Overview Dear Stakeholders O v er Our diversified portfolio of cash-flow producing assets provides our shareholders exposure to vie production growth and exploration optionality from high quality mineral and energy deposits in w many of the world’s most prospective resource trends. We believe combining a lower-risk gold investment, a strong balance sheet and progressive dividends is the right mix to appeal to investors seeking to hedge market instability. Franco-Nevada achieved record revenues in 2022 driven by the sharp run-up in energy prices following the invasion of Ukraine. Our business continued to deliver consistent performance and we generated record P 1 1 r Adjusted EBITDA and Adjusted Net Income during the year. Exploration ecious M success on our properties continued to fuel our organic growth, with the expansion of the Detour Lake orebody being the most recent highlight. etals Our shareholders have realized a compound annual growth rate greater than 17% since our initial public offering in late 2007. Earlier this year we th made our 16 consecutive dividend increase and cumulative dividends now exceed US$1.9 billion. At the end of March, our market capitalization was US$28 billion, ranking Franco-Nevada among the largest gold companies in the world. Our shareholders rely on us to allocate capital to responsible mining operations, making ESG a critical part of our transaction due diligence. We also encourage our operators to adopt responsible operating principles and work with them to develop and fund programs to D benefit their local communities. Our goal each year is to improve the David Harquail, Chair of the Board and Paul Brink, President & CEO at the Cobre Panama Mine, iv transparency of our reporting on these initiatives. We are proud to have November 2022 ersified A achieved a “Global 50 Top Rated” ESG score for 2023 from Sustainalytics which places us among a select group of all the companies that Sustainalytics ranks globally. ssets We operate our business with a small team of 40 people and have kept overhead low while our revenue and asset base have grown substantially. Our success is a result of a highly capable team and the guidance of an experienced and engaged Board of Directors. They have a material stake in the business and think like owners. We are delighted by the growing diversity of our team and are confident of achieving our goal of at least M 40% diverse representation at the Board and senior management level as iner a group by 2025. al R We are convinced of the long-term investment appeal of gold and believe esour the tapering off of reserve bank rate hikes combined with continued c global tensions will be a strong tailwind for gold prices in 2023. es and M Thank you for your ongoing trust and support. iner al R eser David Harquail v Paul Brink Chair of the Board President & CEO es April 12, 2023 A dditional I nf orma 1 Adjusted EBITDA and Adjusted Net Income are non-GAAP financial measures with no standardized meaning under International Financial Reporting Standards (“IFRS”) and might not be comparable to similar tion financial measures disclosed by other issuers. Refer to the “Non-GAAP Financial Measures” section starting on page 128 of this Asset Handbook TTSX / NSX / NYYSE: FNVSE: FNV FFrrancancoo-Nev-Nevada Cada Cororporporaationtion 11