Message from our CEO 11 Report Highlights Mining operators, contributing to more than 90% of our 2023 mining revenues, have proactively established targets to reduce carbon emissions, including planned or actualized emission reductions About Franco-Nevada derived from reliance upon renewable energy, or have made commitments to achieve net-zero emissions by 2050 or sooner. Our Top Mining Producers have adopted commitments, targets, and initiatives, as highlighted on this page. We continue to look for opportunities to deploy capital to other best-in-class operators and, as a capital provider, potentially help facilitate their low-carbon transitions. Responsible Top Mining Producers: Decarbonization Commitments, Targets and Initiatives Capital Allocation Due Diligence Process Emission Reduction Targets Net Zero Commitments Highlighted Initiatives / Achievements Ongoing Asset Management Reduce Scope 1 and 2 emissions by 30% by 2025 and 50% by 2030 Achieved 100,000 tCO e per year reduction by powering Cobre Panamá’s expansion with renewable energy. 2 Key ESG Factors from 2020 baseline NA Announced goal to transition Cobre Panamá coal plant unit 1 to renewable energy by 2025 and coal plant unit 2 to renewable Reduce GHG intensity of copper mining and natural gas mix by 2030, with a complete transition away from use of coal power by 2030. Health and Safety by 50% by 2030 from 2020 baseline Carbon Footprint Reduce Scope 1 and 2 emissions Site decarbonization roadmaps reviewed and integrated into company-wide 2030 target, with external validation planned. by 35% by 2030, from 2019 baseline NA Power purchase agreement entered into with energy supplier at Candelaria is expected to result in increase of the use of renewables Water Management and Risk to a minimum of 80%, prioritizing wind and solar energy. Tailings Management Reduce Scope 1, 2 and 3 emissions Achieve net-zero Scope 1, 2 and 3 Renewable energy transition plans for purchased electricity with the aim of addressing Scope 2 emissions, including commercial by 15% by 2026 and 50% by 2035, emissions by 2050 solutions for green power purchase agreements, supported by guarantees of origin or other renewable energy generation certification. Biodiversity from 2019 baseline Supply Chain Reduce carbon intensity Achieve net-zero Scope 2 emissions by 2025 Teck and other industry leaders are building the North Pacific Green Corridor (NPGC) to decarbonize the value chain of critical minerals, by 33% by 2030 Achieve net-zero Scope 3 emissions by 2050 metals and other low-carbon products between the Canadian Pacific coast and partners in the Indo-Pacific region, with the ultimate Achieve net-zero emissions by 2050 goal for the value chain to achieve net-zero GHG emissions by 2050. Community Reduce Scope 1 and 2 emissions Portfolio of generated electricity is 98.6% renewable, primarily from hydroelectric and wind generation assets located in Brazil, Contributions by 33% by 2030 Achieve net-zero Scope 1 and 2 Canada, and Indonesia, and Vale’s new solar project, Sol do Cerrado. These plants meet on average 61% of Vale’s global electricity Reduce Scope 3 net emissions emissions by 2050 consumption and 72% of consumption in Brazil, supporting Vale’s goal to use 100% renewable energy in Brazil by 2025 and by 15% by 2035 globally by 2030. Good Governance and Shareholder Alignment Reduce net emission intensity by 35% Conducted climate scenario analysis workshops and energy and emissions diagnostics at each site, completing an initial Scope 3 by 2024, from 2018-2019 baseline NA GHG emissions assessment and developed modeling and data measurement tools to enhance understanding of climate footprint and associated risks and opportunities. Diversity, Inclusion Reduce Scope 1 and 2 emissions In May 2023, as Phase 1 of its decarbonisation plan, Harmony commissioned 30MW of solar power (resulting in a carbon and Well-Being by 40% by 2031 and by 63% by 2036, Achieve net-zero emissions by 2045 reduction of 62,000t a year), contributing to Harmony’s goal to increase its renewable energy consumption to 25% by 2027. from 2021 baseline Reduce Scope 1 and 2 carbon emissions Achieve carbon neutrality for Scope 1 and 2 Five ongoing battery electric vehicle trials company-wide, covering a range of applications in utility, load and haul, and personnel Climate Action by 27.3% by 2025, from 2010 baseline emissions by 2040 and net-zero carriers, supporting Sibanye-Stillwater’s goal of 20% renewable energy production by 2030. emissions by 2050 Transparency and Implementation of technology transition initiatives, such as electrification of material handling equipment (e.g. a trolley-assist Reduce Scope 1 and 2 emissions system for haul trucks at Detour Lake (expected to result in annual carbon reductions of up to 96 ktCO e; nearly a third of Achieve net-zero emissions by 2050 2 Guiding Principles by 30% by 2030, from 2021 baseline expected direct emissions at Detour Lake)), and increased use of battery electric vehicles and secondary life applications for batteries across Agnico’s operations. About this ESG Report Reduce Scope 1 and 2 emissions Tasiast solar plant is expected to provide annualized fuel savings of 17 million litres of heavy oil and approximately 20% of the site’s by 30% by 2030, from 2021 baseline Achieve net-zero emissions by 2050 power. A total of around 88,000 photovoltaic panels will be installed with annualized GHG emissions reductions estimated at 50 kilotonnes CO e, representing approximately 2% of GHG emissions profile. 2 Appendices