INVESTOR DAY 2026 2.0X 1.9X 1.4X 1.3X 1.2X FNV WPM RGLD TFPM OR Consensus P/NAV 20.8X 18.0X 16.5X 16.0X 13.9X FNV OR WPM TFPM RGLD Consensus P/CF 31 Portfolio Growth and Duration Not Valued in the Market Lagging P/CF multiple indicates NAV disconnect Source: CapIQ Consensus Estimates as of March 25, 2026.