6 6 Appendices Transparency & Guiding Principles Climate Action Diversity, Inclusion & Well-Being Good Governance & Shareholder Alignment Community Contributions Responsible Capital Allocation Sustainable Investment Opportunities As a royalty and streaming company, we are well positioned to participate in sustainable investment opportunities arising in connection with the transition to a low-carbon economy. The following describes sustainable investment opportunities that we have already embraced in our portfolio and that we expect will continue to be available to our company in the short, medium and long-term. Products and Services Our investments in commodities used for low emission products and services may increase revenues and bring competitive advantage due to the increased demand from shifting consumer preferences. Copper: With superior electrical and thermal conductivity, copper will play a significant role in enhancing energy efficiency and decarbonizing the planet. A 2017 World Bank report* counted dozens of metals which could see a growing market with the increasing reliance on renewable and sustainable energy sources. Copper ranked first (tied with aluminum and nickel) among all metals for its prevalence in low-carbon technologies, including in wind, solar photovoltaic, carbon capture and storage, nuclear power, light emitting diodes, electric vehicles and electric motors. Franco-Nevada’s top revenue generating stream interests are from copper mines, including certain of our Top Mining Assets (Cobre Panama, Antapaccay, Antamina and Candelaria) where we receive precious metal by-products from copper concentrates. In 2021, we acquired another precious metal stream from the Condestable copper mine in Peru and, in 2022, acquired an effective royalty on the Caserones copper- molybdenum mine in Chile. Strong demand for copper increases the prospects of greater production from these operations. We also have royalties on a number of prospective copper development projects, including Copper World (Hudbay), Alpala (SolGold), Taca Taca (First 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 and/or precious metal by-products. Nickel and Clean Energy Metals: While most of the global demand for nickel is for the production of stainless steel, nickel sulphate, a highly purified nickel compound that helps deliver higher energy density in lithium-ion batteries, extending the driving range for electric vehicles, is expected to become the second largest application for nickel in 2030. Our company has royalties on nickel projects, including the Mount Keith nickel mine in Australia, Eagle’s Nest deposit in the Ring of Fire in Ontario, Canada and the Crawford Nickel-Cobalt project in Ontario, Canada. These projects are poised to benefit from increasing demand for nickel and we expect to see more opportunities to fund nickel and other battery metal projects both domestically and abroad. Technologies involved in the clean energy transition are emerging and advancing rapidly through innovation and increased deployment. Over the past few years, our company has evaluated cobalt, lithium, rare earth, uranium and other battery metal and clean energy opportunities. In particular, we are building capabilities to evaluate lithium opportunities, which are in many ways geologically and technically dissimilar to precious and base metals projects. * “The Growing Role of Minerals and Metals for a Low-carbon Future”, World Bank Group, June 2017.