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.