Franco-Nevada (FNV) Economic Moat Analysis56

Preuves

Royalties and streams are interests that provide the right to revenue or production from the various properties, after deducting specified costs, if any.

Note 26, rights to property revenue or production · Dépôt 19/03/2026

Note 23 - Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quoted prices in ​ ​ ​ Significant other ​ ​ ​ Significant ​ ​ ​ ​ ​ active markets for ​ observable ​ unobservable The following table summarizes the Company’s commitments to pay for gold, silver and PGM pursuant to the associated precious metal agreements as at June 30, 2026: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Attributable payable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ production to be purchased ​ Per ounce cash payment (1),(2) ​ ​ Term of ​ Date of Interest ​ ​ ​ Gold ​ ​ ​ Silver ​ ​ ​ PGM ​ ​ ​ Gold ​ ​ ​ Silver ​ ​ ​ ​ ​ ​ PGM ​ ​ ​ ​ ​ ​ agreement(3) ​ ​ ​ contract Antamina — % 22.5 % (4) — % ​ n/a ​ ​ 5 ​ % (5) ​ n/a ​ 40 years ​ 7-Oct-15 ​ Antapaccay — % (6) — % (7) — % 20 % (8) ​ 20 ​ % (9) ​ n/a ​ 40 years ​ 10-Feb-16 ​ Candelaria 68 % (10) 68 % (10) — % $ 400 ​ $ 4.00 ​ ​ ​ n/a ​ 40 years ​ 6-Oct-14 ​ Casa Berardi ​ — % (11) — % — % ​ 20 % ​ n/a ​ ​ ​ n/a ​ ​ 40 years ​ 26-Jan-26 ​ Cascabel ​ 14 % (12) — % — % ​ 20 % (13) ​ 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 — % (14) — % (15) — % $ 418 (16) $ 6.27 (17) ​ n/a ​ 40 years ​ 19-Jan-18 ​ Cobre Panamá Floating Payment Stream ​ — % (18) — % (19) — % ​ 20 % (20) ​ 20 ​ % (21) ​ n/a ​ 40 years ​ 19-Jan-18 ​ Condestable ​ 63 % (22) 63 % (23) — % ​ 20 % (24) ​ 20 ​ % (25) ​ n/a ​ 40 years ​ 27-Mar-24 ​ Guadalupe-Palmarejo 50 % — % — % $ 800 ​ ​ n/a ​ ​ n/a ​ 40 years ​ 2-Oct-14 ​ Karma 4.875 Thereafter, 80.0% of gold contained in concentrate.

Purchase commitments, stream terms and contractual durations · Dépôt 12/08/2026

The Western Limb Stream is comprised of a gold component for the life of mine (“LOM”) and a platinum component for approximately 25 years.

Western Limb acquisition, stream duration · Dépôt 19/03/2026

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.

Strategy, production-based payments without operator-cost adjustments · Dépôt 12/08/2026

In H1 2026, these interests accounted for 88% of our revenue (H1 2025 – 92%).

Strategy, H1 2026 revenue share from cost-insulated interests · Dépôt 12/08/2026

● Antamina – We sold 825,000 silver ounces in Q2 2026 compared to 700,000 silver ounces in Q2 2025.

Quarterly performance, actual Antamina silver sales · Dépôt 12/08/2026

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(1) ​ ​ Revenue (in millions) For the year ended December 31, ​ ​ 2025 2024 ​ ​ ​ Variance ​ ​ 2025 ​ ​ 2024 ​ ​ ​ Variance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commodity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gold ​ 366,265 295,193 71,072 ​ ​ $ 1,275.8 ​ ​ $ 706.9 ​ $ 568.9 ​ Silver ​ 63,697 48,489 15,208 ​ ​ 235.6 ​ ​ 117.8 ​ 117.8 ​ PGM ​ 10,178 11,628 (1,450) ​ ​ 37.3 ​ ​ 28.3 ​ 9.0 ​ Precious Metals ​ ​ 440,140 355,310 ​ 84,830 ​ ​ $ 1,548.7 ​ ​ $ 853.0 ​ $ 695.7 ​ Iron ore(2) ​ 12,711 22,314 (9,603) ​ ​ $ 43.7 ​ ​ $ 50.5 ​ $ (6.8) ​ Other mining assets ​ ​ 3,804 3,555 ​ 249 ​ ​ ​ 12.4 ​ ​ ​ 8.2 ​ ​ 4.2 ​ Oil ​ ​ 39,665 59,030 ​ (19,365) ​ ​ ​ 118.8 ​ ​ ​ 128.6 ​ ​ (9.8) ​ Gas ​ ​ 15,294 15,147 ​ 147 ​ ​ ​ 65.4 ​ ​ ​ 44.1 ​ ​ 21.3 ​ NGL ​ ​ 7,492 7,978 ​ (486) ​ ​ ​ 19.6 ​ ​ ​ 20.3 ​ ​ (0.7) ​ Diversified ​ ​ 78,966 108,024 ​ (29,058) ​ ​ $ 259.9 ​ ​ $ 251.7 ​ $ 8.2 ​ Revenue from royalty, stream and working interests ​ ​ 519,106 463,334 ​ 55,772 ​ ​ $ 1,808.6 ​ ​ $ 1,104.7 ​ $ 703.9 ​ Interest revenue and other interest income ​ ​ — — ​ — ​ ​ $ 14.2 ​ ​ $ 8.9 ​ $ 5.3 ​ ​ ​ 519,106 463,334 55,772 ​ ​ $ 1,822.8 ​ ​ $ 1,113.6 ​ $ 709.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Geography ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ South America ​ 212,017 187,778 24,239 ​ ​ $ 750.5 ​ ​ $ 451.1 ​ $ 299.4 ​ Central America & Mexico ​ 62,103 36,229 25,874 ​ ​ ​ 216.6 ​ ​ ​ 86.1 ​ ​ 130.5 ​ Canada(2) ​ 97,570 76,552 21,018 ​ ​ ​ 354.0 ​ ​ 192.8 ​ 161.2 ​ United States ​ 78,438 87,212 (8,774) ​ ​ 266.1 ​ ​ ​ 205.0 ​ ​ 61.1 ​ Rest of World ​ 68,978 75,563 (6,585) ​ ​ 235.6 ​ ​ 178.6 ​ 57.0 ​ ​ ​ 519,106 463,334 55,772 ​ ​ $ 1,822.8 ​ ​ $ 1,113.6 ​ $ 709.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue-based royalties ​ 186,607 186,472 135 ​ ​ $ 638.9 ​ ​ $ 440.1 ​ $ 198.8 ​ Streams ​ 280,431 236,158 44,273 ​ ​ 990.2 ​ ​ 567.9 ​ 422.3 ​ Profit-based royalties ​ 41,710 24,447 17,263 ​ ​ 143.9 ​ ​ 57.8 ​ 86.1 ​ Interest revenue and other(2) ​ 10,358 16,257 (5,899) ​ ​ 49.8 ​ ​ 47.8 ​ 2.0 ​ ​ ​ 519,106 463,334 55,772 ​ ​ $ 1,822.8 ​ ​ $ 1,113.6 ​ $ 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.

Annual performance, 2025 and 2024 revenue by interest type · Dépôt 19/03/2026

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.

Three-year history, exercised Salares Norte partial buyback · Dépôt 19/03/2026

Investing activities in Q1 2026 included the acquisition of the i-80 Gold and the Bullabulling royalties, and the Casa Berardi Stream, partially offset the $97.5 million received in connection with the 50% Cascabel royalty buy-back.

Investing activities, acquisitions and completed Cascabel royalty buyback · Dépôt 12/08/2026

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.

Outlook, scheduled Candelaria delivery stepdown · Dépôt 19/03/2026

(c) Impairments and Impairment Reversals of Royalty, Stream and Working Interests Cobre Panamá Cobre Panamá currently remains in a phase of preservation and safe management (“P&SM”) with production halted since November 2023.

Note 9, Cobre Panamá production halt and preservation status · Dépôt 12/08/2026

52 ​ Royalty, stream and other interests may not be honoured Royalty, stream and other interests in natural resource properties are largely contractual in nature.

Risk factors, contractual nature of royalty and stream interests · Dépôt 19/03/2026

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.

Risk factors, jurisdictional alteration of underlying rights · Dépôt 19/03/2026

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.

Competition risks, acceptable acquisition valuations and growth · Dépôt 19/03/2026

● $1,121.6 million, or $5.82 per share, in Adjusted EBITDA (new half-year records), +63% compared to $687.6 million, or $3.57 per share, respectively; ● Adjusted EBITDA Margin decreased to 91.1% compared to 93.2% in H1 2025.

Highlights, H1 adjusted EBITDA and margin comparison · Dépôt 12/08/2026

● $807.5 million, or $4.19 per share, in Adjusted Net Income (new half-year records), +82% and +81%, respectively, compared to $444.0 million and $2.31 per share, respectively; ● Adjusted Net Income Margin (a new half-year record) increased to 65.6% during H1 2026 compared to 60.2% in H1 2025.

Highlights, H1 adjusted net income and margin comparison · Dépôt 12/08/2026

The increase was primarily due to a higher share of production earned from our Continental Resources interests and stronger realized oil prices, including the benefit of higher natural gas liquids pricing across our principal gas assets.

Energy portfolio update, realized oil prices and production contributions · Dépôt 12/08/2026

While production at our Energy and Iron Ore assets was generally higher than in Q2 2024, the impact was more than offset by lower realized prices.

Q2 2025 diversified performance, lower realized prices outweighing production · Dépôt 11/08/2025

The price of gold can be volatile and is affected by macroeconomic and industry factors that are beyond our control.

Market overview, gold-price factors beyond company control · Dépôt 12/08/2026

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

Note 3, Casa Berardi ongoing purchase payment · Dépôt 12/08/2026

(unaudited, in millions of U.S. dollars) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30, ​ June 30, ​ ​ 2026 ​ ​ 2025 ​ 2026 ​ ​ 2025 Cash flows from operating activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 354.0 ​ ​ $ 247.1 ​ ​ $ 822.6 ​ ​ $ 456.9 ​ Adjustments to reconcile net income to net cash provided by operating activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depletion and depreciation ​ 84.0 ​ ​ 64.0 ​ ​ 161.9 ​ ​ 132.4 ​ Share-based compensation expenses ​ 1.0 ​ ​ 1.0 ​ ​ 2.1 ​ ​ 3.1 ​ Impairment loss (reversal) ​ — ​ ​ (4.1) ​ ​ — ​ ​ (4.1) ​ Gain on buy-back of royalty and stream interests ​ — ​ ​ — ​ ​ (63.8) ​ ​ — ​ Unrealized foreign exchange gain ​ (2.5) ​ ​ (5.2) ​ ​ (3.8) ​ ​ (11.2) ​ Deferred income tax expense ​ 36.1 ​ ​ 37.2 ​ ​ 69.8 ​ ​ 46.3 ​ Loss (gain) on sale of gold and silver bullion ​ ​ 1.0 ​ ​ ​ (42.2) ​ ​ ​ (2.1) ​ ​ ​ (49.3) ​ (Gain) loss on derivative financial instruments ​ ​ (4.1) ​ ​ ​ (5.7) ​ ​ ​ (15.1) ​ ​ ​ (5.6) ​ Other non-cash items ​ 0.1 ​ ​ 0.4 ​ ​ (0.1) ​ ​ — ​ Gold and silver bullion from royalties received in-kind ​ ​ (50.3) ​ ​ ​ (10.9) ​ ​ ​ (97.7) ​ ​ ​ (30.1) ​ Proceeds from sale of gold and silver bullion ​ ​ 59.8 ​ ​ ​ 147.1 ​ ​ ​ 74.9 ​ ​ ​ 177.3 ​ Receipt of deposits and interest from Canada Revenue Agency ​ — ​ ​ — ​ ​ 49.5 ​ ​ — ​ Increase in other assets ​ ​ — ​ ​ ​ — ​ ​ ​ (8.2) ​ ​ ​ — ​ Increase (decrease) in non-current income tax liabilities ​ ​ 9.2 ​ ​ ​ (13.5) ​ ​ ​ (12.2) ​ ​ ​ (6.8) ​ Operating cash flows before changes in non-cash working capital ​ $ 488.3 ​ ​ $ 415.2 ​ ​ $ 977.8 ​ ​ $ 708.9 ​ Changes in non-cash working capital: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Decrease in receivables ​ $ 30.0 ​ ​ $ 13.5 ​ ​ $ 4.4 ​ ​ $ 5.1 ​ Increase in other current assets ​ (0.7) ​ ​ (20.0) ​ ​ (3.9) ​ ​ (11.1) ​ (Decrease) increase in accounts payable and accrued liabilities ​ ​ (10.4) ​ ​ ​ 1.4 ​ ​ ​ (6.1) ​ ​ ​ 4.7 ​ (Decrease) increase in current income tax liabilities ​ (24.7) ​ ​ 20.2 ​ ​ 30.7 ​ ​ 11.6 ​ Net cash provided by operating activities ​ $ 482.5 ​ ​ $ 430.3 ​ ​ $ 1,002.9 ​ ​ $ 719.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows used in investing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisition of royalty, stream and working interests ​ $ (80.3) ​ ​ $ (1,360.4) ​ ​ $ (529.7) ​ ​ $ (1,865.6) ​ Proceeds from buy-back of royalty interest ​ ​

Unaudited cash-flow statement, H1 operating cash generation and interest acquisitions · Dépôt 12/08/2026

— ​ ​ — ​ Acquisition of gold bullion from buy-back of stream interest ​ ​ — ​ ​ ​ — ​ ​ ​ (10.2) ​ ​ ​ — ​ Acquisition of energy well equipment ​ (0.3) ​ ​ (0.4) ​ ​ (0.6) ​ ​ (1.6) ​ Acquisition of property and equipment ​ ​ (0.1) ​ ​ (0.1) ​ ​ (0.3) ​ ​ (2.1) ​ Net cash used in investing activities ​ $ (101.4) ​ ​ $ (1,338.1) ​ ​ $ (499.3) ​ ​ $ (1,889.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows used in financing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Payment of dividends ​ $ (80.6) ​ ​ $ (67.0) ​ ​ $ (161.1) ​ ​ $ (137.2) ​ Capitalized debt issue costs ​ (0.8) ​ ​ — ​ ​ (1.5) ​ ​ — ​ Proceeds from exercise of stock options ​ 0.2 ​ ​ 0.9 ​ ​ 0.6 ​ ​ 4.3 ​ Net cash used in financing activities ​ $ (81.2) ​ ​ $ (66.1) ​ ​ $ (162.0) ​ ​ $ (132.9) ​ Effect of exchange rate changes on cash and cash equivalents ​ $ (0.4) ​ ​ $ 6.1 ​ ​ $ 1.7 ​ ​ $ 11.8 ​ Net change in cash and cash equivalents ​ $ 299.5 ​ ​ $ (967.8) ​ ​ $ 343.3 ​ ​ $ (1,291.0) ​ Cash and cash equivalents at beginning of period ​ $ 714.7 ​ ​ $ 1,128.1 ​ ​ $ 670.9 ​ ​ $ 1,451.3 ​ Cash and cash equivalents at end of period ​ $ 1,014.2 ​ ​ $ 160.3 ​ ​ $ 1,014.2 ​ ​ $ 160.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Supplemental cash flow information: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income taxes paid ​ $ 89.3 ​ ​ $ 45.7 ​ ​ $ 147.4 ​ ​ $ 93.2 ​ Dividend income received ​ $ 1.5 ​ ​ $ 2.2 ​ ​ $ 3.1 ​ ​ $ 5.5 ​ Interest and standby fees paid ​ $ 0.6 ​ ​ $ 0.4 ​ ​ $ 1.4 ​ ​ $ 1.4 ​ ​ The accompanying notes are an integral part of these condensed consolidated financial statements.

Unaudited cash-flow statement, H1 investing, dividends and cash balances · Dépôt 12/08/2026

Changes in share capital for the periods ended June 30, 2026 and December 31, 2025 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ ​ ​ ​ ​ ​ ​ of shares ​ ​ Amount Balance at January 1, 2025 ​ 192,552,695 ​ $ 5,769.1 ​ Exercise of stock options ​ ​ 110,917 ​ ​ 9.9 ​ Vesting of restricted share units ​ ​ 33,274 ​ ​ 5.7 ​ Dividend reinvestment plan ​ ​ 101,806 ​ ​ 18.7 ​ Balance at December 31, 2025 ​ ​ 192,798,692 ​ $ 5,803.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at January 1, 2026 ​ ​ 192,798,692 ​ $ 5,803.4 ​ Exercise of stock options ​ ​ 6,883 ​ ​ 0.8 ​ Vesting of restricted share units ​ ​ 34,834 ​ ​ 6.1 ​ Dividend reinvestment plan ​ ​ 33,401 ​ ​ 7.3 ​ Balance at June 30, 2026 ​ ​ 192,873,810 ​ $ 5,817.6 ​ ​ (b) Dividends For the three months ended June 30, 2026, the Company declared dividends of $0.44 per common share (Q2 2025 – $0.38).

Note 20, actual share issuances and outstanding share reconciliation · Dépôt 12/08/2026

The following table provides an update on significant new capital commitments and material changes to existing capital commitments since the year ended December 31, 2025: ​ ​ ​ ​ ​ ​ ​ Asset ​ Commitment ​ Obligating Event Cascabel stream ​ $239.1 million ​ Without limitation, completion of key development milestones, receipt of all material permits, a construction decision approved by the board of directors of JCC, and availability of the remainder of the required project financing ​ Royalty Acquisition Venture with Continental ​ $30.1 million ​ Acquisition of mineral rights acquired through the Royalty Acquisition Venture with Continental, triggering funding requirements by the Company ​ i-80 Gold Royalty ​ $25.0 million ​ The incurrence by i-80 Gold of an initial $25.0 million of budgeted expenditures to advance Mineral Point technical and permitting work in 2026 ​ ​ ​ Note 25 - Contingencies Canada Revenue Agency Audit Settlement of Canada Revenue Agency Transfer Pricing Tax Dispute

Note 24, milestone-conditioned capital commitments · Dépôt 12/08/2026

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.

Directors and officers, aggregate ownership as of March 18, 2026 · Dépôt 19/03/2026

Franco-Nevada uses Adjusted Net Income Margin in its annual incentive compensation process to evaluate management’s performance in increasing revenue and containing costs.

Non-GAAP measures, actual annual incentive metric · Dépôt 19/03/2026

2 There were 26,777 time-based RSUs and 61,481 performance-based RSUs.

Outstanding share data, time-based and performance-based RSUs · Dépôt 12/08/2026

Vesting of the performance-based RSUs is subject to the achievement of certain performance criteria and a performance multiplier which will range from 0% to 200% of the number granted.

Outstanding share data, performance RSU vesting conditions · Dépôt 12/08/2026

​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Initial 2025 Guidance (1) Revised 2025 Guidance (2) 2025 Actual GEOs Sold (3) Precious Metal GEO sales ​ ​ 385,000 - 425,000 ​ 420,000 - 440,000 ​ ​ 440,140 ​ Total GEO sales ​ ​ 465,000 - 525,000 ​ 495,000 - 525,000 ​ ​ 519,106 ​ 1 Initial 2025 guidance as disclosed in our 2024 MD&A filed on March 10, 2025.

2025 actual GEO sales versus initial and revised guidance · Dépôt 19/03/2026

This was primarily due to higher deliveries from Antapaccay, Antamina, South Arturo and Musselwhite, and incremental contributions from Côté Gold, Casa Berardi, Valentine and Porcupine, which were acquired or commenced production approximately over the past year.

Q2 2026 portfolio update, existing deliveries and incremental asset contributions · Dépôt 12/08/2026

​ 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”).

Board of directors, majority independence · Dépôt 19/03/2026

​ 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.

Board committees, independent membership · Dépôt 19/03/2026

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.

Independent auditor opinion, effective 2025 internal controls · Dépôt 19/03/2026

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.

Governance differences, private issuance shareholder-approval threshold · Dépôt 19/03/2026

● $1,002.9 million in net cash provided by operating activities (a new half-year record), +39% compared to $719.2 million, primarily due to an increase in gross profit and the collection of $49.5 million of deposits and interests as a result of our settlement with the Canada Revenue Agency (“CRA”).

Highlights, operating cash-flow drivers including CRA deposit recovery · Dépôt 12/08/2026

Commissioning of the first processing train was completed during May 2026, followed by the commencement of stockpile processing and the production of the first copper concentrate.

Note 9, completed commissioning and initial stockpile processing at Cobre Panamá · Dépôt 12/08/2026

Deliveries of stream ounces to Franco-Nevada, which are determined based on the sale of copper concentrate by First Quantum under its offtake agreements, are expected to commence in Q3 2026, with one-third of deliveries anticipated in H2 2026.

Cobre Panamá update, expected future stream deliveries · Dépôt 12/08/2026

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.

Royalty definitions, profit-based exposure to production costs · Dépôt 19/03/2026

Beginning in 2026, the Company adopted fixed GEO conversion ratios based on the pricing assumptions outlined in our guidance.

GEO methodology, adoption of fixed conversion ratios in 2026 · Dépôt 12/08/2026

The above increases were partly offset by the following: ● Candelaria – We sold 13,233 GEOs in Q2 2026 compared to 16,648 GEOs in Q2 2025.

Quarterly performance, lower actual Candelaria GEO sales · Dépôt 12/08/2026

Historique des publications

Sources

• filing-1 · Dépôt 19/03/2026
• filing-2 · Dépôt 19/03/2026
• filing-3 · Dépôt 19/03/2026
• filing-4 · Dépôt 20/03/2025
• filing-5 · Dépôt 15/03/2024
• filing-6 · Dépôt 12/08/2026
• filing-7 · Dépôt 12/08/2026
• filing-8 · Dépôt 12/08/2026
• filing-9 · Dépôt 11/08/2025
• filing-10 · Dépôt 11/08/2025
• filing-11 · Dépôt 19/03/2026