D E A R S T A K E H O L D E R S Our objective is to build a diversified, top-line business that is a hedge against market volatility and is exposed to the exploration success of the mining industry. This approach has resulted in a history of leading returns, but in late 2023 we were challenged by the unprecedented production halt at Cobre Panama. Despite the hopefully temporary production halt at this asset, our business remains robust. We finished the year with no debt and US$1.4B of cash. The balance of our business continues to generate approximately US$800M in cash flow from operations each year. While the Cobre Panama production halt caused a greater than 20% decline in our share price, our top-line business model still generated industry-leading revenue and cash flow for 2023. Our business is high margin and not impacted by industry cost inflation. In 2023, we generated an 83% Adjusted EBITDA Margin 1 and a 56% Adjusted Net Income Margin 1 . In 2023, we acquired a number of royalty interests principally on gold mines and projects in Canada, Chile, Australia and the USA. A drop in U.S. natural gas prices also allowed us to add to our natural gas royalty interests. We allocate capital on behalf of our shareholders to operations that treat the environment and their host communities responsibly. We receive top-level ratings from the ESG rating agencies and, notably, are the top-ranked company in the Gold sector and in the broader Precious Metals sector by Sustainalytics in 2024. Our objective is to have a sustainable and progressive dividend that is dependable despite commodity price volatility and asset-specific disruptions. In January 2024, our Board increased our dividend for the 17 th consecutive year. Investors from our IPO are now achieving a 9.4% yield in US$ and a 12.9% yield in C$. In terms of growth, Franco-Nevada has organic growth from our existing assets and a strong treasury to facilitate acquisitions. There is also the potential for future contributions from Cobre Panama if operations resume. We expect GEOs from the balance of our business (excluding Cobre Panama) to increase from 498,447 GEOs sold in 2023 to between 540,000 and 600,000 GEOs by 2028 from organic growth alone. Two-thirds of this growth is already under construction. Our portfolio of exploration and development stage royalties also provides resource optionality from the world’s most prospective resource trends. At year-end, we had US$2.4B in available capital, including cash balances, and a committed unused credit facility. We passed on low return deals in the period following COVID-19 and are now fortunate to have a strong treasury in today’s capital-constrained world. We strongly prefer a solution providing for the resumption of operations at Cobre Panama with the support of the Panamanian people and the Government. The mine contributes 4-5% of Panamanian GDP, provides valued jobs to 7,000 direct employees, furnishes support to its local communities and has a strong environmental performance record. The operation has the potential to generate substantial benefits for Panama over several generations. We operate our business with a small team of 40 people and have kept overhead low while our asset base has grown substantially. Our success is a result of a highly capable team and the guidance of an experienced and engaged Board of Directors. They have a material stake in the business and think like owners. Geopolitical risks are an increasing challenge for the mining industry. We remain convinced our business model of maintaining a diversified portfolio with a stronger balance sheet will prove to be the best strategy for shareholders. Thank you for your ongoing trust and support. David Harquail Paul Brink Chair of the Board President & CEO April 10, 2024 Paul Brink (President & CEO), David Harquail (Chair of the Board) 1 Adjusted EBITDA Margin and Adjusted Net Income Margin are Non-GAAP Financial Measures. Refer to the “Non-GAAP Financial Measures” section starting on page 132 of this Asset Handbook Franco-Nevada Corporation ★ 5 TSX / NYSE: FNV Overview