2023 ESG Report

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices Table of Contents Message from our CEO 1 Good Governance and About this ESG Report 49 Shareholder Alignment 23 Report Highlights 2 Corporate Governance 24 Appendices 50 Integrity and Compliance 25 Appendix A: ESG Performance Table 51 About Franco-Nevada 4 Shareholder Alignment 26 Appendix B: Operators’ Emissions 53 Responsible Capital Allocation 5 Information Security 27 Appendix C: TCFD Disclosure 57 Appendix D: SASB Disclosure 73 Due Diligence Process 6 Diversity, Inclusion and Well-Being 28 Appendix E: GRI Index 76 Ongoing Asset Management 7 Diversity and Inclusion 29 Appendix F: Sustainable Development Goals 80 Key ESG Factors 8 Employee Benefits and Well-Being 32 Appendix G: KPMG: Independent Limited • Health and Safety 9 Health, Safety and Security 33 Assurance Report 82 • Carbon Footprint 10 Human Rights, Non-Discrimination, Appendix H: Carbon Neutral Initiative 83 • Water Management and Risk 12 Anti-Harassment and Equal Opportunity 34 • Tailings Management 13 • Biodiversity 14 Climate Action 35 Sustainable Investment Opportunities 16 Climate Action Commitments and Plans 36 Supply Chain 19 Overall Carbon Footprint 37 Corporate Footprint 39 Community Contributions 20 Investment Footprint 42 Community Support 21 Industry and Other Support 22 Transparency and Guiding Principles 43 TCFD, SASB, and GRI 44 UN Global Compact and SDGs 45 Responsible Gold Mining Principles 46 ESG Ratings and Recognition 48

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 1 Message from our CEO workforce, limit the environmental impacts of You will see these project-specific priorities General Focus their projects and provide net benefits for their described in detail in this ESG Report, including Climate action is an important priority for our communities. We evaluate environmental and disclosure relating to how the operators of our company that relates to both our investments and community impacts along with the technical principal assets have performed in each category. our own corporate operations. We are committed aspects of operations during our due diligence to consider the decarbonization efforts and for potential opportunities. We also seek to Our second investment-oriented effort is net-zero alignment of operators and operations negotiate operator commitments to conduct partnering with our operators on initiatives to when making investment decisions and to achieve operations in accordance with best operating benefit the communities where our royalty and net-zero emissions by 2050 with respect to our and sustainability practices and to provide stream assets are located. In 2022, we increased own corporate operations. Our climate-related transparent reporting on their operations. our funding of community contributions and plans and commitments have been formalized made several new commitments. in our recently adopted Climate Action Policy, Our principal ESG-related focuses when making which is described in this ESG Report. acquisitions are as follows: Corporate Focus We are committed to responsible governance We are also committed to providing transparency • Health and safety track records, practices to ensure integrity in our dealings, in all ESG matters relating to our business. In this including evaluating each project’s compliance with our undertakings and ESG Report, we have measured, disclosed and safety performance statistics. alignment with our shareholders. Our Board and attributed to our Scope 3 reporting, proportional management team are substantial shareholders greenhouse gas emissions from our royalty Paul Brink, President & CEO • Carbon footprints and climate-related of the company, currently holding more than and stream interests. We have also provided commitments, plans, targets and initiatives US$200 million in stock, and we treat shareholder disclosure aligned with the Task Force on I am pleased to share our ESG Report, which and, when available, an assessment funds as our own, with industry-leading low G&A, Climate-related Financial Disclosures (TCFD) describes the progress we and our partners of emissions-related metrics, such even relative to Gold ETF fees. recommendations and the Sustainability have made on environmental, social and as carbon intensity. Accounting Standards Board (SASB) framework, governance (“ESG”) issues and on our We seek to maintain a safe and supportive and first-time disclosure aligned with the Global expanded commitments to sustainability. • Water risk, use and discharge and, to environment for our team members and remove Reporting Initiative (GRI) standards. the extent applicable, a review of water barriers and promote diversity and inclusion As a royalty and streaming company, we do not consumption and water intensity within our company, our communities, and We continue to rank highly with leading ESG operate mines, develop projects or conduct performance indicators. in our industry. We actively seek out diverse rating agencies, which is demonstrative of our exploration. Our ESG efforts fall into two candidates in our hiring processes and have ongoing dedication to fulfilling our investment categories: those relating to the operators, • The design of planned or existing waste and adopted objective diversity targets for our and corporate commitments and to increasing operations and local communities, where tailings storage facilities and commitments Board of Directors and senior management. transparency in our ESG disclosure. Thank you we deploy capital for acquisitions and those from operators to implement and maintain We also seek to promote diversity in the mining for your continued support of Franco-Nevada. applicable to our corporate operations, including international tailings standards. industry. We have made a number of donations We look forward to speaking with many of you to our management, directors, and suppliers. in furtherance of our BlackNorth Initiative over the coming months. • The impact on biodiversity and ecosystems pledge and, in 2022, expanded the number Investment Focus through project lifecycle, including of Franco-Nevada Diversity Scholarship awards. Our shareholders expect us, and we are preliminary assessments of impacts, life Paul Brink committed, to allocate capital to responsible of project “no-net-loss” commitments, President & CEO operators that provide safe workplaces for their and rehabilitation and reclamation.

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 2 Report Highlights Focus on employee well-being and accommodations Due diligence to invest in strong ESG performers Maintaining a safe and supportive environment for our global workforce is a top priority for Our principal ESG-related focuses when making Franco-Nevada. We have highlighted the efforts investments are highlighted in this ESG Report, made by our organization to promote the physical including health and safety, carbon footprint, and mental well-being of our employees, water management and risk, tailings management including providing hybrid work arrangements, and biodiversity. We have also assessed how the health benefits, wellness allowances, operators of our top revenue-generating assets accommodations for cultural and religious have performed in each of these five categories. beliefs, and the ability to disconnect when Continental Resources’ solar panels at West Blaine recycling Lloyd Hong, Chief Legal Officer (left) and Sandip Rana, not working. facility, which Franco-Nevada is helping to finance Read more à (page 8) Chief Financial Officer (right) Read more à (page 32) New climate action policy Furthered diverse representation and net-zero goals and and diversity initiatives commitments Increased community contributions and commitments We increased the diverse representation in our Financed emissions are We have adopted a Climate Action Policy, global workforce, with 43% of senior management included in Scope 3 emissions which sets out our goal to achieve net-zero GHG Our community contributions funded increased and 60% of our overall team comprised of emissions by 2050 at our corporate workplaces year-over-year, including our renewed Enseña diverse persons. We have also expanded We have measured and disclosed financed GHG and the measures we will take to further this Peru funding and the Alto Huarca water project, our Board diversity targets with the new goal emissions attributable to our royalty and stream goal, including measuring and disclosing our among other initiatives. During the year, we made of having, by 2025, at least one diverse director interests. Financed GHG emissions were corporate GHG emissions, adopting science- new commitments with G Mining Ventures and on grounds broader than gender diversity. The calculated in alignment with the Greenhouse based GHG emission reduction targets, and Argonaut Gold to partner in community initiatives number of Franco-Nevada Diversity Scholarship Gas Protocol reporting standards and included providing annual updates on our progress. near their operations where we invested in 2022. awards were increased in 2022 and we made as Scope 3, Category 15 (Investments) emissions. We also commit to evaluate the decarbonization We continue to support mining industry groups several diversity-related donations and In this ESG Report, we include a primer for commitments, plans, targets and initiatives and diversity initiatives. contributions, including in furtherance of our navigating the Greenhouse Gas Protocol of operators and operations, including their BlackNorth Initiative pledge and our support of standards, including what comprises alignment with net-zero, when making Read more à (page 21) The Prosperity Project. Scope 1, 2 and 3 emissions. investment decisions and to engage with existing partners on their plans and progress Read more à (page 29) Read more à (page 42) toward net-zero. Read more à (page 36)

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 3 Report Highlights (continued) Initiatives aligned “We are committed with UN Sustainable to providing transparency Development Goals Initiatives across our business help advance in all ESG matters relating a number of the Sustainable Development Goals to our business... (SDGs), which were adopted by the United Nations in 2015 as a universal call to action to end We have provided poverty, protect the planet, and ensure that by 2030 all people enjoy peace and prosperity. disclosure aligned with Read more à (page 45) the Task Force on Climate-related Financial Continued high rankings Disclosures (TCFD) and recognition from recommendations and the ESG rating agencies Sustainability Accounting Commerce Court West, Toronto We continue to receive recognition for our ESG efforts and rank highly with top ESG rating Standards Board (SASB) Maintained carbon neutrality Alignment of ESG reporting agencies, including 2022 ratings of “AA” by MSCI framework, and first-time for corporate emissions with TCFD and SASB and “Prime” by ISS ESG. In 2022, we were also and first-time alignment included as one of Corporate Knights Best disclosure aligned with the Since 2020, we have maintained carbon neutrality with the GRI standards 50 Corporate Citizens in Canada. We recently for our office operations. We have accomplished received a “Global 50 Top-Rated” ESG score Global Reporting Initiative this, and will continue to do so through the Our ESG disclosure is aligned with leading for 2023 from Sustainalytics, which places reduction of our corporate GHG emissions and reporting frameworks, including the Sustainability us among a select group of all the companies (GRI) standards.“ the purchase of high quality carbon credits Accounting Standards Board (SASB) and the Task that Sustainalytics ranks globally. to offset emissions that cannot be eliminated. Force on Climate-Related Financial Disclosures (TCFD) frameworks. This ESG Report also includes Read more à (page 48) Read more à (page 41) first-time reporting in line with the Global Reporting Initiative (GRI) standards. Read more à (page 44)

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 4 About Franco-Nevada We are the leading gold-focused royalty and • We build long-term alignment with our stream company with the largest and most operating partners. This alignment and diversified portfolio of royalties and streams the natural flexibility of our royalties and by commodity, geography, operator, revenue streams is an effective source of capital type and stage of project. for the cyclical resource sector. We do not operate mines, develop projects or • We work to be a positive force in all our conduct exploration. Franco-Nevada has a free communities, promoting responsible mining, cash flow generating business with limited future providing a safe and diverse workplace and capital commitments and management is focused contributing to build community support on managing and growing its portfolio of royalties for the operations in which we invest. and streams. Our revenue is generated from various forms Our shares are listed on the Toronto and New of agreements, ranging from net smelter return York stock exchanges under the symbol FNV. royalties, streams, net profits interests, net royalty Franco-Nevada Corporation Board of Directors at the Cobre Panama mine, Panama (2022) An investment in our shares is expected to provide interests, working interests and other types investors with yield and exposure to commodity of arrangements. price and exploration optionality while limiting exposure to cost inflation and other operating risks. We recognize the cyclical nature of the industry and have a long-term investment outlook. We Our tag-line is “Franco-Nevada is the gold maintain a strong balance sheet to minimize investment that works” and we are committed financial risk and so that we can make investments to ensuring it does work, for our shareholders, during commodity cycle downturns. our operating partners and our communities: The focus of our business is to create exposure • We believe that combining lower-risk gold to gold and precious metal resource optionality. investments with a strong balance sheet, This principally involves investments in gold progressively growing dividends and mines and providing funding to copper and exposure to exploration optionality is the other base metal mines to obtain exposure right mix to appeal to investors seeking to by-product gold, silver and platinum group to hedge market instability. Since our initial metals production. We also invest in other Franco-Nevada global workforce, Canada (2022) public offering over 15 years ago, we have metals to expose our shareholders to increased our dividend annually and our additional resource optionality. “Our tag-line is “Franco-Nevada is the gold investment share price has outperformed the gold price and all relevant gold equity benchmarks. that works” and we are committed to ensuring it does work, for our shareholders, our operating partners and our communities...”

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 5 Employees at Condestable project, Peru Responsible Contents Due Diligence Process 6 Ongoing Asset Management 7 Capital Allocation Key ESG Factors 8 • Health and Safety 9 • Carbon Footprint 10 We are committed to allocating capital to responsible operators that • Water Management and Risk 12 • Tailings Management 13 provide safe workplaces for their workforce, limit the environmental • Biodiversity 14 impacts of their projects and provide net benefits for their communities. Sustainable Investment Opportunities 16 Supply Chain 19

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 6 Due Diligence Process As a royalty and stream company, we do not • impacts of development and operations on When we evaluate third party royalty acquisition opportunities, we typically have access to limited operate mining or energy projects and do not fauna, flora and biodiversity and no-net-loss data regarding an operation as we are not directly engaged with the operator. Notwithstanding, exercise control over such operations. It follows initiatives and commitments of operators; we review any ESG and other information we can gather in the public domain and from outside that the most critical time for assessing and • review of any environmental incidents consultants, including relating to the aforementioned topics. mitigating risks, including ESG risks, relating relating to the project; to an asset is at the outset, prior to entering • impacts of mining, operations and related We use the following processes to facilitate our ESG-related due diligence: into royalty and stream agreements. activities on surrounding communities, including women, children, employees Franco-Nevada Expertise Formalized Due Diligence Checklists We believe that proper consideration of ESG risks and migrant workers; in connection with the companies, projects and • ethical track record and any history We use a multi-disciplinary approach when We have enhanced our due diligence processes jurisdictions in which we seek to deploy capital of corruption; evaluating potential transactions. Beyond by creating an internal ESG due diligence checklist, will enhance the long-term performance of our • the reputation of the operator, locally Franco-Nevada’s ESG expertise, our team consists which ensures consistency in our due diligence company and in turn generate real value for and internationally; of professionals with experience and expertise processes, help focus our ESG due diligence review our shareholders. With each royalty and stream • workplace standards, protections in the fields of geology, mining, metallurgy, on key issues, and inform our ESG-related document opportunity we conduct a comprehensive and policies; engineering, energy, finance and law. ESG-related and information requests made of operators assessment of ESG factors, which guides our • community initiatives and engagement and issues intersect with all of these disciplines and during all stages of our due diligence and our team members provide valuable insight contract negotiations. investment decisions. prior consultation with indigenous peoples; to properly mitigate ESG risks. • closure plans; Although we have top focuses in our ESG-related • air emissions and dust from the project; Outside Expertise Data Sourcing due diligence (see Key ESG Factors on page 8 • management by the operator of for further detail), and processes vary depending toxic materials; We routinely engage experts (including in We have several data provider subscriptions, on the nature of the opportunity, we will typically • environmental, social and governance the jurisdictions in which a project is located) including McKinsey MineSpans, a data platform assess the following, with no single factor policies, programs and initiatives put to assist in the evaluation of new opportunities, that provides over 1,000 data points per mine, necessarily being determinative: in place by operator; which experts include external legal counsel, including carbon and other greenhouse gas • the commitments by, and track record technical consultants, environmental consultants, emissions generated by projects, for over 3,800 • health, safety and human rights records of, the operator to fundamental freedoms corporate social responsibility consultants and mines across the globe. We use this information governance consultants for the purpose of to better inform our review of ESG-related issues of the project and operator; of individuals (including relating to freedom assessing political, ESG, technical and regulatory for potential opportunities. • climate-related impact of the project, of association, forced labour, human issues in applicable jurisdictions and the operator’s including emission reduction trafficking, child labour, non-discrimination management of these issues. commitments, targets and goals, including and equal opportunity); alignment with net-zero emissions; • external certifications obtained by the “We believe that proper consideration of ESG risks • energy sources and requirements operator or project; and and efficiency of operations; • operator commitments to the Responsible in connection with the companies, projects and • water risk, requirements, sourcing and Gold Mining Principles (RGMPs) or the management plans; principles of the International Council on jurisdictions in which we seek to deploy capital will • tailings facilities and waste rock storage Mining & Metals (ICMM), Canadian Institute at the project and tailings standards of Mining Metallurgy and Petroleum (CIM), enhance the long-term performance of our company adhered to by the operator; Towards Sustainable Mining (TSM) or other relevant standards. and in turn generate real value for our shareholders.”

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 7 Ongoing Asset Management Royalty and stream agreements differ in many respects, but typically include the following types of provisions: Reporting Security & Obligations: Remedies: Our royalty and streaming agreements typically Streaming agreements afford us the ability contain a series of reporting obligations including to terminate and recover specific remedies upon the delivery of monthly and annual reports, a material breach of the contractual provisions updated mine plans, forecasts and other providing us with the flexibility to exit unsuitable documentation, which serve to keep us arrangements. In some instances, we have informed of operations. Operators are also security arrangements in respect of our royalty typically required to notify us of any material and stream interests (including share pledges, adverse changes to a project or its operations. account pledges, mortgages and corporate Upon a material adverse change occurring, guarantees), which would enable us to exert we maintain regular communication and offer influence in the event of bankruptcy, insolvency our guidance and expertise to the operators, or other event of a default. Such arrangements where appropriate. These reporting obligations provide additional protections to help address keep us informed of ESG-related issues material ESG risks. when they arise. (Left to Right): Matt Begeman (VP, Business Development), Eaun Gray (SVP, Business Development), Chris Bell (VP, Geology) and Phil Wilson (VP, Technical) Operating Audit & Transfer “...our royalty and streaming Covenants: Inspection Rights: Restrictions: agreements typically contain Given our business model, following our initial We are usually entitled to audit the books and Our royalty and streaming agreements certain operating covenants acquisition of royalties or streams, we are not records of the operators on a periodic basis may have restrictions that either (a) involved in our operators’ development and and may access and inspect the properties require our consent for the operator designed to ensure that operation of the applicable projects. However, comprising the project. These rights provide to transfer the project, or (b) otherwise our royalty and streaming agreements typically us further insight into the operations and establish the circumstances in which such operators are conducting contain certain operating covenants designed management by the operators. These provisions transfer is permissible. Such constraints to ensure that operators are conducting permit us to confirm compliance with the terms are intended to ensure we continue to be operations in accordance operations in accordance with applicable law of the agreements, including with covenants to partnered with a quality operator over the and responsible practices, including ESG-related comply with international tailings standards, life of the agreement and a responsible with applicable law and standards such as the RGMPs and ICMM, CIM and with applicable laws, including environmental actor when it comes to ESG-related issues. or TSM mining principles. laws and ESG-related industry standards. responsible practices...”

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 8 Key ESG Factors In the preceding pages of this ESG Report, For each of these five key factors, we have Top Mining Assets we described the many ESG-related factors that included an assessment of how the top 10 we evaluate when making acquisitions, some revenue generating mining assets in our of which we continue to monitor with our portfolio (the “Top Mining Assets”) and, existing assets. At Franco-Nevada, we prioritize where applicable, the operators of such assets the following five ESG-related factors relating (the “Top Mining Producers”), have performed. to investments, which are described in further detail in the following sections: The Top Mining Assets highlight the Stillwater, Montana, diversification of our royalty and stream U.S. • Health and Safety: portfolio. They operate in eight countries, We are focused on the health and safety produce gold, silver, copper, zinc, PGM, iron track records of the operators and operations ore, among other commodities, and contributed Detour Gold, Ontario, Canada where we look to deploy capital. approximately 57% of our overall revenue in 2022. Hemlo, Ontario, • Carbon Footprint: Canada We evaluate the carbon footprints and The Top Mining Assets are owned and operated climate-related commitments, targets by 10 different Top Mining Producers, with and initiatives of operators and operations. primary listings on five stock exchanges and Cobre Panama, having an aggregate market capitalization Panama • Water Management and Risk: of approximately US$250 billion. Guadalupe-Palmarejo, We are attentive to water-related issues Mexico and risks impacting all applicable aspects Antamina, Peru of the mining lifecycle. Northern and Southeastern Systems, “The Top Mining Assets Brazil Antapaccay, • Tailings Management: highlight the diversification Peru We review all aspects of a project’s planned or constructed waste and tailings storage Candelaria, Mine Waste Solutions, of our royalty and stream Chile South Africa facilities, including implementation of, and adherence to, international portfolio. They operate tailings standards. in eight countries, produce gold, silver, • Biodiversity: We review the impact on biodiversity copper, zinc, PGM, iron ore, among other and ecosystems throughout the lifecycle commodities, and contributed approximately of a project. 57% of our overall revenue in 2022.”

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 9 1 Health and Safety Top Mining Producers: TRIFR, LTIFR and Fatalities Health and safety risks are inherent in many While we seek to review and track safety data Total recordable injury Lost time injury Fatalities (#) frequency rate (TRIFR) frequency rate (LTIFR) businesses and especially so with mining for the particular assets where we have deployed 2019 2020 2021 2019 2020 2021 2019 2020 2021 operations. Mine sites expose employees capital, this data is not always publicly available. and contractors to potentially lethal risks that, We have highlighted the TRIFR, LTIFR and number 0.31 0.32 0.33 0.05 0.06 0.07 0 0 1 in addition to causing bodily harm, can also of fatalities for our Top Mining Producers in the impact the success and viability of a project. adjacent table. This information is disclosed by 0.66 0.55 0.54 0.40 0.26 0.39 0 1 0 operators on a consolidated basis for all of their Franco-Nevada is particularly attentive to the operations and the safety figures provided health and safety track records of the operators do not solely relate to the projects in which 0.58 0.54 0.48 0.20 0.19 0.17 17 8 4 and operations in which we look to deploy Franco-Nevada has royalty or stream interests. capital (for further information, please see the 0.85 0.74 0.67 0.30 0.25 0.17 0 0 0 section entitled Due Diligence Process). When The adjacent figures have been benchmarked making acquisitions and thereafter, we track against GlobalData six-year (2015-2020) mining 2 0.82 0.73 0.64 0.34 0.29 0.27 1.2 0.4 1.2 the following widely-adopted safety metrics industry averages from a group of 54 major global for certain of our existing assets: mining companies. For the sake of simplicity, 0.69 0.40 0.28 0.11 0.14 0.08 242 4 2 we have colour coded where such statistics are • Total recordable injury frequency rate average, better than average, or below average. (“TRIFR”) refers to the frequency of NR NR NR 1.23 1.27 1.24 11 6 11 recordable work-related injuries for every We acknowledge that these metrics have 3 200,000 hours worked. TRIFR is calculated certain limitations and can vary depending on NR 1.34 1.42 1.05 1.11 1.20 6 9 20 by the number of lost time, restricted work the operational jurisdiction, mining method, and medical treatment cases x 200,000 then workforce capability, and the standards and 4 0.99 1.02 0.78 NR 0.68 0.42 0 0 1 divided by the total hours worked. methodologies employed by operators for determining and recording lost time, restricted 5 • Lost time injury frequency rate work, etc. Notwithstanding, they are valuable 0.45 0.34 0.29 0.10 0.07 0.08 0 1 2 (“LTIFR”) is a limited subset of TRIFR in providing a snapshot of the safety profiles and refers to the frequency of lost time of our Top Mining Producers, benchmarked - Better than average (<10% of industry average) cases for every 200,000 hours worked. against industry averages. 6 - Average (within 10% of industry average) LTIFR is calculated by the number of lost Legend - Below average (>10% of industry average) time cases x 200,000 then divided by the total hours worked. 1 Figures are based on operators’ public disclosure and are consolidated at the group level (all operations); TRIFR and LTIFR are per 200,000 hours worked and have been adjusted where certain • Number of fatalities refers to the total operators have disclosed on a one million hour basis; figures include both employees and contractors; unless noted, fatalities do not relate to projects in which Franco-Nevada has a royalty or number of fatalities. stream interest; “NR” means not recorded by the operator. 2 Safety stats are based on Teck’s percentage of ownership, including where it has less than a 50% interest (e.g. 22.5% of Antamina). In 2021, there was one fatality at Antamina in Peru, where we have a stream interest. 3 In 2021, there were two fatalities at Sibanye-Stillwater’s Stillwater mine in Montana, where we have a royalty interest. 4 Beginning in 2021, such figures are consolidated with Kirkland Lake Gold (previous owner of Detour Gold in which we have royalty interests). LTIFR was calculated using public data, including total number of hours worked at all operations and number of lost time injury incidents. 5 There was one fatality in 2021 at Barrick’s Hemlo mine in Ontario, where we have a royalty interest. 6 Source: GlobalData six-year (2015-2020) industry averages for 54 global miners: TRIFR average: 0.79 per 200,000 hours; LTIFR average: 0.44 per 200,000 hours; Number of fatalities average: 4.95.

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 10 Carbon Footprint Top Mining Assets: 2021 Scope 1 & 2 GHG Emission Intensity 1, 2 Pressures on mining and energy companies to We have calculated emission intensities for GHG emission intensity decarbonize are likely to intensify in the future, our Top Mining Assets on a gold equivalent Assets GHG emission intensity (tCO e/unit of primary 3 2 (tCO e/GEO produced) 2 4 which demands greater climate-related action ounce (“GEO”) basis, which will be useful for metal produced) and transparency. We carefully observe the carbon a comparison between each of our Top Mining Cobre Panama 1.58 tCO e/GEO 8.41 tCO e/t Cu footprints and climate-related commitments, Assets, notwithstanding the different commodities (Panama) 2 2 targets and initiatives of the operators and produced. We have also calculated emission Candelaria 0.77 tCO e/GEO 4.51 tCO e/t Cu operations in which we look to deploy capital intensities for our Top Mining Assets based (Chile) 2 2 (for further information, please see the section upon the applicable unit of the primary economic entitled Due Diligence Process). We also track metal produced by each Top Mining Asset. Such Antapaccay 0.49 tCO e/GEO 2.59 tCO e/t Cu (Peru) 2 2 these attributes for certain of our interests emission intensities have been benchmarked after acquisition. against 2021 mining industry averages for each Guadalupe-Palmarejo 0.39 tCO e/GEO 0.39 tCO e/oz Au 5 2 2 applicable commodity. For the sake of simplicity, (Mexico) On this page, we have set out the 2021 GHG we have colour coded where such statistics are Antamina 0.25 tCO e/GEO 1.78 tCO e/t Cu emission intensity for each of our Top Mining average, better than average, or below average. (Peru) 2 2 Assets. GHG emission intensity is measured as the tonnes of Scope 1 and 2 CO e emissions While a comparison of the emission intensities Northern and 0.25 tCO e/GEO 0.01 tCO e/t Fe62% 2 Southeastern Systems (Brazil) 2 2 per unit of production produced (“emission of our Top Mining Assets against industry average intensity”) from such Top Mining Assets. benchmarks (by applicable commodity) can MWS 2.60 tCO e/GEO 2.60 tCO e/oz Au offer valuable insights, the carbon intensity (South Africa) 2 2 and decarbonization challenges for mining Stillwater 0.22 tCO e/GEO 0.27 tCO e/oz PGM and energy companies will vary by jurisdiction (USA - Montana) 2 2 “...we carefully observe and with physical characteristics of projects, Detour Lake 0.37 tCO e/GEO 0.37 tCO e/oz Au the carbon footprints including depth of deposits and ore grades. (Canada - Ontario) 2 2 Our Top Mining Assets operate in eight different countries and use various mining methods. Hemlo 0.17 tCO e/GEO 0.17 tCO e/oz Au and climate-related (Canada - Ontario) 2 2 commitments, targets On the next page, we set out the decarbonization commitments, targets, plans and initiatives - Better than average (<10% of industry average) 6 - Average (within 10% of industry average) and initiatives of the adopted by our Top Mining Producers. Legend - Below average (>10% of industry average) operators and operations 1 Figures in this table are estimated Scope 1 and Scope 2 GHG emission intensities of our Top Mining Assets. Unless otherwise noted, the underlying emission data has been provided by MineSpans in which we look to (outside-in modeled data - all rights reserved). 2 GHG emission intensity (i) is provided on a 100% basis, notwithstanding that the applicable operation may be jointly owned by the referenced operator, and (ii) applies to the entire project. deploy capital...” 3 Calculated as the aggregate Scope 1 and Scope 2 GHG emissions from the Top Mining Asset divided by the number of GEOs produced by such asset. Copper, PGMs, iron ore, and other commodities are converted to GEOs by dividing associated revenue for such commodity by the gold price. 4 Calculated as the aggregate Scope 1 and Scope 2 GHG emissions from the Top Mining Asset divided by the total production volume of the primary production (excluding by-products) of such asset. 5 Given the balanced gold and silver production at Guadalupe-Palmarejo, we have converted silver to GEOs, which are included with gold ounces in both emission intensity calculations. 6 GHG emission intensity averages apply to primary production from mining. Such averages exclude mid-stream processing, other than iron ore which includes pelletizing if integrated with a mine. Sources: (1) McKinsey global mining industry GHG emission intensities for 2021: 0.76 tCO /oz (gold), 3.46 tCO /t (copper), 32.67 kgCO /t Fe62% (iron ore); (2) International Platinum Group Metals 2 2 2 Association 0.9 tCO /oz (PGM). 2

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 11 Carbon Footprint (continued) Top Mining Producers: Decarbonization Commitments, Targets, Plans and Goals Mining operators, contributing to more than two-thirds of our 2022 revenues, have Net Zero Commitments Emission Reduction Targets Renewable Energy Transition Goals proactively established targets to reduce carbon emissions, including planned or actualized Reduce Scope 1 and 2 emissions Reduce 100,000 tCO e per year emission reductions derived from reliance upon by 30% by 2025 and 50% by 2030 2 NA Reduce GHG intensity of by 2024 by powering Cobre Panama’s renewable energy, or have made commitments copper mining by 50% by 2030 expansion with renewable energy to achieve net-zero emissions by 2050 or sooner. Our Top Mining Producers have adopted Reduce Scope 1 and Scope 2 emissions commitments, targets, plans and initiatives, NA by 35% by 2030, from 2019 baseline NA as highlighted on this page. We continue to look for opportunities to deploy capital Reduce Scope 1, 2 and 3 emissions to other best-in-class operators and, as a Achieve net-zero emissions by 2045 by 15% by 2026 and 50% by 2035, NA capital provider, potentially help facilitate from 2019 baseline their low-carbon transitions. NA Reduce net emission intensity by 35% NA by 2024, from 2018-2019 baseline Achieve net-zero Scope 2 emissions by 2025 Achieve net-zero Scope 3 emissions by 2050 Reduce carbon intensity by 33% by 2030 NA “Mining operators, Achieve net-zero emissions by 2050 contributing to more Reduce Scope 1 and 2 emissions Achieve net-zero Scope 1 and 2 by 33% by 2030 Use 100% renewable energy than two-thirds of our emissions by 2050 Reduce Scope 3 net emissions in Brazil by 2025 and globally by 2030 by 15% by 2035 2022 revenues, have Reduce Scope 1 and 2 emissions Increase renewable energy proactively established Achieve net-zero emissions by 2045 by approximately 20% by 2025, consumption to 20% by 2025 from baseline targets to reduce carbon Achieve carbon neutrality for Scope 1 Reduce Scope 1 and 2 carbon emissions 20% renewable energy emissions... or have made and 2 emissions by 2040 by 27.3% by 2025, from 2010 baseline penetration by 2030 commitments to achieve net-zero emissions Achieve net-zero emissions by 2050 NA NA by 2050 or sooner.” Achieve net-zero emissions by 2050 Reduce emissions by 15% by 2025 NA and 30% by 2030, each from 2018 baseline

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 12 1,2 Water Management and Risk Top Mining Assets: Overall Water Risk and Water Intensity Asset Overall Water Risk 3 Water consumption intensity Sustainable water management is critical Using World Resource Institute’s (WRI) Aqueduct 3 (m /kt ore milled) within the mining industry. In our due diligence tool, we have identified the overall water risk for assessments of new royalty and stream the areas where each of our Top Mining Assets Cobre Panama Medium-High 12.0 (Panama) opportunities, Franco-Nevada pays particular are located, which measures all water-related attention to water-related issues and risks risks, including physical quantity, quality Candelaria High 16.1 impacting all applicable aspects of the mining and regulatory and reputational risk. (Chile) lifecycle, including: Antapaccay Medium-High 12.0 Water intensity is one measurement that can (Peru) • management of water to access ore be used to monitor trends in water use efficiency Guadalupe-Palmarejo through dewatering; at a project. Water intensity is particularly (Mexico) Low-Medium 25.8 • water use for ore processing and recovery important in areas of water scarcity and/or from mine tailings; where there are competing interests Antamina Low-Medium 18.1 (Peru) • provision of potable water and sanitation for water availability. facilities for employees and communities; Northern and Southeastern Low-Medium 17.5 • discharge of water back to the In the case of the mining sector, the metric Systems (Brazil) environment; is commonly expressed as the amount of water MWS Low-Medium 16.1 • interaction with marine water resources used per unit of ore processed. On this page, we (South Africa) through port facilities; and have set out the 2021 water intensities for each Stillwater • utilization and desalination of marine water. of our Top Mining Assets, measured as the cubic (USA - Montana) Low-Medium 6.8 3 meters (m ) of water used per kilotonne (kt) of ore milled. Detour Lake Low 20.6 (Canada - Ontario) “...Franco-Nevada pays Water intensities for our Top Mining Assets have Hemlo Low 25.8 been benchmarked against McKinsey global (Canada - Ontario) particular attention mining industry average for 2021. For the sake - Better than average (<10% of industry average) of simplicity, we have colour coded where such 4 - Average (within 10% of industry average) to water-related issues statistics are average, better than average, Legend or below average. - Below average (>10% of industry average) and risks impacting all 1 Figures in this table are estimated water consumption intensities of our Top Mining Assets. Unless otherwise noted, such applicable aspects information has been provided by MineSpans (outside-in modeled data - all rights reserved). 2 Water consumption intensity (i) is provided on a 100% basis, notwithstanding that the applicable operation may be jointly of the mining lifecycle...” owned by the referenced operator, and (ii) applies to the entire project. 3 Source: World Resource Institute’s (WRI) Aqueduct tool. Overall water risk measures all water-related risks, by aggregating all selected indicators from the following Aqueduct categories: Physical Quantity, Quality and Regulatory & Reputational Risk. 3 4 Source: McKinsey global mining industry average water consumption intensity for 2021: 17.1 m /kt ore milled.

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 13 1,2 Tailings Management Top Mining Assets: Selected Tailings Dam Characteristics With several major disasters occurring in the last Responsible tailings management requires Number Tailings Classification Asset of active dam type system adopted decade, tailings dams have been under increased operators to consider the management and tailings dams regulatory scrutiny and have triggered an governance of tailings storage facilities Cobre Panama Downstream/ international response. In 2019, the Church throughout their lifecycle, from design to (Panama) 1 centreline hybrid (1) Canadian Dam Association of England Pensions Board and the Council closure and post-closure. When deciding where SERNAGEOMIN DS 248/2007 on Ethics of the Swedish National Pension Funds to deploy capital, depending on the stage Candelaria 2 Downstream (2) and DGA Decreto 50 (2015), wrote to mining companies, requesting disclosure of development of an applicable project, (Chile) Chile of details of their tailings storage facilities Franco-Nevada reviews all aspects of a project’s Antapaccay and identifying the lack of a global tailings planned or existing waste and tailings storage (Peru) 1 Not defined Canadian Dam Association management standard as one possible contributor facilities. When negotiating new royalty or Guadalupe- to the recent disasters. The Global Industry stream acquisitions, we endeavour to negotiate Palmarejo (Mexico) 1 Downstream (1) Canadian Dam Association Standard on Tailings Management (the “Global contractual arrangements such that the operator Standard”) was launched in August 2020, aimed commits to implement the Global Standard or Antamina 1 Downstream/ Canadian Dam Association towards the goal of zero harm. Nine of our 10 Top another equivalent international tailings standard (Peru) centreline hybrid (1) Mining Producers have since agreed to fully in respect to their tailings storage facilities and Northern and Downstream (14), Ordinance 70.389/17 - implement the Global Standard or have otherwise to provide Franco-Nevada with ongoing reporting Southeastern 49 single step (23), ANM (Mining National 3 Systems (Brazil) upstream (12) Agency), Brasil adopted the Towards Sustainable Mining (TSM) with respect to adherence to such standards. framework, with the remaining one Top Mining MWS 1 Upstream (1) SANS 10286, South Africa Producer (Harmony Gold) implementing certain On this page, we have highlighted certain (South Africa) aspects of the Global Standard. Further, attributes of the tailings storage facilities Stillwater 3 Downstream (3) US Army Corp of Engineers comprehensive information relating to all our for our Top Mining Assets. (USA - Montana) Top Mining Assets’ tailings dams have been made Detour Lake 1 Centreline (1) Canadian Dam Association publicly available by our Top Mining Producers (Canada - Ontario) and is available on the Global Tailings Portal - Hemlo Upstream/ see tailing.grida.no (Canada - Ontario) 1 downstream hybrid (1) Canadian Dam Association 1 Tailings data sourced from Global Tailings Portal and Vale S.A. reporting. 2 Vale S.A. figures include tailings, sediment dams and other similar internal structures. 3 Tailings dams are on the entirety of the Northern and Southeastern Systems and not necessarily covered by Franco-Nevada’s effective royalty grounds. Includes dams undergoing decharacterization. “Nine of our 10 Top Mining Producers have since agreed to fully implement the Global Industry Standard on Tailings Management or have otherwise adopted the Towards Sustainable Mining (TSM) framework...”

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 14 Biodiversity Operators’ and operational impacts on biodiversity “...Franco-Nevada reviews Our Top Mining Producers Ranked: are carefully regarded by Franco-Nevada when World Benchmarking Alliance: Nature Benchmark, Ecosystems and Biodiversity ranking (2022)* deciding where to deploy capital (for further the impact on biodiversity information, please see the section entitled Out of 97 Out of 389 Due Diligence Process). A mining or energy and ecosystems global metals and global companies company’s or project’s ecological profile can be mining companies from all industries difficult to navigate, with no two environments throughout the being the same, and operators’ plans and actions 1 4 are traditionally not measurable or quantifiable lifecycle of a project...” using universal standards or metrics. 8 25 Franco-Nevada reviews the impact on biodiversity Our Top Mining and ecosystems throughout the lifecycle 17 51 Producers: of a project, including preliminary strategic assessments of biodiversity impacts caused 25 81 7 of 10... by project development, life of project “no-net- have formalized commitments loss” commitments to offset unavoidable impacts not to explore or mine in World on biodiversity through regional conservation 26 82 Heritage Sites activities, and plans for site rehabilitation and reclamation upon project closures. 39 132 7 of 10... have commitments to securing We track the environmental impacts of certain a net neutral or positive impact of our existing assets and we look to partner with 54 198 on biodiversity at their operations operators to contribute to biodiversity-related 6 of 10... initiatives in proximity to projects where we have NR NR have submitted responses to the royalty and stream interests. We have included Carbon Disclosure Project (CDP) on these pages the World Benchmarking Alliance: forests questionnaire Nature Benchmark, Ecosystems and Biodiversity NR NR rankings for our Top Mining Producers in 2022. 6 of 10... On the next page, we have also highlighted NR NR reported no significant incidents the performance and some of the biodiversity or non-compliance relating commitments and initiatives by our Top Mining to biodiversity in 2021 Producers, including an in-depth look at two 6 of 10... of our Top Mining Assets, Cobre Panama and are WGC and/or ICMM members, Detour Lake, which information is derived from * The World Benchmarking Alliance is a United Nations organization launched in 2018 to ensure that business impact which have biodiversity standards the 2022 sustainability reports of First Quantum is measured, in an effort to boost motivation and stimulate action for a sustainable future for everyone. The Ecosystems and commitments for members and Agnico Eagle, respectively. and biodiversity measurement area assesses the extent to which companies understand their impacts and dependencies on nature as well as how they tackle their main pressures on ecosystems and biodiversity. It is composed of sixteen indicators covering topics such as land and sea use change, direct exploitation and invasive alien species.

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 15 Biodiversity (continued) Agnico Eagle: Detour Lake, Ontario The Detour Lake mine continues to expand Each year, with the help of trained ecologists, its progressive reclamation program to include the Detour Lake mine conducts a seed collection new areas of focus and research. In addition to program to harvest and process native seeds the ongoing native plant revegetation research, for most deciduous species on the mine site. tailings and test cover programs, and lichen and These seeds are then added to a “seed bank” soil biological crust restoration projects, the team which is pulled from every year to plant and has included studies using mycorrhizal fungi to sprout saplings in a greenhouse before shipping help improve tree seedling survival, as well as them to site to plant as part of the site’s an expansion of the lichen transplant trials from progressive reclamation program. greenhouse scale up to a field transplant trial. Efforts also continue to support the preservation The operation progressively reclaims completed of the Woodland Caribou by means of ongoing rock storage facility areas, including earthworks aerial surveys and telemetry collaring programs, and revegetation. The mine has also developed and direct habitat restoration. The West Detour a 3D immersive virtual model to help visualize Project expansion is currently being planned what the site will look like at closure. to make sure Woodland Caribou’s calving areas Sea Turtle Conservancy turtle release, Panama are considered. First Quantum: Cobre Panama, Panama Cobre Panama lies within the Mesoamerican Minera Panama has committed to reforestation Biological Corridor of the Panama Atlantic of 10,475 hectares (7,375 hectares outside the (“MBCPA”) and the Golfo de los Misquitos Forests mine footprint and 3,100 hectares within the Important Bird Area. The region supports very mine footprint). The company has also committed high biodiversity and is also home to the Santa to implementing a number of species level Fe and Omar Torrijos National Parks. management plans. These have been developed with the aim of addressing the management First Quantum, through its subsidiary Minera needs of individual species for which the protected Panama, S.A. (“Minera Panama”), has committed areas and reforestation plans may not be sufficient. to support three protected areas in the MBCPA. Each species action plan describes a portfolio of Following the creation of the Cobre Panama actions aimed at ensuring a net positive impact Foundation in 2019, Minera Panama and the on species viability. Minera Panama is currently Ministry for the Environment have now signed a partnered with the Smithsonian Tropical long-term agreement to continue to support the Research Institute of Tropical Investigations protected areas around MBCPA. The areas are (amphibian rescue), the Sea Turtle Conservancy the Santa Fe National Park (72,636 hectares), (sea turtles), the Peregrine Fund (Harpy Eagles), Omar Torrijos National Park (25,275 hectares) Missouri Botanical Gardens (plant life), and Wildlife at Detour Lake Mine, Ontario and a protected area to be established in the Yaguara (jaguars). District of Donoso and its coastal marine zone (more than 150,000 hectares).

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 16 Sustainable Investment Opportunities Our diversified royalty and streaming portfolio is well positioned to participate in opportunities relating to the transition to a low-carbon economy. The following describes opportunities that we have embraced in our portfolio and that we expect will continue to be available to our company in the short, medium and long-term. Copper: Nickel and Clean Energy Metals: With superior electrical and thermal conductivity, While most of the global demand for nickel copper will play a significant role in enhancing is for the production of stainless steel, nickel energy efficiency and decarbonizing the planet. sulphate, a highly purified nickel compound A 2017 World Bank report* counted dozens that helps deliver higher energy density in of metals which could see a growing market lithium-ion batteries, extending the driving with the increasing reliance on renewable and range for electric vehicles, is expected to become sustainable energy sources. Copper ranked first the second largest application for nickel in 2030. (tied with aluminum and nickel) among all metals Our company has royalties on nickel projects, for its prevalence in low-carbon technologies, including the Mount Keith nickel mine in Australia, including in wind, solar photovoltaic, carbon Eagle’s Nest deposit in the Ring of Fire in Ontario, capture and storage, nuclear power, light emitting Canada and the Crawford Nickel-Cobalt project diodes, electric vehicles and electric motors. in Ontario, Canada. These projects are poised to benefit from increasing demand for nickel and Franco-Nevada’s top revenue generating stream we expect to see more opportunities to fund interests are from copper mines, including nickel and other battery metal projects both certain of our Top Mining Assets (Cobre Panama, domestically and abroad. Antapaccay, Antamina and Candelaria) where we receive precious metal by-products from copper Technologies involved in the clean energy concentrates. In 2021, we acquired another transition are emerging and advancing rapidly precious metal stream from the Condestable through innovation and increased deployment. copper mine in Peru and, in 2022, acquired Over the past few years, our company has an effective royalty on the Caserones copper- evaluated cobalt, lithium, rare earth, uranium molybdenum mine in Chile. Strong demand and other battery metal and clean energy for copper increases the prospects of greater opportunities. In particular, we are building production from these operations. We also have capabilities to evaluate lithium opportunities, royalties on a number of prospective copper which are in many ways geologically and development projects, including Copper World technically dissimilar to precious and base (Hudbay), Alpala (SolGold), Taca Taca (First metals projects. Quantum) and NuevaUnión (Teck and Newmont). We expect that in the future there will be further opportunities for our company to fund copper operations, to receive interests in copper * “The Growing Role of Minerals and Metals for a and/or precious metal by-products. Low-carbon Future”, World Bank Group, June 2017.

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 17 Sustainable Investment Opportunities (continued) Iron Ore: Natural Gas: Steel is essential to many aspects of modern The use of natural gas for energy results in fewer life and is a key component for low-carbon emissions of nearly all types of air pollutants and technologies from electric vehicles to wind carbon dioxide than burning coal or petroleum turbines. The production of low-carbon steel products. For this reason, natural gas is viewed will be crucial in the transition to a low-carbon by many as a “bridge” fuel as renewable energy economy and for the achievement of sources become increasingly more cost-effective climate goals. and prevalent. A 2019 World Energy Outlook report* found that from 2010 to 2018, coal-to-gas Our company has exposure to iron ore operations switching saved around 500 million tCO , an effect 2 with a low-carbon footprint and that produce equivalent to putting an extra 200 million electric products suited to lower carbon steel production. vehicles running on zero-carbon electricity on the We have equity ownership in Labrador Iron road over the same period. Ore Royalty Corporation (“LIORC”), which has a minority ownership in Iron Ore Company Our company’s additions to our energy portfolio of Canada (“IOC”) and holds royalties over IOC’s have shifted from U.S. oil to natural gas plays, operations in Newfoundland and Labrador, including our 2019 royalty acquisition on Range and we have royalty debentures covering Vale’s Resources’ liquids-rich natural gas properties in Northern and Southeastern System operations the Marcellus shale in Pennsylvania and our 2020 in Brazil. royalty portfolio acquisition in the Haynesville shale, Texas, one of the most active gas plays in IOC pellets and concentrate are high grade North America. In 2022, natural gas accounted products with world leading low alumina and for approximately 45% of our energy revenues ultra-low phosphorus, beneficial to the iron and approximately 11% of our overall revenues, and steel industry. These pellets are high quality a significant increase from prior years, due with a clean chemistry, which helps to lower to elevated natural gas prices for the year. the carbon footprint, compared to lower quality grades and forms of iron ore, when used in the iron and steel industry. In early 2021, IOC, operator at Carol Lake where we indirectly hold Vale supplies iron ore products that require “Our diversified royalty and streaming interests through our LIORC equity ownership, less energy use in steel blast furnaces, reducing announced an initiative that will explore the emissions. One example is its Brazilian Blend portfolio is well positioned to participate viability of transforming iron ore pellets into Fines, a blend of ores produced in Carajás and low-carbon hot briquetted iron, a low-carbon Minas Gerais, with a higher iron content and fewer in opportunities relating to the transition steel feedstock, using green hydrogen generated contaminants. Vale has recently partnered with from hydro electricity in Canada. Kobe Steel and Mitsui & Co. with the objective to a low-carbon economy.“ to offer low-carbon solutions and technologies to the steel industry. * “The Role of Gas in Today’s Energy Transitions”, World Energy Outlook, July 2019.

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 18 Sustainable Investment Opportunities (continued) CO Injection and Enhanced Oil Recovery at Weyburn Innovative Technologies: 2 We have royalty interests and a working The sequestered emissions attributable to our interest on Whitecap Resources’ Weyburn Unit royalty and working interests in the Weyburn Unit, in southeast Saskatchewan, which is a CO are 252,924 tCO for 2021. For greater certainty, 2 2 injection enhanced oil recovery development. we do not reduce or set-off our Financed Emissions with sequestered emissions. We continue to According to Whitecap, Weyburn is the largest monitor GHG Protocol guidance for direction carbon capture, utilization and storage project on the treatment of eliminated GHG emissions, for enhanced oil recovery in the world using including sequestered emissions, in connection anthropogenic CO2. CO2 is transported as a with our calculation of overall Financed Emissions. liquid from two separate industrial sources. At the source, the CO is captured and compressed Mining and energy operators utilizing lower 2 before transmission via pipeline to Weyburn. emission and emissions reduction processes The CO in liquid form is then injected at high and technologies demonstrate their adaptability 2 pressure into the Weyburn Unit. The gas stream to climate change. As decarbonisation continues that is recovered with the oil production is to take centre stage, we will continue to look processed for natural gas liquids and the to partner with and deploy capital to these remaining CO volume is reinjected into the companies and projects, which involvement 2 formation on an ongoing basis. Accordingly, will improve our own sustainability profile. with minor adjustment for losses, all of the CO purchased and transported by pipeline 2 “Since its inception in 2000, for injection at Weyburn constitutes additional CO volumes stored each year. 2 more than 36 million tonnes Since its inception in 2000, more than 36 million of CO , or an average of tonnes of CO , or an average of 1.7 million tonnes 2 2 of CO per annum, from two separate industrial 2 1.7 million tonnes of CO per sources have been captured and stored 1.5 km 2 underground, the equivalent of taking 8 million annum, from two separate cars off the road for an entire year. In addition to having carbon storage benefits, injecting industrial sources have been CO helps oil come to the surface more easily 2 captured and stored 1.5 km and improves the efficiency of production, maximizing the ultimate recovery of oil underground, the equivalent originally in place. of taking 8 million cars off the road for an entire year.”

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 19 Supply Chain We have a Supplier Code of Conduct, which sets Suppliers are also encouraged to: out our expectations for organizations, including • Reduce GHGs; their employees and representatives, who • Preserve water and minimize water pollutants; supply goods and services to us (collectively, • Maintain soil, biodiversity and our “Suppliers”). The Supplier Code of Conduct ecosystem quality; is to be delivered to Suppliers who acknowledge • Reduce resource waste and foster optimal in our contractual arrangements that they have resource use; received and will comply with the Supplier Code • Incorporate climate change risk assessment of Conduct. Although Franco-Nevada has certain into their risk management procedures; and suppliers of office supplies for our corporate • Measure and publicly report on their climate operations, most of our Suppliers are technical, change risk and environmental performance. ESG and other consultants who provide information and advice to our company to In addition, in accordance with our Climate support and supplement our due diligence when Action Policy (described on page 36), before evaluating royalty and stream opportunities. transacting with any significant provider of goods for our corporate operations, we ensure Suppliers are expected to: that such supplier has commitments, plans, • Conduct their business activities targets and initiatives aligned with net-zero in compliance with laws and standards emissions by 2050 or sooner. in the jurisdictions in which they operate; • Prevent conflicts of interest Failure of any of our Suppliers to comply with Franco-Nevada; with our Supplier Code of Conduct may result • Employ individuals above the legal age in the termination of our relationship with of employment, not to use forced or slave the Supplier. To date, we have not been aware labour, meet minimum wage requirements of any such failure by our Suppliers to comply Workers at the Antapaccay project, Peru and not exceed working hour and with our Supplier Code of Conduct. day regulations; “The Supplier Code of Conduct is to be delivered • Recognize freedom of association and the right to collective bargaining; Related Policies and Statements: to Suppliers who acknowledge in our contractual • Refrain from discriminating against their employees; • Supplier Code of Conduct arrangements that they have received and will • Respect the dignity of their own employees • Climate Action Policy and others, adhere to principles of diversity comply with the Supplier Code of Conduct.” and maintain a respectful workplace; and • Afford equality of opportunity to all people.

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 20 Students in Enseña Peru education program, Peru Community Contributions We are committed to contributing to our communities and engaging Contents with our operators to partner in community and other initiatives where our royalty and stream assets are located. Community Support 21 Industry and Other Support 22

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 21 Community Support We are committed to partnering with operators Enseña Peru Alto Huarca Water Project “Every Student, Every Day” on community and environmental initiatives Since 2018, we have partnered with Compañía In 2022, we funded our commitment to partner In 2022, as part of a five-year commitment, near their projects where we have royalty and Minera Antamina S.A., the joint venture company with Glencore’s Compañía Miñera Antapaccay we sponsored Victoria Gold’s “Every Student, stream interests. These partnerships benefit that operates the Antamina project in Peru, S.A., the operator at the Antapaccay project in Every Day” initiative, which works with the local communities and environmental initiatives in supporting Enseña Peru. Enseña Peru aims Peru, to build a water system in order to provide community to raise awareness and funds and also strengthen our company’s and the to improve education at existing schools in the potable water to the 288 inhabitants of the nearby to support increased student attendance mining industry’s reputation in the regions in region which Compañía Minera Antamina S.A. Alto Huarca community and to safely remove throughout the Yukon. To date, the initiative which we invest. Such initiatives have included has historically supported and has the goal that waste. The initiative involves the construction has distributed C$1.85 million to support educational initiatives, water infrastructure, by 2032, 8 out of 10 Peruvian youth will receive of an 8.4 kilometer conduction line (with air over 180 grassroots projects. recycling programs, workplace tragedy support, a quality education. Enseña Peru’s main objective passes, flow distribution chambers and valve mental health, and COVID-19 relief efforts. is to supplement the Peruvian education ministry’s chambers), a 22 kilometer distribution network Beyond the community contributions funded efforts in guiding volunteer teachers and other with residential connections, and basic in 2022 and described on this page, we have professionals through a three-month leadership sanitation units. recently made new commitments with the program and then posting them in different following operators, which we expect to schools and communities. Their other effort is to advance over the coming months: train existing teachers and increase cooperation through their Qué Maestro Program. “We are committed to partnering with operators on community and environmental initiatives near their projects where we have royalty and stream interests.” Enseña Peru initiative, Peru Alto Huarca Water Project, Peru

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 22 Industry and Other Support We provide ongoing support to several mining industry, diversity-related and other organizations and initiatives, some of which are described below. We are a proactive member of the World Gold We are the primary sponsor of the Prospectors Council (“WGC”) Board and, in 2019, Franco- & Developers Association of Canada (PDAC) Nevada played a leading role at the World Gold annual awards that recognize industry successes Council during the establishment of the RGMPs, in exploration, development, safety, environmental which principles must now be implemented stewardship and aboriginal cooperation. David by all World Gold Council members. Paul Brink, Harquail, Chair of the Board of Franco-Nevada President & CEO of Franco-Nevada Corporation, Corporation, is a PDAC board member and is currently a director of the World Gold Council, Eaun Gray, Senior Vice President, Business serves on its Compensation Committee and Development of Franco-Nevada Corporation, is a member of its Gold247™ Working Group. sits on the PDAC Convention Planning Committee. Franco-Nevada team members supporting WoodGreen Community Services Since 2019, we have supported Threads of Life, In 2022, we supported Mining4Life, an initiative a Canadian charity dedicated to supporting backed by the global mining industry with the goal families after a workplace fatality, life-altering to invest in the economic and social well-being injury or occupational disease. of communities around the world by helping to create and support sustainable health and education solutions for children in need. Diversity Scholarship We have several diversity and inclusion related contributions and initiatives, including our Franco-Nevada Diversity Scholarship, our BlackNorth Initiative pledge commitments, and The Prosperity Project sponsorship. These are described on page 31 of this ESG Report. Paul Brink and Feroz Shah, the first Franco-Nevada Diversity Scholarship recipient

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 23 Franco-Nevada 2022 AGM, Canada Good Governance and Shareholder Alignment Contents We are committed to responsible governance practices to ensure Corporate Governance 24 integrity in our dealings, compliance with our undertakings, Integrity and Compliance 25 and alignment with our shareholders. Shareholder Alignment 26 Information Security 27

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 24 Corporate Governance Our corporate governance structure is designed Management’s Role Board and Management The Board and its Committees also frequently to encourage informed and effective decision- The Board and its Committees oversee senior Engagement meet with senior management to determine making and appropriate monitoring of management, who are responsible for the All of our executives regularly attend Board our strategy with respect to our risks and compliance and performance, to serve the day-to-day management of ESG risks and and Committee meetings, including to provide exposures. In November 2022, management best interests of our shareholders. ESG matters opportunities. Our Chief Executive Officer updates on royalty and stream acquisition met with the ARC to discuss ESG-related risks are overseen and managed at the Board and is responsible for leadership on ESG matters opportunities, which include ESG-related and strategy and with the CESGC to discuss management levels within Franco-Nevada. and our Chief Legal Officer has executive considerations. To the extent that a materially strategy for improved ESG reporting in 2023. responsibility over such matters. ESG-related adverse ESG issue or consideration arises during Most recently, in March 2023, management met Board Oversight risks and opportunities are overseen by our the due diligence process in respect of a royalty with the CESGC to discuss Franco-Nevada’s ESG The Board and its Committees provide oversight executive team, including our Senior Vice and stream opportunity, management and strategy, including, among other things, climate of our strategic approach to all aspects of our President, Business Development, Senior Vice the Board may decide not to proceed with the initiatives and commitments, community business, which includes ESG-related risks and President, Diversified, Chief Financial Officer and opportunity. On a number of occasions, our contributions, and diversity and inclusion opportunities. The Board’s two committees, the Chief Legal Officer, having stewardship Company has passed on otherwise prospective goals and targets for the company. Compensation and ESG Committee (“CESGC”) over our organization’s units (including within opportunities due to ESG risks. and Audit and Risk Committee (“ARC”) have our subsidiaries), each being responsible for Accountability for ESG Performance oversight of ESG risks, opportunities and implementing our ESG strategy and managing ESG is a specific corporate goal used to evaluate disclosures, which responsibilities are embedded risks within their units. management’s performance for executive in each committee’s charter. The CESGC develops compensation decisions. On an annual basis, and recommends to the Board our approach Our Board oversight and management the CESGC evaluates management’s performance to ESG issues, reviews the adequacy of our ESG leadership, including with respect in connection with ESG due diligence processes, practices and policies and recommends any to ESG-related issues, is Board of Directors* reporting and compliance, community changes to the Board, approves the adoption depicted in the chart below. contributions, diversity and inclusion of any ESG-related standards or initiatives, and ESG rankings. adopts ESG-related corporate goals used to evaluate management’s performance for Compensation Audit and executive compensation decisions and engages and ESG Committee* Risk Committee* with our stakeholders in respect of ESG issues. The ARC oversees our ESG risk management. Chief Executive Officer** * Board and Committees have oversight over ESG and climate-related risks and opportunities Senior Vice President, Senior Vice President, ** Chief Executive Officer has responsibility for Business Development Diversified Chief Financial Officer Chief Legal Officer*** leadership on ESG and climate-related matters *** Chief Legal Officer has executive responsibility Business over ESG and climate-related matters Development Team Diversified Team Finance Team Legal Team

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 25 Integrity and Compliance We strive to meet rigorous standards of corporate governance, following industry best practices Related Policies and Statements: and satisfying legal, regulatory, TSX and NYSE requirements. We monitor regulatory changes and we routinely review evolving governance • Code of Business Conduct and Ethics practices in order to identify those that will best • Business Integrity Policy serve the interests of our shareholders. • Policy Concerning Confidentiality, Fair Disclosure and Trading Code of Business in Securities Conduct and Ethics • Employee Complaint Procedures Our Board has adopted a written Code of Business for Accounting and Auditing Matters Conduct and Ethics (the “Code”) for our directors, • Whistleblower Policy officers and employees. The Code reflects our core values of honesty, responsibility and fairness and addresses the following matters: compliance with Franco-Nevada Corporation Board of Directors in 2022, Panama laws, rules and regulations; conflicts of interest; confidentiality; corporate opportunities; protection Business Integrity Policy Policy Concerning Whistleblower Policies and proper use of corporate assets; competition Our Board has a Business Integrity Policy for Confidentiality, Fair Disclosure Our Board has adopted employee complaint and fair dealing; gifts and entertainment; our directors, officers and employees, which is and Trading in Securities procedures for, among other things, accounting payments to government personnel; non- intended to supplement the Code. The Business Our Board has adopted a Policy Concerning and auditing matters (contained in our Employee discrimination, anti-harassment and equal Integrity Policy is intended to ensure that we do Confidentiality, Fair Disclosure and Trading Complaint Procedures for Accounting and opportunity; health and safety; accuracy of not receive an improper advantage in our business in Securities, which serves as our corporate Auditing Matters) and violations of applicable company records and reporting; use of e-mail dealings and that all payments and expenses disclosure policy and insider trading policy, laws or corporate policies (contained in our and internet services; loans to or guarantees are properly recorded in our financial books and designed to ensure that personnel comply Whistleblower Policy) for our company’s of obligations of our personnel; and reporting records. Among other things, the policy provides with securities legislation and the rules of directors, officers and employees to enable of any illegal or unethical behaviour. guidance on dealing with our agents, contractors applicable stock exchanges relating to insider such personnel to submit good faith complaints and with public officials, acceptance of gifts, trading, tipping and selective disclosure. relating to any such matters. The procedures “...we routinely review making political contributions and dealing with Such policy generally outlines principles of outline how an employee with a good faith certain types of payments, including charitable confidentiality and guidelines for maintaining concern can report those concerns directly evolving governance donations and sponsorships. On an annual confidentiality, disclosure principles and guidelines to the Chief Legal Officer, in the case of the basis, we publicly disclose details of political for disclosure, what constitutes material Whistleblower Policy, or directly to the Chair practices in order to contributions or lobbying expenditures, if any, information, what is non-public information of the ARC, in the case of the Employee Complaint made by our company or our personnel on and how forward-looking information should be Procedures for Accounting and Auditing Matters. identify those that will behalf of our company. No such contributions disclosed. The policy also describes prohibitions In situations where such personnel prefer to place or expenditures have been made or incurred on trading, our policies on trading windows and an anonymous report in confidence, they are best serve the interests since our IPO. black-out periods, required pre-approval for trades encouraged to use the Franco-Nevada Compliance by insiders and sanctions if improper trading Hotline, hosted by a third-party hotline provider, of our shareholders.” were to occur. Navex Global EthicsPoint. To date, there have been no employee complaints under either policy.

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 26 Shareholder Alignment We take pride in our culture of company 1.0 How we engage with ownership, with management and the Board G&A as % of our stakeholders holding over US$200 million of equity and 0.8 Market Capitalization having the lowest G&A among our peers. This • Investor and industry conferences shareholder alignment flows through the entire 0.6 • Shareholder meetings, including organization with junior employees receiving say-on-pay voting stock option grants after having a minimum 0.4 • Quarterly earnings conference calls tenure at the company. 0.2 • Analyst days Minimum Equity Investments • Investor relations correspondence Each of our executive officers is required to hold - • Emails, calls and meetings a minimum equity investment in Franco-Nevada 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 equivalent in value to a multiple (currently five times for our CEO and three times for our other executive officers) of such executive officer’s are “independent” other than Messrs. Harquail the Board became aware of the misconduct, then current base salary, depending on such and Brink, by virtue of their positions as former as applicable. Key topics of interest in 2022 executive officer’s level of responsibility. The CEO and current President & CEO, respectively. requirement is to be satisfied in the form of our The Chair and President & CEO roles are separated Communication and Collaboration • Diversity and inclusion common shares and restricted share units. Our and, as a matter of best practices, our Board In 2010, our Board adopted a policy entitled Board (see pages 29–31) non-employee directors are required to hold created the position of Lead Independent of Directors’ Engagement with Shareholders on • Climate-related risks and minimum equity investments in Franco-Nevada Director and appointed Mr. Evans in this role. Governance Matters. The policy provides that opportunities (see pages 16–18; equivalent in value to three times their annual it is important to have regular and constructive Appendix C) retainers (currently the minimum equity Clawback engagement directly with our shareholders to • Transparency and ESG reporting investment is C$135,000) in the form of our Our executives have each agreed to allow and encourage shareholders to express frameworks (see Appendices C common shares and/or deferred share units. a clawback of their incentive compensation their views on governance matters directly to through E) Management and our directors are in full if our financial statements are required to be our Board outside of our annual meetings. We • Scope 3 emission reporting compliance of such minimum equity restated due to the fraudulent behaviour or recognize that shareholder engagement is an (see pages 41–42) investment requirements with substantial other intentional misconduct of such executive evolving practice in Canada and globally and • ESG-related performance of ownership stakes in our company. officers or they are found to have engaged our Board reviews its shareholder engagement investments (see pages 7–14) in intentional, egregious misconduct whether policy annually to ensure that it is effective • Capital allocation strategy Independence or not Franco-Nevada’s financial statements in achieving its objectives. (including commodity and jurisdiction) An independent board is comprised of directors are required to be restated. In each case, they (see page 4) who have no direct or indirect relationships with have agreed to reimburse Franco-Nevada for, We regularly engaged virtually and in person • Security and cybersecurity a company that could reasonably interfere or forfeit, as applicable, any entitlement to any with our shareholders during 2022. The adjacent (see page 27) with the exercise of the directors’ independent bonus or other incentive-based or equity-based tables describe some examples of how we • ESG considerations in executive judgement. This avoids potential conflicts compensation received by them during the engaged and the key topics of interest from compensation (see page 58) of interest and enables a board of directors 12-month period following the issuance/filing shareholders and the investment community. to consider the best interests of its shareholders. of the financial statements required to be restated Our Board has concluded that all of our directors or during the 12-month period prior to when

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 27 Information Security We have an Information Security Policy that sets Several members of our Board of Directors out our principles for the protection of information (six of nine or 67% of our Board, as of our assets and our proper controls needed to ensure May 2, 2023 annual general meeting) have compliance with our standards and external skills and competencies in cybersecurity and regulations. The policy is intended to define the Board engages with management in matters the principles and requirements of acceptable relating to Franco-Nevada’s information and use of information assets for our personnel cybersecurity strategy. and describe how these will be implemented across our global operations. It also informs our Our Audit and Risk Committee oversees the personnel of our expectations and requirements Information Security Policy and has designated for acceptable use of information assets and the our Chief Financial Officer as the executive role of our personnel in protecting the security responsible for: establishing and maintaining and integrity of our information. The Information the practices and procedures necessary to Security Policy is comprised of a number implement the Information Security Policy, of policies, including our: providing training to our personnel on the substance of the Information Security Policy • Password Policy at least once annually, and reporting to the • Acceptable Computer Use Policy Audit and Risk Committee on the operation • Removable Media Policy of and compliance with the policy. • Email Policy • Remote Access Policy Given the increased global threat of cyberattacks, • Incident Logging Policy we endeavour to improve our cyber and information security, including our processes and infrastructure in place to mitigate risks of Related Policies and Statements: cyberthreats and attacks, whenever possible. In 2022, we made the following improvements • Information and Security Policy to our cyber and information security: “Given the increased global • We enhanced cybersecurity risk management processes, with more threat of cyberattacks, frequent security updates to the Audit and Risk Committee; we endeavour to improve • We enhanced password security; • We updated and tested our disaster our cyber and information recovery plan; and Equinox Gold employees at Greenstone project, Canada • We engaged third-party companies security whenever possible.” to test our security and access.

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 28 Members of Franco-Nevada’s Board and management team Diversity, Inclusion and Well-Being Contents We are committed to maintaining a safe and supportive Diversity and Inclusion 29 environment for our team members and to removing barriers Employee Benefits and Well-Being 32 Health, Safety and Security 33 and promoting diversity and inclusion. Human Rights, Non-Discrimination, Anti-Harassment and Equal Opportunity 34

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 29 Diversity and Inclusion Diversity and Inclusion Policy We are committed to diversity among our employees, executive officers and on our Board Women Visible Minorities Diverse Persons and have made meaningful progress over in Senior Management in Senior Management in Senior Management the past few years in improving our diversity practices and policies and increasing the number of Diverse Persons within our company. Our Diversity and Inclusion Policy emphasizes 2 of 14 6 of 14 6 of 14 all forms of diversity in identifying candidates or 14.3% or 42.9% or 42.9% to recommend for appointment/election to the Board and for appointment/promotion to senior management positions. Diverse candidates must be included in any search for new Board members and senior management positions, including for any new roles established by our company (including internal promotions). The Diversity and Women Visible Minorities Diverse Persons Inclusion Policy provides for the following goals: in Global Workforce in Global Workforce in Global Workforce • maintaining a Board composition in which at least 30% of the independent directors are women; • achieving, by 2025, and thereafter maintaining, 40% Diverse Persons at 17 of 40 18 of 40 24 of 40 the Board and senior management level or 42.5% or 45.0% or 60.0% (on an aggregated basis), and • achieving, by 2025, and thereafter maintaining, a Board composition in which at least one independent director is a Diverse Person on grounds broader than gender diversity. “We... have made meaningful progress over the past few years in improving Related Policies and Statements: our diversity practices and policies and increasing the number of Diverse • Diversity and Inclusion Policy Persons within our company.”

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 30 Diversity and Inclusion (continued) We are committed to ensuring diversity and inclusion at all levels within our organization. We aim to accomplish this through (i) objective diversity targets Related Policies and Statements: at the senior management and Board levels; (ii) ensuring diverse candidate pools are considered for management and Board appointments; and (iii) contributing to diversity and inclusion initiatives. • Diversity and Inclusion Policy Date Progress Date Progress • In March 2015, we adopted our Diversity Policy relating to identifying women • In March 2021, we amended our Diversity and Inclusion Policy to provide that diverse as candidates to recommend for appointment/election to the Board and for candidates are to be included when filling Board and senior management roles and 2015 appointment/promotion to senior management positions set out a new goal of achieving 40% Diverse Persons* at the Board and senior • In May 2015, Catharine Farrow joined our Board management level (on an aggregated basis) by 2025 11% (1 of 9) of Board members are women • In May 2021, we achieved our goal of 30% women directors, one year earlier than planned 30% (3 of 10) of Board members are women 2016 • In 2016, we hired a female member of a visible minority and promoted another 2021 • In mid-2021, we awarded the first Franco-Nevada Diversity Scholarship to a student female, both to senior positions at Franco-Nevada Corporation entering mining engineering at the University of Toronto • In the second half of 2021, we established the Franco-Nevada Diversity Committee. • In March 2019, we amended our Diversity Policy to adopt a target of 30% women The Committee arranged for unconscious bias training for all of our employees and directors by 2022 conducted an internal diversity and inclusion survey 2019 • In May 2019, Jennifer Maki joined our Board • In December 2021, we promoted a female member of a visible minority to the senior 22% (2 of 9) of Board members are women management team at Franco-Nevada Corporation • In March 2020, we amended our Diversity Policy to incorporate principles of inclusion • In April 2022, we hired a male member of a visible minority to the senior management and additional diversity and renamed the policy the Diversity and Inclusion Policy team at Franco-Nevada Corporation • In May 2020, Maureen Jensen joined our Board • In August 2022, we expanded our Franco-Nevada Diversity Scholarship program 27% (3 of 11) of Board members are women 2022 by awarding four scholarships to diverse mining engineering students at three 2020 • In July 2020, we signed the BlackNorth Initiative pledge to combat anti-Black Canadian universities systemic racism • In late 2022, we contributed to four registered Canadian charitable organizations in • In December 2020, a female member of a visible minority was promoted to the senior support of the Black community and in furtherance of our BlackNorth Initiative pledge management team at Franco-Nevada (Barbados) Corporation and promoted a male member of a visible minority to the senior management team at Franco-Nevada • In March 2023, we amended our Diversity and Inclusion Policy to set a new goal Corporation 2023 of achieving at least one Diverse Person* on grounds broader than gender diversity at the Board level by 2025 * Diverse Persons include women, Black, Indigenous and other people of colour, individuals who identify as LGBTQ2S+ and people with disabilities

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 31 Diversity and Inclusion Initiatives We are proud to have progressed the following diversity and inclusion initiatives during 2022 and year to date: Diversity Scholarship Franco-Nevada BlackNorth Initiative The Prosperity Project Diversity Scholarships The BlackNorth Initiative was created by The The Prosperity Project was established to In 2022, we grew the Franco-Nevada Diversity Canadian Council of Business Leaders Against help mitigate the disproportionate impact Scholarship, established in 2021 to promote Anti-Black Systemic Racism to combat anti-Black of COVID-19 on Canadian women who are being diversity in the mining industry, by expanding systemic racism in Corporate Canada. We became disproportionately affected and underscoring the program to four annual scholarship awards, a signatory to the BlackNorth Initiative pledge the economic importance of gender equality which were awarded during the year to diverse at its inaugural summit in July 2020. during the COVID-19 pre-recovery, recovery students attending mining engineering programs and post-recovery periods. at several Canadian universities. We also renewed Our pledge includes the following commitments: the annual scholarship awarded to the program’s (i) hire on average at least 5% within our student In early 2021, we became an Influence Level first recipient. workforce from the Black community; (ii) invest Partner of The Prosperity Project’s Annual Gender by 2025 at least 3.5% of corporate donations Diversity Data Tracking Initiative. The Initiative and sponsorships to promote investment and tracks women in board, executive officer roles, “In early 2023, we amended create economic opportunities in the Black and in the pipeline to executive officer roles community; and (iii) set numeric diversity in large public companies, Crown corporations, “...we exceeded our our Diversity and Inclusion goals for the representation of Diverse Persons, pension funds, co-operatives and Canadian including Black people, on our Board and among subsidiaries of foreign-owned public companies. donation and sponsorship Policy to include an senior management. The Initiative applies intersectional identities and inclusivity lenses in order to track the commitment donating additional diversity goal To date we have exceeded our student workforce representation of white and BIPOC women as commitment and, in 2022, we surpassed our well as women with disabilities at the leadership to four separate registered to achieve at least one donation and sponsorship commitment donating level over time and the progress being made to four separate registered Canadian charitable towards achieving gender parity. We renewed Canadian charitable Diverse Person on grounds organizations, supporting the Black community our support for The Prosperity Project for 2022. broader than gender in the areas of education, health, youth, and organizations, supporting business. In early 2023, we amended our Diversity Maureen Jensen, one of our Board members, the Black community diversity at the Board and Inclusion Policy to include an additional is a board member of The Prosperity Project and diversity goal to achieve at least one Diverse both Ms. Jensen and Jennifer Maki, another in the areas of education, level by 2025.” Person on grounds broader than gender member of our Board, are “Founding Visionaries” diversity at the Board level by 2025. of The Prosperity Project. health, youth, and business.”

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 32 Employee Benefits and Well-Being We strive to create an inclusive, safe, and supportive environment for all our employees, which includes opportunities for hybrid work, health benefits and wellness allowances, and robust workplace policies and practices. Hybrid Work Arrangements Employee Pay None of our employees are organized by a trade Related Policies and Statements: The way in which we live and work has changed We are committed to ensuring that all of union or labour union and there are no collective significantly over the past several years. In many our employees receive salaries significantly bargaining agreements in place in respect of our • Wellness Allowance Policy ways, the COVID-19 pandemic changed the exceeding minimum and living wages in the staff or company. As such, there have been no way employees balance their work and personal applicable jurisdictions of their workplaces and strikes or lock-outs in our company’s history. • Human Rights Policy lives. In 2022, despite the easing of COVID-19 all such employees receive vacation pay, sick Notwithstanding, we respect the right to • Disconnecting from Work Policy restrictions and public health advisories, we have pay and parental leave pay and other benefits. collective bargaining (ILO C98), the protection maintained a hybrid office model and continue The adjacent table sets out the sources and of workers’ representatives and prevention of to support our employees who prefer or require methodologies used to determine minimum workers’ representatives discrimination (ILO C135). flexible and personalized work options. and living wages in each of the four jurisdictions in which we have corporate offices in order to Minimum and Living Wage and Franco-Nevada Employee Pay 1,2 Workplace Accommodations demonstrate that 100% of our global workforce We value the diverse representation of our receive salaries exceeding both the minimum Jurisdiction; Minimum Wage Living Wage 3 % of Franco-Nevada FTE Pay % of Full-Time Employees (FTEs) (US$) (US$) Exceeding Minimum workforce and seek to promote inclusivity and living wage in those jurisdictions. in Jurisdiction and Living Wage and remove barriers by accommodating Canada (Toronto, ON) 4 4 our employees where possible so that Labour Rights and Standards 67.5% $11.48 $17.134 100% no individual is disadvantaged relative to other We are committed to the fundamental labour members of our team. In 2022, we collaborated standards and rights at work set out in the USA (Colorado) 5 6 10% $13.65 $20.25 100% with one of our employees in Toronto and International Labour Organization’s Declaration retrofitted existing office space to accommodate on Fundamental Principles and Rights at Work. Barbados $4.21 7 $6.00 8 100% for religious practices and observances to be In accordance with our Human Rights Policy and 20% carried out during the work day. as enshrined in the Canadian Charter of Rights Australia 9 10 and Freedoms, we are supportive of the 2.5% $14.53 $17.00 100% Health and Wellness Benefits fundamental freedoms of our employees We provide our employees with comprehensive (and of all individuals), including the freedom 1 All dollar figures are in USD (or converted to USD as at December 31, 2022) and are on a per-hour basis. health and insurance benefits. During 2022, of thought, belief, opinion and expression, the 2 All information current as of December 31, 2022, unless otherwise specified. in an effort to further support our employees freedom of peaceful assembly and the freedom 3 A living wage is a measure intended to represent the remuneration received by a worker in a particular location sufficient to and their families and to allow for more benefits of association. afford a decent standard of living for the worker and their family. Elements of a decent standard of living include food, water, flexibility, we implemented a new Wellness housing, education, health care, transportation, clothing, and other essential needs, including provision for unexpected events. 4 Source: ontariolivingwage.ca Allowance Policy, which broadened the scope In 2023, we adopted a new Disconnecting from 5 Source: cdle.colorado.gov/wage-and-hour-laws and increased the quantum of employees’ Work Policy to formalize our commitment to 6 Source: livingwage.mit.edu/counties/08035 wellness-related benefits. recognizing the importance of our employees’ 7 Source: gisbarbados.gov.bb/download/minimum-wage-national-and-sectoral-minimum-wage-order-2021 ability to balance their work and personal lives, 8 Source: salaryexplorer.com/salary-survey.php?loc=19&loctype=1; Specific Barbados living wage unavailable so calculated as 60% all while performing their duties to the best of median income based upon general guidance of numerous authorities. 9 Source: fairwork.gov.au/pay-and-wages/minimum-wages of their abilities. 10 Source: raffwu.org.au/campaigns/industry/living-wages; povertyandinequality.acoss.org.au/poverty

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 33 Health, Safety and Security Health and Safety Security The health and safety of our employees remains Although our employees operate in office • Sharing travel itineraries with their team Related Policies and Statements: of utmost priority. During the heights of the environments, members of technical and before departure; COVID-19 pandemic that extended into 2022, business development teams frequently • Discussing elevated travel-related risks we worked closely with building management travel domestically and internationally, with their team; • Health and Safety Policy at our Toronto office to ensure the safety of our including when conducting due diligence • Taking certain precautions in respect • Corporate Responsibility Policy personnel when entering, exiting and working for new potential opportunities, auditing our of air travel, ground transportation, • Non-Discrimination, Anti-Harassment in the office and we developed an internal office existing assets, and attending conferences and hotel accommodations; and & Equal Opportunity Policy protocol, which was updated as and when and investor meetings. On occasion, these • Communicating openly and reporting • Travel Safety Policy needed, outlining our COVID-related health include destinations that may have higher all incidents to their team. and safety procedures. risks, including political instability, natural disasters, extreme climates, or pandemic, We have a Health and Safety Policy applying endemic and epidemic disease. to our company (including all subsidiaries) and employees necessitating compliance with In order to partially mitigate the safety risk to applicable legal and regulatory health and our employees who visit these locations, we rely safety requirements of the jurisdictions in which on an international health and security service we operate and setting out standards for a safe coordinator called International SOS (“ISOS”). work environment, including a workplace free ISOS has globally established alarm centres from injuries and from violence and harassment. that have the ability to coordinate assistance Our Health and Safety Policy is complemented on a regional level. Expert health and security by our Non-Discrimination, Anti-Harassment information can be requested to be sent directly & Equal Opportunity Policy, which provides to personnel or may be accessed via the ISOS for a procedure in the case of any incident self-service portals, including ISOS’ Global site of discrimination, harassment or violence, monitoring portal. including the reporting of the occurrence to our Chief Legal Officer, the oversight of the policy In 2022, we adopted a Travel Safety Policy by our CESGC, and the provision of education that formalizes measures mitigating risks and training programs from time-to-time. associated with travel, and seeks to minimize Further, in accordance with our Corporate these through appropriate measures. Among Responsibility Policy, we are committed other things, the protocols include our employees: to make a positive impact on social issues. • Conducting an independent risk assessment of a travel destination before departure; • Engaging with ISOS to obtain applicable Antapaccay site visit by Franco-Nevada personnel, Peru information relating to a travel destination;

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 34 Human Rights, Non-Discrimination, Anti-Harassment and Equal Opportunity Human Rights Policy • Expecting that our suppliers and service The Non-Discrimination, Anti-Harassment In 2020, our Board adopted the Human Rights providers conduct their business practices & Equal Opportunity Policy also deals with Policy, which applies on a company-wide basis, in accordance with our values, including harassment and workplace violence. This policy “In 2020, our Board thereby formalizing our actions, practices and in respect of human rights; and articulates our position with respect to diversity beliefs since our inception. The Human Rights • Disclosing our progress and initiatives and equal opportunity as well as (i) zero tolerance adopted the Human Policy sets out our commitment to the following on human rights. for discrimination, harassment and threats or items, among other things: acts of violence; (ii) reporting inappropriate Rights Policy, which In 2021, we updated our Human Rights Policy conduct, harassment and workplace violence; applies on a company- • Complying with human rights laws to formalize our commitment to the fundamental (iii) disciplinary measures; and (iv) the in regions in which we conduct business; labour standards and rights at work set out development of procedures to prevent wide basis, thereby • Supporting fundamental freedoms in the International Labour Organization’s and address human rights issues. of all individuals, including the freedom Declaration on Fundamental Principles formalizing our actions, of thought, belief, opinion and expression, and Rights at Work. the freedom of peaceful assembly, the Related Policies and Statements: practices and beliefs freedom of association and other rights Non-Discrimination, and freedoms; Anti-Harassment & • Human Rights Policy since our inception. “ • Complying with proper labour laws and Equal Opportunity Policy • Non-Discrimination, Anti-Harassment standards including in respect of legal age We have a Non-Discrimination, Anti-Harassment & Equal Opportunity Policy limits, forced or slave labour, minimum & Equal Opportunity Policy, which provides the wages and benefits, and working hours framework to maintain an environment free and working day limits; of discrimination and harassment, in which all • Maintaining workplaces free from individuals are treated with respect and dignity, harassment and discrimination and are able to contribute fully and have equal complying with health and safety standards; opportunities. Grounds for discrimination • Conducting appropriate human rights due include age, religion, sexual orientation, gender, diligence when making investments; family or marital status, disability, race, ancestry, • Consulting with our stakeholders regarding place of origin, ethnic origin, citizenship, colour, human rights and other social issues; record of offences, and any other ground that • Reviewing and assessing our human is listed in human rights legislation that applies rights policies, practices and procedures to the jurisdiction in which we are operating. on a regular basis; Such policy also provides that we are supportive • Organizing appropriate training and of the fundamental freedoms of our employees educational programs for our personnel (and of all individuals), including the freedom to address human rights issues and of thought, belief, opinion and expression, the to properly implement our Human freedom of peaceful assembly and the freedom Rights Policy; of association. Employee at Bald Mountain project, Nevada

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 35 Vale’s Income Generation Support Program, Brazil Climate Action We have a goal to achieve net-zero GHG emissions by 2050 with respect to our corporate operations and are committed to considering Contents the decarbonization efforts and the net-zero alignment of operators Climate Action Commitments and Plans 36 and operations when making investment decisions. Overall Carbon Footprint 37 Corporate Footprint 39 Investment Footprint 42

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 36 Climate Action Commitments and Plans We are committed to: In 2020, we committed to maintain carbon Corporate Operations by 2050 or sooner in our due diligence neutrality at our corporate operations and, We aspire to achieve net-zero Corporate processes when evaluating new in 2022, we accomplished this for the third Emissions by 2050. To reach this goal, we will: opportunities; • Our goal to achieve consecutive year. • Monitor operators’ decarbonization efforts net-zero emissions relating • Measure and record our Corporate Emissions and progress towards net-zero emissions by to our global corporate In 2023, we set a goal to achieve net-zero in accordance with the Greenhouse 2050 or sooner and endeavour to include emissions relating to our global corporate Gas Protocol; contractual provisions requiring operators operations by 2050 or sooner operations (our “Corporate Emissions”) by 2050, • By 2024, adopt short and long-term to provide us with sufficient information in line with global efforts to limit warming to science-based GHG emission reduction in order to do so; • Assess the decarbonization 1.5°C (“net-zero emissions by 2050 or sooner”). targets for our Corporate Emissions in line • Measure and record our attributable efforts and net-zero alignment While our commitment to carbon neutrality with the achievement of net-zero emissions emissions from our royalty and stream of operators and operations primarily involves the purchase of carbon offsets, by 2050 or sooner; interests in accordance with the our net-zero aspiration entails a concerted effort • Maintain carbon neutrality on an annual Greenhouse Gas Protocol and other when making investment to reduce our absolute emissions. basis for our Corporate Emissions by leading supplementary guidance; and decisions purchasing high quality carbon offsets • Explore options on how we may assist Our greatest impact in addressing climate change for those Corporate Emissions operators’ energy transitions, climate-related • Engage with new and is through deploying capital to responsible that cannot be eliminated; and community and other initiatives, and/or operators and operations committed to reducing • Report on our progress and provide other activities aimed at decarbonization existing operators on their carbon footprints and environmental impacts. climate-related disclosures aligned with and achieving net-zero emissions by 2050 efforts to decarbonize and Accordingly, we have also committed to assess the recommendations from the Task Force or sooner. achieve net-zero emissions the decarbonization efforts and net-zero for Climate-related Financial Disclosures alignment, including with respect to the (TCFD) and regulatory requirements Stakeholders by 2050 or sooner commitments, plans, targets and initiatives, applicable to our company. To further support and awareness of climate of operators and operations when making reduction goals, including net-zero emissions • Further awareness of and investment decisions and to engage with Investments by 2050 or sooner, we will: support for climate reduction new and existing partners on their efforts We are committed to assessing the goals, including net-zero to decarbonize and achieve net-zero decarbonization efforts and net-zero alignment • Ensure that our external consultants are emissions by 2050 or sooner. of operators and operations when making familiar with our support for the goal of emissions by 2050 or sooner, investment decisions. We are also committed decarbonization and net-zero emissions with our stakeholders We have adopted a Climate Action Policy, to engaging with new and existing partners by 2050 or sooner and understand which is summarized below and formalizes on their efforts to decarbonize and achieve Franco-Nevada’s commitments under the abovementioned climate-related goals net-zero emissions by 2050 or sooner. the Climate Action Policy; and and commitments relating to all aspects To achieve this, we will: • Ensure before transacting with any significant Related Policies and Statements: of our business. Our Climate Action Policy provider of goods for our corporate also establishes the measures that we will • Assess the decarbonization commitments, operations, that such supplier is aligned • Climate Action Policy implement to further these commitments. plans, targets and initiatives of operators, with the goal of net-zero emissions including commitments to or progress by 2050 or sooner. towards achieving net-zero emissions

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 37 Overall Carbon Footprint Franco-Nevada’s carbon footprint is comprised of emissions relating to our corporate offices as well as financed emissions, which are estimated Financed Emissions (2021) emissions based upon production attributable Corporate Emissions (2022) to our royalty and stream interests (referred Scope 3 to as “Financed Emissions”). Since 2020, our Investments corporate operations have been carbon neutral. (see page 42) We have accomplished this, and will continue Corporate Emissions and Financed Emissions to do so, through initiatives to reduce our 500 627,365 640,000 corporate GHG emissions and through the depicted below and adjacent are not to scale, with purchase of high quality carbon credits to total Financed Emissions being approximately 131,656 offset emissions that cannot be eliminated. 5,000 times Corporate Emissions 540,000 400 While it is important for us to be operationally 440,000 carbon neutral, we acknowledge that our own 300 total operational emissions are minimal relative to the operations in which we invest and much 340,000 of our ability to have a positive impact on the climate relates to our engagement with and 200 Scope 3 495,709 Scope 2 Business Travel 240,000 support of our current operators and to our e)2 Electricity and Employee Scope 3 Scope 3 (tCO future capital allocation strategy. and Steam Commuting Office Supplies Water and Waste (tCO (see page 40) (see page 41) (see page 41) (see page 41) 2e) 100 140,000 50.4 59.6 20.6 3.6 Gross emissions 40,000 Gross emissions Offsets -4.5 Sequestered emissions -25.8 -60,000 -63.0 -74.5 -100 Purchased carbon offsets for 125% -160,000 of our Corporate Emissions Legend (see page 41) -252,924 -260,000 Emissions from Purchased carbon offsets corporate operations Sequestered emissions attributable to our Financed Emissions from Sequestered emissions Weyburn working and royalty interests mining interests from Weyburn working We do not reduce or set-off our Financed Emissions Financed Emissions from interest and royalties with such sequestered emissions energy interests (see page 18)

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 38 Scope 1, 2 and 3 Primer To the extent that emissions relating to As Franco-Nevada does not operate, develop “We recognize the All of our emissions are calculated using the investments are disclosed by investors, or conduct exploration for the operations in increasing importance for Greenhouse Gas Protocol Corporate Accounting irrespective of whether such disclosure which we have royalty and stream interests, and Reporting Standard, the most widely-used is optional or mandatory, the GHG Protocol and does not exercise control over such operations shareholders, ESG rating international accounting tool for companies provides that the “reporting company’s Scope given the passive nature of our interests, we have to understand, quantify, and manage GHG 3 emissions from investments are the Scope 1 not previously included Financed Emissions agencies and others to emissions. The Greenhouse Gas Protocol (the and Scope 2 emissions of investees.” in our Scope 3 emissions. “GHG Protocol”), launched in 1998, categorizes have visibility of the a company’s GHG emissions into three scopes: Franco-Nevada’s Progression We recognize the increasing importance for Franco-Nevada accounts for the following shareholders, ESG rating agencies and others carbon footprints of asset • Scope 1 emissions are direct emissions emissions applicable to our corporate to have visibility of the carbon footprints of managers’, investment from owned or controlled sources (e.g., operations: Scope 1 (nil, as our offices are not asset managers’, investment funds’ and royalty emissions associated with fuel combustion heated from the direct combustion of natural and streaming companies’ portfolios. There funds’ and royalty and in boilers, furnaces, vehicles). gas or propane), Scope 2 (emissions relating have also been gradual improvements in to the use of electricity and steam for our data availability for emissions relating to streaming companies’ • Scope 2 emissions are indirect emissions offices) and Scope 3 (applicable categories our investments. For these reasons, we from the generation of purchased electricity for our corporate operations include Category have included in this ESG Report estimated portfolios... we have or steam. 1 (Purchased Goods and Services); Category 5 emissions attributable to our royalty and (Waste); Category 6 (Business Travel); and stream interests. Please refer to the section included in this ESG Report • Scope 3 emissions are all other indirect Category 7 (Employee Commuting)). entitled Investment Footprint below. emissions that occur in the value chain estimated emissions of the reporting company, including both attributable to our royalty upstream and downstream emissions. The 15 categories of Scope 3 emissions and stream interests.” are depicted in the adjacent GHG Protocol diagram. In accordance with the GHG Protocol, emissions associated with certain kinds of investments (e.g. majority equity holdings, loans with known use of proceeds, etc.) are required to be calculated and included as Scope 3, Category 15 (Investments) emissions. For other alternative investments, including royalty and stream interests, emissions attributable to such investments may optionally, but are not required to, be included in Scope 3, Category 15 (Investments), with the GHG Protocol acknowledging that for many of these investments, investors may have minimal or no control or insight into the operations of the investees. Source: GHG Protocol

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 39 Corporate Footprint In terms of our own environmental impact, our carbon footprint is very small. Our workforce, Commerce Court West consisting of 40 full-time employees, operates In December 2017, Commerce Court West solely within office environments, including (the office tower in which our Canadian at our head office in Toronto in Commerce Court head office is located) achieved BOMA BEST West. Our remaining staff work in office spaces Platinum level certification. This is the located in Barbados, the United States highest level of certification in the BOMA and Australia. BEST green buildings certification program, Canada’s largest environmental assessment Notwithstanding our small workforce and office and certification program for existing settings, we do whatever we can to reduce our buildings. In 2021, Commerce Court was carbon footprint and environmental impact. awarded BOMA Canada The Outstanding Since 2019, we have utilized Notice-and-Access Building of the Year (TOBY) Award for a delivery procedures for our management building with over 1 million square feet. information circular and annual meeting materials sent to our shareholders to encourage electronic Commerce Court is certified LEED EB Gold access of such materials to reduce consumption reflecting the successful implementation of paper products. of its long-term sustainability strategy and an ongoing commitment to the environment “Our workforce, consisting and other sustainability-focused initiatives. The LEED Canada EB rating system applies of 40 full-time employees, a rigorous internationally-recognized standard measuring and evaluating the effectiveness operates solely within of a property’s sustainable practices and policies in a range of green categories. office environments, including at our head office in Toronto in Commerce Court West. Our remaining staff work Commerce Court West, Toronto in office spaces located in Barbados, the United States and Australia.”

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 40 Corporate Scope 1 GHG Emissions Corporate Scope 2 GHG Emissions* Operating solely in office environments, our The production of GHGs associated with our Corporate Utility Usage and Waste* company does not have any quantifiable Scope energy usage and heating sources, comprised The following sets out our annual utility usage 1 emissions. For example, Commerce Court West, of electricity and steam, are indirect (Scope 2) and waste for the years 2020 to 2022. our corporate head office building in Toronto, emissions, which are set out in the adjacent is heated with steam and utilizes electricity, chart. There has been a significant reduction Unit 2020 2021 2022 which are reported under Scope 2 emissions. of our Scope 2 emissions since 2019 (Scope 2 We acknowledge that some of our workforce emissions were 62.0 tCO2e in 2019 or Electricity kWh 204,016 190,545 213,596 may from time-to-time access certain public approximately 23% higher than 2022), which areas during their work days that are heated is primarily due to our shift to remote and Steam lb 467,412 305,306 393,124 by, or otherwise utilize, fossil fuels. Although we hybrid work arrangements during 2020, Chilled do not have access to sufficient data to calculate 2021 and 2022. We expect that these Water ton-h 31,119 33,448 27,513 our share of these Scope 1 emissions, we have emissions will normalize over time. 3 purchased carbon offsets accounting for 125% Water m 478 371 450 of our overall reported corporate emissions Waste kg 850 833 1,511 to factor these in. Commerce Court West, Toronto Total Corporate Scope 2 Emissions (tCO e) 2 100.0 100.0 90.0 90.0 “There has been a significant 80.0 80.0 70.0 70.0 reduction of our Scope 2 60.0 60.0 58.0 50.0 49.0 50.4 emissions since 2019, 50.0 36.0 37.7 40.0 which is primarily due 29.6 30.1 40.0 36.4 30.0 30.0 21.8 to our shift to remote and 20.2 20.0 20.0 28.9 10.0 19.4 20.3 hybrid work arrangements 11.5 21.6 14.2 10.0 - - 8.8 8.7 2020 2021 2022 during 2020, 2021 and 2022.” 2020 2021 2022 Electricity Steam Employee Commuting - Car Business Travel - Air Commerce Court, North Tower (part of the building complex of our head office) * Due to certain logistical constraints, reported utility data for electricity and steam (including applicable Scope 2 emissions) and water and waste (including applicable Scope 3 emissions) relates to our Toronto and Barbados offices and for 2022 covers 87.5% (35 of 40 full-time employees) of our company (2020 - 88.6%; 2021 – 88.9%). The water usage and waste data relating to our Toronto office has been generated by building management and represents our proportionate share of the building’s aggregate water usage and waste. 16.0 7.0 14.0 14.1 6.2 0.1 6.0 12.0 11.0 5.0 10.0 0.4 4.0 8.0 12.3 5.6 6.0 3.0 9.4 2.3 2.2 4.0 4.1 2.0 0.4 1.5 1.5 2.0 2.5 1.0 - 1.2 1.2 1.7 - 0.8 0.7 0.6 2020 2021 2022 2020 2021 2022 Other Purchased Good & Services Electronics Paper Use Water Waste 90.0 800,000 78.3 744,804 80.0 700,000 692,424 70.0 137,459 625,433 600,000 143,240 60.0 131,656 50.0 500,000 44.1 400,000 40.0 33.4 30.0 300,000 607,345 549,184 200,000 493,777 20.0 10.0 100,000 - - 2020 2021 2022 2019 2020 2021 Mining Investments Energy Investments

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 41 Corporate Scope 3 GHG Emissions Our corporate Scope 3 emissions are comprised of estimated GHG emissions associated with work-related travel (including airplane travel* and personal car mileage), purchase and use of office supplies and services (including paper, 90 Corporate Scope 3 Emissions (tCO e) electronic devices, kitchen supplies and other 2 office goods and services), and water and waste**. The increase of our corporate Scope 3 emissions 80 Business Travel* Purchased Goods Water and Waste** Total Corporate in 2022 is primarily due to the resumption of and Employee Commuting and Services Scope 3 Emissions business travel and certain other work-related 70 activities. While corporate Scope 3 emissions are still below pre-COVID levels (total corporate Scope 3 emissions were 91.2 tCO e in 2019 60 59.6 2 or approximately 9% higher than 2022), we expect that these emissions will 50 normalize going forward. e)2 (tCO 83.8 Carbon Neutral for 40 37.7 37.4 Corporate Operations We are committed to reducing our footprint. 30 Since 2020, our corporate operations have been carbon neutral and we are committed 28.9 20.2 20.6 0.4 44.1 to achieving this annually going forward. 20 33.4 We accomplished this primarily by purchasing 11.5 0.4 11.0 18.0 high quality carbon offsets to account 10 22.2 for emissions we cannot eliminate. 0.4 4.1 1.2 9.4 3.0 8.8 8.7 2.2 1.5 2.3 0.7 2.2 1.5 3.6 1.2 2.5 0.8 0.6 For 2022, we offset our global operational - 2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022 emissions by purchasing from Less Emissions, a Canadian supplier of high quality carbon Employee Commuting - Car Other Purchased Goods and Services Water offsets, an equal combination of (1) Gold Business Travel - Air Electronics Waste Standard-certified emission reduction offsets Paper Use produced from international projects, and (2) CSA Standard-certified emission reduction offsets from Canadian projects. The choice to source our offsets from both international and Canadian projects was intended so that we could have an impact in developing countries * Scope 3 emissions relating to Business Travel are based on data provided by our corporate travel agent, plus additional estimated emissions for flights booked individually by Franco-Nevada and in Canada. Appendix H to this ESG Report personnel or through other travel agents. contains further details regarding our 2022 ** Due to certain logistical constraints, reported data for Scope 3 emissions generated from water and waste relates to our Toronto and Barbados offices and for 2022 covers 87.5% (35 of 40 full-time employees) of our company (2020 - 88.6%; 2021 – 88.9%). carbon neutrality.

100.0 100.0 90.0 90.0 80.0 80.0 70.0 70.0 60.0 60.0 58.0 50.0 49.0 50.4 50.0 40.0 36.0 40.0 37.7 36.4 30.0 29.6 30.1 30.0 20.0 21.8 20.0 28.9 20.2 10.0 19.4 20.3 10.0 11.5 21.6 14.2 8.8 8.7 - - 2020 2021 2022 2020 2021 2022 Electricity Steam Employee Commuting - Car Business Travel - Air 16.0 7.0 14.1 6.2 Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 14.0 0.1 6.0 42 12.0 11.0 5.0 10.0 0.4 4.0 8.0 12.3 5.6 Investment Footprint 3.0 6.0 9.4 2.3 2.2 4.0 4.1 2.0 0.4 1.5 1.5 The GHG Protocol does not provide guidance 2.0 2.5 * 1.0 for calculating Financed Emissions related to Financed Emissions for mining interests = 0.8 1.2 1.2 1.7 0.7 0.6 many of the alternative investment types that ** - - may be optionally reported, including royalty (Franco-Nevada GEOs from operation ÷ Operation’s GEOs) x Operation’s emissions 2020 2021 2022 2020 2021 2022 and stream interests. There are additional *** industry-specific guidelines which aim to Financed Emissions for energy interests = Water Waste Other Purchased Good & Services Electronics Paper Use supplement the GHG Protocol guidance, ** including the Partnership for Carbon Franco-Nevada production volume (bbls) from operation or region x Emission intensity Accounting Financials’ (PCAF) Standard Scope 3 Financed Emissions (tCO e) for certain Financed Emissions, but to date 2 90.0 there have been no guidelines or agreed Scope 3 Financed Emissions 800,000 methodologies for Scope 3 Financed GHG emissions attributable to our mining 737,107 80.0 78.3 692,424 Emissions relating to royalties and streams. and energy mining and energy interests, 700,000 137,459 627,365 70.0 classified by the GHG Protocol as Scope 3, 600,000 143,240 At a high level, all of the existing methodologies Category 15 (Investments), are set out in the 131,656 60.0 for calculating emissions attributable to adjacent chart. Such Financed Emissions have 500,000 50.0 44.1 investments take the proportion of an investee’s been calculated using the abovementioned 400,000 enterprise or asset value held by the investor, methodologies. Due to the delayed timing 40.0 33.4 and apply this proportion to the investee’s or of availability of production and emission data 300,000 599,648 30.0 549,184 495,709 asset’s Scope 1 and Scope 2 GHG emissions. from our operators, Financed Emissions have 200,000 20.0 been calculated for 2019, 2020 and 2021. After extensive internal strategic discussions 100,000 10.0 and correspondence with shareholders, analysts, Although our Financed Emissions decreased each - - and ESG rating agencies, we have adopted the year from 2019 to 2021, total emissions from our 2019 2020 2021 2020 2021 2022 following production-based methodology for producing mining assets (i.e. on a 100% basis determining Financed Emissions from each for such operations, as set out in Appendix B) Mining Interests Energy Interests of our producing royalty and stream interests: were flat between 2019 and 2020 and increased in 2021. The decreases to our Financed Emissions “We have measured, over such period result from the fact that for * Includes our Vale debentures and equity interest in Labrador Iron Ore Royalty Corporation, which we consider as royalty certain assets (particularly copper mines where equivalents. Franco-Nevada holds one other small equity holding of a producing mining operator, which emissions are disclosed and attributed we receive precious metal by-products), the negligible and have not been included. Where total production figures for certain mining operations have not been proportion of Franco-Nevada’s GEOs relative publicly disclosed, we have sourced such data from S&P Capital IQ. to the overall operations’ GEOs decreased. This ** Operator emissions and emission intensities include Scope 1 and 2 emissions. We have relied upon McKinsey MineSpans to our Scope 3 reporting, for emissions data for producing mining operations. Emissions for non-producing mining and energy operators are is primarily due to the disproportionate increase deemed to be negligible and have not been included. proportional greenhouse during this period of the price of copper relative *** Includes emissions relating to our working interests over which we do not exercise any control. For certain of our energy to precious metals prices. royalties and other interests covering large land packages with numerous operators, asset-by-asset emissions estimates gas emissions from our are not practicable or available. For consistency, we have calculated all of our Scope 3 emissions from our energy interests using the most accurate publicly available emission intensities (tCO e/bbl) and have applied the volume (bbls) received 2 royalty and stream interests.” by Franco-Nevada from each operation or region to calculate our attributable emissions.

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 43 Transparency and Guiding Principles Contents We are committed to providing transparency in all ESG matters TCFD, SASB, and GRI 44 relating to our business and to reporting annually on our progress UN Global Compact and SDGs 45 made towards our objectives. Responsible Gold Mining Principles 46 ESG Ratings and Recognition 48

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 44 TCFD, SASB, and GRI Our 2023 ESG Report Task Force on Climate-related Sustainability Accounting Financial Disclosures (TCFD) Standards Board (SASB) Global Reporting Initiative (GRI) leverages reporting frameworks and standards The TCFD seeks to develop consistent Using the Sustainable Industry Classification GRI is an international independent such as the Task Force on climate-related financial risk disclosures System® (SICS®), which was created by SASB standards organization with the world’s for companies in their financial and to group like companies based on their most widely adopted sustainability Climate-related Financial sustainability reporting. The TCFD considers sustainability-related risks and opportunities, standards, which helps companies identify, the physical, liability and transition risks SASB has established industry-specific gather and report this information in a clear Disclosures (TCFD), associated with climate change and what standards for the recognition and disclosure and comparable manner. The standards constitutes effective financial disclosures. of financially material environmental, social cover relevant topics across the economic, Sustainable Accounting Both the Canadian Securities Administrators and governance impacts, which are geared environmental and social dimensions. and the Securities and Exchange towards investors and capital providers. Organizations select from among these to Standards Board (SASB), Commission have recently proposed The standards are designed to generate report on their significant impacts, which climate-related disclosure requirements standardized and comparable data that is can either be implemented into a and the Global Reporting aligned with the TCFD. useful for investors and typically quantitative. standalone report or can be indexed. Initiative (GRI). The climate disclosure included in this year’s This marks our company’s third consecutive This is our company’s first year aligning with ESG Report, including in Appendix C, is our year of disclosure aligned with the SASB the GRI standards. Appendix E includes an third consecutive year of reporting aligned framework, which disclosure is included index, which maps our disclosure, including with the TCFD framework. in Appendix D. in our ESG Report, to the GRI standards.

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 45 UN Global Compact and SDGs In early April 2020, we joined the United Nations In September 2020, we joined 1000+ businesses Global Compact, the world’s largest corporate from more than 100 countries in demonstrating sustainability initiative with over 21,000 our support for the United Nations and inclusive corporate participants in 162 countries. multilateralism by signing the Statement from The Global Compact is based on ten principles Business Leaders for Renewed Global Cooperation. organized around four themes (human rights, The full list of signatories can be found here: labour, environmental and anti-corruption) and is intended to promote responsible ungc-communications-assets.s3.amazonaws. business practices and the United Nations’ com/docs/publications/UN75_ values among the global business community. UnitingBusinessStatement.pdf The UN Global Compact’s Ten Principles As part of our Global Compact commitment, are derived from: the Universal Declaration we have completed our Communication on of Human Rights, the International Labour Progress for 2022 describing the practical Organization’s Declaration on Fundamental actions that we have taken and the qualitative Principles and Rights at Work, the Rio Declaration and quantitative results of our company on Environment and Development, and the in furtherance of the ten principles. Our United Nations Convention Against Corruption. Communication on Progress is available on the UN Global Compact website. Initiatives across our business help advance a number of the Sustainable Development Goals (SDGs), which were adopted by the United Nations in 2015 as a universal call to action to end poverty, protect the planet, and ensure that by 2030 all people enjoy peace and prosperity. In Appendix F, we provide first-time disclosure as to Franco-Nevada’s initiatives that are aligned with and support the SDGs. “Initiatives across our business help advance a number of the Sustainable Development Goals (SDGs), which were adopted by the United Nations in 2015 as a universal call to action to end poverty, protect the planet, and ensure that by 2030 all people enjoy peace and prosperity. “

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 46 Responsible Gold Mining Principles We are a long-standing member of the World Commitment to RGMP Policy Implementation Related Policies and Statements: Gold Council (“WGC”) and, in 2012, led the RGMP Requirements On March 10, 2021, we adopted our Responsible establishment of the WGC’s new Conflict-Free As a royalty and stream company, we are Gold Mining Principles Policy (the “RGMP Policy”) • Responsible Gold Mining Principles Policy Gold Standard to combat the potential misuse committed to implement the RGMPs which to formalize our commitment to the RGMPs. of mined gold to fund unlawful armed conflict. require finance and capital providers to publicly The RGMP Policy was updated on March 9, 2022, David Harquail, our Chair of the Board, was Chair endorse the RGMPs, use our best endeavours which formalized certain changes to our RGMP of the WGC from 2017 to 2020. Paul Brink, our to encourage adoption of the RGMPs at all Policy measures made in 2021, which changes RGMP Policy Measures in the table on the President & CEO, is currently a director of the operations where we have influence and, to are described on the following page. The full following page represent our internally- WGC, serves on the WGC’s Compensation the extent applicable, ensure conformance text of the RGMP Policy can be found on our developed criteria in furtherance of our Committee and is a member of the WGC’s with the RGMPs for any gold mining operations website at franco-nevada.com/corporate/ commitment to the RGMPs and against which Gold247™ Working Group focused on creating over which we have direct control. policies-mandates. we measure our RGMP Policy implementation more open, inclusive and competitive gold described under the Description of markets. Franco-Nevada played a leading In addition to endorsing and encouraging In the RGMP Policy, we commit to implement Implementation in the following table. role at the WGC during the establishment the adoption of the RGMPs in accordance the RGMP requirements for royalty and stream The measures in the following table were of the RGMPs. with the RGMP guidelines, we are committed companies, to the extent applicable, including implemented as at December 31, 2022. to expanding awareness and understanding of the requirement to publicly endorse the RGMPs. In September 2019, we officially committed the RGMPs with our investees, directors, officers, to the RGMPs. The RGMPs were established consultants, shareholders and other stakeholders. by the WGC as a framework that sets out clear standards as to what constitutes responsible gold mining, incorporating ESG principles aligned with the expectations of governments, investors, employees and contractors, communities, supply chain partners and civil society. The principles incorporate 51 separate ESG principles addressing 10 broad topics depicted on this page. “Franco-Nevada played a leading role at the WGC during the establishment of the RGMPs.”

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 47 RGMP Policy Measures Description of Implementation Training. Franco-Nevada will conduct training sessions to promote the understanding of: Franco-Nevada’s obligations and Initial RGMP training for Franco-Nevada employees covering the training subject matter set out in the RGMP Policy took place objectives under the RGMPs, internal systems and processes in place to conform to such obligations and objectives, and the in November 2020, with two subsequent training sessions for new hires being held in December 2021 and November 2022. progress made and to be made by Franco-Nevada in conforming to such obligations and objectives. Such training sessions All of our employees attended one of the training sessions and provided a written acknowledgement of their participation will be conducted for employees every three years, with the exception of new employees who will receive such training during in the training session. All of our employees also provided a separate annual written acknowledgement of their understanding the calendar year that they join Franco-Nevada. of the RGMPs and Franco-Nevada’s RGMP obligations and commitments. Due Diligence. Franco-Nevada will identify and record RGMP implementation and conformance when evaluating new We have developed an ESG due diligence checklist used for evaluating our royalty and stream opportunities, which includes mining investments, including whether the applicable miner is a WGC member and/or has adopted the RGMPs or whether an assessment of the applicability of the WGC and RGMPs to the miner, including the membership by the miner in the WGC, the RGMPs are not applicable to the miner (e.g. if the operator is a diversified mineral producer). If the miner has adopted the adoption of the RGMPs by the miner, and the stage of implementation and conformance with the RGMPs by the miner. the RGMPs, Franco-Nevada will identify and record the stage of implementation of and conformance with the RGMPs at the A summary of such assessment is included in the final memorandum in connection with the opportunity submitted for applicable mining operation. final approval to the Franco-Nevada Board of Directors or, if within management’s authority to approve such transaction, the executive committee. In 2022, we included such assessment in all final memorandums submitted for final approval. External Consultants. When Franco-Nevada engages technical, ESG or other third-party consultants to assist Franco-Nevada New external consultants engaged during 2022 verified in their consulting agreements that they are familiar with the RGMPs, with its evaluation of new mining investments, Franco-Nevada will ensure that the consultants are familiar with the RGMPs and the RGMP requirements for capital and finance providers, and Franco-Nevada’s commitments thereto. understand Franco-Nevada’s commitments thereunder and Franco-Nevada will obtain a written acknowledgement from the consultants verifying their awareness. Contractual Provisions. Franco-Nevada will endeavour to negotiate appropriate contractual provisions when making new In all new instances where we contracted with Gold Miners in 2022, we were successful in including RGMP-related contractual investments with a view to having gold miners (“Gold Miners”) use commercially reasonable efforts to adopt (or to continue to provisions in our royalty or stream agreement with them. adopt and implement) the RGMPs and to ensure that the Gold Miners provide sufficient transparency to facilitate Franco-Nevada’s assessment of the compliance by the Gold Miners with any agreed contractual provisions. Monitoring. After each new royalty or stream acquisition in respect of a mining operation, Franco-Nevada will monitor In our internal asset summaries for all new mining royalty or stream acquisitions made in 2022 (irrespective of whether such whether the miner has adopted the RGMPs, the stage of implementation of and conformance with the RGMPs, and any acquisitions related to gold or other mining operations), we have recorded whether the applicable miner is a WGC member material issues disclosed by the miner regarding such implementation and conformance. and, if so, whether such miner has adopted the RGMPs and the stage of implementation of, and conformance with, the RGMPs. Transparency. On an annual basis, Franco-Nevada will publicly report on the status of its conformance to its RGMP This segment of our ESG Report comprises our reporting in relation to our RGMP Policy implementation. commitments and the measures described in our RGMP Policy. Assurance Statement Although there is no obligation in the RGMPs for royalty and streaming companies to arrange for “As a royalty and stream company, we are committed to... external assurance for their RGMP commitments, Franco-Nevada engaged the services of an use our best endeavours to encourage adoption of the RGMPs assurance provider, KPMG LLP (“KPMG”), to provide limited assurance on our description at all operations where we have influence and, to the extent of implementation against specific RGMP Policy measures set out in the table above. KPMG’s applicable, ensure conformance with the RGMPs for any gold Independent Limited Assurance Report is included in Appendix G to this ESG Report. mining operations over which we have direct control.”

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 48 ESG Ratings and Recognition Global 50 Top Rated Rated “AA” Rated “Prime” by Sustainalytics in 2023 by MSCI in 2022 by ISS ESG in 2022 Best 50 Corporate Citizens “B-“ CDP score in Canada in 2022 in 2022

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 49 About this ESG Report Scope ESG rating agencies and other stakeholders. Forward Looking Information For additional information with respect to risks, This ESG Report includes information about Please refer to page 26 of this ESG Report for a Certain statements made in this ESG Report uncertainties and assumptions, please refer Franco-Nevada Corporation and its subsidiaries summary of the ways in which we engage with contain “forward looking information” and to Franco-Nevada’s most recent Annual (“Franco-Nevada”, the “company”, “we”, “us” or our stakeholders and their key topics of interest “forward looking statements” within the meaning Information Form filed with the Canadian “our”). Unless otherwise specified in this ESG in 2022. We actively collaborate with industry of applicable Canadian securities laws and the securities regulatory authorities on www.sedar. Report, reference to “Franco-Nevada”, the leaders through our involvement with the World United States Private Securities Litigation Reform com and Franco-Nevada’s most recent Annual “company”, “we”, “us” or “our” refers to our Gold Council and other industry associations. Act of 1995, respectively. Such forward looking Report filed on Form 40-F filed with the SEC entire corporate structure and global Through these various discussions and statements reflect management’s current beliefs on www.sec.gov. The forward looking statements operations and workforce. collaborations, we identify our ESG priorities, and assumptions and are based on information in this ESG Report are made as of the date which are reflected in our corporate policies, currently available to management. Often, but indicated and Franco-Nevada does not assume This ESG Report complements but does not in our corporate goals, targets and initiatives, not always, forward looking statements can be any obligation to update or revise them to reflect form part of our most recent Annual Report, and in this ESG Report. identified by the use of words such as “plans”, new information, estimates or opinions, future Management Information Circular, and Annual “expects”, “is expected”, “budgets”, “potential for”, events or results or otherwise, except as required Information Form available at www.franco- Reporting Period “scheduled”, “estimates”, “forecasts”, “predicts”, by applicable law. This ESG Report does not nevada.com and filed with the Canadian All data and examples contained in this ESG “projects”, “intends”, “targets”, “aims”, “anticipates” constitute an offer to sell or a solicitation for an securities regulatory authorities on www.sedar. Report reflect activities undertaken during the or “believes” or variations (including negative offer to purchase any security in any jurisdiction. com or with the Securities and Exchange 2022 fiscal year, unless otherwise noted. variations) of such words and phrases or may Commission on www.sec.gov. be identified by statements to the effect that ESTMA certain actions “may”, “could”, “should”, “would”, Certain information is based on the public Franco-Nevada supports efforts to increase “might” or “will” be taken, occur or be achieved. disclosure of our operators and has not been transparency and accountability in the mining Forward looking statements involve known and independently verified by Franco-Nevada. and energy industries. Please refer to Franco- unknown risks, uncertainties and other factors, Nevada’s enrollment under Extractive Sector which may cause the actual results, performance Materiality Transparency Measures Act (“ESTMA”): or achievements of Franco-Nevada to be The ESG topics and issues described in this ESG www.franco-nevada.com/investors/ESTMA materially different from any future results, Report are those that we have identified as most performance or achievements expressed or important to our shareholders and our other Currency implied by the forward looking statements. stakeholders. Our processes to assess the All amounts in this document are in U.S. dollars Many factors could cause actual events or results materiality of ESG issues for our company unless otherwise noted. to differ materially from any forward looking involve routine strategy meetings between statement. Franco-Nevada cannot assure management and our Board of Directors. We Feedback investors that actual results will be consistent also engage regularly with our shareholders We would like to hear what you think about with these forward looking statements. and other stakeholders to determine whether our ESG Report or any aspect of our ESG and Accordingly, investors should not place our ESG strategy and efforts are aligned with sustainability efforts. Please send any questions undue reliance on forward looking statements the key concerns and priorities of our employees, or comments to [email protected]. due to the inherent uncertainty therein. directors, shareholders, community members,

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 50 Miners at Marigold gold mine, Nevada Contents Appendix A: ESG Performance Table 51 Appendix B: Operators’ Emissions 53 Appendices Appendix C: TCFD Disclosure 57 Appendix D: SASB Disclosure 73 Appendix E: GRI Index 76 Appendix F: Sustainable Development Goals 80 Appendix G: KPMG: Independent Limited Assurance Report 82 Appendix H: Carbon Neutral Initiative 83

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 51 1 Appendix A: ESG Performance Table Workforce 2 Unit 2022 2021 2020 Labour Unit 2022 2021 2020 3 Full-time employees (“FTE”) # 40 36 35 Collective bargaining agreements # Nil Nil Nil FTE – Women # (%) 17 (43%) 18 (50%) 17 (49%) Strikes or lock-outs # Nil Nil Nil FTE – Visible minorities # (%) 18 (45%) 15 (42%) 14 (40%) Labour violations or fines (e.g. age limits, wages, # Nil Nil Nil maximum hours and days) FTE – BIPOC4 # (%) 18 (45%) 15 (42%) 14 (40%) Human rights violations # Nil Nil Nil 5 FTE – Diverse Persons # (%) 24 (60%) 22 (61%) 21 (60%) Reports of violence or harassment # Nil Nil Nil Senior management (VP and higher) # 14 11 10 FTEs making greater than minimum wage % 100 100 100 Women in senior management positions # (%) 2 (14%) 1 (8%) Nil (Nil) FTEs receiving vacation pay, sick pay and parental % 100 100 100 Visible minorities in senior management positions # (%) 6 (43%) 4 (33%) 2 (20%) leave pay and receive health and other benefits BIPOC individuals in senior management positions # (%) 6 (43%) 4 (33%) 2 (20%) Total FTE turnover # 5 1 1 7 Diverse Persons in senior management positions # (%) 6 (43%) 4 (33%) 2 (20%) Voluntary turnover of FTEs # 5 1 1 Board members6 # 11 10 11 Involuntary turnover of FTEs # Nil Nil Nil Independent directors # (%) 9 (82%) 8 (80%) 9 (82%) New FTE hires # 9 2 2 Women on Board of Directors # (%) 3 (27%) 3 (30%) 3 (27%) Internal FTE promotions # 2 5 5 Visible minorities on Board of Directors # (%) Nil Nil Nil Employees receiving annual performance reviews % 100 100 100 BIPOC individuals on Board of Directors # (%) Nil Nil Nil Health & Safety Diverse Persons on Board of Directors # (%) 3 (27%) 3 (30%) 3 (27%) Workplace incidents relating to FTEs or contractors reported # Nil Nil Nil 1 Unless otherwise noted, the figures in this ESG Performance Table relate to Franco-Nevada Corporation and all of its subsidiaries. Lost days due to personnel or contractor # Nil Nil Nil “NR” means such information was not recorded by our company for the applicable year. workplace injuries 2 Workforce figures are determined as at December 31 of each applicable year. Workplace personnel or contractor fatalities # Nil Nil Nil 3 Full-time employees (FTE) for all of our office operations, in Toronto, Barbados, United States and Australia. 4 “BIPOC” means Black, Indigenous, and people of colour Instances of occupational diseases among 5 “Diverse Persons” includes women, Black, Indigenous and other people of colour, individuals who identify as LGBTQ2S+ our personnel or contractors # Nil Nil Nil and people with disabilities. 6 After our May 2, 2023 annual general meeting, our Board of Directors will be comprised of 9 Board members, 7 (78%) Health & safety fines, penalties, litigation, # Nil Nil Nil independent directors, 3 (33%) women, and 3 (33%) Diverse Persons. liabilities or settlements 7 Includes transition of senior management of the Company and its subsidiaries to non-executive directorship roles.

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 52 Climate & Environment Unit 2022 2021 2020 Government & Lobbying 7 Unit 2022 2021 2020 Hazardous waste tonnes Nil Nil Nil Facilitation payments $ Nil Nil Nil Fresh water withdrawn m3 Nil Nil Nil Political donations $ Nil Nil Nil Total water withdrawn m3 Nil Nil Nil Lobbying expenditures $ Nil Nil Nil Water recycled m3 Nil Nil Nil Trade associations or tax-exempt groups whose role is to influence political campaigns and legislation $ Nil Nil Nil Board members having climate expertise # 6 6 6 Scope 1 - Total GHG emissions from fuel tCO e Nil Nil Nil Known government ownership % Nil Nil Nil 2 Scope 2 - Total GHG emissions from electricity tCO e 50.4 36.0 49.0 Compliance, Disputes, Fines 1 2 and steam & Litigation Scope 3 - Total GHG emissions from 2 Cases of non-compliance or breaches tCO e 83.8 627,398.1 692,468.2 indirect sources 2 of our corporate policies # Nil Nil Nil • from purchased goods and services tCO e 20.6 11.0 4.1 Instances of whistleblower complaints # Nil Nil Nil (Scope 3 Category 1) 2 • from waste and wastewater Environmental fines, penalties, litigation, liabilities # Nil Nil Nil tCO e 3.6 2.2 2.3 or settlements (Scope 3 Category 5)3 2 • from business travel tCO e 37.4 11.5 28.9 Bribery & Anti-Corruption (Scope 3 Category 6) 2 Incidents of discipline or dismissal among staff • from employee commuting tCO e 22.2 8.7 8.8 or consultants due to non-compliance with # Nil Nil Nil (Scope 3 Category 7) 2 anti-corruption policies • from investments tCO e NR4 627,364.7 692,424.1 Anti-bribery, or anti-corruption fines, penalties, # Nil Nil Nil (Scope 3 Category 15) 2 litigation, liabilities or settlements Total GHG emissions tCO e 134.22 627,434.1 692,517.2 Cost of fines, penalties or settlements in relation 2 $ Nil Nil Nil GHG reductions from carbon offsets purchased5 tCO e (167.8) (86.8) (116.4) to bribery or corruption 2 Carbon neutrality for corporate operations Yes/No Yes Yes Yes Information Security Community & Other Contributions Significant cybersecurity breaches # Nil Nil Nil Community and operator energy transition Board members having cybersecurity expertise # 6 6 3 6 $ 1,070,785 787,190 619,041 contributions actually funded Financial Revenue (million) $ 1,315.7 1,300.0 1,020.2 1 Scope 2 emissions relate only to our Toronto and Barbados offices and for 2022 covers 87.5% (35 of 40 FTE) of our company (2020 – 88.6%; 2021 – 88.9%). 2 Excludes Scope 3, Category 15 emissions from Investments. Due to the delayed timing of availability of production and emission data from our operators, Financed Emissions have been calculated and disclosed for 2020 and 2021. 3 Scope 3 Category 5 emissions (from water and wastewater) relate only to our Toronto and Barbados offices and for 2022 covers 87.5% (35 of 40 FTE) of our company (2020 – 88.6%; 2021 – 88.9%). 4 Due to the delayed timing of availability of production and emission data from our operators, finance emissions have been calculated and disclosed for 2020 and 2021. 5 Please refer to pages 41 and 83 for descriptions of our annual purchase of carbon offsets for 125% of our reported emissions from our corporate operations. 6 Inclusive of industry and diversity-related contributions. Excludes (i) charitable donations by company employees, including relating to Franco-Nevada’s annual United Way campaign, and (ii) commitments made in a calendar year but not funded. Franco-Nevada has made additional commitments exceeding $2 million, which have not yet been funded. 7 All Government & Lobbying figures are Nil since our initial public offering in 2007.

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 53 * Appendix B: Operators’ Emissions Emissions (tCO e) 2 2021 2020 2019 Asset Operator Scope 1 Scope 2 Total Scope 1 Scope 2 Total Scope 1 Scope 2 Total Agate Creek Laneway Resources Limited - - - 3,442.0 7,146.0 10,588.0 612.0 1,357.0 1,969.0 (Australia - Queensland) Agnew (Vivien Gold Mine) Remelius Resources 9,614.8 8,351.7 17,966.6 7,440.0 6,701.0 14,141.0 8,623.0 7,599.0 16,222.0 (Australia - W. Australia) Limited Antamina Teck Resources Limited 564,073.6 230,270.1 794,343.8 381,951.4 166,304.3 548,255.7 442,276.2 172,630.8 614,907.0 (Peru) Antapaccay Glencore plc 302,057.5 141,100.4 443,157.9 297,744.4 166,004.3 463,748.7 306,001.9 215,354.7 521,356.6 (Peru) Bald Mountain Kinross Gold Corporation 125,910.3 24,975.4 150,885.7 121,554.0 44,495.0 166,049.0 112,988.0 52,891.0 165,879.0 (USA - Nevada) Bowen Basin (Moorvale) Peabody Energy Corp 150,245.9 14,662.1 164,908.0 139,211.0 14,443.0 153,654.0 163,782.0 25,498.0 189,280.0 (Australia - Queensland) Brucejack Newcrest Mining Limited 30,363.4 1,222.3 31,585.7 20,676.0 1,291.0 21,967.0 20,608.0 1,366.0 21,974.0 (Canada - British Columbia) Canadian Malartic Agnico Eagle Mines Limited 210,395.2 791.6 211,186.8 218,268.0 847.0 219,115.0 227,041.0 1,482.0 228,523.0 (Canada - Quebec) Candelaria Lundin Mining Corporation 341,568.9 342,965.9 684,534.8 279,650.2 279,610.2 559,260.4 323,346.0 335,372.2 658,718.2 (Chile) Carol Lake Rio Tinto plc 393,318.5 - 393,318.5 394,058.6 - 394,058.6 407,055.8 - 407,055.8 (Canada - Newfoundland & Labrador) Caserones JX Nippon Mining & Metals 307,225.1 285,867.7 593,092.7 - - - - - - (Chile) Corporation Castle Mountain Equinox Gold Corp. 7,156.6 2,661.4 9,818.0 957.0 416.0 1,373.0 - - - (USA - California) Cerro Moro Pan American Silver Corp. 42,625.2 - 42,625.2 41,500.0 - 41,500.0 49,894.0 - 49,894.0 (Argentina) Cobre Panama First Quantum Minerals Ltd. 2,512,552.2 270,145.9 2,782,698.2 2,187,011.0 73,279.2 2,260,290.2 1,991,271.0 149,383.8 2,140,654.8 (Panama) * Figures in this table are estimated greenhouse gas emissions of producing mining assets where we have royalty and stream interests. Unless otherwise noted, such information has been provided by McKinsey MineSpans (outside-in modeled data - all rights reserved). Such data only relates to mine production and excludes emissions attributable to mine construction, pre-stripping, underground development relating to non-operational activities, care and maintenance of assets, and mine rehabilitation. Emission data (i) is provided on a 100% basis, notwithstanding that the applicable operation may be jointly owned by the referenced operator and (ii) applies to the entire project. “NA” means that data is not publicly available and has not been modeled by McKinsey MineSpans.

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 54 Emissions (tCO e) 2 2021 2020 2019 Asset Operator Scope 1 Scope 2 Total Scope 1 Scope 2 Total Scope 1 Scope 2 Total Condestable Southern Peaks Mining LP 7,378.9 17,790.3 25,169.2 6,116.9 8,553.9 14,670.8 6,777.2 23,095.8 29,873.0 (Peru) Cue Gold (Day Dawn) Westgold Resources 62,647.1 - 62,647.1 53,786.0 - 53,786.0 51,547.0 - 51,547.0 (Australia - W. Australia) Limited Detour Lake Agnico Eagle Mines Limited 248,961.9 17,871.6 266,833.5 241,626.0 19,647.0 261,273.0 231,832.0 19,781.0 251,613.0 (Canada - Ontario) Dublin Gulch (Eagle) Victoria Gold Corp. 75,567.9 8,692.6 84,260.5 25,440.0 3,539.0 28,979.0 9,412.0 1,669.0 11,081.0 (Canada - Yukon) Duketon Regis Resources Limited 213,810.1 - 213,810.1 203,638.1 - 203,638.1 212,184.2 - 212,184.2 (Australia - W. Australia) EaglePicher EP Minerals LLC NA NA NA NA NA NA NA NA NA (USA - Nevada) Edikan Perseus Mining Limited 53,331.8 65,485.5 118,817.2 80,721.0 30,051.0 110,772.0 79,823.0 37,265.0 117,088.0 (Ghana) Fire Creek/Midas Hecla Mining Company 7,081.6 11,667.2 18,748.8 8,196.0 14,258.0 22,454.0 7,819.0 15,493.0 23,312.0 (USA - Nevada) Flying Fox Western Areas NL 4,227.8 14,633.1 18,860.9 4,132.1 14,628.1 18,760.2 5,664.7 18,441.0 24,105.7 (Australia - W. Australia) Gold Quarry Nevada Gold Mines LLC 365,189.8 169,137.6 534,327.4 669,929.3 267,643.7 937,573.0 600,416.1 246,165.4 846,581.5 (USA - Nevada) Goldstrike Nevada Gold Mines LLC 20,034.5 532,162.8 552,197.3 24,603.0 456,256.7 480,859.7 13,123.3 370,384.9 383,508.2 (USA - Nevada) Guadalupe-Palmarejo Coeur Mining, Inc. 25,609.6 54,079.7 79,689.3 21,305.8 48,914.8 70,220.6 21,378.5 52,172.5 73,551.0 (Mexico) Hemlo Barrick Gold Corporation 21,805.4 3,642.5 25,447.9 30,955.0 5,072.0 36,027.0 37,953.0 6,077.0 44,030.0 (Canada - Ontario) Henty Catalyst Metals Ltd 945.3 2,020.3 2,965.7 542.0 1,281.0 1,823.0 991.0 1,730.0 2,721.0 (Australia - Tasmania) Island Gold Alamos Gold Inc. 14,895.3 2,105.9 17,001.2 12,954.0 2,020.0 14,974.0 13,743.0 2,253.0 15,996.0 (Canada - Ontario) Karma Endeavour Mining plc 50,963.8 - 50,963.8 46,408.0 - 46,408.0 39,664.0 - 39,664.0 (Burkina Faso) Kirkland Lake Agnico Eagle Mines Limited 5,313.9 4,512.1 9,825.9 89.0 9,850.0 9,939.0 92.0 10,743.0 10,835.0 (Canada - Ontario)

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 55 Emissions (tCO e) 2 2021 2020 2019 Asset Operator Scope 1 Scope 2 Total Scope 1 Scope 2 Total Scope 1 Scope 2 Total Kiziltepe Ariana Resources plc 5,334.5 4,784.4 10,118.8 2,764.0 2,538.0 5,302.0 5,475.0 2,870.0 8,345.0 (Türkiye) Marigold SSR Mining Inc. 138,523.7 9,414.7 147,938.3 99,919.0 38,217.0 138,136.0 72,921.0 39,215.0 112,136.0 (USA - Nevada) Matilda Wiluna Mining Corporation 60,561.8 - 60,561.8 52,433.0 - 52,433.0 51,782.0 - 51,782.0 (Australia - W. Australia) Mesquite Equinox Gold Corp. 58,390.0 9,053.3 67,443.2 78,616.0 8,778.0 87,394.0 68,147.0 13,060.0 81,207.0 (USA - California) Millmerran (Commodore Coal Mine) Millmerran Power 126,197.6 3,254.9 129,452.5 129,943.0 3,585.0 133,528.0 127,031.0 3,525.0 130,556.0 (Australia - Queensland) Management Pty Ltd Milpillas Industrias Peñoles, 5,183.9 25,893.0 31,076.9 7,153.5 37,704.4 44,857.9 11,571.9 68,118.2 79,690.1 (Mexico) S.A.B. de C.V. Mt. Keith BHP Group Limited 71,770.4 139,960.9 211,731.4 90,188.2 172,546.2 262,734.4 84,387.2 163,843.0 248,230.2 (Australia - W. Australia) Musselwhite Newmont Corporation 23,669.9 2,722.0 26,391.8 36,917.0 2,386.0 39,303.0 2,093.0 235.0 2,328.0 (Canada - Ontario) MWS Harmony Gold Mining 6,150.5 231,294.2 237,444.6 5,829.0 236,537.0 242,366.0 6,739.0 280,078.0 286,817.0 (South Africa) Company Limited Northern System Vale S.A. 1,123,646.2 48,105.7 1,171,751.8 994,423.8 128,895.2 1,123,319.0 849,653.7 136,078.7 985,732.4 (Brazil) Pandora Sibanye-Stillwater Ltd. NA NA NA NA NA NA NA NA NA (South Africa) Robinson KGHM International Ltd. 194,085.2 109,313.4 303,398.6 193,805.3 116,926.8 310,732.1 190,309.8 127,830.6 318,140.4 (USA - Nevada) Sabodala Endeavour Mining plc 183,167.1 - 183,167.1 199,047.0 - 199,047.0 159,996.0 - 159,996.0 (Senegal) Sissingué Perseus Mining Limited 37,228.5 - 37,228.5 37,946.5 - 37,946.5 38,063.0 - 38,063.0 (Côte d’Ivoire) Sossego Vale S.A. 98,608.7 - 98,608.7 108,333.0 - 108,333.0 116,930.8 - 116,930.8 (Brazil) South Arturo Nevada Gold Mines LLC 806.5 6,475.3 7,281.8 1,805.0 10,396.0 12,201.0 3,156.0 3,930.0 7,086.0 (USA - Nevada) South Kalgoorlie (Mt Marion Lithium) Mineral Resources Limited 96,472.1 - 96,472.1 81,345.5 - 81,345.5 66,506.7 11,977.6 78,484.3 (Australia - W. Australia)

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 56 Emissions (tCO e) 2 2021 2020 2019 Asset Operator Scope 1 Scope 2 Total Scope 1 Scope 2 Total Scope 1 Scope 2 Total South Kalgoorlie (New Celebration) Northern Star Resources 10,373.1 13,935.4 24,308.6 12,980.0 20,022.0 33,002.0 11,659.0 18,494.0 30,153.0 (Australia - W. Australia) Limited Southestern System Vale S.A. 1,732,322.6 100,027.9 1,832,350.6 1,442,456.0 117,214.0 1,559,670.0 1,714,017.4 126,676.5 1,840,693.9 (Brazil) Stillwater* Sibanye-Stillwater Ltd. 38,433.0 116,351.0 154,784.0 63,303.0 110,272.0 173,575.0 37,345.0 101,385.0 138,730.0 (USA - Montana) Subika Newmont Corporation 4,739.3 13,845.4 18,584.7 3,739.0 18,134.0 21,873.0 3,455.0 21,872.0 25,327.0 (Ghana) Sudbury-McCreedy West Mine KGHM International Ltd. 1,162.2 3,019.6 4,181.7 1,284.5 3,748.4 5,032.9 1,926.7 5,549.6 7,476.3 (Canada - Ontario) Tasiast Kinross Gold Corporation 102,701.4 53,551.8 156,253.3 295,687.0 - 295,687.0 298,392.0 - 298,392.0 (Mauritania) Timmins West Pan American Silver Corp. 14,865.2 11,966.7 26,831.9 15,754.0 12,616.0 28,370.0 13,488.0 13,749.0 27,237.0 (Canada - Ontario) Yandal (Julius/Red Lake) Northern Star Resources 137,249.6 - 137,249.6 117,103.0 - 117,103.0 114,596.0 - 114,596.0 (Australia - W. Australia) Limited * Emission data sourced from operator’s CDP reports.

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 57 Appendix C: TCFD Disclosure Governance Our governance around climate-related risks and opportunities Board Oversight Management’s Role Board and Management The Board and its Committees provide oversight The Board and its Committees oversee senior Engagement of our strategic approach to climate change and management, who are responsible for the All of our executives regularly attend Board The Board and its Committees also frequently our ESG risks, which includes climate-related management of ESG and climate-related risks and Committee meetings, including providing meet with senior management to determine risks and opportunities affecting our business. and for the execution of ESG and climate-related updates on royalty and stream acquisition our strategy with respect to our risks and A number of our Board members have skills opportunities. Our Chief Executive Officer is opportunities, which include ESG-related exposures. In November 2022, management and competencies in climate-related matters, responsible for leadership on ESG and climate- considerations. To the extent that a materially met with the ARC to discuss ESG-related risks including David Harquail, Tom Albanese, Derek related matters and our Chief Legal Officer adverse ESG issue or consideration arises during and strategy and with the CESGC to discuss Evans, Catharine Farrow, Maureen Jensen, has executive responsibility over such matters. the due diligence process in respect of a royalty strategy for improved ESG reporting in 2023. † and Elliott Pew. Climate-related risks and opportunities are and stream opportunity, management and Most recently, in March 2023, management met overseen by the following members of our the Board may decide not to proceed with the with the CESGC to discuss Franco-Nevada’s ESG Each of the Board’s Committees have oversight executive team having stewardship over opportunity. On a number of occasions, our strategy, including, among other things, climate of ESG and climate-related risks, opportunities our organization’s units (including within Company has passed on otherwise prospective initiatives and commitments, community and disclosures, which are embedded in the our subsidiaries), each being responsible opportunities due to ESG risks. contributions, and diversity and inclusion Committees’ Charters: for implementing our ESG strategy and goals and targets for the company. managing risks within their units: • Compensation and ESG Committee (“CESGC”): Our CESGC develops and • Business Development * Board and Committees recommends to the Board our approach to (Senior Vice President, Business Development) have oversight over ESG Board of Directors* and climate-related risks ESG issues, including climate-related issues, • Diversified and opportunities reviews the adequacy of our ESG practices (Senior Vice President, Diversified) ** Chief Executive Officer and policies and recommends any changes • Finance (Chief Financial Officer) has responsibility for to the Board, approves the adoption of any • Legal (Chief Legal Officer) Compensation Audit and leadership on ESG and ESG-related standards or initiatives, adopts and ESG Committee* Risk Committee* climate-related matters *** Chief Legal Officer has ESG-related corporate goals used to evaluate Our Board oversight and management executive responsibility management’s performance for executive leadership of ESG and climate-related over ESG and climate- compensation decisions and engages with issues is depicted in the Chief Executive Officer** related matters our stakeholders in respect of ESG issues. adjacent chart. • Audit and Risk Committee (“ARC”): Our ARC oversees our risk management, including climate change risks. Senior Vice President, Senior Vice President, Chief Financial Officer Chief Legal Officer*** Business Development Diversified † After our May 2, 2023 annual general meeting, Board members with skills and Business competencies in climate-related matters will include David Harquail, Tom Albanese, Development Team Diversified Team Finance Team Legal Team Derek Evans, Catharine Farrow, Maureen Jensen, and Jacques Perron.

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 58 ESG and Climate-Related ESG Objectives for Evaluating Management Accountability Starting in 2020, ESG was adopted as a specific corporate goal used to evaluate management’s ESG Due Diligence ESG Reporting and Compliance Contributions and Community Outreach performance for executive compensation ESG due diligence is critical in growing ESG initiatives should be adopted The Corporation should make a positive decisions, in recognition of the importance of the Corporation’s business to be responsive to shareholders impact in the local communities in which managing ESG issues, including climate-related and stakeholders its assets are located as well as locally issues, to our business and the greater emphasis on ESG that the CESGC would apply in evaluating Appropriate level of ESG due diligence Keeping the Board informed Successful execution of ESG management’s performance. On an annual was presented to the Board in connection as to ESG initiatives and effective contributions which will include basis, the CESGC will evaluate management’s with new opportunities. shareholder outreach. pro-active outreach to operators. performance in connection with ESG due Look-back basis in the event of an ESG Successful implementation Personal engagement diligence processes, reporting and compliance, issue at an existing asset to determine of Board approved ESG initiatives, many in making positive contributions community contributions, diversity and inclusion if such issue was reasonably foreseeable of which can be multi-year projects. to the local community. and ESG rankings. through due diligence. For further details as to this corporate goal and its subcomponents, please refer to the adjacent chart. Diversity and Inclusion ESG Rankings Diversity and inclusion are key ESG rankings recognize management’s components to the Corporation’s success efforts with respect to ESG Progress in the area of diversity Corporation’s ESG rankings and inclusion including in recruiting, by the major agencies followed internal promotions and disclosed by institutional shareholders. diversity goals. Management will not be evaluated for matters solely within the Board’s purview.

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 59 Climate Strategy The actual and potential impacts of climate-related risks and opportunities on our business, strategy, and financial planning Climate-Related Risks As demonstrated in Resilience of our Portfolio long-term horizons and such risks are identified scenario) and SSP5-8.5 (high emissions As we have a small workforce operating solely in this appendix, exposure to these risks is and are part of our climate-related strategy and scenario) for 2030 and 2050 and relied within office environments, we are not directly substantially mitigated for our company. Notably, decision making, as appropriate. Certain acute on publicly available information and exposed to most climate-related risks that mining of the four major categories of financial impact physical risks will typically involve a short-term projections, including the World Bank’s and energy operators face. Notwithstanding, set out by the TCFD (Revenues, Expenditures, impact (less than 1 year), chronic physical risks, Climate Change Knowledge Portal. The the climate-related risks of the operators of the Assets and Liabilities, and Capital and Financing)*, regulatory and legal risks, market risks and assessment is high level in nature (e.g. projects in which we hold royalty and stream the impacts of climate-related risks may affect reputational risks can lead to medium-term physical risks applying generally across interests can pass through to us. Climate-related our Revenues (Income Statement) and our Assets (1 to 5 years) and long-term (5 years+) impacts. the country or applicable jurisdiction and incidents, trends or developments have the (Balance Sheet) but are unlikely to increase our not necessarily relating to any of Franco- potential to adversely impact production at an Expenditures (Income Statement) or Liabilities In 2022, we worked with Critical Resource Nevada’s particular assets) and does not operation and, by extension, royalty or stream (Balance Sheet) and are unlikely to materially to expand upon past disclosure relating to address any additional risks or mitigating payments or deliveries to our company. adversely impact our access to Capital and climate-related risks impacting our operators factors (e.g. topographical, sunk capital Additionally, risks related to changes in the Financing (Balance Sheet). and our company. In particular, Critical Resource costs to build a mine, relative contribution market price of commodities that underlie our has provided assessments, which are summarized of mine to a country’s GDP, etc.) specific royalty and stream interests, which changes The following discussion describes our operators’ in the tables on the following pages, of: to Franco-Nevada’s assets in these may be driven by climate-related events, trends climate-related risks, the potential financial jurisdictions. or sentiments, can impact our revenues. impact for our operators and their corresponding • Physical climate risks specific to certain financial impact to our company. Given the jurisdictions where we have a high • Socio-political, regulatory and legal risks, breadth and diversity of our royalty and stream concentration of assets and/or material market risks and reputational risks that portfolio and due to the fact that most of our assets. In conducting its geographic might impact key commodities in our royalty and stream interests are perpetual or physical risk assessment for Ontario, commodity mix (gold, silver, PGMs, iron have long durations, we have exposure to each Nevada, Panama, Chile and Peru, Critical ore, energy (oil, gas, NGL) and nickel) in of the risks below over short, medium and Resource applied SSP1-2.6 (low emissions the transition to a low-carbon economy. * “Implementing the Recommendations of the Task Force on Climate-related Financial Disclosures”, Task Force on Climate-related Financial Disclosures (June 2017).

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 60 Physical Risks Potential Financial Impact for: Description of Physical Risks Our Operators Our Company Summary Acute: Extreme weather events caused by global warming (e.g. droughts, floods, These events may lead to production delays and cessation of operations • Short-term delay (deferral) of Revenues hurricanes, etc.) Chronic: Gradual shifts in weather conditions (e.g. water scarcity, shifts in rainfall These shifts may lead to recurring production delays and cessations of operations • Longer-term and potentially recurring delays (deferrals) of Revenues patterns, rising sea levels, etc.) and increased operating costs to adapt to climate changes, which may lead to • Potential impact to valuation of Assets on balance sheet (e.g. impairment projects being abandoned or placed on care and maintenance if adaptation or write-off of assets) costs erode anticipated profitability By Jurisdiction Chile • Reduction in annual precipitation rates is likely to exacerbate Chile’s pre-existing Main risks: Health and safety of employees; social license to operate as increasing Revenue could be impacted in the short, medium or long-term due to interruptions issues of water stress as well as the frequency and length of droughts temperatures and decreasing rainfalls leads to loss of biodiversity; inability to production caused by physical climate hazards • Despite an overall trend towards decreasing precipitation, extreme rainfall events to permit new mines or mine life extensions using ground water Risk of stranded Assets: Low-medium are expected to intensify Financial impacts to operations: Reduction in revenue due to production delays; • Chile is projected to experience lower rates of warming than the global average, increased operational costs (i.e. repairs to operations, energy costs) yet rising temperatures still pose risks Nevada • Nevada is at high risk of extreme heat, with the increased severity and frequency Main risks: Health and safety of employees; social license to operate given water Revenue could be impacted in the short, medium or long-term due to interruptions of heat waves posing a significant risk to people and projects scarcity issues caused by extreme heat in some areas to production caused by physical climate hazards • There is a high likelihood that rising temperatures will increase the severity and Financial impacts to operations: Reduction in revenue due to production delays; Risk of stranded Assets: Low intensity of droughts increased operational costs (i.e. repairs to operations, energy costs) • The risk of wildfires will increase, while flooding and storms may also become more common Peru • Temperatures are projected to rise in Peru, creating an increased risk of extreme Main risks: Health and safety of employees; social license to operate given water Revenue could be impacted in the short, medium or long-term due to interruptions heat, while increased rainfall also raises the risk of flooding, landslides and storms scarcity issues caused by extreme heat and droughts to production caused by physical climate hazards • The impact of climate change on precipitation rates is expected to vary considerably Financial impacts to operations: Reduction in revenue due to production delays; Risk of stranded Assets: Low across Peru increased operational costs (i.e. repairs to operations, energy costs) • Glacial retreat is occurring at an accelerated rate in Peru, increasing the risk of floods and landslides • Climate change could exacerbate existing water stress, creating challenges for mining operations

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 61 Potential Financial Impact for: Description of Physical Risks Our Operators Our Company By Jurisdiction (continued) Panama • Panama’s vulnerability to tropical storms and droughts is expected to increase Main risks: Health and safety of employees, damage to infrastructure; Revenue could be impacted in the short, medium or long-term due to interruptions as climate change impacts the El Niño/La Niña phenomenon supply chain disruptions to production caused by physical climate hazards • Episodes of extreme heat and the occurrence of wildfires are projected to rise Financial impacts to operations: Reduction in revenue due to production delays; Risk of stranded Assets: Medium • Flooding and landslides could pose a significant risk, but the impact of climate increased operational costs (i.e. repairs to operations, energy costs) change on these hazards is uncertain Northern Ontario • Wildfires, water stress and drought are projected to increase Main risks: Health and safety of employees; damage to infrastructure; Revenue could be impacted in the short, medium or long-term due to interruptions • Rising temperatures in Ontario will reduce the risk of extreme cold supply chain disruptions to production caused by physical climate hazards • Changes to precipitation levels are expected, but the possible impacts on mining Financial impacts to operations: Reduction in revenue due to production delays; Risk of stranded Assets: Low operations appear limited increased operational costs (i.e. repairs to operations, energy costs)

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 62 Socio-Political, Regulatory and Legal Risks Potential Financial Impact for: Description of Socio-Political, Regulatory and Legal Risks Our Operators Our Company Summary Policy, regulatory and legal changes in a jurisdiction that seek to promote These regulatory and legal changes may require extensive capital expenditures by • Potential delay (deferral) of Revenues if mandatory adaptation results in delays adaptation to climate change and/or constrain the activities of operators operators to accommodate or conform to such changes, which may lead to projects or cessation of operations and operations that contribute to adverse effects of climate change. being abandoned or placed on care and maintenance if such mandatory • Potential impact to valuation of Assets on balance sheet (e.g. impairment expenditures erode anticipated profitability. or write-off of assets) By Commodity Increased pricing of GHG emissions: Commodities at highest risk: All commodities Regulation of emissions, such as through carbon taxation or cap-and-trade These regulatory and legal changes may require extensive capital expenditures by • Potential delay (deferral) of Revenues if mandatory adaptation results in delays schemes, can significantly increase costs for businesses. As more countries set operators to accommodate or conform to such changes, which may lead to projects or cessation of operations net-zero emissions goals and increasingly ambitious 2030 targets, it is possible being abandoned or placed on care and maintenance if such mandatory • Potential impact to valuation of Assets on balance sheet (e.g. impairment that carbon pricing regulations could become more widely implemented and/or expenditures erode anticipated profitability. or write-off of assets) made more stringent globally. The impact of these regulations will differ depending on the location of the assets and the carbon intensity of production, which varies significantly both within and between commodities. Mandates on and regulation of existing products and services: Commodities at highest risk: Energy (oil, gas, NGLs) If carbon-intensive industries are stigmatised for their contributions to climate Given the contribution of fossil fuels to climate change, regulation and mandates • Potential reduction of Revenues if demand for carbon-intensive commodities change, the use of products and services from these industries could be curbed on the use of these products, including derivatives such as gasoline and plastics, is restricted due to widespread regulation of products by new regulations. may be subject to regulation from policy makers (e.g. ban on gas-powered cars in city centers, increased focus on reducing single-use plastics), which could impact demand for products. Enhanced emissions reporting obligations: Commodities at highest risk: All commodities As governments seek to improve emissions data and meet their respective Companies may face growing pressure to report their emissions in compliance • Potential increase to Operating Expenditures with growing demand to collect long-term emissions goals, there may be increased obligations to report on with mandatory disclosure regimes, which will increase costs. Such companies data, produce emissions reports, obtain external assurance, etc. energy usage and emissions and/or to obtain independent external assurance could also encounter financial losses as a result of fines if they are unwilling for such data. Companies may be required to comply with detailed mandatory or unable to comply with new regulations. TCFD or other reporting legislation as a result. Exposure to litigation: Commodities at highest risk: Energy (oil, gas, NGLs) The expansion of climate-related legislation creates litigation risks for those Legal actions against Energy producers could increase operating costs (e.g. through • Corresponding direct impact to Revenues upon reduction of demand for companies that are unable to keep up with the pace of developments. Companies payment of legal fees, fines, settlements, or insurance fees), reduce demand for commodities due to reputational damage to entire sectors or industries in heavy industries, such as mining and oil and gas, could also face legal action products, and cause reputational damage. Energy producers in North America and • Potential impact to valuation of Assets on balance sheet (e.g. impairment due to their relatively higher levels of emissions/emissions intensities, with some Europe have already faced legal challenges on various grounds, with accusations or write-off of assets) if increased operating costs cause uneconomic assets claimants also seeking to link climate change to other sustainability concerns, ranging from misleading investors to infringing on the rights of nature and the right to become stranded such as human rights. of life of future generations.

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 63 Market Risks Potential Financial Impact for: Description of Market Risks Our Operators Our Company Summary Shifts in supply and demand for certain commodities based on their real Reductions in commodity prices may impact the applicable operator’s bottom line • Corresponding direct impact to Revenues (e.g. our sales) and potential long-term or perceived impact on the climate. and in serious cases may ultimately render a project uneconomic, which may lead delay (deferral) of Revenues if project placed on care and maintenance to projects being abandoned or placed on care and maintenance until commodity prices recover. By Commodity Changing customer behaviour: Commodities at highest risk: Energy (oil, gas, NGLs) Demand for certain commodities is expected to reduce as a result of the energy Energy producers may encounter reduced demand for their products due to • Potential reduction of Revenues if demand for carbon-intensive commodities transition, which may impact prices. While this trend could be the same across a changing customer behaviour in the energy transition. The level of risk and or assets are reduced due to changing customer behaviour single commodity, in some cases the significance of this risk will vary depending timeframe will vary depending on the carbon production intensity of assets • Potential impact to valuation of Assets on balance sheet (e.g. impairment on the carbon intensity of specific assets. – for instance, low-carbon gas is projected to be competitive in many jurisdictions or write-off of assets) if decrease in demand causes uneconomic assets In the latter case, it is possible that the market will start to fragment between for longer than high-carbon intensity oil. Other non-energy producers may be to become stranded low-carbon and high carbon products, with some customers willing to pay impacted but this shift is more likely to be specific to the carbon intensity of a premium for low-carbon products. a given asset than a blanket trend witnessed across the commodity group.

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 64 Reputational Risks Potential Financial Impact for: Description of Reputational Risks Our Operators Our Company Summary Changing public perceptions of an operator’s climate-related activities and their May affect access to equity capital or the ability to raise new debt or refinance • Potential delay (deferral) of Revenues if operator’s inability to raise capital or finance contributions to or detractions from the transition to a low-carbon economy. existing debt, which may lead to projects changing hands or being temporarily debt results in operations changing hands or permanently abandoned. • Potential impact to valuation of Assets on balance sheet (e.g. impairment or write-off of assets) By Commodity Stigmatization of sector: Commodities at highest risk: All commodities Growing scrutiny of the climate impacts of different sectors has created the Stigmatisation of sectors could lead to reduced demand and lower prices for • Potential reduction of Revenues if demand for carbon-intensive commodities perception that some industries are inherently ‘dirty’ and ‘polluting’, creating products and services. Of particular risk of stigmatization will be ‘heavy industry’ or assets are reduced due to stigmatization of sectors a stigma around certain activities. commodity producers, including energy producers. This risk can be mitigated by • Potential impact to valuation of Assets on balance sheet (e.g. impairment or operators and industries deploying energy efficient and low-carbon technologies write-off of assets) if decrease in demand and/or lower prices causes uneconomic in the production process and the lower carbon emitting producers, even within a assets to become stranded stigmatised industry, will be rewarded while there is still demand for their products. Shifts in consumer preferences: Commodities at highest risk: Energy (oil, gas, NGLs) and gold Climate change could lead to a moral shift in customer preferences, with Energy operators are most vulnerable to this risk as customers are likely to receive • Potential reduction of Revenues if demand for carbon-intensive commodities stakeholders becoming increasingly aware of their own carbon footprint incentives to reduce use of these commodities due to their climate impacts. Gold or assets are reduced due to shift in preferences and new regulations and policies incentivising lower-carbon lifestyles. and other commodities that are not considered to be essential to industry or the • Potential impact to valuation of Assets on balance sheet (e.g. impairment or energy transition may come under greater scrutiny, potentially resulting in write-off of assets) if decrease in demand and/or lower prices causes uneconomic reduced demand. assets to become stranded Increased stakeholder concern: Commodities at highest risk: Energy (oil, gas, NGLs) With stakeholders having growing access to information about company Operators producing commodities that are not critical to the energy transition • Potential reduction of Revenues if demand for carbon-intensive commodities performance, those companies perceived to be causing environmental and and/or typically have high-carbon intensity will be most vulnerable to this risk, or assets are reduced due to negative feedback or concern social harms could encounter increased scrutiny over their impacts. This could with energy producers being particularly exposed. This may impact operator’s • Potential impact to valuation of Assets on balance sheet (e.g. impairment pose a significant threat to a company’s social license to operate and require access to capital and asset valuations significantly impacted if negative stakeholder or write-off of assets) if erosion of social license causes uneconomic assets proactive mitigation. concern erodes operators’ social license to operate. to become stranded

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 65 Resilience of Our Portfolio Diversification of Portfolio Our exposure to climate-related risks is • In the short and medium-term, any (% of revenue) substantially mitigated by the diversification climate-related cessation of production of our royalty and stream portfolio. No one at an operation in which we have a royalty Rest of operator or asset contributed more than 17% or stream interest can be viewed as deferral Gas World 12% 9% of our total 2022 revenues, which mitigates of revenue for our company realizable upon operator-specific or localized climate-related re-commencement of production. Oil NGL 2% Mexico & Canada risks (e.g. reputational, acute physical and local • Most of our assets are non-cost bearing. 12% Other Mining Central & USA 0% America regulatory and legal risks). We also receive In the long term, other than an asset Commodity 23% Geography 41% revenues from various commodity types becoming uneconomic, we are generally Iron Ore Gold 4% 55% produced in a multitude of jurisdictions, which insulated from rising costs, including those PGM mitigates risks impacting broader regions and related to carbon pricing, associated with 4% markets (e.g. chronic physical, country-wide the transition to a low carbon economy. Silver 11% South America regulatory and legal, and market risks). While 27% we do have significant exposure to gold, broader Due to the breadth and diversification of our market and reputational climate-related risks portfolio, our exposure to climate-related events, which may impact the gold industry are further trends or sentiments adversely impacting a mitigated through our rigorous due diligence particular project or operator or more broadly First Cobre Panama Quantum process geared towards investing in best-in-class adversely affecting a commodity type or Others 17% 17% operators, many of whom have already set jurisdiction is reduced. Climate risk exposure 27% long-term climate-related goals and commenced is further mitigated by factors inherent in our Candelaria Lundin low-carbon transitions. business portfolio, including those eliminating 10% Others Operator 10% cost exposure in respect of our assets, and our Assets 48% Antapaccay Glencore Certain mitigation factors are also inherent with high standards and rigorous due diligence 7% Vale Barrick 7% 3% 4% our business model. For example, as a royalty processes geared toward investing in Energy Guadalupe Coeur and stream company, we are a free cash flow best-in-class operators and operations. 6% 6% 25% Teck Antamina 5% business without direct exposure to operating, Vale 5% capital or closure costs. 3%

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 66 Sustainable Investment Opportunities As a royalty and streaming company, we are well positioned to participate in sustainable investment opportunities arising in connection with the transition to a low-carbon economy. The following describes sustainable investment opportunities that we have already embraced in our portfolio and that we expect will continue to be available to our company in the short, medium and long-term. Products and Services Our investments in commodities used for low emission products and services may increase revenues and bring competitive advantage due to the increased demand from shifting consumer preferences. Copper: Nickel and Clean Energy Metals: With superior electrical and thermal conductivity, While most of the global demand for nickel copper will play a significant role in enhancing is for the production of stainless steel, nickel energy efficiency and decarbonizing the planet. sulphate, a highly purified nickel compound A 2017 World Bank report* counted dozens that helps deliver higher energy density in of metals which could see a growing market lithium-ion batteries, extending the driving with the increasing reliance on renewable and range for electric vehicles, is expected to become sustainable energy sources. Copper ranked first the second largest application for nickel in 2030. (tied with aluminum and nickel) among all metals Our company has royalties on nickel projects, for its prevalence in low-carbon technologies, including the Mount Keith nickel mine in Australia, including in wind, solar photovoltaic, carbon Eagle’s Nest deposit in the Ring of Fire in Ontario, capture and storage, nuclear power, light emitting Canada and the Crawford Nickel-Cobalt project diodes, electric vehicles and electric motors. in Ontario, Canada. These projects are poised to benefit from increasing demand for nickel and Franco-Nevada’s top revenue generating stream we expect to see more opportunities to fund interests are from copper mines, including nickel and other battery metal projects both certain of our Top Mining Assets (Cobre Panama, domestically and abroad. Antapaccay, Antamina and Candelaria) where we receive precious metal by-products from copper Technologies involved in the clean energy concentrates. In 2021, we acquired another transition are emerging and advancing rapidly precious metal stream from the Condestable through innovation and increased deployment. copper mine in Peru and, in 2022, acquired Over the past few years, our company has an effective royalty on the Caserones copper- evaluated cobalt, lithium, rare earth, uranium molybdenum mine in Chile. Strong demand and other battery metal and clean energy for copper increases the prospects of greater opportunities. In particular, we are building production from these operations. We also have capabilities to evaluate lithium opportunities, royalties on a number of prospective copper which are in many ways geologically and development projects, including Copper World technically dissimilar to precious and base (Hudbay), Alpala (SolGold), Taca Taca (First metals projects. Quantum) and NuevaUnión (Teck and Newmont). We expect that in the future there will be further opportunities for our company to fund copper operations, to receive interests in copper * “The Growing Role of Minerals and Metals for a and/or precious metal by-products. Low-carbon Future”, World Bank Group, June 2017.

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 67 Iron Ore: Natural Gas: Steel is essential to many aspects of modern The use of natural gas for energy results in fewer life and is a key component for low-carbon emissions of nearly all types of air pollutants and technologies from electric vehicles to wind carbon dioxide than burning coal or petroleum turbines. The production of low-carbon steel products. For this reason, natural gas is viewed will be crucial in the transition to a low-carbon by many as a “bridge” fuel as renewable energy economy and for the achievement of sources become increasingly more cost-effective climate goals. and prevalent. A 2019 World Energy Outlook report* found that from 2010 to 2018, coal-to-gas Our company has exposure to iron ore operations switching saved around 500 million tCO , an effect 2 with a low-carbon footprint and that produce equivalent to putting an extra 200 million electric products suited to lower carbon steel production. vehicles running on zero-carbon electricity on the We have equity ownership in Labrador Iron road over the same period. Ore Royalty Corporation (“LIORC”), which has a minority ownership in Iron Ore Company Our company’s additions to our energy portfolio of Canada (“IOC”) and holds royalties over IOC’s have shifted from U.S. oil to natural gas plays, operations in Newfoundland and Labrador, including our 2019 royalty acquisition on Range and we have royalty debentures covering Vale’s Resources’ liquids-rich natural gas properties in Northern and Southeastern System operations the Marcellus shale in Pennsylvania and our 2020 in Brazil. royalty portfolio acquisition in the Haynesville shale, Texas, one of the most active gas plays in IOC pellets and concentrate are high grade North America. In 2022, natural gas accounted products with world leading low alumina and for approximately 45% of our energy revenues ultra-low phosphorus, beneficial to the iron and approximately 11% of our overall revenues, and steel industry. These pellets are high quality a significant increase from prior years, due with a clean chemistry, which helps to lower to elevated natural gas prices for the year. the carbon footprint, compared to lower quality grades and forms of iron ore, when used in the iron and steel industry. In early 2021, IOC, operator at Carol Lake where we indirectly hold Vale supplies iron ore products that require “Our diversified royalty and streaming interests through our LIORC equity ownership, less energy use in steel blast furnaces, reducing announced an initiative that will explore the emissions. One example is its Brazilian Blend portfolio is well positioned to participate viability of transforming iron ore pellets into Fines, a blend of ores produced in Carajás and low-carbon hot briquetted iron, a low-carbon Minas Gerais, with a higher iron content and fewer in opportunities relating to the transition steel feedstock, using green hydrogen generated contaminants. Vale has recently partnered with from hydro electricity in Canada. Kobe Steel and Mitsui & Co. with the objective to a low-carbon economy.“ to offer low-carbon solutions and technologies to the steel industry. * “The Role of Gas in Today’s Energy Transitions”, World Energy Outlook, July 2019.

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 68 Resilient Operators Carbon Sequestration at Weyburn Continental Resources Carbon Capture Mt. Keith Solar Farm and Carbon Capture Our investments in organizations, projects and (Franco-Nevada has royalty interests and and Sequestration Project (Franco-Nevada has royalty interests on the Mt. initiatives developing adaptive capacity to a working interest at Weyburn) (Franco-Nevada has a strategic royalty Keith nickel operation) respond to climate change to better manage acquisition joint venture with Continental) climate-related risks and seize opportunities Whitecap Resources’ Weyburn Unit in southeast In July 2021, BHP announced its plans to build may improve our own reputation, market Saskatchewan is a CO injection enhanced oil In March 2022, Continental Resources a 27.4 MW solar farm at its Mt. Keith nickel 2 valuation and resilience to the transition recovery project. CO is transported as a liquid announced that it would be investing $250 operations, BHP’s first off-grid large-scale 2 to a low-carbon economy. from two separate industrial sources. At the million over the next two years to help Summit renewable energy project across its global source, the CO is captured and compressed Carbon Solutions build a $4.5 billion carbon operations, which will replace power currently 2 Many of the assets in our portfolio are operated before transmission via pipeline to Weyburn. capture and sequestration project. It is supplied by diesel and gas. The solar farm, by best-in-class operators. The ingenuity and The CO in liquid form is then injected at high anticipated that the project will capture and where construction is currently underway, 2 technical skills of these operators, including pressure into the Weyburn Unit. The gas stream transport via pipeline 8 million metric tonnes will significantly reduce BHP’s Scope 2 relating to sustainable practices, processes and that is recovered with the oil production is per year of CO from 31 ethanol plants across emissions at Mt. Keith. 2 technologies, often provide them with a processed for natural gas liquids and the the US Midwest. That carbon will then be competitive advantage, reducing their costs and remaining CO volume is reinjected into the sequestered in subsurface geologic formations In October 2021, BHP also announced plans to 2 their operating risks and ultimately reducing formation on an ongoing basis. Accordingly, in North Dakota, where Continental Resources conduct trials at the Mt. Keith tailings dam their cost of capital. with minor adjustment for losses, all of the CO will leverage its geologic expertise gained from at Nickel West, which could store about 40,000 2 purchased and transported by pipeline for its extensive oil and gas drilling operations in tonnes of CO from the atmosphere per year. 2 Mining and energy operators, including all of injection at Weyburn constitutes additional the Bakken Shale. BHP’s initial research has indicated that enhancing our Top Mining Producers, contributing to more CO volumes stored each year. the mineral carbonation rate of the tailings 2 than two-thirds of our 2022 revenues have The project aims to bring operations online the dam could significantly increase its capacity proactively set targets and developed plans to Since its inception in 2000, more than 36 million first half of 2024 and will have the capability of to store CO . 2 reduce carbon emissions, with some tonnes of CO , or an average of 1.7 million tonnes expanding to ultimately transport up to 20 2 committing to the long-term achievement of of CO per annum, from two separate industrial million metric tonnes per year of CO . 2 2 net-zero emissions. sources have been captured and stored 1.5 km underground, the equivalent of taking We continue to look for opportunities to invest approximately 8 million cars off the road for an “Mining and energy operators, including all of our in other best-in-class operators and, as a capital entire year. In addition to having carbon storage provider, potentially facilitate their low-carbon benefits, injecting CO helps oil come to the 2 Top Mining Producers, contributing to more than transitions. On this page, we have highlighted surface more easily and improves the efficiency the resourcefulness of certain of our operators, of production, maximizing the ultimate recovery two-thirds of our 2022 revenues have proactively set their efforts to reduce their carbon footprints, of oil originally in place. and their commitments to combating climate targets and developed plans to reduce carbon change, which exemplify the types of operators Mining and energy operators utilizing lower and operations where we look to deploy capital. emission and emissions reduction processes emissions, with some committing to the long-term and technologies demonstrate their adaptability to climate change. As decarbonisation continues achievement of net-zero emissions.” to take centre stage, we will continue to look to partner with and fund these companies and projects, which involvement will improve our own sustainability profile.

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 69 Climate Scenario Analysis 2°C Scenario: Highlights and Assumptions A scenario analysis is an important tool for To guide our 2°C scenario analysis, we have also Energy Efficiency and Availability our company and our stakeholders to better incorporated certain data and assumptions from understand our strategy for climate-related the International Energy Agency’s (“IEA”) 2020 • By 2030, rapid progress is made in innovation and the deployment of low-carbon fuels and energy risks and opportunities and to assess how this Sustainable Development Scenario (the “SDS”)*, technologies. strategy positions our company in a low-carbon which are summarized in the Highlights • The proportion of renewables in global electricity generation grows from just over 25% in 2019 to more future. The TCFD recommends that organizations and Assumptions table on this page. The SDS than 50% in 2030. conduct at least one climate scenario analysis demonstrates a plausible path until 2050 to • By 2030, low-carbon sources of electricity accounts for almost two-thirds of total generation worldwide. at 2°C (i.e. average global temperatures of 2°C concurrently achieve universal energy access, The emissions intensity of industrial activity is reduced 40% from 2019 intensities. Electric vehicles above pre-industrial levels) or lower to evaluate set a path towards meeting the objectives of comprise 40% of new vehicle sales. the potential resiliencies of strategic plans the Paris Agreement on climate change and • Supported by government policy and the non-profit sector and the increase in decentralized energy and to identify options for increasing business significantly reduce air pollution. Although solutions, universal access to energy is achieved by 2030. resiliency to plausible climate-related risks and ambitious, demanding a set of dramatic new opportunities through adjustments to strategic actions from governments, companies, investors Fossil Fuels and financial plans. and citizens, this scenario and its extended time horizon (prior IEA scenarios stopped at 2040) • The proportion of fossil fuels in the primary energy mix, which has remained above 80% since the 1950s, We have chosen to apply a 2°C scenario, aligns with the increasing commitments of falls to 70% in 2030. focusing particularly on the implications and our mining and energy operators to achieve • Demand for oil peaks pre-COVID in 2019. Reductions in oil use over the period to 2030 mean that global oil outcomes for our existing gold and energy “net-zero” emissions by 2050. It also applies demand never returns to 2019 highs. Although demand for oil is more resilient in sectors such as assets that generated approximately 80% of our the most stringent assessment of the resilience petrochemicals, total oil demand in 2030 is 12% lower than in 2019. 2022 revenues, and the climate-related risks and of our company’s business model and strategy • Global natural gas demand exceeds 2019 levels throughout the mid-2020s. It peaks soon after with investment opportunities relating to these in the face of climate-related risk. demand returning to 2019 levels by 2030. commodities. The scenario analysis assumes • Lower demand for fossil fuels leads to modestly reduced prices through 2030. There is less need to produce that our strategy will be focused upon growing fossil fuels from resources higher up the supply cost curve. our exposure to gold and other precious metals, • There are widespread and successful efforts to reduce the emissions intensity of oil and gas production, but also with investments in other metals when and sources with lower emissions intensities are increasingly preferred for development. good opportunities become available. Emissions • Global output of CO emissions peaks pre-COVID in 2019. Concentrations of the major air pollutants drop “A scenario analysis is an important tool for 2 dramatically through to 2030. our company and our stakeholders to better • CO2 pricing is established in nearly all advanced economies. In addition, several developing economies are assumed to put in place schemes to limit CO emissions. 2 • The CO emissions reduction trends that were visible prior to 2030 (e.g. efficiency, electrification and move understand our strategy for climate-related risks 2 and opportunities and to assess how this strategy away from fossil fuels) continue to 2050. • Emissions outputs and trends through 2030 are consistent with achieving net-zero energy sector CO2 positions our company in a low-carbon future.” emissions globally by 2070. A number of industries, sub-sectors and countries achieve net-zero by 2050 or in advance of 2070. • Carbon capture, utilisation and storage processes and technologies play a large role in continuing the pace of emissions reduction after 2030. * World Energy Outlook, 2020, International Energy Agency, October 2020.

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 70 2°C Scenario: Outcomes for Our Operators 2°C Scenario: Outcomes for Franco-Nevada Risk Outcomes for Operators Outcomes Outcomes for Franco-Nevada Acute and • Extreme and intermittent weather events persist and increase over time. As climate General • Extreme weather events causing production delays and intermittent cessations of Chronic change is limited to 2°C, such events are manageable. production at mining and energy operations in which we hold royalty and stream interests, Physical Risks • Certain events and weather patterns cause production delays and cessations for will have the effect of a deferral of our revenue over short or medium-term horizons, certain operations. Such risks are unlikely to materially impact or impair broader gold realizable upon recommencement of operations. and energy markets. • More persistent weather events, when combined with other pre-existing factors such as water scarce conditions, will result in the inability to expand operations or extend the mine life of operations, which will have the effect of reducing our royalty and stream revenue. Socio- • Stringent climate-related policy and regulatory changes are enacted by governments, • Inevitable increased capital and operating costs (including carbon pricing costs) due to Political, particularly from those countries and regions pledging alignment with “net-zero” mandatory changes and transitions resulting from policy and regulatory reform will be Regulatory emissions. Increased capital expenditures are required by some operators to borne by our operators. Subject to instances where higher cost projects are rendered and Legal accommodate and conform to mandatory changes and transitions. uneconomic and are temporarily or permanently abandoned, we will continue to have Risks • Carbon pricing policies are implemented globally with certain governments imposing no exposure to costs of operations in which we hold royalty and stream interests. caps on carbon. Low-carbon energy producers are rewarded and given a competitive advantage. Carbon pricing increases the costs of many mining operations impacting Energy • Lower demand for oil and less capital available to oil operations will reduce the level of the viability of some operations with higher cost structures and/or large carbon drilling activity on a number of our energy portfolio assets, reducing the rate of production footprints. from those assets. Oil prices may increase as a result of supply shortfalls, which would • Greater climate impacts will increase sensitivity to the environmental impacts mitigate the impact of such reduced production levels. While the production from these of mining operations, making the permitting of new mines increasingly difficult. assets will be lower, subject to certain assets being permanently abandoned due to decreased demand, much of the resource will still be exploited over time due to the demand for fossil fuels in the continuing transition to low-carbon energy sources. Market Risks • A reduction in overall demand for oil occurs due to gradual behavioural transition • Our current capital allocation strategy for energy opportunities will remain the same. to low-carbon goods and services and access to more sustainable, lower-cost and We will not look to grow the energy mix in our portfolio above 20% of our overall revenue decentralized energy sources. Decreased prices adversely impact revenues of energy through acquisition to manage our exposure to fossil fuel related climate risk. producers, although most operations continue to be profitable, with lower cost producers remaining resilient to fulfil reduced demand, including in sectors such as petrochemicals. Gold • Greater climate impacts will increase sensitivity to the environmental impacts of mining • Prices and demand for natural gas remains consistent, given perception as a sustainable operations, making the permitting of new mines increasingly difficult. This may result in alternative or “bridge fuel”. development of brownfields assets over which we have existing royalty interests. • Gold has a continued role as a “safe haven” in a financial landscape that can at times • Carbon pricing increases the costs of many mining operations impacting the viability of be increasingly volatile. some operations with higher cost structures and/or large carbon footprints. Most of the projects over which we have royalty and stream interests have strong economics and such projects are not expected to be stranded due to rising costs. Reputational • Broader reputational implications for energy industry in low-carbon transition • The gold industry is energy intensive and there will be reputational risks for operators that Risks is mitigated for those pledging “net-zero” and executing low-carbon transitions, do not decarbonize their operations. Many of our gold operators are best-in-class and have including reliance on renewable energy sources. taken steps towards making low-carbon transitions. To the extent that our gold operators • There are impacts on the ability of energy producers to access equity capital or raise make strides towards decarbonization through increased access to low-cost large-scale debt, but this does not extend to sustainable, low-carbon producers. renewable energy that will reduce their carbon footprint heavily weighted to electricity, • Gold operators committing to and achieving staged decarbonization retain access this will mitigate climate-related reputational risk for such operators, and indirectly for to equity capital and debt. our company, due to decreased reliance on fossil fuels. • The effort to tackle climate change and to cover losses created by climate change will require substantial government capital. This will increase government deficits and debt. Gold’s appeal will be preserved due to its “safe haven” role.

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 71 Risk Management Our processes used to identify, assess, and manage climate-related risks Our company does not operate mines, develop For an in-depth discussion of our due diligence stakeholders to provide what transparency we aimed at defining our ESG and climate strategy projects or conduct exploration. Rather, our process, please refer to page 6 in this ESG Report. can of ESG and climate-related risks impacting going forward, particularly in respect of our business model is focused on growing and our assets and to respond to any significant capital allocation. Management, the Board and managing our portfolio of royalty and streams If ESG risks, including climate-related risks, concerns. This helps identify, assess and its Committees also apply a “look-back” in the with the view to holding onto these perpetual identified in our due diligence processes are mitigate reputational risks. event of an ESG or climate-related event or issue or long-life interests for extended time horizons. assessed and deemed to be material or adverse arising at an existing asset to determine if such Since our IPO in 2007, we have not made any to the prospects of the operator or project or to As discussed in Governance section above in issue was (or should have been) accurately material divestment of the assets in our portfolio. our royalty or stream interest, this may result in this Appendix C, the Board and its Committees identified and assessed in due diligence. This our decision not to proceed with an opportunity. frequently meet with senior management to approach is intended to identify any gaps in It follows that the crucial period for the We have passed on a number of otherwise discuss our company’s ESG and climate-related our due diligence and to strengthen our risk identification and assessment of ESG risks, prospective opportunities because the ESG risks risks and exposures. This collaborative effort is identification and management processes. including climate-related risks, is at the outset, were too substantial. If we elect to proceed with prior to acquiring royalty and stream assets. We an opportunity, we endeavour to include in our have adopted a comprehensive due diligence contractual arrangements provisions including process when selective opportunities and potential reporting obligations, audit and inspection rights, operating partners. This due diligence review operating covenants, transfer restrictions and involves utilizing the extensive experience of remedies, which help manage and mitigate Capital Allocation Asset Management our multi-disciplinary management team and climate-related risks. For an in-depth discussion Risk board of directors to evaluate ESG and climate of these contractual protections, please refer Management risks specific to a mining or energy operation and to page 7 in this ESG Report. Risk Pass on the plans adopted by the operator to manage such Identification, Due diligence process leveraging Opportunity Risk identification and assessment Assessment experience of: OR through: risks. In early 2022, we subscribed to McKinsey Once we have acquired an asset, the process & Management • Board of Directors • Monitoring assets and operators MineSpans, a data platform providing more of identifying and assessing ESG risks, including Provide for • Management Contractual • Engagement with operators than 1,000 cost and supply points per mine climate-related risks, involves regular engagement • External consultants Protections • Stakeholder engagement for over 3,800 mines globally. Access to this with our operators, leveraging the aforementioned service will facilitate the institutionalization contractual reporting obligations and our audit of the review of climate and other ESG data and inspection rights, in order receive regular Integration How did we do? What will we do? prior to making acquisitions. updates. If any ESG or climate-related event or into occurrence transpires at an operation, we offer Overall Retrospective look back Collaboration between management, We also routinely engage external experts to to provide assistance to the operator. We also Risk to strengthen risk identification the Board and its committees to Management and assessment processes define ESG and climate strategy assess risks, including climate-related physical, monitor the performance, including the carbon regulatory, market and reputational risks. The footprint and the climate-related commitments, climate-related considerations relating to a plans, targets and initiatives of certain of our specific opportunity will vary considerably producing assets. For further information depending on the commodity-type, jurisdiction, regarding the climate-related performance operator, operation, etc. but, by way of example, of our top revenue generating mining assets, these may include water scarcity, power supply please refer to page 10 of this ESG Report. and environmental permitting considerations. Finally, we also regularly engage with our own

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 72 Metrics and Targets The metrics and targets used to assess and manage relevant climate-related risks and opportunities Emissions relating to our corporate operations Corporate Operations Investments • In this ESG Report, we have summarized and our royalty and stream portfolio, calculated We aspire to achieve net-zero Corporate We are committed to considering the the progress of our Top Mining Producers in accordance with the GHG Protocol Corporate Emissions by 2050. To reach this goal, we will: decarbonization efforts and net-zero in achieving their decarbonization goals Accounting and Reporting Standard, are set out • Measure and record our Corporate Emissions alignment of operators and operations when and net-zero ambitions (see page 11) on pages 39–42 in this ESG Report. In 2022, we in accordance with the Greenhouse making investment decisions. We are also • We have measured and recorded our produced no (nil) Scope 1 GHG emissions, 50.4 Gas Protocol; committed to engaging with new and existing Financed Emissions for 2019, 2020 and 2021 tCO e of Scope 2 GHG emissions and 83.8 tCO e • By 2024, adopt short and long-term partners on their efforts to decarbonize and (see page 42) 2 2 of Scope 3 GHG emissions for an aggregate total science-based GHG emission reduction achieve net-zero emissions by 2050 or sooner. • In 2022, we helped finance Continental of 134.2 tCO e. Such Scope 3 GHG emission total targets for our Corporate Emissions in line To achieve this, we will: Resources’ solar-powered water recycling 2 excludes any Financed Emissions (or Scope 3, with the achievement of net-zero emissions • Assess the decarbonization commitments, project in Oklahoma Category 15 (Investments) emissions). Due to by 2050 or sooner; plans, targets and initiatives of operators, the delayed timing of availability of production • Maintain carbon neutrality on an annual including commitments to or progress Stakeholders and emission data from our operators, Financed basis for our Corporate Emissions by towards achieving net-zero emissions To further support and awareness of climate Emissions have been calculated and disclosed purchasing high quality carbon offsets by 2050 or sooner in our due diligence reduction goals, including net-zero emissions for 2019, 2020 and 2021. for those Corporate Emissions processes when evaluating new by 2050 or sooner, we will: that cannot be eliminated; and opportunities; • Ensure that our external consultants are In 2023, we made a new goal to achieve net-zero • Report on our progress and provide • Monitor operators’ decarbonization efforts familiar with our support for the goal of emissions relating to our global corporate climate-related disclosures aligned with and progress towards net-zero emissions decarbonization and net-zero emissions operations (our “Corporate Emissions”) by 2050, the recommendations from the Task Force by 2050 or sooner; by 2050 or sooner and understand in line with global efforts to limit warming to for Climate-related Financial Disclosures • Measure and record Financed Emissions Franco-Nevada’s commitments under 1.5°C (“net-zero emissions by 2050 or sooner”). (TCFD) and regulatory requirements from our royalty and stream assets in the Climate Action Policy; and applicable to our company. accordance with the Greenhouse Gas • Ensure before transacting with any We also committed to consider the Protocol and other leading supplementary significant supplier of goods for our decarbonization efforts and net-zero Progress made towards commitments guidance; and corporate operations, that such supplier alignment, including with respect to the and measures: • Explore options on how we may assist is aligned with the goal of net-zero commitments, plans, targets and initiatives, • We have measured and recorded our operators’ energy transitions, climate-related emissions by 2050 or sooner. of operators and operations when making Corporate Emissions (see pages 40–41) community and other initiatives, and/or investment decisions and to engage with • In 2022, we engaged with representatives other activities aimed at decarbonization Progress made towards commitments new and existing partners on their efforts from Carbon Disclosure Project (CDP) and and achieving net-zero emissions by 2050 and measures: to decarbonize and achieve net-zero Science Based Targets initiative (SBTi) for or sooner. • Since the recent adoption of our Climate emissions by 2050 or sooner. preliminary discussions about our net-zero Action Policy, we have ensured that our commitments and associated emission Progress made towards commitments consultants acknowledge familiarity with We have adopted a Climate Action Policy, reduction targets and measures: our net-zero goal and our Climate Action which is summarized below and formalizes • We achieved carbon neutrality for our • Since the recent adoption of our Climate Policy commitments our climate-related commitments and measures Corporate Emissions (see page 41) Action Policy, we have assessed the • We have ensured that our significant relating to corporate operations and our • In this ESG Report, we have reported on our net-zero alignment of operators suppliers of goods for our corporate investment decisions, and other commitments progress, including in alignment with TCFD when evaluating new opportunities operations have commitments, plans, regarding our other stakeholders. in this Appendix targets or initiatives aligned with net-zero

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 73 Appendix D: SASB Disclosure In the continuously evolving ESG landscape, we assigned classification is, in our view, the Transparent Information FN-AC-270a.3 are committed to providing transparency in our most appropriate for our business model & Fair Advice for Customers Description of approach to informing customers sustainability reporting by providing meaningful of the available SICS sectors and industries. about products and services information to our shareholders and continuing Notwithstanding, certain SASB accounting FN-AC-270a.1 to enhance our disclosure, including with metrics applicable to investment managers, (1) Number and (2) percentage of covered employees As indicated above, as a royalty and streaming the following, which is our company’s third dealers, brokers and custodians are not with a record of investment-related investigations, company, we do not have customers, products consecutive year aligning with the Sustainability applicable to Franco-Nevada’s business as a consumer-initiated complaints, private civil or services in a traditional sense. Rather, Accounting Standards Board (“SASB”) framework. royalty and streaming company. In accordance litigations, or other regulatory proceedings our primary focus relates to our approach with SASB’s “report or explain” framework, to communicating with and informing SASB created the Sustainable Industry we have endeavoured to explain why certain Franco-Nevada Corporation and its subsidiaries Franco-Nevada’ shareholders about our Classification System® (SICS®) to group like standards are not applicable to our company are not brokerages or dealers and our business business. Refer to page 25 of this ESG Report, companies based on their sustainability-related and information has been modified or omitted. and employees are not subject to FINRA, which describes our process of engaging, risks and opportunities. As of the date of this SRO and related rules, regulations or filing communicating and collaborating with our ESG Report, Franco-Nevada is classified in the All disclosure included or referenced below is requirements. Accordingly, we did not have shareholders and other stakeholders. “Financials” Primary SICS Sector and the “Asset being provided for Franco-Nevada Corporation any “covered employees”, as such term is defined Management & Custody Activities” Primary SICS and our subsidiaries (collectively, “we”, “us”, in the SASB Standards, in the reporting period Employee Diversity & Inclusion Industry. While the SICS “Extractives & Minerals “our”, “Franco-Nevada”, the “Company”, or the (fiscal 2022). Notwithstanding, we are aligned Processing” classification may appear to be “Corporation”). Such information is as of, or with the SASB disclosure standards having FN-AC-330a.1 appropriate, its accounting metrics are geared for the year-ended December 31, 2022 unless disclosed the number (nil) and percentage Percentage of gender and racial/ethnic group towards mining and energy operators and otherwise noted. The inclusion of information (0%) of all of our employees with a record of representation for (1) executive management, producers and not royalty and streaming contained in this disclosure should not be investigations, complaints, litigations, or other (2) non-executive management, (3) professionals, companies that are not involved in operations. construed as a characterization regarding the regulatory proceedings. Also refer to Appendix and (4) all other employees The “Asset Management & Custody Activities” materiality or financial impact of that information. A to this ESG Report for further information. Quantitative Summary of Racial/ Ethnic FN-AC-270a.2 and Gender Representation Total amount of monetary losses as a result of The racial/ethnic group and gender representation legal proceedings associated with marketing and among our Company’s workforce (consisting communication of financial product-related of 40 employees in four offices) is included information to new and returning customers in the table on the following page. Also refer to pages 29 and 51 of this ESG Report Franco-Nevada does not have customers akin to for further information. a typical investment dealer, broker or custodian. Notwithstanding, we are aligned to the SASB Diversity and Inclusion Policies, disclosure standards having disclosed the Programs and Initiatives monetary losses (nil) as a result of legal For a detailed description of our policies, proceedings (nil) associated with marketing programs and initiatives for fostering diversity and communication of any and all information and inclusion across our global operations, generally. Also refer to Appendix A to this ESG refer to pages 29–31 of this ESG Report. Report for further information.

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 74 BIPOC* Other N/A** ESG Considerations in Due Diligence Process ESG Policies and Committee Charters We believe that proper consideration of ESG risks Refer to following policies and committee charters Senior Executive Management (5 - CEO, CFO, CLO, SVPs) 2 3 0 in connection with the companies, projects and (each available on our website) that govern the Other Executive Management (9 - President (FNB), VPs) 4 5 0 jurisdictions in which we seek to deploy capital incorporation of ESG factors in our investment will enhance long-term performance of our decisions and other aspects of our business: Non-Executive Management (5 - Directors, Controller) 1 4 0 company and in turn generate real value for • Investment Principles Policy (Environmental, All Other Employees (21) 11 10 0 our shareholders. Accordingly, we conduct a Social and Governance) – sets out our rigorous review of ESG issues and risks during commitment to responsible investing Total 18 22 0 our due diligence process when evaluating and further describes our approaches to * BIPOC = Black, Indigenous, and People of Colour all royalty and stream opportunities. As each integrating ESG factors in our acquisition ** N/A = not available or not disclosed opportunity varies considerably based upon and asset management processes; the commodity-type, jurisdiction, nature of • Responsible Gold Mining Principles Policy Female Male N/A* the royalty or stream interest (e.g. whether - sets out our RGMP-related commitments Senior Executive Management (5 - CEO, CFO, CLO, SVPs) 0 5 0 such interest relates to a historical third-party in respect of our acquisitions and other arrangement or is being newly created), among aspects of our business; Other Executive Management (9 - President (FNB), VPs) 2 7 0 other things, we apply a flexible approach to our • Climate Action Policy – sets out our Non-Executive Management (5 - Directors, Controller) 1 4 0 ESG due diligence review and frequently rely on climate-related commitments with respect local ESG consultants for their expert guidance. to our investment decisions and further All Other Employees (21) 14 7 0 Please refer to page 6 of this ESG Report, which describes our approaches to integrating Total 17 23 0 describes our due diligence process, including climate-related factors in our acquisition specific ESG factors assessed, when making and asset management processes; * N/A = not available or not disclosed investment decisions. • Compensation and ESG Committee Charter – specifies such committee’s oversight over Mitigating ESG Risks our company’s approach to ESG issues, the Incorporation of ESG Factors under management in respect of securities in Contractual Arrangements adequacy of our ESG practices and policies, in Investment Management portfolios supervised or managed by investment In order to mitigate ESG risks, when negotiating the adoption of any ESG-related standards & Advisory advisors is not applicable to our Company and all new acquisitions we endeavour to include or initiatives, adopts ESG-related corporate such information is not included in our disclosure. provisions to afford our company with access goals used to evaluate management’s FN-AC-410a.1 to ongoing reporting in respect of a project, performance for executive compensation Amount of assets under management, by asset Please refer to our responses to the following audit and inspection rights, and security and decisions and the engagement with class, that employ (1) integration of environmental, SASB accounting metric (FN-AC-410a.2) for remedies. Additionally, we include operating stakeholders in respect of ESG issues; and social, and governance (ESG) issues, (2) sustainability our approach to incorporating ESG factors covenants (e.g. requirement of operators • Audit and Risk Committee Charter themed investing, and (3) screening in our investment processes and strategies, to conduct operations in accordance with – specifies such committee’s oversight which are conducted in all of our new royalty responsible practices and applicable law) and over risk management, including ESG As a royalty and stream company, we do not and stream acquisitions. transfer restrictions intended to ensure that and climate change risks, the review of exercise control over or have direct influence we remain partnered with a responsible actors our principal risks and exposures, and on the projects over which we have an interest. FN-AC-410a.2 when it comes to ESG-related issues. Refer to the effective management, monitoring We do not have any “assets under management”, Description of approach to incorporation of page 7 of this ESG Report, which describes in and control of such risks by reviewing as defined by SASB, and we do not provide environmental, social, and governance (ESG) further detail these contractual protections. management’s assessment of the significant supervisory or management services in respect factors in investment and/or wealth management risks and exposures impacting our company, of any of our acquisitions. Consequently, this processes and strategies including ESG and climate change risks. quantitative SASB standard relating to assets

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 75 ESG Oversight and Implementation; Business Ethics Activity Metrics Climate-Related Scenarios and Risk Profiling Refer to our Task Force on Climate-related FN-AC-510a.1 FN-AC-000.A Financial Disclosures section of this ESG Report Total amount of monetary losses as a result of (1) Total registered and (2) total unregistered in Appendix C for: legal proceedings associated with fraud, insider assets under management (AUM) • Details regarding our company’s Board and trading, anti-trust, anti-competitive behavior, management oversight over ESG (including market manipulation, malpractice, or other Franco-Nevada does not have any registered climate-related) policies, programs and risk related financial industry laws or regulations assets (nil) under the SASB definition of mitigation and management’s day-to-day Registered AUMs. Accordingly, all (100%) implementation of ESG factors and We are aligned with the SASB disclosure of our assets are unregistered assets, all of considerations; standards having disclosed the total amount which are under our company’s control and • A description of our climate-related of monetary losses (nil) as a result of legal supervision. For details regarding our assets, scenario analyses to determine our proceedings associated with fraud, insider please refer to our Consolidated Statements company’s risk profile, which incorporates trading, anti-trust, anti-competitive behavior, of Financial Position in our Audited Financial our understanding and assumptions of ESG market manipulation, malpractice, or other Statements for the year ended December 31, trends applicable to the mining and energy related financial industry laws or regulations. 2022 (page 6) and to the notes referenced industries; and Also refer to Appendix A to this ESG Report in the statements. • An assessment of climate-related risks and for further information. opportunities and how these inform our FN-AC-000.B investment strategies. FN-AC-510a.2 Total assets under custody and supervision Description of whistleblower policies FN-AC-410a.3 and procedures Please refer to the note above for SASB standard Description of proxy voting and investee FN-AC-000.A. All of our company’s assets are engagement policies and procedures Our Whistleblower Policy and our Employee under our supervision. For details regarding Complaint Procedures for Accounting and our assets, please refer to our Consolidated As a royalty and streaming company, our equity Auditing Matters can be found on our website. Statements of Financial Position in our Audited holdings do not represent a material portion of Also refer to page 25 of this ESG Report for Financial Statements for the year ended our business and the management of security a description of such policies and related December 31, 2022 (page 6) and to the portfolios and active engagement with investee procedures and Appendix A to this ESG Report notes referenced in the statements. companies are each not applicable to our for the number of instances of whistleblower company. Refer to Note 6 in our Audited Financial complaints (nil) in 2022. Statements for the year ended December 31, 2022 for the total quantum ($224.6 million as at December 31, 2022) of our equity investments. For this reason, we do not have formal proxy voting and investee engagement policies and procedures and the information required in this SASB standard has been omitted.

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 76 Appendix E: GRI Index GRI Standard Location GRI Standard Location General Disclosures (GRI 2) 2-11 Chair of the highest • Corporate Governance governance body 2023 Management Information Circular: 2-1 Organizational details • About Franco-Nevada • Statement of Governance Practices (page 25) 2023 Annual Information Form: 2-12 Role of the highest • Corporate Governance • The Corporation (page 3) governance body • Due Diligence Process 2-2 Entities included • About Franco-Nevada in overseeing the • Responsible Gold Mining Principles in the organization’s • About this ESG Report management • Appendix C: TCFD Disclosure (Governance) sustainability reporting of impacts 2023 Management Information Circular: 2-3 Reporting period, • About this ESG Report • Statement of Governance Practices (page 25) frequency and 2-13 Delegation • Corporate Governance contact point of responsibility • Due Diligence Process 2-4 Restatements • No restatement of information from previous reports for managing • Appendix C: TCFD Disclosure (Governance) of information impacts 2023 Management Information Circular: 2-5 External assurance • Assurance Statement • Corporate Goal - ESG (page 59) • Appendix G: KPMG: Independent Limited Assurance Report 2-14 Role of the highest • Corporate Governance 2-6 Activities, value chain • About Franco-Nevada governance body in • Due Diligence Process and other business • Due Diligence Process sustainability reporting • Appendix C: TCFD Disclosure (Governance) relationships • Supply Chain 2-15 Conflicts of interest • Integrity and Compliance 2023 Annual Information Form: 2023 Management Information Circular: • General Development of Franco-Nevada's Business (page 4) • Statement of Governance Practices (page 25) 2-7 Employees • Diversity, Inclusion & Well-Being 2-16 Communication • Integrity and Compliance • Appendix A: ESG Performance Table of critical concerns 2-8 Workers who • Diversity, Inclusion & Well-Being 2023 Management Information Circular: are not employees • Supply Chain • Statement of Governance Practices (page 25) 2-9 Governance structure • Corporate Governance 2-17 Collective knowledge • Information Security and composition • Appendix C: TCFD Disclosure (Governance) of the highest • Appendix A: ESG Performance Table governance body 2023 Management Information Circular: 2023 Management Information Circular: • Statement of Governance Practices (page 25) • Statement of Governance Practices (page 25) • Orientation and Continuing Education (page 33) 2-10 Nomination and • Corporate Governance • Skills Matrix (page 36) selection of the highest • Appendix C: TCFD Disclosure (Governance) • Board Assessment (page 39) governance body 2023 Management Information Circular: • Statement of Governance Practices (page 25)

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 77 GRI Standard Location GRI Standard Location General Disclosures (GRI 2) (continued) 2-24 Embedding policy • Responsible Capital Allocation commitments • Due Diligence Process 2-18 Evaluation of the 2023 Management Information Circular: • Integrity and Compliance performance of the • Board Assessment (page 39) • Diversity, Inclusion and Well-Being highest governance body • Transparency and Guiding Principles 2-19 Remuneration policies 2023 Management Information Circular: • Climate Action Commitments and Plans • Statement of Governance Practices (page 25) • Responsible Gold Mining Principles • Compensation Process (page 39) 2-25 Processes to remediate • Responsible Capital Allocation • Statement of Executive Compensation (page 45) negative impacts • Due Diligence Process • Compensation Program Highlights and Best Practices (page 47) • Community Contributions • Compensation Discussion & Analysis (page 48) • Responsible Gold Mining Principles 2-20 Process to determine 2023 Management Information Circular: • Climate Action Commitments and Plans remuneration • Statement of Governance Practices (page 25) • Appendix C: TCFD Disclosure • Compensation Process (page 39) (Governance; Sustainable Investment Opportunities; • Statement of Executive Compensation (page 45) Risk Management) • Compensation Program Highlights and Best Practices (page 47) 2-26 Mechanisms for seeking • Integrity and Compliance • Compensation Discussion & Analysis (page 48) advice and raising 2023 Management Information Circular: 2-21 Annual total 2023 Management Information Circular: concerns • Statement of Governance Practices (page 25) compensation • Statement of Executive Compensation (page 45) 2-27 Compliance with laws • Appendix A: ESG Performance Table ratio • Compensation Program Highlights and Best Practices (page 47) and regulations • Compensation Discussion & Analysis (page 48) 2-22 Statement on sustainable • Message from our CEO 2-28 Membership associations • Industry and Other Support development strategy • UN Global Compact and SDGs • Diversity and Inclusion • Appendix A: ESG Performance Table • Transparency and Guiding Principles • Appendix F: Sustainable Development Goals 2-29 Approach to stakeholder • Corporate Governance 2-23 Policy commitments • Responsible Capital Allocation engagement • Industry and Other Support • Due Diligence Process • Diversity and Inclusion • Integrity and Compliance • Transparency and Guiding Principles • Diversity, Inclusion and Well-Being • Climate Action Commitments and Plans • Transparency and Guiding Principles • Responsible Gold Mining Principles • Climate Action Commitments and Plans • Appendix C: TCFD Disclosure • Responsible Gold Mining Principles (Governance; Sustainable Investment Opportunities; Risk Management) 2-30 Collective bargaining • Employee Benefits and Well-Being agreements

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 78 GRI Standard Location GRI Standard Location Material Topics (GRI 3) 3-1 Process to determine For the purpose of reporting in accordance with GRI standards, Emissions material topics we classify our material topics into levels that reflect the degree GRI 305: Emissions 2016 of associated risk and/or level of significance to Franco-Nevada, 305-1 Direct (Scope 1) GHG • Overall Carbon Footprint and therefore the amount of coverage in this ESG Report. We will emissions • Corporate Footprint continue to assess Franco-Nevada's material ESG topics annually. 305-2 Energy indirect (Scope 2) • Overall Carbon Footprint GHG emissions • Corporate Footprint Indirect economic impacts 305-3 Other indirect (Scope 3) • Overall Carbon Footprint GRI 203: Indirect Economic Impacts 2016 GHG emissions • Corporate Footprint 203-2 Significant indirect • Community Contributions • Investment Footprint economic impacts • Climate Action Commitments and Plans 305-4 GHG emissions intensity • Overall Carbon Footprint • Corporate Footprint Anti-corruption • Investment Footprint GRI 205: Anti-corruption 2016 305-5 Reduction of GHG • Overall Carbon Footprint emissions • Corporate Footprint 205-3 Confirmed incidents of • Appendix A: ESG Performance Table • Climate Action Commitments and Plans corruption and actions taken Employment Energy GRI 401: Employment 2016 GRI 302: Energy 2016 401-1 New employee hires and • Employee Benefits and Well-Being employee turnover • Appendix A: ESG Performance Table 302-1 Energy consumption • Overall Carbon Footprint within the organization • Corporate Footprint 401-2 Benefits provided to • Employee Benefits and Well-Being • Appendix A: ESG Performance Table full-time employees that • Appendix A: ESG Performance Table are not provided to 302-2 Energy consumption • Overall Carbon Footprint temporary or part-time outside of the • Investment Footprint employees organization • Appendix A: ESG Performance Table 401-3 Parental leave • Employee Benefits and Well-Being 302-3 Energy intensity • Overall Carbon Footprint • Appendix A: ESG Performance Table • Investment Footprint 302-4 Reduction of energy • Climate Action Commitments and Plans consumption

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 79 GRI Standard Location GRI Standard Location Material Topics (GRI 3) (continued) Training and education GRI 404: Training and Education 2016 Occupational health and safety 404-3 Percentage of employees • Appendix A: ESG Performance Table GRI 403: Occupational Health and Safety 2018 receiving regular 403-1 Occupational health • Employee Benefits and Well-Being performance and career and safety management • Appendix A: ESG Performance Table development reviews system 403-3 Occupational • Employee Benefits and Well-Being Diversity and equal opportunity health services • Health, Safety and Security GRI 405: Diversity and Equal Opportunity 2016 403-6 Promotion of • Employee Benefits and Well-Being 405-1 Diversity of governance • Diversity and Inclusion worker health • Health, Safety and Security bodies and employees • Appendix A: ESG Performance Table 403-7 Prevention and mitigation • Employee Benefits and Well-Being of occupational health and • Health, Safety and Security Public policy safety impacts directly linked by business GRI 415: Public Policy 2016 relationships 415-1 Political contributions • Integrity and Compliance 403-8 Workers covered • Employee Benefits and Well-Being • Appendix A: ESG Performance Table by an occupational • Health, Safety and Security health and safety management system 403-9 Work-related injuries • Appendix A: ESG Performance Table 403-10 Work-related ill health • Appendix A: ESG Performance Table

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 80 Appendix F: Sustainable Development Goals Initiatives across our business help advance a number of the Sustainable Development Goals (SDGs), which were adopted by the United Nations in 2015 as a universal call to action to end poverty, protect the planet, and ensure that by 2030 all people enjoy peace and prosperity. The SDGs and Franco-Nevada’s supporting initiatives are set out below. No Poverty Gender Equality • Supplier Code of Conduct • Board and senior management (minimum wages and benefits) (page 32) gender diversity targets (page 29) • Commitment to competitive wages (page 32) • Support for The Prosperity Project (page 31) • Enseña Peru education initiative (page 21) • Gender diverse representation at Franco-Nevada (page 51) Good Heath and Well-Being Clean Water and Sanitation • Our work to promote employee well-being (page 32) • Alto Huarca water project (page 21) • Health and safety practices and policy • Water management and risk at Franco-Nevada (page 33) assessment in due diligence (page 12) • Travel safety practices and policy • Supplier Code of Conduct at Franco-Nevada (page 33) (minimization of water pollutants) (page 19) • Support for Mining4Life initiative (page 22) • Guazapares water upgrade project Quality Education Affordable and Clean Energy • Enseña Peru education initiative (page 21) • Exploring ways to assist with • “Every Student, Every Day” initiative (page 21) operator energy transitions (page 36) • Franco-Nevada Diversity Scholarship program (page 31) • Assessment of energy sources and requirements in due diligence (page 10) • Funding of Continental Resources’ solar-powered water recycling project

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 81 Decent Work and Economic Growth Climate Action • Our commitment to pay • Climate Action Policy commitments and measures (page 36) competitive wages (page 32) • Measurement of emissions relating to our • Supplier Code of Conduct operations and investments (page 37) (labour and employment) (page 19) • Carbon neutrality for corporate operations (page 41) • Enseña Peru education initiative (page 21) • Supplier Code of Conduct (climate issues) (page 19) • TCFD-aligned disclosure (Appendix C) Industry, Innovation and Infrastructure Life on Land • Weyburn carbon sequestration project (page 18) • Assessment of biodiversity • Our support of industry groups and associations (page 22) in due diligence process (page 14) • Exploring ways to assist with operators • Biodiversity performance of our to achieve net-zero (page 36) top mining producers (page 14) • Supplier Code of Conduct (biodiversity) (page 19) Reduced Inequalities Peace, Justice and Strong Institutions • Board and senior management • Human Rights Policy (page 34) diversity measures and targets (page 29) • Health and Safety Policy (page 33) • Support for The Prosperity Project and BlackNorth (page 31) • Non-Discrimination, Anti-Harassment • Enseña Peru education initiative (page 21) & Equal Opportunity Policy (page 34) • Non-discrimination and equal opportunity (page 34) • Diversity and Inclusion Policy (page 29) • Diverse representation at Franco-Nevada (page 29) • Whistleblower Policies (page 25) • Supplier Code of Conduct (non-discrimination) (page 18) Responsible Consumption and Production Partnerships for the Goals • Comprehensive due diligence process (page 6) • Community partnerships with operators (page 21) • Responsible Gold Mining Principles commitments • Exploring ways to assist with operator and measures (page 46) energy transitions (page 36) • Contractual protections in royalty • Our support of industry groups and stream arrangements (page 7) and associations (page 22) • Supplier Code of Conduct (page 19)

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 82 Appendix G: KPMG: Independent Limited Assurance Report ASSURANCE APPROACH We planned and performed our procedures to obtain all of the evidence, information and explanations we considered necessary in order to form our conclusion as set out below. A limited assurance engagement consists of making KPMG LLP inquiries, primarily of persons responsible for the preparation of the Description of Implementation and applying Bay Adelaide Centre analytical and other evidence gathering procedures, and evaluating the evidence obtained. Our procedures included: 333 Bay Street, Suite 4600 • Inquiries of those responsible for completing the activities to self-assess implementation of Franco- Toronto, ON M5H 2S5 Nevada’s internally developed RGMP Policy; Canada Tel 416-777-8500 • Assessing the suitability and application of the criteria in respect of the Description of Fax 416-777-8818 Implementation; • Reviewing relevant evidence and other documentation to support management’s statements; INDEPENDENT LIMITED ASSURANCE REPORT • Inquiries with relevant staff at the corporate level to understand the data collection and reporting processes for the Description of Implementation; and To the Board of Directors of Franco-Nevada Corporation (“Franco-Nevada”): • Evaluation of the overall presentation of the Description of Implementation in the Report to determine We have undertaken a limited assurance engagement of the description of implementation on Franco- Nevada’s whether the information presented is consistent with our overall knowledge of, and experience with, Responsible Gold Mining Principles Policy (“RGMP Policy”) presented in the table on page 47 under the section titled Franco-Nevada’s RGMP Policy implementation. “Description of implementation” of Franco-Nevada’s 2023 ESG Report (the “Report”) as at December 31, 2022. The procedures performed in a limited assurance engagement vary in nature ad timing, from and are less in extent Other than as described in the preceding paragraph, which sets out the scope of our engagement, we did not than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in limited assurance perform assurance procedures on the remaining information included in the Report, and accordingly, we do not engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. express a conclusion on this information. PRACTITIONER’S INDEPENDENCE, QUALITY CONTROL SPECIFIC PURPOSE OF SUBJECT MATTER AND APPLICABLE CRITERIA We have complied with the relevant rules of professional conduct/code of ethics applicable to the practice of public There are no mandatory requirements for the preparation, publication or review of management’s description of accounting and related to assurance engagements, issued by various professional accounting bodies, which are founded implementation of the RGMP Policy. As such, Franco-Nevada has created and applied internally developed RGMP on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional Policy Measures (the ‘Applicable Criteria’) which are listed in the table on page 47 of the Report. behaviour. The Description of Implementation has been prepared in accordance with the Applicable Criteria and as a result may The firm applies International Standard on Quality Management 1, which requires the firm to design, implement and not be suitable for another purpose. operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. MANAGEMENT’S RESPONSIBILITIES SIGNIFICANT INHERENT LIMITATIONS Management is responsible for the preparation and presentation of the Description of Implementation in accordance Non-financial information, such as the Description on Implementation, is subject to more inherent limitations than with the Applicable Criteria, current as at the date of this report. Management is also responsible for determining financial information, given the qualitative characteristics of the underlying subject matter and methods used for Franco-Nevada’s objectives in respect of RGMP Policy performance and reporting, and for establishing and determining this information. The absence of a significant body of established practice on which to draw allows for the maintaining appropriate performance management and internal control systems from which the reported information selection of different but acceptable evaluation techniques, which can result in materially different measurements and is derived. can impact comparability. It is important to read Franco-Nevada’s internally developed RGMP Policy Measures presented in the table on page 47 of the Report. PRACTIONER’S RESPONSIBILITIES AND PROFESSIONAL REQUIREMENTS Our responsibility is to express a limited assurance conclusion based on the subject matter information based on CONCLUSION evidence we have obtained. We conducted our limited assurance engagement in accordance with International Our conclusion has been formed on the basis of, and is subject to, the matters outlined in this report. Standard on Assurance Engagements (“ISAE”) 3000, Assurance Engagements Other than Audits or Review of We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Historical Financial Information., issued by the International Auditing and Assurance Standards Board. ISAE 3000 Based on the procedures performed and evidence obtained, nothing has come to our attention that causes us to requires that we plan and perform this engagement to obtain the stated level of assurance, in accordance with the believe that the Description of Implementation as described above and disclosed in the Report as at December Applicable Criteria. 31, 2022, has not been prepared and presented, in all material respect, in accordance with the Applicable The nature, timing and extent of procedures performed depends on our professional judgment, including an assessment Criteria, current as at the date of this report. of the risk of material misstatement, whether due to fraud or error, and involves obtaining evidence about the Description of Implementation. Chartered Professional Accountants, Licensed Public Accountants April 12, 2023 © 2023 KPMG LLP, an Ontario limited liability partnership and a member firm of the KPMG global organization of independent © 2023 KPMG LLP, an Ontario limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

Responsible Capital Allocation Community Contributions Good Governance & Shareholder Alignment Diversity, Inclusion & Well-Being Climate Action Transparency & Guiding Principles Appendices 83 Appendix H: Carbon Neutral Initiative Carbon Neutral for Global Corporate Operations (2022) Type of Carbon Offset Purchased from Supplier Emissions Eliminated Carbon Offset Supplier Gold Standard-Certified Offsets (50%) CSA Standard-Certified Offsets (50%) All emissions* for our global operations** Less Emissions Gold Standard-certified emission reductions (CERs): CSA Standard-certified offsets: • A Bullfrog Power company A global standard for projects in developing A global standard for voluntary GHG • Canadian (Toronto-based) supplier of countries that verifiably achieve GHG emissions emissions reduction projects. Follows the independently audited high quality reductions at the source and create positive impacts United Nations’ CDM methodologies and carbon offsets on social networks and their local economy. Follows enables projects located in developed the United Nations’ Clean Development Mechanism countries (and therefore outside the • Previously ranked as the highest quality (CDM) protocols for CERs. jurisdiction of the Gold Standard CDM offset provider by the David Suzuki certification program) to meet equivalent Foundation and the Pembina Institute performance standards and deliver high quality emissions reductions. * Represents all of our estimated reported emissions from our global corporate operations in 2022, or 134.2 tCO e (equal to total Scope 2 emissions of 50.4 tCO e plus total Scope 3 emissions of 83.8 tCO e), which are calculated subsequent to year-end. As indicated in the 2 2 2 Corporate Footprint section in this ESG Report, our global operations do not have Scope 1 (direct) emissions as our offices rely on electricity and steam for energy and heating, which are included under our Scope 2 (indirect) emissions. ** As indicated in the Corporate Footprint section in this ESG Report, due to constraints owing to lack of information for certain leased premises in Perth, Australia (1 employee) and Colorado, United States (4 employees), our reported data for electricity and steam (each Scope 2 emissions) and water and waste (each Scope 3 emissions) relate only to our Toronto and Barbados offices and covers 87.5% (35 of 40 employees) of our company. We grossed up our total corporate operational emissions and purchased offsets representing 125% of our grossed up emissions to provide for a buffer to ensure that all of our company’s corporate operational emissions were covered, including to account for certain minimal but unquantifiable emissions which some of our employees may periodically contribute to.