Franco-Nevada (FNV) Corporate presentation summary

Producing asset updates

• Cobre Panama resumed concentrate shipments in June 2025 after government approval of preservation and safe management plans; arbitration suspended.

• Antapaccay's Coroccohuayco project could extend mine life to over 27 years, with community consultations ongoing.

• Antamina received regulatory approval in February 2024, extending mine life to 2036 and enabling medium-term production growth.

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

• Candelaria's decision on underground expansion is expected by year-end.

Royalties and mine development

• Detour Lake's 2024 life-of-mine plan targets 1 Mozpa production from 2030–2043; exploration ramp excavation starts Q2 2025.

• Côté achieved nameplate throughput in June 2025, targeting 360k–400k oz gold production for the year.

• Canadian Malartic's Odyssey shaft and exploration drilling are progressing, with potential resource increases.

• Bald Mountain extends mine life to 2031 after converting 1 Moz gold to reserves at Redbird pit.

• Stillwater restructuring in Q4 2024 reduces production by 200 koz from 2025, improving commercial viability.

Advanced projects and ramp-ups

• Posse (Mara Rosa) achieved commercial production in May 2024; 2025 exploration budget set at $36M, with revised guidance due to operational challenges.

• Salares Norte poured first gold in March 2024, with commercial production expected Q2 2025; underground mining option under study.

• Valentine Gold pre-commissioning underway, first gold pour expected end of Q3 2025, with accelerated expansion plans.

• Greenstone revised 2025 guidance to 220,000–260,000 oz gold after first gold in May 2024.

• Tocantinzinho poured first gold in July 2024, ramping up to 170,000–200,000 oz in 2025.