D E A R S T A K E H O L D E R S In 2024, our portfolio continued to deliver strong revenues and high- margin cash flows. Our business model, with its strong balance sheet, proved resilient allowing the Corporation to both grow its portfolio and increase dividends for the 18th consecutive year. Cumulative dividends since the Corporation’s initial public offering are now greater than US$2.5 billion. We were able to take these steps despite no contributions from Cobre Panama during the year. Our business benefits from gold price increases without being impacted by industry cost inflation. This was very much the case in 2024, as gold prices soared in response to growing geopolitical uncertainty, and our business generated near-record 85% Adjusted EBITDA Margin¹ and a 56% Adjusted Net Income Margin¹. A highlight of the year was the initial contributions from streams and royalties from several attractive new gold mines. In addition, our team successfully executed on more than US$1.3 billion of commitments during the year, the largest year of new investments in the history of the Corporation, adding high-quality, long-dated gold investments to our portfolio including Cascabel in Ecuador, Yanacocha in Peru and Sibanye- Stillwater’s Western Limb PGM operations in South Africa. In 2022, we backed the G Mining Ventures team, providing financing to construct the Tocantinzinho mine in Brazil. They delivered as expected, bringing the mine into operation on time and budget during the year. We are repeating the strategy and have backed the Discovery Silver team in their acquisition of Newmont’s Porcupine assets in Timmins. We believe the pedigree of both companies differentiates them from their peers. While Cobre Panama remains shuttered, we are encouraged that President Mulino has indicated a willingness to start discussions with First Quantum and that attitudes in Panama now appear more supportive of restarting the mine. Returning the mine to operation has the potential to add 4-5% to Panamanian GDP, employ a workforce of up to 7,000 and restore an estimated 50,000 indirect jobs that were lost following the suspension of operations. We aim to invest in operators that limit the environmental impacts of their projects, to contribute positively to the communities where we are invested, and to provide a great place to work for our employees. We are very pleased that these efforts are reflected in the top-level ratings we receive from the ESG rating agencies. Notably, we are the top-ranked company in the gold sector by Sustainalytics in 2025. We expect approximately 7% growth in 2025 over 2024 driven by contributions from new mines and recent acquisitions. Organic growth from mine expansions and further new mines commencing production underpins our longer-term growth outlook. With strong gold prices, we expect an uptick in exploration activity and additional upside from our deep royalty portfolio. A restart of operations at Cobre Panama could also add substantially to our outlook. In January 2025, we welcomed Daniel Malchuk to our Board. Daniel is an experienced director and spent much of his executive career at BHP, including roles heading operations in the Americas, running the Copper, Aluminum and Nickel and Manganese businesses, and heading the Exploration Division. Daniel is Chilean, based out of Santiago, and we are sure will add valuable perspectives on many of the assets and countries in which we invest. We finished the year with no debt and, net of the Sibanye-Stillwater commitment, US$1.9 billion of available capital. In addition, we expect the business to generate cash from operations close to US$1.0 billion in 2025, providing ample capacity to grow and enhance our portfolio. Thank you for your ongoing trust and support. David Harquail Paul Brink Chair of the Board President & CEO May 2, 2025 David Harquail (Chair of the Board) and Paul Brink (President & CEO) at the Greenstone mine, August 2024. 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 128 of this Asset Handbook for a reconciliation to the most comparable GAAP financial measure Franco-Nevada Corporation ★ 5 TSX / NYSE: FNV Overview Additional Information Mineral Resources and Mineral Reserves Diversified Assets Precious Metals