Dear Stakeholders: March 21, 2022 We are proud that our business model has created true shareholder value. Over the 14 years since our Initial Public Offering, our shareholders have realized an absolute return of over 860% and a compounded annual growth rate of greater than 18%. We have increased dividends for the fourteenth consecutive year and cumulative dividends now exceed US$1.67 billion. At year-end, ou r market capitalization exceeded US$26 billion, ranking Franco-Nevada among the largest gold companies in the world. 2021 ranked as one of our strongest growth ye ars, with our business generating record results and US$1.3 billion in revenue. Growth was driven by the first full year of operations from Cobre Panama and new cont ributions from the Condestable precious metal stream and the Vale iron ore and Haynesville natural gas royalties. The strong recovery in oil and gas prices more than doubled our energy revenues for the year. Our tag-line is “Franco-Nevada is the gold investment that works” and we are committed to ensuring it does work, for our shareholders, our operating partners and our communities: We believe combining a lower-risk gold investment with a strong balance sheet, progressive dividends and exposure to ex ploration optionality is the right mix to appeal to investors seeking to hedge market instability. We build long-term alignment with our operating partners, knowing we are onl y successful if they are. This win-win approach and the natural flexibility o f royalties and streams is an effective fi nancing tool for th e cyclical resource sector. We work hard to be a positive force in our community, promoting responsible mining, providing a safe and diverse workplace and contributing to build community support for the operations in which we invest. In 2021, we made progress toward our goal of at least 40% diverse representation at the Board and senior management level as a group by 2025, we expanded our community contributions and the executives were personally engaged in industry bodies to promote gold and its sustainable production. Franco-N evada continues to receive top ESG ratings. In 2021, this included being ranked #1 out of 96 gold companies by Sustainalytics, receiving an MSCI ESG Rating of “AA” and being rated Prime by ISS ESG. We operate our business with a small team of 35 people and have kept overhead low while our revenue and asset base have grown substantially. Our success is a result of a highly-capable team and the guidance of an experienced and engaged Board of Directors. All of them have a material stake in the Corporation and all of them think like owners.