the owners and operators, including for example, alterations to mine plans or production schedules, may impact the timing and amount of revenue that Franco-Nevada receives and may have a material and adverse effect on Franco-Nevada's profitability, financial condition and results of operations. As these mines mature, Franco-Nevada can expect overall declines in production over the years unless operators are able to replace reserves that are mined through mine expansion or successful new exploration.

Cobre Panamá has been on P&SM with production halted since November 2023. Please refer to the "Cobre Panamá Updates – Panamá" section on page 13 of this AIF for details on the current status of Cobre Panamá.

The halting of production at Cobre Panamá has resulted in a cessation of deliveries to Franco-Nevada under the Cobre Panamá stream agreement, other than with respect to deliveries in connection with the sale of concentrate from stockpiles, which resumed in 2025. The continued cessation of deliveries under the Cobre Panamá stream agreement has had an adverse effect on Franco-Nevada's revenues, results of operations and financial condition. While Franco-Nevada hopes for a resolution with the State of Panamá, there can be no assurance of a satisfactory resolution.

***Franco-Nevada is dependent on the payment of royalty, stream, and other payments by the owners and operators of the relevant properties and any delay in or failure of such payments will affect the revenues generated by the asset portfolio***

Franco-Nevada is dependent to a large extent upon the financial viability and operational effectiveness of owners and operators of the relevant royalty/stream/interest properties. Accordingly, Franco-Nevada may be negatively impacted by credit risks associated with the owners of the properties where it has royalties, streams and other interests, including risks to the continuing solvency of such counterparties. Payments from production generally flow through the operator and there is a risk of delay and additional expense in receiving such revenues. Payments may be delayed by restrictions imposed by lenders or other creditors, delays in the sale or delivery of products, the ability or willingness of smelters and refiners to process mine products, delays in the connection of wells to a gathering system, blowouts or other accidents, recovery by the operators of expenses incurred in the operation of the royalty/stream/interest properties, the establishment by the operators of reserves for such expenses or the insolvency of the operator. Franco-Nevada's rights to payment under the royalties/streams/interests must, in most cases, be enforced by contract without the protection of the ability to liquidate a property. This inhibits Franco-Nevada's ability to collect outstanding royalties/streams/payments from interest properties upon a default. Additionally, some agreements may provide limited recourse in particular circumstances which may further inhibit Franco-Nevada's ability to recover or obtain equitable relief in the event of a default under such agreements. In the event of a bankruptcy of an operator or owner, a creditor or the operator may seek to terminate the royalty, stream or other agreement or otherwise limit Franco-Nevada's recovery in the insolvency proceeding. In insolvency proceedings, it is possible that streams and royalty interests may be terminated in certain circumstances and any recovery in these circumstances is uncertain. Failure to receive payments from the owners and operators of the relevant properties or the termination of Franco-Nevada's rights may result in a material and adverse effect on Franco-Nevada's profitability, results of operations and financial condition.

***Certain royalty and stream interests and working interests are subject to rights in favour of others or third parties that could adversely affect the revenues generated from the asset portfolio***

Some royalty and stream interests and working or other interests are subject to: (i) buy-down right provisions pursuant to which an operator may buy-back all or a portion of the royalty, stream or working or other interest, (ii) pre-emptive rights pursuant to which parties to operating and royalty or stream agreements have the right of first refusal or first offer with respect to a proposed sale or assignment of such interest by or to Franco-Nevada, (iii) claw-back rights pursuant to which the seller of a royalty, stream or working or other interest to Franco-Nevada has the right to re-acquire the royalty, stream or working or other interest, or (iv) a right to dispose of property interests which are subject to the royalty, stream or working or other interest, for a return to Franco-Nevada, if any, which may be lower than Franco-Nevada's assumptions regarding the asset. Holders may exercise these rights such that certain royalty, stream interests and working or other interests would no longer be held by Franco-Nevada.

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***The asset portfolio includes a number of royalty interests based on net profits or other royalties with cost deductions as well as working interests, and the revenue derived from such royalty interests and working interests is dependent upon factors beyond the control of Franco-Nevada that may have an adverse effect on the overall revenues generated by the asset portfolio***

Franco-Nevada holds a number of net profit royalties, equity interests and working or other interests in its asset portfolio. These royalties and other interests allow the operator to account for the effect of prevailing cost pressures on the operation before calculating the royalty or other amounts payable to Franco-Nevada. These cost pressures include costs of labour, equipment, fuel, electricity, environmental compliance, oil prices and numerous other capital, operating and production inputs. NSR royalties allow for prescribed deductions in respect of certain costs, which in the case of NSR royalties in respect of non-precious metals, may be more significant. Such costs will fluctuate in ways that are unpredictable and are beyond the control of Franco-Nevada, and can have a dramatic effect on the revenue payable to Franco-Nevada on these royalties and other interests. Any increase in the costs incurred by the operators on the applicable properties will likely result in a decline in the revenue received by Franco-Nevada. This will affect overall revenue generated by the asset portfolio which may have a material and adverse effect on Franco-Nevada's profitability, financial condition, and results of operations.

***Franco-Nevada may enter into acquisitions or other material royalty or streaming transactions at any time***

Franco-Nevada is continuously reviewing opportunities to acquire existing royalties or streams, to create new royalty interests or streaming arrangements through the financing of mining projects, financing of new acquisitions or to acquire companies that hold royalties or streams. At any given time, Franco-Nevada has various types of transactions and acquisition opportunities in various stages of active review, including submission of indications of interest and participation in discussions or negotiations in respect of such transactions. This process also involves the engagement of consultants and advisors to assist in analyzing particular opportunities. Any such acquisition or transaction could be material to Franco-Nevada and may involve the issuance of securities by Franco-Nevada or the incurring of indebtedness to fund any such acquisition. In addition, any such acquisition or other royalty or streaming transaction may have other transaction-specific risks associated with it, including risks related to the completion of the transaction, the project operators or the jurisdictions in which assets may be acquired.

Additionally, Franco-Nevada may consider opportunities to restructure its royalties or stream arrangements where it believes such a restructuring may provide a long-term benefit to Franco-Nevada, even if such restructuring may reduce near-term revenues or result in Franco-Nevada incurring transaction-related costs.

Franco-Nevada may enter into one or more acquisitions, restructurings or other royalty and streaming transactions at any time.

***Franco-Nevada may experience difficulty attracting and retaining qualified management and technical personnel to efficiently operate its business***

Franco-Nevada is dependent upon the continued availability and commitment of its key management, whose contributions to immediate and future operations of Franco-Nevada are of significant importance. The loss of any such key management could negatively affect business operations. From time to time, Franco-Nevada may also need to identify and retain additional skilled management and specialized technical personnel to efficiently operate its business. The number of persons skilled in the acquisition, exploration and development of royalties, streams and other interests in natural resource properties is limited and competition for such persons is intense. Recruiting and retaining qualified personnel is critical to Franco-Nevada's success and there can be no assurance of such success. If Franco-Nevada is not successful in attracting and retaining qualified personnel, Franco-Nevada's ability to execute its business model and growth strategy could be affected, which could have a material and adverse impact on its profitability, results of operations and financial condition. Franco-Nevada does not intend to maintain "key man" insurance for any members of its management.

***Increased competition for royalty and stream interests and resource investments could adversely affect Franco-Nevada's ability to acquire additional royalties, streams and other investments in mineral and oil and natural gas properties***

Many companies are engaged in the search for and the acquisition of mineral and oil and natural gas interests, and there is a limited supply of such desirable interests. The mineral exploration and mining and oil and natural gas businesses are competitive in all phases. Many companies are engaged in the acquisition of mining and oil and natural gas interests, including large, established companies with substantial financial resources, operational capabilities and long earnings records. There has been significant growth in the number of royalty and streaming companies over the last several years. Franco-Nevada may be at a competitive disadvantage in acquiring mineral and oil and gas interests, whether by way of royalty, stream or other form of investment, as competitors may have greater financial resources and technical staffs or may have different investment criteria. There can be no assurance that Franco-Nevada will be able to compete successfully against other companies in acquiring royalty, stream and other interests. In addition, Franco-Nevada may be unable to acquire royalties or streams at acceptable valuations and may be unable to realize the anticipated growth opportunities from such transactions, which may result in a material and adverse effect on Franco-Nevada's profitability, results of operations and financial condition.

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***Royalty, stream and other interests may not be honoured***

Royalty, stream and other interests in natural resource properties are largely contractual in nature. Parties to contracts do not always honour contractual terms and contracts themselves may be subject to interpretation or technical defects. Furthermore, operators themselves face risks in the jurisdictions in which they operate that could increase the likelihood that contractual and/or mineral rights as between operators and governmental or other administrative bodies may be disregarded or unilaterally altered, thus directly or indirectly affecting Franco-Nevada's rights to its royalty, stream or other interests. To the extent grantors of such interests do not abide by their contractual obligations (whether through their own actions or through the actions of relevant governmental or other administrative bodies), Franco-Nevada would be forced to take legal action in one or more courts of competent jurisdiction or initiate arbitration proceedings to enforce its contractual and related rights. Any such litigation or arbitration may be time consuming and costly and there is no guarantee of success, both with respect to the litigation or arbitration claim or enforcement of any judgement. Any pending proceedings or actions or any decisions determined adversely against Franco-Nevada, may have a material and adverse effect on Franco-Nevada's profitability, results of operations, financial condition and the trading price of Franco-Nevada securities.

***There may be unknown defects in the asset portfolio***

A defect in a royalty, stream, working or other interest or equity interest and/or the underlying contract may arise to defeat or impair the claim of Franco-Nevada to such royalty, stream, working or other interest or equity interest. Unknown defects in the royalty, stream or other assets of Franco-Nevada may result in a material and adverse effect on Franco-Nevada's profitability, results of operations, financial condition and the trading price of Franco-Nevada securities.

***Continued volatile global financial and geopolitical conditions may negatively impact Franco-Nevada or its counterparties***

Global financial conditions have been characterized by ongoing volatility. Global financial conditions could suddenly and rapidly destabilize in response to future events, as government authorities may have limited resources to respond to future crises. Global capital markets have continued to display increased volatility in response to global events. Future crises may be precipitated by any number of causes, including natural disasters, geopolitical instability, civil unrest, changes to energy prices or sovereign defaults. Ongoing geopolitical challenges such as the Ukraine-Russia war, conflict in the Middle East, tensions between the United States and China, imposition of new tariffs by the U.S. government and potential significant changes to U.S. trade policies and treaties, and corresponding global trade responses have contributed to volatility in global financial conditions.

The announcement and imposition of tariffs by the United States, together with potential, announced or implemented retaliatory tariffs by other governments on imports from the United States, and other potential measures, including duties, fees, economic sanctions or other trade measures, as well as the potential impacts of these tariffs and trade measures may have a material adverse effect on global economic conditions and the stability of global financial markets. The economic impact of tariffs on the Canadian, American and global economy could result in increased volatility in commodity prices and negatively impact capital markets and the ability of operators and owners of Franco-Nevada's asset portfolio to raise funds. In addition to increased volatility in commodity prices, such tariffs could result in increased costs for operators of mining and oil and natural gas projects. Any of these factors could depress economic activity, negatively impact the operators of the properties in which Franco-Nevada holds royalties, streams or other interests and have a material adverse effect on the business, results of operations, cash flows and financial condition of Franco-Nevada and its asset portfolio.

Any sudden or rapid destabilization of global economic conditions (including due to geopolitical issues) could negatively impact Franco-Nevada's ability, or the ability of the operators of the properties in which Franco-Nevada holds royalties, streams or other interests, to obtain equity or debt financing or make other suitable arrangements to finance their projects. In particular, continued volatility in Canadian and global capital markets may impair a counterparty's ability to raise necessary funding, and volatile commodity prices may impair the ability of operators of the properties in which Franco-Nevada holds royalties, streams or other interests to honour such interests held by Franco-Nevada. Additionally, Franco-Nevada may be subject to counterparty risk and liquidity risk, including potential insolvency. Franco-Nevada is exposed to various counterparty risks including, but not limited to (i) through financial institutions that hold Franco-Nevada's cash, (ii) through companies that have payables to Franco-Nevada, (iii) through Franco-Nevada's insurance providers, and (iv) through Franco-Nevada's lenders. Franco-Nevada is also exposed to liquidity risks in meeting its operating expenditure requirements in instances where cash positions are unable to be maintained or appropriate financing is unavailable. These factors may impact the ability of Franco-Nevada to obtain loans or other credit facilities or obtain equity financing in the future or to obtain them on terms favourable to Franco-Nevada. If increased levels of volatility continue or in the event of a rapid destabilization of global economic conditions, Franco-Nevada's operations could be adversely impacted and the trading price of Franco-Nevada securities could be adversely affected.

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***The impact of pandemics and public health emergencies in the future may significantly impact Franco-Nevada***

The COVID-19 global health pandemic had a significant impact on the global economy and commodity and financial markets. The impact of the pandemic included extreme volatility in financial markets, elevated inflation, extreme volatility in commodity prices (including gold, silver, palladium, iron ore, oil and gas), raised the prospect of an extended global recession and the temporary suspension of many mining operations. If the operation or development of one or more of the properties in which Franco-Nevada holds a royalty, stream or other interest and from which it receives or expects to receive significant revenue is suspended as a result of future pandemics or other public health emergencies, it may have a material adverse impact on Franco-Nevada's profitability, results of operations, financial condition and the trading price of Franco-Nevada's securities. The broader impact of future pandemics or similar public health emergencies on investors, businesses, the global economy or financial and commodity markets may also have a material adverse impact on Franco-Nevada's profitability, results of operations, financial condition and the trading price of Franco-Nevada's securities.

***Franco-Nevada's revenue, earnings, the value of its treasury and the value it records for its assets are subject to variations in foreign exchange rates, which may adversely affect the revenue generated by the asset portfolio or cause adjustments to the recorded value of assets***

Franco-Nevada's royalty, stream and other interests are subject to foreign currency fluctuations and inflationary pressures, which may have a material and adverse effect on Franco-Nevada's profitability, results of operations and financial condition. There can be no assurance that any steps taken by management to address variations in foreign exchange rates will eliminate all adverse effects and Franco-Nevada may suffer losses due to adverse foreign currency rate fluctuations.

***The ability to pay dividends will be dependent on the financial condition of Franco-Nevada***

Payment of dividends on the Common Shares is within the discretion of Franco-Nevada's Board of Directors and will depend upon Franco-Nevada's future earnings, cash flows, acquisition capital requirements and financial condition, and other relevant factors. Although Franco-Nevada currently pays a regular dividend, there can be no assurance that it will be in a position to declare dividends due to the occurrence of one or more of the risks described herein.

***Changes in tax legislation or accounting rules could affect the profitability of Franco-Nevada***

Changes to, or differing interpretation of, taxation laws or regulations in any of Canada, the United States, Mexico, Barbados, Australia, Chile, Peru, Brazil or any of the countries in which Franco-Nevada's assets or relevant contracting parties are located could result in some or all of Franco-Nevada's profits being subject to additional taxation.

No assurance can be given that new taxation rules or accounting policies will not be enacted or that existing rules will not be applied in a manner which could result in Franco-Nevada's profits being subject to additional taxation or which could otherwise have a material adverse effect on Franco-Nevada's profitability, results of operations, financial condition and the trading price of Franco-Nevada's securities. In addition, the introduction of new tax rules or accounting policies, or changes to, or differing interpretations of, or application of, existing tax rules or accounting policies could make royalties, streams or other investments by Franco-Nevada less attractive to counterparties. Such changes could adversely affect Franco-Nevada's ability to acquire new assets or make future investments.

***Reviews conducted by tax authorities, now or in the future, may result in adverse tax consequences for Franco-Nevada***

Tax authorities in jurisdictions applicable to Franco-Nevada may periodically conduct reviews of Franco-Nevada's tax filings and compliance. Those reviews could result in adverse tax consequences and unexpected financial costs and exposure.

In 2025, Franco-Nevada entered into a settlement agreement with the CRA relating to tax assessments for the 2013-2019 taxation years. For a description of the matters and amounts at issue, please refer to the "Notes to the Consolidated Financial Statements" beginning on page 10 of Franco-Nevada's Financial Statements for the fiscal year ended December 31, 2025, filed with the Canadian securities regulatory authorities on www.sedarplus.com and on Form 40-F filed with the SEC on www.sec.gov.

***Certain of Franco-Nevada's directors and officers serve in similar positions with other public companies, which could put them in a conflict position from time to time***

Certain of the directors and officers of Franco-Nevada also serve as directors or officers of, or have significant shareholdings in, other companies involved in natural resource exploration, development and production and, to the extent that such other companies may engage in transactions or participate in the same ventures in which Franco-Nevada participates, or in transactions or ventures in which Franco-Nevada may seek to participate, the directors and officers of Franco-Nevada may have a conflict of interest in negotiating and concluding terms respecting the extent of such participation. In all cases where directors and officers have an interest in other companies, such other companies may also compete with Franco-Nevada for the acquisition of royalties or streams, or other investments. Such conflicts of the directors and officers may result in a material and adverse effect on Franco-Nevada's profitability, results of operations, financial condition and the trading price of Franco-Nevada's securities.

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***Franco-Nevada can provide no assurance that it will be able to obtain adequate financing in the future or that the terms of such financing will be favourable and Franco-Nevada may have to raise additional capital through the issuance of additional equity, which could result in dilution to Franco-Nevada's shareholders***

There can be no assurance that Franco-Nevada will be able to obtain adequate financing in the future or that the terms of such financing will be favourable. Failure to obtain such additional financing could impede Franco-Nevada's funding obligations, or result in delay or postponement of further business activities which may result in a material and adverse effect on Franco-Nevada's profitability, results of operations and financial condition. Franco-Nevada may require new capital to continue to grow its business and there are no assurances that capital will be available when needed, if at all. It is likely that, at least to some extent, such additional capital will be raised through the issuance of additional equity, which could result in dilution to shareholders.

***If Franco-Nevada expands its business beyond the acquisition of royalty, stream and other interests, Franco-Nevada may face new challenges and risks which could affect its profitability, results of operations and financial condition***

Franco-Nevada's operations and expertise have been focused on the acquisition and management of royalty, stream and other interests. Franco-Nevada may pursue acquisitions outside this area, including acquiring and/or investing in and/or developing resource projects. Expansion of Franco-Nevada's activities into new areas would present challenges and risks that it has not faced in the past, including many of the risks described under "Risks Related to Mining Operations and Oil and Natural Gas Operations". The failure to manage these challenges and risks successfully may result in a material and adverse effect on Franco-Nevada's profitability, results of operations, financial condition and the trading price of Franco-Nevada's securities.

***Potential litigation affecting owners of the properties in which Franco-Nevada holds its royalty, stream or other interests, or affecting such properties directly, could have an adverse effect on Franco-Nevada***

Potential litigation may arise involving one or more of Franco-Nevada's counterparties or on a property on which Franco-Nevada holds or has a royalty, stream or other interest (for example, litigation brought by community, indigenous groups or host governments, litigation between joint venture partners or litigation between operators and original property owners or neighbouring property owners). As a royalty, stream or other interest holder, Franco-Nevada will not generally have any influence on the litigation and will not generally have access to data. Moreover, the courts in certain of the jurisdictions in which Franco-Nevada holds or has a royalty, stream or other interest may offer less certainty as to the judicial outcome of legal proceedings or a more protracted judicial process than is the case in more established economies. Any such litigation that results in the cessation or reduction of production from a property (whether temporary or permanent) or in a material impact on a counterparty's financial position which has a material impact on the operation of their assets, could have a material and adverse effect on Franco-Nevada's profitability, results of operations, financial condition and the trading price of Franco-Nevada's securities.

***Franco-Nevada relies on the use of technology and information systems, many of which are controlled by third-party vendors, which may not be able to accommodate its growth or may increase in cost and may become subject to cyberattacks or other compromises and shutdowns, and any failures or interruptions of these systems could materially and adversely affect its business***

Franco-Nevada's operations depend on information systems and other technology, such as computer systems used for information storage, processing, administrative and commercial functions. Franco-Nevada depends on various information technology systems to estimate resource and reserve quantities and production from the assets underlying its royalties and streams, process and record financial data, analyze seismic information, administer its contracts with its counterparties and communicate with employees and third parties. These information technology systems, and those of its third-party service providers and vendors and the counterparties under its royalty/stream agreements, may be vulnerable to an increasing number of continually evolving cybersecurity risks. In addition, Franco-Nevada relies on telecommunication services to interface with its business networks and counterparties. Franco-Nevada relies on this technology functioning as intended. Franco-Nevada's information systems and technology may not continue to be able to accommodate its growth, and the cost of maintaining such systems may increase from its current level.

Franco-Nevada may in the future be subject to cyberattacks or other compromises and shutdowns, noting the increasing frequency, sophistication and severity of these kinds of incidents. Such attacks may result in attempts to gain unauthorized access to Franco-Nevada's proprietary information or third-party data stored on its systems, destroy or disable its data, and/or degrade or sabotage its systems through the introduction of computer viruses, cyberattacks and other means. Such attacks could originate from a wide variety of sources, including internal or unknown third parties. Franco-Nevada cannot predict what effects such cyberattacks or compromises or shutdowns may have on its business and the consequences could be material. Cybersecurity incidents may remain undetected for an extended period, which could exacerbate these consequences. A significant actual or potential theft, loss, corruption, exposure, fraudulent, unauthorized or accidental use or misuse of personally identifiable or proprietary business data, could result in significant remediation and other costs, fines, litigation and regulatory actions against Franco-Nevada by governments, various regulatory organizations or exchanges, or affected

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individuals, in addition to significant reputational harm and/or financial loss, and it may not be possible to recover losses suffered from such incidents under Franco-Nevada's insurance policies.

In addition, Franco-Nevada's information systems may incorporate artificial intelligence ("**AI**"), and development of these capabilities is ongoing. AI introduces risks and unintended consequences that could affect adoption and business operations. Algorithms and training methods may be flawed, and reliance on AI without adequate safeguards can lead to inaccurate outcomes or operational vulnerabilities.

AI also poses data privacy, cybersecurity, and intellectual property risks, and improper use may result in unauthorized disclosure of sensitive information or outputs that infringe copyrights, patents, or privacy rights. As legal and regulatory frameworks for AI remain uncertain, future compliance obligations could impose significant costs or limit Franco-Nevada's ability to integrate AI tools.

If Franco-Nevada's information systems and other technology are compromised, do not function as intended or are disabled, such events could have a material adverse effect on its business, financial condition, results of operations and cash flow. As vendors increasingly offer cloud-based software services, these third-party service providers could face ongoing cybersecurity threats and compromises of their systems. Franco-Nevada generally does not have control over the delivery of such third-party services and, as a result, it may face disruptions to its operations. Although Franco-Nevada is continuing to develop measures to ensure the integrity of its systems, it can provide no assurance that its efforts or those of third parties with whom it conducts business will be successful in protecting its systems or preventing or ameliorating damage from a cybersecurity incident.

***Anti-corruption laws and regulations could subject Franco-Nevada to liability and require it to incur additional costs***

Franco-Nevada is subject to the *Corruption of Foreign Public Officials Act* (Canada) (the "**CFPOA**"), the U.S. Foreign Corrupt Practices Act (the "**FCPA**") and other laws that prohibit improper payments or offers of payments to third parties, including foreign governments and their officials, for the purpose of obtaining or retaining business. In some cases, Franco-Nevada invests in mining operations in jurisdictions that have experienced corruption in the past. Franco-Nevada's international investment activities create the risk of unauthorized payments or offers of payments in violation of the CFPOA, the FCPA or other anti-corruption laws by one of its employees or agents in violation of Franco-Nevada's policies. In addition, the operators of the properties in which Franco-Nevada owns stream and royalty interests may fail to comply with anti-corruption laws and regulations. Although Franco-Nevada is a passive investor in these properties, enforcement authorities could seek to have Franco-Nevada have some culpability for the operators' actions. Any violations of the CFPOA, the FCPA or other anti-corruption laws could result in significant civil or criminal penalties to Franco-Nevada and any allegations, publicity or investigations relating to corruption, with or without merit, could have an adverse effect on our reputation.

**Risks Related to Mining Operations and Oil and Natural Gas Operations**

***Franco-Nevada is subject to the same risk factors as the owners and operators of properties in which it holds a royalty, stream or other interests***

To the extent that they relate to the production of minerals or oil and natural gas from, or the continued operation of, the properties in which Franco-Nevada holds a royalty, stream or other interest, Franco-Nevada will be subject to the risk factors applicable to the owners and operators of such mines or projects. Accordingly, any material adverse event occurring at the property level in respect of Franco-Nevada's royalty, stream or other interest may impact the revenues to Franco-Nevada under those agreements, which could have a material adverse effect on its business, results of operations and financial condition.

***The inability to add additional reserves to its asset portfolio through either the development of existing resources or the acquisition of new producing assets could adversely affect Franco-Nevada***

The revenue generated by Franco-Nevada is principally based on the exploitation of mineral and oil and natural gas reserves on assets underlying the royalty, stream or other interests on which Franco-Nevada has a royalty, stream or other interest. Reserves are continually being depleted through extraction and the long-term viability of Franco-Nevada's asset portfolio depends on the replacement of reserves through new producing assets and increases in reserves on existing producing assets. While Franco-Nevada may be able to maintain all or a portion of its interest in its reserve inventory through acquisitions, its business model relies on the successful development of the non-producing properties in its asset portfolio. Exploration for minerals and energy resources is a speculative venture necessarily involving substantial risk. There is no certainty that the expenditures made by the operator of any given project will result in discoveries of commercial quantities of minerals or energy resources on properties underlying the asset portfolio. Even in those cases where a significant mineral or oil and natural gas deposit is identified, there is no guarantee that the deposit can be permitted and economically extracted. Substantial expenditures are required to establish reserves through drilling, to develop processes to extract the resources and, in the case of new properties, to develop the extraction and processing facilities and infrastructure at any site chosen for extraction. Although substantial benefits may be derived from the discovery of a major deposit, no assurance can be given that new reserves will be identified to replace or increase the amount of reserves currently in the asset portfolio. This includes mineral resources, as the resources that have been discovered have not been subjected to sufficient analysis to justify commercial operations or the allocation of funds required for development. The inability to add additional reserves or to replace existing

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reserves through either the development of existing resources or the acquisition of new mineral producing assets may result in a material and adverse effect on Franco-Nevada's profitability, results of operations, financial condition and the trading price of Franco-Nevada's securities.

***Resources and reserves are estimates based on interpretation and assumptions and actual production may differ from amounts identified in such estimates***

The mineral resources and mineral reserves and oil and natural gas reserves and resources on properties underlying Franco-Nevada's royalty, stream or other interests are estimates only, and no assurance can be given that the estimated resources and reserves are accurate or that the indicated level of minerals and/or oil and natural gas will be produced. Such estimates are, in large part, based on interpretations of geological data obtained from drill holes and other sampling techniques. Actual mineralization or formations may be different from those predicted. Further, it may take many years from the initial phase of drilling before production is possible and during that time the economic feasibility of exploiting a discovery may change.

Market price fluctuations of the applicable commodity, as well as increased production and capital costs, including as a result of high inflation, or reduced recovery rates, may render the proven and probable reserves on properties underlying Franco-Nevada's royalty/stream interests unprofitable to develop at a particular site or sites for periods of time or may render reserves containing relatively lower-grade mineralization uneconomic. Moreover, short-term operating factors relating to the reserves, such as the need for the orderly development of ore bodies or the processing of new or different ore grades, may cause reserves to be reduced or not extracted. Estimated reserves may have to be recalculated based on actual production experience. The economic viability of a mineral deposit may also be impacted by other attributes of a particular deposit, such as size, grade and proximity to infrastructure, governmental regulations and policy relating to price, taxes, royalties, land tenure, land use permitting, social impacts, the import and export of minerals and environmental protection and by political and economic stability.

Resource estimates in particular must be considered with caution. Resource estimates for properties that have not commenced production are based, in many instances, on limited and widely-spaced drill hole or other limited information, which is not necessarily indicative of the conditions between and around drill holes. Such resource estimates may require revision as more drilling or other exploration information becomes available or as actual production experience is gained. Franco-Nevada's interpretations and assumptions regarding the information underlying resource estimates may also differ from those of the operator.

Further, resources may not have demonstrated economic viability and may never be extracted by the operator of a property. It should not be assumed that any part or all of the mineral resources on properties underlying Franco-Nevada's royalty/stream interests constitute or will be converted into reserves.

Any of the foregoing factors may require operators to reduce their resources and reserves, which may result in a material and adverse effect on Franco-Nevada's profitability, results of operations, financial condition and the trading price of Franco-Nevada's securities.

***The exploration and development of mining and resource properties is inherently dangerous and subject to risks beyond the control of Franco-Nevada***

Companies engaged in mining and oil and natural gas activities are subject to all of the hazards and risks inherent in exploring for and developing natural resource projects. These risks and uncertainties include, but are not limited to, environmental hazards, industrial accidents, labour disputes, increases in the cost of labour, social unrest, changes in the regulatory environment, permitting and other government and community approvals and title risks, impact of non-compliance with laws and regulations, fires, explosions, blowouts, cratering, sour gas releases and spills, encountering unusual or unexpected geological formations or other geological or grade problems, unanticipated metallurgical characteristics or less than expected mineral recovery, encountering unanticipated ground or water conditions, cave-ins, sinkholes, pit wall failures, flooding, rock bursts, tailings dam failures, periodic interruptions due to inclement or hazardous weather conditions, earthquakes, seismic activity, other natural disasters or unfavourable operating conditions and losses. Should any of these risks or hazards affect a company's exploration or development activities, it may (i) cause the cost of development or production to increase to a point where it would no longer be economic to produce the metal or oil and natural gas from the company's resources or expected reserves, (ii) result in a write-down or write-off of the carrying value of one or more projects, (iii) cause delays or stoppage of exploration, mining or processing, (iv) result in the destruction of properties, processing facilities or third-party facilities necessary to the company's operations, (v) cause personal injury or death and related legal liability, or (vi) result in the loss of insurance coverage. The occurrence of any of the above-mentioned risks or hazards could result in an interruption or suspension of operation of the properties in which Franco-Nevada holds a royalty/stream interest and have a material and adverse effect on Franco-Nevada's profitability, results of operations, financial condition and the trading price of Franco-Nevada's securities.

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***Title defects may result in a loss of entitlement to a property***

A defect in the chain of title to any of the properties underlying the royalty, stream or other interests necessary for the anticipated development or operation of a particular project to which a royalty, stream or other interest relates may arise to defeat or impair the claim of the operator to a property. In addition, claims by third parties or indigenous groups in Canada and elsewhere may impact on the operator's ability to conduct activities on a property to the detriment of Franco-Nevada's royalty, stream or other interests. To the extent an owner or operator does not have title to the property, it may be required to cease operations or transfer operational control to another party. Many royalties, streams or other interests are contractual, rather than an interest in land, with the risk that an assignment or bankruptcy or insolvency proceedings by an owner may result in the loss of any effective royalty, stream or other interest in a particular property. Further, even in those jurisdictions where there is a right to record or register royalties, streams or other interests held by Franco-Nevada in land registries or mining recorders offices, such registrations may not necessarily provide any protection to the holder of such interests. Accordingly, the holder of such interests may be subject to risk from third parties. As a result, known title defects as well as unforeseen and unknown title defects may impact operations at a project in which Franco-Nevada has a royalty, stream or other interest and may result in a material and adverse effect on Franco-Nevada's profitability, results of operations, financial condition and the trading price of Franco-Nevada's securities.

***The operations in which Franco-Nevada holds a royalty, stream or other interest require various property rights, permits, licenses and consultation obligations in order to conduct current and future operations, and delays or a failure to obtain or maintain such property rights, permits and licenses or comply with consultation obligations, or a failure to comply with the terms of any of such property rights, permits and licenses could result in interruption or closure of operations or exploration on the properties***

Exploration, development and operation of mining and oil and natural gas properties are subject to laws and regulations governing health and worker safety, employment standards, indigenous and community consultation, environmental matters, mine development, project development, mineral production, permitting and maintenance of title, exports, taxes, labour standards, reclamation obligations, heritage and historic matters and other matters. Franco-Nevada, in respect of its own assets and operations, as well as the owners and operators of the properties in which Franco-Nevada holds a royalty, stream or other interest, require licenses and permits and approvals from various governmental authorities in order to conduct their operations and other activities. Future changes in such laws and regulations or in such licenses and permits could have a material adverse impact on the revenue Franco-Nevada derives from the royalty, stream or other interests. Such licenses, applications and permits are subject to change in various circumstances and are required to be kept in good standing through a variety of means, including cash payments and satisfaction of conditions of issue. Such licenses, applications and permits are subject to expiration, relinquishment and/or termination without notice to, control of or recourse by Franco-Nevada. There can be no guarantee that Franco-Nevada or the owners or operators of those properties in which Franco-Nevada holds a royalty, stream or other interest, will be able to obtain or maintain all necessary licenses and permits in good standing and conduct all consultation that may be required to explore, develop and operate the properties, commence construction or operation of mining or oil and natural gas facilities, or maintain operations that economically justify the cost. Any failure to conduct appropriate consultation, comply with applicable laws and regulations, permits and licenses, or to maintain permits and licenses in good standing, even if inadvertent, could result in interruption or closure of exploration, development or mining operations or fines, penalties or other liabilities accruing to the owner or operator of the project. Any such occurrence could substantially decrease production or cause the termination of operations on the property and have a material and adverse effect on Franco-Nevada's profitability, results of operations, financial condition and the trading price of Franco-Nevada's securities.

***Franco-Nevada is exposed to risks related to the permitting, construction, development and/or expansion in relation to the projects and properties in which it holds a royalty, stream or other interest***

Many of the projects or properties in which Franco-Nevada holds an interest are in the permitting, construction, development and/or expansion stage and such projects are subject to numerous risks including, but not limited to, delays in obtaining equipment, materials and services essential to the construction and development of such projects in a timely manner, delays or inability to obtain required permits or licenses, changes in environmental or other regulations, currency exchange rates or controls, labour shortages, cost escalations and fluctuations in metal prices. There can be no assurance that the owners or operators of such projects will have the financial, technical and operational resources to complete permitting, licensing, construction, development and/or expansion of such projects in accordance with current expectations or at all.

***The operations in which Franco-Nevada holds an interest are subject to environmental and endangered species laws and regulations that may increase the costs of doing business and may restrict the operations***

All phases of the mining and the oil and natural gas business present environmental risks and hazards and are subject to environmental regulation pursuant to a variety of government laws and regulations, including laws and regulations relating to the protection of endangered and threatened species. Compliance with such laws and regulations can require significant expenditures or operating constraints and a breach may result in the imposition of fines and penalties, which may be material.

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In addition, such laws and regulations can constrain or prohibit the exploration and development of new projects or the development or expansion of existing projects. Environmental legislation is evolving in a manner expected to result in stricter standards and enforcement, increases in land use restrictions, larger fines and liability and potentially increased capital expenditures and operating costs. Any breach of environmental legislation by owners or operators of properties underlying the asset portfolio could have a material impact on the viability of the relevant property and impair the revenue derived from the owned property or applicable royalty/stream or working interest, which could have a material and adverse effect on Franco-Nevada's profitability, results of operations, financial condition and the trading price of Franco-Nevada's securities.

***Franco-Nevada's profitability, results of operations, financial condition may be subject to risks relating to climate change***

Franco-Nevada acknowledges climate change as both an international and local concern that will impact its business and the business of the operators of the properties in which it holds a royalty, stream or other interest in a number of possible ways. Franco-Nevada supports and endorses various initiatives for voluntary actions consistent with international initiatives on climate change. In addition to voluntary actions, governments are moving to introduce and implement new and more stringent climate change legislation and treaties at the international, national, state/provincial and local levels. While some of the costs associated with reducing emissions can be offset by increased energy efficiency and technological innovation, Franco-Nevada expects that continued efforts to address climate change, including complying with enhanced regulatory requirements, may result in increased costs for the operations at the properties in which it holds an interest.

Climate change may also pose physical risks to the properties in which Franco-Nevada holds an interest. This could include adverse effects on operations as a result of increasing occurrences of extreme weather events, water shortages, changes in rainfall and storm patterns, changes in sea levels and other negative weather and climate patterns.

Responses to the impacts of climate change may include the development and expansion of, and increased reliance on energy sources and systems that do not rely on oil and natural gas. This could result in changes to demand for oil and natural gas in the short and long term, including permanent changes to such demand. A decrease in the demand for oil and natural gas could result in reduced prices and sales volumes, which could have a material and adverse effect with respect to production and revenues from Franco-Nevada's oil and gas assets.

Investors are increasingly sensitive to the climate change impacts and mitigation efforts of companies, and are increasingly seeking enhanced disclosure on the risks, challenges, governance implications and financial impacts of climate change faced by companies, including many of the operators of the properties in which Franco-Nevada holds an interest. Adverse publicity or climate-related litigation in respect of these operators could have a negative impact on Franco-Nevada. Challenges relating to climate change could have an impact on the ability of these operators to access the capital markets and such limitations could have a corresponding negative effect on their business and operations.

The impacts of climate change, including those described above, could have a material and adverse effect on Franco-Nevada's profitability, results of operations, financial condition and the trading price of Franco-Nevada's securities.

***Franco-Nevada's profitability, results of operations, financial condition may be subject to risks relating to foreign jurisdictions***

Many of Franco-Nevada's royalty and stream interests relate to properties outside of the United States and Canada, including Latin America and, to a lesser extent, Africa. In addition, future investments may expose Franco-Nevada to new jurisdictions. There can be significant risk in investing in foreign countries, including the risk that the resource concessions or other rights may be susceptible to revision or cancellation by new laws, may not be renewed or approved as anticipated or may otherwise be adversely impacted by changes in direction by the government in question. The ownership, development and operation of these properties and the mines and projects thereupon by their owners and operators are subject to the risks normally associated with conducting business in foreign countries. These risks include, depending on the country, nationalization and expropriation, social unrest and political instability, less developed legal and regulatory systems, uncertainties in perfecting mineral titles, trade barriers, exchange controls and material changes in taxation. These risks may, among other things, limit or disrupt the ownership, development or operation of properties, mines or projects in respect of which Franco-Nevada holds royalty and stream interests, restrict the movement of funds, or result in the deprivation of contractual rights or the taking of property by nationalization or expropriation without fair compensation. In addition, in the event of a dispute arising in foreign operations, Franco-Nevada may be subject to the exclusive jurisdiction of foreign courts or may not be successful in subjecting foreign persons to the jurisdiction of courts in Canada or in the United States

Franco-Nevada applies various methods, where practicable, to identify, assess and, where possible, mitigate these risks prior to entering into royalty and stream agreements. Such methods generally include: conducting due diligence on the political, social, legal and regulatory systems and on the ownership, title and regulatory compliance of the properties subject to the royalty or stream interest; engaging experienced local counsel and other advisors in the applicable jurisdiction; and negotiating where possible so that the applicable royalty or stream agreement contains appropriate protections, representations, warranties and, in each case as Franco-Nevada deems necessary or appropriate in the circumstances, all applied on a risk-adjusted basis. There can be no assurance, however, that Franco-Nevada will be able to identify or mitigate all risks relating to holding royalty and stream interests in respect of properties, mines and projects located in foreign jurisdictions, and

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the occurrence of any of the factors and uncertainties described above could have a material adverse effect on Franco-Nevada's business, results of operations, cash flows and financial condition.

***Franco-Nevada is exposed to risks of changing political attitudes and stability and ensuing changes in government regulation in the countries in which it holds royalty, stream or other interests***

The properties on which Franco-Nevada holds or will hold a royalty, stream or other interest are located in multiple legal jurisdictions and political systems. It is possible that changes in applicable laws, regulations, or in their enforcement or regulatory interpretation could result in adverse changes to mineral or oil and natural gas operations. These are matters over which Franco-Nevada has no control. There is no assurance that future political and economic conditions, including the lobbying efforts of non-governmental organizations, in such countries will not result in the adoption of different policies or attitudes respecting the development and ownership of resources. Any such changes in policy or attitudes may result in changes in laws affecting ownership of assets, land tenure and resource concessions, licensing fees, taxation, royalties, price controls, exchange rates and controls, export controls, environmental protection, labour relations, foreign investment, nationalization, expropriation of property, repatriation of income and return of capital, which may affect both the ability to undertake exploration and development on, or production from, the properties in which Franco-Nevada holds a royalty, stream or other interest. In certain areas where Franco-Nevada holds a royalty, stream or other interest, the regulatory environment is in a state of continuing change, and new laws, regulations and requirements may be retroactive in their effect and implementation. Any changes in governmental laws, regulations, economic conditions or shifts in political attitudes or stability are beyond the control of Franco-Nevada and the owners and operators of the properties in which Franco-Nevada has an interest and such changes may result in a material and adverse effect on Franco-Nevada's profitability, results of operations, financial condition and the trading price of Franco-Nevada's securities.

***Political volatility and potential changes to mining legislation in Chile, Peru, Mexico and South Africa may affect operations at the properties underlying certain of Franco-Nevada's royalties and streams***

Franco-Nevada has a number of streams and royalties with respect to properties located in each of Chile (including Candelaria), Peru (including Antamina and Antapaccay), Mexico (including Guadalupe-Palmarejo) and South Africa (including Pandora and Western Limb Mining Operations). These countries have been experiencing periods of significant political volatility and changes in government. Government bodies and officials in these countries have made a variety of proposals regarding potential changes to mining legislation in the respective countries. The proposals are wide-ranging and have included potential changes in mining policies, royalties, taxation levels, ownership rights and the treatment of local communities. In Chile, the mining legislation has been modified (and continues to be subject to modifications) to increase the taxes payable by mining companies and fees of mining concessions, as well as to set new requirements for mining concessions, including with respect to their timeframe, and obligations to provide information, amongst other requirements. In Peru, political volatility remains ongoing and certain mining operations, including Antapaccay, have previously been directly impacted by the unrest. In Mexico, in 2024, a bill was approved by the lower Chamber of Congress to ban open-pit mining, which proposed legislation remains under review by the Mexican government, which is currently not granting new open-pit concessions. In South Africa, their primary mining legislation remains under political review, as part of larger developments around the regulation of mineral and petroleum resources in South Africa. To the extent that operations at properties underlying Franco-Nevada's royalties and streams are impacted by political unrest, this may materially and adversely affect Franco-Nevada's profitability, results of operations, financial condition and the trading price of Franco-Nevada's securities.

While the final scope and pace of the proposed changes and their implementation are still ongoing, this could have a material adverse impact on the operations of the owners or operators of properties underlying Franco-Nevada's royalties and streams in these jurisdictions. This may materially and adversely affect Franco-Nevada's profitability, results of operations, financial condition and the trading price of Franco-Nevada's securities.

***Changes to provincial and state royalty frameworks may have an adverse effect on the revenue generated by energy assets***

In addition to federal regulation, each Canadian province and U.S. state has legislation and regulations that govern royalties, production rates and other matters. The royalty regime in a given province or state is a significant factor in the profitability of crude oil, natural gas liquids, sulfur and natural gas production. Royalties payable on production from lands other than Crown or U.S. federal government lands are determined by negotiation between the mineral freehold owner and the lessee, although production from such lands is subject to certain taxes and royalties. Royalties from production on Crown or U.S. federal government lands are determined by governmental regulation and are generally calculated as a percentage of the value of gross production. The rate of royalties payable generally depends in part on prescribed reference prices, well productivity, geographical location, field discovery date, method of recovery and the type or quality of the petroleum product produced. Other royalties and royalty-like interests are, from time to time, carved out of the working interest owner's interest through non-public transactions. These are often referred to as overriding royalties, gross overriding royalties, net profits interests, or net carried interests.

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Occasionally the governments of the western Canadian provinces create incentive programs for exploration and development. Such programs often provide for royalty rate reductions, royalty holidays, or royalty tax credits and are generally introduced when commodity prices are low to encourage exploration and development activity by improving earnings and cash flow within the industry.

Any increased royalty burden may affect the operations of the owners or operators of properties underlying Franco-Nevada's energy assets which may materially and adversely affect its profitability, results of operations, financial condition and the trading price of Franco-Nevada's securities.

***Proposed changes to U.S. federal mining and public land law could impose, among other things, royalties and fees paid to the U.S. government by mining companies and royalty holders***

Periodically, members of the U.S. Congress have introduced bills which would supplant or alter the provisions of The General Mining Law of 1872 which governs the disposition of metallic minerals on lands owned by the federal government. Some of the production covered by Franco-Nevada's royalties occurs on unpatented mining claims located on U.S. federal lands. There have been recent proposals to amend the U.S. mining law to impose a royalty on the production of select hardrock minerals, such as silver, gold and copper, from U.S. federal lands, and a reclamation fee on production from federal and other lands. Any such proposal, if enacted by the U.S. Congress, could substantially increase the cost of holding mining claims and could reduce the revenue Franco-Nevada receives from royalties on unpatented mining claims and, to a lesser extent, on other lands in the United States. Moreover, such legislation could significantly impair the ability of owners of properties subject to Franco-Nevada's royalties to develop mineral resources on unpatented mining claims. Although it is impossible at this time to predict what royalties and fees may be imposed in the future, the imposition of such royalties and fees could adversely affect the potential for development of such mining claims and the economics of existing operating mines on federal lands. Passage of such legislation may result in a material and adverse effect on Franco-Nevada's profitability, results of operations, financial condition and the trading price of Franco-Nevada's securities.

***Adequate infrastructure is necessary for the properties in which Franco-Nevada has an interest or to realize maximum value from its interests***

Mining, processing, development and exploration activities depend, to one degree or another, on adequate infrastructure. Reliable roads, bridges, power sources and water supply are important determinants, which affect capital and operating costs. Unusual or infrequent weather phenomena, including climate change, sabotage, government or other interference in the maintenance or provision of such infrastructure could adversely affect the operations in which Franco-Nevada has a royalty/stream interest.

Realized pricing underlying payments in respect of Franco-Nevada's diversified interests may differ from benchmark pricing due to product quality differences and transportation and other costs. From time to time, material differences in price may arise due to transportation bottlenecks or a lack of pipeline capacity. These differentials are expected to be volatile over time and change with market dynamics.

***Production is dependent on operators' employees***

Production from the properties in which Franco-Nevada holds an interest depends on the efforts of operators' employees. There is competition for geologists and persons with mining and oil and gas expertise. The ability of the owners and operators of such properties to hire and retain geologists and persons with expertise is key to those operations. Further, relations with employees may be affected by changes in the scheme of labour relations that may be introduced by the relevant governmental authorities in the jurisdictions in which those operations are conducted. Changes in such legislation or otherwise in the relationships of the owners and operators of such properties with their employees may result in strikes, lockouts or other work stoppages, any of which could have a material adverse effect on such operations, results of operations and financial condition of Franco-Nevada. If these factors cause the owners and operators of such properties to decide to cease production at one or more of the properties, such decision could have a material adverse effect on the business and financial condition of Franco-Nevada.

***Franco-Nevada is subject to risks related to certain operations in developing economies***

Certain operators are subject to risks normally associated with the conduct of business in developing economies. Risks may include, among others, problems relating to power supply, water supply, worker safety, labour disputes, delays or invalidation of governmental orders and permits, corruption, uncertain political and economic environments, civil disturbances and crime, arbitrary changes in laws or policies, foreign taxation and exchange controls, nationalization of assets, opposition to mining from environmental or other non-governmental organizations or changes in the political attitude towards mining, empowerment of previously disadvantaged people, local ownership requirements, limitations on foreign ownership, power supply issues, limitations on repatriation of earnings, infrastructure limitations and increased financing costs. The above risks may limit, disrupt or negatively impact the operator's business activities.

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***Franco-Nevada's assets may be subject to risks related to indigenous peoples***

Franco-Nevada holds royalty, stream and other interests on operations located in some areas presently or previously inhabited or used by indigenous peoples. Various international and national, state and provincial laws, codes, resolutions, conventions, guidelines, treaties, and other principles and considerations relate to the rights of indigenous peoples with many imposing obligations on government to respect the rights of indigenous people. Some mandate consultation with indigenous people regarding actions which may affect indigenous people, including actions to approve or grant mining rights or permits. The obligations of government and private parties under the various international and national requirements, principles and considerations pertaining to indigenous people continue to evolve and be defined. Franco-Nevada's current and future operations are subject to a risk that one or more groups of indigenous people may oppose continued operation, further development, or new development of those projects or operations on which Franco-Nevada holds a royalty, stream or other interest. This risk exists even where operators have sought to comply with applicable consultation obligations. Such opposition may be directed through legal or administrative proceedings or protests, roadblocks or other forms of public expression against Franco-Nevada or the operators' activities. Opposition by indigenous people to such activities may require modification of or preclude operation or development of projects or may require the entering into of agreements with indigenous people. Claims and protests of indigenous peoples may disrupt, halt or delay activities of the operators of Franco-Nevada's royalty, stream or other interests.

***Franco-Nevada's assets may be subject to risks relating to environment, social and governance (ESG) matters***

Mining, extraction, drilling, fracking, processing, exploration and development activities in both mining and oil and gas are subject to ESG risks which could have a significant impact on project development, operational performance, reputation and social license to operate. ESG issues at the properties underlying Franco-Nevada's assets could have a material and adverse effect on Franco-Nevada's profitability, results of operations, financial condition, the trading price of Franco-Nevada's securities and Franco-Nevada's reputation. Franco-Nevada's corporate policies, including its Investment Principles Policy (Environmental, Social and Governance) and its Climate Action Policy, set out the principles regarding ESG matters which guide Franco-Nevada's investment decisions and the ongoing management and evaluation of Franco-Nevada's assets in an effort to mitigate these risks.

Investors are increasingly seeking enhanced disclosure on the risks, challenges, governance implications and financial impacts of ESG matters faced by companies, including Franco-Nevada itself and many of the operators of the properties in which Franco-Nevada holds an interest. In connection with increased investor focus and additional disclosure, there is the potential for litigation in connection with such disclosure and with underlying ESG-related issues. Such litigation, if instituted, could result in substantial cost and diversion of management's attention and resources, which could have a materially adverse financial impact and significantly harm the reputation of Franco-Nevada.

**Risks Related to Franco-Nevada's Securities**

***Franco-Nevada's securities are subject to price volatility***

Securities markets have a high level of price and volume volatility, and the market price of securities of many companies have experienced wide fluctuations in price which have not necessarily been related to the operating performance, underlying asset values or prospects of such companies. Factors unrelated to the financial performance or prospects of Franco-Nevada include macroeconomic developments in North America and globally, and market perceptions of the attractiveness of particular industries or asset classes. There can be no assurance that continued fluctuations in commodity prices will not occur. As a result of any of these factors, the market price of Franco-Nevada's securities at any given time may not accurately reflect the long-term value of Franco-Nevada.

In the past, following periods of volatility in the market price of a company's securities, shareholders have instituted class action securities litigation against them. Such litigation, if instituted, could result in substantial cost and diversion of management's attention and resources, which could significantly harm profitability and the reputation of Franco-Nevada.

***There may be limitations on enforcement of civil judgements***

A substantial portion of the assets of Franco-Nevada are located outside of Canada. As a result, it may not be possible for investors in Franco-Nevada's securities to collect from Franco-Nevada judgements obtained in courts in Canada predicated on the civil liability provisions of securities legislation of certain of the provinces and territories of Canada. It may also be difficult for investors in Franco-Nevada's securities to succeed in a lawsuit in the United States, based solely on violations of Canadian securities laws.

***Additional issuance of securities by Franco-Nevada may dilute existing securityholders, reduce some or all of Franco-Nevada's financial measures on a per share basis, reduce the trading price of the Common Shares or other Franco-Nevada securities or impede Franco-Nevada's ability to raise future capital***

Franco-Nevada may issue additional securities in the future in connection with acquisitions, strategic transactions, financings or for other purposes. To the extent additional securities are issued, Franco-Nevada's existing securityholders could be diluted

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and some or all of Franco-Nevada's financial measures could be reduced on a per share basis. Additionally, Franco-Nevada securities issued in connection with a transaction may not be subject to resale restrictions and, as such, the market price of Franco-Nevada's securities may decline if certain large holders of Franco-Nevada securities or recipients of Franco-Nevada securities in connection with an acquisition, sell all or a significant portion of such securities or are perceived by the market as intending to sell such securities. In addition, such issuances of securities may impede Franco-Nevada's ability to raise capital through the sale of additional equity securities in the future.

***Franco-Nevada may be, or may become, a "passive foreign investment company," which may result in adverse tax consequences for United States investors***

If Franco-Nevada were classified as a PFIC for any taxable year during which a U.S. investor owned Common Shares, the U.S. investor generally would be subject to certain adverse U.S. federal income tax consequences, including increased tax liability on gain from the disposition of Common Shares and on certain distributions and a requirement to file annual reports with the U.S. Internal Revenue Service ("**IRS**"). In general, a non-U.S. corporation is a PFIC for any taxable year in which (i) 75% or more of its gross income consists of passive income or (ii) 50% or more of the value of its assets consists of assets that produce, or are held for the production of, passive income. Passive income generally includes dividends, interest, certain rents and royalties, certain gains from the sale of stock and securities, and certain gains from commodities transactions.

Franco-Nevada believes, on a more-likely-than-not basis, that it was not a PFIC for its taxable year ended December 31, 2025, and, based on its current and anticipated business activities and financial expectations, Franco-Nevada expects, on a more-likely-than-not basis, that it will not be a PFIC for its current taxable year or in the foreseeable future. However, the classification of Franco-Nevada under the PFIC rules will depend, in part, on whether certain of its income qualifies for an exception for active business gains arising from the sale of commodities for purposes of the PFIC income and asset tests. Moreover, the determination as to whether a corporation is, or will be, a PFIC for a particular taxable year depends, in part, on the application of complex U.S. federal income tax rules, which are subject to differing interpretations and uncertainty. There is limited authority on the application of the relevant PFIC rules, including the active business gains exception, to entities such as Franco-Nevada and its subsidiaries. Accordingly, there can be no assurance that the IRS will not challenge the views of Franco-Nevada concerning its PFIC status or that such a challenge will not be successful. In addition, whether any corporation will be a PFIC for any taxable year depends on its assets and income over the course of such taxable year, and, as a result, Franco-Nevada's PFIC status for its current taxable year and any future taxable year cannot be predicted with certainty.

Each U.S. investor should consult their own tax advisor regarding the PFIC status of Franco-Nevada. Please see the discussion set forth under the heading, "United States Federal Income Tax Considerations" contained in Franco-Nevada's Annual Report on Form 40-F filed with the SEC on www.sec.gov.

***Franco-Nevada's business is subject to evolving corporate governance and public disclosure regulations that have increased both Franco-Nevada's compliance costs and the risk of noncompliance, which could have an adverse effect on the price of Franco-Nevada's securities***

Franco-Nevada is subject to changing rules and regulations promulgated by a number of United States and Canadian governmental and self-regulated organizations, including the SEC, the Canadian Securities Administrators, the NYSE, the TSX, the International Accounting Standards Board and the Financial Accounting Standards Board. These rules and regulations continue to evolve in scope and complexity making compliance more difficult and uncertain. Further, Franco-Nevada's efforts to comply with these and other new and existing rules and regulations have resulted in, and are likely to continue to result in, increased general and administrative expenses and a diversion of management's time and attention from revenue-generating activities to compliance activities. Reporting obligations as a public company in Canada and the United States also require management and other personnel to divert attention from operational and other business matters to devote substantial time to these public company requirements.

***Franco-Nevada may fail to maintain the adequacy of internal control over financial reporting as per the requirements of the Sarbanes-Oxley Act***

Section 404 of the Sarbanes-Oxley Act of 2002 ("**SOX**") requires an annual assessment by management of the effectiveness of Franco-Nevada's internal control over financial reporting and an attestation report by Franco-Nevada's independent auditors addressing this assessment. While Franco-Nevada's internal controls over financial reporting for the year ended December 31, 2025 were effective, Franco-Nevada may in the future fail to achieve and maintain the adequacy of its internal control over financial reporting, as such standards are modified, supplemented or amended from time to time, and Franco-Nevada may not be able to ensure that it can conclude on an ongoing basis that it has effective internal control over financial reporting in accordance with Section 404 of SOX. Franco-Nevada's failure to satisfy the requirements of Section 404 of SOX on an ongoing, timely basis could result in the loss of investor confidence in the reliability of its financial statements, which in turn could harm Franco-Nevada's business and negatively impact the trading price of its Common Shares. In addition, any failure to implement required new or improved controls, or difficulties encountered in their implementation, could harm Franco-Nevada's operating results or cause it to fail to meet its reporting obligations. Future acquisitions of companies may provide Franco-Nevada with challenges in implementing the required processes, procedures and controls in its acquired operations. Acquired companies

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may not have disclosure controls and procedures or internal control over financial reporting that are as thorough or effective as those required by securities laws currently applicable to Franco-Nevada.

No evaluation can provide complete assurance that Franco-Nevada's internal control over financial reporting will detect or uncover all failures of persons within Franco-Nevada to disclose material information otherwise required to be reported. The effectiveness of Franco-Nevada's controls and procedures could also be limited by simple errors or faulty judgements. In addition, should Franco-Nevada expand in the future, the challenges involved in implementing appropriate internal control over financial reporting will increase and will require that Franco-Nevada continue to improve its internal control over financial reporting. Although Franco-Nevada intends to devote substantial time and incur substantial costs, as necessary, to ensure compliance, Franco-Nevada cannot be certain that it will be successful in complying with Section 404 of SOX on an ongoing basis.

***Franco-Nevada is a foreign private issuer in the United States and subject to different reporting obligations than U.S. domestic companies***

Franco-Nevada is a "foreign private issuer", as such term is defined in Rule 405 under the U.S. Securities Act, and is not subject to the same requirements that are imposed upon U.S. domestic issuers by the SEC. Under the U.S. Exchange Act, Franco-Nevada is subject to reporting obligations that, in certain respects, are less detailed and less frequent than those of U.S. domestic reporting companies. As a result, Franco-Nevada does not file the same reports that a U.S. domestic issuer would file with the SEC. Although Franco-Nevada is required to file or furnish to the SEC the continuous disclosure documents that it is required to file in Canada under Canadian securities laws, the disclosure requirements and reporting deadlines differ from those applicable to U.S. domestic companies and shareholders should not expect to receive the same information at the same time as such information is provided by U.S. domestic companies.

In addition, as a foreign private issuer, Franco-Nevada is permitted to follow certain Canadian corporate governance practices in lieu of those required by the NYSE listing rules. In particular, Franco-Nevada intends to follow the listing rules of the TSX in respect of private placements instead of the requirements of the NYSE to obtain shareholder approval for certain dilutive events, which may be less favorable to shareholders than for U.S. domestic companies that are subject to NYSE shareholder approval rules.

If, in the future, a majority of Franco-Nevada's common shares are held in the United States and it fails to meet certain additional requirements, Franco-Nevada may lose foreign private issuer status (in addition to multijurisdictional disclosure system status). The regulatory and compliance costs to Franco-Nevada under U.S. securities laws as a U.S. domestic issuer will be significantly more than the costs incurred as an SEC foreign private issuer. If Franco-Nevada is not a foreign private issuer, it would be required to file periodic and current reports and registration statements on U.S. domestic issuer forms with the SEC, which are generally more detailed and extensive than the forms available to a foreign private issuer (including Item 1300 of Regulation S-K, which sets forth the U.S. disclosure requirements for SEC registrants with mining operations). In addition, Franco-Nevada may lose the ability to rely upon exemptions from corporate governance requirements that are available to foreign private issuers. The loss of foreign private issuer status would result in significant costs and expenses which could have an adverse impact on Franco-Nevada's financial condition and cash flows.

***Franco-Nevada may become subject to burdensome regulatory requirements under U.S. laws regulating pension plans***

Franco-Nevada may not qualify as an "operating company" for purposes of the Employee Retirement Income Security Act of 1974 (United States), as amended ("**ERISA**"). In such event, if 25% or more of the issued Common Shares were held by employee benefit plans subject to ERISA or plans subject to the U.S. Internal Revenue Code's "prohibited transaction" rules (such as individual retirement accounts) (collectively, "**Plan Investors**"), then Franco-Nevada's assets would be treated as "plan assets" for ERISA purposes, unless another exemption from the "plan assets" status is applicable. As a result, Franco-Nevada could become subject to potentially burdensome regulatory requirements under ERISA, including heightened fiduciary duties owed to Plan Investors and restrictions on transacting with parties that are related to Plan Investors. While Franco-Nevada intends to monitor beneficial ownership of its Common Shares by Plan Investors, there can be no assurance that Franco-Nevada will not become subject to ERISA regulations in the future. If Franco-Nevada were subject to ERISA regulatory requirements, it could have a material and adverse effect on Franco-Nevada's ability to manage its business and/or its results of operations and financial condition.

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**DIVIDENDS**

Franco-Nevada declares its dividends in U.S. dollars. The following tables set forth the dividends paid by Franco-Nevada for each of the three most recently completed financial years in U.S. dollars and the Canadian dollar equivalent.

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| | | | |
|:---|:---|:---|:---|
| **Dividends Paid in US$(in millions)** | **2025** | **2024** | **2023** |
| Per Common Share (in dollars) | $1.52 | $1.44 | $1.36 |
| Cash payments | $275.1 | $242.4 | $233.0 |
| DRIP payments<sup>(1)</sup> | $18.7 | $34.6 | $29.1 |
| In aggregate<sup>(1)</sup> | $293.8 | $277.0 | $262.1 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) For 2025, 2024 and 2023, includes DRIP payments which were satisfied by the issuance of 101,806, 287,449, and 221,351 Common Shares, respectively.

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| | | | |
|:---|:---|:---|:---|
| **Dividends Paid in C$(in millions)** | **2025** | **2024** | **2023** |
| Per Common Share (in dollars)<sup>(1)</sup> | $2.12 | $1.98 | $1.84 |
| Cash payments<sup>(1)</sup> | $382.4 | $334.0 | $313.4 |
| DRIP payments<sup>(1)(2)</sup> | $26.0 | $47.5 | $39.1 |
| In aggregate<sup>(1)(2)</sup> | $408.4 | $381.5 | $352.5 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) The exchange rate used to convert the dividends to C$ is the daily exchange rate posted by the Bank of Canada on the record date.

&nbsp;&nbsp;&nbsp;&nbsp;(2) For 2025, 2024 and 2023, includes DRIP payments which were satisfied by the issuance of 101,806, 287,449, and 221,351 Common Shares, respectively.

Franco-Nevada has adopted a dividend policy to pay a sustainable dividend as determined by its Board of Directors to qualify its Common Shares for large generalist institutional funds. In July 2010, Franco-Nevada began to declare and pay monthly dividends and, effective Q2 2014, the Board of Directors began to pay dividends on a quarterly basis. The Board of Directors may change the dividend policy at any time at its sole discretion and there is no assurance that Franco-Nevada will be able to pay any dividends or sustain any level of dividend payments. It is expected that the Board of Directors will conduct periodic reviews of Franco-Nevada's dividend policy.

On July 9, 2013, Franco-Nevada adopted the DRIP to provide, among other things, eligible holders of Franco-Nevada's Common Shares with a means to reinvest dividends declared and payable to them as shareholders (less any withholding tax) in additional Common Shares of Franco-Nevada. Currently, such Common Shares are issued from treasury at a 1% discount to the market price. The discount may be adjusted in future but cannot exceed 5%. Shareholders were able to participate in the DRIP starting with the October 2013 dividend payment. During Q2 2018, Franco-Nevada amended and restated the DRIP to allow for the participation of certain non-Canadian and non-U.S. shareholders, subject to the satisfaction of certain conditions. Non-Canadian and non-U.S. shareholders who are interested in participating in the DRIP should contact Franco-Nevada to determine whether they satisfy the necessary conditions to participate in the DRIP.

**CAPITAL STRUCTURE**

The authorized share capital of Franco-Nevada consists of an unlimited number of Common Shares and an unlimited number of preferred shares of which, as of March 18, 2026, 192,798,692 Common Shares and no preferred shares were outstanding.

**Common Shares**

Each Common Share carries the right to one vote at all meetings of shareholders of Franco-Nevada. There are no special rights or restrictions of any nature attached to the Common Shares. All Common Shares rank equally as to dividends, voting powers and participation in assets upon liquidation of Franco-Nevada.

**Preferred Shares**

The preferred shares may be issued in one or more series, each series to consist of such number of shares as may, before the issue thereof, be fixed by resolution of the Board of Directors. The directors shall determine before the issue thereof the designations, rights, privileges, restrictions and conditions attaching to the preferred shares of each series including the rate or amount of dividends or the method of calculating dividends, the dates of payment thereof, the redemption and/or purchase prices and terms and conditions of redemption and/or purchase, any voting rights, any conversion rights and any sinking fund or other provisions.

The preferred shares of each series will, with respect to payment of dividends and the distribution of assets in the event of liquidation, dissolution or winding up, rank on a parity with the preferred shares of every other series and be entitled to preference over the Common Shares and over any other shares ranking junior to the preferred shares. The preferred shares of any series may also be given such other preferences over the Common Shares and over any other shares ranking junior to the preferred shares as may be fixed by the directors.

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**MARKET FOR SECURITIES**

The Common Shares of Franco-Nevada are listed and posted for trading on the TSX and the NYSE in each case under the symbol "FNV".

**Trading Price and Volume**

The following table sets forth the high and low prices and volumes for the Common Shares traded on the TSX and on the NYSE for fiscal year to date and for the most recently completed financial year.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Shares TSX** | **Common Shares TSX** | **Common Shares TSX** | **Common Shares NYSE** | **Common Shares NYSE** | **Common Shares NYSE** |
|  | **High C$**  | **Low C$**  | **Volume**  | **High $**  | **Low $**  | **Volume**  |
| **2025** |  |  |  |  |  |  |
| January | 200.00 | 171.26 | 5035785 | 138.34 | 118.86 | 12692680 |
| February | 207.38 | 195.93 | 5256484 | 144.27 | 135.16 | 12645947 |
| March | 227.84 | 203.81 | 7507043 | 159.38 | 140.92 | 19685511 |
| April | 245.55 | 199.61 | 8803969 | 178.74 | 140.03 | 26699536 |
| May | 236.80 | 215.10 | 5954583 | 172.00 | 153.96 | 16319868 |
| June | 245.53 | 218.61 | 6372863 | 179.99 | 159.33 | 18465242 |
| July | 227.58 | 210.19 | 6272947 | 166.77 | 152.89 | 14908485 |
| August | 259.61 | 220.99 | 5672015 | 189.00 | 160.21 | 13975927 |
| September | 310.29 | 257.43 | 7354302 | 223.15 | 185.75 | 17174063 |
| October | 314.53 | 254.13 | 9321233 | 225.64 | 181.50 | 22766858 |
| November | 294.49 | 256.35 | 6833697 | 210.75 | 207.00 | 12242931 |
| December | 303.12 | 275.81 | 6648188 | 220.25 | 197.53 | 15124460 |
| **2026** |  |  |  |  |  |  |
| January | 363.32 | 286.10 | 10015556 | 267.64 | 208.58 | 20310707 |
| February | 383.74 | 307.19 | 7084368 | 280.82 | 224.39 | 14150562 |
| March (1-18) | 379.70 | 333.52 | 4756905 | 277.92 | 243.33 | 12693984 |

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**DIRECTORS AND OFFICERS**

The following table sets forth, as at the date hereof, the name, province or state and country of residence, position held with Franco-Nevada and principal occupation of each director and executive officer of Franco-Nevada:

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| | | |
|:---|:---|:---|
| **Name and Municipality of Residence** | **Position with Franco-Nevada**<sup>(1)</sup> | **Principal Occupation** |
| **David Harquail**<sup>(2)</sup> | Director and Chair of the Board | Chair of the Board, |
| Toronto, Ontario, Canada |  | Franco-Nevada Corporation |
| **Paul Brink** | Director and President & Chief | President & Chief Executive Officer, |
| Toronto, Ontario, Canada | Executive Officer | Franco-Nevada Corporation |
| **Tom Albanese(3)(6)** | Lead Independent Director | Corporate Director |
| Hillsborough, New Jersey, U.S.A. |  |  |
| **Hugo Dryland(4)(6)** | Director | Global Partner, Rothschild & Co |
| Lighthouse Point, Florida, U.S.A. |  |  |
| **Derek W. Evans(5)** | Director and Chair of the Compensation | Corporate Director |
| Canmore, Alberta, Canada | and Sustainability Committee (the "**CSC**") |  |
| **Catharine Farrow(4)** | Director | President, FarExGeoMine Ltd. |
| Sudbury, Ontario, Canada |  |  |
| **Maureen Jensen(6)** | Director and Chair of the Nominating | Corporate Director |
| Thornbury, Ontario, Canada | and Governance Committee (the "**NGC**") |  |
| **Jennifer Maki(4)** | Director and Chair of the Audit and Risk | Corporate Director |
| Toronto, Ontario, Canada | Committee (the "**ARC**") |  |
| **Daniel Malchuk**<sup>(5)</sup> | Director | Senior Advisor, Appian Capital LLP |
| Santiago, Chile |  |  |
| **Jacques Perron**<sup>(5)</sup> | Director | Corporate Director |
| West Vancouver, British Columbia, |  |  |
| Canada |  |  |
| **Sandip Rana** | Chief Financial Officer | Chief Financial Officer, |
| Oakville, Ontario, Canada |  | Franco-Nevada Corporation |
| **Lloyd Hong** | Chief Legal Officer & Corporate Secretary | Chief Legal Officer & Corporate Secretary, |
| Toronto, Ontario, Canada |  | Franco-Nevada Corporation |
| **Eaun Gray** | Chief Investment Officer | Chief Investment Officer, |
| Toronto, Ontario, Canada |  | Franco-Nevada Corporation |
| **John Blanchette** | President, | President, |
| Hastings, Christ Church, Barbados | Franco-Nevada International Corporation | Franco-Nevada International Corporation |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) David Harquail was appointed a director in November 2007 and was appointed Chair in May 2020. The appointment dates of all other directors were as follows: Derek Evans in August 2008, Tom Albanese in August 2013, Catharine Farrow in May 2015, Jennifer Maki in May 2019, Paul Brink in May 2020, Maureen Jensen in May 2020, Jacques Perron in November 2022, Hugo Dryland in May 2024, and Daniel Malchuk in January 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(2) David Harquail is not standing for re-election at the Annual Meeting. The Board intends to appoint Mr. Harquail as Chair Emeritus at that time.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Effective as of the Annual Meeting, the Board intends to appoint Tom Albanese as the independent Chair of its Board.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Member of the ARC.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Member of the CSC. Derek Evans and Jacques Perron ceased serving as members of the Compensation and ESG Committee (the "**CESGC**") upon its dissolution and were appointed members of the newly-formed CSC, both effective as of May 8, 2025. Daniel Malchuk was appointed a member of the CSC effective as of May 8, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Member of the NGC. Tom Albanese and Maureen Jensen ceased serving as members of the CESGC upon its dissolution and were appointed members of the newly-formed NGC, both effective as of May 8, 2025. Hugo Dryland was appointed a member of the NGC effective as of May 8, 2025.

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Each director's term of office expires at the next annual meeting of shareholders of Franco-Nevada or when his or her successor is duly elected or appointed, unless his or her term ends earlier in accordance with the articles or by-laws of Franco-Nevada, he or she resigns from office or he or she becomes disqualified to act as a director of Franco-Nevada.

As of March 18, 2026, the directors and executive officers of Franco-Nevada, as a group, beneficially own, directly or indirectly, or exercise control or direction over an aggregate of 1,178,204 Common Shares, representing approximately 0.6% of the Common Shares outstanding.

Biographical information regarding the current directors and executive officers of Franco-Nevada is provided as follows:

**David Harquail, Director and Chair of the Board —** David Harquail is Chair of the Board. As Mr. Harquail will not be standing for re-election to the Board, the Board intends to appoint David Harquail as Chair Emeritus following the Annual Meeting. Prior to his appointment as Chair in May 2020, Mr. Harquail served as the Corporation's CEO for more than 13 years since its initial public offering in 2007. He also serves as a director of the Bank of Montreal, and is a past governor (2022-2025) of Laurentian University in Sudbury, a past director (2023-2024) of the Prospectors & Developers Association of Canada and a past director and former Chair (2017-2020) of the World Gold Council. Mr. Harquail has also held senior executive roles and served as a director of numerous public mining companies and has been actively involved in industry organizations. Mr. Harquail holds a B.A.Sc. in Geological Engineering from the University of Toronto, an MBA from McGill University and is a registered Professional Engineer in Ontario. He is also a major benefactor of the School of Earth Sciences and its Mineral Exploration Research Centre (MERC) at Laurentian University as well as the Centre for Neuromodulation at Sunnybrook Health Sciences in Toronto. Mr. Harquail was recently inducted into the Canadian Mining Hall of Fame.

**Paul Brink, President & Chief Executive Officer** — Paul Brink is President & Chief Executive Officer and a director of Franco-Nevada. Prior to his appointment as CEO, Mr. Brink served as President & Chief Operating Officer of Franco-Nevada from May 2018 to May 2020. He has been with Franco-Nevada since its initial public offering in 2007 and successfully led its business development activities as SVP, Business Development from 2008 until his promotion to President & Chief Operating Officer in 2018. Mr. Brink is active with a number of not-for-profit organizations. He previously had roles in corporate development at Newmont, investment banking at BMO Nesbitt Burns and project financing at UBS. Mr. Brink holds a Bachelor's degree in Mechanical Engineering from the University of Witwatersrand and a Master's degree in Management Studies from Oxford University.

**Tom Albanese, Director** — Tom Albanese is Chair Designate and is currently a director of Franco-Nevada. The Board of Franco-Nevada intends to appoint Tom Albanese as the independent Chair of its Board of Directors following the Annual Meeting. Mr. Albanese served as CEO of Vedanta Resources plc (2014 to 2017), CEO of Vedanta Limited (2014 to 2017) and was CEO of Rio Tinto plc and Rio Tinto Limited (2007 to 2013). Mr. Albanese is also a director of CoTec Holdings Corp. He previously served on the boards of Nevada Copper Corp., Vedanta Resources plc, Vedanta Limited, Rio Tinto plc, Rio Tinto Limited, Ivanhoe Mines Limited, Palabora Mining Company and Turquoise Hill Resources Limited. Mr. Albanese holds a Master's of Science degree in Mining Engineering and a Bachelor of Science degree in Mineral Economics both from the University of Alaska Fairbanks.

**Hugo Dryland, Director —** Hugo Dryland is a director of Franco-Nevada. Mr. Dryland is also a Global Partner of Rothschild & Co, Chairman of the group's Global Advisory Metals & Mining Sector and Non-Executive Chairman of the group's Global Advisory business in Canada. Mr. Dryland joined Rothschild & Co in 1986 and has extensive experience in the mining, minerals, oil and gas, energy, utilities and infrastructure sectors, working on transactions spanning the globe. Throughout his career, Mr. Dryland has been actively involved in the leadership, oversight and execution of M&A mandates, financing advisory transactions and strategic advisory work undertaken in the mining and metals sectors. Mr. Dryland previously served on the boards of RCF Acquisition Corp. (2023), Antofagasta plc (2011-2016) and Antofagasta Minerals SA (2011-2016). Mr. Dryland holds Masters' degrees in Business Administration and in Comparative Law from the University of Warwick and George Washington University, respectively.

**Derek W. Evans, Director —** Derek Evans is a director of Franco-Nevada. Mr. Evans served as President & CEO of MEG Energy Corp. from August 2018 until May 2024 and as President and CEO and a director of Pengrowth Energy Corporation from May 2009 until March 2018. He also serves as a director of AltaGas Ltd. and, effective as of May 1, 2026, will become Chair of AltaGas Ltd.'s Board of Directors. He also served as Executive Chairman of the Pathways Alliance from May 2024 to February 2026. Mr. Evans has over 40 years of experience in a variety of operational and senior executive positions in the oil and gas business in Western Canada. Mr. Evans is also active in not-for-profit organizations and was a board member of MaRS (an innovation hub) from 2011 until 2023. Mr. Evans holds a Bachelor of Science degree in Mining Engineering from Queen's University and is a registered Professional Engineer in Alberta. Mr. Evans is also a member of the Institute of Corporate Directors.

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**Dr. Catharine Farrow, Director** — Catharine Farrow is a director of Franco-Nevada, a Professional Geoscientist (PGO) and accredited Corporate Director (ICD.D) with over 30 years of experience in the mining industry. She is also an Independent Director of ALS Limited, and Aclara Resources Inc. (Lead Director). Dr. Farrow is on the Board of Governors of Laurentian University and is active in the mining and technology industries in both private companies and academia. From 2012 to 2017 she was Founding CEO, Director and Co-Founder of TMAC Resources Inc. Before TMAC, Dr. Farrow was COO of KGHM International (formerly Quadra FNX Mining Ltd.). Before FNX, Dr. Farrow was with both Inco Ltd. and the Ontario Geological Survey. She is a past Director of Eldorado Gold Corporation (2020-2025), and Centamin PLC (2019-2024). Catharine has been awarded an Honourary Doctor of Science from Acadia University (2025), and an Honourary Doctor of Business Administration from Laurentian University (2024). She has been honoured as one of the 100 Global Inspirational Women in Mining (2015 and 2018). She has also obtained Professional Certificates in Cybersecurity Leadership (2024) and AI Strategy (2025) from Cornell University. Catharine obtained her BSc (Hons) from Mount Allison University, her MSc from Acadia University and her PhD from Carleton University.

**Maureen Jensen, Director** — Maureen Jensen is a director of Franco-Nevada. Ms. Jensen also serves as a director of the Bank of Canada. Previously, she served as Chair and Chief Executive Officer of the Ontario Securities Commission (the "**OSC**") from 2016 until April 2020 and was the Executive Director and Chief Administrative Officer of the OSC from 2011 to 2016. Before joining the OSC, Ms. Jensen was Senior Vice President, Surveillance and Compliance at the Investment Industry Regulatory Organization of Canada. Ms. Jensen has held senior regulatory and business positions at the Toronto Stock Exchange and had a 20-year career in the mining industry. Ms. Jensen is Chair of Canada's Ombudsman for Banking Services and Investments and is a Public Governor of FINRA in the United States. In 2022, Ms. Jensen was inducted into the Canadian Mining Hall of Fame. Ms. Jensen is a licensed professional geoscientist (P.Geo.) with Professional Geoscientists Ontario (PGO), holds the ICD.D and GCB.D designations, has a BSc, Doctor of Laws (Honoris Causa) and is a member of the Investment Industry Hall of Fame.

**Jennifer Maki, Director** — Jennifer Maki is a director of Franco-Nevada. She is also a director of Baytex Energy Corp. and Pan American Silver Corp. She previously served as Chief Executive Officer of Vale Canada and Executive Director of Vale Base Metals (2014 to 2017) and previously held several other positions with Vale Base Metals, including Chief Financial Officer & Executive Vice-President and Vice-President & Treasurer. She has also served on the boards of not-for-profit organizations. Ms. Maki has a Bachelor of Commerce degree from Queen's University and a postgraduate diploma from the Institute of Chartered Accountants, both in Ontario, Canada. She is also a Fellow Chartered Professional Accountant (FCPA) and a Fellow Chartered Accountant (FCA) and holds the ICD.D designation and the CERT Certificate in Cybersecurity Oversight.

**Daniel Malchuk, Director** — Daniel Malchuk is a director of Franco-Nevada. Mr. Malchuk brings over 30 years of strategic, operational and financial experience in the natural resource industry to the Board. He currently serves as a director of SSR Mining Inc. and a Senior Advisor with Appian Capital Advisory LLP. Previously, Mr. Malchuk served as Chairman of Jetti Resources LLC and held various leadership positions with BHP Group Limited until his retirement in 2020 including President of Operations, Minerals Americas, President of Copper, President of Aluminum, Manganese, and Nickel, President, Minerals Exploration and Vice President, Strategy and Development. He is also a member of the Senior Advisory Board at the Pre-Columbian Art Museum in Santiago. Mr. Malchuk holds a Civil Industrial Engineer degree from Universidad de Chile and an MBA from University of California at Los Angeles (UCLA) Anderson School of Management.

**Jacques Perron, Director** — Jacques Perron is a director of Franco-Nevada. Mr. Perron has over 40 years of experience in the mining industry and has extensive technical and operations experience. He currently serves as a director of Centerra Gold Inc. and as director and Chair of Arizona Metals Corp. Previously, Mr. Perron was President and Chief Executive Officer at a number of mining companies including Pretium Resources Inc., Thompson Creek Metals Company Inc. and St Andrew Goldfields Ltd. and has held senior executive roles at a number of other mining companies prior thereto. Mr. Perron is also the Chair of the Canadian Mineral Industry Education Foundation. Mr. Perron has a Bachelor of Science degree in Mining Engineering from l'École Polytechnique de Montréal.

**Sandip Rana, Chief Financial Officer** — Sandip Rana, Chief Financial Officer, joined Franco-Nevada in April 2010. He previously served in treasurer and controller roles at old Franco-Nevada until 2002 and then acted as an international controller for Newmont. From 2003 to April 2010, Mr. Rana held financial roles at Four Seasons Hotels Limited where he last served as Vice-President Corporate Finance. Mr. Rana holds a Bachelor of Business Administration degree from the Schulich School of Business and is a Chartered Professional Accountant, CA. In February 2019, Mr. Rana was recognized as a Top Gun CFO by Brendan Wood International.

**Lloyd Hong, Chief Legal Officer & Corporate Secretary** — Lloyd Hong, Chief Legal Officer & Corporate Secretary, joined Franco-Nevada in December 2012. He previously was the Senior Vice-President, Legal Counsel and Assistant Secretary of Uranium One Inc. Prior to that, he was a partner with the Canadian law firm of Davis LLP (now DLA Piper (Canada) LLP) with a practice focused on corporate finance and mergers and acquisitions. Mr. Hong holds a Bachelor of Commerce degree from the University of Alberta and a Bachelor of Laws degree from Queen's University. Mr. Hong is a member of The Law Society of Ontario and The Law Society of British Columbia (non-practising).

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**Eaun Gray, Chief Investment Officer** — Eaun Gray, Chief Investment Officer, heads Franco-Nevada's mining business development group. Mr. Gray was previously a Vice President at Rothschild & Co where he advised on mergers and acquisitions and debt and stream transactions. Prior to that, Mr. Gray worked for CIBC in investment and corporate banking. Mr. Gray completed a Master of Business Administration degree at the Tuck School at Dartmouth College (Edward Tuck Scholar), is a CFA Charterholder and received a Bachelor of Commerce from Queen's University (First Class Honours).

**John Blanchette, President, Franco-Nevada International Corporation** — John Blanchette, President, Franco-Nevada International Corporation, joined Franco-Nevada International Corporation in September 2018. Mr. Blanchette was previously a director at RBC Capital Markets in the Global Mining & Metals Investment Banking group where he advised on mergers and acquisitions, debt and equity transactions. Mr. Blanchette completed a Master of Business Administration degree at the DeGroote School of Business and received a Bachelor of Arts in Administrative and Commercial Studies from the University of Western Ontario.

**Cease Trade Orders, Bankruptcies, Penalties or Sanctions**

Except as set out below, no director or executive officer of Franco-Nevada (or where applicable, personal holding company of a director or executive officer):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is, as at the date hereof, or has been, within 10 years before the date hereof, a director, chief executive officer or chief financial officer of any company (including the Company) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) was subject to an order that was issued while the director or executive officer was acting in the capacity as director, chief executive officer or chief financial officer, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) was subject to an order that was issued after the director or executive officer ceased to be a director, chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is, as at the date hereof, or has been, within 10 years before the date hereof, a director or executive officer of any company (including the Company) that, while that person was acting in that capacity, or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement, or compromise with creditors or had a receiver, receiver-manager or trustee appointed to hold its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has, within 10 years before the date hereof, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver-manager or trustee appointed to hold the assets of the director or executive officer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) has been subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable investor in making an investment decision .

Derek Evans was a director (until his resignation in January 2016) of a private oil and gas company that sought protection under the *Companies' Creditors Arrangement Act* (Canada) in May 2016.

Tom Albanese was the CEO and a director of Vedanta Limited ("**Vedanta**") from 2014 until 2017. On March 12, 2024, the Securities and Exchange Board of India ("**SEBI**") imposed a two-month cease trade order in respect of India's securities markets on each of the executive directors (including Mr. Albanese) of Vedanta (one month for non-executive directors) in connection with an order issued by SEBI relating to the alleged delay in the payment of dividends to a shareholder of Vedanta between January 2014 and June 2017. On March 21, 2024, the Securities Appellate Tribunal issued a stay of the SEBI order against Vedanta. This matter relates to a long-running tax dispute and Vedanta has noted it is evaluating its legal options in respect of this order.

Tom Albanese was a director of Nevada Copper Corp. ("**NCU**"). In June 2024, NCU and its subsidiaries filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the District of Nevada, which was subsequently recognized in Canada under the *Companies' Creditors Arrangement Act* (the "**Proceedings**"). The Proceedings were subsequently completed in May 2025. On August 20, 2024, the British Columbia Securities Commission issued a Failure-to-File Cease Trade Order in respect of NCU as NCU had not filed certain periodic disclosure documents required under applicable securities law related to the interim period ended June 30, 2024. These documents were not filed in light of the Proceedings. The Failure-to-File Cease Trade Order was revoked on February 2, 2026.

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For the purposes of the above, "order" means: (i) a cease trade order; (ii) an order similar to a cease trade order, or (iii) an order that denied the relevant company access to any exemption under securities legislation, and, with respect to each, was in effect more than 30 consecutive days.

**Other Disclosed Matters**

On October 17, 2017, the SEC filed civil charges against each of Rio Tinto plc, Tom Albanese and the former CFO of Rio Tinto plc, alleging, among other things, violations of the anti-fraud, reporting, books and records and internal control provisions of U.S. federal securities laws in connection with conduct at Rio Tinto plc and certain of its subsidiaries while Mr. Albanese was the CEO of Rio Tinto plc and prior to his becoming a director of the Corporation.

On November 20, 2023, final judgements were entered as to Rio Tinto plc, Rio Tinto Limited, and Mr. Albanese based on the consents of Rio Tinto plc, Rio Tinto Limited, and Mr. Albanese and without admitting or denying the SEC's allegations. The final judgement regarding Rio Tinto plc and Rio Tinto Limited permanently restrains and enjoins those companies from violating Sections 13(a) and 13(b)(2)(A) of the Securities and Exchange Act of 1934 (the "**Exchange Act**") and Rules 12b 20 and 13a 16 thereunder and orders the payment of a civil penalty of US$28 million. The final judgement regarding Mr. Albanese permanently restrains and enjoins him from violating Section 13(b)(5) of the Exchange Act and Rule 13b2 1 thereunder and orders the payment of a civil penalty of US$50,000. The SEC's civil charges alleging violations of the anti-fraud provisions were dismissed.

On March 2, 2018, the Australian Securities and Investments Commission ("**ASIC**") commenced civil proceedings in the Federal Court of Australia against each of Rio Tinto Limited, Tom Albanese and the former CFO of Rio Tinto Limited related to statements which ASIC alleged were misleading contained in the annual report of Rio Tinto Limited for 2011. On May 1, 2018, ASIC expanded the proceedings commenced on March 2, 2018 in the Federal Court of Australia. The expanded proceedings related to Rio Tinto Limited's alleged failure to recognize an impairment of a wholly-owned subsidiary, Rio Tinto Coal Mozambique in its 2012 Interim Financial Statements.

On February 28, 2022, ASIC amended the proceedings, dropping all of its claims for relief against Mr. Albanese and the former CFO. On March 7, 2022, the Federal Court of Australia entered an order that, among other things, dismissed the proceedings in their entirety against Mr. Albanese and the former CFO. There were no findings of liability or contraventions on the part of Mr. Albanese (or the former CFO). The proceedings are concluded.

**Conflicts of Interest**

In the opinion of management of Franco-Nevada, there are no existing or potential conflicts of interest among Franco-Nevada, its directors, officers or other insiders of Franco-Nevada, other than as described in the following paragraph. Various officers, directors or other insiders of the Corporation may hold senior positions with other entities, including entities involved in the resource industry or may otherwise be involved in transactions within the resource industry and may develop other interests outside the Corporation. In the event that any such conflict of interest arises (or could potentially arise) for a director, such director will be required to disclose the conflict to a meeting of the directors of the Corporation and abstain from voting for or against the approval of such participation or such terms. In the event that any such conflict of interest arises (or could potentially arise) for an officer or other insider of the Corporation, such person will be required to disclose the conflict to the Chief Legal Officer and abstain from participating in any discussions related to such matter and the Board will be apprised of such conflict. In appropriate cases, the Corporation will establish a special committee of independent directors to review a matter in which several directors, or management, may have a conflict. Any decision made by any of such directors involving the Corporation will be required to be made in accordance with their duties and obligations to deal honestly and in good faith with a view to the best interests of the Corporation and its shareholders.

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**LEGAL PROCEEDINGS AND REGULATORY ACTIONS**

Other than with respect to the settlement of the CRA audits as described in the financial statements of the Corporation and the Cobre Panamá arbitration proceedings described herein, there are no outstanding material legal proceedings to which Franco-Nevada or any of its subsidiaries is a party or was a party to during fiscal 2025 or that any of its properties or assets is subject or was subject to, during fiscal 2025, and no proceedings are known to be contemplated against Franco-Nevada, any of its subsidiaries or any of their property or assets.

There have been no penalties or sanctions imposed against Franco-Nevada by a court relating to securities legislation or by a securities regulatory authority during fiscal 2025 and there have been no other penalties or sanctions imposed by a court or regulatory body against Franco-Nevada that would likely be considered important to a reasonable investor in making an investment decision. Franco-Nevada has not entered into any settlement agreement before a court relating to securities legislation or with a securities regulatory authority during fiscal 2025.

**INTERESTS OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS**

No director or executive officer of Franco-Nevada, any other insider of Franco-Nevada or any associate or affiliate of any of such individuals or companies has any material interest, directly or indirectly, in any transaction within the three most recently completed financial years or during the current financial year that has materially affected Franco-Nevada or is reasonably expected to materially affect Franco-Nevada.

**REGISTRAR AND TRANSFER AGENT**

The registrar and transfer agent for the Common Shares is Computershare Investor Services Inc. at its principal office in Toronto, Ontario.

**MATERIAL CONTRACTS**

Franco-Nevada has not entered into a material contract since October 17, 2007 (date of incorporation) that is still in effect other than material contracts entered into in the ordinary course of business (none of which are required to be disclosed).

**EXPERTS**

Certain technical and scientific information contained in this AIF, including in respect of the Candelaria mine and the Cobre Panamá mine was reviewed and approved in accordance with NI 43-101 by Darrol van Deventer, P.Eng., Vice President, Mining of the Corporation and a "Qualified Person" as defined in NI 43-101.

To the knowledge of Franco-Nevada, this expert held less than 1% of the outstanding securities of the Corporation or of any associate or affiliate thereof as of the date hereof, when he prepared the technical information contained in this AIF or following the preparation of such technical information. No firm or person received, or will receive, any direct or indirect interest in any securities of the Corporation or of any associate or affiliate thereof in connection with the preparation of such technical information.

Franco-Nevada's independent registered public accounting firm is PricewaterhouseCoopers LLP, Chartered Professional Accountants, who have issued a Report of Independent Registered Public Accounting Firm dated March 10, 2026 in respect of Franco-Nevada's consolidated financial statements as at December 31, 2025 and 2024 and for each of the years then ended and on the effectiveness of internal control over financial reporting as at December 31, 2025. They have advised Franco-Nevada that they are independent with respect to Franco-Nevada within the meaning of the Chartered Professional Accountants of Ontario CPA Code of Professional Conduct and comply with the rules of the SEC and the Public Company Accounting Oversight Board (United States) on auditor independence.

**ADDITIONAL INFORMATION**

Additional information relating to Franco-Nevada is available electronically on SEDAR+ at www.sedarplus.com and on the website of the SEC at www.sec.gov and on its website at www.franco-nevada.com. A glossary of non-technical and technical terms is generally available on Franco-Nevada's website.

Additional information, including directors' and officers' remuneration and indebtedness, principal holders of Franco-Nevada's securities and securities authorized for issuance under equity compensation plans, will be contained in Franco-Nevada's management information circular for its annual and special meeting of shareholders scheduled to be held on May 12, 2026. For information relating to compensation and corporate governance related matters, please see "Statement of Executive Compensation" and "Statement of Governance Practices", respectively, in such circular.

Additional financial information is provided in Franco-Nevada's financial statements and management's discussion and analysis for its most recently completed financial year.

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**AUDIT AND RISK COMMITTEE INFORMATION**

The following information is provided in accordance with Form 52-110F1 under the Canadian Securities Administrators' National Instrument 52-110 — *Audit Committees* ("**NI 52-110**").

**Audit and Risk Committee Charter**

The Audit and Risk Committee Charter (the "**Charter**") is attached as Appendix A to this AIF. The Charter was last updated effective on November 4, 2025 to reflect (i) the division of the CESGC into the CSC and NGC, and (ii) other minor conforming, formatting or clean-up changes.

With respect to risk management, the Charter provides that the ARC will generally review with management the Company's significant risks and exposures and the steps management has taken to manage, monitor and control such risks and exposures. The ARC will also more specifically review the Company's principal business, political, financial, litigation and control risks and exposures with a view to ensuring that such risks and exposures are being effectively managed, monitored or controlled. For more information regarding the ARC's responsibilities relating to risk management, please see the Charter attached as Appendix A.

**Composition of the Audit and Risk Committee**

As of December 31, 2025, the ARC was composed of the following three directors: Jennifer Maki (Chair), Hugo Dryland, and Catharine Farrow. Each director was and is considered "independent" and "financially literate" (as such terms are defined in NI 52-110, the rules of the NYSE and Rule 10A-3 of the U.S. Securities Exchange Act of 1934).

**Relevant Education and Experience**

Each member of the ARC is financially literate, i.e., has the ability to read and understand financial statements. Collectively, the ARC has the education and experience to fulfill the responsibilities outlined in the Charter, including those relating to risk management. The education and current and past experience of each ARC member that is relevant to the performance of his or her responsibilities as an ARC member is summarized below:

**Education and Experience (Past and Present)**

---

| | |
|:---|:---|
| **Hugo Dryland** | ● Global Partner, Rothschild & Co<br>|
|  | ● Chairman of Global Advisory Metals & Mining, Rothschild & Co<br>|
|  | ● Non-Executive Chairman of Global Advisory business Canada, Rothschild & Co<br>|
|  | ● Master of Business Administration, University of Warwick<br>|
| **Catharine Farrow** | ● Lead Director, Aclara Resources Inc.<br>|
|  | ● Member, Audit Committee and Sustainability Committee, Aclara Resources Inc.<br>|
|  | ● Chair, Compensation, Nominating and Corporate Governance Committee, Aclara Resources Inc.<br>|
|  | ● Member, Sustainability and Innovation Committee, ALS Limited<br>|
|  | ● Previous Member, Compensation Committee and Audit & Risk Committee, Eldorado Gold Corporation<br>|
|  | ● Previous Member, Audit & Risk Committee, Centamin plc<br>|
|  | ● Previous Chair, Sustainability and Governance Committee, Centamin plc<br>|
|  | ● Previous CEO, TMAC Resources Inc.<br>|
|  | ● Previous Chief Operating Officer, KGHM International Ltd. (formerly Quadra FNX Mining Company Inc.)<br>|
|  | ● Professional Certificate in Cybersecurity Leadership, Cornell University (2024)<br>|
|  | ● ICD.D, Institute of Corporate Directors (2019)<br>|
| **Jennifer Maki** | ● Chair, Audit Committee, Baytex Energy Corp.<br>|
|  | ● Chair, Audit Committee, Pan American Silver Corp.<br>|
|  | ● Previous CEO, Vale Canada and Executive Director, Vale SA - Base Metals<br>|
|  | ● Previous EVP and CFO, Vale Base Metals<br>|
|  | ● CERT Certificate in Cybersecurity Oversight, CERT Division of the Software Engineering Institute at Carnegie Mellon University (2024)<br>|
|  | ● ICD.D, Institute of Corporate Directors (2019)<br>|
|  | ● Chartered Professional Accountant, CA (1996) and Fellow Chartered Professional Accountant (2025)<br>|
|  | ● Bachelor of Commerce, Queen's University<br>|

---

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**Pre-Approval Policies and Procedures**

The Board of Directors, upon the recommendation of the ARC, has adopted policies and procedures regarding services provided by external auditors (collectively, the "**Auditor Independence Policy**"). Under the Auditor Independence Policy, specific proposals for audit services and permitted non-audit services must be pre-approved by the ARC. The ARC may delegate to any one or more of its members pre-approval authority (other than pre-approval of the annual audit service engagement). Any approvals granted under this delegated authority must be presented to the ARC at its next meeting. The Auditor Independence Policy also provides that the ARC may pre-approve services (other than the annual audit service engagement) without the requirement for a specific proposal where the scope and parameters of such services and their attendant fees are clearly defined. The ARC must be informed in writing at its next scheduled meeting of any engagement of the external auditor to provide services in such circumstances. The Auditor Independence Policy deems de minimus non-audit services to have been pre-approved by the ARC in limited circumstances and subject to certain conditions being met.

The Auditor Independence Policy prohibits the external auditors from providing any of the following types of non-audit services:

● bookkeeping or other services related to the accounting records or financial statements;

● financial information systems design and implementation;

● appraisal or valuation services, fairness opinion, or contribution-in-kind reports;

● actuarial services;

● internal audit outsourcing services;

● management functions or human resources services;

● corporate finance or other services;

● broker-dealer, investment advisor or investment banking services;

● legal services;

● expert services; and

● any other service that under applicable law and generally accepted auditing standards cannot be provided by an external auditor.

The Auditor Independence Policy provides that the external auditor should not be precluded from providing tax or advisory services that do not fall within any of the categories described above, unless the provision of those services would reasonably be expected to compromise the independence of the external auditor.

**Reliance on Certain Exemptions**

At no time since the commencement of Franco-Nevada's most recently completed financial year has Franco-Nevada relied on any exemption from NI 52-110.

**Audit Committee Oversight**

At no time since the commencement of Franco-Nevada's most recently completed financial year was a recommendation of the ARC to nominate or compensate an external auditor not adopted by the Board of Directors of Franco-Nevada.

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**Fees**

For the years ended December 31, 2025 and 2024, PricewaterhouseCoopers LLP was paid fees in Canadian dollars from the Corporation as detailed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| &nbsp;&nbsp;Audit Fees | C$ | 1433991<br><sup>(1)</sup> | C$ | 1399948<br><sup>(1)</sup> |
| &nbsp;&nbsp;Audit-Related Fees | C$ |  | C$ | 80250 |
| &nbsp;&nbsp;Tax Fees | C$ | 42103 | C$ | 146003 |
| &nbsp;&nbsp;Other Fees | C$ | 79633 | C$ | 82764 |
| &nbsp;&nbsp;Total Fees | C$ | 1555727 | C$ | 1708965 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Audit fees are reported on an accrual basis for the relevant year and include related out-of-pocket expenses and administrative fees. Fees in the prior year may reflect additional fees which had not been accrued for in the prior year Annual Information Form.

For the years ended December 31, 2025 and 2024, "Tax Fees" are fees incurred for tax compliance and planning and "Other Fees" include fees incurred for the completion of non-audit assurance services in relation to the amounts of silver delivered under the Antamina stream, French translation of documents, and subscription fees for PwC Viewpoint. In addition, for the year ended December 31, 2024, the Corporation also incurred fees in connection with its base shelf prospectus, which are included in "Audit-Related Fees" and the related French translation of documents.

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**APPENDIX** **A**

**FRANCO-NEVADA CORPORATION**

**AUDIT AND RISK COMMITTEE CHARTER**

*PURPOSE*

The Audit and Risk Committee is appointed by the Board of Directors of Franco-Nevada Corporation (the "**Company**") to assist the Board of Directors in its oversight and evaluation of:

● the quality and integrity of the financial statements of the Company,

● the compliance by the Company with legal and regulatory requirements in respect of financial disclosure,

● the qualification, independence and performance of the Company's independent auditors,

● the performance of the Company's Chief Financial Officer, and

● risk management oversight, including climate risks and technology-related risks (including cybersecurity and artificial intelligence).

In addition, the Audit and Risk Committee provides an avenue for communication between the independent auditor, financial management, other employees and the Board of Directors concerning accounting and auditing matters.

The Audit and Risk Committee is directly responsible for the appointment, compensation, retention (and termination) and oversight of the work of the independent auditor (including oversight of the resolution of any disagreements between management and the independent auditor regarding financial reporting) for the purpose of preparing audit reports or performing other audit, review or attest services for the Company.

The Audit and Risk Committee is not responsible for:

● planning or conducting audits,

● certifying or determining the completeness or accuracy of the Company's financial statements or that those financial statements are in accordance with applicable accounting principles or standards, or

● guaranteeing the report of the Company's independent auditor.

The fundamental responsibility for the Company's financial statements and disclosure rests with management. It is not the duty of the Audit and Risk Committee to conduct investigations, to itself resolve disagreements (if any) between management and the independent auditor or to ensure compliance with applicable legal and regulatory requirements.

*REPORTS*

The Audit and Risk Committee shall report to the Board of Directors on a regular basis and, in any event, before the public disclosure by the Company of its quarterly and annual financial results. The reports of the Audit and Risk Committee shall include any issues of which the Audit and Risk Committee is aware with respect to the quality or integrity of the Company's financial statements, its compliance with legal or regulatory requirements in respect of financial matters and disclosure, and the performance and independence of the Company's independent auditor.

The Audit and Risk Committee shall also prepare, as required by applicable law, any committee report required for inclusion in the Company's publicly filed documents.

*COMPOSITION*

The members of the Audit and Risk Committee shall be three or more individuals who are appointed (and may be replaced) by the Board of Directors on the recommendation of the Nominating and Governance Committee of the Board of Directors. Each of the members of the Audit and Risk Committee shall be "independent" and "financially literate" within the meaning of National Instrument 52-110 — *Audit Committees* ("**NI 52-110**") and any other securities legislation and stock exchange rules applicable to the Company, and as confirmed by the Board of Directors using its business judgement. In addition, at least one member of the Audit and Risk Committee shall be a "financial expert" as determined by the Board of Directors in its business judgement. No member of the Audit and Risk Committee shall accept (directly or indirectly) any consulting, advisory or other compensatory fee from the Company or any of its subsidiaries or affiliates (collectively, the "**Franco-Nevada Group**") (other than remuneration for acting in his or her capacity as a director) or be an "affiliated entity" within the meaning of NI 52 110.

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*RESPONSIBILITIES*

**Independent Auditors**

The Audit and Risk Committee shall:

● Recommend to the Board of Directors the independent auditor to be nominated for the purpose of preparing or issuing an auditor's report or performing other audit, review or attest services for the Company and the compensation of the independent auditor;

● Recommend to the Board of Directors any change of the independent auditor, and oversee any such change to ensure compliance with the provisions of the Canada Business Corporations Act and applicable securities legislation;

● Require and obtain confirmation from the independent auditor that it ultimately is accountable, and will report directly, to the Audit and Risk Committee and the Board of Directors;

● Oversee the work of the independent auditor engaged for the purpose of preparing or issuing an auditor's report or performing other audit, review or attest services for the Company, including the resolution of disagreements between management and the external auditor regarding financial reporting;

● Pre-approve all audit and permitted non-audit services provided to the Company and its subsidiary entities by the independent auditor, including adopting policies and procedures for the pre-approval of the retention thereof (subject to any restrictions on such services imposed by applicable securities legislation) and including procedures for the delegation of authority to provide such approval to one or more members of the Audit and Risk Committee; and

● At least annually, review the qualifications, performance and independence of the independent auditor. In doing so, the Audit and Risk Committee should, among other things, undertake the measures set forth in Schedule "A".

**The Financial Statements, Audit Process and Related Disclosure**

The Audit and Risk Committee shall:

● As may be delegated by the Board of Directors, review, approve and authorize the issuance of the Company's interim financial statements, MD&A and interim earnings press releases before the Company publicly discloses this information;

● Review and recommend to the Board of Directors for approval the Company's annual financial statements, MD&A and press releases before the Company publicly discloses the information; and

● Be satisfied that adequate procedures are in place for the review of the Company's public disclosure of financial information extracted or derived from the Company's financial statements and will periodically assess the adequacy of those procedures.

The Audit and Risk Committee shall also, as it determines to be appropriate:

● Review with management and the independent auditor,

● the planning and staffing of the audit by the independent auditor,

● financial information and any earnings guidance provided to analysts and rating agencies, recognizing that this review and discussion may be done generally (consisting of a discussion of the types of information to be disclosed and the types of presentat ions to be made) and need not take place in advance of the disclosure of each release or provision of guidance,

● any significant financial reporting issues and judgements made in connection with the preparation of the Company ' s financial statements, including any significant changes in the selection or application of accounting principles or standards, any major is sues regarding auditing principles and practices, and the adequacy of internal controls that could significantly affect the Company's financial statements, as raised by the independent auditor, and review management's response thereto,

● all critical accounting policies and practices used,

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● all alternative treatments of financial information by applicable accounting principles or standards that have been discussed with management, ramifications of the use of such alternative disclosures and treatments, and the treatment preferred by the ind ependent auditor,

● the use of "pro forma" or "adjusted" information that is not consistent with applicable accounting principles or standards,

● the effect of regulatory and accounting initiatives, as well as any off-balance sheet structures, transactions, arrangements and obligations (contingent or otherwise), on the Company ' s financial statements,

● any disclosures concerning any weaknesses or any deficiencies in the design or operation of internal controls or disclosure controls made to the Audit and Risk Committee by the Chief Executive Officer and the Chief Financial Officer during their certific ation process for forms filed with applicable securities regulators, and

● the adequacy of the Franco-Nevada Group ' s internal accounting controls and management information systems and its financial, auditing and accounting organizations and personnel and any special steps adopted in light of any material control deficiencies .

● Review with the independent auditor,

● the quality as well as the acceptability of the accounting principles or standards that have been applied,

● any problems or difficulties the independent auditor may have encountered during the provision of its audit-related services, including any restrictions on the scope of activities or access to requested information and any significant disagreements with management, any management letter provided by the independent auditor or other material communication (including any schedules of unadjusted differences) to management and the Company's response to that letter or communication, and

● any changes to the Company ' s significant auditing and accounting principles, standards and practices suggested by the independent auditor to members of management .

**Risk Management Oversight**

The Audit and Risk Committee shall:

● Generally review with management the Franco-Nevada Group's significant risks and exposures and the steps management has taken to manage, monitor and control such risks and exposures.

● More specifically review the Company's principal business, political, financial, litigation and control risks and exposures with a view to ensuring that such risks and exposures are being effectively managed, monitored or controlled by:

● reviewing the Company ' s risk philosophy as set forth by management and the Board of Directors,

● reviewing management ' s assessment of the significant risks and exposures facing the Company, including climate risks and technology-related risks (including cybersecurity and artificial intelligence), where applicable,

● reviewing management ' s policies, plans, processes and programs to manage and control significant risks and exposures, including the Company ' s loss prevention policies, disaster response and recovery programs, corporate liability protection programs for d irectors and officer and any other insurance programs, as applicable,

● receiving regular reports from management regarding the development and implementation of its policies, plans, processes and programs to manage, monitor and control significant risks and exposures, and

● if the Audit and Risk Committee deems it appropriate, requesting the independent auditor ' s opinion of management ' s assessment of significant risks facing the Company and how effectively they are managed, monitored and controlled .

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**Compliance**

The Audit and Risk Committee shall:

● Establish procedures for:

● the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting controls or auditing matters, and

● the confidential, anonymous submission by employees of the Franco-Nevada Group of concerns regarding questionable accounting or auditing matters .

● Review and approve clear policies for the hiring by the Franco-Nevada Group of partners, employees or former partners or employees of the present and former independent auditor of the Company.

The Audit and Risk Committee shall also, as it determines appropriate:

● Obtain reports from the Chief Financial Officer, other members of management and the independent auditor that the Company's subsidiary/foreign affiliated entities are in conformity with applicable legal requirements and the Company's Code of Business Conduct and Ethics, including disclosures of insider and affiliated party transactions.

● Review with the Chief Financial Officer, other members of management and the independent auditor any correspondence with regulators or governmental agencies and any employee complaints or published reports, which raise material issues regarding the Company's financial statements or accounting policies.

● Advise the Board of Directors with respect to the Franco-Nevada Group's policies and procedures regarding compliance with applicable laws and regulations and with the Company's Code of Business Conduct and Ethics.

● Review with the Chief Financial Officer legal matters that may have a material impact on the financial statements, the Franco-Nevada Group's compliance policies and any material reports or inquiries received from regulators or governmental agencies.

● Periodically review with management the need for an internal audit function.

**Delegation**

To avoid any confusion, the Audit and Risk Committee responsibilities identified above are the sole responsibility of the Audit and Risk Committee and may not be delegated to a different committee.

*MEETINGS*

The Audit and Risk Committee shall meet at least quarterly and more frequently as circumstances require. All members of the Audit and Risk Committee should strive to be at all meetings. The Audit and Risk Committee shall meet separately, periodically, with management and the independent auditors and may request any officer or employee of the Franco-Nevada Group or the Franco-Nevada Group's outside counsel or independent auditor to attend meetings of the Audit and Risk Committee or with any members of, or advisors to, the Audit and Risk Committee. The Audit and Risk Committee also may meet with the investment bankers, financial analysts and rating agencies that provide services to, or follow, the Franco-Nevada Group.

The Audit and Risk Committee may form and delegate authority to individual members and subcommittees where the Audit and Risk Committee determines it is appropriate to do so.

*INDEPENDENT ADVICE*

In discharging its mandate, the Audit and Risk Committee shall have the authority to retain (and authorize the payment by the Company of) and receive advice from special legal, accounting or other advisors as the Audit and Risk Committee determines to be necessary to permit it to carry out its duties.

*ANNUAL EVALUATION*

At least annually, the Audit and Risk Committee shall, in a manner it determines to be appropriate:

● Perform a review and evaluation of the performance of the Audit and Risk Committee and its members, including the compliance of the Audit and Risk Committee with this charter.

● Review and assess the adequacy of its charter and recommend to the Board of Directors any improvements to this charter that the Audit and Risk Committee determines to be appropriate.

------

*SCHEDULE "A"*

Qualifications, Performance and Independence of Independent Auditor

● Review the experience and qualifications of the senior members of the independent auditor's team.

● Confirm with the independent auditor that it is in compliance with applicable legal, regulatory and professional standards relating to auditor independence.

● Review annual reports from the independent auditor regarding its independence and consider whether there are any non-audit services or relationships that may affect the objectivity and independence of the independent auditor and, if so, recommend that the Board of Directors take appropriate action to satisfy itself of the independence of the independent auditor.

● Obtain and review such report(s) from the independent auditor as may be required by applicable legal and regulatory requirements.

Updated: November 4, 2025

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![Graphic](fnv-20251231xex99d1006.jpg)

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## Exhibit 99.2

**Exhibit 99.2**

![Graphic](fnv-20251231xex99d2001.jpg)

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**Management's Discussion and Analysis**<br>

This Management's Discussion and Analysis ("MD&A") of financial position and results of operations of Franco-Nevada Corporation ("Franco-Nevada", the "Company", "we" or "our") has been prepared based upon information available to Franco-Nevada as at March 10, 2026 and should be read in conjunction with Franco-Nevada's audited consolidated financial statements and related notes as at and for the years ended December 31, 2025 and 2024 (the "financial statements"). The financial statements and this MD&A are presented in U.S. dollars and the financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IASB") ("IFRS Accounting Standards").

Readers are cautioned that this MD&A contains forward-looking statements and that actual events may vary from management's expectations. Readers are encouraged to read the "Cautionary Statement on Forward-Looking Information" at the end of this MD&A and to consult Franco-Nevada's financial statements which are available on our website at www.franco-nevada.com, on SEDAR+ at www.sedarplus.com and on Form 6-K furnished to the United States Securities and Exchange Commission ("SEC") on EDGAR at www.sec.gov.

Additional information related to Franco-Nevada, including our Annual Information Form and Form 40-F, are available on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov, respectively. These documents contain descriptions of certain aspects of Franco-Nevada's producing and advanced royalty and stream assets, as well as a description of risk factors affecting the Company. For additional information, please see our website at www.franco-nevada.com.

#### **Table of Contents**

---

| | |
|:---|:---|
| **3** | [Overview](#BUSINESSOVERVIEWANDSTRATEGY_900768) |
| **4** | [Strategy](#Strategy) |
| **5** | [Selected Financial Information](#SELECTEDFINANCIALINFORMATION_701848) |
| **6** | [Highlights](#Highlights_295253) |
| **12** | [Guidance and Outlook](#Guidance_957836) |
| **15** | [Market Overview](#MARKETOVERVIEW_328930) |
| **16** | [Metal Sales and Revenue by Asset](#REVENUEBYASSET_24818) |
| **18** | [Review of Quarterly Financial Performance](#Review_QTDFinaPer) |
| **23** | [Review of Annual Financial Performance](#ReviewYTDFinaPerformance) |
| **27** | [Impairment Reversal](#ImpairmentReversal_702266) |
| **28** | [General and Administrative and Share-Based Compensation Expenses](#G_A) |
| **28** | [Other Income and Expenses](#OtherIncomeandExpenses_563381) |
| **30** | [Summary of Quarterly Information](#SUMMARYOFQUARTERLYINFORMATION_41607) |
| **31** | [Balance Sheet Review](#BALANCESHEETREVIEW_822364) |
| **32** | [Liquidity and Capital Resources](#LIQUIDITYANDCAPITALRESOURCES_430826) |
| **37** | [Critical Accounting Policies and Estimates](#CRITICALACCOUNTINGESTIMATES_460303) |
| **37** | [Outstanding Share Data](#OUTSTANDINGSHAREDATA_396182) |
| **38** | [Internal Control Over Financial Reporting and Disclosure Controls and Procedures](#INTERNALCONTROLOVERFINANCIALREPORTINGAND) |
| **39** | [Gold Equivalent Ounces and Net Gold Equivalent Ounces](#GoldEquivalentOuncesandNetGoldEquivalent) |
| **40** | [Non-GAAP Financial Measures](#NON_IFRS_FINANCIAL_MEASURES) |
| **44** | [Cautionary Statement on Forward-Looking Information](#CautionaryStatementonForwardLookingInfor) |

---

**Abbreviations Used in this Report** <br>

The following abbreviations may be used throughout this MD&A:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Abbreviated Definitions** | **Abbreviated Definitions** |  |  |  |  |
| **Periods under review** | **Periods under review** | **Measurement** | **Measurement** | **Interest types** | **Interest types** |
| "Q4" | The three-month period ended December 31 | "GEO" | Gold equivalent ounce | "NSR" | Net smelter return royalty |
| "Q3" | The three-month period ended September 30 | "PGM" | Platinum group metals | "GR" | Gross royalty |
| "Q2" | The three-month period ended June 30 | "NGL" | Natural gas liquids | "ORR" | Overriding royalty |
| "Q1" | The three-month period ended March 31 | "oz" | Ounce | "GORR" | Gross overriding royalty |
| "H2" | The six-month period ended December 31 | "oz Au" | Ounce of gold | "FH" | Freehold or lessor royalty |
| "H1" | The six-month period ended June 30 | "oz Ag" | Ounce of silver | "GMR" | Gross margin royalty |
|  |  | "oz Pt" | Ounce of platinum | "NPI" | Net profits interest |
|  |  | "oz Pd" | Ounce of palladium | "NRI" | Net royalty interest |
| **Places and currencies** |  | "62% Fe" | 62% Fe iron ore fines, dry metric | "WI" | Working interest |
| "U.S." | United States |  | tonnes CFR China |  |  |
| "$" or "USD" | United States dollars | "LBMA" | London Bullion Market Association |  |  |
| "C$" or "CAD" | Canadian dollars | "bbl" | Barrel |  |  |
| "R$" or "BRL" | Brazilian reais | "mcf" | Thousand cubic feet |  |  |
| "A$" or "AUD" | Australian dollars | "WTI" | West Texas Intermediate |  |  |

---

------

*For definitions of the various types of agreements, please refer to our most recent Annual Information Form filed on SEDAR+ at www.sedarplus.com or our Form 40-F filed on EDGAR at www.sec.gov.*

#### Overview
Franco-Nevada is the leading gold-focused royalty and streaming company with the largest and most diversified portfolio of cash-flow producing assets.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Our Portfolio (at March 10, 2026)** | **Our Portfolio (at March 10, 2026)** | **Our Portfolio (at March 10, 2026)** | **Our Portfolio (at March 10, 2026)** | **Our Portfolio (at March 10, 2026)** |
|  | **Precious Metals** | **Other Mining** | **Energy** | **TOTAL** |
| Producing | 51 | 13 | 55 | **119** |
| Advanced | 33 | 8 |  | **41** |
| Exploration | 162 | 85 | 28 | **275** |
| **TOTAL** | **246** | **106** | **83** | **435** |

---

Our shares are listed on the Toronto and New York stock exchanges under the symbol FNV. An investment in our shares is expected to provide investors with yield and exposure to commodity price and exploration optionality while limiting exposure to cost inflation and other operating risks.

![Graphic](fnv-20251231xex99d2002.jpg)

2025 Management's Discussion and Analysis 3

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#### Strategy
We believe that combining lower risk gold investments with a strong balance sheet, progressively growing dividends and exposure to exploration optionality is the right mix to appeal to investors seeking to hedge market instability. Since our Initial Public Offering over 18 years ago, we have increased our dividend annually and our share price has outperformed the gold price and all relevant gold equity benchmarks. Creating successful long-term partnerships with operators is a core objective. The alignment and the natural flexibility of royalty and stream financing has made it an attractive source of capital for the cyclical resource sector. We also work to be a positive force in all our communities, providing a safe and diverse workplace, promoting responsible mining and contributing to build community support for the operations in which we invest.

Our revenue is generated from various forms of agreements, ranging from net smelter return royalties, streams, profit-based royalty interests, net royalty interests, working interests and other types of arrangements. We do not operate mines, develop projects or conduct exploration. Franco-Nevada has a free cash flow generating business with no additional capital requirements other than the initial commitment and limited cash calls with respect to its working interests. Management is focused on managing and growing its portfolio of royalties and streams for the long-term. We recognize the cyclical nature of the industry and have a long-term investment outlook. We maintain a strong balance sheet to minimize financial risk and to provide capital to the industry when it is otherwise scarce.

The advantages of this business model are:

● Exposure to commodity price optionality;

● A perpetual discovery option over large areas of geologically prospective lands;

● No additional capital requirements other than the initial commitment and limited cash calls;

● Limited exposure to cost inflation;

● A free cash-flow business with limited cash calls;

● A high-margin business that can generate cash through the entire commodity cycle;

● A scalable and diversified business in which a large number of assets can be managed with a small stable overhead; and

● Management that focuses on forward-looking growth opportunities rather than operational or development issues.

Our short-term financial results are primarily tied to the price of commodities and the amount of production from our portfolio of assets. Our attributable production has typically been supplemented by acquisitions of new assets. Over the longer term, our results are impacted by the amount of exploration and development capital available to operators to expand or extend our producing assets or to progress our advanced and exploration assets into production.

The focus of our business is to create exposure to gold and precious metal resource optionality. This principally involves investments in gold mines and providing capital to copper and other base metal mines to obtain exposure to by-product gold, silver and platinum group metals production. We also invest in other metals and energy to expose our shareholders to additional resource optionality. In 2025, 88% of our revenue was earned from mining assets, of which 85% was earned from precious metals.

A strength of our business model is that our margins are not generally impacted when producer costs increase. The majority of our interests are royalty and streams with payments/deliveries that are based on production levels with no adjustments for the operator's operating costs. In 2025, these interests accounted for 91% of our revenue (2024 – 93%). The remainder of our revenue was earned from WI, NPI, NRI and GMR royalties which are based on the margin or profit of the underlying operations.

![Graphic](fnv-20251231xex99d2003.jpg)

2025 Management's Discussion and Analysis 4

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#### Selected Financial Information

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;*(in millions, except Average Gold Price, GEOs sold, Net GEOs sold,* | For the three months ended  | For the three months ended  | For the year ended  | For the year ended  | For the year ended  |
| &nbsp;&nbsp;&nbsp; *Adjusted EBITDA Margin, Adjusted Net Income Margin,*  | December 31,  | December 31,  | December 31,  | December 31,  | December 31,  |
| &nbsp;&nbsp;&nbsp;*per ounce amounts and per share amounts)* | **2025** | 2024 | **2025** | 2024 | 2023 |
| **Operational Measures** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales by commodity |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold ounces sold | **101140** | 79532 | **366265** | 295193 | 403177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver ounces sold | **1718246** | 1180742 | **5376514** | 4170021 | 5418722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PGMs ounces sold | **7952** | 6531 | **28374** | 27784 | 31600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversified revenue | $**55.3** | $64.3 | $**259.9** | $251.7 | $268.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold equivalent ounces sold<sup>(1)</sup> | **141656** | 120063 | **519106** | 463334 | 627045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gold equivalent ounces sold<sup>(1)</sup> | **129690** | 107140 | **469819** | 408870 | 534833 |
| **Statement of Comprehensive Income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue  | $**597.3** | $321.0 | $**1822.8** | $1113.6 | $1219.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs of sales | **49.6** | 34.4 | **168.8** | 129.0 | 179.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depletion and depreciation | **87.3** | 60.0 | **306.7** | 225.3 | 273.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment (reversals) losses  | **—** |  | **(4.8)** |  | 1173.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income (loss) | **453.9** | 217.4 | **1354.2** | 726.6 | (428.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | **367.7** | 175.4 | **1112.1** | 552.1 | (466.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic earnings (loss) per share | $**1.91** | $0.91 | $**5.77** | $2.87 | $(2.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings (loss) per share | $**1.90** | $0.91 | $**5.76** | $2.87 | $(2.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends declared per share | $**0.38** | $0.36 | $**1.52** | $1.44 | $1.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends declared (including DRIP) | $**73.8** | $68.7 | $**293.8** | $277.0 | $262.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average shares outstanding | **192.8** | 192.5 | **192.7** | 192.4 | 192.0 |
| **Non-GAAP Measures** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash Costs<sup>(2)</sup> | $**49.6** | $34.4 | $**168.8** | $129.0 | $179.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash Costs<sup>(2)</sup> per GEO sold | $**350** | $287 | $**325** | $278 | $286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA<sup>(2)</sup> | $**541.2** | $277.4 | $**1656.1** | $951.6 | $1014.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA<sup>(2)</sup> per share | $**2.81** | $1.44 | $**8.59** | $4.95 | $5.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA Margin<sup>(2)</sup> | **90.6%** | 86.4% | **90.9%** | 85.5% | 83.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted Net Income<sup>(2)</sup> | $**356.2** | $183.3 | $**1075.2** | $618.1 | $683.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted Net Income<sup>(2)</sup> per share | $**1.85** | $0.95 | $**5.58** | $3.21 | $3.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted Net Income Margin<sup>(2)</sup> | **59.6%** | 57.1% | **59.0%** | 55.5% | 56.0% |
| **Statement of Cash Flows** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | $**426.5** | $243.0 | $**1493.7** | $829.5 | $991.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) investing activities | $**64.1** | $(31.1) | $**(2033.0)** | $(537.3) | $(541.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | $**(70.3)** | $(62.0) | $**(267.4)** | $(240.4) | $(230.1) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As at**  | As at  | As at  |
|  | **December 31,**  | December 31,  | December 31,  |
| &nbsp;&nbsp;&nbsp;*(expressed in millions)* | **2025** | 2024 | 2023 |
| **Statement of Financial Position** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $**670.9** | $1451.3 | $1421.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | **1141.3** | 325.5 | 254.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Royalty, stream and working interests, net | **6043.1** | 4098.8 | 4027.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | **8241.4** | 6330.4 | 5994.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax liabilities | **440.7** | 238.0 | 180.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | **7635.3** | 5996.6 | 5769.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Available capital<sup>(3)</sup> | **2840.1** | 2879.5 | 2746.3 |

---

---

| | |
|:---|:---|
| 1 | Refer to the "Gold Equivalent Ounces and Net Gold Equivalent Ounces" section of this MD&A for more information on our methodology for calculating GEOs sold and Net GEOs sold. Net GEOs sold are GEOs sold, net of direct operating costs, including for our stream GEOs, the associated ongoing cost per ounce. |

---

---

| | |
|:---|:---|
| 2 | Cash Costs, Cash Costs per GEO sold, Adjusted EBITDA, Adjusted EBITDA per share, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Income per share and Adjusted Net Income Margin are non-GAAP financial measures with no standardized meaning under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other issuers. Refer to the "Non-GAAP Financial Measures" section of this MD&A for more information on each non-GAAP financial measure. |

---

---

| | |
|:---|:---|
| 3 | Available capital comprises our cash and cash equivalents, our equity investments (excluding our long-term investment in Labrador Iron Ore Company of Canada ("LIORC")), the amount available to borrow under our $1.0 billion revolving credit facility (the "Corporate Revolver") and its $250.0 million accordion, as referenced in the "Credit Facility" section of this MD&A. Comparative periods have been adjusted. |

---

2025 Management's Discussion and Analysis 5

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#### Highlights

#### Financial Update –Q4 2025 compared to Q4 2024
● **$597.3 million in revenue (a new record)**, +86% compared to $321.0 million;

● **141,656 GEOs sold**, +18% compared to 120,063 GEOs sold;

● **$426.5 million in net cash provided by operating activities**, +76% compared to $243.0 million;

● **$541.2 million, or $2.81 per share, of Adjusted EBITDA (new records)**, +95% and 95%, respectively, compared to $277.4 million, or $1.44 per share;

● **$367.7 million, or $1.91 per share, in net income (new records)**, +110% and +110%, respectively, compared to $175.4 million, or $0.91 per share;

● **$356.2 million, or $1.85 per share, in Adjusted Net Income (new records)**, +94% and +95%, respectively, compared to $183.3 million, or $0.95 per share.

#### Financial Update – 2025 compared to 2024
● **$1,822.8 million in revenue (a new record)**, +64% compared to $1,113.6 million;

● **519,106 GEOs sold** (including 11,208 GEOs from Cobre Panamá), +12% compared to 463,334 GEOs sold;

● **$1,493.7 million in net cash provided by operating activities (a new record)**, +80% compared $829.5 million;

● **$1,656.1 million, or $8.59 per share, in Adjusted EBITDA (new records)**, +74% and +74% respectively, compared to $951.6 million, or $4.95 per share, respectively;

● **$1,112.1 million, or $5.77 per share, in net income (new records)**, +101% and +101%, respectively, compared to $552.1 million and $2.87 per share, respectively;

● **$1,075.2 million, or $5.58 per share, in Adjusted Net Income (new records)**, +74% and +74%, respectively, compared to $618.1 million and $3.21 per share, respectively;

● **$109.9 million in cash proceeds and $75.2 million in net realized gain** from the sale of equity investment in 2025 (2024 – cash proceeds of $23.3 million, net realized loss of $0.9 million);

● **$2.8 billion in available capital** as at December 31, 2025 (December 31, 2024 – $2.9 billion), including $670.9 million in cash and cash equivalents (December 31, 2024 – $1,451.3 million), $967.3 million in equity investments excluding our long-term investment in LIORC (December 31, 2024 – $197.5 million), the amount available under our $1.0 billion revolving credit facility (the "Corporate Revolver") and its accordion of $250.0 million. Subsequent to year-end, we increased the amount available under our Corporate Revolver's accordion to $500.0 million such that our total available capital as of the date of this MD&A is $3.1 billion.

#### Corporate Developments
***Subsequent to December 31, 2025***

***Acquisition of Royalty Portfolio from Victoria Gold Corp.– Canada and U.S.***

*Subsequent to year-end, on February 24, 2026, we agreed to acquire a portfolio of six royalties held by Victoria Gold Corp. for total cash consideration of C$55.0 million (approximately $40.1 million). The portfolio includes a 6.0% NSR (subject to a 5.0% buydown at the operator's election for C$10.0 million (approximately $7.3 million)) on Banyan Gold Corp.'s AurMac property and a 1.0% NSR on Banyan Gold's Hyland property both in the Yukon. The portfolio also includes a milestone payment royalty on i-80 Gold Corp.'s ("i-80 Gold") Cove project in Nevada and three additional royalties on earlier stage properties in Nevada and the Yukon. Closing of the transaction is expected to occur in H1 2026 subject to customary conditions, including obtaining court approval.*

***Financing Package with Minerals 260 Limited on the Bullabulling Gold Project – Australia***

*Subsequent to year-end, on February 22, 2026, we agreed to acquire, through a wholly-owned Australian subsidiary, a A$170 million (approximately $120 million) gross royalty (the "Bullabulling Royalty") from Minerals 260 Limited ("Minerals 260") to support its development of the Bullabulling gold project located approximately 65 km from Kalgoorlie in Western Australia, in the Eastern Goldfields. Additionally, Franco-Nevada has subscribed for A$50 million ($35.5 million) of Minerals 260's ordinary shares.* 

*The royalty consists of an incremental 1.45% gross royalty over certain Bullabulling tenements on which Franco-Nevada already held a 1.00% royalty and a new 2.45% gross royalty over Bullabulling tenements where Franco-Nevada did not already hold an existing royalty. Upon production of an aggregate of 4.0 Moz Au from royalty lands, the aggregate royalty burden on the royalty lands will step down from 2.45% to 1.63%. The royalties cover a Bullabulling land package inclusive of all mineral resources, plus an area of interest and includes the Phoenix, Bacchus, Dicksons, Kraken and Gibraltar deposits.*

An initial A$75 million ($53.3 million) was funded on February 26, 2026, with a further A$95 million (approximately $67 million) payment to be funded upon obtaining Foreign Investment Review Board ("FIRB") approval for the acquisition of security interests over the project tenements.

*Minerals 260 Shares*

Franco-Nevada has purchased 111,111,111 shares of Minerals 260 at an issue price of A$0.45 per share for an aggregate purchase price of A$50 million ($35.5 million). Upon closing of the transaction, Franco-Nevada owned approximately 4.9% of Minerals 260's issued and outstanding shares.

2025 Management's Discussion and Analysis 6

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***Partial Buybacks of Cascabel Stream and NSR – Ecuador***

On December 24, 2025, SolGold plc ("SolGold") and Jiangxi Copper (Hong Kong) Investment Company Limited, for and on behalf of Jiangxi Copper Company Limited ("JCC") announced they reached an agreement on the terms of a recommended cash offer acquisition to be made by JCHK to acquire the entire issued and to be issued share capital of SolGold. The arrangement became effective March 4, 2026. Subsequent to year-end, in February 2026, Franco-Nevada was notified that SolGold and JCC were exercising their option to buyback 50% of the Cascabel stream and 50% of the Cascabel NSR. As a result, we expect to receive in March 2026 the equivalent of approximately $40.7 million (net of the ongoing payment) as a one-time delivery of gold ounces for the buyback of 50% of the Cascabel stream, and approximately $97.5 million in cash for the buyback of 50% of the Cascabel NSR. As of the date of this MD&A, we have funded $46.7 million for the Cascabel stream. We acquired the Cascabel NSR for $100.0 million in 2020.

*Following the buybacks, key terms of the Cascabel Stream and Cascabel NSR include:*

*Cascabel Stream* 

● 7.0% of gold produced in concentrate until 262,500 ounces of gold have been delivered;

● Thereafter, 4.2% of gold produced in concentrate for the remaining life of mine;

● Gold ounces delivered will be subject to an ongoing payment of 20% of spot price to JCC for each ounce of gold delivered.

*Cascabel NSR* 

● 0.5% NSR on all minerals produced, subject to adjustments based on the production rate, with the option to convert to a gold only NSR for a period of time;

● Annual minimum royalty payments of $5.0 million starting from 2028, subject to certain conditions.

***Acquisition of Royalty with i-80 Gold Corp. – Nevada, U.S.***

*Subsequent to year-end, on February 12, 2026, we agreed to acquire, through a wholly-owned U.S. subsidiary, a $250.0 million NSR (the "i-80 Gold Royalty") from i-80 Gold. The royalty consists of a 1.5% NSR on all minerals produced and will increase to 3.0% in perpetuity beginning on January 1, 2031, and will apply to Granite Creek, the Ruby Hill Complex (including Archimedes and Mineral Point), Cove and Lone Tree.*

Funding of the upfront payment of $225.0 million will be made upon closing, with a further $25.0 million payment subject to completion of 2026 budgeted spending at Mineral Point. Closing of the transaction is subject to customary conditions and is expected to occur in March 2026.

***Acquisition of Stream on the Casa Berardi Gold Mine with Orezone Gold Corporation – Quebec, Canada***

*Subsequent to year-end, on January 26, 2026, we agreed to acquire, through a wholly-owned Canadian subsidiary, a $100.0 million gold stream (the "Casa Berardi Stream") from Orezone Gold Corporation ("Orezone"). The stream transaction will support Orezone's acquisition of Hecla Mining Company's ("Hecla") producing Casa Berardi gold mine and other Quebec assets, including the Heva-Hosco gold project.* 

Key terms of the Casa Berardi Stream include:

● Fixed Deliveries: 1,625 oz of gold per quarter (6,500 oz of gold per year) for the first five years, followed by,

● Variable Deliveries: 5.0% of gold produced from the Casa Berardi mine and other Quebec assets (excluding Heva-Hosco) and 2.5% of gold produced from Heva-Hosco.

● Gold ounces delivered will be subject to an ongoing payment of 20% of spot price to Orezone for each ounce of gold delivered.

*Funding of the $100.0 million deposit will be made upon closing. Closing of the transaction is subject to customary conditions, including the successful completion of the asset acquisition by Orezone from Hecla (which is itself subject to conditions), and is expected to occur in March 2026.*

*The effective date of the Stream is January 1, 2026 and the first full quarter fixed delivery will be due by the later of April 15, 2026 and closing.*

2025 Management's Discussion and Analysis 7

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***2025***

***Acquisition of Royalty on Barto Gold Mining's Yilgarn Star Gold Mine – Australia***

*On December 24, 2025, we acquired, through a wholly-owned Australian subsidiary, a 1.0% NSR on 75% of all ounces produced and sold on Barto Gold Mining Pty Ltd's ("Barto Gold") Yilgarn Star Project for $4.7 million (A$7.0 million), plus a contingent cash payment of $1.0 million (A$1.5 million). The contingent cash consideration is payable if commercial mining is achieved within 18 months of the closing date.*

***Repayment of Loan Receivable from G Mining Ventures Corp.***

In November 2025, after arranging a credit facility with a syndicate of commercial banks, G Mining Ventures Corp. ("G Mining Ventures") repaid our term loan (the "G Mining Ventures Term Loan") which had an outstanding balance of $79.9 million at the time of the repayment. The G Mining Ventures Term Loan was entered into in July 2022 as part of our financing package in connection with the Tocantinzinho gold mine.

***Repayment of Loan Receivable from EMX Royalty Corporation***

In November 2025, EMX Royalty Corporation ("EMX") and Elemental Altus Royalties Corp. ("Elemental Altus") completed their merger. As a result of this change of control, our term loan to EMX (the "EMX Term Loan") became due and payable and we received $25.1 million for the full repayment of the EMX Term Loan.

***Acquisition of Royalty on AngloGold Ashanti plc's Arthur Gold Project – Nevada, U.S.***

On July 23, 2025, we acquired, through a wholly-owned U.S. subsidiary, a 1.0% NSR (of an existing 1.5% NSR) on AngloGold Ashanti plc's ("AngloGold") Arthur Gold Project (previously the Expanded Silicon Project) from Altius Minerals Corporation ("Altius") for $250.0 million in cash, plus a contingent cash payment of $25.0 million. The contingent cash consideration was payable dependent upon the final award outcome of an arbitration process between Altius and AngloGold related to the coverage of the royalty. The final award decision confirming the extent of the area of coverage was received by Altius on August 14, 2025. Franco-Nevada paid $25.0 million in relation to the contingent cash consideration on November 19, 2025.

***Funding of Cascabel Stream – Ecuador***

*On July 17, 2025, our wholly-owned subsidiary, Franco-Nevada (Barbados) Corporation ("FNBC"), funded the second of three equal-sized payments in the amount of $23.3 million to SolGold for pre-construction activities of the Cascabel project. FNBC acquired the Cascabel stream from SolGold (prior to its acquisition by JCC) in July 2024 with OR Royalties Ltd.'s subsidiary, Osisko Bermuda Limited ("Osisko"), on a 70%/30% basis.* 

***Acquisition of Additional Royalty on Gold Quarry Mine – Nevada, U.S.***

On July 11, 2025, through a wholly-owned U.S. subsidiary, we acquired from a third party an additional NSR on Nevada Gold Mines LLC's Gold Quarry mine for $10.5 million plus a $1.0 million contingent payment. As a result, Franco-Nevada now holds a combined NSR which provides an annual minimum payment of at least 1,650 gold ounces tied to mineral reserves and stockpiles attributed to the royalty property. Franco-Nevada expects to receive this annual minimum payment through to the end of the mine life with the potential to increase to a higher level if mineral reserves increase beyond current levels. The contingent consideration is payable dependent upon the annual minimum payment.

***Acquisition of Royalty on Côté Gold Mine – Ontario, Canada***

*On June 24, 2025, we acquired an existing royalty on the Côté Gold mine in Ontario from a private third party for total cash consideration of $1,050.0 million. The royalty consists of a 7.5% gross margin royalty on the Côté Gold mine. Royalty deductions include cash operating costs and exclude all capital, exploration, depreciation and other non-cash costs. The Côté Gold mine is operated through an unincorporated joint venture by IAMGOLD Corporation ("IAMGOLD") and is owned by IAMGOLD (70%) and Sumitomo Metal Mining Co. Ltd. ("Sumitomo") (30%).* 

*IAMGOLD and Sumitomo hold an option, exercisable at their discretion, to buy down up to 50% of the royalty at Franco-Nevada's attributable cost in two equal tranches of 25%. The cost to repurchase the tranches are as follows: (i) the initial 25% buydown option for an internal rate of return equal to the Secured Overnight Financing Rate ("SOFR") plus 1.1%, exercisable within two years of closing, and (ii) the additional 25% buydown option cost for an internal rate of return equal to 10%, following exercise of the initial option, exercisable within three years of closing. Both 25% options are subject to a minimum such that the exercise price shall be the greater of the calculated value or 25% of Franco-Nevada's royalty purchase price ($262.5 million).*

***Partial Buyback of Salares Norte NSR – Chile***

*In May 2025, Gold Fields Limited exercised its option to buy back 1% of Franco-Nevada's 2% NSR on Salares Norte after having paid $6.0 million in cumulative royalty payments.*

2025 Management's Discussion and Analysis 8

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***Financing Package with Discovery Silver Corp. on the Porcupine Complex – Ontario, Canada***

*On April 15, 2025, we completed, through wholly owned Canadian subsidiaries, a comprehensive financing transaction with Discovery Silver Corp. ("Discovery") to support its acquisition of the Porcupine complex located near Timmins, Ontario, from Newmont Corporation ("Newmont"). The financing package includes: i) a 4.25% NSR, consisting of two tranches, for $300.0 million, on production from the Porcupine complex, ii) a $100.0 million senior secured term loan (the "Discovery Term Loan"), and iii) $48.6 million (C$70.9 million) of equity participation. The financing package, totaling $448.6 million, provided Discovery with proceeds to acquire and fund a planned capital program for the Porcupine complex.* 

*Porcupine Royalty*

The royalty on the Porcupine complex consists of two tranches:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a 2.25% NSR in perpetuity on all minerals produced, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a 2.00% NSR on all minerals produced until the earlier of royalty payments on the tranche equivalent to 72,000 gold ounces or a cash payment equal to a pre-tax annual internal rate of return of 12% in reference to a $100.0 million attributable purchase price.

*Discovery Term Loan*

The Discovery Term Loan was a $100.0 million, 7-year term loan with an availability period of 2 years from closing at an interest rate of 3-Month Secured Overnight Financing Rate ("3-Month SOFR") +4.50% per annum and amortization after year 5 at 5% per quarter, with no restrictions on prepayment. The loan provided for an upfront fee equal to 2% on any principal drawn, a standby fee of 100 basis points per annum on undrawn funds, and the issuance by Discovery of 3,900,000 common share purchase warrants with an exercise price of C$0.95 per common share and an expiry date of April 15, 2028.

On September 15, 2025, after arranging a credit facility with a syndicate of commercial banks, Discovery terminated the Discovery Term Loan, which remained undrawn as of the date of termination.

*Discovery Common Shares*

As part of Discovery's public offering of subscription receipts of approximately $169.5 million (C$247.5 million) which closed on February 3, 2025, we purchased 78,833,333 subscription receipts at a price of C$0.90 per subscription receipt for an aggregate purchase price of $48.6 million (C$70.9 million). Upon closing of the acquisition of the Porcupine complex by Discovery, the subscription receipts were automatically exchanged for common shares of Discovery.

On September 18, 2025, we sold 26,000,000 shares for aggregate net proceeds of $84.4 million (C$116.5 million) and realized a gain of $67.4 million (C$93.1 million). The proceeds were used to repay our Corporate Revolver and for general corporate purposes.

As our equity investments are accounted for at fair value through other comprehensive income, the fair value gain of $67.4 million is presented within shareholders' equity. This gain was included within accumulated other comprehensive income and was transferred to retained earnings upon disposal. As such, the gain is not included in, and is incremental to, net income.

***Acquisition of Precious Metals Stream on Sibanye Stillwater Limited's Western Limb Mining Operations – South Africa***

*On February 28, 2025, our wholly-owned subsidiary, FNBC completed the acquisition of a precious metals stream (the "Western Limb Stream") with reference to specific production from Sibanye Stillwater Limited's ("Sibanye-Stillwater") Marikana, Rustenburg and Kroondal mining operations (the "Stream Area") in South Africa for a purchase price of $500.0 million. The Western Limb Stream is comprised of a gold component for the life of mine ("LOM") and a platinum component for approximately 25 years.* 

*Key terms of the Western Limb stream include:* 

● Gold stream deliveries to FNBC are initially based off the platinum, palladium, rhodium and gold ("4E PGM") production from the Stream Area, according to the following schedule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Gold ounces equal to 1.1% of 4E PGM ounces contained in concentrate until delivery of 87,500 ounces of gold, then

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Gold ounces equal to 0.75% of 4E PGM ounces contained in concentrate until total delivery of 237,000 ounces of gold, then

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 80% of gold contained in concentrate for the remaining LOM.

● Platinum stream deliveries to FNBC are based on platinum production from the Western Limb Stream area, according to the following schedule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 1.0% of platinum contained in concentrate until the delivery of 48,000 ounces of platinum, then

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Step-up to 2.1% of platinum contained in concentrate until total delivery of 294,000 ounces of platinum, then

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o No further platinum deliveries.

● Gold and platinum ounces delivered are subject to an ongoing payment of 5% of spot prices respectively to Sibanye-Stillwater. In the case of gold, the ongoing payment will increase to 10% following the delivery of 237,000 ounces of gold to FNBC.

*The effective start date of the Western Limb Stream was September 1, 2024. First deliveries related to production from September 1, 2024 to December 31, 2024 were received in March 2025.*

2025 Management's Discussion and Analysis 9

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***Pandora Royalty – South Africa***

On February 28, 2025, Franco-Nevada and Sibanye-Stillwater converted Franco-Nevada's 5% net profit interest on the Pandora property to a 1% net smelter return royalty. Sibanye-Stillwater's Pandora property forms a portion of its Marikana operations and includes the currently operating E3 decline.

***Acquisition of Royalty on Hayasa Metals Inc.'s Urasar Project – Armenia***

*On January 21, 2025, we acquired a 0.625% NSR covering all minerals produced from Hayasa Metals Inc.'s ("Hayasa") Urasar gold-copper project in northern Armenia for $0.55 million, pursuant to a three-year joint acquisition agreement entered into with EMX (prior to its acquisition by Elemental Altus) in June 2023.* 

***Acquisition of Mineral Rights with Continental Resources, Inc. – U.S.***

Through a wholly-owned subsidiary, we have a strategic relationship with Continental Resources, Inc. ("Continental") to acquire, through a jointly-owned entity (the "Royalty Acquisition Venture"), royalty rights within Continental's areas of operation. Franco-Nevada recorded contributions to the Royalty Acquisition Venture of $2.8 million and $9.8 million in Q4 2025 and 2025, respectively (Q4 2024 and 2024 – $2.5 million and $23.5 million, respectively). As at December 31, 2025, Franco-Nevada has remaining commitments of up to $36.5 million.

#### Canada Revenue Agency Audit
**On September 11, 2025, we reached a settlement with the Canada Revenue Agency (the "CRA Settlement") which provided for a final resolution of Franco-Nevada's tax dispute in connection with the reassessments under transfer pricing rules of the 2013 to 2019 taxation years (the "Reassessments") in relation to its Mexican and Barbadian subsidiaries. Under the terms of the CRA Settlement, no payment of any tax in Canada is required on the foreign earnings of the Company's Barbadian and Mexican subsidiaries for the 2013 to 2019 taxation years. Please refer to the "Contingencies – Canada Revenue Agency Audit" section of this MD&A for further details.**

Franco-Nevada has posted security in the form of cash totaling $44.7 million (C$61.4 million) and standby letters of credit totaling $48.1 million (C$66.0 million). Subsequent to year-end, we recovered cash deposits of $30.0 million (C$41.2 million), and all standby letters of credit were released. We expect the balance of the cash deposits to be returned in the short-term.

#### Credit Facility
On July 22, 2025, we drew down $175.0 million of the $1.0 billion unsecured revolving term credit facility (the "Corporate Revolver") to finance part of the acquisition of the royalty on the Arthur Gold Project, as referenced above. The Corporate Revolver was fully repaid within the quarter, with $100.0 million repaid on August 21, 2025, and $75.0 million on September 22, 2025.

As at December 31, 2025, there were no amounts drawn from the our Corporate Revolver. However, there were four standby letters of credit issued against the Corporate Revolver as deposits for the audit by the CRA. These standby letters of credit reduced the amount available to draw such that the available balance under our Corporate Revolver was $951.9 million. Subsequent to year-end and following the CRA Settlement referenced above, these standby letters of credit were released by the CRA.

In addition, subsequent to year-end, on March 10, 2026, we extended the maturity date of our Corporate Revolver from June 3, 2029 to March 10, 2031, increased the amount available under the accordion from $250.0 million to $500.0 million, and reduced the applicable margin for U.S. advances based on SOFR from between 1.10% and 2.15% to between 1.00% and 2.05%, depending on the Company's leverage ratio.

#### Dividends
*2026* 

**As announced on January 26, 2026, Franco-Nevada raised its quarterly dividend to US$0.44 per share and declared a quarterly dividend payable on March 26, 2026 to shareholders of record on March 12, 2026. This is a 16% increase from the previous US$0.38 per share quarterly dividend and marks the 19<sup>th</sup> consecutive annual increase for Franco-Nevada shareholders. The increased dividend is intended to be effective for the full 2026 fiscal year.** 

*2025* 

**Our quarterly dividend throughout 2025 was $0.38 per share, compared to US$0.36 per share in 2024. In 2025, we paid total dividends of $293.8 million, of which $275.1 million was paid in cash and $18.7 million was settled in common shares under our Dividend Reinvestment Plan (the "DRIP"). During the quarter, we paid total dividends of $73.8 million, of which $70.6 million was paid in cash and $3.2 million was settled in common shares under our DRIP.**

2025 Management's Discussion and Analysis 10

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#### Portfolio Updates
*Additional updates related to our portfolio of assets are available in our News Release issued on March 10, 2026 available on SEDAR+ at www.sedarplus.com and EDGAR at www.sec.gov.* 

**Cobre Panamá Updates** 

Cobre Panamá remains on preservation and safe management ("P&SM") with production halted since November 2023. First Quantum Minerals Ltd. ("First Quantum") has been working with the Government of Panama (the "GOP") and the Ministry of Commerce and Industry (the "MICI") to implement a plan that would allow for the execution of environmental and asset integrity measures during the P&SM phase of Cobre Panamá (the "P&SM Plan").

On January 6, 2025, Panama's Ministry of Environment ("MiAmbiente") released the draft terms of reference for the environmental audit of the Cobre Panamá mine. A public consultation process on the terms of reference concluded on February 7, 2025.

On January 12, 2025, the Minister of Environment and the Minister of Public Security conducted a site visit of Cobre Panamá. During the visit, the ministers toured the mine as well as the process, port and power plant facilities to inspect the upkeep of the mine and the status of surrounding communities and the environment. The visit also enabled the ministers to inspect and approve the export of 7,960 tons of ammonium nitrate stored at the mine's Punta Rincón port. Export of the ammonium nitrate commenced by road in January 2025.

On May 30, 2025, the GOP approved and formally instructed the execution of the P&SM plan for Cobre Panamá. Activities related to the P&SM plan included:

● The P&SM Plan approval authorized the export of the copper concentrate that had been produced and stored at site since prior to the suspension of operations. The 122,520 dry metric tonnes of copper concentrate was exported in June and July 2025. First Quantum reported the proceeds from the concentrate sales were used to fund P&SM activities, including local supply and procurement in Panama and the ongoing environmental stewardship of the mine and its surroundings.

● In October 2025, MiAmbiante issued the order for SGS Global ("SGS") to proceed with the integral audit of Cobre Panamá, covering environmental, social, legal, and fiscal compliance aspects of the mine. Under the coordination of MiAmbiante and MICI, SGS commenced the process and, to date, documentary verification and field visit inspections have been completed as scheduled. The audit is anticipated to be concluded in April 2026.

● The execution of the P&SM plan also included the import of fuel and the restart of Cobre Panamá's power plant. In November 2025, commissioning tests for Unit 2 of the power plant were completed and one supply shipment was received, allowing the conveying system to reach its nominal capacity. Unit 2 was then hot-commissioned and synchronized to the grid. It maintained stable operation and successfully increased output to its maximum capacity of 150 MW in December 2025. The plant is operating at an average output of 120 MW based on the power requirements of the P&SM activities and the demands of the national power grid. The second supply shipment arrived in mid-January 2026. The commissioning of Unit 1 is ongoing and, to date, performance has been normal.

In the State of the Nation address on January 2, 2026, President José Raúl Mulino announced that the GOP will authorize the removal, processing and export of stockpiled ore at Cobre Panamá that was previously extracted before operations were suspended. Processing of the stockpiles will mitigate environmental and operational risks associated with their prolonged storage, such as acid rock drainage, and provide important feed material to the tailings management facility. First Quantum awaits formal approvals to undertake these activities, which will be carried out in coordination with the GOP and in strict compliance with the P&SM Plan. The processing of stockpiles does not constitute a mine reopening and will not require any new extraction, drilling, blasting, or mine operational reactivation.

First Quantum reported that the total amount of stockpiled ore is approximately 38 million tonnes. On a preliminary basis, First Quantum estimates that processing of the stockpiles could commence three months after receiving official regulatory approval, would require one year to process, and is expected to produce approximately 70,000 tonnes of copper. Proceeds from the sale of copper concentrate are anticipated to offset P&SM costs.

As a result of the shipment of the 122,520 dry metric tonnes of copper concentrate shipped in June and July 2025, Franco-Nevada received 11,208 GEOs in stream deliveries in 2025 and 935 GEOs subsequent to year-end, in February 2026. With respect to the processing and export of stockpiled ore, if authorized, the stockpiles are expected to produce approximately 70,000 tonnes of copper which would result in the delivery of approximately 23,100 gold ounces and 265,000 silver ounces to Franco-Nevada. Timing of the receipt of such deliveries depends on the timing of formal approval by the GOP.

*Arbitration Proceedings* 

On March 31, 2025, First Quantum announced it had agreed to discontinue its International Chamber of Commerce arbitration proceedings and has also agreed to suspend its Canada-Panama Free Trade Agreement arbitration.

On June 18, 2025, Franco-Nevada agreed to suspend its arbitration proceeding against the GOP. Franco-Nevada reiterates its hope for a resolution with the State of Panama providing the best outcome for the Panamanian people and all parties involved.

2025 Management's Discussion and Analysis 11

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**Yanacocha Update**

On February 19, 2026, Newmont announced it had indefinitely deferred the Yanacocha Sulfides project. Newmont has reiterated its commitment to Peru, in particular to the Quilish and Conga deposits, both of which Franco-Nevada has a royalty on. Since our acquisition of the royalty in 2024, Yanacocha has significantly outperformed compared to our initial expectations at the time of the acquisition, with oxide re-leaching delivering significantly higher production. Production at Yanacocha in 2025 of 515,000 ounces again exceeded Newmont's guidance due to the successful use of patented injection leaching technology. Newmont's production guidance for 2026 is 460,000 gold ounces, continuing as a leach-only operation. Newmont announced the extension of mining operations at site through 2026 and 2027, adding additional ounces in early 2027 with potential for further production extensions.

#### G uidance and Outlook
*The following contains forward-looking statements. For a description of material factors that could cause our actual results to differ materially from the forward-looking statements below, please see the "Cautionary Statement on Forward-Looking Information" section at the end of this MD&A and the "Risk Factors" section of our most recent Annual Information Form filed with the Canadian securities regulatory authorities on www.sedarplus.com and our most recent Form 40-F filed with the SEC on www.sec.gov. The Company's Annual Information Form and Form 40-F for the year ended December 31, 2025 will be filed before March 31, 2026 and will be available on www.sedarplus.com and www.sec.gov, respectively. The 2026 guidance and outlook are based on assumptions including the forecasted state of operations from our assets based on the public statements and other disclosures by the third-party owners and operators of the underlying properties and our assessment thereof.* 

**Pricing assumptions and GEO methodology**

We present our guidance in reference to commodity sales. For streams, our guidance reflects metals that have been delivered from the operators of our assets and subsequently sold. Our deliveries may differ from operators' production based on timing of deliveries and due to recovery and payability factors. Sales may differ from deliveries based on the timing of the sales. For royalties, our guidance reflects the timing of royalty payments or accruals.

Our 2026 guidance and five-year outlook are based on the following assumed commodity prices: $4,500/oz Au, $75.00/oz Ag, $2,000/oz Pt, $1,650/oz Pd, $100/tonne Fe 62% CFR China, $70/bbl WTI oil and $3.00/mcf Henry Hub natural gas.

*Beginning in 2026, we will be adopting fixed GEO conversion ratios based on the pricing assumptions outlined in our 2026 guidance. This methodology replaces our previous variable GEO conversion ratios based on prevailing market prices and is intended to make our GEO guidance better reflect production volumes.*

**2025 Performance Compared to Guidance**

*We achieved the upper range of our revised guidance, with Precious Metal and Total GEOs totaling 440,140 ounces and 519,106 ounces, respectively. During the year, we benefited from the increase in gold prices, resulting in revenue of $1,822.8 million, a year-over-year increase of 64%. On a GEO basis, higher gold prices negatively impacted the conversion of our non-gold revenue into GEOs. The following table presents our 2025 actual performance compared to our 2025 guidance.* 

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| | | | |
|:---|:---|:---|:---|
|  | **Initial 2025<br> Guidance** <sup>(1)</sup> | **Revised 2025<br> Guidance** <sup>(2)</sup> | **2025 Actual <br> GEOs Sold** <sup>(3)</sup> |
| Precious Metal GEO sales | 385000 - 425000 | **420000 - 440000** | **440140** |
| Total GEO sales | 465000 - 525000 | **495000 - 525000** | **519106** |

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*1* *Initial 2025 guidance as disclosed in our 2024 MD&A filed on March 10, 2025.* 

*2* *Revised 2025 guidance as disclosed in our Q3 2025 MD&A filed on November 3, 2025.*

*3* *Actual GEOs sold are calculated using prevailing prices in 2025. For further details on our methodology for computing GEOs, please refer to the "Gold Equivalent Ounces and Net Gold Equivalent Ounces" section of this MD&A.*

2025 Management's Discussion and Analysis 12

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**2026 Guidance** 

*Our Total GEOs are expected to range from 510,000 to 570,000 ounces, with approximately 90% from Precious Metal assets and 10% from our Diversified assets. Given the volatility in commodity prices, we are also providing volume-based guidance for our Precious Metal assets. The table below presents our guidance for 2026:*

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| | | |
|:---|:---|:---|
|  | **2026 <br> GEO Sales Guidance** <sup>(1) (2)</sup> | **2025 Actual**  |
| **Commodity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold ounces sold | **360,000 to 400,000 ounces** | 366,265 gold ounces |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver ounces sold | **4.7 to 5.5 million ounces** | 5.4 million silver ounces |
| &nbsp;&nbsp;&nbsp;&nbsp;PGMs ounces sold | **32,000 to 37,000 ounces** | 28,374 PGMs ounces |
| &nbsp;&nbsp;&nbsp;&nbsp;Diversified revenue | **$245 to $285 million** | $259.9 million |
| **Gold Equivalent Ounces Sold** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | **510,000 to 570,000 GEOs** | 519,106 GEOs |

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| | |
|:---|:---|
| *1* | *Our 2026 guidance assumes the following commodity prices: $4,500/oz Au, $75.00/oz Ag, $2,000/oz Pt, $1,650/oz Pd, $100/tonne Fe 62% CFR China, $70/bbl WTI oil and $3.00/mcf Henry Hub natural gas. Starting in 2026, actual GEOs will be calculated based on fixed conversion ratios based on the prices assumed in this 2026 guidance.* |

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| | |
|:---|:---|
| *2* | *Our guidance and outlook reflect contributions from acquisitions we entered into subsequent to year-end as of the date of this news release but does not reflect any incremental revenue from additional contributions we may make to the Royalty Acquisition Venture with Continental. Our guidance and outlook do not reflect any buyback options which may be exercised at the discretion of our operators with the exception of the Cascabel buybacks as further detailed below.* |

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*The anticipated increase in our Precious Metal GEOs is primarily a reflection of the first full year of contribution from Côté Gold, Porcupine, and Valentine, the continued ramp-up of Salares Norte and Greenstone, and the recent acquisitions of the Casa Berardi Stream and i-80 Gold Royalty. With respect to our Diversified revenue, the commodity breakdown is expected to be approximately 50% oil and liquids, 25% natural gas and 25% iron ore and other minerals.*

*We have not assumed any contributions from Cobre Panamá in our 2026 guidance. As discussed above, First Quantum is awaiting formal approval to process stockpiled ore, which is expected to produce approximately 70,000 tonnes of copper and would result in stream deliveries to Franco-Nevada of approximately 23,100 gold ounces and 265,000 silver ounces. The timing of stream deliveries would depend on when formal approval is received.* 

***Precious Metals***

● **South America**: For **Candelaria**, we forecast between 57,500 and 67,500 GEOs sold, compared to 68,273 GEOs sold in 2025. Lundin Mining expects lower underground mining rates in the first half of 2026 as it insources the underground mining contract, and higher production in the second half of the year due to higher expected grades from Phase 12. For **Antapaccay**, we anticipate GEOs sold to decrease from 45,488 GEOs in 2025 to between 30,000 and 40,000 GEOs based on mine sequencing **.** For **Antamina**, we anticipate an increase in silver ounces to between 3.5 and 3.7 million silver ounces, compared to 3.2 million silver ounces sold in 2025, reflecting anticipated higher silver grades. **Tocantinzinho** is expected to generate a modest increase in deliveries, with deliveries weighted to H2 2026 as higher grade mineralization becomes available in accordance with the mine plan. We also expect higher contributions from **Salares Norte** as the mine achieved steady-state levels of production in Q4 2025 and expects to produce over 500,000 ounces over the next three years. These increases are expected to be offset by lower production from **Yanacocha** as the current phase on oxide mining operations ended in Q4 2025 as planned. Production will continue from residual leaching, albeit at a lower rate. While production from **Condestable** is expected to increase in the next few years, deliveries to Franco-Nevada are expected to decrease following the end of the 5-year fixed delivery period in Q4 2025.

● **Central America & Mexico**: For **Guadalupe-Palmarejo**, we anticipate deliveries of between 47,500 and 52,500 GEOs, in-line with 2025 where we sold 50,609 GEOs, reflecting a similar proportion of Palmarejo's production being mined from ground covered by our stream. We assumed no production from **Cobre Panamá**, which currently remains in a phase of P&SM with production halted. As discussed above, if authorized, the processing of stockpiles is expected to produce approximately 70,000 tonnes of copper and would result in approximately 23,100 gold ounces and 265,000 silver ounces to Franco-Nevada. Timing of the receipt of such deliveries depends on the timing of formal approval by the GOP.

● **Canada & United States**: We expect higher contributions from our **Côté Gold** gross margin royalty. After having achieved nameplate throughput capacity in June 2025, production at the mine is expected to increase from 399,800 gold ounces in 2025 to between 390,000 and 440,000 ounces in 2026. Operating costs are expected to decrease as IAMGOLD implements measures to improve the cost structure. We also expect strong contributions from **Porcupine**, with a first full year of contributions. Discovery Silver expects to produce between 260,000 and 300,000 gold ounces from Porcupine in 2026 reflecting higher output at Hoyle Pond and Borden, as well as increased production from open pit sources, including both Pamour and Hollinger. At **Valentine**, where commercial production commenced in September 2025, Equinox Gold expects the mine to reach nameplate throughput by Q2 2026 and to produce between 150,000 and 200,000 gold ounces in 2026. Production from **Greenstone** is expected to increase to between 250,000 and 300,000 gold ounces in 2026 as Equinox Gold expects to improve reliability and overall operational performance of the mine. We expect our **Hemlo** and **Musselwhite** royalty payments to increase, reflecting the leverage of NPI royalties to higher gold prices. **South Arturo** is expected to have another strong year in 2026 as the open pit will remain a focus for the Nevada Gold Mines' Carlin operations. At **Stillwater,** Sibanye-Stillwater expects US PGM operations to produce between 280,000 and 300,000 platinum and palladium ounces, consistent with 2025 production.

2025 Management's Discussion and Analysis 13

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● **Rest of World:** Deliveries of gold and platinum ounces from our **Western Limb** stream are expected to be relatively consistent with 2025, where we received and sold 16,933 gold ounces and 9,185 platinum ounces. We expect our GEO sales to benefit from higher platinum prices when compared to 2025 based on our current price assumptions. Payments from our **Subika (Ahafo)** royalty are expected to decrease relative to 2025 as mining activities in the Subika open pit were completed as planned in Q3 2025. Newmont plans to increase its investment in exploration and advanced projects, including at Subika Underground.

**Diversified**

● **Other Mining:** Attributable sales from our **Vale** royalty are expected to increase in 2026 compared to 2025, reflecting a first full year of contributions from the Southeastern System where the cumulative sales threshold of 1.7 billion tonnes of iron ore was reached mid-2025. With respect to our interest in **Labrador Iron Ore Company of Canada ("LIORC")**, Rio Tinto expects an increase in iron ore production at Iron Ore Company of Canada ("IOC"), with 15 to 18 Mt of iron ore for 2026 compared to 16 Mt sold in 2025.

● **Energy:** For our U.S. Energy assets, we anticipate production growth from our SCOOP/STACK and Haynesville interests when compared to 2025, offset by softer gas prices based on our current price assumptions. With respect to our Canadian assets, production from the Weyburn Unit is forecasted to remain relatively constant year-over-year.

**Depletion expense:** Based on currently available mineral reserve estimates published by our operators, we expect depletion and depreciation expense to range between $310.0 million and $340.0 million for 2026. Depletion rates may be updated throughout the year as updated mineral reserve estimates become available.

**Income tax:** We expect our annual effective tax rate to be between 20% and 23%.

**Capital commitments:** We anticipate making the third pre-construction payment for the Cascabel stream of $11.7 million in 2026. As of December 31, 2025, our remaining capital commitment to the Royalty Acquisition Venture with Continental was $36.5 million. We also expect to fund part of the contingent consideration we are committed to for our Copper World royalty. Refer to the "Commitments" section of this MD&A for further details on our commitments.

**Five-Year Outlook** 

For 2030, we expect Total GEOs to range between 555,000 and 615,000 GEOs. We have not assumed any contributions from Cobre Panamá in this outlook. Should production restart, there is potential for materially higher GEOs, depending on the conditions of such restart. Based on the average of the next five years of the Cobre Panamá mine plan which was in place at the time of suspension, the stream has the potential to contribute as much as 150,000 to 175,000 GEOs to Franco-Nevada annually once the mine has ramped up to full capacity.

***Precious Metals***

*We assumed the start of production at **Cascabel** in 2028, based on the development of the Tandayama-America open pit in 2028 and the underground block cave in 2030 as outlined by SolGold. Our outlook reflects the partial buybacks of the Cascabel stream and NSR which were exercised following the acquisition of SolGold by JCC. At **Eskay Creek**, Skeena anticipates commencement of mining operations in 2027, having now completed the permitting process with the support of the Tahltan Nation. At **Stibnite Gold**, Perpetua Resources Corp. expects to start production in 2029, having received the final federal permit and commenced early works construction. At **Castle Mountain**, Equinox Gold is expecting to receive the federal decision for the development of the Phase 2 expansion project in late 2026 and estimates a two-year construction period. At **Detour Lake**, Agnico Eagle expects to reach production of 1 Moz per annum in 2031 for approximately 14 years and is evaluating the potential for a third processing line which could lift annual production above the 1Mozpa level. At **Antamina**, silver production is expected to increase based on higher silver grades in the life of mine plan. At **Stillwater,** Sibanye-Stillwater is expecting to reopen Stillwater West in 2028, doubling current production levels. In Australia, production at the **Rebecca-Roe** is anticipated to start in late 2028 following the completion of the definitive feasibility study and final investment decision by Ramelius Resources Limited.* 

We anticipate a step-down in deliveries at **Candelaria** in H2 2027, where our stream interest will decrease from 68% to 40% of gold and silver produced, partly offset by potential production from the Candelaria Underground Expansion Project. At **Antapaccay**, a stepdown in deliveries is expected in H2 2028, where our stream will be based on 30% of gold and silver produced rather than indexed to copper production. This may be partly offset by the development of the Coroccohuayco project. While the project is pending a final investment decision, Glencore has outlined a timetable that would see Coroccohuayco starting production in late 2028. At **Guadalupe-Palmarejo**, Coeur Mining announced an increase in gold mineral reserves of 40%, extending the mine life by approximately five years. At **Subika (Ahafo)**, production attributable to our royalty is expected to decline following the end of mining operations at the Subika open pit at Ahafo South in July 2025 as planned. Production from royalty ground at Subika Underground is expected to continue for a period of time.

2025 Management's Discussion and Analysis 14

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***Diversified***

*With respect to our Diversified assets, we assume the start of production at **Copper World**, where a definitive feasibility study and sanction decision are expected in 2026 following the completion of a joint venture agreement between Hudbay Minerals Inc. and Mitsubishi Corporation. We also assumed the start of production at **Taca Taca**, for which First Quantum released a 43-101 Technical Report and is working on the approval of the Environmental and Social Impact Assessment and critical water permit and preparing for an application to Argentina's investment promotion regime, Régimen de Incentivos para Grandes Inversiones ("RIGI") in H1 2026. For our **Energy** assets, we anticipate production growth from the continued development of our U.S. assets, in particular at our Haynesville, SCOOP/STACK and Permian interests, and expect steady-state production from our Canadian assets.*

**Long-Term Optionality**

Franco-Nevada holds a large portfolio of over 300 exploration and advanced-stage royalty and stream interests which are not reflected in our guidance or five-year outlook and provide the potential for significant organic growth. Please refer to our News Release issued on March 10, 2026 for Portfolio Updates. 

**Market Overview**

The prices of gold and other precious metals are the largest factors in determining profitability and cash flow from operations for Franco-Nevada. The price of gold can be volatile and is affected by macroeconomic and industry factors that are beyond our control. Major influences on the gold price include interest rates, fiscal and monetary stimulus, inflation expectations, currency exchange rate fluctuations including the relative strength of the U.S. dollar and supply and demand for gold.

Commodity price volatility also impacts the number of GEOs when reflecting revenue from non-gold commodities as GEOs. Silver, platinum, palladium, iron ore, other mining commodities and oil and gas are reflected as GEOs by dividing associated revenue, which includes settlement adjustments, by the relevant gold price. The price used in the computation of GEOs earned from a particular asset varies depending on the royalty or stream agreement, which may refer to the market price realized by the operator, or the average price for the month, quarter, or year in which the commodity was produced or sold. Refer to the commodity price tables on pages 18 and 23 of this Annual Report for further details.

Gold prices rallied during the year, reflecting strong safe haven demand, central bank buying, U.S. interest rate cuts, and economic and geopolitical uncertainty. Silver prices also increased due to robust industrial and safe haven demand. Oil prices fell due to economic uncertainty and oversupply with natural gas prices remaining relatively constant during the year.

2025 Management's Discussion and Analysis 15

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#### Metal Sales by Asset
The following table details metal sales for the three months and years ended December 31, 2025 and 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(expressed in ounces)* | *(expressed in ounces)* | For the three months ended  | For the three months ended  | For the year ended  | For the year ended  |
|  |  | December 31,  | December 31,  | December 31,  | December 31,  |
| &nbsp;&nbsp;**Property** | **Interest and %**  | **2025** | 2024 | **2025** | 2024 |
| **Gold** |  |  |  |  |  |
| &nbsp;&nbsp;**South America** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Candelaria | Stream 68% Gold | **11644** | 18283 | **55256** | 53526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Antapaccay | Stream (indexed) Gold | **14400** | 12280 | **38300** | 46700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tocantinzinho | Stream 12.5% | **5123** | 4705 | **20900** | 5813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Condestable | Stream Gold, Fixed through 2025 | **2190** | 2190 | **8760** | 8760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yanacocha | NSR 1.8% | **2400** | 1730 | **9377** | 2886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Salares Norte | NSR 1-2% | **251** | 582 | **3501** | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | **360** | 403 | **1387** | 2783 |
| &nbsp;&nbsp;**Central America & Mexico** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guadalupe-Palmarejo | Stream 50% | **11948** | 8248 | **50609** | 35678 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cobre Panamá | Stream (indexed) Gold | **—** |  | **9913** | 26 |
| &nbsp;&nbsp;**Canada** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Detour Lake | NSR 2% | **3716** | 3377 | **14160** | 13334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hemlo | NSR 3%, NPI 50% | **4398** | 1548 | **15434** | 6926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Côté Gold | GMR 7.5% | **7394** |  | **13149** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Porcupine | NSR 4.25% | **2857** |  | **7639** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Greenstone | NSR 3% | **2123** | 1884 | **6268** | 3600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kirkland Lake (Macassa) | NSR 1.5-5.5%, NPI 20% | **1145** | 1208 | **4718** | 4174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Musselwhite | NPI 5% | **393** | 544 | **3937** | 1325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sudbury | Stream 50% Gold | **381** | 73 | **1281** | 1217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brucejack | NSR 1.2% | **743** | 964 | **2792** | 2906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Magino | NSR 3% | **880** | 685 | **2831** | 2360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | **1278** | 918 | **3339** | 3680 |
| &nbsp;&nbsp;**United States** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;South Arturo | GR 4-9% | **6088** | 633 | **9747** | 2756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldstrike | NSR 2-4%, NPI 2.4-6% | **2141** | 1990 | **6457** | 8241 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bald Mountain | NSR/GR 0.875-5% | **1632** | 1934 | **6052** | 7212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marigold | NSR 1.75-5%, GR 0.5-4% | **739** | 947 | **2766** | 2658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold Quarry | NSR 7.29% | **1325** | 801 | **1469** | 1259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | **340** | 482 | **1970** | 2053 |
| &nbsp;&nbsp;**Rest of World** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Limb  | Stream Gold (indexed) | **4638** |  | **16933** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subika (Ahafo) | NSR 2% | **1889** | 2922 | **13771** | 14735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tasiast | NSR 2% | **2316** | 3272 | **9592** | 12756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sabodala | Stream 6%, Fixed to 105,750 oz  | **2350** | 2350 | **9400** | 9400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Duketon | NSR 2% | **958** | 801 | **3044** | 4417 |
| &nbsp;&nbsp;&nbsp;&nbsp;MWS | Stream 25% | **—** | 1587 | **—** | 23999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | **3100** | 2191 | **11513** | 9417 |
| **Total Gold Ounces Sold** | **Total Gold Ounces Sold** | **101140** | 79532 | **366265** | 295193 |
| **Silver** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Candelaria | Stream 68% Silver | **284849** | 449070 | **1122212** | 1162135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Antapaccay | Stream (indexed) Silver | **225000** | 192000 | **600000** | 732000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Antamina | Stream 22.5% Silver | **1120000** | 450000 | **3195000** | 1925000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Condestable | Stream Silver, Fixed through 2025 | **72750** | 72750 | **291000** | 291000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cobre Panamá | Stream (indexed) Silver | **—** |  | **113661** | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | Various royalties | **15647** | 16922 | **54641** | 59587 |
| **Total Silver Ounces Sold** | **Total Silver Ounces Sold** | **1718246** | 1180742 | **5376514** | 4170021 |
| **PGMs** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sudbury | Stream 50% PGM | **2752** | 1806 | **7608** | 8583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stillwater | NSR 5% PGM | **2757** | 4725 | **11581** | 19201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Limb | Stream 1% Platinum  | **2443** |  | **9185** |  |
| **Total PGMs Ounces Sold** | **Total PGMs Ounces Sold** | **7952** | 6531 | **28374** | 27784 |
| **Precious Metal GEOs Sold** | **Precious Metal GEOs Sold** | **127959** | 95565 | **440140** | 355310 |
| **Diversified GEOs Sold** | **Diversified GEOs Sold** | **13697** | 24498 | **78966** | 108024 |
| **Total GEOs Sold** |  | **141656** | 120063 | **519106** | 463334 |

---

2025 Management's Discussion and Analysis 16

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#### Revenue by Asset
The following table details revenue for the three months and years ended December 31, 2025 and 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | For the three months ended  | For the three months ended  | For the year ended  | For the year ended  |
| &nbsp;&nbsp;*(expressed in millions)* | **Interest and %**  | December 31,  | December 31,  | December 31,  | December 31,  |
| &nbsp;&nbsp;**Property** | *(Gold unless otherwise indicated)* | **2025** | 2024 | **2025** | 2024 |
| **PRECIOUS METALS** |  |  |  |  |  |
| &nbsp;&nbsp;**South America** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Candelaria | Stream 68% Gold & Silver | $**64.0** | $62.5 | $**232.5** | $163.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Antapaccay | Stream (indexed) Gold & Silver | **73.6** | 38.6 | **163.9** | 131.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Antamina | Stream 22.5% Silver | **68.5** | 14.1 | **143.3** | 55.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tocantinzinho | Stream 12.5% | **21.4** | 12.5 | **72.5** | 15.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Condestable | Stream Gold & Silver, Fixed through 2025 | **14.3** | 7.9 | **44.6** | 29.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yanacocha | NSR 1.8% | **9.9** | 4.6 | **32.6** | 7.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Salares Norte | NSR 1-2% | **2.1** | 1.6 | **13.3** | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | **2.0** | 1.2 | **5.7** | 6.7 |
| &nbsp;&nbsp;**Central America & Mexico** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guadalupe-Palmarejo | Stream 50% | $**50.8** | $21.9 | $**177.3** | $84.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cobre Panamá | Stream (indexed) Gold & Silver | **—** |  | **38.3** | 0.1 |
| &nbsp;&nbsp;**Canada** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Detour Lake | NSR 2% | $**15.5** | $9.0 | $**49.0** | $31.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hemlo | NSR 3%, NPI 50% | **18.5** | 4.2 | **51.7** | 16.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Côté Gold | GMR 7.5% | **30.6** |  | **50.5** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Porcupine | NSR 4.25% | **11.9** |  | **28.2** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Greenstone | NSR 3% | **8.8** | 5.0 | **22.3** | 9.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kirkland Lake (Macassa) | NSR 1.5-5.5%, NPI 20% | **4.8** | 3.2 | **16.2** | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Musselwhite | NPI 5% | **1.6** | 1.4 | **11.6** | 3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sudbury | Stream 50% PGM & Gold | **5.7** | 1.2 | **14.9** | 9.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brucejack | NSR 1.2% | **3.1** | 2.6 | **9.8** | 7.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Magino | NSR 3% | **3.5** | 1.9 | **9.7** | 5.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | **5.0** | 2.3 | **11.6** | 8.7 |
| &nbsp;&nbsp;**United States** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;South Arturo | GR 4-9% | $**25.8** | $1.7 | $**37.8** | $6.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldstrike | NSR 2-4%, NPI 2.4-6% | **8.8** | 5.2 | **22.8** | 19.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bald Mountain | NSR/GR 0.875-5% | **6.5** | 5.1 | **20.6** | 16.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stillwater | NSR 5% PGM | **4.7** | 5.6 | **15.4** | 21.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marigold | NSR 1.75-5%, GR 0.5-4% | **3.1** | 2.5 | **9.6** | 6.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold Quarry | NSR 7.29% | **4.6** | 1.9 | **5.1** | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | **1.4** | 1.3 | **6.7** | 4.9 |
| &nbsp;&nbsp;**Rest of World** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Limb  | Stream Gold (indexed) & 1% Platinum  | $**23.2** | $— | $**70.3** | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Subika (Ahafo) | NSR 2% | **8.1** | 7.7 | **45.4** | 34.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tasiast | NSR 2% | **9.6** | 8.7 | **32.8** | 30.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sabodala | Stream 6%, Fixed to 105,750 oz  | **9.9** | 6.3 | **32.7** | 22.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Duketon | NSR 2% | **3.9** | 2.3 | **10.6** | 10.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;MWS | Stream 25% | **—** | 4.3 | **—** | 55.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | **12.3** | 6.0 | **39.4** | 22.8 |
|  |  | $**537.5** | $254.3 | $**1548.7** | $853.0 |
| **DIVERSIFIED** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vale | Various Royalty Rates | $**7.4** | $8.3 | $**36.7** | $36.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;LIORC | GORR 0.7% Iron Ore, IOC Equity 1.5%<sup>(1)</sup> | **1.6** | 3.3 | **7.0** | 13.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other mining assets |  | **2.4** | 0.8 | **12.4** | 8.2 |
| &nbsp;&nbsp;**United States (Energy)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Marcellus | GORR 1% | $**7.5** | $7.3 | $**30.5** | $26.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Haynesville | Various Royalty Rates | **8.1** | 5.8 | **29.8** | 21.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;SCOOP/STACK  | Various Royalty Rates | **9.1** | 8.4 | **42.0** | 31.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Permian Basin | Various Royalty Rates | **7.6** | 14.6 | **43.9** | 45.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | **0.1** | 0.1 | **0.3** | 0.3 |
| &nbsp;&nbsp;**Canada (Energy)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Weyburn | NRI 11.71%, ORR 0.44%, WI 2.56% | $**6.9** | $10.0 | $**36.9** | $44.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Orion | GORR 4% | **2.8** | 3.1 | **12.1** | 14.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other |  | **1.8** | 2.6 | **8.3** | 9.4 |
|  |  | $**55.3** | $64.3 | $**259.9** | $251.7 |
| **Revenue from royalty, stream and working interests** | **Revenue from royalty, stream and working interests** | $**592.8** | $318.6 | $**1808.6** | $1104.7 |
| **Interest revenue and other interest income** | **Interest revenue and other interest income** | $**4.5** | $2.4 | $**14.2** | $8.9 |
| **Total revenue** |  | $**597.3** | $321.0 | $**1822.8** | $1113.6 |

---

---

| | |
|:---|:---|
| 1 | Includes interest attributable to Franco-Nevada's 9.9% equity ownership of Labrador Iron Ore Royalty Corporation. |

---

2025 Management's Discussion and Analysis 17

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**Review of Quarterly Financial Performance**

The prices of precious metals, iron ore, and oil and gas and production from our assets are the largest factors in determining our profitability and cash flow from operations. The following table summarizes average commodity prices and average exchange rates during the periods presented.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Quarterly average prices and rates** |  | **Q4 2025** | **Q4 2024** | **Variance** |
| Gold<sup>(1)</sup> | ($/oz) | $**4145** | $2662 | 55.7% |
| Silver<sup>(1)</sup> | ($/oz) | **54.83** | 31.34 | 75.0% |
| Platinum<sup>(1)</sup> | ($/oz) | **1682** | 966 | 74.1% |
| Palladium<sup>(1)</sup> | ($/oz) | **1474** | 1011 | 45.8% |
| Iron Ore Fines 62% Fe CFR China | ($/tonne) | **105** | 105 | —% |
| Edmonton Light | (C$/bbl) | **76.54** | 93.14 | (17.8)% |
| West Texas Intermediate | ($/bbl) | **59.14** | 70.27 | (15.8)% |
| Henry Hub | ($/mcf) | **4.07** | 2.99 | 36.1% |
| CAD/USD exchange rate<sup>(2)</sup> |  | **0.7169** | 0.7149 | 0.3%  |

---

1 Based on LBMA PM Fix for gold, platinum and palladium. Based on LBMA Fix for silver.

2 Based on Bank of Canada daily rates.

#### Revenue and GEOs
Revenue and GEO sales by commodity, geographical location and type of interest for the three months ended December 31, 2025 and 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gold Equivalent Ounces**<sup>(1)</sup> | **Gold Equivalent Ounces**<sup>(1)</sup> | **Gold Equivalent Ounces**<sup>(1)</sup> | **Revenue** *(in millions)* | **Revenue** *(in millions)* | **Revenue** *(in millions)* |
| **For the three months ended December 31,**  | **2025** | 2024 | Variance | **2025** | 2024 | Variance |
| **Commodity** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | **101140** | 79532 | 21608 | $**422.3** | $211.6 | $210.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | **24078** | 13689 | 10389 | **102.4** | 36.2 | 66.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;PGM | **2741** | 2344 | 397 | **12.8** | 6.5 | 6.3 |
| &nbsp;&nbsp;Precious Metals | **127959** | 95565 | 32394 | $**537.5** | $254.3 | $283.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Iron ore<sup>(2)</sup> | **2175** | 4330 | (2155) | $**9.0** | $11.6 | $(2.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other mining assets | **589** | 332 | 257 | **2.4** | 0.8 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil | **6254** | 14317 | (8063) | **22.9** | 34.0 | (11.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gas | **3217** | 3700 | (483) | **16.8** | 12.6 | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;NGL | **1462** | 1819 | (357) | **4.2** | 5.3 | (1.1) |
| &nbsp;&nbsp;Diversified | **13697** | 24498 | (10801) | $**55.3** | $64.3 | $(9.0) |
| **Revenue from royalty, stream and working interests** | **141656** | 120063 | 21593 | $**592.8** | $318.6 | $274.2 |
| **Interest revenue and other interest income** | **—** |  |  | $**4.5** | $2.4 | $2.1 |
|  | **141656** | 120063 | 21593 | $**597.3** | $321.0 | $276.3 |
| **Geography** |  |  |  |  |  |  |
| &nbsp;&nbsp;South America | **62460** | 56910 | 5550 | $**264.3** | $151.2 | $113.1 |
| &nbsp;&nbsp;Central America & Mexico | **11991** | 8338 | 3653 | **51.0** | 22.1 | 28.9 |
| &nbsp;&nbsp;Canada<sup>(2)</sup> | **29381** | 18555 | 10826 | **126.6** | 52.2 | 74.4 |
| &nbsp;&nbsp;United States | **21541** | 23021 | (1480) | **87.8** | 60.1 | 27.7 |
| &nbsp;&nbsp;Rest of World | **16283** | 13239 | 3044 | **67.6** | 35.4 | 32.2 |
|  | **141656** | 120063 | 21593 | $**597.3** | $321.0 | $276.3 |
| **Type** |  |  |  |  |  |  |
| &nbsp;&nbsp;Revenue-based royalties | **46775** | 48250 | (1475) | $**193.7** | $127.3 | $66.4 |
| &nbsp;&nbsp;Streams | **78282** | 63632 | 14650 | **331.2** | 169.3 | 161.9 |
| &nbsp;&nbsp;Profit-based royalties | **14143** | 5449 | 8694 | **57.8** | 14.5 | 43.3 |
| &nbsp;&nbsp;Interest revenue and other<sup>(2)</sup> | **2456** | 2732 | (276) | **14.6** | 9.9 | 4.7 |
|  | **141656** | 120063 | 21593 | $**597.3** | $321.0 | $276.3 |

---

1 Refer to the "Gold Equivalent Ounces and Net Gold Equivalent Ounces" section of this MD&A for more information on our methodology for calculating GEOs.

---

| | |
|:---|:---|
| 2 | Includes interest attributable to Franco-Nevada's 9.9% equity ownership of Labrador Iron Ore Royalty Corporation. |

---

2025 Management's Discussion and Analysis 18

------

We recognized $597.3 million in revenue in Q4 2025, an increase of 86% from Q4 2024, primarily due to record gold and silver prices and contributions from Precious Metal assets acquired or which commenced production in the past year. These increases were partly offset by lower revenue from our Diversified assets. Revenue also includes interest revenue of $4.5 million related to our loans receivable.

In Q4 2025, we earned 90% of our revenue from Precious Metals, compared to 79% in Q4 2024. Geographically, 89% of our revenue was derived from the Americas in Q4 2025, consistent with Q4 2024.

![Graphic](fnv-20251231xex99d2004.jpg)

We sold 141,656 GEOs in Q4 2025, an increase of 18% compared to 120,063 GEOs in Q4 2024. A comparison of our sources of GEOs in Q4 2025 to Q4 2024 is shown below:

![Graphic](fnv-20251231xex99d2005.jpg)

2025 Management's Discussion and Analysis 19

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#### Precious Metals
Our Precious Metal assets contributed 127,959 GEOs in Q4 2025, an increase of 34% compared to 95,565 GEOs in Q4 2024, primarily due to the following:

● **Antamina** – We sold 1,120,000 silver ounces in Q4 2025 compared to 450,000 silver ounces in Q4 2024. The increase in deliveries is attributable to higher silver grades in the current period and timing of shipments.

● **Côté Gold** – We earned 7,399 GEOs from our Côté Gold royalty, which we acquired in June 2025. IAMGOLD reported a strong quarter of production at Côté Gold, with 124,600 gold ounces produced in the quarter.

● **Western Limb –** We received and sold 5,632 GEOs from our gold and platinum stream on Sibanye-Stillwater's Western Limb mining operations acquired in February 2025. We continue to benefit from increased platinum prices and expect further benefits as prices have continued to rise subsequent to year-end.

● **South Arturo –** We earned 6,088 GEOs from South Arturo reflecting production from the Phase 1 open pit. South Arturo is part of the Carlin Complex operated by Nevada Gold Mines.

● **Guadalupe-Palmarejo** – We received and sold 11,948 GEOs from Guadalupe-Palmarejo compared to 8,248 GEOs received and sold in Q4 2024, reflecting higher production from Palmarejo and a greater proportion of production being mined from stream ground.

The above increases were partly offset by the following:

● **Candelaria –** We received and sold 15,415 GEOs in Q4 2025 compared to 23,558 GEOs in Q4 2024, mainly due to lower mine production compared to last year's planned higher-grade ore from Phase 11.

● **MWS –** There were no GEO deliveries from MWS as our stream reached its cumulative cap of 312,500 gold ounces in Q4 2024. In the prior year quarter, MWS had delivered 1,587 GEOs.

● **Subika (Ahafo) –** We earned 1,889 GEOs in Q4 2025 compared to 2,922 GEOs in Q4 2024. The decrease was a result of end of mining activities at the Subika open pit as planned in July 2025.

#### Diversified
Our Diversified assets, primarily comprising our Iron Ore and Energy interests, generated $55.3 million in revenue compared to $64.3 million in Q4 2024, a decrease of 14%. The decrease is primarily due to lower oil prices. In addition, when converted to GEOs, our Diversified assets contributed 13,697 GEOs compared to 24,498 GEOs in Q4 2024, a decrease of 44% due to the impact of higher gold prices on the conversion of non-gold revenue to GEOs.

*Iron Ore and Other Mining*

Our Iron Ore and Other Mining assets generated $11.4 million in Q4 2025 compared to $12.4 million in Q4 2024.

● **Vale Royalty** – We recorded $7.4 million in revenue a decrease from our Vale Royalty in Q4 2025 compared to $8.3 million in Q4 2024. For 2026, we anticipate to benefit from a first full year of contributions from the Southeastern System.

● **LIORC –** Labrador Iron Ore Royalty Corporation ("LIORC") contributed $1.6 million in revenue in Q4 2025 compared to $3.3 million in Q4 2024. LIORC declared a cash dividend of C$0.35 per common share in the current period, compared to C$0.75 in Q4 2024. Production at IOC in Q4 2025 was lower due to pit health and mine reliability challenges, with lower ore feed to the concentrator.

*Energy*

Our Energy interests contributed $43.9 million in revenue in Q4 2025, 15% decrease from $51.9 million in Q4 2024.

● **U.S.** – Revenue from our U.S. Energy interests decreased to $32.4 million in Q4 2025, compared to $36.2 million in Q4 2024. The decrease was largely driven by lower realized oil prices and lower production from our Permian assets, partly offset by higher realized gas prices at our Haynesville and Marcellus assets.

● **Canada** – Revenue from our Canadian Energy interests was $11.5 million in Q4 2025, compared to $15.7 million in the prior year quarter due to lower oil prices.

#### Interest revenue
We earned interest revenue of $4.5 million in Q4 2025 compared to $2.4 million in Q4 2024 from our loans to G Mining Ventures Corp. and EMX (prior to its acquisition by Elemental Altus). In November 2025, both G Mining Ventures and EMX repaid their loans in full, such that no balance was outstanding at December 31, 2025.

2025 Management's Discussion and Analysis 20

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***Costs of Sales***

The following table provides a breakdown of costs of sales, excluding depletion and depreciation, incurred in the periods presented:

---

| | | | |
|:---|:---|:---|:---|
|  | For the three months ended December 31,  | For the three months ended December 31,  | For the three months ended December 31,  |
| &nbsp;&nbsp;&nbsp;*(expressed in millions)* | **2025** | 2024 | Variance |
| Costs of stream sales | $**45.0** | $31.4 | $13.6 |
| Mineral production taxes | **2.2** | 0.7 | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mining costs of sales | $**47.2** | $32.1 | $15.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy costs of sales | **2.4** | 2.3 | 0.1 |
|  | $**49.6** | $34.4 | $15.2 |

---

Costs of sales related to our streams increased in Q4 2025 compared to Q4 2024, reflecting the increase in stream GEOs and higher costs per ounce for streams where the ongoing purchase price varies as a function of spot prices. Costs of sales also include royalties payable and production taxes which vary based on revenue, and property taxes which are reassessed from time to time. Costs of sales incurred in Q4 2025 compared to Q4 2024 are shown below:

![Graphic](fnv-20251231xex99d2006.jpg)

2025 Management's Discussion and Analysis 21

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***Depletion and Depreciation***

Depletion and depreciation expense totaled $87.3 million in Q4 2025 compared to $60.0 million in Q4 2024. The increase compared to the prior year period is due to a higher proportion of our GEOs being generated from recently acquired assets which carry a relatively higher depletion rate per ounce. Depletion rates per ounce decrease over time when mineral resources are converted into mineral reserves. The increase in depletion expense incurred in Q4 2025 compared to Q4 2024 is shown below:

![Graphic](fnv-20251231xex99d2007.jpg)

***Gain on Sale of Gold and Silver Bullion***

**Certain of our royalties are settled in-kind with gold and silver bullion rather than cash payments. In Q4 2025, we sold 3,000 gold ounces with a carrying value of $10.5 million for proceeds of $12.4 million and realized a gain of $1.9 million. At December 31, 2025, we held 10,598 ounces of gold and 13,980 ounces of silver at a carrying value of $39.1 million and $0.4 million, respectively.** 

#### Income Taxes
Income tax expense was $100.6 million in Q4 2025, an increase compared to $46.8 million in Q4 2024 due to higher income before taxes earned in the quarter.

#### Net Income and Adjusted Net Income
Net income for Q4 2025 was $367.7 million, or $1.91 per share, compared to $175.4 million, or $0.91 per share, in Q4 2024. The increase is primarily attributable to higher revenue partly offset by higher costs of sales and depletion expense. Adjusted Net Income for the same period was $356.2 million, or $1.85 per share, compared to $183.3 million, or $0.95 per share, in Q4 2024. Please refer to the "Non-GAAP Financial Measures" section of this MD&A for further details on the computation of Adjusted Net Income.

2025 Management's Discussion and Analysis 22

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#### Review of Annual Financial Performance
The following table summarizes average commodity prices and average exchange rates during the years presented.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average prices and rates** |  | **2025** | **2024** | **Variance** |
| Gold<sup>(1)</sup> | ($/oz) | $**3435** | $2387 | 43.9% |
| Silver<sup>(1)</sup> | ($/oz) | **39.94** | 28.24 | 41.4% |
| Platinum<sup>(1)</sup> | ($/oz) | **1277** | 955 | 33.7% |
| Palladium<sup>(1)</sup> | ($/oz) | **1149** | 983 | 16.9% |
| Iron Ore Fines 62% Fe CFR China | ($/tonne) | **102** | 110 | (7.3)% |
| Edmonton Light | (C$/bbl) | **85.60** | 98.20 | (12.8)% |
| West Texas Intermediate | ($/bbl) | **64.80** | 75.72 | (14.4)% |
| Henry Hub | ($/mcf) | **3.62** | 2.41 | 50.2% |
| CAD/USD exchange rate<sup>(2)</sup> |  | **0.7056** | 0.7301 | (3.4)% |

---

1 Based on LBMA PM Fix for gold, platinum and palladium. Based on LBMA Fix for silver.

2 Based on Bank of Canada daily rates.

#### Revenue and GEOs
Revenue and GEO sales by commodity, geographical location and type of interest for the year ended December 31, 2025 and 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Gold Equivalent Ounces**<sup>(1)</sup> | **Gold Equivalent Ounces**<sup>(1)</sup> | **Gold Equivalent Ounces**<sup>(1)</sup> | **Revenue** *(in millions)* | **Revenue** *(in millions)* | **Revenue** *(in millions)* |
| **For the year ended December 31,**  | **2025** | 2024 | Variance | **2025** | 2024 | Variance |
| **Commodity** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold | **366265** | 295193 | 71072 | $**1275.8** | $706.9 | $568.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | **63697** | 48489 | 15208 | **235.6** | 117.8 | 117.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;PGM | **10178** | 11628 | (1450) | **37.3** | 28.3 | 9.0 |
| &nbsp;&nbsp;Precious Metals | **440140** | 355310 | 84830 | $**1548.7** | $853.0 | $695.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Iron ore<sup>(2)</sup> | **12711** | 22314 | (9603) | $**43.7** | $50.5 | $(6.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other mining assets | **3804** | 3555 | 249 | **12.4** | 8.2 | 4.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil | **39665** | 59030 | (19365) | **118.8** | 128.6 | (9.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gas | **15294** | 15147 | 147 | **65.4** | 44.1 | 21.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;NGL | **7492** | 7978 | (486) | **19.6** | 20.3 | (0.7) |
| &nbsp;&nbsp;Diversified | **78966** | 108024 | (29058) | $**259.9** | $251.7 | $8.2 |
| **Revenue from royalty, stream and working interests** | **519106** | 463334 | 55772 | $**1808.6** | $1104.7 | $703.9 |
| **Interest revenue and other interest income** | **—** |  |  | $**14.2** | $8.9 | $5.3 |
|  | **519106** | 463334 | 55772 | $**1822.8** | $1113.6 | $709.2 |
| **Geography** |  |  |  |  |  |  |
| &nbsp;&nbsp;South America | **212017** | 187778 | 24239 | $**750.5** | $451.1 | $299.4 |
| &nbsp;&nbsp;Central America & Mexico | **62103** | 36229 | 25874 | **216.6** | 86.1 | 130.5 |
| &nbsp;&nbsp;Canada<sup>(2)</sup> | **97570** | 76552 | 21018 | **354.0** | 192.8 | 161.2 |
| &nbsp;&nbsp;United States | **78438** | 87212 | (8774) | **266.1** | 205.0 | 61.1 |
| &nbsp;&nbsp;Rest of World | **68978** | 75563 | (6585) | **235.6** | 178.6 | 57.0 |
|  | **519106** | 463334 | 55772 | $**1822.8** | $1113.6 | $709.2 |
| **Type** |  |  |  |  |  |  |
| &nbsp;&nbsp;Revenue-based royalties | **186607** | 186472 | 135 | $**638.9** | $440.1 | $198.8 |
| &nbsp;&nbsp;Streams | **280431** | 236158 | 44273 | **990.2** | 567.9 | 422.3 |
| &nbsp;&nbsp;Profit-based royalties | **41710** | 24447 | 17263 | **143.9** | 57.8 | 86.1 |
| &nbsp;&nbsp;Interest revenue and other<sup>(2)</sup> | **10358** | 16257 | (5899) | **49.8** | 47.8 | 2.0 |
|  | **519106** | 463334 | 55772 | $**1822.8** | $1113.6 | $709.2 |

---

1 Refer to the "Gold Equivalent Ounces and Net Gold Equivalent Ounces" section of this MD&A for more information on our methodology for calculating GEOs.

---

| | |
|:---|:---|
| 2 | Includes interest attributable to Franco-Nevada's 9.9% equity ownership of Labrador Iron Ore Royalty Corporation. |

---

2025 Management's Discussion and Analysis 23

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We recognized $1,822.8 million in revenue in 2025, up 64% from 2024. Revenue in the current year benefited from record gold prices, recently acquired Precious Metal assets, and higher natural gas prices compared to the prior year. During the year, we also received deliveries from Cobre Panamá as a result of the shipment of copper concentrate that had been stored at site. Revenue also includes interest revenue and other interest income of $14.2 million related to our loans receivable.

We earned 85% of our 2025 revenue from Precious Metal assets, compared to 77% in 2024. Geographically, we remain heavily invested in the Americas, with 87% of revenue in 2025, compared to 84% in 2024.

![Graphic](fnv-20251231xex99d2008.jpg)

We sold 519,106 GEOs in 2025, a 12% increase compared to 463,334 GEOs in 2024. The increase in GEO sales generated from our Precious Metal assets was partly offset by the decrease in GEO contributions from our Diversified assets. The conversion of revenue from our non-gold assets into GEOs was impacted by the outperformance of gold prices relative to other commodities. A comparison of our sources of GEOs in 2025 to 2024 is shown below:

![Graphic](fnv-20251231xex99d2009.jpg)

#### Precious Metals
Our Precious Metal assets contributed 440,140 GEOs in 2025, up 24% from 355,310 GEOs in 2024, primarily due to the following:

● **Western Limb –** We received and sold 20,256 GEOs from our gold and platinum stream on Western Limb. The stream was acquired in February 2025 and had an effective date of September 1, 2024. We benefited from increased platinum prices and expect further benefits as prices continued to increase subsequent to year-end.

● **Antamina** – We sold 3,195,000 silver ounces in 2025 compared to 1,925,000 silver ounces in 2024. Silver production at the mine increased compared to the prior year due to higher silver grades as expected in the life of mine plan.

● **Tocantinzinho –** We received and sold 20,900 GEOs from Tocantinzinho in 2025, of which 667 GEOs were received in Q4 2024 and remained in inventory at December 31, 2024. In 2024, we sold 5,813 GEOs as production at the mine commenced in July 2024. Nameplate capacity of 12,890 tonnes per day was reached in July 2025.

2025 Management's Discussion and Analysis 24

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● **Guadalupe-Palmarejo** – We sold 50,609 GEOs from Guadalupe-Palmarejo in 2025, of which 2,216 GEOs were received in Q4 2024 and remained in inventory at December 31, 2024, compared to 35,678 GEOs sold in 2024. The current year benefited from higher production from Palmarejo and a greater proportion of production being mined from stream ground.

● **C ô té Gold –** We earned 13,160 GEOs in 2025 from our C ô té Gold royalty , which we acquired in June 2025. IAMGOLD reported Côté Gold achieved the top-end of its 2025 production guidance, with 399,800 gold ounces produced in the year.

● **Cobre Panamá** – We received and sold 11,208 GEOs from Cobre Panamá. While Cobre Panamá remains on P&SM, concentrate that had been stored at site since November 2023, when production was suspended, was approved for export by the GOP.

The above increases were partly offset by the following factors:

● **MWS –** There were no GEO deliveries from MWS as our stream reached its cumulative cap of 312,500 gold ounces in Q4 2024. In the prior year, MWS had delivered 23,999 GEOs.

● **Antapaccay –** We received and sold 45,488 GEOs from our Antapaccay stream in 2025, compared to 55,329 GEOs sold in 2024, mainly reflecting lower grades due to mine sequencing in the Antapaccay pit which impacted ore hardness and plant throughput. Production at the mine also decreased due to lower grades as planned in the life of mine plan.

**Diversified**

Our Diversified assets, primarily comprising our Iron Ore and Energy interests, generated $259.9 million in revenue in 2025, a 3% increase compared to $251.7 million in 2024. When converted to GEOs, Diversified assets contributed 78,966 GEOs in 2025, a decrease of 27% compared to 2024, due to changes in gold prices used in the conversion of non-gold revenue into GEOs.

*Iron Ore and Other Mining* 

Our Iron Ore and Other Mining assets generated $56.1 million in 2025, compared to $58.7 million in 2024.

● **Vale Royalty** – Revenue from Vale was $36.7 million in 2025, consistent with 2024. Sales from the Southeastern System were attributed to the royalty after the cumulative threshold of 1.7 billion tonnes of iron ore was reached in Q2 2025. This benefit was partly offset by lower iron ore prices in 2025 compared to 2024.

● **LIORC –** LIORC contributed $7.0 million in revenue in 2025 compared to $13.8 million in 2024. Production of iron ore at IOC was lower in 2025 as IOC focuses on pit health.

● **Caserones –** Revenue from our effective NSR on the Caserones mine was $5.4 million in 2025, an increase compared to $3.9 million in 2024.

*Energy* 

Our Energy interests contributed $203.8 million in revenue in 2025, compared to $193.0 million in 2024.

● **U.S.** – Revenue from our U.S. Energy interests increased to $146.5 million in 2025, compared to $125.0 million in 2024. We benefited from an increase in realized gas prices and additional volumes from our royalty venture with Continental in the SCOOP/STACK, partly offset by the impact of lower oil prices.

● **Canada** – Revenue from our Canadian Energy interests decreased to $57.3 million in 2025, compared to $68.0 million in 2024. The decrease in revenue is primarily attributable to lower oil prices during the year.

#### Interest revenue
We earned interest revenue of $14.2 million in 2025 from our loans to G Mining Ventures and EMX (prior to its acquisition by Elemental Altus). Both loans were repaid in full in November 2025. This compares to $8.3 million earned as interest revenue and $0.6 million as other interest income in 2024.

2025 Management's Discussion and Analysis 25

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***Costs of Sales***

The following table provides a breakdown of costs of sales, excluding depletion and depreciation, incurred in the periods presented:

---

| | | | |
|:---|:---|:---|:---|
|  | For the year ended December 31,  | For the year ended December 31,  | For the year ended December 31,  |
| &nbsp;&nbsp;&nbsp;*(expressed in millions)* | **2025** | 2024 | Variance |
| Costs of stream sales | $**151.9** | $114.3 | $37.6 |
| Mineral production taxes | **4.5** | 2.5 | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mining costs of sales | $**156.4** | $116.8 | $39.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy costs of sales | **12.4** | 12.2 | 0.2 |
|  | $**168.8** | $129.0 | $39.8 |

---

Costs of sales related to our streams in 2025 increased relative to 2024, reflecting the increase in stream GEOs and higher costs per ounce for streams where the ongoing purchase price varies as a function of spot prices. Costs of sales also include royalties payable and production taxes which vary based on revenue, and property taxes which may be reassessed from time to time. Costs of sales incurred in 2025 compared to 2024 are shown below:

![Graphic](fnv-20251231xex99d2010.jpg)

2025 Management's Discussion and Analysis 26

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***Depletion and Depreciation***

Depletion and depreciation expense increased to $306.7 million in 2025 from $225.3 million in 2024, mainly due to increased sales, In addition, recently acquired assets initially carry a relatively higher depletion rate per ounce. As mineral resources are converted into mineral reserves, depletion rates per ounce decrease over time. Depletion expense incurred in 2025 compared to 2024 is shown below:

![Graphic](fnv-20251231xex99d2011.jpg)

***Gain on Sale of Gold and Silver Bullion***

**Certain of our royalties are settled with payments in-kind in the form of gold and silver bullion rather than cash. During 2025, we sold 66,984 gold ounces with an average carrying value of $166.7 million for proceeds of $221.0 million, and recognized a corresponding gain of $54.3 million. At December 31, 2025, we held 10,598 ounces of gold and 13,980 ounces of silver at a carrying value of $39.1 million and $0.4 million, respectively.**

***Income Taxes***

Income tax expense was $303.9 million in 2025, compared to $211.8 million in 2024, reflecting higher net income before taxes earned in the current period. The 2024 period also included a deferred tax expense of approximately $49.1 million in relation to the remeasurement of our deferred tax liability due to the changes in the Barbados tax rate enacted in Q2 2024.

***Net Income and Adjusted Net Income***

Net income in 2025 was $1,112.1 million, or $5.77 per share, compared to $552.1 million, or $2.87 per share in 2024. The increase is primarily attributable to higher revenue and a gain of $54.3 million from the sale of gold and silver bullion, partly offset by higher costs of sales, depletion and income tax expense. Adjusted Net Income was $1,075.2 million, or $5.58 per share, compared to $618.1 million, or $3.21 per share, in 2024. Please refer to the "Non-GAAP Financial Measures" section of this MD&A for further details on the computation of Adjusted Net Income.

***Impairment Reversal***

***Cobre Panamá***

*First Quantum has been working with the GOP and the MICI to implement the P&SM Plan. On May 30, 2025, the GOP, through the MICI, approved and formally instructed the execution of the P&SM Plan, including the shipment of 122,520 dry metric tonnes of copper concentrate that had been stored at site since operations were suspended in November 2023. Exports of the copper concentrate commenced in June 2025.* 

*Based on the resulting stream deliveries to Franco-Nevada, we determined that this was an indicator of a partial reversal of the impairment we recorded in 2023 and recorded a partial impairment reversal of $4.8 million, of which $4.1 million was recorded in Q2 2025 and $0.7 million in Q3 2025, in relation to the gold and silver ounces we expect as a result of the sale of copper concentrate. We continue to assess our Cobre Panamá stream for further indicators of impairment reversals.*

Subsequent to year-end, the GOP announced that it would authorize the removal, processing and export of stockpiled ore at Cobre Panamá that was previously extracted before operations were suspended. Cobre Panamá is awaiting formal approvals to

2025 Management's Discussion and Analysis 27

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undertake these activities. In the event that there is a resumption of precious metal stream deliveries to the Company as a result of the processing of the stockpile ore, or a change in the facts and circumstances surrounding the halting of production at Cobre Panamá, the Company will carry out an assessment of the recoverable amount of the Cobre Panamá CGU at that time, which may lead to a reversal of part or all of the impairment loss that has been recognized.

***General and Administrative and Share-Based Compensation Expense** **s***

The following table provides a breakdown of general and administrative ("G&A") expenses and share-based compensation ("SBC") expenses incurred for the periods presented:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the three months ended December 31,  | For the three months ended December 31,  | For the three months ended December 31,  | For the year ended December 31,  | For the year ended December 31,  | For the year ended December 31,  |
| &nbsp;&nbsp;&nbsp;*(expressed in millions)* | **2025** | 2024 | Variance | **2025** | 2024 | Variance |
| Salaries and benefits | $**3.8** | $2.8 | $1.0 | $**14.1** | $10.1 | $4.0 |
| Professional fees | **1.4** | 2.2 | (0.8) | **6.4** | 7.4 | (1.0) |
| Cobre Panamá arbitration expenses | **—** | 2.1 | (2.1) | **5.8** | 6.3 | (0.5) |
| Community contributions | **0.7** | 0.6 | 0.1 | **1.6** | 1.6 |  |
| Board of Directors' costs | **0.2** | 0.1 | 0.1 | **0.6** | 0.4 | 0.2 |
| Office expenses | **0.3** | 0.1 | 0.2 | **1.5** | 0.7 | 0.8 |
| Insurance costs | **0.2** | 0.2 |  | **0.9** | 0.9 |  |
| Other expenses | **1.1** | 2.9 | (1.8) | **4.4** | 5.5 | (1.1) |
| General and administrative expenses | $**7.7** | $11.0 | $(3.3) | $**35.3** | $32.9 | $2.4 |
| Share-based compensation expenses | **0.7** | 1.0 | (0.3) | **16.9** | 8.0 | 8.9 |
|  | $**8.4** | $12.0 | $(3.6) | $**52.2** | $40.9 | $11.3 |

---

G&A expenses increased to $35.3 million in 2025 compared to $32.9 million in 2024. The increase was primarily due to higher salary and benefit expenses. Expenses related to the Cobre Panamá arbitration were lower than in the prior year as the Company agreed to suspend its arbitration proceedings in June 2025.

Included in G&A expenses are business development expenses and community contributions. Business development expenses vary based on the level of business development related activities in the period and the timing of the closing of transactions. Community contributions relate to the environmental and social initiatives we contribute to for the benefit of the communities where we operate, or own assets.

SBC expenses increased to $16.9 million in 2025 compared to $8.0 million in 2024. SBC expenses include expenses related to equity-settled stock options, restricted share units ("RSUs") and deferred share units ("DSUs"). DSUs are marked to market based on the Company's share price. The mark-to-market gain recorded in the current year was higher than in 2024 as a result of the significant increase in the Company's share price during the year.

Total G&A expenses (including Cobre Panamá arbitration expenses and SBC expenses) represented 2.9% of revenue in 2025, compared to 3.7% in 2024.

#### Other Income and Expenses

#### Foreign Exchange Gain (Loss) and Other Income (Expenses)
The following table provides a list of foreign exchange and other income (expenses) incurred for the periods presented:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the three months ended December 31,  | For the three months ended December 31,  | For the three months ended December 31,  | For the year ended December 31,  | For the year ended December 31,  | For the year ended December 31,  |
| &nbsp;&nbsp;&nbsp;*(expressed in millions)* | **2025** | 2024 | Variance | **2025** | 2024 | Variance |
| Gain (loss) on derivative financial instruments | $**14.2** | $(2.0) | $16.2 | $**32.7** | $(6.0) | $38.7 |
| Foreign exchange gain (loss) | **(1.3)** | (6.1) | 4.8 | **4.3** | (14.7) | 19.0 |
| Other income (expenses) | **(0.2)** | 0.1 | (0.3) | **(0.3)** |  | (0.3) |
|  | $**12.7** | $(8.0) | $20.7 | $**36.7** | $(20.7) | $57.4 |

---

The gain (loss) on derivative instruments includes the mark-to-market of financial instruments that are designed at Fair Value Through Profit and Loss. The instruments include warrants and other derivative instruments the Company holds, such as warrants in Discovery and EMX (now Elemental Altus). The Company recognized a significant gain during the current year periods due to the increase in the share price of the underlying common shares.

The foreign exchange gain of $4.3 million recognized in the year ended December 31, 2025, is largely related to our cash and account receivable balances held in Brazilian Reais received from our Vale royalty, which strengthened relative to the U.S. dollar during the year.

2025 Management's Discussion and Analysis 28

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#### Finance Income and Finance Expenses
The following table provides a breakdown of finance income and expenses incurred for the periods presented:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the three months ended December 31,  | For the three months ended December 31,  | For the three months ended December 31,  | For the year ended December 31,  | For the year ended December 31,  | For the year ended December 31,  |
| &nbsp;&nbsp;&nbsp;*(expressed in millions)* | **2025** | 2024 | Variance | **2025** | 2024 | Variance |
| Finance income |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $**2.5** | $13.5 | $(11.0) | $**28.2** | $60.6 | $(32.4) |
|  | $**2.5** | $13.5 | $(11.0) | $**28.2** | $60.6 | $(32.4) |
| Finance expenses |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Standby charges | $**0.6** | $0.6 | $— | $**2.4** | $2.1 | $0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issue costs | **0.1** |  | 0.1 | **0.4** | 0.4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of lease liabilities  | **0.1** | 0.1 |  | **0.3** | 0.1 | 0.2 |
|  | $**0.8** | $0.7 | $0.1 | $**3.1** | $2.6 | $0.5 |

---

Finance income includes interest earned on our cash and cash equivalents. We earned less interest income in the current year periods due to a decrease in yields and cash and cash equivalents balances held compared to 2024. Also included in finance income is accrued interest of $5.5 million (C$7.5 million) earned on our cash deposits posted with the CRA, which we expect to fully recover as a result of the CRA Settlement.

Finance expenses consist of standby charges, which represent the costs of maintaining our Corporate Revolver based on the unutilized portion of our credit facility, fees incurred in connection with standby letters of credit outstanding during the year, and the amortization of costs incurred with respect to the initial set-up or subsequent amendments of our Corporate Revolver. In Q3 2025, we borrowed $175.0 million against our Corporate Revolver to fund the acquisition of the Arthur Gold royalty and incurred $1.2 million in interest expense, which was capitalized as part of the acquisition cost of the Arthur Gold royalty asset.

2025 Management's Discussion and Analysis 29

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#### Summary of Quarterly Information
Selected quarterly financial and statistical information for the most recent eight quarters<sup>(1)</sup> is set out below:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in millions, except Average Gold Price, Adjusted EBITDA Margin, Adjusted Net Income Margin, GEOs sold, net GEOs sold,*  | **Q4** | **Q3** | **Q2** | **Q1** | **Q4** | **Q3** | **Q2** | **Q1** |
| *per GEO amounts and per share amounts)* | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** |
| Revenue | $**597.3** | $487.7 | $369.4 | $368.4 | $321.0 | $275.7 | $260.1 | $256.8 |
| Costs and expenses<sup>(2)</sup> | **143.4** | 146.7 | 63.6 | 114.9 | 103.6 | 93.7 | 91.1 | 98.6 |
| Operating income | **453.9** | 341.0 | 305.8 | 253.5 | 217.4 | 182.0 | 169.0 | 158.2 |
| Other income | **14.4** | 21.4 | 9.9 | 16.1 | 4.8 | 12.9 | 5.8 | 13.8 |
| Income tax expense | **100.6** | 74.9 | 68.6 | 59.8 | 46.8 | 42.2 | 95.3 | 27.5 |
| Net income | **367.7** | 287.5 | 247.1 | 209.8 | 175.4 | 152.7 | 79.5 | 144.5 |
| Basic earnings per share | $**1.91** | $1.49 | $1.28 | $1.09 | $0.91 | $0.79 | $0.41 | $0.75 |
| Diluted earnings per share | $**1.90** | $1.49 | $1.28 | $1.09 | $0.91 | $0.79 | $0.41 | $0.75 |
| Net cash provided by operating activities | $**426.5** | $348.0 | $430.3 | $288.9 | $243.0 | $213.6 | $194.4 | $178.6 |
| Net cash provided by (used in) investing activities | **64.1** | (208.0) | (1338.1) | (551.0) | (31.1) | (279.0) | (36.7) | (190.5) |
| Net cash used in financing activities | **(70.3)** | (64.2) | (66.1) | (66.8) | (62.0) | (61.1) | (59.2) | (58.1) |
| Average Gold Price<sup>(3)</sup> | $**4145** | $3456 | $3279 | $2863 | $2662 | $2477 | $2338 | $2072 |
| GEOs sold<sup>(4)</sup> | **141656** | 138772 | 112093 | 126585 | 120063 | 110110 | 110264 | 122897 |
| Net GEOs sold<sup>(4)</sup> | **129690** | 125115 | 101876 | 113138 | 107140 | 97232 | 97817 | 106681 |
| Cash Costs<sup>(5)</sup> | $**49.6** | $47.2 | $33.5 | $38.5 | $34.4 | $31.9 | $29.1 | $33.6 |
| Cash Costs<sup>(5)</sup> per GEO sold | $**350** | $340 | $299 | $304 | $287 | $290 | $264 | $273 |
| Adjusted EBITDA<sup>(5)</sup> | $**541.2** | $427.3 | $365.7 | $321.9 | $277.4 | $236.2 | $221.9 | $216.1 |
| Adjusted EBITDA<sup>(5)</sup> per share | $**2.81** | $2.22 | $1.90 | $1.67 | $1.44 | $1.23 | $1.15 | $1.12 |
| Adjusted EBITDA Margin<sup>(5)</sup> | **90.6**% | 87.6% | 99.0% | 87.4% | 86.4% | 85.7% | 85.3% | 84.2% |
| Adjusted Net Income<sup>(5)(6)</sup> | $**356.2** | $275.0 | $238.5 | $205.6 | $183.3 | $153.9 | $144.9 | $136.1 |
| Adjusted Net Income<sup>(5)(6)</sup> per share | $**1.85** | $1.43 | $1.24 | $1.07 | $0.95 | $0.80 | $0.75 | $0.71 |
| Adjusted Net Income Margin<sup>(5)(6)</sup> | **59.6**%  | 56.4%  | 64.6%  | 55.8%  | 57.1%  | 55.8%  | 55.7%  | 53.0%  |

---

---

| | |
|:---|:---|
| 1 | Sum of the quarters may not add up to yearly total due to rounding. |

---

---

| | |
|:---|:---|
| 2 | Includes an impairment reversal of $0.7 million Q3 2025, an impairment reversal of $4.1 million in Q2 2025, and impairment losses on royalty, stream and working interests of $1,173.3 million in Q4 2023. |

---

3 Based on LBMA Gold Price PM Fix.

4 Refer to the "Gold Equivalent Ounces and Net Gold Equivalent Ounces" section of this MD&A for more information on our methodology for calculating GEOs sold and Net GEOs sold.

---

| | |
|:---|:---|
| 5 | Cash Costs, Cash Costs per GEO sold, Adjusted EBITDA, Adjusted EBITDA per share, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Income per share and Adjusted Net Income Margin are non-GAAP financial measures with no standardized meaning under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other issuers. Refer to the "Non-GAAP Financial Measures" section of this MD&A for more information on each non-GAAP financial measure. |

---

---

| | |
|:---|:---|
| 6 | Adjusted Net Income, Adjusted Net Income per share, and Adjusted Net Income Margin for Q1 2024 were recalculated to include $9.9 million in income tax expense which was recognized in Q2 2024 but related to the retroactive application of tax measures enacted in relation to the Organisation for Economic Co-operation and Development's Global Minimum Tax ("GMT") initiative pertaining to income earned in Q1 2024. |

---

2025 Management's Discussion and Analysis 30

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#### Balance Sheet Review

#### Summary Balance Sheet and Key Financial Metrics

---

| | | |
|:---|:---|:---|
|  | **At December 31,**  | At December 31,  |
| &nbsp;&nbsp;&nbsp;*(expressed in millions, except debt-to-equity ratio)* | **2025** | 2024 |
| Cash and cash equivalents | $**670.9** | $1451.3 |
| Current assets | **1021.4** | 1716.8 |
| Non-current assets | **7220.0** | 4613.6 |
| Total assets | $**8241.4** | $6330.4 |
| Current liabilities | $**123.0** | $67.5 |
| Non-current liabilities | **483.1** | 266.3 |
| Total liabilities | $**606.1** | $333.8 |
| Total shareholders' equity | $**7635.3** | $5996.6 |
| Total common shares outstanding | **192.8** | 192.6 |
| Capital management measures |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Available capital | $**2840.1** | $2879.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt-to-equity | **—** |  |

---

#### Assets
Total assets were $8,241.4 million as at December 31, 2025 compared to $6,330.4 million as at December 31, 2024. Our non-current asset base is primarily comprised of royalty, stream and working interests, investments and loans receivable, while our current assets are primarily comprised of cash and cash equivalents, receivables, loans receivables, gold and silver bullion and stream inventory.

Current assets decreased compared to December 31, 2024, as the Company used cash on hand and sold gold bullion and equity investments to fund mineral interest acquisitions in 2025. At December 31, 2025, current assets also include the cash deposits we posted as security with the CRA which are expected to be recovered in the short-term.

**Non-current assets increased primarily due to the additions of the Western Limb Stream, the Porcupine financing package, the Côté Gold royalty, and the Arthur Gold royalty, partly offset by the depletion of our royalty, stream and working interests. During 2025, our equity investments, which are marked to market, increased in fair value by $802.3 million.** 

#### Liabilities
Total liabilities as at December 31, 2025 increased compared to December 31, 2024, largely due to an increase in current and deferred income tax liabilities as a result of tax measures enacted in relation to the GMT. In Q3 2025, we drew down $175.0 million from our Corporate Revolver to finance part of the acquisition of the royalty on the Arthur Gold Project. The Corporate Revolver was fully repaid within that quarter.

#### Shareholders' Equity
Shareholders' equity increased compared to December 31, 2024 as a result of earning net income of $1,112.1 million in 2025 and an increase of $696.3 million, net of tax, in the fair value of our equity investments which are recorded at fair value through other comprehensive income. These were offset by dividends of $293.8 million of which $18.7 million was settled through the issuance of common shares pursuant to the DRIP.

2025 Management's Discussion and Analysis 31

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**Liquidity and Capital Resources**

Cash flow for the periods ended December 31, 2025 and 2024 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | For the three months ended  | For the three months ended  | For the year ended  | For the year ended  |
|  | December 31,  | December 31,  | December 31,  | December 31,  |
| &nbsp;&nbsp;&nbsp;*(expressed in millions)* | **2025** | 2024 | **2025** | 2024 |
| Net cash provided by operating activities | $**426.5** | $243.0 | $**1493.7** | $829.5 |
| Net cash provided by (used in) investing activities | **64.1** | (31.1) | **(2033.0)** | (537.3) |
| Net cash used in financing activities | **(70.3)** | (62.0) | **(267.4)** | (240.4) |
| Effect of exchange rate changes on cash and cash equivalents | **13.9** | (15.9) | **26.3** | (22.4) |
| Net change in cash and cash equivalents | $**434.2** | $134.0 | $**(780.4)** | $29.4 |

---

#### Operating Activities
Net cash provided by operating activities was $426.5 million in Q4 2025 (Q4 2024 – $243.0 million) and $1,493.7 million in 2025 (2024 – $829.5 million). Operating cash flow in Q4 2025 was higher than in Q4 2024 primarily due to an increase in revenue and higher proceeds from sales of our gold and silver bullion. During Q4 2025 and 2025, we sold 3,000 gold ounces and 66,984 gold ounces, respectively, for gross proceeds of $12.5 million and $221.16 million, respectively. The timing of the sale of gold and silver bullion and stream inventory may vary from period to period.

#### Investing Activities
Net cash provided by investing activities was $64.1 million in Q4 2025 (Q4 2024 – net cash used of $31.1 million) and $2,033.0 million in 2025 (2024 – $537.3 million). Investing activities in Q4 2025 included proceeds from repayment of our loans to G Mining Ventures and EMX (prior to its acquisition by Elemental Altus), which provided $104.1 million in cash in the quarter. Also included in investing activities was the payment of the contingent consideration of $25.0 million in connection with the Arthur Gold royalty which closed earlier in the year. Investing activities in the first nine months of 2025 included the initial funding of $250.0 million for the Arthur Gold royalty, the acquisition of the Côté Gold royalty of $1,050.0 million, the closing of the Porcupine royalty of $300.0 million, the acquisition of Discovery subscription receipts of $48.6 million and the acquisition of the Western Limb Stream of $500.0 million. In 2025, we sold equity investments for cash proceeds of $109.9 million.

#### Financing Activities
For Q4 2025, net cash used in financing activities was $70.3 million (Q4 2024 – $62.0 million) and $267.4 million in 2025 (2024 – $240.4 million). Financing activities primarily related to the payment of dividends offset by proceeds from the exercise of stock options held by employees of the Company. During the quarter, we also drew down $175.0 million from our Corporate Revolver to finance part of the acquisition of the royalty on the Arthur Gold Project. The Corporate Revolver was fully repaid within the quarter.

2025 Management's Discussion and Analysis 32

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#### Capital Resources
Management's objectives when managing capital are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) when capital is not being used for long-term investments, ensure its preservation and availability by investing in low-risk investments with high liquidity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to ensure that adequate levels of capital are maintained to meet Franco-Nevada's operating requirements and other current liabilities.

Our capital resources comprise cash and cash equivalents, equity investments other than those held as long-term strategic investments, gold and silver bullion we receive from our royalties in kind, and our revolving credit facility.

Our cash and cash equivalents totaled $670.9 million as at December 31, 2025 (December 31, 2024 – $1,451.3 million). As at December 31, 2025, our cash and cash equivalents are held in cash and term deposits with several financial institutions. Certain investments with maturities upon acquisition of 3 months, or 92 days or less, were classified as term deposits within cash and cash equivalents on the statement of financial position.

Our equity investments totaled $1,141.3 million as at December 31, 2025 (December 31, 2024 – $325.5 million). Of the total investments held, $1,093.3 million was held in publicly-traded equity instruments (December 31, 2024 – $316.8 million). Of the $1,093.3 million held in publicly-traded equity instruments, $138.0 million relates to our holdings of LIORC (December 31, 2024 – $127.3 million) which we consider being equivalent to a royalty and therefore hold as a long-term strategic investment.

As at the date of this MD&A, we have one unsecured revolving credit facility available of $1.0 billion, with an accordion of $500.0 million, and a maturity date of March 10, 2031. As at December 31, 2025, we had four standby letters of credit in the amount of $48.1 million (C$66.0 million) in relation to the audit by the CRA, as referenced in the "Contingencies" section of this MD&A. These standby letters of credit reduced the available balance under the Corporate Revolver such that we had a total of $951.9 million available under the Corporate Revolver. As a result of the CRA Settlement, these standby letters of credit were released subsequent to year-end.

Our near-term cash requirements include purchase commitments for the ongoing cost per ounce under stream agreements as outlined in the "Purchase Commitments" section, corporate administration costs, certain costs of operations, commitments under our various environmental and social initiatives, payment of dividends and income taxes directly related to the recognition of royalty, stream and working interest revenues and interest income. We also have capital commitments in connection with royalty and stream agreements we have entered into, as detailed in the "Capital Commitments" section. We believe that our current cash resources, available credit facility, and future cash flows will be sufficient to cover the costs of our commitments, operating and administrative expenses, and dividend payments for the foreseeable future.

As a royalty and stream company, we are subject to limited requirements for capital expenditures beyond our initial commitments at the time of entering into our agreements. Other than the capital commitments detailed in the "Capital Commitments" section of this MD&A, the acquisition of additional royalties, streams or other investments are entirely discretionary and will be consummated through the use of cash, equity investments and gold and silver bullion, as available, or through the issuance of common shares or other equity or debt securities, or the use of our Corporate Revolver.

Our results are impacted by foreign currency fluctuations relative to the U.S. dollar. Our largest exposure is with respect to the Canadian-U.S. dollar exchange rates as we hold a significant amount of our assets in Canada and report our results in U.S. dollars. The effect of volatility in these currencies against the U.S. dollar impacts our corporate general and administrative expenses and the depletion of our royalty, stream and working interests. We also have exposure to the Australian dollar due to our Australian subsidiary and to the Brazilian real due to our Vale royalty which is paid in Brazilian reales. We also have nominal exposure to the Chilean peso, the Peruvian sol, and the South African rand. In 2025, the Canadian dollar traded in a range of $0.6848 to $0.7376, ending at $0.7296; the Australian dollar traded between $0.5955 and $0.6717, ending at $0.6681; and the Brazilian real traded between 0.16002 and 0.189297, ending at 0.1822.

2025 Management's Discussion and Analysis 33

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#### Purchase Commitments
The following table summarizes Franco-Nevada's commitments to pay for gold, silver and PGM pursuant to the associated precious metal agreements as at December 31, 2025. The table does not reflect the acquisition of the Casa Berardi gold stream and the partial buyback of the Cascabel stream which are expected to occur subsequent to December 31, 2025. For further details, please refer to the "Corporate Developments" section of this MD&A.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Attributable payable** | **Attributable payable** | **Attributable payable** |  |  |  |  |  |
|  | **production to be purchased** | **production to be purchased** | **production to be purchased** | **Per ounce cash payment** <sup>(1),(2)</sup> | **Per ounce cash payment** <sup>(1),(2)</sup> | **Per ounce cash payment** <sup>(1),(2)</sup> | **Term of** | **Date of** |
| **Interest** | **Gold** | **Silver** | **PGM** | **Gold** | **Silver** | **PGM** | **agreement**<sup>(3)</sup> | **contract** |
| Antamina | —% | 22.5% <sup>(4)</sup> | —% | n/a | 5% <sup>(5)</sup> | n/a | 40 years | 7-Oct-15 |
| Antapaccay | —% <sup>(6)</sup> | —% <sup>(7)</sup> | —% | 20% <sup>(8)</sup> | 20% <sup>(9)</sup> | n/a | 40 years | 10-Feb-16 |
| Candelaria | 68% <sup>(10)</sup> | 68% <sup>(10)</sup> | —% | $400 | $4.00 | n/a | 40 years | 6-Oct-14 |
| Cascabel | 14% <sup>(11)</sup> | —% | —% | 20% <sup>(12)</sup> | n/a | n/a | 40 years | 15-Jul-24 |
| Cooke 4 | 7% | —% | —% | $400 | n/a | n/a | 40 years | 5-Nov-09 |
| Cobre Panamá Fixed Payment Stream | —% <sup>(13)</sup> | —% <sup>(14)</sup> | —% | $418<br><sup>(15)</sup> | $6.27<br><sup>(16)</sup> | n/a | 40 years | 19-Jan-18 |
| Cobre Panamá Floating Payment Stream | —% <sup>(17)</sup> | —% <sup>(18)</sup> | —% | 20% <sup>(19)</sup> | 20% <sup>(20)</sup> | n/a | 40 years | 19-Jan-18 |
| Condestable | —% <sup>(21)</sup> | —% <sup>(22)</sup> | —% | 20% <sup>(23)</sup> | 20% <sup>(24)</sup> | n/a | 40 years | 27-Mar-24 |
| Guadalupe-Palmarejo | 50% | —% | —% | $800 | n/a | n/a | 40 years | 2-Oct-14 |
| Karma | 4.875% | —% | —% | 20% <sup>(25)</sup> | n/a | n/a | 40 years | 11-Aug-14 |
| New Prosperity | 22% <sup>(26)</sup> | —% | —% | $400<br><sup>(27)</sup> | n/a | n/a | 40 years | 12-May-10 |
| Sabodala | —% <sup>(28)</sup> | —% | —% | 20% <sup>(29)</sup> | n/a | n/a | 40 years | 25-Sep-20 |
| Sudbury <sup>(30)</sup> | 50% | —% | 50% | $400 | n/a | $400 | 40 years | 15-Jul-08 |
| Tocantinzinho | 12.5% <sup>(31)</sup> | —% | —% | 20% <sup>(32)</sup> | n/a | n/a | 40 years | 18-Jul-22 |
| Western Limb | —% <sup>(33)</sup>  | —%  | 1% <sup>(34)</sup>  | 5% <sup>(35)</sup> | n/a | 5% | 40 years | 28-Feb-25 |

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1 Subject to an annual inflationary adjustment except for Antamina, Antapaccay, Cascabel, Guadalupe-Palmarejo, Karma, Sabodala, Tocantinzinho and Western Limb.

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| | |
|:---|:---|
| 2 | Should the prevailing market price for gold be lower than this amount, the per ounce cash payment will be reduced to the prevailing market price. |

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3 Subject to successive extensions.

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| | |
|:---|:---|
| 4 | Subject to a fixed payability of 90%. Percentage decreases to 15% after 86 million ounces of silver has been delivered under the agreement. At December 31, 2025, a cumulative total of 32.1 million silver ounces have been delivered. |

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| | |
|:---|:---|
| 5 | Purchase price is 5% of the average silver price at the time of delivery. |

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| | |
|:---|:---|
| 6 | Gold deliveries are referenced to copper in concentrate shipped with 300 ounces of gold delivered for each 1,000 tonnes of copper in concentrate shipped, until 630,000 ounces of gold has been delivered. Thereafter, percentage is 30% of gold shipped. At December 31, 2025, a cumulative total of 531,810 gold ounces have been delivered. |

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| | |
|:---|:---|
| 7 | Silver deliveries are referenced to copper in concentrate shipped with 4,700 ounces of silver delivered for each 1,000 tonnes of copper in concentrate shipped, until 10.0 million ounces of silver has been delivered. Thereafter, percentage is 30% of silver shipped. At December 31, 2025, a cumulative total of 8.3 million silver ounces have been delivered. |

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| | |
|:---|:---|
| 8 | Purchase price is 20% of the spot price of gold until 750,000 ounces of gold have been delivered, thereafter the purchase price is 30% of the spot price of gold. At December 31, 2025, a cumulative total of 531,810 gold ounces have been delivered. |

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| | |
|:---|:---|
| 9 | Purchase price is 20% of the spot price of silver until 12.8 million ounces of silver have been delivered, thereafter the purchase price is 30% of the spot price of silver. At December 31, 2025, a cumulative total of 8.3 million silver ounces have been delivered. |

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| | |
|:---|:---|
| 10 | Percentage decreases to 40% after 720,000 ounces of gold and 12.0 million ounces of silver have been delivered under the agreement. At December 31, 2025, a cumulative total of 650,089 gold ounces and 11.0 million silver ounces have been delivered. |

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| | |
|:---|:---|
| 11 | Percentage decreases to 8.4% after 525,000 ounces of gold have been delivered to Franco-Nevada (Barbados) Corporation under the agreement. |

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| | |
|:---|:---|
| 12 | Purchase price is 20% of the spot price of gold at the time of delivery. |

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| | |
|:---|:---|
| 13 | Gold deliveries are indexed to copper in concentrate produced from the project. 120 ounces of gold per every 1 million pounds of copper produced until 808,000 ounces of gold delivered. Thereafter, 81 ounces of gold per 1 million pounds of copper produced until 1,716,188 ounces of gold delivered. Thereafter, 63.4% of the gold in concentrate. At December 31, 2025, a cumulative total of 360,385 gold ounces have been delivered. |

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| | |
|:---|:---|
| 14 | Silver deliveries are indexed to copper in concentrate produced from the project. 1,376 ounces of silver per every 1 million pounds of copper produced until 9,842,000 ounces of silver delivered. Thereafter 1,776 ounces of silver per 1 million pounds of copper produced until 29,731,000 ounces of silver delivered. Thereafter, 62.1% of the silver in concentrate. At December 31, 2025, a cumulative total of 4.1 million silver ounces have been delivered. |

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| | |
|:---|:---|
| 15 | After 1,341,000 ounces of gold delivered, purchase price is the greater of 50% of spot and $418.27 per ounce, subject to an annual inflationary adjustment. At December 31, 2025, a cumulative total of 360,385 gold ounces have been delivered. |

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| | |
|:---|:---|
| 16 | After 21,510,000 ounces of silver delivered, purchase price is the greater of 50% of spot and $6.27 per ounce, subject to an annual inflationary adjustment. At December 31, 2025, a cumulative total of 4.1 million silver ounces have been delivered. |

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| | |
|:---|:---|
| 17 | Gold deliveries are indexed to copper in concentrate produced from the project. 30 ounces of gold per every 1 million pounds of copper produced until 202,000 ounces of gold delivered. Thereafter 20.25 ounces of gold per 1 million pounds of copper produced until 429,047 ounces of gold delivered. Thereafter, 15.85% of the gold in concentrate. At December 31, 2025, a cumulative total of 90,096 gold ounces have been delivered. |

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| | |
|:---|:---|
| 18 | Silver deliveries are indexed to copper in concentrate produced from the project. 344 ounces of silver per every 1 million pounds of copper produced until 2,460,500 ounces of silver delivered. Thereafter, 444 ounces of silver per 1 million pounds of copper produced until 7,432,750 ounces of silver delivered. Thereafter 15.53% of the silver in concentrate. At December 31, 2025, a cumulative total of 1.0 million silver ounces have been delivered. |

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| | |
|:---|:---|
| 19 | After 604,000 ounces of gold delivered, purchase price is 50% of the spot price of gold. At December 31, 2025, a cumulative total of 90,096 gold ounces have been delivered. |

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| | |
|:---|:---|
| 20 | After 9,618,000 ounces of silver delivered, purchase price is 50% of the spot price of silver. At December 31, 2025, a cumulative total of 1.0 million silver ounces have been delivered. |

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| | |
|:---|:---|
| 21 | Gold deliveries are fixed at 8,760 ounces per annum from January 1, 2021 to December 31, 2025. Thereafter, 63% of the gold in concentrate until a cumulative total of 87,600 ounces of gold delivered. Thereafter, 37.5% of the gold in concentrate. At December 31, 2025, a cumulative total of 43,800 gold ounces have been delivered. |

---

---

| | |
|:---|:---|
| 22 | Silver deliveries are fixed at 291,000 ounces per annum from January 1, 2021 to December 31, 2025. Thereafter, 63% of the silver in concentrate until a cumulative total of 2,910,000 ounces of silver delivered. Thereafter, 37.5% of the silver in concentrate. At December 31, 2025, a cumulative total of 1.5 million ounces have been delivered. |

---

---

| | |
|:---|:---|
| 23 | Purchase price is 20% of the spot price of gold at the time of delivery. |

---

---

| | |
|:---|:---|
| 24 | Purchase price is 20% of the spot price of silver at the time of delivery. |

---

---

| | |
|:---|:---|
| 25 | Purchase price is 20% of the average gold price at the time of delivery. |

---

---

| | |
|:---|:---|
| 26 | Franco-Nevada has the right to acquire a 22% gold stream on New Prosperity for $350.0 million. |

---

---

| | |
|:---|:---|
| 27 | Purchase price is subject to a 1% annual increase, compounding annually, that commenced in May 2014. |

---

---

| | |
|:---|:---|
| 28 | Based on amended agreement with an effective date of September 1, 2020, gold deliveries are fixed at 783.33 ounces per month until 105,750 ounces of gold is delivered. Thereafter, percentage is 6% of gold production (subject to reconciliation after fixed delivery period to determine if Franco-Nevada would |

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2025 Management's Discussion and Analysis 34

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have received more or less than 105,750 ounces of gold under the original 6% variable stream for such period, entitling the operator to a credit for an over-delivery applied against future stream deliveries or a one-time additional delivery to Franco-Nevada for an under-delivery).

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| | |
|:---|:---|
| 29 | Purchase price is 20% of prevailing market price at the time of delivery. |

---

---

| | |
|:---|:---|
| 30 | Franco-Nevada is committed to purchase 50% of the precious metals contained in ore from the properties. Payment is based on gold equivalent ounces. For McCreedy West, effective June 1, 2021, purchase price per gold equivalent ounce is determined based on the monthly average gold spot price: (i) when the gold spot price is less than $800 per ounce, the purchase price is the prevailing monthly average gold spot price; (ii) when the gold spot price is greater than $800 per ounce but less than $1,333 per ounce, the purchase price is $800 per ounce; (iii) when the gold spot price is greater than $1,333 per ounce but less than $2,000 per ounce, the purchase price is 60% of the prevailing monthly average gold spot price; and (iv) when the gold spot price is greater than $2,000, the purchase price is $1,200 per ounce. |

---

---

| | |
|:---|:---|
| 31 | Percentage decreases to 7.5% after 300,000 ounces of gold have been delivered under the agreement. At December 31, 2025, a cumulative total of 85,440 gold ounces have been delivered. |

---

---

| | |
|:---|:---|
| 32 | Purchase price is 20% of the spot price of gold at the time of delivery. |

---

---

| | |
|:---|:---|
| 33 | Gold deliveries are referenced to platinum, palladium, rhodium and gold ("4E") ounces contained in concentrate with deliveries of gold ounces initially equal to 1.1% of 4E PGM ounces contained in concentrate, until 87,500 ounces of gold delivered. Thereafter, deliveries of gold ounces equal to 0.75% of 4E PGM ounces contained in concentrate, until a total of 237,000 ounces of gold delivered. Thereafter, 80.0% of gold contained in concentrate. At December 31, 2025, a cumulative total of 16,933 ounces of gold have been delivered. |

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| | |
|:---|:---|
| 34 | Percentage increases to 2.1% of platinum contained in concentrate after 48,000 ounces of platinum delivered. Platinum deliveries are capped at 294,000 ounces of platinum. At December 31, 2025, a cumulative total of 9,174 platinum ounces have been delivered. |

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---

| | |
|:---|:---|
| 35 | After 237,000 ounces of gold delivered, purchase price is 10% of the spot price of gold. At December 31, 2025, a cumulative total of 16,933 ounces of gold have been delivered. |

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#### Capital Commitments
As at December 31, 2025, we have the following investment commitments with respect to our royalty and stream interests:

---

| | | |
|:---|:---|:---|
| **Asset** | **Commitment** | **Obligating Event** |
| Cascabel stream | $478.3 million (reduced to $239.2 million following the operator's buy-back of 50% of the Cascabel stream exercised subsequent to 2025 year-end) | Without limitation, completion of key development milestones, receipt of all material permits, a construction decision approved by the board of directors of SolGold plc, and availability of the remainder of the required project financing  |
| Royalty Acquisition Venture with Continental | $36.5 million | Acquisition of mineral rights acquired through the Royalty Acquisition Venture with Continental, triggering funding requirements by the Company  |
| Yanacocha royalty  | 118,534 Franco-Nevada common shares (equivalent to $15.0 million at closing) | Achievement of commercial production and receipt of royalty payments from the Conga project for a full year within 20 years of the August 13, 2024 purchase agreement |
| Copper World royalty | $12.5 million | 50% of commitment payable upon the project having all necessary permits and approvals and being free of legal challenges. 50% of commitment payable upon Franco-Nevada receiving royalty payments from the operator. Proportionate reduction of such contingent payments for a smaller-scale mine having anticipated life of mine production of copper contained in concentrate between 550,000 short tons and 1,703,000 short tons |
| Salares Norte (Rio Baker) royalty | $8.0 million | Receipt of Rio Baker royalty payments (excluding proceeds from the exercise by Gold Fields Limited of a partial buy-back option on the royalty) in excess of $15 million |
| Elemental Altus Royalties Corp. | $4.9 million | Sourcing by Elemental Altus (previously EMX) of newly created precious metals and copper royalties meeting specified criteria within three years of the June 27, 2023 joint acquisition agreement |
| Eskay Creek royalty | C$4.5 million | Skeena Resources having obtained mineral and surface rights to the materials contained in the Albino Lake storage facility, and such materials containing at least 300,000 ounces of contained gold that are contemplated to be mined in a mine plan approved by the board of Skeena Resources  |
| Gold Quarry | $1.0 million | An increase in the minimum annual royalty amount during any calendar year preceding January 1, 2030 |
| Yilgarn Star royalty | A$1.5 million | Commencement of commercial mining within 18 months of the December 24, 2025 agreement date |

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We also have commitments related to environmental and social initiatives in connection with our acquisition of royalty and stream interests.

2025 Management's Discussion and Analysis 35

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**Contingencies**

&nbsp;&nbsp;&nbsp;&nbsp;***(a)***  ***Cobre Panamá*** 

On June 18, 2025, we agreed to suspend the arbitration against the GOP we had filed under the Canada-Panama Free Trade Agreement with the International Centre for Settlement of Investment Disputes on June 27, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;***(b)***  ***Canada Revenue Agency Audit*** 

**Settlement of Canada Revenue Agency Transfer Pricing Tax Dispute**

From December of 2018 to November of 2024, the Company received Notices of Reassessment from the CRA for taxation years 2013 to 2019 (the "Reassessments") in relation to its Mexican and Barbadian subsidiaries. The reassessments were made on the basis of the transfer pricing provisions in the Income Tax Act (Canada) (the "Act") and asserted that a majority of the income earned by the Mexican and Barbadian subsidiaries should have been included in the income of the Company and subject to tax in Canada. The Reassessments resulted in $204.7 million (C$280.3 million) of additional Federal and provincial income taxes, transfer pricing penalties, and interest and other penalties.

The Company filed formal Notices of Objection with the CRA against the Reassessments and commenced an appeal in the Tax Court of Canada with respect to the Reassessments for the 2013-2015 taxation years. The Company also posted security for 50% of the reassessed amounts in the form of cash totaling $44.7 million (C$61.4 million) and standby letters of credit totaling $48.1 million (C$66.0 million), as referenced in Note 9 and Note 13 of the financial statements, respectively.

On September 11, 2025, the Company reached a settlement with the CRA (the "CRA Settlement") which provides for a final resolution of the Company's tax dispute in connection with the Reassessments.

CRA Settlement Highlights:

&nbsp;&nbsp;&nbsp;&nbsp;● The CRA Settlement will not require the payment of any tax in Canada on the foreign earnings of the Company's Barbadian and Mexican subsidiaries for the 2013 to 2019 taxation years.

&nbsp;&nbsp;&nbsp;&nbsp;● The service fee charged by the Company for certain services provided to the Barbadian and Mexican subsidiaries will be adjusted to increase the mark-up applied to the Company's cost of providing those services from the current range of 7-20% to 30%.

&nbsp;&nbsp;&nbsp;&nbsp;● The additional service fee will result in the Company being subjected to Canadian tax on additional income of C$1.4 million in Canada for the 2013 to 2019 taxation years. After the application of non-capital losses, the Company does not anticipate any additional cash taxes will arise in respect of these years as a result of the CRA Settlement.

&nbsp;&nbsp;&nbsp;&nbsp;● Transfer pricing penalties reflected in the Reassessments will be reversed. The interest charges reflected in the Reassessments will be reduced and adjusted consequentially to the adjustments described above.

&nbsp;&nbsp;&nbsp;&nbsp;● The CRA Settlement is not legally binding on the CRA for years after 2019, however, the Company believes the transfer pricing principles established by the CRA Settlement will apply to years after 2019, including the 2020 and 2021 taxation years which are currently under audit, provided there are no material changes to the facts or law. On November 4, 2025, the Canadian Federal Government announced proposed changes to the transfer pricing legislation which, if enacted, would apply from 2026 onwards. The Company is in the process of evaluating the potential impact of these proposals.

In Q4 2025, the CRA issued revised Notices of Reassessment to the Company to reflect the adjustments under the CRA Settlement. The Company expects that the amounts that were posted as security for the Reassessments in the form of standby letters of credit totaling $48.1 million (C$66.0 million), and cash totaling $44.7 million (C$61.4 million) will be fully refunded plus interest of approximately $5.5 million (C$7.5 million), which has been accounted for in the year. Subsequent to year-end, the Company received cash refunds totaling $30.0 million (C$41.2million) and all standby letters of credit were released. The Company expects the remaining cash deposit balance to be returned in the short-term.

2025 Management's Discussion and Analysis 36

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#### Critical Accounting Policies and Estimates
The preparation of consolidated financial statements in accordance with IFRS Accounting Standards requires the Company to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management's best knowledge of the relevant facts and circumstances, having regard to previous experience. However, actual outcomes may differ from the amounts included in the consolidated financial statements.

Our material accounting policies and estimates are disclosed in Notes 2 and 3 of our audited consolidated financial statements for the year ended December 31, 2025.

#### New and Amended Accounting Standards Adopted by the Company

#### There were no new or amended accounting standards adopted in the current year.

#### New Accounting Standards Issued But Not Yet Effective
Certain new and amended accounting standards and interpretations have been published that are not mandatory for the current year and have not been early adopted.

**IFRS 18 – Presentation and Disclosure in Financial Statements**

In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements ("IFRS 18"), which replaces IAS 1 Presentation of Financial Statements ("IAS 1"). IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. The standard requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and it also includes new requirements for aggregation and disaggregation of financial information based on the identified 'roles' of the primary financial statements and the notes.

In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from 'profit or loss' to 'operating profit or loss' and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards. IFRS 18, and the amendments to the other standards, are effective for reporting periods beginning on or after January 1, 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively.

The Company is currently assessing the impact of the new standard.

**Amendments to IFRS 9 and IFRS 7 - Amendments to the Classification and Measurement of Financial Instruments**

In May 2024, the IASB issued amendments to IFRS 9 Financial Instruments ("IFRS 9") and IFRS 7 Financial Instruments: Disclosures ("IFRS 7"). The amendments include:

● A clarification that a financial liability is derecognized on the 'settlement date' and the introduction of an accounting policy choice (if specific conditions are met) to derecognize financial liabilities settled using an electronic payment system before the settlement date;

● Additional guidance on how the contractual cash flows for financial assets with environmental, social and corporate governance (ESG) and similar features should be assessed;

● Clarifications on what constitute 'non-recourse features' and what are the characteristics of contractually linked instruments; and

● The introduction of disclosures for financial instruments with contingent features and additional disclosure requirements for equity instruments classified at FVTOCI.

The Amendments are effective for annual periods starting on or after January 1, 2026 with early adoption permitted for classification of financial assets and related disclosures only. The Company does not anticipate that the amendments will have a material effect on the Company's financial statements.

#### Outstanding Share Data
Franco-Nevada is authorized to issue an unlimited number of common and preferred shares. A detailed description of the rights, privileges, restrictions and conditions attached to each class of authorized shares is included in our most recent Annual Information Form, a copy of which can be found on SEDAR+ at www.sedarplus.com and in our Form 40-F, a copy of which can be found on EDGAR at www.sec.gov.

2025 Management's Discussion and Analysis 37

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As of March 10, 2026, the number of common shares outstanding or issuable pursuant to other outstanding securities is as follows:

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| | |
|:---|:---|
| **Common Shares** | **Number** |
| Outstanding | 192798692 |
| Issuable upon exercise of Franco-Nevada options<sup>(1)</sup> | 535808 |
| Issuable upon vesting of Franco-Nevada RSUs<sup>(2)</sup> | 107257 |
| Diluted common shares | 193441757 |

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| | |
|:---|:---|
| 1 | There were 535,808 stock options under our share compensation plan outstanding to directors, officers, employees and others with exercise prices ranging from C$75.45 to C$231.18 per share. The above table assumes all stock options are exercisable. |

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| | |
|:---|:---|
| 2 | There were 33,515 time-based RSUs and 73,742 performance-based RSUs. Vesting of the performance-based RSUs are subject to the achievement of certain performance criteria and a performance multiplier which will range from 0% to 200% of the number granted. The above table assumes a performance multiplier of 100% of performance-based RSUs granted. |

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During the year ended December 31, 2025, we did not issue or have any outstanding preferred shares.

#### Internal Control Over Financial Reporting and Disclosure Controls and Procedures
Our management is responsible for establishing and maintaining Franco-Nevada's internal control over financial reporting and other financial disclosure and our disclosure controls and procedures.

Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS Accounting Standards. Franco-Nevada's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of Franco-Nevada; (ii) are designed to provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS Accounting Standards, and that receipts and expenditures of Franco-Nevada are being made only in accordance with authorizations of management and directors of Franco-Nevada; and (iii) are designed to provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of Franco-Nevada's assets that could have a material effect on Franco-Nevada's financial statements. Internal control over other financial disclosure is a process designed to ensure that other financial information included in this Annual Report fairly represents, in all material respects, the financial condition, results of operations and cash flows of Franco-Nevada for the periods presented in this Annual Report.

Franco-Nevada's disclosure controls and procedures are designed to provide reasonable assurance that material information relating to Franco-Nevada, including its consolidated subsidiaries, is made known to management by others within those entities, particularly during the period in which this Annual Report is prepared and that information required to be disclosed by Franco-Nevada in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation.

Due to its inherent limitations, internal control over financial reporting and other financial disclosure may not prevent or detect all misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may change.

An evaluation was carried out by our management, with the participation of our President & Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), of the effectiveness of the design and operation of Franco-Nevada's internal control over financial reporting as of the end of the period covered by this report based on the framework and criteria established in Internal Control – Integrated Framework (2013) as issued by the Committee of Sponsoring Organizations ("COSO") of the Treadway Commission. Based on that evaluation, management, under the supervision of our President & CEO and CFO, has concluded that Franco-Nevada's internal control over financial reporting was effective as of December 31, 2025.

An evaluation was also carried out under the supervision of the CEO and CFO and with the participation of management, of the effectiveness of the design and operation of Franco-Nevada's disclosure controls and procedures (as defined under applicable Canadian securities laws and in Rule 13a–15(e) and Rule 15d–15(e) under the U.S. Securities Exchange Act of 1934), and based on this evaluation, management concluded that Franco-Nevada's disclosure controls and procedures were effective as of December 31, 2025.

For the year ended December 31, 2025, there has been no change in Franco-Nevada's internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, Franco-Nevada's internal control over financial reporting.

Management's report on the effectiveness of internal control over financial reporting (as defined in Rule 13a-15(f) or 15d-15(f) under the U.S. Securities Exchange Act of 1934) is included in the Management's Report on Internal Control over Financial Reporting that accompanies Franco-Nevada's annual consolidated financial statements for the fiscal year ended December 31, 2025.

2025 Management's Discussion and Analysis 38

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#### Gold Equivalent Ounces and Net Gold Equivalent Ounces

#### Gold Equivalent Ounces
**GEOs include Franco-Nevada's attributable share of production from all of our royalties, streams and working interests, after applicable recovery and payability factors. GEOs are estimated on a gross basis for NSRs and, in the case of stream ounces, before the payment of the per ounce contractual price paid by the Company. For NPI royalties, GEOs are calculated taking into account the NPI economics. Where the Company receives gold and silver bullion in-kind as payment for its royalties, GEOs are recognized at the time of receipt of such bullion.**

**Silver, platinum, palladium, iron ore, oil, gas and other commodities are converted to GEOs by dividing associated revenue, which includes settlement adjustments, by the relevant gold price. The price used in the computation of GEOs earned from a particular asset varies depending on the royalty or stream agreement, which may make reference to the market price realized by the operator, or the average price for the month, quarter, or year in which the commodity was produced or sold. Beginning in 2026, the Company will be adopting fixed GEO conversion ratios based on the pricing assumptions outlined in our guidance for that year. This methodology replaces our previous methodology which was based on variable GEO conversion ratios using prevailing market prices. For illustrative purposes, please refer to the average commodity price table on pages 18 and 23 of this MD&A for indicative prices which may be used in the calculation of GEOs for the years ended December 31, 2025 and 2024, respectively.**

#### Net Gold Equivalent Ounces
Net GEOs are GEOs sold, net of direct operating costs, including, for our stream GEOs, the associated ongoing cost per ounce. We use Net GEOs to reflect that GEOs from royalty interests have different economics than GEOs from stream interests due to the ongoing cost per ounce associated with GEOs from streams. We calculate Net GEOs on a quarterly basis by dividing Cash Costs (as defined below in the "Non-GAAP Financial Measures" section) by the average gold price (based on the LBMA PM Fix during the period), and subtracting this total from GEOs sold in the period.

#### Calculation of Net Gold Equivalent Ounces:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;*(expressed in millions, excepts GEOs and Average Gold Price)* | **Q1 2025** | **Q2 2025** | **Q3 2025** | **Q4 2025** | **For the year ended December 31, 2025** |
| **GEOs** | **126585** | **112093** | **138772** | **141656** | **519106** |
| &nbsp;&nbsp;Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash Costs | $**38.5** | $**33.5** | $**47.2** | $**49.6** | $**168.8** |
| &nbsp;&nbsp;&nbsp;&nbsp;Divided by: Average gold price per ounce | $**2863** | $**3279** | $**3456** | $**4145** | $**3425** |
|  | **13447** | **10217** | **13657** | **11966** | **49287** |
| **Net GEOs** | **113138** | **101876** | **125115** | **129690** | **469819** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;*(expressed in millions, excepts GEOs and Average Gold Price)* | **Q1 2024** | **Q2 2024** | **Q3 2024** | **Q4 2024** | **For the year ended December 31, 2024** |
| GEOs | 122897 | 110264 | 110110 | 120063 | 463334 |
| &nbsp;&nbsp;Less: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash Costs | $33.6 | $29.1 | $31.9 | $34.4 | $129.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Divided by: Average gold price per ounce | $2072 | $2338 | $2477 | $2662 | $2369 |
|  | 16216 | 12447 | 12878 | 12923 | 54464 |
| Net GEOs | 106681 | 97817 | 97232 | 107140 | 408870 |

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2025 Management's Discussion and Analysis 39

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#### Non-GAAP Financial Measures

#### Cash Costs and Cash Costs per GEO Sold
Cash Costs and Cash Costs per GEO sold are non-GAAP financial measures. Cash Costs is defined by Franco-Nevada as total costs of sales less depletion and depreciation expense. Cash Costs per GEO sold is calculated by dividing Cash Costs by the number of GEOs sold in the period, excluding prepaid GEOs.

Management uses Cash Costs and Cash Costs per GEO sold to evaluate Franco-Nevada's ability to generate positive cash flow from its royalty, stream and working interests. Management and certain investors also use this information to evaluate Franco-Nevada's performance relative to peers in the mining industry who present this measure on a similar basis. Cash Costs and Cash Costs per GEO sold are only intended to provide additional information to investors and analysts and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. They do not have any standardized meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other issuers.

#### Reconciliation of Cash Costs and Cash Costs per GEO sold:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended**  | **For the three months ended**  | **For the year ended**  | **For the year ended**  |
|  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
| &nbsp;&nbsp;&nbsp;*(expressed in millions, except per GEO amounts)* | **2025** | 2024 | **2025** | 2024 |
| **Total costs of sales**  | $**136.9** | $94.4 | $**475.5** | $354.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depletion and depreciation | **(87.3)** | (60.0) | **(306.7)** | (225.3) |
| **Cash Costs** | $**49.6** | $34.4 | $**168.8** | $129.0 |
| GEOs | **141656** | 120063 | **519106** | 463334 |
| **Cash Costs per GEO sold** | $**350** | $287 | $**325** | $278 |

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2025 Management's Discussion and Analysis 40

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#### Adjusted EBITDA and Adjusted EBITDA per Share
Adjusted EBITDA and Adjusted EBITDA per share are non-GAAP financial measures, which is defined by Franco-Nevada by excluding the following from net income and earnings per share ("EPS"):

● Income tax expense/recovery;

● Finance expenses;

● Finance income;

● Depletion and depreciation;

● Impairment losses and reversals related to royalty, stream and working interests;

● Gains/losses on disposal of royalty, stream and working interests;

● Impairment losses and expected credit losses related to investments, loans receivable and other financial instruments;

● Changes in fair value of equity investments, loans receivable and other financial instruments; and

● Foreign exchange gains/losses and other income/expenses.

Management uses Adjusted EBITDA and Adjusted EBITDA per share to evaluate the underlying operating performance of Franco-Nevada as a whole for the reporting periods presented, to assist with the planning and forecasting of future operating results, and to supplement information in its financial statements. Management believes that in addition to measures prepared in accordance with IFRS Accounting Standards such as net income and EPS, our investors and analysts use Adjusted EBITDA and Adjusted EBITDA per share to evaluate the results of the underlying business of Franco-Nevada and its ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations and fund acquisitions. While the adjustments to net income and EPS in these measures include items that are both recurring and non-recurring, management believes that Adjusted EBITDA and Adjusted EBITDA per share are useful measures of Franco-Nevada's performance because they adjust for items which may not relate to or have a disproportionate effect on the period in which they are recognized, impact the comparability of our core operating results from period to period, are not always reflective of the underlying operating performance of our business and/or are not necessarily indicative of future operating results. Adjusted EBITDA and Adjusted EBITDA per share are only intended to provide additional information to investors and analysts and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. They do not have any standardized meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other issuers.

#### Reconciliation of Net Income to Adjusted EBITDA:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended**  | **For the three months ended**  | **For the year ended**  | **For the year ended**  |
|  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
| &nbsp;&nbsp;&nbsp;*(expressed in millions, except per share amounts)* | **2025** | 2024 | **2025** | 2024 |
| **Net income** | $**367.7** | $175.4 | $**1112.1** | $552.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | **100.6** | 46.8 | **303.9** | 211.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance expenses | **0.8** | 0.7 | **3.1** | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance income | **(2.5)** | (13.5) | **(28.2)** | (60.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depletion and depreciation | **87.3** | 60.0 | **306.7** | 225.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment reversal | **—** |  | **(4.8)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on disposal of royalty interests | **—** |  | **—** | (0.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange (gain) loss and other (income) expenses | **(12.7)** | 8.0 | **(36.7)** | 20.7 |
| **Adjusted EBITDA** | $**541.2** | $277.4 | $**1656.1** | $951.6 |
| Basic weighted average shares outstanding | **192.8** | 192.5 | **192.7** | 192.4 |
| **Basic earnings per share** | $**1.91** | $0.91 | $**5.77** | $2.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | **0.52** | 0.24 | **1.58** | 1.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance expenses | **—** |  | **0.02** | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance income | **(0.01)** | (0.07) | **(0.16)** | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depletion and depreciation | **0.45** | 0.31 | **1.59** | 1.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment reversal | **—** |  | **(0.02)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on disposal of royalty interests | **—** |  | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange (gain) loss and other (income) expenses | **(0.06)** | 0.05 | **(0.19)** | 0.11 |
| **Adjusted EBITDA per share** | $**2.81** | $1.44 | $**8.59** | $4.95 |

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2025 Management's Discussion and Analysis 41

------

#### Adjusted EBITDA Margin
Adjusted EBITDA Margin is a non-GAAP ratio which is defined by Franco-Nevada as Adjusted EBITDA divided by revenue. Franco-Nevada uses Adjusted EBITDA Margin in its annual incentive compensation process to evaluate management's performance in increasing revenue and containing costs. Management believes that in addition to measures prepared in accordance with IFRS Accounting Standards, our investors and analysts use Adjusted EBITDA Margin to evaluate the Company's ability to contain costs relative to revenue. Adjusted EBITDA Margin is intended to provide additional information to investors and analysts and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. It does not have any standardized meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other issuers.

#### Calculation of Adjusted EBITDA Margin:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended**  | **For the three months ended**  | **For the year ended**  | **For the year ended**  |
|  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
| &nbsp;&nbsp;&nbsp;*(expressed in millions, except Adjusted EBITDA Margin)* | **2025** | 2024 | **2025** | 2024 |
| Adjusted EBITDA | $**541.2** | $277.4 | $**1656.1** | $951.6 |
| Revenue | **597.3** | 321.0 | **1822.8** | 1113.6 |
| **Adjusted EBITDA Margin** | **90.6%** | 86.4% | **90.9%** | 85.5% |

---

#### Adjusted Net Income and Adjusted Net Income per Share
Adjusted Net Income and Adjusted Net Income per share are non-GAAP financial measures, which is defined by Franco-Nevada by excluding the following from net income and EPS:

● Foreign exchange gains/losses and other income/expenses;

● Impairment losses and reversals related to royalty, stream and working interests;

● Gains/losses on disposal of royalty, stream and working interests;

● Impairment losses and expected credit losses related to investments, loans receivable and other financial instruments;

● Changes in fair value of equity investments, loans receivable and other financial instruments;

● Impact of income taxes on these items;

● Income taxes related to the reassessment of the probability of realization of previously recognized or de-recognized deferred income tax assets; and

● Income taxes relating to the revaluation of deferred income tax assets and liabilities as a result of statutory income tax rate changes in the countries in which the Company operates.

Management uses Adjusted Net Income and Adjusted Net Income per share to evaluate the underlying operating performance of Franco-Nevada as a whole for the reporting periods presented, to assist with the planning and forecasting of future operating results, and to supplement information in its financial statements. Management believes that, in addition to measures prepared in accordance with IFRS Accounting Standards such as net income and EPS, our investors and analysts use Adjusted Net Income and Adjusted Net Income per share to evaluate the results of the underlying business of Franco-Nevada, particularly since the items that are adjusted for are typically not included in our guidance. While the adjustments to net income and EPS in these measures include items that are both recurring and non-recurring, management believes that Adjusted Net Income and Adjusted Net Income per share are useful measures of Franco-Nevada's performance because they adjust for items which may not relate to or have a disproportionate effect on the period in which they are recognized, impact the comparability of our core operating results from period to period, are not always reflective of the underlying operating performance of our business and/or are not necessarily indicative of future operating results. Adjusted Net Income and Adjusted Net Income per share are intended to provide additional information to investors and analysts and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. They do not have any standardized meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other issuers.

2025 Management's Discussion and Analysis 42

------

**Reconciliation of Net Income to Adjusted Net Income:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended**  | **For the three months ended**  | **For the year ended**  | **For the year ended**  |
|  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
| &nbsp;&nbsp;&nbsp;*(expressed in millions, except per share amounts)* | **2025** | 2024 | **2025** | 2024 |
| **Net income** | $**367.7** | $175.4 | $**1112.1** | $552.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment reversal  | **—** |  | **(4.8)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on disposal of royalty interests | **—** |  | **—** | (0.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange (gain) loss and other (income) expenses | **(12.7)** | 8.0 | **(36.7)** | 20.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax effect of adjustments | **1.2** | (0.4) | **4.6** | (2.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other tax related adjustments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax expense related to the remeasurement of deferred tax liability due to changes in Barbados tax rate | **—** |  | **—** | 49.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrecognized deferred income tax assets | **—** | 0.3 | **—** | (1.1) |
| **Adjusted Net Income** | $**356.2** | $183.3 | $**1075.2** | $618.1 |
| Basic weighted average shares outstanding | **192.8** | 192.5 | **192.7** | 192.4 |
| **Basic earnings per share** | $**1.91** | $0.91 | $**5.77** | $2.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment reversal  | **—** |  | **(0.02)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on disposal of royalty interests | **—** |  | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange (gain) loss and other (income) expenses | **(0.07)** | 0.04 | **(0.19)** | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax effect of adjustments | **0.01** |  | **0.02** | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other tax related adjustments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax expense related to the remeasurement of deferred tax liability due to changes in Barbados tax rate | **—** |  | **—** | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrecognized deferred income tax assets | **—** |  | **—** | (0.02) |
| **Adjusted Net Income per share** | $**1.85** | $0.95 | $**5.58** | $3.21 |

---

#### Adjusted Net Income Margin
Adjusted Net Income Margin is a non-GAAP ratio which is defined by Franco-Nevada as Adjusted Net Income divided by revenue. Franco-Nevada uses Adjusted Net Income Margin in its annual incentive compensation process to evaluate management's performance in increasing revenue and containing costs. Management believes that in addition to measures prepared in accordance with IFRS Accounting Standards, our investors and analysts use Adjusted Net Income Margin to evaluate the Company's ability to contain costs relative to revenue. Adjusted Net Income Margin is intended to provide additional information to investors and analysts and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. It does not have any standardized meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other issuers.

#### Calculation of Adjusted Net Income Margin:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended**  | **For the three months ended**  | **For the year ended**  | **For the year ended**  |
|  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
| &nbsp;&nbsp;&nbsp;*(expressed in millions, except Adjusted Net Income Margin)* | **2025** | 2024 | **2025** | 2024 |
| Adjusted Net Income | $**356.2** | $183.3 | $**1075.2** | $618.1 |
| Revenue | **597.3** | 321.0 | **1822.8** | 1113.6 |
| **Adjusted Net Income Margin** | **59.6%** | 57.1% | **59.0%** | 55.5% |

---

2025 Management's Discussion and Analysis 43

------

#### Cautionary Statement on Forward-Looking Information
**This MD&A contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, respectively, which may include, but are not limited to, statements with respect to future events or future performance, management's expectations regarding Franco-Nevada's growth, results of operations, estimated future revenues, performance guidance, carrying value of assets, future dividends and requirements for additional capital, mineral resources and mineral reserves estimates, production estimates, production costs and revenue, future demand for and prices of commodities, expected mining sequences, business prospects and opportunities, the performance and plans of third party operators, any ongoing or future audits being conducted by the CRA, the expected exposure for current and future tax assessments and available remedies, and statements with respect to the future status and any potential restart of the Cobre Panamá mine and related arbitration proceedings. In addition, statements relating to mineral resources and mineral reserves, GEOs or mine lives are forward-looking statements, as they involve implied assessment, based on certain estimates and assumptions, and no assurance can be given that the estimates and assumptions are accurate and that such mineral resources and mineral reserves, GEOs or mine lives will be realized. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "potential for", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Franco-Nevada to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. A number of factors could cause actual events or results to differ materially from any forward-looking statement, including, without limitation: fluctuations in the prices of the primary commodities that drive royalty and stream revenue (gold, platinum group metals, copper, nickel, uranium, silver, iron-ore and oil and gas); fluctuations in the value of the Canadian and Australian dollar, Brazilian real, Mexican peso and any other currency in which revenue is generated, relative to the U.S. dollar; changes in national and local government legislation, including permitting and licensing regimes and taxation policies and the enforcement thereof; proposed tariff and other trade measures that may be imposed by the United States and proposed retaliatory measures that may be adopted by its trading partners; the adoption and implementation of a global minimum tax on corporations; regulatory, political or economic developments in any of the countries where properties in which Franco-Nevada holds a royalty, stream or other interest are located or through which they are held; risks related to the operators of the properties in which Franco-Nevada holds a royalty, stream or other interest, including changes in the ownership and control of such operators; relinquishment or sale of mineral properties; influence of macroeconomic developments; business opportunities that become available to, or are pursued by Franco-Nevada; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; whether or not the Company is determined to have "passive foreign investment company" ("PFIC") status as defined in Section 1297 of the United States Internal Revenue Code of 1986, as amended; potential changes in Canadian tax treatment of offshore streams; excessive cost escalation as well as development, permitting, infrastructure, operating or technical difficulties on any of the properties in which Franco-Nevada holds a royalty, stream or other interest; access to sufficient pipeline capacity; actual mineral content may differ from the mineral resources and mineral reserves contained in technical reports; rate and timing of production differences from mineral resource estimates, other technical reports and mine plans; risks and hazards associated with the business of development and mining on any of the properties in which Franco-Nevada holds a royalty, stream or other interest, including, but not limited to unusual or unexpected geological and metallurgical conditions, slope failures or cave-ins, sinkholes, flooding and other natural disasters, terrorism, civil unrest or an outbreak of contagious disease; the impact of future pandemics; and the integration of acquired assets. The forward-looking statements contained herein are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Franco-Nevada holds a royalty, stream or other interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in the market price of the commodities that underlie the asset portfolio; the Company's ongoing income and assets relating to determination of its PFIC status; no material changes to existing tax treatment; the expected application of tax laws and regulations by taxation authorities; the expected assessment and outcome of any audit by any taxation authority; no adverse development in respect of any significant property in which Franco-Nevada holds a royalty, stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; integration of acquired assets; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. However, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance. In addition, there can be no assurance as to (i) the outcome of any ongoing or future audits by the CRA or the Company's exposure as a result thereof, or (ii) the future status and any potential restart of the Cobre Panamá mine or the outcome of any related arbitration proceedings. Franco-Nevada cannot assure investors that actual results will be consistent with these forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements due to the inherent uncertainty therein.** 

**For additional information with respect to risks, uncertainties and assumptions, please refer to Franco-Nevada's most recent Annual Information Form filed with the Canadian securities regulatory authorities on www.sedarplus.com and Franco-Nevada's most recent Annual Report filed on Form 40-F filed with the SEC on www.sec.gov. The forward-looking statements herein are made as of the date hereof only and Franco-Nevada does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law.**

2025 Management's Discussion and Analysis 44

------

![Graphic](fnv-20251231xex99d2012.jpg)

------

## Exhibit 99.3

?xml version='1.0' encoding='ASCII'? Franco-Nevada Corporation_December 31, 2025

**Exhibit 99.3**

![Graphic](fnv-20251231xex99d3001.jpg)

#### Management's Report On Internal Control Over Financial Reporting
Franco-Nevada Corporation's ("Franco-Nevada" or the "Company") management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in rules 13a-15(f) and 15d-15(f) under the United States *Securities Exchange Act of 1934*, as amended.

Franco-Nevada's management, with the participation of its President & Chief Executive Officer and its Chief Financial Officer, assessed the effectiveness of the Company's internal control over financial reporting as at December 31, 2025. Franco-Nevada's management conducted an evaluation of the Company's internal control over financial reporting based on criteria established in *Internal Control - Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). Based on this assessment, management, including the President & Chief Executive Officer and the Chief Financial Officer, concluded that the Company's internal control over financial reporting is effective as at December 31, 2025.

The effectiveness of the Company's internal control over financial reporting as at December 31, 2025 has been audited by PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm, as stated in their report appearing herein.

---

| | |
|:---|:---|
| */s/Paul Brink* | */s/Sandip Rana* |
| **Paul Brink** | **Sandip Rana** |
| President & Chief Executive Officer | Chief Financial Officer |

---

March 10, 2026

2025 Financial Statements<sub>2</sub>

![Graphic](fnv-20251231xex99d3002.jpg)

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors and Shareholders of Franco-Nevada Corporation

***Opinions on the Financial Statements and Internal Control over Financial Reporting***

We have audited the accompanying consolidated statements of financial position of Franco-Nevada Corporation and its subsidiaries (the Company) as of December 31, 2025 and 2024, and the related consolidated statements of income and comprehensive income, of changes in shareholders' equity and of cash flows for the years then ended, including the related notes (collectively referred to as the consolidated financial statements). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control ‒ Integrated Framework* (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and its financial performance and its cash flows for the years then ended in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control ‒ Integrated Framework* (2013) issued by the COSO.

#### Basis for Opinions
The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control Over Financial Reporting. Our responsibility is to express opinions on the Company's consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

---

| |
|:---|
| PricewaterhouseCoopers LLP |
| PwC Tower, 18 York Street, Suite 2500 |
| Toronto, Ontario, Canada M5J 0B2 |
| T.: +1 416 863 1133, F.: +1 416 365 8215 |
| Fax to mail: ca_toronto_18_york_fax@pwc.com |
| "PwC" refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership. |

---

2025 Financial Statements<sub>3</sub>

![Graphic](fnv-20251231xex99d3002.jpg)

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

#### Definition and Limitations of Internal Control over Financial Reporting
A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

#### Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit and risk committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Assessment of indicators of impairment or impairment reversal of royalty, stream and working interests*. As described in Notes 2, 3 and 10 to the consolidated financial statements, the Company's royalty, stream and working interests carrying value was $6,043.1 million as of December 31, 2025. Management assesses at the end of each reporting period whether there are any indicators that the carrying value may not be recoverable or that an impairment loss previously recognized may no longer exist that gives rise to the requirement to conduct an impairment or impairment reversal analysis. Impairment or impairment reversal is assessed at the cash-generating unit (CGU) level, which is usually at the individual royalty, stream or working interest level for each property from which independent cash inflows are generated. Management uses significant judgment when assessing whether there are indicators of impairment or impairment reversal, including, but not limited to, significant change in operator reserve and resource

2025 Financial Statements<sub>4</sub>

![Graphic](fnv-20251231xex99d3002.jpg)

estimates, operating status, change in permitting and concession rights, industry or economic trends, current or forecast commodity prices, and other relevant operator information.

The principal considerations for our determination that performing procedures relating to the assessment of indicators of impairment or impairment reversal of royalty, stream and working interests is a critical audit matter are (i) the significant judgment by management when assessing whether there were indicators of impairment or impairment reversal which would require an impairment or impairment reversal analysis to be performed and (ii) a high degree of auditor judgment, subjectivity and effort in evaluating management's assessment of indicators of impairment or impairment reversal related to significant change in operator reserve and resource estimates, operating status, change in permitting and concession rights, industry or economic trends, current or forecast commodity prices and other relevant operator information.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management's assessment of indicators of impairment or impairment reversal of royalty, stream and working interests. These procedures also included, among others, evaluating the reasonableness of management's assessment of indicators of impairment or impairment reversal for a sample of royalty, stream and working interests, related to significant change in operator reserve and resource estimates, operating status, change in permitting and concession rights, industry or economic trends, current or forecast commodity prices and other relevant operator information by considering (i) current and past performance of royalty, stream and working interests; (ii) consistency with external market and industry data; (iii) publicly disclosed or other relevant information by operators of royalty, stream and working interests; and (iv) consistency with evidence obtained in other areas of the audit.

**/s/PricewaterhouseCoopers LLP**

Chartered Professional Accountants, Licensed Public Accountants

Toronto, Canada

March 10, 2026

We have served as the Company's auditor since 2007.

2025 Financial Statements<sub>5</sub>

**Franco-Nevada Corporation**

**Consolidated Statements of Financial Position**<br>

*(in millions of U.S. dollars)*

---

| | | |
|:---|:---|:---|
|  | **At December 31,** <br>**2025** | At December 31, <br>2024 |
| **ASSETS** |  |  |
| Cash and cash equivalents (Note 5) | $**670.9** | $1451.3 |
| Receivables  | **241.9** | 151.8 |
| Gold and silver bullion and stream inventory (Note 8) | **40.1** | 96.8 |
| Loans receivable (Note 7) | **—** | 5.9 |
| Other current assets (Note 9) | **68.5** | 11.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current assets | $**1021.4** | $1716.8 |
| Royalty, stream and working interests, net (Note 10) | $**6043.1** | $4098.8 |
| Investments (Note 6) | **1141.3** | 325.5 |
| Loans receivable (Note 7) | **—** | 104.1 |
| Deferred income tax assets (Note 21) | **23.2** | 30.8 |
| Other assets (Note 11) | **12.4** | 54.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $**8241.4** | $6330.4 |
| **LIABILITIES** |  |  |
| Accounts payable and accrued liabilities (Note 12) | $**44.9** | $28.7 |
| Income tax liabilities (Note 21) | **78.1** | 38.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current liabilities | $**123.0** | $67.5 |
| Deferred income tax liabilities (Note 21) | $**440.7** | $238.0 |
| Income tax liabilities (Note 21) | **33.8** | 19.8 |
| Other liabilities | **8.6** | 8.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $**606.1** | $333.8 |
| **SHAREHOLDERS' EQUITY** |  |  |
| Share capital (Note 22) | $**5803.4** | $5769.1 |
| Contributed surplus | **21.6** | 23.0 |
| Retained earnings | **1379.8** | 486.5 |
| Accumulated other comprehensive income (loss) | **430.5** | (282.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | $**7635.3** | $5996.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $**8241.4** | $6330.4 |
| Commitments and contingencies (Notes 27 and 28) |  |  |
| Subsequent events (Note 29) |  |  |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

Approved by the Board of Directors and authorized for issue on March 10, 2026.

---

| | |
|:---|:---|
| */s/David Harquail* | */s/Jennifer Maki* |
| **David Harquail** | **Jennifer Maki** |
| Director | Director |

---

2025 Financial Statements<sub>6</sub>

**Franco-Nevada Corporation**

**Consolidated Statements of Income and Comprehensive Income**<br>

*(in millions of U.S. dollars and shares, except per share amounts)*

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| **Revenue** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue from royalty, streams and working interests (Note 14) | $**1808.6** | $1104.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest revenue (Note 7) | **14.2** | 8.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other interest income (Note 7) | **—** | 0.6 |
| **Total revenue** | $**1822.8** | $1113.6 |
| **Costs of sales** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Costs of sales (Note 15) | $**168.8** | $129.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depletion and depreciation  | **306.7** | 225.3 |
| Total costs of sales | $**475.5** | $354.3 |
| Gross profit | $**1347.3** | $759.3 |
| **Other operating expenses (income)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses (Note 2 (q), 16) | $**35.3** | $32.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expenses (Note 17) | **16.9** | 8.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment reversal (Note 10) | **(4.8)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on disposal of royalty interests (Note 10) | **—** | (0.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of gold and silver bullion (Note 8) | **(54.3)** | (7.9) |
| Total other operating (income) expenses | $**(6.9)** | $32.7 |
| Operating income | $**1354.2** | $726.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange gain (loss) and other income (expenses) (Note 19) | $**36.7** | $(20.7) |
| Income before finance items and income taxes | $**1390.9** | $705.9 |
| **Finance items (Note 20)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance income | $**28.2** | $60.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance expenses  | **(3.1)** | (2.6) |
| **Net income before income taxes** | $**1416.0** | $763.9 |
| Income tax expense (Note 21) | **303.9** | 211.8 |
| **Net income** | $**1112.1** | $552.1 |
| **Other comprehensive income (loss), net of taxes** |  |  |
| **Items that may be reclassified subsequently to profit and loss:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency translation adjustment | $**91.2** | $(131.3) |
| **Items that will not be reclassified subsequently to profit and loss:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on changes in the fair value of equity investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;at fair value through other comprehensive income ("FVTOCI"),  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;net of income tax (Note 6) | **696.3** | 40.4 |
| Other comprehensive income (loss), net of taxes | $**787.5** | $(90.9) |
| **Comprehensive income** | $**1899.6** | $461.2 |
| Earnings per share (Note 23) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic  | $**5.77** | $2.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted  | $**5.76** | $2.87 |
| Weighted average number of shares outstanding (Note 23) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic  | **192.7** | 192.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted  | **193.0** | 192.6 |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

2025 Financial Statements<sub>7</sub>

***Franco-Nevada Corporation***

**Consolidated Statements of Cash Flows**<br>

*(in millions of U.S. dollars)*

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $**1112.1** | $552.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depletion and depreciation | **306.7** | 225.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expenses | **6.3** | 5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment reversal | **(4.8)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on disposal of royalty interests | **—** | (0.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign exchange (gain) loss | **(10.4)** | 12.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax expense | **108.1** | 66.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of gold and silver bullion | **(54.3)** | (7.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on derivative financial instruments | **(32.7)** | 6.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash items | **(10.3)** | (4.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold and silver bullion from royalties received in-kind | **(117.0)** | (72.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of gold and silver bullion  | **221.0** | 42.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in other assets | **—** | (17.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating cash flows before changes in non-cash working capital | $**1524.7** | $808.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in non-cash working capital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in receivables | $**(90.1)** | $(40.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in other current assets | **(4.7)** | 15.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in accounts payable and accrued liabilities | **63.8** | 46.6 |
| Net cash provided by operating activities | $**1493.7** | $829.5 |
| **Cash flows used in investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of royalty, stream and working interests | $**(2191.6)** | $(406.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from repayment of loan receivable | **114.1** | 28.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of investments | **109.9** | 23.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of investments | **(60.3)** | (74.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Advances of loans receivable | **—** | (118.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposal of royalty interests | **—** | 11.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of energy well equipment | **(2.7)** | (1.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of property and equipment | **(2.4)** | (0.2) |
| Net cash used in investing activities | $**(2033.0)** | $(537.3) |
| **Cash flows used in financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of dividends  | $**(275.1)** | $(242.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from draw down of Corporate Revolver | **175.0** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of Corporate Revolver | **(175.0)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options  | **7.7** | 2.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolving credit facility amendment costs  | **—** | (0.8) |
| Net cash used in financing activities | $**(267.4)** | $(240.4) |
| Effect of exchange rate changes on cash and cash equivalents | $**26.3** | $(22.4) |
| **Net change in cash and cash equivalents** | $**(780.4)** | $29.4 |
| **Cash and cash equivalents at beginning of year** | $**1451.3** | $1421.9 |
| **Cash and cash equivalents at end of year** | $**670.9** | $1451.3 |
| **Supplemental cash flow information:** |  |  |
| Income taxes paid | $**162.0** | $73.8 |
| Dividend income received | $**8.7** | $12.6 |
| Interest and standby fees paid  | $**4.0** | $2.1 |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

2025 Financial Statements<sub>8</sub>

**Franco-Nevada Corporation**

**Consolidated Statements of Changes in Shareholders' Equity**<br>

*(in millions of U.S. dollars)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | **Accumulated** |  |  |
|  |  |  | **other** |  |  |
|  | **Share capital** | **Contributed** | **comprehensive** | **Retained** |  |
|  | (Note 22) | **surplus** | **(loss) income** | **earnings** | **Total equity** |
| **Balance at January 1, 2024** | $5728.2 | $20.6 | $(192.0) | $212.3 | $5769.1 |
| &nbsp;&nbsp;Net income |  |  |  | 552.1 | 552.1 |
| &nbsp;&nbsp;Other comprehensive loss, net of taxes |  |  | (90.9) |  | (90.9) |
| &nbsp;&nbsp;Total comprehensive income |  |  |  |  | $461.2 |
| &nbsp;&nbsp;Exercise of stock options | $3.6 | $(0.8) | $— | $— | $2.8 |
| &nbsp;&nbsp;Share-based payments |  | 5.9 |  |  | 5.9 |
| &nbsp;&nbsp;Vesting of restricted share units | 2.7 | (2.7) |  |  |  |
| &nbsp;&nbsp;Transfer of loss on disposal of equity investments at FVTOCI |  |  | 0.9 | (0.9) |  |
| &nbsp;&nbsp;Dividend reinvestment plan | 34.6 |  |  |  | 34.6 |
| &nbsp;&nbsp;Dividends declared |  |  |  | (277.0) | (277.0) |
| **Balance at December 31, 2024** | $**5769.1** | $**23.0** | $**(282.0)** | $**486.5** | $**5996.6** |
| **Balance at January 1, 2025** | $5769.1 | $23.0 | $(282.0) | $486.5 | $**5996.6** |
| &nbsp;&nbsp;Net income |  |  |  | 1112.1 | **1112.1** |
| &nbsp;&nbsp;Other comprehensive income, net of taxes |  |  | 787.5 |  | **787.5** |
| &nbsp;&nbsp;Total comprehensive income |  |  |  |  | $**1899.6** |
| &nbsp;&nbsp;Exercise of stock options | $9.9 | $(2.2) | $— | $— | $**7.7** |
| &nbsp;&nbsp;Share-based payments |  | 6.5 |  |  | **6.5** |
| &nbsp;&nbsp;Vesting of restricted share units | 5.7 | (5.7) |  |  | **—** |
| &nbsp;&nbsp;Transfer of gain on disposal of equity investments at FVTOCI |  |  | (75.0) | 75.0 | **—** |
| &nbsp;&nbsp;Dividend reinvestment plan | 18.7 |  |  |  | **18.7** |
| &nbsp;&nbsp;Dividends declared |  |  |  | (293.8) | **(293.8)** |
| **Balance at December 31, 2025** | $**5803.4** | $**21.6** | $**430.5** | $**1379.8** | $**7635.3** |

---

*The accompanying notes are an integral part of these consolidated financial statements.*

2025 Financial Statements<sub>9</sub>

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

#### Note 1 - Corporate Information
Franco-Nevada Corporation ("Franco-Nevada" or the "Company") is incorporated under the *Canada Business Corporations Act.* The Company is a royalty and stream company focused on precious metals (gold, silver, and platinum group metals) and has a diversity of revenue sources. The Company owns a portfolio of royalty, stream and working interests, covering properties at various stages, from production to early exploration located in South America, Central America & Mexico, United States, Canada, Australia, Europe and Africa.

The Company's shares are listed on the Toronto Stock Exchange and the New York Stock Exchange and the Company is domiciled in Canada. The Company's head and registered office is located at 199 Bay Street, Suite 2000, Commerce Court West, Toronto, Ontario, Canada.

#### Note 2 - Material Accounting Policy Information
&nbsp;&nbsp;&nbsp;&nbsp;(a) *Statement of Compliance* 

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IASB") ("IFRS Accounting Standards"). These consolidated financial statements were authorized for issuance by the Board of Directors on March 10, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(b) *Principles of Consolidation* 

The consolidated financial statements include the accounts of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subsidiaries

These consolidated financial statements include the accounts of Franco-Nevada and its subsidiaries. All intercompany accounts, transactions, income and expenses, and profits or losses have been eliminated on consolidation. The Company consolidates subsidiaries where it has the ability to exercise control. Control of an investee is defined to exist when the Company is exposed to variable returns from its involvement in the investee and has the ability to affect those returns through its power over the investee. Specifically, the Company controls an investee if, and only if, it has all of the following: power over the investee (i.e. existing rights that give the Company the current ability to direct the relevant activities of the investee); exposure, or rights, to variable returns from its involvement with the investee; and the ability to use its power over the investee to affect its returns. Control is presumed to exist where the Company owns more than one half of the voting rights unless it can be demonstrated that ownership does not constitute control. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are de-consolidated from the date that control ceases.

The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. The consolidated financial statements include all assets, liabilities, revenues, expenses and cash flows of the Company and its subsidiaries after eliminating intercompany transactions.

The principal subsidiaries of the Company and their geographic locations at December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Entity | &nbsp;&nbsp;&nbsp;Jurisdiction | &nbsp;&nbsp;&nbsp;Economic<br>Interest |
| &nbsp;&nbsp;Franco-Nevada (Barbados) Corporation<sup>(1)</sup> | &nbsp;&nbsp;Barbados | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;FN Holdings ULC | &nbsp;&nbsp;Canada | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Franco-Nevada Canada Holdings Corp. | &nbsp;&nbsp;Canada | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Franco-Nevada GLW Holdings Corp. | &nbsp;&nbsp;Canada | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Franco-Nevada U.S. Corporation | &nbsp;&nbsp;United States | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Franco-Nevada Delaware LLC | &nbsp;&nbsp;United States | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Franco-Nevada Texas LP | &nbsp;&nbsp;United States | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Franco-Nevada Louisiana LLC | &nbsp;&nbsp;United States | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Franco-Nevada Australia Pty Ltd. | &nbsp;&nbsp;Australia | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Chaupiloma Dos de Cajamarca S.A.C. | &nbsp;&nbsp;Peru | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Minera Global Copper Chile S.A. | &nbsp;&nbsp;Chile | &nbsp;&nbsp;100% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Effective on January 1, 2026, Franco-Nevada (Barbados) Corporation has changed its legal name to Franco-Nevada International Corporation.

2025 Financial Statements<sub>10</sub>

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

All the above entities are classified as subsidiaries of the Company. There are no significant restrictions on the Company's ability to access or use assets or settle liabilities of its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Joint Arrangements

A joint arrangement is defined as an arrangement over which two or more parties have joint control, which is the contractually agreed sharing of control over an arrangement. This exists only when the decisions about relevant activities (being those that significantly affect the returns of the arrangement) require unanimous consent of the parties sharing control. There are two types of joint arrangement, joint operations ("JO") and joint ventures ("JV").

A JO is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities, relating to the arrangement. In relation to the Company's interests in any JO, the Company recognizes its share of any assets, liabilities, revenues and expenses of the JO.

The Company's JO arrangements are as follows:

● The Company participates in a strategic relationship with Continental Resources, Inc. ("Continental"), to jointly acquire mineral rights, through a jointly-owned entity (the "Royalty Acquisition Venture"), within Continental's areas of operation. The mineral interests are acquired through a royalty acquisition entity, The Mineral Resource Company II, LLC ("TMRC II"), in which the Company holds an economic interest of 49.9% . The Company funds 80% of the contributions to TMRC II, with the remainder funded by Continental. The Company determined that it has joint control over TMRC II given that decisions about relevant activities require unanimous consent of the parties to the joint arrangement. The Company further determined that the joint arrangement is a JO, based on the terms of the contractual agreement which specify how revenues and expenses are shared between the parties.

● The Company also participates in JO with respect to energy working interests but does not have joint control. A working interest is an ownership position in the energy property and related operating assets, whereby the Company is liable for its proportionate share of gross costs of capital and operations based on information received from the operator.

A JV is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. The assets, liabilities, revenues and expenses of a JV are accounted for using the equity method. The Company does not have any JV arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Business Combinations* 

On the acquisition of a business, the acquisition method of accounting is used whereby the purchase consideration is allocated to the identifiable assets, liabilities and contingent liabilities (identifiable net assets) of the business on the basis of the fair value at the date of acquisition. Provisional fair values allocated at a reporting date are finalized as soon as the relevant information is available, which period shall not exceed twelve months from the acquisition date and are adjusted to reflect the transaction as of the acquisition date.

The results of businesses acquired during the period are consolidated into the consolidated financial statements from the date on which control commences at the date of acquisition and taken out of the consolidated financial statements from the date on which control ceases.

When all or part of the purchase consideration is contingent on future events, the cost of the acquisition initially recorded includes an estimate of the fair value of the contingent liability amounts expected to be payable in the future. The cost of acquisition is adjusted when revised estimates are made, with corresponding adjustments made to the consolidated statement of income and comprehensive income.

When a business is acquired in a number of stages, the cost of each stage is compared with the fair value of the identifiable net assets at the date of that purchase. When the cost of the acquisition exceeds the fair values of the identifiable net assets acquired, the difference is recorded as goodwill. If the fair value attributable to the Company's share of the identifiable net assets exceeds the cost of acquisition, the difference is recognized as a gain in the consolidated statement of income and comprehensive income. Acquisition costs are expensed.

2025 Financial Statements<sub>11</sub>

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Currency Translation* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Functional and Presentation Currency

The functional currency for each entity within the Franco-Nevada group is the currency of the primary economic environment in which it operates.

These consolidated financial statements are expressed in United States dollars, which is the functional currency of the majority of the companies. The parent Company's functional currency is the Canadian dollar. The U.S. dollar is used as the presentation currency of the Company to ensure comparability with the Company's peers. References herein to C$ are to Canadian dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Foreign Currency Transactions and Balances

Foreign currency transactions are translated into the functional currency of the respective subsidiary, using the exchange rate prevailing at the dates of the transaction (spot exchange rates). Foreign exchange gains and losses resulting from the settlement of such transactions and the re-measurement of monetary items at the date of the consolidated statements of financial position are recognized in net income. Non-monetary items measured at historical cost are translated into the functional currency using the exchange rate at the date of the transaction.

The results and financial position of the companies that have a functional currency different from the presentation currency are translated into U.S. dollars, the group's presentation currency, as follows:

● assets and liabilities for each subsidiary are translated at the closing exchange rate at the date of the balance sheet;

● income and expenses for each subsidiary are translated at the average exchange rates during the period; and

● all resulting exchange differences are charged/credited to the currency translation adjustment in other comprehensive income (loss).

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* *Royalty, Stream and Working Interests* 

Royalty, stream and working interests consist of acquired royalty interests, stream metal purchase agreements, and working interests in producing, advanced and exploration stage properties. Royalty, stream and working interests are recorded at cost and capitalized as tangible assets with finite lives. They are subsequently measured at cost less accumulated depletion and accumulated impairment losses and reversals. The cost of royalty, stream and working interests is determined by reference to the cost model under IAS 16 *Property, Plant and Equipment ("IAS 16")*. The major categories of the Company's interests are producing, advanced and exploration. Producing assets are those that have generated revenue from steady-state operations for the Company or are expected to in the next year. Advanced assets are interests on projects which are not yet producing, but where in management's view, the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. Exploration assets represent interests on projects where technical feasibility and commercial viability of extracting a mineral resource are not demonstrable. Royalty, stream and working interests for producing and advanced assets are recorded at cost and capitalized in accordance with IAS 16, while exploration assets are recorded and capitalized in accordance with IFRS 6 *Exploration for and Evaluation of Mineral Resources* ("IFRS 6").

Management uses the following criteria in its assessment of technical feasibility and commercial viability:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Geology: there is a known mineral deposit which contains mineral reserves or resources; or the project is adjacent to a mineral deposit that is already being mined or developed and there is sufficient geologic certainty of converting the deposit into mineral reserves or resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Accessibility and authorization: there are no significant unresolved issues impacting the accessibility and authorization to develop or mine the mineral deposit, and social, environmental and governmental permits and approvals to develop or mine the mineral deposit appear obtainable.

Producing mineral royalty and stream interests are depleted using the units-of-production method over the life of the property to which the interest relates. The life of the property is estimated using life of mine models specifically associated with the mineral royalty or stream properties which include proven and probable reserves and may include a portion of resources expected to be converted into reserves. Where life of mine models are not available, the Company uses publicly available statements of reserves and resources for the mineral royalty or stream properties to estimate the life of the property and portion of resources that the Company expects to be converted into reserves covered by the agreement. Where life of mine models and publicly available reserve and resource statements are not available, depletion is based on the Company's best estimate of the volumes to be produced and delivered under the contract. The Company relies on information available to it under contracts with operators and/or public disclosures for information on reserves and resources from the operators of the producing mineral and stream interests.

2025 Financial Statements<sub>12</sub>

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

Producing energy interests are depleted using the units-of-production method over the life of the property to which the interest relates, which is estimated using available estimated proved and probable reserves specifically associated with the energy properties. For energy interests, management uses reserve reports prepared by independent reserve engineers or other qualified parties engaged by the Company.

On acquisition of a producing royalty, stream or working interest, an allocation of its fair value is attributed to the exploration potential of the interest. The estimated fair value of this acquired exploration potential is recorded as an asset (non-depletable interest) on the acquisition date. Updated reserve and resource information obtained from the operators of the royalty, stream or working interest properties is used to determine the amount to be converted from non-depletable interest to depletable interest. If the cost of a royalty, stream or working interest includes contingent consideration, the contingent consideration is capitalized as part of the cost of the interest when the underlying obligating event has occurred.

Acquisition costs of advanced and exploration stage royalty, stream and working interests are capitalized and are not depleted until such time as revenue-generating activities begin. The Company may receive advance minimum payments prior to the commencement of production on some of its interests. In these circumstances, the Company would record the advance minimum payments as revenue from contracts with customers and depletion expense as described above, up to a maximum of the total of the advance minimum payment received.

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* **Working Interests in Energy Properties** 

Acquired energy working interests are accounted for at cost and capitalized as tangible assets of developing or operating properties, or in accordance with IFRS 6 for exploration properties. For each energy property on which the Company has a working interest, the Company bears its proportionate share of the gross costs of capital and operations based on information received from the operator. Such capital costs are capitalized to energy well equipment which is a component of other assets on the statement of financial position.

Capitalized costs, other than those related to energy well equipment, are depreciated when the asset is available for its intended use on a units-of-production basis, whereby the denominator is the proven and probable reserves associated with the energy properties. For energy well equipment, capitalized costs are depreciated by application of a 25% declining balance method.

&nbsp;&nbsp;&nbsp;&nbsp;*(g)* **Impairment of Non-Financial Assets** 

Producing and advanced mineral, stream and working interests are reviewed for impairment if there is any indication that the carrying amount may not be recoverable. Impairment is assessed at the level of cash-generating units ("CGUs") which, in accordance with IAS 36 *Impairment of Assets* ("IAS 36"), are identified as the smallest identifiable group of assets from which independent cash flows are generated. This is usually at the individual royalty, stream, or working interest level for each property from which independent cash inflows are generated.

An impairment loss is recognized for the amount by which the asset's carrying value exceeds its recoverable amount, which is the higher of fair value less costs of disposal ("FVLCD") and value-in-use ("VIU"). The future cash flow expected is derived using estimates of proven and probable reserves, a portion of resources that is expected to be converted into reserves and information regarding the mineral, stream and energy properties, respectively, that could affect the future recoverability of the Company's interests. Discount factors are determined individually for each asset and reflect their respective risk profiles. In addition, under certain circumstances, the Company may use a market approach in determining the recoverable amount which may include judgement and estimates related to (i) dollar value per ounce or pound of reserve/resource; (ii) cash-flow multiples; and/or (iii) market capitalization of comparable assets. Impairment losses are charged to the royalty, stream or working interest and any associated energy well equipment in the case of working interests. Assets are subsequently reassessed for indications that an impairment loss previously recognized may no longer exist. An impairment loss is reversed if the conditions that gave rise to the recognition of an impairment loss are subsequently reversed and the asset's recoverable amount exceeds its carrying amount. Impairment losses can be reversed only to the extent that the recoverable amount does not exceed the carrying value that would have been determined had no impairment been recognized previously.

Interests classified as exploration are assessed for impairment whenever indicators of impairment exist in accordance with IFRS 6. An impairment loss is recognized for the amount by which the asset's carrying value exceeds its recoverable amount, which is the higher of FVLCD and VIU. An interest that has previously been classified as exploration is also assessed for impairment before reclassification to either advanced or producing, and the impairment loss, if any, is recognized in net income.

2025 Financial Statements<sub>13</sub>

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

&nbsp;&nbsp;&nbsp;&nbsp;*(h)* **Financial Instruments** 

Financial assets and financial liabilities are recognized on the Company's statement of financial position when the Company has become a party to the contractual provisions of the instrument. Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. The Company's financial instruments consist of cash and cash equivalents, receivables, accounts payable, accrued liabilities, debt, and investments, including equity investments, loans receivable, and warrants. Financial instruments are recognized initially at fair value.

Under the IFRS 9 *Financial Instruments ("IFRS 9")* model for classification the Company has classified its financial assets and liabilities as described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Cash and Cash Equivalents

Cash and cash equivalents comprise cash on hand, deposits held with banks and other short-term highly liquid investments with original maturities of three months or less. Cash and cash equivalents are recorded at amortized cost using the effective interest rate ("EIR") method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Receivables

Receivables, other than those related to stream agreements with provisional pricing mechanisms, are classified as financial assets at amortized cost and measured using the EIR method less any impairment loss allowance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Investments

Investments comprise equity interests in publicly-traded and privately-held entities, warrants, marketable securities with original maturities at the date of the purchase of more than three months.

The Company's equity investments are held for strategic purposes and not for trading. The Company made an irrevocable election to designate these investments at fair value through other comprehensive income ("FVTOCI"). FVTOCI investments are recognized initially at fair value plus transaction costs. Subsequent to initial recognition, FVTOCI investments are measured at fair value and changes in the fair value are recognized directly in other comprehensive income (loss). When an equity investment at FVTOCI is sold, the accumulated gains or losses are reclassified from accumulated other comprehensive loss directly to retained earnings.

Translation differences on equity securities classified as FVTOCI are included in other comprehensive income (loss).

Derivative instruments, such as warrants and receivables related to stream agreements with provisional pricing mechanisms, are classified as fair value through profit and loss ("FVTPL") and are recognized initially at fair value. Subsequent to initial recognition, derivatives are measured at fair value. In the case of receivables related to stream agreements with provisional pricing, once the final settlement price is determined the financial instrument is no longer a derivative and is classified as a financial asset at amortized cost. Changes in the fair value of receivables related to stream agreements with provisional pricing mechanisms are recognized in revenue in the statement of income and comprehensive income. Changes in fair value of warrants are recognized as other (expenses) income in the statement of income and comprehensive income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Loans Receivable

Loans receivable that are held for collection of contractual cash flows and where those cash flows represent solely payments of principal and interest are classified as financial assets at amortized cost. Loans are measured at amortized cost using the EIR method, less any impairment loss allowance. Interest income is recognized by applying the EIR method and presented within revenue as interest revenue in the statement of income and comprehensive income.

Loans receivable that are held for collection of contractual cash flows but where those cash flows do not represent solely payments of principal and interest are classified as financial assets at fair value through profit or loss ("FVTPL"). Loans receivable that are classified at FVTPL are initially recognized at the fair value of the consideration received. Subsequent to initial recognition, the loans receivable classified as FVTPL are measured at fair value. Changes in the fair values of the loans receivable are recognized as other (expenses) income in the statement of income and comprehensive income. The interest income, calculated by applying the contractual interest rate to the principal outstanding at the end of each reporting period, is presented separately from changes in fair value and is included within revenue as other interest income in the statement of income and comprehensive income.

2025 Financial Statements<sub>14</sub>

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Financial Liabilities

Financial liabilities, including accounts payable, accrued liabilities and debt, are classified as financial liabilities to be subsequently measured at amortized cost using the EIR method.

&nbsp;&nbsp;&nbsp;&nbsp;*(i)* *Impairment of Financial Assets* 

The allowance for expected credit losses ("ECL") is recognized on the Company's receivables and loans receivable that are classified at amortized cost. The allowance for ECL represents the difference between all contractual cash flows that are due to the Company and all the cash flows the Company expects to receive, discounted at the original EIR, and is deducted from the gross carrying amount of the assets.

The allowance for ECL for receivables is measured based on lifetime ECL under the simplified approach. The allowance for ECL for loans receivable is measured under the general approach and reflects an unbiased and probability-weighted amount, which is determined by evaluating a range of possible outcomes, the time value of money and reasonable and supportable information about past events, current conditions and forecasts of future economic conditions. The allowance for ECL is established with consideration for borrower-specific factors, including estimated levels of collateral security, the Company's historical credit loss experience, and current and future expected economic conditions. Forward-looking information is incorporated into the estimation of the allowance for ECL, which involves significant judgment.

The ECL impairment model is based on a forward-looking approach: (i) 12-month ECL or (ii) lifetime ECL for those financial instruments that have experienced a significant increase in credit risk since initial recognition or when there is objective evidence of impairment. ECL allowances are categorized into three stages:

● Stage 1 all performing financial instruments that have not experienced a significant increase in credit risk since initial recognition;

● Stage 2 all performing financial instruments that have experienced a significant increase in credit risk since initial recognition; and

● Stage 3 financial instruments that are classified as impaired.

In determining whether there has been a significant increase in credit risk and in calculating the allowance for ECLs, the Company relies on estimates and exercises judgment regarding matters for which the ultimate outcome is unknown. These judgments include changes in circumstances that may cause future assessments of credit risk to be materially different from the current assessment, which could require an increase or decrease in the allowance. The Company assesses, on an ongoing basis, whether any loans receivable should be classified as impaired and whether any resulting write-off or change in allowance for ECL should be recorded.

As at December 31, 2025. the Company has no loan receivable outstanding (2024 – two loans receivable measured at amortized cost which are both categorized as Stage 1, and therefore, a 12-month ECL has been calculated).

&nbsp;&nbsp;&nbsp;&nbsp;*(j)* *Revenue Recognition* 

The Company generates revenue from contracts with customers under each of its royalty, stream and working interests. The Company has determined that each unit of a commodity that is delivered to a customer under a royalty, stream, or working interest arrangement is a performance obligation for the delivery of a good that is separate from each other unit of the commodity to be delivered under the same arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Stream Arrangements

Under its stream arrangements, the Company acquires commodities from operators of mining properties on which the Company has stream interests. The Company sells the commodities received under these arrangements to its customers under separate sales contracts.

For those stream arrangements where the Company acquires refined metal from the operator, the Company sells the refined metal to third party financial institutions or brokers. The Company transfers control over the commodity on the date the commodity is delivered to the customer's metal account, which is the date that title to the commodity and the risks and rewards of ownership transfer to the customer and the customer is able to direct the use of and obtain substantially all of the benefits from the commodity. The transaction price for these sales is fixed at the delivery date based on the spot price for the commodity and payment of the transaction price is generally due immediately when control has been transferred.

For those stream arrangements where the Company acquires the commodities in concentrate form from the operator, the Company sells the concentrate under sales contracts with independent smelting companies. The Company transfers control over the concentrate at the time of shipment, which is when the risks and rewards of ownership and title pass to the independent smelting company. The final prices for metals contained in the

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| | |
|:---|:---|
| 2025 Financial Statements | **15** |

---

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

concentrate are determined based on the market price for the metals on a specified future date after shipment. Upon transfer of control at shipment, the Company records revenue and a corresponding receivable from these sales based on forward commodity prices at the time of shipment.

Variations between the price recorded at the transfer of control and the actual final price set under the contracts with the smelting companies are caused by changes in market commodity prices, and result in an embedded derivative in the receivable. The embedded derivative is recorded at fair value each period until final settlement occurs, with changes in fair value classified as provisional price adjustments and included as a component of stream revenue. These provisional price adjustments associated with concentrate sales are not considered to be revenue from contracts with customers as they arise from changes in market commodity prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Royalty Arrangements

For royalty interests, the Company sells commodities to customers under contracts that are established by the operator of each mining or energy property on which the royalty interest is held. The Company recognizes revenue from these sales when control over the commodity transfers to the customer. This transfer of control generally occurs when the operator of the mining or energy property on which the royalty interest is held physically delivers the commodity to the customer. At this point in time, the risks and rewards of ownership have transferred to the customer and the Company has an unconditional right to payment.

Revenue from royalty arrangements is measured at the transaction price agreed in the royalty arrangement with the operator of each mining or energy property. The transaction price will reflect the gross value of the commodity sold less deductions that vary based on the terms of the royalty arrangement.

For royalty interests where the Company sells commodities to customers, but is paid with in-kind gold and silver bullion, the Company accounts for the in-kind gold and silver bullion as non-cash consideration received under the revenue contract with customers. The gold and silver bullion is initially recognized at fair value, and is classified within gold and silver bullion and stream inventory on the statements of financial position. Subsequent to initial recognition, the gold and silver bullion is carried at the lower of cost or net realizable value. Upon the subsequent sale of the gold and silver bullion, the Company recognizes a gain or loss on the sale of gold and silver bullion on the statement of income and comprehensive income. Cash proceeds received on sale are classified as an operating cash flow.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Working Interest Arrangements

The Company sells its proportionate share of the crude oil, natural gas and natural gas liquids to third-party customers using the services of a third-party marketing agent. The Company transfers control over the oil and gas at the time it enters the pipeline system, which is when title and the risks and rewards of ownership are transferred to customers and the Company has an unconditional right to payment. Revenue is measured at the transaction price set by reference to monthly market commodity prices plus certain price adjustments. Price adjustments include product quality and transportation adjustments and market differentials.

&nbsp;&nbsp;&nbsp;&nbsp;*(k)* *Costs of Sales* 

Costs of sales includes various production taxes that are recognized with the related revenues and the Company's share of the gross operating costs for the working interests in the energy properties.

For stream agreements, the Company purchases gold, silver or platinum group metals for a cash payment of the lesser of a set contractual price, subject to annual inflationary adjustments, and the prevailing market price per ounce of gold and/or silver when purchased. Under certain stream agreements, the Company purchases gold and/or silver for a cash payment that is a fixed percentage of the prevailing market price per ounce of gold and/or silver when purchased.

&nbsp;&nbsp;&nbsp;&nbsp;*(l)* **Income Taxes** 

The income tax expense or recovery represents the sum of current and deferred income taxes.

Current income tax payable is based on taxable profit for the year. Taxable profit differs from net income as reported in the consolidated statement of income and comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company's liability for current tax is calculated by using tax rates and laws that have been enacted or substantively enacted at the statement of financial position date.

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the statement of financial position liability method. Deferred tax liabilities are recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized. Such assets and liabilities are not

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| | |
|:---|:---|
| 2025 Financial Statements | **16** |

---

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

recognized if the temporary differences arise from initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit.

Deferred tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries, except where the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.

Deferred tax is calculated at the tax rates that are enacted or substantively enacted at the statement of financial position date and are expected to apply to the period when the deferred tax asset is realized or the liability is settled. Deferred tax is charged or credited in the consolidated statement of income and comprehensive income, except when it relates to items credited or charged directly to equity, in which case the deferred tax is also accounted for within equity.

The Company is subject to assessments by various taxation authorities, who may interpret tax legislation differently than the Company. The Company evaluates its exposure to uncertain tax positions and where it is probable that such exposure will materialize, recognizes a provision. Tax liabilities for uncertain tax positions are adjusted by the Company to reflect its best estimate of the probable outcome of assessments and in light of changing facts and circumstances, such as the completion of a tax audit, expiration of a statute of limitations, the refinement of an estimate, and interest accruals associated with the tax uncertain tax positions until they are resolved. Some of these adjustments require significant judgment in estimating the timing and amount of any additional tax expense.

&nbsp;&nbsp;&nbsp;&nbsp;*(m)* **Stock Options** 

The Company may issue stock options to directors, officers, employees and consultants under the terms of its share compensation plan. Stock options are measured at fair value at the date of grant. The fair value determined at the date of grant of the stock options is expensed over the expected service period with a corresponding change to contributed surplus and is based on the Company's estimate of shares that will ultimately vest.

Fair value is measured by use of the Black-Scholes option pricing valuation model. The expected life used in the model is adjusted, based on management's best estimate, for the effect of non-transferability, exercise restrictions and behavioural considerations. Expected volatility is estimated by considering historic average share price volatility. Any consideration paid or received upon the exercise of the stock options or purchase of shares is credited to share capital.

&nbsp;&nbsp;&nbsp;&nbsp;*(n)* **Restricted Share Units** 

The Company may grant performance-based or time-based restricted share units ("RSUs") to officers and employees under the terms of its share compensation plan. When each RSU vests, the Company plans to settle every RSU with one common share of the parent company. The Company recognizes the fair value of the RSUs as share-based compensation expense which is determined with reference to the weighted average trading price of the Company's common shares over the five trading days immediately preceding the date of issuance. The amount recognized reflects the number of awards for which the related service and non-market performance conditions associated with these awards are expected to be met. The Company expenses the fair value of the RSUs over the applicable service period, with a corresponding change in contributed surplus. Time-based RSUs vest over a three year period on the anniversary of the date of grant. For performance vesting conditions, the grant date fair value of the RSU is measured to reflect such conditions and this estimate is not updated between expected and actual outcomes. Performance-based RSUs vest at the end of a three year period following the achievement of certain performance criteria and are subject to a performance multiplier which may range from 0% to 200% of the value.

&nbsp;&nbsp;&nbsp;&nbsp;*(o)* **Deferred Share Units** 

Non-executive directors may choose to convert their directors' fees into deferred share units ("DSUs") under the terms of the Company's deferred share unit plan (the "DSU Plan"). Directors must elect to convert their fees prior to January 1 of each year. The Company may also award DSUs to non-executive directors under the DSU Plan as compensation. When dividends are declared by the Company, directors are also credited with dividend equivalents in the form of additional DSUs based on the number of vested DSUs each director holds on the record date for the payment of a dividend. Retainer, conversion and dividend equivalent DSUs vest immediately. The fair value of DSUs at the time of conversion or award, as applicable, is determined with reference to the weighted average trading price of the Company's common shares over the five trading days immediately preceding the date of conversion or award, as applicable. The fair value of the DSUs, which are settled in cash, is recognized as a share-based compensation expense with a corresponding increase in liabilities, over the service period. The fair value of the DSUs is marked to the quoted market price of the Company's common shares at each reporting date with a corresponding change in the consolidated statement of income and comprehensive income. Participants are not allowed to redeem their DSUs until retirement or termination of directorship. The cash value of the DSUs at the time of redemption is equivalent to the market value of the Company's common shares when redemption takes place.

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| | |
|:---|:---|
| 2025 Financial Statements | **17** |

---

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

&nbsp;&nbsp;&nbsp;&nbsp;*(p)* **Earnings per Share** 

Basic earnings per share is computed by dividing the net income by the weighted average number of common shares outstanding during each period. Diluted earnings (loss) per share reflects the effect of all potentially dilutive common share equivalents, which includes dilutive share options and restricted share units granted to employees and warrants computed using the treasury stock method.

*(q) Reclassification of Comparative Amounts*

Certain prior year amounts have been reclassified for consistency with the current year presentation. Cobre Panamá arbitration expenses of $6.3 million in 2024, which was previously separately presented on the statement of income and comprehensive income, have been presented in general and administrative expenses. These reclassifications had no effect on the previously reported statements of income and comprehensive income.

**New and Amended Accounting Standards Adopted by the Company**

There were no new or amended accounting standards adopted in the current year.

**New Accounting Standards Issued But Not Yet Effective**

Certain new and amended accounting standards and interpretations have been published that are not mandatory for the current year and have not been early adopted.

*IFRS 18 – Presentation and Disclosure in Financial Statements*

In April 2024, the IASB issued IFRS 18 *Presentation and Disclosure in Financial Statements* ("IFRS 18"), which replaces IAS 1 *Presentation of Financial Statements* ("IAS 1"). IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. The standard requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and it also includes new requirements for aggregation and disaggregation of financial information based on the identified 'roles' of the primary financial statements and the notes.

In addition, narrow-scope amendments have been made to IAS 7 *Statement of Cash Flows* ("IAS 7"), which include changing the starting point for determining cash flows from operations under the indirect method, from 'profit or loss' to 'operating profit or loss' and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards. IFRS 18, and the amendments to the other standards, are effective for reporting periods beginning on or after January 1, 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively.

The Company is currently assessing the impact of the new standard.

*Amendments to IFRS 9 and IFRS 7 - Amendments to the Classification and Measurement of Financial Instruments*

In May 2024, the IASB issued amendments to IFRS 9 *Financial Instruments* ("IFRS 9") and IFRS 7 *Financial Instruments: Disclosures* ("IFRS 7"). The amendments include:

● A clarification that a financial liability is derecognized on the 'settlement date' and the introduction of an accounting policy choice (if specific conditions are met) to derecognize financial liabilities settled using an electronic payment system before the settlement date;

● Additional guidance on how the contractual cash flows for financial assets with environmental, social and corporate governance (ESG) and similar features should be assessed;

● Clarifications on what constitute 'non-recourse features' and what are the characteristics of contractually linked instruments; and

● The introduction of disclosures for financial instruments with contingent features and additional disclosure requirements for equity instruments classified at FVTOCI.

The Amendments are effective for annual periods starting on or after January 1, 2026 with early adoption permitted for classification of financial assets and related disclosures only. The Company does not anticipate that the amendments will have a material effect on the Company's financial statements.

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| | |
|:---|:---|
| 2025 Financial Statements | **18** |

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*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

#### Note 3 – Significant Judgments, Estimates and Assumptions
The preparation of consolidated financial statements in accordance with IFRS Accounting Standards requires the Company to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management's best knowledge of the relevant facts and circumstances, having regard to previous experience. However, actual outcomes may differ from the amounts included in the consolidated financial statements.

In particular, the areas which require management to make significant judgments, estimates and assumptions in determining carrying values are:

*Impairment and Reversal of Impairment of Royalty, Stream and Working Interests*

Assessment of impairment and reversal of impairment of royalty, stream, working interests and energy well equipment at the end of each reporting period requires the use of judgments, assumptions and estimates when assessing whether there are any indicators that give rise to the requirement to conduct an impairment or impairment reversal analysis on the Company's royalty, stream and working interests, and/or energy equipment. Indicators which could trigger an impairment or impairment reversal analysis include, but are not limited to, a significant change in operator reserve and resource estimates, operating status, change in permitting and concession rights, industry or economic trends, current or forecast commodity prices, and other relevant operator information. The assessment of fair values requires the use of estimates and assumptions for recoverable production, long-term commodity prices, discount rates, reserve/resource conversion, foreign exchange rates, future capital expansion plans and the associated attributable production implications. In addition, the Company may use other approaches in determining fair value which may include judgment and estimates related to (i) dollar value per ounce or pound of reserve/resource; (ii) cash-flow multiples; and/or (iii) market capitalization of comparable assets. Changes in any of the assumptions and estimates used in determining the fair value of the royalty, stream or working interests, or energy well equipment could impact the impairment or impairment reversal analysis.

*Reserves and Resources*

Royalty, stream and working interests comprise a large component of the Company's assets and, as such, the reserves and resources of the properties to which the interests relate have a significant effect on the Company's financial statements. These estimates are applied in determining the depletion of and assessing the recoverability of the carrying value of royalty, stream and working interests. For mineral royalty and stream interests, the public disclosures of reserves and resources that are released by the operators of the interests involve assessments of geological and geophysical studies and economic data and the reliance on a number of assumptions, including commodity prices and production costs. For energy interests, the estimated reserves in reserve reports prepared by independent reserve engineers or other qualified parties engaged by the Company reflect similar assessments of geological and geophysical studies and economic data and reliance on assumptions. These assumptions are, by their very nature, subject to interpretation and uncertainty.

The estimates of reserves and resources may change based on additional knowledge gained subsequent to the initial assessment. Changes in the estimates of reserves and resources may materially affect the recorded amounts of depletion and the assessed recoverability of the carrying value of royalty, stream and working interests.

*Asset Acquisitions and Business Combinations*

The assessment of whether an acquisition meets the definition of a business, or whether assets are acquired is an area of key judgment. If deemed to be a business combination, applying the acquisition method to business combinations requires each identifiable asset and liability to be measured at its acquisition-date fair value. The excess, if any, of the fair value of consideration over the fair value of the net identifiable assets acquired is recognized as goodwill. The determination of the acquisition-date fair values often requires management to make assumptions and estimates about future events. The assumptions and estimates with respect to determining the fair value of royalty, stream or working interests generally require a high degree of judgment, and include estimates of mineral reserves and resources acquired, future metal prices, discount rates and reserve/resource conversion. Changes in any of the assumptions or estimates used in determining the fair value of acquired assets and liabilities could impact the amounts assigned to assets and liabilities.

*Joint Arrangements*

Judgment is required to determine whether the Company has joint control of a contractual arrangement, which requires continuous assessment of the relevant activities and whether the decisions in relation to those activities require unanimous consent. Judgment is also continually required to classify a joint arrangement as either a JO or a JV when the arrangement has been structured through a separate vehicle. Classifying the arrangement requires the Company to assess its rights and obligations arising from the arrangement. Specifically, the Company considers the legal form of the separate vehicle, the terms of the contractual arrangement and other relevant facts and circumstances. This assessment often

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| | |
|:---|:---|
| 2025 Financial Statements | **19** |

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*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

requires significant judgment, and a different conclusion on joint control, or whether the arrangement is a JO or a JV, may have a material impact on the accounting treatment.

The Company evaluated its joint arrangement with Continental, whereby the Company acquired a 49.9% economic interest in TMRC II, in accordance with IFRS 11 *Joint Arrangements* ("IFRS 11"). The Company concluded that the arrangement qualified as a JO based on the terms of the contractual agreement which specify how revenues and expenses are shared. Under the agreement, revenues generated by the royalty assets of TMRC II are to be distributed based on the performance of the assets against agreed upon development thresholds and the tranche in which the assets were acquired, resulting in the Company receiving distributions ranging between 50-75% of revenue. As a result, the Company has concluded that its rights are tied to the assets of TMRC II, rather than the net results of the entity.

*Income Taxes*

The interpretation and application of existing tax laws, regulations or rules in Canada, Barbados, the United States, Australia or any of the countries in which the mining operations and energy properties are located or to which shipments of gold, silver or platinum group metals are made requires the use of judgment. The likelihood that tax positions taken will be sustained upon examination by applicable tax authorities is assessed based on facts and circumstances of the relevant tax position considering all available evidence. Differing interpretation of these laws, regulations or rules could result in an increase in the Company's taxes, or other governmental charges, duties or impositions.

In assessing the probability of realizing deferred income tax assets, the Company makes estimates related to expectations of future taxable income and expected timing of reversals of existing temporary differences. Such estimates are based on forecasted cash flows from operations which require the use of estimates and assumptions such as long-term commodity prices, energy and mineral reserves, and recoverable ounces of gold, silver and platinum group metals. Therefore, the amount of deferred income tax assets recognized on the balance sheet could be reduced if the actual results differ significantly from forecast. The Company reassesses its deferred income tax assets at the end of each reporting period.

#### Note 4 - Acquisitions and Other Transactions
**Subsequent to December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Acquisition of Royalty Portfolio from Victoria Gold Corp. – Canada and U.S.* 

Subsequent to year-end, on February 24, 2026, the Company agreed to acquire a portfolio of six royalties held by Victoria Gold Corp. for total cash consideration of C$55.0 million (approximately $40.1 million). The portfolio includes a 6.0% net smelter royalty return ("NSR") (subject to a 5.0% buydown at the operator's election for C$10.0 million (approximately $7.3 million)) on Banyan Gold Corp.'s AurMac property and a 1.0% NSR on Banyan Gold's Hyland property both in the Yukon. The portfolio also includes a milestone payment on i-80 Gold Corp.'s ("i-80 Gold") Cove project in Nevada and three additional royalties on earlier stage properties in Nevada and the Yukon. Closing of the transaction is expected to occur in H1 2026 subject to customary conditions, including obtaining court approval.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Financing Package with Minerals 260 Limited on the Bullabulling Gold Project – Australia* 

*Subsequent to year-end, on February 22, 2026, the Company agreed to acquire, through a wholly-owned Australian subsidiary, a A$170 million (approximately $120 million) gross royalty (the "Bullabulling Royalty") from Minerals 260 Limited ("Minerals 260") to support its development of the Bullabulling gold project located approximately 65 km from Kalgoorlie in Western Australia, in the Eastern Goldfields . Additionally, the Company has subscribed for A$50 million ($35.5 million) of Minerals 260's ordinary shares.*

The Bullabulling Royalty consists of an incremental 1.45% gross royalty over certain Bullabulling tenements on which the Company already held a 1.00% royalty and a new 2.45% gross royalty over Bullabulling tenements where the Company did not already hold an existing royalty. Upon production of an aggregate of 4.0 Moz Au from royalty lands, the aggregate royalty burden on the royalty lands will step down from 2.45% to 1.63%.

An initial A$75 million ($53.3 million) was funded on February 26, 2026, with a further A$95 million (approximately $67 million) payment to be funded upon obtaining Foreign Investment Review Board ("FIRB") approval for the acquisition of security interests over the project tenements.

*Minerals 260 Shares*

The Company purchased 111,111,111 shares of Minerals 260 at an issue price of A$0.45 per share for an aggregate purchase price of A$50 million ($35.5 million). Upon closing of the transaction, the Company owned approximately 4.9% of Minerals 260's issued and outstanding shares.

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| | |
|:---|:---|
| 2025 Financial Statements | **20** |

---

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Partial Buybacks of Cascabel Stream and NSR – Ecuador* 

Subsequent to year-end, in February 2026, the Company was notified that SolGold plc ("SolGold") and Jiangxi Copper Company Limited ("JCC") were exercising their option to buyback 50% of the Cascabel stream and 50% of the Cascabel NSR. As a result, the Company expects to receive in March 2026 the equivalent of approximately $40.7 million (net of the ongoing payment) as a one-time delivery of gold ounces for the buyback of 50% of the Cascabel stream, and approximately $97.5 million in cash for the buyback of 50% of the Cascabel NSR.

*Following the buybacks, key terms of the Cascabel Stream and Cascabel NSR include:*

*Cascabel Stream* 

● 7.0% of gold produced in concentrate until 262,500 ounces of gold have been delivered;

● Thereafter, 4.2% of gold produced in concentrate for the remaining life of mine;

● Gold ounces delivered will be subject to an ongoing payment of 20% of spot price to JCC for each ounce of gold delivered.

*Cascabel NSR* 

● 0.5% NSR on all minerals produced, subject to adjustments based on the production rate, with the option to convert to a gold only NSR for a period of time;

● Annual minimum royalty payments of $5.0 million starting from 2028, subject to certain conditions.

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Acquisition of Royalty with i-80 Gold Corp. – Nevada, U.S.* 

*Subsequent to year-end, on February 12, 2026, the Company agreed to acquire, through a wholly-owned U.S. subsidiary, a $250.0 million NSR (the "i-80 Gold Royalty") from i-80 Gold. The i-80 Gold Royalty consists of a 1.5% NSR on all minerals produced and will increase to 3.0% in perpetuity beginning on January 1, 2031 and will apply to Granite Creek, the Ruby Hill Complex (including Archimedes and Mineral Point), Cove and Lone Tree.*

Funding of the upfront payment of $225.0 million will be made upon closing, with a further $25.0 million payment subject to completion of 2026 budgeted spending at Mineral Point. Closing of the transaction is subject to customary conditions, and is expected to occur in March 2026.

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* *Acquisition of Stream on the Casa Berardi Gold Mine with Orezone Gold Corporation – Quebec, Canada* 

*Subsequent to year-end, on January 26, 2026, the Company agreed to acquire, through a wholly-owned Canadian subsidiary, a $100.0 million gold stream (the "Casa Berardi Stream") from Orezone Gold Corporation ("Orezone"). The stream transaction will support Orezone's acquisition of Hecla Mining Company's ("Hecla") producing Casa Berardi gold mine and other Quebec assets, including the Heva-Hosco gold project.*

*Key terms of the Casa Berardi Stream include:*

● Fixed Deliveries: 1,625 oz of gold per quarter (6,500 oz of gold per year) for the first five years , followed by,

● Variable Deliveries: 5.0% of gold produced from the Casa Berardi mine and other Quebec assets (excluding Heva-Hosco) and 2.5% of gold produced from Heva-Hosco.

● Gold ounces delivered will be subject to an ongoing payment of 20% of spot price to Orezone for each ounce of gold delivered.

*Funding of the $100.0 million deposit will be made upon closing. Closing of the transaction is subject to customary conditions, including the successful completion of the asset acquisition by Orezone from Hecla (which is itself subject to conditions), and is expected to occur in March 2026.*

*The effective date of the Stream is January 1, 2026 and the first full quarter fixed delivery will be due by the later of April 15, 2026 and closing.*

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| | |
|:---|:---|
| 2025 Financial Statements | **21** |

---

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

**2025**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Acquisition of Royalty on Barto Gold Mining's Yilgarn Star Gold Mine – Australia* 

On December 24, 2025, the Company acquired, through a wholly-owned Australian subsidiary, a 1.0% NSR on 75% of all ounces produced and sold on Barto Gold Mining Pty Ltd's ("Barto Gold") Yilgarn Star Project for $4.7million (A$7.0 million), plus a contingent cash payment of $1.0 million (A$1.5 million). The contingent cash consideration is payable if commercial mining is achieved within 18 months of the closing date.

The transaction has been accounted for as an acquisition of a mineral interest.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Acquisition of Royalty on AngloGold Ashanti plc's Arthur Gold Project – Nevada, U.S.* 

On July 23, 2025, the Company acquired, through a wholly-owned U.S. subsidiary, a 1.0% NSR (of an existing 1.5% NSR on AngloGold Ashanti plc's ("AngloGold") Arthur Gold Project (previously the Expanded Silicon Project) from Altius Minerals Corporation ("Altius") for $250.0 million in cash, plus a contingent cash payment of $25.0 million. The contingent cash consideration was payable dependent upon the final award outcome of an arbitration process between Altius and AngloGold related to the coverage of the royalty.

The final award decision confirming the extent of the area of coverage was received by Altius on August 14, 2025 and the Company paid $25.0 million in relation to the contingent cash consideration on November 19, 2025.

The transaction has been accounted for as an acquisition of a mineral interest.

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Funding of Cascabel Stream – Ecuador* 

On July 17, 2025, the Company, through a wholly-owned subsidiary, Franco-Nevada (Barbados) Corporation ("FNBC"), funded the second of three equal-sized payments in the amount of $23.3 million to SolGold (prior to its acquisition by JCC) for pre-construction activities of the Cascabel project. FNBC acquired the Cascabel stream from SolGold in July 2024 with OR Royalties Ltd.'s subsidiary, Osisko Bermuda Limited ("Osisko"), on a 70%/30% basis.

The transaction has been accounted for as an acquisition of a mineral interest.

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Acquisition of Additional Royalty on Gold Quarry Mine – Nevada, U.S.* 

On July 11, 2025, the Company, through a wholly-owned U.S. subsidiary, acquired from a third party an additional NSR on Nevada Gold Mines LLC's Gold Quarry mine for $10.5 million plus a $1.0 million contingent payment. As a result, Franco-Nevada now holds a combined NSR which provides an annual minimum payment of at least 1,650 gold ounces tied to mineral reserves and stockpiles attributed to the royalty property. The contingent consideration is payable dependent upon the annual minimum payment.

The transaction has been accounted for as an acquisition of a mineral interest.

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* *Acquisition of Royalty on Côté Gold Mine – Ontario, Canada* 

On June 24, 2025, the Company acquired an existing royalty on the Côté Gold mine in Ontario from a private third party for total cash consideration of $1,050.0 million. The royalty consists of a 7.5% gross margin royalty on the Côté Gold mine. Royalty deductions include cash operating costs and exclude all capital, exploration, depreciation and other non-cash costs. The Côté Gold mine is operated through an unincorporated joint venture by IAMGOLD Corporation ("IAMGOLD") and is owned by IAMGOLD (70%) and Sumitomo Metal Mining Co. Ltd. ("Sumitomo") (30%). IAMGOLD and Sumitomo hold an option, exercisable at their discretion, to buy down up to 50% of the royalty at Franco-Nevada's attributable cost in two equal tranches of 25%. The cost to repurchase the tranches are as follows: (i) the initial 25% buydown option for an internal rate of return equal to the Secured Overnight Financing Rate ("SOFR") plus 1.1%, exercisable within two years of closing, and (ii) the additional 25% buydown option cost for an internal rate of return equal to 10%, following exercise of the initial option, exercisable within three years of closing. Both 25% options are subject to a minimum such that the exercise price shall be the greater of the calculated value or 25% of Franco-Nevada's royalty purchase price ($262.5 million).

The transaction has been accounted for as an acquisition of a mineral interest.

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* *Partial Buyback of Salares Norte NSR – Chile* 

In May 2025, Gold Fields Limited exercised its option to buy back 1% of the Company's 2.0% NSR on Salares Norte after having paid $6.0 million in cumulative royalty payments.

---

| | |
|:---|:---|
| 2025 Financial Statements | **22** |

---

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

&nbsp;&nbsp;&nbsp;&nbsp;*(g)* *Financing Package with Discovery Silver Corp. on the Porcupine Complex – Ontario, Canada* 

On April 15, 2025, the Company completed, through wholly-owned Canadian subsidiaries, a comprehensive financing transaction with Discovery Silver Corp. ("Discovery") to support its acquisition of the Porcupine complex located near Timmins, Ontario from Newmont Corporation ("Newmont"). The financing package includes: i) a 4.25% NSR, consisting of two tranches, for $300.0 million, on production from the Porcupine complex, ii) a $100.0 million senior secured term loan (the "Discovery Term Loan"), and iii) $48.6 million (C$70.9 million) of equity participation. The financing package, totaling $448.6 million, provided Discovery with proceeds to acquire and fund a planned capital program for the Porcupine complex.

*Porcupine Royalty*

The royalty on the Porcupine complex consists of two tranches:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a 2.25% NSR in perpetuity on all minerals produced, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a 2.00% NSR on all minerals produced until the earlier of royalty payments on the tranche equivalent to 72,000 gold ounces or a cash payment equal to a pre-tax annual internal rate of return of 12% in reference to a $100.0 million attributable purchase price.

The acquisition of the royalty on the Porcupine complex has been accounted for as an acquisition of a mineral interest.

*Discovery Term Loan*

The Discovery Term Loan was a $100.0 million, 7-year term loan with an availability period of 2 years from closing at an interest rate of 3-Month Secured Overnight Financing Rate ("3-Month SOFR") +4.50% per annum and amortization after year 5 at 5% per quarter, with no restrictions on prepayment. The loan provided for an upfront fee equal to 2% on any principal drawn, a standby fee of 100 basis points per annum on undrawn funds, and the issuance by Discovery of 3,900,000 common share purchase warrants with an exercise price of C$0.95 per common share and an expiry date of April 15, 2028. The warrants have been accounted for as derivative instruments designated at FVTPL.

On September 15, 2025, Discovery terminated the Discovery Term Loan, which remained undrawn as of the date of termination.

*Discovery Common Shares*

As part of Discovery's public offering of subscription receipts of approximately $169.5 million (C$247.5 million) which closed on February 3, 2025, the Company purchased 78,833,333 subscription receipts at a price of C$0.90 per subscription receipt for an aggregate purchase price of $48.6 million (C$70.9 million). Upon closing of the acquisition of the Porcupine complex by Discovery, the subscription receipts were automatically exchanged for common shares of Discovery.

The Company's holding of common shares of Discovery has been accounted for as an equity investment designated at FVTOCI.

On September 18, 2025, the Company sold 26,000,000 shares for aggregate net proceeds of $84.4 million (C$116.5 million) and realized a gain of $67.4 million (C$93.1 million). As our equity investments are accounted for at FVTOCI, the fair value gain of $67.4 million is presented within shareholders' equity. This gain was included within accumulated other comprehensive income and was transferred to retained earnings upon disposal.

&nbsp;&nbsp;&nbsp;&nbsp;*(h)* *Acquisition of Precious Metals Stream on Sibanye Stillwater Limited's Western Limb Mining Operations – South Africa* 

On February 28, 2025, the Company's wholly-owned subsidiary, FNBC completed the acquisition of a precious metals stream (the "Western Limb Stream") with reference to specific production from Sibanye Stillwater Limited's ("Sibanye-Stillwater") Marikana, Rustenburg and Kroondal mining operations (the "Stream Area") in South Africa for a purchase price of $500.0 million. The Western Limb Stream is comprised of a gold component for the life of mine ("LOM") and a platinum component.

Key terms of the Western Limb stream include:

● Gold stream deliveries to FNBC are initially based off the platinum, palladium, rhodium and gold ("4E PGM") production from the Stream Area, according to the following schedule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Gold ounces equal to 1.1% of 4E PGM ounces contained in concentrate until delivery of 87,500 ounces of gold, then

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Gold ounces equal to 0.75% of 4E PGM ounces contained in concentrate until total delivery of 237,000 ounces of gold, then

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 80% of gold contained in concentrate for the remaining LOM.

---

| | |
|:---|:---|
| 2025 Financial Statements | **23** |

---

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

● Platinum stream deliveries to FNBC are based on platinum production from the Western Limb Stream area, according to the following schedule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 1.0% of platinum contained in concentrate until the delivery of 48,000 ounces of platinum, then

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Step-up to 2.1% of platinum contained in concentrate until total delivery of 294,000 ounces of platinum, then

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o No further platinum deliveries.

● Gold and platinum ounces delivered are subject to an ongoing payment of 5% of spot prices respectively to Sibanye-Stillwater. In the case of gold, the ongoing payment will increase to 10% following the delivery of 237,000 ounces of gold to FNBC.

● The effective start date of the Western Limb Stream was September 1, 2024. First deliveries related to production from September 1, 2024 to December 31, 2024 were received in March 2025.

The transaction has been accounted for as an acquisition of a mineral interest.

&nbsp;&nbsp;&nbsp;&nbsp;*(i)* *Pandora Royalty – South Africa* 

On February 28, 2025, the Company and Sibanye-Stillwater converted the Company's 5% net profit interest on the Pandora property to a 1% net smelter return royalty.

&nbsp;&nbsp;&nbsp;&nbsp;*(j)* *Acquisition of Royalty on Hayasa Metals Inc.'s Urasar Project – Armenia* 

On January 21, 2025, the Company acquired a 0.625% NSR covering all minerals produced from Hayasa Metals Inc.'s ("Hayasa") Urasar gold-copper project in northern Armenia for $0.55 million, pursuant to a three-year joint acquisition agreement entered into with EMX Royalty Corporation ("EMX") (prior to its acquisition by Elemental Altus Royalty Corp. ("Elemental Altus")) in June 2023.

The transaction has been accounted for as an acquisition of a mineral interest.

&nbsp;&nbsp;&nbsp;&nbsp;*(k)* *Acquisition of Mineral Rights with Continental Resources, Inc. – U.S.* 

*Through a wholly-owned U.S. subsidiary, the Company has a strategic relationship with Continental to acquire, through a jointly-owned entity, the Royalty Acquisition Venture, royalty rights within Continental's areas of operation. The Company recorded contributions to the Royalty Acquisition Venture of $9.8 million in 2025 (2024 – $23.5 million). As at December 31, 2025, the Company's cumulative investment in the Royalty Acquisition Venture totaled $483.5 million and Franco-Nevada has remaining commitments of up to $36.5 million.*

*The Royalty Acquisition Venture is accounted for as a joint operation in accordance with IFRS 11.*

**2024**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Acquisition of Royalty on Newmont Corporation's Yanacocha Operations – Peru* 

On August 13, 2024, the Company indirectly acquired from Compañía de Minas Buenaventura S.A.A. ("Buenaventura") and its subsidiary, an existing 1.8% NSR on all minerals (the "Yanacocha Royalty") covering Newmont's Yanacocha mine and adjacent mineral properties, including the Conga project, located in Peru.

Consideration for the Yanacocha Royalty consisted of $210.0 million paid in cash on closing, plus a contingent payment of $15.0 million (payable with 118,534 common shares of Franco-Nevada, as determined as of the date of closing), payable upon the Conga project achieving commercial production for a full year prior to the 20<sup>th</sup> anniversary of closing.

The acquisition of the Yanacocha Royalty was effective July 1, 2024.

The transaction has been accounted for as an acquisition of mineral interests.

---

| | |
|:---|:---|
| 2025 Financial Statements | **24** |

---

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Acquisition of Gold Stream on SolGold plc's Cascabel Copper-Gold Project – Ecuador* 

On July 15, 2024, the Company acquired, through its wholly-owned subsidiary, FNBC, the Cascabel Stream from SolGold (prior to its acquisition by JCC) with reference to production from the Cascabel project located in Ecuador. FNBC and Osisko Gold Royalties Ltd.'s subsidiary, Osisko Bermuda Limited, participated in the stream financing package on a 70%/30% basis. At the time of the transaction, FNBC had committed to provide a total of $525.0 million and Osisko a total of $225.0 million for a total combined funding of $750.0 million as follows:

● $70.0 million from FNBC in pre-construction funding available as three equal sized staged payments. FNBC funded an upfront deposit of $23.4 million at closing, with two additional staged deposits of $23.3 million each, subject to completion of key development milestones.

● $455.0 million available from FNBC towards construction, subject to customary conditions including receipt of all material permits, a construction decision approved by the SolGold board of directors and the remainder of the required project financing being available.

Stream deliveries attributable to FNBC are based on gold production from the Cascabel property, according to the following initial schedule:

● 14.0% of gold produced in concentrate until 525,000 ounces of gold have been delivered.

● Thereafter, 8.4% of gold produced in concentrate for the remaining life of mine.

Franco-Nevada will pay 20% of the spot gold price for each ounce of gold delivered.

Other terms include:

● In the event of a change of control within five years from closing, FNBC has the option to terminate the Cascabel Stream and receive repayment of the deposit that has been advanced by such date plus a return. If not elected, SolGold may purchase 50% of the Cascabel Stream if the change of control occurs within three years from closing and 33.33% of the Cascabel Stream if the change of control occurs in the following two years for a one-time gold payment equal to a 15.0% internal rate of return on the portion of the deposit being bought back that has been advanced by such date, plus a change of control fee.

● FNBC and Osisko obtained a right of first refusal on any future royalties or streams over the Cascabel concession and the Cascabel Stream applies to any production from other properties owned by SolGold that is processed through the project mill or infrastructure.

● The Cascabel Stream has adjustment mechanisms in the event of changes to the scale or timeline of development. SolGold and certain of its subsidiaries have provided FNBC and Osisko with corporate guarantees and security over their assets related to the Cascabel project.

● FNBC has agreed to contribute to environmental and social initiatives carried out by SolGold in the vicinity of the project for $750,000 over a 3-year period on a 70% / 30% basis with Osisko.

The transaction has been accounted for as an acquisition of a mineral interest.

Subsequent to the December 31, 2025 year-end, as noted in Note 4 (c), the Company was notified that SolGold and JCC were exercising their option to buyback 50% of the Cascabel stream. Following the partial buyback, stream deliveries attributable to Franco-Nevada will be as follows:

● 7.0% of gold produced in concentrate until 262,500 ounces of gold have been delivered.

● Thereafter, 4.2% of gold produced in concentrate for the remaining life of mine.

Following the partial buyback, the Company's total remaining commitment for the Cascabel Stream has been reduced from $478.3 million to $239.2 million.

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *G Mining Ventures Corp. Term Loan and Equity Investment* 

*G Mining Ventures Term Loan*

The Company advanced, through a wholly-owned subsidiary, $75.0 million to G Mining Ventures Corp. (G Mining Ventures") pursuant to a term loan agreement (the "G Mining Ventures Term Loan"). The G Mining Ventures Term Loan agreement was entered into in July 2022 as part of the Company's initial project financing package in connection with the Tocantinzinho gold project. The G Mining Ventures Term Loan was funded in 2024 and repaid in full in November 2025. Refer to Note 7(a) for further details.

The G Mining Ventures Term Loan was accounted for as a loan receivable measured at amortized cost in accordance with IFRS 9.

---

| | |
|:---|:---|
| 2025 Financial Statements | **25** |

---

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

*G Mining Ventures Equity Investment*

On July 12, 2024, the Company completed a private placement of $25.0 million with G Mining Ventures at a price of C$2.279 per share (equivalent to C$9.116 per share following the merger between G Mining Ventures and Reunion Gold Corporation on July 15, 2024).

On December 4, 2024, the Company exercised share purchase warrants to acquire 2,875,000 common shares of G Mining Ventures at a price of C$7.60 for a total cost of $15.5 million (C$21.9 million). The share purchase warrants were granted to the Company in connection with its initial project financing package for the Tocantinzinho gold project in July 2022.

The Company's holding of common shares of G Mining Ventures has been accounted for as an equity investment designated at FVTOCI.

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *EMX Royalty Corporation Term Loan* 

On August 9, 2024, the Company advanced, through a wholly-owned subsidiary, $35.0 million (net of a commitment fee equal to 1% of the principal amount) to EMX (prior to its acquisition by Elemental Altus) pursuant to a term loan agreement (the "EMX Term Loan"). The EMX Term Loan was repaid in full in November 2025. Refer to Note 7 (b) for further details.

The EMX Term Loan was accounted for as a loan receivable measured at amortized cost in accordance with IFRS 9.

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* *Term Loan with SolGold* 

On May 13, 2024, SolGold (prior to its acquisition by JCC) received a $10.0 million term loan (the "SolGold Term Loan") from the Company which was repaid on July 17, 2024. Refer to Note 7 (d) for further details.

The SolGold Term Loan was accounted for as a loan receivable measured at amortized cost in accordance with IFRS 9.

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* *Acquisition of Royalty in the Stewart Mining Camp and Private Placement with Scottie Resources Corp. – British Columbia, Canada* 

On April 15, 2024, the Company acquired a 2.0% gross production royalty on all minerals produced on Scottie Resources Corp.'s ("Scottie") claims in the Stewart Mining Camp in the Golden Triangle in British Columbia, Canada, for a purchase price of $5.9 million (C$8.1 million).

In addition, the Company acquired 5,422,994 common shares of Scottie at a price of C$0.18 per common share for an aggregate of $0.7 million (C$1.0 million).

The acquisition of the gross production royalty has been accounted for as an acquisition of a mineral interest and the common shares of Scottie has been accounted for as an equity investment designated at FVTOCI.

&nbsp;&nbsp;&nbsp;&nbsp;*(g)* *Receipt of Séguéla Royalty Buy-Back Proceeds – Cote d'Ivoire* 

On March 30, 2024, Fortuna Mining Corp. ("Fortuna") exercised its option to buy-back 0.6% of the Company's initial 1.2% NSR on the Séguéla mine for $6.5 million (A$10.0 million). The Company's NSR percentage on the Séguéla mine is now 0.6%.

The transaction has been accounted for as a disposal of a mineral interest.

&nbsp;&nbsp;&nbsp;&nbsp;*(h)* *Amendment of Condestable Gold and Silver Stream – Peru* 

*On March 27, 2024, the Company amended its precious metal stream agreement with reference to the gold and silver production from the Condestable mine in Peru by advancing, through its wholly-owned subsidiary, FNBC, an additional up-front deposit of $10.0 million to Southern Peaks Mining Limited (a private company prior to its subsequent acquisition by Rio2 Limited) for a total combined deposit of $175.0 million. Under the amended agreement, following the end of the fixed delivery period on December 31, 2025, Franco-Nevada will receive 63% of the gold and silver contained in concentrate until a cumulative total of 87,600 ounces of gold and 2,910,000 ounces of silver have been delivered (the "Variable Phase 1 Deliveries"), then 37.5% over the remaining life of the mine (the "Variable Phase 2 Deliveries"). The March 2024 amendment increased the Variable Phase 2 Deliveries from 25% to 37.5%.*

The transaction has been accounted for as an acquisition of a mineral interest.

&nbsp;&nbsp;&nbsp;&nbsp;*(i)* *Acquisition of Silver Royalty on Stibnite Gold Project – U.S.* 

*On March 21, 2024, the Company acquired, through a wholly-owned U.S. subsidiary, a NSR interest covering all of the payable silver production from the Stibnite Gold project in Idaho, U.S, for a purchase price of $8.5 million.*

The transaction has been accounted for as an acquisition of a mineral interest.

---

| | |
|:---|:---|
| 2025 Financial Statements | **26** |

---

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

&nbsp;&nbsp;&nbsp;&nbsp;*(j)* *Exercise of Option by EMX for an Effective NSR Interest on Caserones – Chile* 

*On January 19, 2024, EMX (previous to its acquisition by Elemental Altus) exercised an option to acquire 0.0531% of the Company's effective NSR on the Caserones mine for a price of $4.7 million, such that the Company's effective NSR on Caserones is now 0.517%.*

The transaction has been accounted for as a disposal of a mineral interest.

&nbsp;&nbsp;&nbsp;&nbsp;*(k)* *Acquisition of Additional Royalties on Pascua-Lama Project – Chile* 

On January 3, 2024, the Company acquired, through a wholly-owned Chilean subsidiary, an additional interest in the Chilean portion of Barrick Gold Corporation's Pascua-Lama project for a purchase price of $6.7 million. Including the interest the Company acquired in August 2023, the Company now holds hold a 2.941% NSR (gold) and a 0.588% NSR (copper) on the property.

The transaction has been accounted for as an acquisition of a mineral interest.

&nbsp;&nbsp;&nbsp;&nbsp;*(l)* *Acquisition of Additional Natural Gas Royalty Interests in the Haynesville – U.S.* 

*On January 2, 2024, the Company, through wholly-owned U.S. subsidiaries, closed the acquisition of a royalty portfolio in the Haynesville gas play in Louisiana and Texas for a total purchase price of $125.0 million. The Company had funded an initial deposit of $12.5 million in November 2023, when it entered into the agreement. The remainder of the purchase price of $112.5 million was funded upon closing of the transaction in January 2024.*

*The transaction has been accounted for as an acquisition of a royalty interest.*

#### Note 5 - Cash and Cash Equivalents
Cash and cash equivalents comprised the following:

---

| | | |
|:---|:---|:---|
|  | **At December 31,** <br>**2025** | At December 31, <br>2024 |
| Cash deposits | $**433.9** | $788.1 |
| Term deposits | **237.0** | 663.2 |
|  | $**670.9** | $1451.3 |

---

As at December 31, 2025 and 2024, cash and cash equivalents were primarily held in interest-bearing deposits. Interest earned on cash and cash equivalents is presented as finance income, as referenced in Note 20.

---

| | |
|:---|:---|
| 2025 Financial Statements | **27** |

---

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

#### Note 6 - Investments
Investments comprised the following:

---

| | | |
|:---|:---|:---|
|  | **At December 31,** <br>**2025** | At December 31, <br>2024 |
| Equity investments at FVTOCI | $**1105.3** | $324.8 |
| Warrants | **36.0** | 0.7 |
|  | $**1141.3** | $325.5 |

---

*Equity Investments at FVTOCI*

Changes in equity investments at FVTOCI for the years ended December 31, 2025 and 2024 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair value at**  |  | **Gain on** |  | **Impact of** | **Fair value at** | **Realized** |
|  | **January 1,** | **Cost of** | **changes in** | **Proceeds of** | **foreign** | **December 31,** | **gain on** |
|  | **2025** | **additions** | **fair value** | **disposition** | **exchange** | **2025** | **disposal** |
| G Mining Ventures | $133.8 | $— | $392.3 | $— | $13.5 | $539.6 | $— |
| Discovery |  | 49.4 | 351.6 | (84.4) | 6.4 | 323.0 | 67.4 |
| Labrador Iron Ore Royalty Corporation ("LIORC") | 127.3 |  | 4.2 |  | 6.5 | 138.0 |  |
| Other | 63.7 | 26.7 | 54.2 | (42.7) | 2.8 | 104.7 | 19.7 |
|  | $**324.8** | $**76.1** | $**802.3** | $**(127.1)** | $**29.2** | $**1105.3** | $**87.1** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair value at**  |  | **Gain (loss) on** |  | **Impact of** | **Fair value at** | **Realized** |
|  | **January 1,** | **Cost of** | **changes in** | **Proceeds of** | **foreign** | **December 31,** | **loss on** |
|  | **2024** | **additions** | **fair value** | **disposition** | **exchange** | **2024** | **disposal** |
| G Mining Ventures | $47.6 | $47.1 | $46.5 | $— | $(7.4) | $133.8 | $— |
| LIORC | 152.7 |  | (13.0) |  | (12.4) | 127.3 |  |
| Other | 46.1 | 56.1 | 13.1 | (45.5) | (6.1) | 63.7 | (2.1) |
|  | $246.4 | $103.2 | $46.6 | $(45.5) | $(25.9) | $324.8 | $(2.1) |

---

Changes in equity investments at FVTOCI and accumulated other comprehensive income (loss) for the years ended December 31, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | 2024 | 2024 |
|  |  | **Accumulated other** |  |  |
|  | **Equity investments** | **comprehensive** | Equity investments | Accumulated other |
|  | **at FVTOCI** | **income (loss)** | at FVTOCI | comprehensive loss |
| **Balance at January 1** | $**324.8** | $**(282.0)** | $246.4 | $(192.0) |
| Changes in fair value of equity investments at FVTOCI: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Held during the year | 717.3 | 717.3 | 38.5 | 38.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Disposed during the year | 85.0 | 85.0 | 8.1 | 8.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense |  | (106.0) |  | (6.2) |
| Gain on changes in the fair value of equity investments at FVTOCI | 802.3 | 696.3 | 46.6 | 40.4 |
| Additions | 76.1 |  | 103.2 |  |
| Disposals | (127.1) |  | (45.5) |  |
| Transfers within equity following disposal |  | (75.0) |  | 0.9 |
| Impact of foreign exchange | 29.2 |  | (25.9) |  |
| Currency translation adjustment |  | 91.2 |  | (131.3) |
| **Balance at December 31** | $**1105.3** | $**430.5** | $324.8 | $(282.0) |

---

During the year ended December 31, 2025, the Company disposed of equity investments with an initial cost of $40.0 million for gross proceeds of $127.1 million, and realized a fair value gain of $75.0 million, net of tax, which was reclassified from accumulated other income (loss) to retained earnings.

---

| | |
|:---|:---|
| 2025 Financial Statements | **28** |

---

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

#### Note 7 – Loans Receivable
Loans receivable comprised the following:

---

| | | |
|:---|:---|:---|
|  | **At December 31,** <br>**2025** | At December 31, <br>2024 |
| G Mining Ventures Term Loan | $**—** | $75.9 |
| EMX Term Loan | **—** | 34.1 |
| **Loans receivable** | $**—** | $110.0 |
| Current | $**—** | $5.9 |
| Non-Current | **—** | 104.1 |
| **Loans receivable** | $**—** | $110.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *G Mining Ventures Term Loan* 

On January 29, 2024 and April 19, 2024, the Company funded $42.0 million and $33.0 million, respectively, to G Mining Ventures for a total of $75.0 million pursuant to the G Mining Ventures Term Loan. The G Mining Ventures Term Loan was a 6-year senior secured term loan initially bearing interest at a rate of 3-Month SOFR +5.75% per annum, and reducing to 3-Month SOFR +4.75% on July 29, 2025 after completion tests were achieved at the Tocantinzinho mine. Fees included a standby fee on undrawn amounts of 1.0% per annum and a 2.0% original issue discount paid on principal amounts drawn.

On November 7, 2025, G Mining Ventures paid $79.9 million to the Company as full repayment for the G Mining Ventures Term loan.

The G Mining Ventures Term Loan was measured at amortized cost less any impairment loss allowance. Interest revenue of $10.0 million was recognized in 2025 (2024 – $7.5 million) by applying the EIR method and presented within revenue as interest revenue in the statement of income and comprehensive income.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *EMX Term Loan* 

On August 9, 2024, the Company funded, through a wholly-owned subsidiary, $35.0 million (net of a commitment fee equal to 1% of the principal amount) to EMX pursuant to the EMX Term Loan agreement. The EMX Term Loan was a senior secured term loan with an initial maturity date of July 1, 2029. Interest was payable monthly at a rate equal to the 3-Month SOFR plus an applicable margin between 3.0% and 4.25% depending on EMX's net debt to adjusted EBITDA ratio. During each year, EMX had the right to prepay $10.0 million of the principal amount outstanding without penalty, on a cumulative basis.

On April 15, 2025, EMX made a $10.0 principal prepayment on the EMX Term Loan. In November 2025, Elemental Altus acquired EMX, and as a result of the change of control, the EMX Term Loan became due and payable in full and the Company received $25.1 million as full repayment on the EMX Term Loan.

The EMX Term Loan was measured at amortized cost less any impairment loss allowance. Interest revenue of $2.8 million was recognized in 2025 (2024 – $0.6 million) by applying the EIR method and presented within revenue as interest revenue in the statement of income and comprehensive income.

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Discovery Term Loan* 

The Discovery Term Loan was a $100.0 million, 7-year term loan with an availability period of 2 years from closing at an interest rate of 3-Month SOFR +4.50% per annum and amortization after year 5 at 5% per quarter, with no restrictions on prepayment. The loan provided for an upfront fee equal to 2% on any principal drawn, a standby fee of 100 basis points per annum on undrawn funds, and the issuance by Discovery of 3,900,000 common share purchase warrants with an exercise price of C$0.95 per common share and an expiry date of April 15, 2028.

On September 15, 2025, Discovery terminated the Discovery Term Loan, which remained undrawn as of the date of the termination.

Interest revenue of $1.4 million was recognized in 2025 within revenue as interest revenue in the statement of income and comprehensive income.

---

| | |
|:---|:---|
| 2025 Financial Statements | **29** |

---

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *SolGold Loan Facility* 

On May 13, 2024, the Company funded $10.0 million to SolGold pursuant to the SolGold Term Loan. The SolGold Term Loan had a maturity date of July 19, 2024 and carried an interest rate of 12% per annum with interest payments deferred until maturity. On July 17, 2024, SolGold paid $10.2 million as full repayment for the SolGold Term Loan.

The SolGold Term Loan was measured at amortized cost less any impairment loss allowance. Interest revenue of $0.2 million was recognized in 2024 by applying the EIR method and presented within revenue as interest revenue in the statement of income and comprehensive income.

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* *Skeena Convertible Debenture* 

On December 18, 2023, the Company advanced $18.7 million (C$25.0 million) to Skeena Resources Ltd. ("Skeena") as a convertible debenture (the "Skeena Convertible Debenture"). The Skeena Convertible Debenture carried an interest rate of 7% and matured on the earlier of December 19, 2028, or on the completion of a project financing for Eskay Creek approved by the Board of Skeena. The Skeena Convertible Debenture was convertible into Skeena common shares at a conversion price of C$7.70. Interest payments were deferred and capitalized until maturity.

On June 26, 2024, following the completion of a project financing for Eskay Creek, the loan matured and the Company received $18.9 million (C$25.9 million) as full repayment for the Skeena Convertible Debenture.

The Skeena Convertible Debenture was measured at FVTPL using present value techniques and assumptions concerning the amount of and timing of future cash flows and discount rates which factored in the appropriate credit risk and the Black-Scholes option pricing model to calculate the fair value of the conversion option. Changes in the fair value of the Skeena Convertible Debenture have been recognized as other (expenses) income in the statement of income and comprehensive income. In 2024, interest income of $0.6 million, calculated by applying the contractual interest rate of 7% to the principal outstanding at the end of each reporting period, has been presented separately from changes in fair value and included within revenue as other interest income in the statement of income and comprehensive income.

#### Note 8 – Gold and Silver Bullion and Stream Inventory

#### Gold and silver bullion and stream inventory comprised the following:

---

| | | |
|:---|:---|:---|
|  | **At December 31,** <br>**2025** | At December 31, <br>2024 |
| Gold and silver bullion from royalties received in-kind<sup>(1)</sup> | $**39.5** | $89.5 |
| Stream ounces<sup>(2)</sup> | **0.6** | 7.3 |
|  | $**40.1** | $96.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Represents gold and silver bullion received from royalty interests settled in-kind. As at December 31, 2025, the Company holds inventory from royalty interests settled in-kind of 10,598 ounces of gold and 13,980 ounces of silver with a carrying value of $39.1 million and $0.4 million, respectively (December 31, 2024 – 41,673 ounces of gold and 10,117 ounces of silver with a carrying value of $89.3 million and $0.2 million, respectively).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Represents gold and silver ounces acquired by the Company from its stream arrangements. As at December 31, 2025, the stream ounces inventory consists of 44,872 ounces of silver with a carrying value of $0.6 million (December 31, 2024 – 6,216 ounces of gold and 154,010 ounces of silver with a carrying value of $5.6 million and $1.7 million, respectively).

During the year ended December 31, 2025, the Company sold gold and silver bullion from royalties received in-kind with a cost of $166.7 million (2024 – $34.7 million) for gross proceeds of $221.0 million (2024 – $42.6 million), resulting in a gain on sale of gold and silver bullion of $54.3 million (2024 – $7.9 million).

---

| | |
|:---|:---|
| 2025 Financial Statements | **30** |

---

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

#### Note 9 –Other Current Assets
Other current assets comprised the following:

---

| | | |
|:---|:---|:---|
|  | **At December 31,** <br>**2025** | At December 31, <br>2024 |
| Deposits related to the CRA audits | $**50.2** | $— |
| Tax receivables | **15.2** | 8.1 |
| Prepaid expenses | **2.7** | 2.5 |
| Debt issue costs | **0.4** | 0.4 |
|  | $**68.5** | $11.0 |

---

Deposits related to the CRA audits represent cash on deposit totaling $44.7 million (C$61.4 million) plus accrued interest of $5.5 million (C$7.5 million). As at December 31, 2025, these amounts have been classified to current assets as the Company expects to recover the balance within twelve months as a result of the CRA Settlement, as referenced in Note 28 (b). Subsequent to year-end, the Company received refunds of its cash security deposits totaling $30.0 million (C$41.2 million), with the remaining balance expected to be returned in the short-term.

#### Note 10 - Royalty, Stream and Working Interests
&nbsp;&nbsp;&nbsp;&nbsp;(a) *Royalty, Stream and Working Interests* 

Royalty, stream and working interests, net of accumulated depletion and impairment losses and reversals, comprised the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Accumulated** | **Impairment** |  |
| &nbsp;&nbsp;&nbsp;**As at December 31, 2025** | **Cost** | **depletion**<sup>(1)</sup> | **reversal**<sup>(2)</sup> | **Carrying value** |
| Mining royalties | $3207.1 | $(866.7) | $— | $**2340.4** |
| Streams | 5324.5 | (3684.8) | 4.8 | **1644.5** |
| Energy | 2097.8 | (940.4) |  | **1157.4** |
| Advanced | 703.1 | (57.7) |  | **645.4** |
| Exploration | 273.6 | (18.2) |  | **255.4** |
|  | $**11606.1** | $**(5567.8)** | $**4.8** | $**6043.1** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Accumulated depletion includes impairment losses recognized prior to the year ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Impairment reversals recognized in the year ended December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | Impairments |  |
|  |  | Accumulated | (losses) |  |
| &nbsp;&nbsp;&nbsp;As at December 31, 2024 | Cost | depletion<sup>(1)</sup> | reversals<sup>(2)</sup> | Carrying value |
| Mining royalties | $1818.7 | $(784.4) | $— | $1034.3 |
| Streams | 4801.5 | (3528.2) |  | 1273.3 |
| Energy | 2055.2 | (857.4) |  | 1197.8 |
| Advanced | 389.2 | (45.8) |  | 343.4 |
| Exploration | 267.7 | (17.7) |  | 250.0 |
|  | $9332.3 | $(5233.5) | $— | $4098.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Accumulated depletion includes impairment losses recognized prior to the year ended December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Impairment (losses) reversals recognized in the year ended December 31, 2024.

---

| | |
|:---|:---|
| 2025 Financial Statements | **31** |

---

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

Changes in royalty, stream and working interests for the years ended December 31, 2025 and 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mining** |  |  |  |  |  |
|  | **royalties** | **Streams** | **Energy** | **Advanced** | **Exploration** | **Total** |
| Balance at January 1, 2024 | $948.7 | $1359.0 | $1146.4 | $396.0 | $177.0 | $4027.1 |
| Additions  | 140.3 | 36.2 | 137.0 | 8.9 | 85.0 | 407.4 |
| Disposals | (10.6) |  |  |  |  | (10.6) |
| Transfers | 44.0 |  |  | (36.2) | (7.8) |  |
| Depletion | (40.0) | (121.9) | (60.9) | (0.2) |  | (223.0) |
| Impact of foreign exchange | (48.1) |  | (24.7) | (25.1) | (4.2) | (102.1) |
| **Balance at December 31, 2024** | $**1034.3** | $**1273.3** | $**1197.8** | $**343.4** | $**250.0** | $**4098.8** |
| Balance at January 1, 2025 | $1034.3 | $1273.3 | $1197.8 | $343.4 | $250.0 | $4098.8 |
| Additions  | 1370.7 | 524.9 | 9.7 | 283.9 | 2.1 | 2191.3 |
| Transfers | (4.0) |  |  | 4.0 |  |  |
| Impairment reversal |  | 4.8 |  |  |  | 4.8 |
| Depletion | (81.4) | (158.5) | (63.6) | (0.7) |  | (304.2) |
| Impact of foreign exchange | 20.8 |  | 13.5 | 14.8 | 3.3 | 52.4 |
| **Balance at December 31, 2025** | $**2340.4** | $**1644.5** | $**1157.4** | $**645.4** | $**255.4** | $**6043.1** |

---

Of the total net book value as at December 31, 2025, $4,458.1 million (December 31, 2024 - $2,962.4 million) is depletable and $1,585.0 million (December 31, 2024 - $1,136.4 million) is non-depletable.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Impairments of Royalty, Stream and Working Interests* 

Royalties, stream and working interests are reviewed for impairment or impairment reversal if there is an indication that the carrying amount may not be recoverable or impairment loss previously recognized may no longer exist. The following impairment reversal was recognized in the year ended December 31, 2025.

***Cobre Panamá***

Cobre Panamá currently remains in a phase of preservation and safe management ("P&SM") with production halted since November 2023. First Quantum Minerals Ltd. ("First Quantum") has reported that they have been working with the Government of Panama ("GOP") and the Ministry of Commerce and Industries ("MICI") to implement a plan that would allow for the execution of environmental and asset integrity measures during the P&SM phase of Cobre Panamá (the "P&SM Plan"). On May 30, 2025, the GOP, through the MICI, approved and formally instructed the execution of the P&SM Plan, including the sale of the copper concentrate that had been stored on site since operations were suspended. Exports of the copper concentrate commenced in June 2025.

The Company determined that this was an indicator of impairment reversal and concluded that a discrete amount of the asset's FVLCD exceeded its carrying value since the last impairment test was carried out. The Company recorded a partial impairment reversal of $4.8 million in relation to the gold and silver ounces as a result of the sale of copper concentrate. The Company performs ongoing assessments of its Cobre Panamá stream for further indicators of impairment reversals.

Subsequent to year-end, in January 2026, the GOP announced that it would authorize the removal, processing and export of stockpiled ore at Cobre Panamá that was previously extracted before operations were suspended. Cobre Panamá is awaiting formal approvals to undertake these activities. In the event that there is a resumption of precious metal stream deliveries to the Company as a result of the processing of the stockpiled ore, or a change in the facts and circumstances surrounding the halting of production at Cobre Panamá, the Company will carry out an assessment of the recoverable amount of the Cobre Panamá CGU at that time, which may lead to a reversal of part or all of the impairment loss that has been recognized.

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Disposals of Royalty Interests* 

On March 30, 2024, Fortuna exercised its option to buy-back 0.6% of the Company's initial 1.2% NSR on the Séguéla mine for a price of $6.5 million (A$10 million).

On January 19, 2024, EMX (prior to its acquisition by Elemental Altus) exercised its option to acquire a portion of the Company's effective NSR on the Caserones mine for a price of $4.7 million.

---

| | |
|:---|:---|
| 2025 Financial Statements | **32** |

---

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

#### Note 11 - Other Assets
Other assets comprised the following:

---

| | | |
|:---|:---|:---|
|  | **At December 31,** <br>**2025** | At December 31, <br>2024 |
| Energy well equipment, net | $**6.4** | $5.6 |
| Right-of-use assets, net | **4.2** | 4.5 |
| Debt issue costs | **1.1** | 1.4 |
| Furniture and fixtures, net | **0.7** | 0.4 |
| Deposits related to CRA audits | **—** | 42.5 |
|  | $**12.4** | $54.4 |

---

Deposits related to CRA audits represent cash on deposit with the CRA in connection with the Transfer Pricing Reassessments, as referenced in Note 28 (b). Following the CRA Settlement in September 2025, as referenced in Note 28 (b), these amounts have been reclassified to other current assets, as referenced in Note 9, as the Company expects to recover these deposits within twelve months of December 31, 2025.

#### Note 12 – Accounts Payable and Accrued Liabilities
Accounts payable and accrued liabilities comprise the following:

---

| | | |
|:---|:---|:---|
|  | **At December 31,**  | At December 31,  |
|  | **2025** | **2024** |
| Accounts payable | $**8.4** | $5.1 |
| Accrued liabilities | **36.5** | 23.6 |
|  | $**44.9** | $28.7 |

---

---

| | |
|:---|:---|
| 2025 Financial Statements | **33** |

---

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

#### Note 13 – Debt
*Corporate Revolver* 

As at December 31, 2025, the Company has a $1.0 billion unsecured revolving term credit facility, with a $250.0 million accordion (the "Corporate Revolver") and a maturity date of June 3, 2029.

Advances under the Corporate Revolver can be drawn as follows:

U.S. dollars

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Base rate advances with interest payable monthly at the Canadian Imperial Bank of Commerce ("CIBC") base rate, plus between 0.00% and 1.05% per annum depending upon the Company's leverage ratio; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SOFR as administered by the Federal Reserve Bank of New York loans for periods of 1, 3 or 6 months with interest payable at a rate of SOFR, plus between 1.10% and 2.15% per annum, depending on the Company's leverage ratio.

Canadian dollars

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Prime rate advances with interest payable monthly at the CIBC prime rate, plus between 0.00% and 1.05% per annum, depending on the Company's leverage ratio; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Canadian Overnight Repo Rate Average ("CORRA") loans for a period of 1 or 3 months with interest rate payable at a rate of CORRA, a credit spread adjustment of 29.547 to 32.138 basis points per annum depending on the tenor of the CORRA loan, and a margin between 1.00% and 2.05% per annum depending on the Company's leverage ratio.

All loans are readily convertible into loans of other types, described above, on customary terms and upon provision of appropriate notice. Borrowings under the Corporate Revolver are guaranteed by certain of the Company's subsidiaries and are unsecured.

The Corporate Revolver is subject to a standby fee of 0.20% to 0.41% per annum, depending on the Company's leverage ratio, on the unutilized portion of the Corporate Revolver.

On July 22, 2025, the Company drew down $175.0 million from the Corporate Revolver to finance part of the royalty acquisition on the Arthur Gold Project, as referenced in Note 4 (b). The Corporate Revolver was fully repaid in September 2025. Interest incurred of $1.2 million was capitalized to the Arthur Gold Project royalty.

As at December 31, 2025, no amounts were drawn from the Corporate Revolver. The Company had four standby letters of credit in the amount of $48.1 million (C$66.0 million) against the Corporate Revolver in relation to the audit by the CRA of its 2013-2015 and 2019 taxation years, as referenced in Note 28 (b). These standby letters of credit reduced the available balance under the Corporate Revolver.

Subsequent to year-end, on February 23, 2026, all four standby letters of credit were returned and cancelled following the CRA Settlement, as referenced in Note 28 (b).

In addition, subsequent to year-end, on March 10, 2026, the Company extended the maturity date of the Corporate Revolver from June 3, 2029 to March 10, 2031, increased the amount available under the accordion from $250.0 million to $500.0 million, and reduced the applicable margin for U.S. advances based on the Secured Overnight Financing Rate ("SOFR") from between 1.10% and 2.15% to between 1.00% and 2.05%, depending on the Company's leverage ratio.

---

| | |
|:---|:---|
| 2025 Financial Statements | **34** |

---

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

#### Note 14 - Revenue
Disaggregated revenue under revenue contracts with customers classified by commodity, geography and type comprised the following:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| **Commodity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold<sup>(1)</sup> | $**1275.8** | $706.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silver | **235.6** | 117.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Platinum group metals<sup>(1)</sup> | **37.3** | 28.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Precious metals | $**1548.7** | $853.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Iron ore<sup>(2)</sup> | $**43.7** | $50.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other mining assets | **12.4** | 8.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other mining | $**56.1** | $58.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil | $**118.8** | $128.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gas | **65.4** | 44.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural gas liquids | **19.6** | 20.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | $**203.8** | $193.0 |
| Revenue from royalty, stream and working interests | $**1808.6** | $1104.7 |
| **Interest from loans receivable** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest revenue | $**14.2** | $8.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other interest income | **—** | 0.6 |
|  | $**1822.8** | $1113.6 |
| **Geography** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;South America | $**750.5** | $451.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Central America & Mexico | **216.6** | 86.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada<sup>(1)(2)</sup> | **354.0** | 192.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;United States | **266.1** | 205.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rest of World | **235.6** | 178.6 |
|  | $**1822.8** | $1113.6 |
| **Type** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue-based royalties | $**638.9** | $440.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Streams<sup>(1)</sup> | **990.2** | 567.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Profit-based royalties | **143.9** | 57.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest revenue and other<sup>(2)</sup> | **49.8** | 47.8 |
|  | $**1822.8** | $1113.6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. For the year ended December 31, 2025, revenue includes a gain of $0.1 million and $1.3 million for provisional pricing adjustments for gold and platinum group metals, respectively (2024 – a gain of $0.1 and nil, respectively).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. For the year ended December 31, 2025, revenue includes dividend income of $7.0 million from the Company's equity investment in LIORC (2024 – $13.8 million).

---

| | |
|:---|:---|
| 2025 Financial Statements | **35** |

---

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

#### Note 15 - Costs of Sales
Costs of sales, excluding depletion and depreciation, comprised the following:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| Costs of stream sales | $**151.9** | $114.3 |
| Mineral production taxes | **4.5** | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mining costs of sales | $**156.4** | $116.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy costs of sales | **12.4** | 12.2 |
|  | $**168.8** | $129.0 |

---

#### Note 16 – General and Administrative Expenses
General and administrative expenses comprised the following:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| Salaries and benefits | $**14.1** | $10.1 |
| Professional fees | **6.4** | 7.4 |
| Cobre Panamá arbitration expenses (Note 28 (a)) | **5.8** | 6.3 |
| Community contributions | **1.6** | 1.6 |
| Board of Directors' costs | **0.6** | 0.4 |
| Office expenses | **1.5** | 0.7 |
| Insurance costs | **0.9** | 0.9 |
| Other expenses | **4.4** | 5.5 |
|  | $**35.3** | $32.9 |

---

#### Note 17 - Share-Based Compensation Expenses
Share-based compensation expenses comprised the following:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| Deferred share units | $**10.6** | $2.6 |
| Stock options and restricted share units | **6.3** | 5.4 |
|  | $**16.9** | $8.0 |

---

Share-based compensation expenses include expenses related to equity-settled stock options, RSUs and DSUs, as well as the mark-to-market gain or loss related to the DSUs.

#### Note 18 - Related Party Disclosures
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company. Key management personnel include the Board of Directors and the executive management team.

Compensation for key management personnel of the Company was as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| Short-term benefits<sup>(1)</sup> | $**4.5** | $3.8 |
| Share-based payments<sup>(2)</sup> | **16.9** | 7.3 |
|  | $**21.4** | $11.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Includes salary, benefits and short-term accrued incentives/other bonuses earned in the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Represents the expense of stock options and RSUs and mark-to-market gains or losses on DSUs during the year.

---

| | |
|:---|:---|
| 2025 Financial Statements | **36** |

---

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

#### Note 19 – Foreign Exchange Gain (loss) and Other Income (Expenses)
Foreign exchange gain (loss) and other income (expenses) comprised the following:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| Gain (loss) on derivative financial instruments<sup>(1)</sup> | $**32.7** | $(6.0) |
| Foreign exchange gain (loss) | **4.3** | (14.7) |
| Other income (expenses) | **(0.3)** |  |
|  | $**36.7** | $(20.7) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The gain (loss) on derivative financial instruments includes the mark-to-market of financial instruments that are designated at FVTPL. The financial instruments include warrants and other derivative instruments the Company holds.

For the year ended December 31, 2025, of the foreign exchange gain of $4.3 million (2024 - foreign exchange loss of $14.7 million), $10.4 million was an unrealized foreign exchange gain and $6.1 million was a realized foreign exchange loss (2024 - $12.9 million unrealized foreign exchange loss and $1.8 million realized foreign exchange loss).

**Note 20 - Finance Income and Expenses**

Finance income and expenses for the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| Finance income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $**28.2** | $60.6 |
|  | $**28.2** | $60.6 |
| Finance expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Standby charges | $**2.4** | $2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issue costs | **0.4** | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of lease liabilities  | **0.3** | 0.1 |
|  | $**3.1** | $2.6 |

---

Finance income includes interest earned on cash and cash equivalents, as referenced in Note 5. Also included in finance income is accrued interest of $5.5 million (C$7.5 million) earned on the Company's cash deposits posted with the CRA, which the Company expects to recover as a result of the CRA Settlement, as referenced in Note 28 (b). Finance expenses include fees and expenses incurred in connection with the Company's Corporate Revolver, as referenced in Note 13.

For the year ended, December 31, 2025, borrowing costs of $1.2 million related to the Corporate Revolver were capitalized to the Arthur Gold Project, as referenced in Note 4 (b) and Note 13.

#### Note 21 - Income Taxes
Income tax expense for the years ended December 31, 2025 and 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| Current income tax expense |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expense for the year | $**163.0** | $127.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global minimum tax | **33.8** | 19.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments in respect of prior years | **(1.0)** | (1.3) |
| Current income tax expense | $**195.8** | $145.5 |
| Deferred income tax expense |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Origination and reversal of temporary differences  | $**106.2** | $18.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact of changes in tax rates | **0.1** | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrecognized deductible temporary differences | **(0.8)** | (1.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact of Barbados corporate tax reform | **—** | 49.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments in respect of prior years | **2.4** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **0.2** | (0.3) |
| Deferred income tax expense | **108.1** | 66.3 |
| Income tax expense | $**303.9** | $211.8 |

---

---

| | |
|:---|:---|
| 2025 Financial Statements | **37** |

---

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

A reconciliation of the product of net income before taxes multiplied by the combined Canadian federal and provincial statutory rate to the provision for income taxes as shown in the consolidated statement of income and comprehensive income for the years ended December 31, 2025 and 2024, is as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| Net income before income taxes | $**1416.0** | $763.9 |
| Statutory tax rate | **26.5%** | 26.5% |
| Tax expense at statutory rate | $**375.2** | $202.4 |
| Reconciling items |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrecognized deductible temporary differences | $**(0.8)** | $(1.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact of Barbados corporate tax reform | **—** | 49.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income not taxable | **(7.0)** | (0.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Differences in foreign statutory tax rates | **(102.2)** | (58.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global minimum tax | **33.8** | 19.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Differences due to changing future tax rates | **0.1** | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign withholding taxes | **0.2** | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments in respect of prior years | **1.4** | (1.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | **3.2** | 1.2 |
| Income tax expense | $**303.9** | $211.8 |

---

Income tax expense recognized in other comprehensive income (loss) is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 |
|  | **Income**<br>**before**<br>**tax** | <br>**Tax**<br>**expense** | **Income**<br>**after**<br>**tax** | **Loss**<br>**before**<br>**tax** | <br>**Tax**<br>**expense** | **Loss**<br>**after**<br>**tax** |
| Net gain on changes in the fair value of equity investments at FVTOCI | $**802.3** | $**(106.0)** | $**696.3** | $46.6 | $(6.2) | $40.4 |
| Currency translation adjustment | **91.2** | **—** | **91.2** | (131.3) |  | (131.3) |
| Other comprehensive income (loss) | $**893.5** | $**(106.0)** | $**787.5** | $(84.7) | $(6.2) | $(90.9) |
| Income tax expense in other comprehensive income (loss) |  | $**(106.0)** |  |  | $(6.2) |  |

---

The significant components of deferred income tax assets and liabilities as at December 31, 2025 and 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| Deferred income tax assets |  |  |
| &nbsp;&nbsp;Deductible temporary differences relating to |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Royalty, stream and working interests | $**21.8** | $22.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-capital loss carry-forwards | **1.4** | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **—** | 1.6 |
|  | $**23.2** | $30.8 |
| Deferred income tax liabilities |  |  |
| &nbsp;&nbsp;Taxable temporary differences relating to |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Royalty, stream and working interests | $**385.5** | $233.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share issue and debt issue costs | **0.2** | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-capital loss carry-forwards | **(52.1)** | (2.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | **117.0** | 14.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **(9.9)** | (8.2) |
|  | $**440.7** | $238.0 |
| Deferred income tax liabilities, net | $**417.5** | $207.2 |

---

The movement in net deferred tax liabilities during the years ended December 31, 2025 and 2024 is as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| Balance, beginning of year | $**207.2** | $143.1 |
| &nbsp;&nbsp;Recognized in net income | **108.1** | 66.3 |
| &nbsp;&nbsp;Recognized in other comprehensive income (loss) | **106.0** | 6.2 |
| &nbsp;&nbsp;Foreign exchange | **(3.8)** | (8.4) |
| Balance, end of year | $**417.5** | $207.2 |

---

---

| | |
|:---|:---|
| 2025 Financial Statements | **38** |

---

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

The Company has recognized deferred tax assets in respect of the following non-capital losses as at December 31, 2025

that can be applied against future taxable profit:

---

| | | | |
|:---|:---|:---|:---|
| **Country** | **Type** | **Amount** | **Expiry date** |
| Canada | Non-Capital Losses | $197.2 | 2032-2045 |
| Chile | Non-Capital Losses | 5.3 | No expiry |
|  |  | $202.5 |  |

---

*Unrecognized Deferred Tax Assets and Liabilities*

The aggregate amount of taxable temporary differences associated with investments in subsidiaries, for which deferred tax

liabilities have not been recognized as at December 31, 2025 is $960.3 million (2024 – $846.7 million). No deferred tax liabilities are recognized on the temporary differences associated with investment in subsidiaries because the Company controls the timing of reversal and it is not probable that they will reverse in the foreseeable future.

The aggregate amount of deductible temporary differences associated with other items, for which deferred tax assets have

not been recognized as at December 31, 2025 is $650.8 million (2024 – $675.0 million). No deferred tax asset is recognized in respect of these items because it is not probable that future taxable profits will be available against which the Company can utilize the benefit.

Deductible temporary differences, losses and unused tax credits for which no deferred tax assets have been recognized are attributable to the following:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| Royalty, stream and working interests - Chile, Barbados | $**650.8** | $675.0 |
|  | $**650.8** | $675.0 |

---

*Global Minimum Tax:*

On June 20, 2024, the Government of Canada enacted the Global Minimum Tax Act ("GMTA") which implements key measures of the Organisation for the Economic Co-operation and Development's ("OECD") Pillar Two Global Minimum Tax ("GMT") in Canada. The GMTA includes the introduction of a 15% global minimum tax that applies to large multinational enterprise groups with global consolidated revenues over €750 million. The legislation is effective from January 1, 2024 and as a result, the Company is liable to pay a top-up tax in Canada when the effective tax rate in a jurisdiction which its subsidiary operates in is below the 15% minimum rate.

All entities in the Franco-Nevada group have an effective tax rate of at least 15% for the year ended December 31, 2025, including its subsidiary in Barbados as a result of the new measures enacted by the Government of Barbados as described below. Therefore, no current tax expense was recognized in respect of the GMTA for the year ended December 31, 2025.

The Company has applied the mandatory exception to recognizing and disclosing information about deferred taxes arising from Pillar Two, as provided in IAS 12 *Income Taxes*.

*Barbados Corporate Tax Reform:*

In May 2024, the Government of Barbados enacted legislation to implement tax measures in response to the OECD Pillar Two GMT initiative. The measures include an increase of the Barbados corporate tax rate to 9% effective January 1, 2024.

The measures also introduce a Qualified Domestic Minimum Top-Up Tax for tax years beginning on or after January 1, 2024, which will top-up the Barbados effective tax rate payable by an entity subject to Pillar Two, to 15%. This resulted in the Company's subsidiary in Barbados recognizing an additional current tax expense of $33.8 million (2024 – $19.8 million) related to its earnings for the year ended December 31, 2025. This amount is payable on or before March 31, 2027 and accordingly is classified as a non-current liability.

*Canada Revenue Agency Audit:*

The Company reached a settlement with the Canada Revenue Agency in respect of its tax dispute in connection with the 2013-2019 taxation years, as referenced in Note 28 (b)*.*

---

| | |
|:---|:---|
| 2025 Financial Statements | **39** |

---

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

#### Note 22 - Shareholders' Equity
&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Share Capital* 

The Company's authorized capital stock includes an unlimited number of common shares (192,798,692 common shares issued and outstanding as at December 31, 2025) having no par value and preferred shares issuable in series (issued - nil).

Changes in share capital for the years ended December 31, 2025 and December 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Number**  |  |
|  | **of shares** | **Amount** |
| Balance at January 1, 2024 | 192175042 | $5728.2 |
| Exercise of stock options | 71864 | 3.6 |
| Vesting of restricted share units | 18340 | 2.7 |
| Dividend reinvestment plan  | 287449 | 34.6 |
| **Balance at December 31, 2024** | **192552695** | $**5769.1** |
| Balance at January 1, 2025 | 192552695 | $5769.1 |
| Exercise of stock options  | 110917 | 9.9 |
| Vesting of restricted share units | 33274 | 5.7 |
| Dividend reinvestment plan  | 101806 | 18.7 |
| **Balance at December 31, 2025** | **192798692** | $**5803.4** |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Dividends* 

In 2025 the Company declared dividends of $1.52 per common share (2024 – $1.44). Dividends paid in cash and through the Company's Dividend Reinvestment Plan ("DRIP") were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| Cash dividends | $**275.1** | $242.4 |
| DRIP dividends | **18.7** | 34.6 |
|  | $**293.8** | $277.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Stock-Based Payments* 

On March 7, 2018, the Company's Board of Directors adopted an amended and restated share compensation plan covering both stock options and RSUs effective May 9, 2018 (the "Plan"), with subsequent modifications on November 8, 2023. Pursuant to the Plan, the Company may grant incentive stock options to directors, officers, employees and consultants at the discretion of the Board of Directors. The exercise price and vesting period of any option is fixed by the Board of Directors on the date of grant. The term of options is at the sole discretion of the Board of Directors but may not exceed ten years from the date of grant. Options expire on the earlier of the expiry date or the date of termination and are non-transferable. The options granted will be adjusted in the event of an amalgamation, rights offering, share consolidation or subdivision or other similar adjustments of the share capital of the Company. The aggregate number of common shares that may be issued under the Plan is limited to 9,700,876 common shares. Within any one-year period, the number of common shares issued to any single insider participant under the Plan shall not exceed 5% of the common shares then issued and outstanding.

---

| | |
|:---|:---|
| 2025 Financial Statements | **40** |

---

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

Options to purchase common shares of the Company granted during the years ended December 31, 2025 and 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | | **Weighted** | **Weighted** |
|  | | **average exercise** | **average exercise** |
|  | <br>**Number** | **price** | **price** |
| Stock options outstanding, at January 1, 2024 | 669201 | C$ | 111.76 |
| Granted | 45396 | C$ | 167.57 |
| Exercised | (71864) | C$ | 52.67 |
| Forfeited | (10353) | C$ | 180.58 |
| **Stock options outstanding, at December 31, 2024** | **632380** | **C$** | **121.36** |
| Stock options outstanding, at January 1, 2025 | 632380 | C$ | 121.36 |
| Granted | 16345 | C$ | 225.87 |
| Exercised | (110917) | C$ | 97.44 |
| Forfeited | (2000) | C$ | 168.43 |
| **Stock options outstanding, at December 31, 2025** | **535808** | **C$** | **129.32** |
| Exercisable stock options, at December 31, 2024 | 524919 | C$ | 110.82 |
| **Exercisable stock options, at December 31, 2025** | **446565** | **C$** | **118.70** |

---

Options granted in 2025 and 2024 have a ten-year term and vest over five years in equal portions on the anniversary of the grant date. The fair value of stock options granted in 2025 was $0.6 million (2024 – $1.7 million), based on a weighted average fair value of C$51.10 per stock option (2024 - C$38.06 per stock option) based on the following assumptions:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Risk-free interest rate | **2.71%** | 3.08% |
| Expected dividend yield | **0.94%** | 1.20% |
| Expected price volatility of the Company's common shares | **26.1%** | 26.4% |
| Expected life of the option | **4 years** | 4 years |
| Forfeiture rate | **0%** | 0% |

---

In the year ended December 31, 2025, an expense of $1.0 million (2024 - $1.1 million) related to stock options has been included in the consolidated statement of income and comprehensive income (loss), and $0.1 million (2024 - $0.2 million) was capitalized to royalty, stream and working interests. As at December 31, 2025, there was $1.3 million (2024 – $2.6 million) of total unrecognized non-cash stock-based compensation relating to stock options granted under the Plan, which is expected to be recognized over a weighted average period of 2.4 years (2024 – 2.5 years).

---

| | |
|:---|:---|
| 2025 Financial Statements | **41** |

---

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

Options to purchase common shares outstanding at December 31, 2025, exercise prices and weighted average lives to maturity as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Weighted** |
| **Exercise** | **Options** | **Options** | **average life** |
| **price** | **outstanding** | **exercisable** | *(years)* |
| C$75.45 to C$82.11 | 104775 | 104775 | 0.86 |
| C$82.12 to C$97.34 | 91772 | 91772 | 2.71 |
| C$97.35 to C$141.97 | 119022 | 119022 | 3.07 |
| C$141.98 to C$171.04 | 102201 | 51347 | 6.40 |
| C$171.05 to C$231.18 | 118038 | 79649 | 5.39 |
|  | 535808 | 446565 | 3.28 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Restricted share units* 

Changes in the number of RSUs outstanding during the years ended December 31, 2025 and 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | For the year ended December 31,  | For the year ended December 31,  | For the year ended December 31,  |
|  | **Performance-** | **Time-based** |  |
|  | **based RSUs** | **RSUs** | **Total RSUs** |
| Balance at January 1, 2024 | 71051 | 31053 | 102104 |
| Granted | 29694 | 20744 | 50438 |
| Settled | (2639) | (15701) | (18340) |
| Forfeited | (22086) | (757) | (22843) |
| **Balance at December 31, 2024** | **76020** | **35339** | **111359** |
| Balance at January 1, 2025 | 76020 | 35339 | 111359 |
| Granted | 21731 | 15082 | 36813 |
| Settled | (16368) | (16906) | (33274) |
| Forfeited | (7641) |  | (7641) |
| **Balance at December 31, 2025** | **73742** | **33515** | **107257** |

---

The fair value of the RSUs granted in 2025 was $5.9 million (2024 –$5.8 million). Included in the Company's stock-based compensation expense is an amount of $5.3 million (2024 – $4.8 million) relating to RSUs. In addition, $0.1 million related to the RSUs was capitalized to royalty, stream and working interests (2024 – $0.3 million). As at December 31, 2025, there is $6.0 million (2024 – $5.3 million) of total unrecognized non-cash stock-based compensation expense relating to non-vested RSUs granted under the Plan, which is expected to be recognized over a weighted average period of 1.3 years (2024 – 1.7 years).

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* *Deferred Share Unit Plan* 

Changes in the number of DSUs outstanding during the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| Balance at beginning of year | **94836** | 119429 |
| Granted | **1540** | 13975 |
| Settled | **-** | (38568) |
| **Balance at end of year** | **96376** | 94836 |

---

The value of the DSU liability as at December 31, 2025 was $20.0 million (2024 - $11.1 million) and is included in accounts payable and accrued liabilities on the statement of financial position.

---

| | |
|:---|:---|
| 2025 Financial Statements | **42** |

---

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* *Outstanding Stock Options and Restricted Share Units* 

The following table sets out the number of common shares outstanding or issuable pursuant to other outstanding securities at December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **At December 31,** <br>**2025** | At December 31, <br>2024 |
| Common shares outstanding | **192798692** | 192552695 |
| Stock options<sup>(1)</sup> | **535808** | 632380 |
| Restricted Share Units<sup>(2)</sup> | **107257** | 111359 |
|  | **193441757** | 193296434 |

---

---

| | |
|:---|:---|
| 1 | There were 535,808 stock options under our share compensation plan outstanding to directors, officers, employees and others with exercise prices ranging from C$75.45 to C$231.18 per share. The above table assumes all stock options are exercisable. |

---

---

| | |
|:---|:---|
| 2 | There were 33,515 time-based RSUs and 73,742 performance-based RSUs. Vesting of the performance-based RSUs are subject to the achievement of certain performance criteria and a performance multiplier which will range from 0% to 200% of the number granted. The above table assumes a performance multiplier of 100% of performance-based RSUs granted. |

---

#### Note 23 - Earnings per Share ("EPS")

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31,  | For the year ended December 31,  | For the year ended December 31,  | For the year ended December 31,  | For the year ended December 31,  | For the year ended December 31,  |
|  | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 |
|  | <br>**Net income** | **Shares**<br>*(in millions)* | **Per Share**<br>**Amount** | <br>Net income | Shares<br>*(in millions)* | Per Share<br>Amount |
| Basic earnings per share | $**1112.1** | **192.7** | $**5.77** | $552.1 | 192.4 | $2.87 |
| Effect of dilutive securities | **—** | **0.3** | **(0.01)** |  | 0.2 |  |
| Diluted earnings per share | $**1112.1** | **193.0** | $**5.76** | $552.1 | 192.6 | $2.87 |

---

For the year ended December 31, 2025, 10,762 stock options (2024 – 1,723 stock options) were excluded in the computation of diluted EPS due to being anti-dilutive.

---

| | |
|:---|:---|
| 2025 Financial Statements | **43** |

---

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

#### Note 24 - Segment Reporting
The Company's President & Chief Executive Officer, who is the Company's chief operating decision-maker ("CODM"), assesses the Company's performance and makes decisions regarding resource allocation based on primarily the operating segments' revenue, in addition to gross profit. The CODM organizes and manages the business under three reportable segments, consisting of precious metals, other mining and energy.

The Company's reportable segments for the purposes of assessing performance are presented as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** |
|  | **Precious metals** | **Other mining** | **Energy** | **Total** |
| **Revenue**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue from royalty, streams and working interests | $1548.7 | $56.1 | $203.8 | $**1808.6** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest revenue | 14.2 |  |  | **14.2** |
| **Total Revenue** | $1562.9 | $56.1 | $203.8 | $**1822.8** |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Costs of sales  | $156.3 | $0.1 | $12.4 | $**168.8** |
| &nbsp;&nbsp;&nbsp;&nbsp;Depletion and depreciation | 225.6 | 14.9 | 65.6 | **306.1** |
| **Segment gross profit** | $**1181.0** | $**41.1** | $**125.8** | $**1347.9** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** |
|  | **Precious metals** | **Other mining** | **Energy** | **Total** |
| Revenue  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue from royalty, streams and working interests | $853.0 | $58.7 | $193.0 | $1104.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest revenue | 8.3 |  |  | 8.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other interest income | 0.6 |  |  | 0.6 |
| Total Revenue | $861.9 | $58.7 | $193.0 | $1113.6 |
| Expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Costs of sales  | $116.7 | $0.1 | $12.2 | $129.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depletion and depreciation | 150.5 | 11.6 | 62.6 | 224.7 |
| Segment gross profit | $594.7 | $47.0 | $118.2 | $759.9 |

---

A reconciliation of segment gross profit to consolidated net income before taxes is presented below:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| **Segment gross profit** | $**1347.9** | $759.9 |
| **Other operating expenses (income)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | $**35.3** | $32.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | **16.9** | 8.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment reversal<sup>(1)</sup> | **(4.8)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on disposal of royalty interests<sup>(1)</sup> | **—** | (0.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of gold and silver bullion<sup>(1)</sup> | **(54.3)** | (7.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | **0.6** | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange (gain) loss and other (income) expenses | **(36.7)** | 20.7 |
| Income before finance items and income taxes | $**1390.9** | $705.9 |
| **Finance items** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance income | $**28.2** | $60.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance expenses  | **(3.1)** | (2.6) |
| **Net income before income taxes** | $**1416.0** | $763.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Amounts were attributed to the precious metals reportable segment for the year ended December 31, 2025 and 2024.

---

| | |
|:---|:---|
| 2025 Financial Statements | **44** |

---

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

Revenues earned during the years ended December 31, 2025 and 2024 are presented by geographic area based on the location of the mining operations giving rise to the royalty, stream or working interest and location of the borrower giving rise to interest revenue and other interest income:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| Latin America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Peru | $**384.4** | $223.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chile | **251.6** | 168.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | **147.5** | 52.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Panama | **38.3** | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **145.3** | 92.3 |
| Canada | **354.0** | 192.8 |
| United States | **266.1** | 205.0 |
| Rest of World | **235.6** | 178.6 |
|  | $**1822.8** | $1113.6 |

---

For the year ended December 31, 2025, one interest generated 13% of the Company's revenue, totaling $232.5 million. Comparatively, for the year ended December 31, 2024 two interests generated revenue of 15% and 12%, respectively, totaling $294.1 million.

Royalty, stream and working interests as at December 31, 2025 and 2024 are presented by geographic area based on the location of the mining operations giving rise to the royalty, stream or working interest.

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| Latin America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Peru | $**715.1** | $789.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brazil | **661.8** | 673.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chile | **476.5** | 509.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **179.5** | 151.5 |
| Canada | **1930.4** | 600.4 |
| United States | **1435.8** | 1197.4 |
| South Africa | **484.8** | 12.9 |
| Australia | **33.3** | 29.5 |
| Rest of World | **125.9** | 134.7 |
|  | $**6043.1** | $4098.8 |

---

The Company also holds investments, loans receivable and well equipment in the following geographic area:

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| **Investments** |  |  |
| Canada | $**1140.0** | $320.4 |
| United States | **1.3** | 5.1 |
|  | $**1141.3** | $325.5 |
| **Loans receivable** |  |  |
| Canada | $**-** | $110.0 |
|  | $**-** | $110.0 |
| **Well equipment**<sup>(1)</sup> |  |  |
| Canada | $**6.4** | $5.6 |
|  | $**6.4** | $5.6 |

---

1 Well equipment is included in other assets, as referenced in Note 11.

---

| | |
|:---|:---|
| 2025 Financial Statements | **45** |

---

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

#### Note 25 - Fair Value Measurements
Fair value is a market-based measurement, not an entity-specific measurement. For some assets and liabilities, observable market transactions or market information might be available. For other assets and liabilities, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same - to estimate the price at which an orderly transaction to sell the asset or to transfer the liability would take place between market participants at the measurement date under current market conditions (i.e. an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the liability).

The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value.

● Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

● Level 2 inputs are quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices observable for the asset or liability (for example, interest rate and yield curves observable at commonly quoted intervals, forward pricing curves used to value currency and commodity contracts and volatility measurements used to value option contracts), or inputs that are derived principally from or corroborated by observable market data or other means.

● Level 3 inputs are unobservable (supported by little or no market activity).

The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs.

There were no transfers between the levels of the fair value hierarchy during the year ended December 31, 2025.

*Assets and Liabilities Measured at Fair Value on a Recurring Basis:*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quoted prices in** | **Significant other** | **Significant** |  |
|  | **active markets for** | **observable** | **unobservable** |  |
|  | **identical assets** | **inputs** | **inputs** | **Aggregate** |
| &nbsp;&nbsp;&nbsp;**As at December 31, 2025** | **(Level 1)** | **(Level 2)** | **(Level 3)** | **fair value** |
| Equity investments | $1093.3 | $— | $12.0 | $**1105.3** |
| Warrants |  | 36.0 |  | **36.0** |
| Receivables from provisional concentrate sales |  | 6.6 |  | **6.6** |
|  | $**1093.3** | $**42.6** | $**12.0** | $**1147.9** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices in | Significant other | Significant |  |
|  | active markets for | observable | unobservable |  |
|  | identical assets | inputs | inputs | Aggregate |
| &nbsp;&nbsp;&nbsp;As at December 31, 2024 | (Level 1) | (Level 2) | (Level 3) | fair value |
| Equity investments | $316.8 | $— | $8.0 | $324.8 |
| Warrants |  | 0.7 |  | 0.7 |
| Receivables from provisional concentrate sales |  | 2.6 |  | 2.6 |
|  | $316.8 | $3.3 | $8.0 | $328.1 |

---

The valuation techniques that are used to measure fair value are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Investments* 

The fair values of publicly-traded investments are determined based on a market approach reflecting the closing prices of each particular security at the statement of financial position date. The closing prices are quoted market prices obtained from the exchange that is the principal active market for the particular security, and therefore are classified within Level 1 of the fair value hierarchy.

The Company holds two equity investments that do not have a quoted market price in an active market. The Company has assessed the fair value of the instruments based on a valuation technique using unobservable discounted future cash flows. As a result, the fair value is classified within Level 3 of the fair value hierarchy.

The fair values of warrants are estimated using the Black-Scholes pricing model which requires the use of inputs that are observable in the market. As such, these investments are classified within Level 2 of the fair value hierarchy.

---

| | |
|:---|:---|
| 2025 Financial Statements | **46** |

---

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Receivables from Provisional Concentrate Sales* 

The fair values of receivables arising from gold and platinum group metal concentrate sales contracts that contain provisional pricing mechanisms are determined using the appropriate quoted forward prices from the exchange that is the principal active market for the particular metal. As such, these receivables are classified within Level 2 of the fair value hierarchy.

As at December 31, 2025, the carrying values of the Company's financial assets and liabilities, which include cash and cash equivalents, receivables, accounts payable and accrued liabilities approximated their fair values due to their short-term nature or negligible ECL.

The Company has not offset financial assets with financial liabilities.

#### Note 26 – Financial Risk Management
The Company's financial instruments are comprised of financial assets and liabilities. The Company's principal financial liabilities comprise accounts payable and accrued liabilities and debt. The Company's principal financial assets are cash and cash equivalents, receivables, and investments. The main purpose of these financial instruments is to manage short-term cash flow and working capital requirements and fund future acquisitions.

The Company is engaged in the business of acquiring, managing and creating resource royalties and streams. Royalties and streams are interests that provide the right to revenue or production from the various properties, after deducting specified costs, if any. These activities expose the Company to a variety of financial risks, which include direct exposure to market risks (which includes commodity price risk, foreign exchange risk and interest rate risk), credit risk, liquidity risk and capital risk management.

Management designs strategies for managing some of these risks, which are summarized below. The Company's executive management oversees the management of financial risks. The Company's executive management ensures that financial risk-taking activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company's policies and risk appetite.

The Company's overall objective from a risk management perspective is to safeguard its assets and mitigate risk exposure by focusing on security rather than yield.

*(a) Market Risks* 

Market risks are the risks that change in market factors, such as commodity prices, foreign exchange rates or interest rates, will affect the value of the Company's financial instruments. The Company manages market risks by either accepting it or mitigating it through the use of economic strategies.

*Commodity Price Risk*

The Company's royalties, streams and working interests and gold and silver bullion and stream inventory are subject to fluctuations from changes in market prices of the underlying commodities. The market prices of gold, silver, platinum, palladium, iron ore, oil and gas are the primary drivers of the Company's profitability and ability to generate free cash flow. All of the Company's future revenue is not hedged in order to provide shareholders with full exposure to changes in the market prices of these commodities. The table below summarizes the impact to revenue of a 10% change in gold prices.

---

| | | |
|:---|:---|:---|
|  | **Effect on Revenue** | **Effect on Revenue** |
|  | **2025** | 2024 |
| 10% increase | $**127.6** | $70.7 |
| 10% decrease | **(127.6)** | (70.7) |

---

*Foreign Exchange Risk*

The functional currencies of the Company's entities include the Canadian, U.S. and Australian dollars with the reporting currency of the Company being the U.S. dollar. The Company is primarily exposed to currency fluctuations relative to the U.S. dollar on balances and transactions that are denominated and settled in Canadian dollars. The Company has exposure to the Canadian dollar through its Canadian energy activities and corporate administration costs. The Company also has exposure to the Brazilian real through its holding of the Vale royalty which is paid in Brazilian reais. Consequently, fluctuations in the U.S. dollar exchange rate against these currencies increase the volatility of depletion, corporate administration costs and overall net earnings, when translated into U.S. dollars.

The Company records currency translation adjustment gains or losses primarily due to the fluctuation of the U.S. dollar in relation to its Canadian assets and liabilities. During the year ended December 31, 2025, the U.S. dollar weakened in relation to the Canadian dollar. As a result, the Company recorded a currency translation adjustment gain of $91.2 million (2024 – loss of $131.3 million).

---

| | |
|:---|:---|
| 2025 Financial Statements | **47** |

---

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

*Interest Rate Risk*

Interest rate risk refers to the risk that the value of a financial instrument or cash flows associated with the instrument will fluctuate due to changes in market interest rates. The Company's interest rate exposure arises mainly from the interest receipts on cash and cash equivalents and loans receivable. The Company may also be exposed to interest rate risk when it has borrowed amounts under its Corporate Revolver.

The following table shows the approximate interest rate sensitivities of the Company's financial assets and liabilities as at December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Effect on net income** | **Effect on net income** | **Effect on equity** | **Effect on equity** |
|  | **2025** | 2024 | **2025** | 2024 |
| 0.5% increase | $**2.6** | $6.2 | $**2.6** | $6.2 |
| 0.5% decrease | **(2.2)** | (5.5) | **(2.2)** | (5.5) |

---

*Other Price Risk*

Other price risk is the risk of variability in fair value due to movements in equity prices. The Company's equity price risk exposure arises from the Company's investments, as referenced in Note 6.

The table below shows the approximate equity price sensitivity to net income and other comprehensive income as at December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Effect on other** | **Effect on other** |
|  | **Effects on net income** | **Effects on net income** | **comprehensive income (loss)** | **comprehensive income (loss)** |
|  | **2025** | 2024 | **2025** | 2024 |
| 10% increase | $**4.5** | $0.2 | $**95.9** | $28.2 |
| 10% decrease | **(4.4)** | (0.2) | **(95.9)** | (28.2) |

---

*(b) Credit Risk*

Credit risk is the risk that a third party might fail to fulfill its performance obligations under the terms of a financial instrument and the potential for loss due to the failure of a borrower to repay a loan. Credit risk arises predominantly with respect to the Company's cash and cash equivalents and receivables. The Company closely monitors its financial assets and has determined that it does not have any significant concentration of credit risk. The Company maintains its cash and cash equivalents in several high-quality financial institutions.

As at December 31, 2025, the Company's maximum credit risk exposure is represented by the respective carrying amounts of the financial assets in the consolidated statement of financial position. The Company is unaware of any information which would cause it to believe that these financial assets are not fully recoverable.

---

| | |
|:---|:---|
| 2025 Financial Statements | **48** |

---

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

*(c) Liquidity Risk*

Liquidity risk is the risk of loss from not having access to sufficient funds to meet both expected and unexpected cash demands. The Company manages its exposure to liquidity risk through prudent management of its statement of financial position, including maintaining sufficient cash balances and access to credit facilities. The Company has in place a planning and budgeting process to help determine the funds required to support the Company's normal operating requirements on an ongoing basis. Management continuously monitors and reviews both actual and forecasted cash flows, including acquisition activities.

As at December 31, 2025, the Company held $670.9 million in either cash, cash equivalents or highly-liquid investments (2024– $1,451.3 million). All of the Company's financial liabilities are due within one year. The Company's near-term cash requirements include the purchase commitments described in Note 27 (a), capital commitments described in Note 27 (b), corporate administration costs, other costs of sales, income taxes and dividends.

*(d) Capital Risk Management*

The Company's primary objective when managing capital is to provide a sustainable return to shareholders through managing and growing the Company's resource asset portfolio while ensuring capital protection. The Company defines capital as its cash, cash equivalents and long-term investments which is managed by the Company's management subject to approved policies and limits by the Board of Directors.

There were no changes in the Company's approach to capital management during the year ended December 31, 2025 compared to the prior year. The Company is not subject to material externally imposed capital requirements or significant financial covenants or capital requirements with our lenders. The Company is in compliance with all its covenants under its credit facilities as at December 31, 2025.

As at December 31, 2025, the Company has cash and cash equivalents totaling $670.9 million (2024 – $1,451.3 million) and investments totaling $1,141.3 million (2024 – $325.5 million), of which $1,093.3 million (2024 – $316.8 million) are held in publicly traded securities. Of the $1,093.3 million held in publicly-traded securities, $138.0 million relates to our holdings of LIORC (2024 - $127.3 million). The Company also has approximately $1.0 billion (2024 – $1.0 billion) available under its Corporate Revolver. All of these sources of capital are available to the Company to meet its near-term cash requirements and capital commitments.

---

| | |
|:---|:---|
| 2025 Financial Statements | **49** |

---

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

#### Note 27 - Commitments
*(a) Purchase Commitments*

The following table summarizes the Company's commitments to pay for gold, silver and PGM pursuant to the associated precious metal agreements as at December 31, 2025. The table does not reflect the partial buyback of the Cascabel stream, as referenced in Note (c), and the acquisition of the Casa Berardi gold stream, as referenced in Note 4 (e), which are expected to occur subsequent to December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Attributable payable** | **Attributable payable** | **Attributable payable** |  |  |  |  |  |
|  | **production to be purchased** | **production to be purchased** | **production to be purchased** | **Per ounce cash payment** <sup>(1),(2)</sup> | **Per ounce cash payment** <sup>(1),(2)</sup> | **Per ounce cash payment** <sup>(1),(2)</sup> | **Term of** | **Date of** |
| **Interest** | **Gold** | **Silver** | **PGM** | **Gold** | **Silver** | **PGM** | **agreement**<sup>(3)</sup> | **contract** |
| Antamina | —% | 22.5% <sup>(4)</sup> | —% | n/a | 5% <sup>(5)</sup> | n/a | 40 years | 7-Oct-15 |
| Antapaccay | —% <sup>(6)</sup> | —% <sup>(7)</sup> | —% | 20% <sup>(8)</sup> | 20% <sup>(9)</sup> | n/a | 40 years | 10-Feb-16 |
| Candelaria | 68% <sup>(10)</sup> | 68% <sup>(10)</sup> | —% | $400 | $4.00 | n/a | 40 years | 6-Oct-14 |
| Cascabel | 14% <sup>(11)</sup> | —% | —% | 20% <sup>(12)</sup> | n/a | n/a | 40 years | 15-Jul-24 |
| Cooke 4 | 7% | —% | —% | $400 | n/a | n/a | 40 years | 5-Nov-09 |
| Cobre Panamá Fixed Payment Stream | —% <sup>(13)</sup> | —% <sup>(14)</sup> | —% | $418<br><sup>(15)</sup> | $6.27<br><sup>(16)</sup> | n/a | 40 years | 19-Jan-18 |
| Cobre Panamá Floating Payment Stream | —% <sup>(17)</sup> | —% <sup>(18)</sup> | —% | 20% <sup>(19)</sup> | 20% <sup>(20)</sup> | n/a | 40 years | 19-Jan-18 |
| Condestable | —% <sup>(21)</sup> | —% <sup>(22)</sup> | —% | 20% <sup>(23)</sup> | 20% <sup>(24)</sup> | n/a | 40 years | 27-Mar-24 |
| Guadalupe-Palmarejo | 50% | —% | —% | $800 | n/a | n/a | 40 years | 2-Oct-14 |
| Karma | 4.875% | —% | —% | 20% <sup>(25)</sup> | n/a | n/a | 40 years | 11-Aug-14 |
| New Prosperity | 22% <sup>(26)</sup> | —% | —% | $400<br><sup>(27)</sup> | n/a | n/a | 40 years | 12-May-10 |
| Sabodala | —% <sup>(28)</sup> | —% | —% | 20% <sup>(29)</sup> | n/a | n/a | 40 years | 25-Sep-20 |
| Sudbury <sup>(30)</sup> | 50% | —% | 50% | $400 | n/a | $400 | 40 years | 15-Jul-08 |
| Tocantinzinho | 12.5% <sup>(31)</sup> | —% | —% | 20% <sup>(32)</sup> | n/a | n/a | 40 years | 18-Jul-22 |
| Western Limb | —% <sup>(33)</sup>  | —%  | 1% <sup>(34)</sup>  | 5% <sup>(35)</sup> | n/a | 5% | 40 years | 28-Feb-25 |

---

1 Subject to an annual inflationary adjustment except for Antamina, Antapaccay, Cascabel, Guadalupe-Palmarejo, Karma, Sabodala, Tocantinzinho and Western Limb.

---

| | |
|:---|:---|
| 2 | Should the prevailing market price for gold be lower than this amount, the per ounce cash payment will be reduced to the prevailing market price. |

---

3 Subject to successive extensions.

---

| | |
|:---|:---|
| 4 | Subject to a fixed payability of 90%. Percentage decreases to 15% after 86 million ounces of silver has been delivered under the agreement. |

---

---

| | |
|:---|:---|
| 5 | Purchase price is 5% of the average silver price at the time of delivery. At December 31, 2025, a cumulative total of 32.1 million silver ounces have been delivered. |

---

---

| | |
|:---|:---|
| 6 | Gold deliveries are referenced to copper in concentrate shipped with 300 ounces of gold delivered for each 1,000 tonnes of copper in concentrate shipped, until 630,000 ounces of gold has been delivered. Thereafter, percentage is 30% of gold shipped. At December 31, 2025, a cumulative total of 531,810 gold ounces have been delivered. |

---

---

| | |
|:---|:---|
| 7 | Silver deliveries are referenced to copper in concentrate shipped with 4,700 ounces of silver delivered for each 1,000 tonnes of copper in concentrate shipped, until 10.0 million ounces of silver has been delivered. Thereafter, percentage is 30% of silver shipped. At December 31, 2025, a cumulative total of 8.3 million silver ounces have been delivered. |

---

---

| | |
|:---|:---|
| 8 | Purchase price is 20% of the spot price of gold until 750,000 ounces of gold have been delivered, thereafter the purchase price is 30% of the spot price of gold. At December 31, 2025, a cumulative total of 531,810 gold ounces have been delivered. |

---

---

| | |
|:---|:---|
| 9 | Purchase price is 20% of the spot price of silver until 12.8 million ounces of silver have been delivered, thereafter the purchase price is 30% of the spot price of silver. At December 31, 2025, a cumulative total of 8.3 million silver ounces have been delivered. |

---

---

| | |
|:---|:---|
| 10 | Percentage decreases to 40% after 720,000 ounces of gold and 12.0 million ounces of silver have been delivered under the agreement. At December 31, 2025, a cumulative total of 650,089 gold ounces and 11.0 million silver ounces have been delivered. |

---

---

| | |
|:---|:---|
| 11 | Percentage decreases to 8.4% after 525,000 ounces of gold have been delivered to Franco-Nevada (Barbados) Corporation under the agreement. |

---

---

| | |
|:---|:---|
| 12 | Purchase price is 20% of the spot price of gold at the time of delivery. |

---

---

| | |
|:---|:---|
| 13 | Gold deliveries are indexed to copper in concentrate produced from the project. 120 ounces of gold per every 1 million pounds of copper produced until 808,000 ounces of gold delivered. Thereafter, 81 ounces of gold per 1 million pounds of copper produced until 1,716,188 ounces of gold delivered. Thereafter, 63.4% of the gold in concentrate. At December 31, 2025, a cumulative total of 360,385 gold ounces have been delivered. |

---

---

| | |
|:---|:---|
| 14 | Silver deliveries are indexed to copper in concentrate produced from the project. 1,376 ounces of silver per every 1 million pounds of copper produced until 9,842,000 ounces of silver delivered. Thereafter 1,776 ounces of silver per 1 million pounds of copper produced until 29,731,000 ounces of silver delivered. Thereafter, 62.1% of the silver in concentrate. At December 31, 2025, a cumulative total of 4.1 million silver ounces have been delivered. |

---

---

| | |
|:---|:---|
| 15 | After 1,341,000 ounces of gold delivered, purchase price is the greater of 50% of spot and $418.27 per ounce, subject to an annual inflationary adjustment. At December 31, 2025, a cumulative total of 360,385 gold ounces have been delivered. |

---

---

| | |
|:---|:---|
| 16 | After 21,510,000 ounces of silver delivered, purchase price is the greater of 50% of spot and $6.27 per ounce, subject to an annual inflationary adjustment. At December 31, 2025, a cumulative total of 4.1 million silver ounces have been delivered. |

---

---

| | |
|:---|:---|
| 17 | Gold deliveries are indexed to copper in concentrate produced from the project. 30 ounces of gold per every 1 million pounds of copper produced until 202,000 ounces of gold delivered. Thereafter 20.25 ounces of gold per 1 million pounds of copper produced until 429,047 ounces of gold delivered. Thereafter, 15.85% of the gold in concentrate. At December 31, 2025, a cumulative total of 90,096 gold ounces have been delivered. |

---

---

| | |
|:---|:---|
| 18 | Silver deliveries are indexed to copper in concentrate produced from the project. 344 ounces of silver per every 1 million pounds of copper produced until 2,460,500 ounces of silver delivered. Thereafter, 444 ounces of silver per 1 million pounds of copper produced until 7,432,750 ounces of silver delivered. Thereafter 15.53% of the silver in concentrate. At December 31, 2025, a cumulative total of 1.0 million silver ounces have been delivered. |

---

---

| | |
|:---|:---|
| 19 | After 604,000 ounces of gold delivered, purchase price is 50% of the spot price of gold. At December 31, 2025, a cumulative total of 90,096 gold ounces have been delivered. |

---

---

| | |
|:---|:---|
| 20 | After 9,618,000 ounces of silver delivered, purchase price is 50% of the spot price of silver. At December 31, 2025, a cumulative total of 1.0 million silver ounces have been delivered. |

---

---

| | |
|:---|:---|
| 2025 Financial Statements | **50** |

---

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

---

| | |
|:---|:---|
| 21 | Gold deliveries are fixed at 8,760 ounces per annum from January 1, 2021 to December 31, 2025. Thereafter, 63% of the gold in concentrate until a cumulative total of 87,600 ounces of gold delivered. Thereafter, 37.5% of the gold in concentrate. At December 31, 2025, a cumulative total of 43,800 gold ounces have been delivered. |

---

---

| | |
|:---|:---|
| 22 | Silver deliveries are fixed at 291,000 ounces per annum from January 1, 2021 to December 31, 2025. Thereafter, 63% of the silver in concentrate until a cumulative total of 2,910,000 ounces of silver delivered. Thereafter, 37.5% of the silver in concentrate. At December 31, 2025, a cumulative total of 1.5 million ounces have been delivered. |

---

---

| | |
|:---|:---|
| 23 | Purchase price is 20% of the spot price of gold at the time of delivery. |

---

---

| | |
|:---|:---|
| 24 | Purchase price is 20% of the spot price of silver at the time of delivery. |

---

---

| | |
|:---|:---|
| 25 | Purchase price is 20% of the average gold price at the time of delivery. |

---

---

| | |
|:---|:---|
| 26 | Franco-Nevada has the right to acquire a 22% gold stream on New Prosperity for $350.0 million. |

---

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| | |
|:---|:---|
| 27 | Purchase price is subject to a 1% annual increase, compounding annually, that commenced in May 2014. |

---

---

| | |
|:---|:---|
| 28 | Based on amended agreement with an effective date of September 1, 2020, gold deliveries are fixed at 783.33 ounces per month until 105,750 ounces of gold is delivered. Thereafter, percentage is 6% of gold production (subject to reconciliation after fixed delivery period to determine if Franco-Nevada would have received more or less than 105,750 ounces of gold under the original 6% variable stream for such period, entitling the operator to a credit for an over-delivery applied against future stream deliveries or a one-time additional delivery to Franco-Nevada for an under-delivery). |

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---

| | |
|:---|:---|
| 29 | Purchase price is 20% of prevailing market price at the time of delivery. |

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---

| | |
|:---|:---|
| 30 | The Company is committed to purchase 50% of the precious metals contained in ore from the properties. Payment is based on gold equivalent ounces. For McCreedy West, effective June 1, 2021, purchase price per gold equivalent ounce is determined based on the monthly average gold spot price: (i) when the gold spot price is less than $800 per ounce, the purchase price is the prevailing monthly average gold spot price; (ii) when the gold spot price is greater than $800 per ounce but less than $1,333 per ounce, the purchase price is $800 per ounce; (iii) when the gold spot price is greater than $1,333 per ounce but less than $2,000 per ounce, the purchase price is 60% of the prevailing monthly average gold spot price; and (iv) when the gold spot price is greater than $2,000, the purchase price is $1,200 per ounce. |

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| | |
|:---|:---|
| 31 | Percentage decreases to 7.5% after 300,000 ounces of gold have been delivered under the agreement. At December 31, 2025, a cumulative total of 85,440 gold ounces have been delivered. |

---

---

| | |
|:---|:---|
| 32 | Purchase price is 20% of the spot price of gold at the time of delivery. |

---

---

| | |
|:---|:---|
| 33 | Gold deliveries are referenced to platinum, palladium, rhodium and gold ("4E") ounces contained in concentrate with deliveries of gold ounces initially equal to 1.1% of 4E PGM ounces contained in concentrate, until 87,500 ounces of gold delivered. Thereafter, deliveries of gold ounces equal to 0.75% of 4E PGM ounces contained in concentrate, until a total of 237,000 ounces of gold delivered. Thereafter, 80.0% of gold contained in concentrate. At December 31, 2025, a cumulative total of 16,933 ounces of gold have been delivered. |

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| | |
|:---|:---|
| 34 | Percentage increases to 2.1% of platinum contained in concentrate after 48,000 ounces of platinum delivered. Platinum deliveries are capped at 294,000 ounces of platinum. At December 31, 2025, a cumulative total of 9,174 platinum ounces have been delivered. |

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| | |
|:---|:---|
| 35 | After 237,000 ounces of gold delivered, purchase price is 10% of the spot price of gold. At December 31, 2025, a cumulative total of 16,933 ounces of gold have been delivered. |

---

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| | |
|:---|:---|
| 2025 Financial Statements | **51** |

---

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

 *(b) Capital Commitments*

As at December 31, 2025, the Company has the following investment commitments with respect to the Company's royalty and stream interests:

---

| | | |
|:---|:---|:---|
| **Asset** | **Commitment** | **Obligating Event** |
| Cascabel stream | $478.3 million (reduced to $239.2 million following the operator's buy-back of 50% of the Cascabel stream exercised subsequent to 2025 year-end) | Without limitation, completion of key development milestones, receipt of all material permits, a construction decision approved by the board of directors of SolGold plc, and availability of the remainder of the required project financing  |
| Royalty Acquisition Venture with Continental | $36.5 million | Acquisition of mineral rights acquired through the Royalty Acquisition Venture with Continental, triggering funding requirements by the Company  |
| Yanacocha royalty  | 118,534 Franco-Nevada common shares (equivalent to $15.0 million at closing) | Achievement of commercial production and receipt of royalty payments from the Conga project for a full year within 20 years of the August 13, 2024 purchase agreement |
| Copper World royalty | $12.5 million | 50% of commitment payable upon the project having all necessary permits and approvals and being free of legal challenges. 50% of commitment payable upon Franco-Nevada receiving royalty payments from the operator. Proportionate reduction of such contingent payments for a smaller-scale mine having anticipated life of mine production of copper contained in concentrate between 550,000 short tons and 1,703,000 short tons |
| Salares Norte (Rio Baker) royalty | $8.0 million | Receipt of Rio Baker royalty payments (excluding proceeds from the exercise by Gold Fields Limited of a partial buy-back option on the royalty) in excess of $15 million |
| Elemental Altus Royalties Corp. | $4.9 million | Sourcing by Elemental Altus (previously EMX) of newly created precious metals and copper royalties meeting specified criteria within three years of the June 27, 2023 joint acquisition agreement |
| Eskay Creek royalty | C$4.5 million | Skeena Resources having obtained mineral and surface rights to the materials contained in the Albino Lake storage facility, and such materials containing at least 300,000 ounces of contained gold that are contemplated to be mined in a mine plan approved by the board of Skeena Resources  |
| Gold Quarry | $1.0 million | An increase in the minimum annual royalty amount during any calendar year preceding January 1, 2030 |
| Yilgarn Star royalty | A$1.5 million | Commencement of commercial mining within 18 months of the December 24, 2025 agreement date |

---

In addition to the table above, the Company has commitments related to environmental and social initiatives in connection with its acquisition of royalty and stream interests.

---

| | |
|:---|:---|
| 2025 Financial Statements | **52** |

---

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

#### Note 28 - Contingencies
&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Cobre Panamá* 

On June 18, 2025, the Company agreed to suspend its arbitration against the GOP the Company had filed under the Canada-Panama Free Trade Agreement with the International Centre for Settlement of Investment Disputes on June 27, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Canada Revenue Agency Audit* 

***Settlement of Canada Revenue Agency Transfer Pricing Tax Dispute***

From December of 2018 to November of 2024, the Company received Notices of Reassessment from the CRA for taxation years 2013 to 2019 (the "Reassessments") in relation to its Mexican and Barbadian subsidiaries. The reassessments were made on the basis of the transfer pricing provisions in the Income Tax Act (Canada) (the "Act") and asserted that a majority of the income earned by the Mexican and Barbadian subsidiaries should have been included in the income of the Company and subject to tax in Canada. The Reassessments resulted in $204.7million (C$280.3 million) of additional Federal and provincial income taxes, transfer pricing penalties, and interest and other penalties.

The Company filed formal Notices of Objection with the CRA against the Reassessments and commenced an appeal in the Tax Court of Canada with respect to the Reassessments for the 2013-2015 taxation years. The Company also posted security for 50% of the reassessed amounts in the form of cash totaling $44.7 million (C$61.4 million) and standby letters of credit totaling $48.1 million (C$66.0 million), as referenced in Note 9 and Note 13 respectively.

On September 11, 2025, the Company reached a settlement with the CRA (the "CRA Settlement") which provides for a final resolution of the Company's tax dispute in connection with the Reassessments.

CRA Settlement Highlights:

&nbsp;&nbsp;&nbsp;&nbsp;● The CRA Settlement will not require the payment of any tax in Canada on the foreign earnings of the Company's Barbadian and Mexican subsidiaries for the 2013 to 2019 taxation years.

&nbsp;&nbsp;&nbsp;&nbsp;● The service fee charged by the Company for certain services provided to the Barbadian and Mexican subsidiaries will be adjusted to increase the mark-up applied to the Company's cost of providing those services from the current range of 7 - 20% to 30% .

&nbsp;&nbsp;&nbsp;&nbsp;● The additional service fee will result in the Company being subjected to Canadian tax on additional income of C $1.4 million in Canada for the 2013 to 2019 taxation years. After the application of non-capital losses, the Company does not anticipate any additional cash taxes will arise in respect of these years as a result of the CRA Settlement.

&nbsp;&nbsp;&nbsp;&nbsp;● Transfer pricing penalties reflected in the Reassessments will be reversed. The interest charges reflected in the Reassessments will be reduced and adjusted consequentially to the adjustments described above.

&nbsp;&nbsp;&nbsp;&nbsp;● The CRA Settlement is not legally binding on the CRA for years after 2019, however, the Company believes the transfer pricing principles established by the CRA Settlement will apply to years after 2019, including the 2020 and 2021 taxation years which are currently under audit, provided there are no material changes to the facts or law. On November 4, 2025, the Canadian Federal Government announced proposed changes to the transfer pricing legislation which, if enacted, would apply from 2026 onwards. The Company is in the process of evaluating the potential impact of these proposals.

In Q4 2025, the CRA issued revised Notices of Reassessment to the Company to reflect the adjustments under the CRA Settlement. The Company expects that the amounts that were posted as security for the Reassessments in the form of standby letters of credit totaling $48.1 million (C$66.0 million) will be released, and cash totaling $44.7 million (C$61.4 million) will be fully refunded plus interest of approximately $5.5 million (C$7.5 million), which has been accounted for in the year. Subsequent to year-end, the Company received refunds of its cash security deposits totaling $30.0 million (C$41.2 million) and all standby letters of credit were released. The Company expects the remaining cash deposit balance to be returned in the short-term.

---

| | |
|:---|:---|
| 2025 Financial Statements | **53** |

---

*Franco-Nevada Corporation*

**Notes to the Consolidated Financial Statements**<br>

**For the years ended December 31, 2025 and 2024**

*(expressed in millions of U.S. dollars, except per share amounts, unless otherwise noted)*

#### Note 29 – Subsequent Events
&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Acquisition of Royalty Portfolio from Victoria Gold* 

Subsequent to year-end, on February 24, 2026, the Company agreed to acquire a portfolio of six royalties held by Victoria Gold, as referenced in Note 4 (a).

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Financing Package with Minerals 260 on the Bullabulling Gold Project* 

Subsequent to year-end, on February 22, 2026, the Company agreed to acquire a gross royalty on Minerals 260's Bullabulling gold project and subscribe to Minerals 260's ordinary shares, as referenced in Note 4 (b).

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Partial buyback of Cascabel Stream and NSR* 

Subsequent to year-end, in February 2026, the Company received notices from SolGold and JCC indicating their intention to exercise buyback options with respect to the Cascabel Stream and Cascabel NSR, as referenced in Note 4 (c).

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Acquisition of Royalty with i-80 Gold* 

Subsequent to year-end, on February 12, 2026, the Company agreed to acquire a NSR from i-80 Gold, as referenced by Note 4 (d).

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* *Acquisition of Stream on the Casa Berardi Gold Mine with Orezone* 

*Subsequent to year-end, on January 26, 2026, the Company agreed to acquire a gold stream on Orezone's Casa Berardi Gold Mine, as referenced on Note 4 (e).*

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* *Settlement of Canada Transfer Pricing Tax Dispute* 

Subsequent to year-end, the Company received refunds of its cash deposits totaling $30.0 million (C$41.2 million) and all standby letters of credit issued against the Company's Corporate Revolver were returned and cancelled, as referenced in Note 28 (b).

&nbsp;&nbsp;&nbsp;&nbsp;*(g)* *Extension of Corporate Revolver* 

Subsequent to year-end, on March 10, 2026, the Company extended the maturity date of the Corporate Revolver to March 10, 2031, increased the amount available under the accordion to $500.0 million, and reduced the applicable margin based on the SOFR to between 1.00% and 2.05%, depending on the Company's leverage ratio, as referenced in Note 13.

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| | |
|:---|:---|
| 2025 Financial Statements | **54** |

---

![Graphic](fnv-20251231xex99d3003.jpg)

## Exhibit 99.4

**Exhibit 99.4**

**CERTIFICATIONS PURSUANT TO RULE 13A-14(A) OF THE EXCHANGE ACT, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Paul Brink, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this annual report on Form 40-F of Franco-Nevada Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the issuer's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the issuer's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer's auditors and the audit committee of the issuer's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer's internal control over financial reporting.

Date: March 19, 2026

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| |
|:---|
| /s/ Paul Brink |
| Paul Brink |
| President & Chief Executive Officer |

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------

## Exhibit 99.5

**Exhibit 99.5**

**CERTIFICATIONS PURSUANT TO RULE 13A-14(A) OF THE EXCHANGE ACT, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Sandip Rana, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this annual report on Form 40-F of Franco-Nevada Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the issuer's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the issuer's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer's auditors and the audit committee of the issuer's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer's internal control over financial reporting.

Date: March 19, 2026

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| |
|:---|
| /s/ Sandip Rana |
| Sandip Rana |
| Chief Financial Officer |

---

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## Exhibit 99.6

**Exhibit 99.6**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. § 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of Franco-Nevada Corporation (the "Company") on Form 40-F for the year ended December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Paul Brink, the President & Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: March 19, 2026

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| |
|:---|
| /s/ Paul Brink |
| Paul Brink |
| President & Chief Executive Officer |

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## Exhibit 99.7

**Exhibit 99.7**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. § 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report of Franco-Nevada Corporation (the "Company") on Form 40-F for the year ended December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Sandip Rana, the Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: March 19, 2026

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| |
|:---|
| /s/ Sandip Rana |
| Sandip Rana |
| Chief Financial Officer |

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------

## Exhibit 99.8

**Exhibit 99.8**

**Consent of Independent Registered Public Accounting Firm**

We hereby consent to the incorporation by reference in this Annual Report on Form 40-F for the year ended December 31, 2025 of Franco-Nevada Corporation of our report dated March 10, 2026, relating to the consolidated financial statements and the effectiveness of internal control over financial reporting, which appears in Exhibit 99.3 to this Annual Report on Form 40-F.

We also consent to the incorporation by reference in the Registration Statements on Form F-3 (No. 333-264906), on Form S-8 (No. 333-176856) and on Form F-10 (No. 333-280159) of Franco-Nevada Corporation of our report dated March 10, 2026 referred to above. We also consent to reference to us under the heading "EXPERTS" in the Annual Information Form, filed as Exhibit 99.1 to this Annual Report on Form 40-F, which is incorporated by reference in such Registration Statements.

 **/s/PricewaterhouseCoopers LLP**

**Chartered Professional Accountants, Licensed Public Accountants**

Toronto, Canada

March 19, 2026

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## Exhibit 99.9

**Exhibit 99.9**

**CONSENT OF DARROL VAN DEVENTER**

In connection with Franco-Nevada Corporation's Annual Report on Form 40-F for the year ended December 31, 2025, and any amendments thereto, and any documents incorporated by reference therein, to be filed with the United States Securities and Exchange Commission (the "Annual Report"), I hereby consent to the use of and references to my name, and the inclusion and incorporation by reference in the Annual Report of the information approved by me that is of a scientific or technical nature and all other references to such information included or incorporated by reference in the Annual Report and the registration statements on Form F-3 (No. 333-264906), on Form S-8 (No. 333-176856) and on Form F-10 (No. 333-280159).

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| | |
|:---|:---|
| DATED: | March 19, 2026 |
| /s/ Darrol van Deventer | /s/ Darrol van Deventer |
| Name: Darrol van Deventer, P.Eng. | Name: Darrol van Deventer, P.Eng. |

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