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.”