16 Message from our CEO Report Highlights About Franco-Nevada Responsible Capital Allocation Due Diligence Process Ongoing Asset Management Key ESG Factors Health and Safety Carbon Footprint Water Management and Risk Tailings Management Biodiversity Supply Chain Community Contributions Good Governance and Shareholder Alignment Diversity, Inclusion and Well-Being Climate Action Transparency and Guiding Principles About this ESG Report Appendices Taskforce on Nature-related Financial Disclosures (“TNFD”) The TNFD and related guidance and recommendations are designed to help organizations to report and act on evolving nature-related issues with the ultimate aim of supporting a shift in global financial flows away from nature- negative outcomes and toward nature-positive outcomes. The recommendations of the TNFD have been designed to meet the corporate reporting requirements of organizations across jurisdictions, to be consistent with the global baseline for corporate sustainability reporting and to be aligned with the global policy goals in the Kunming-Montreal Global Biodiversity Framework. Although nature-related dependencies, risks and opportunities are not directly applicable to our corporate operations, we carefully monitor the TNFD framework for recommended disclosures relating to the projects in which we hold or seek to hold royalty and stream interests. We intend to explore ways in which to incorporate additional TNFD disclosures into our ESG reporting. Two of our Top Mining Producers, Teck and Vale, are early adopters of the TNFD and have committed to start making disclosures aligned with the TNFD recommendations in their corporate reporting by their 2024 and 2025 financial years, respectively. An additional three of our Top Mining Producers have disclosed that they are either a member of the TNFD Forum, a global multi-disciplinary consultative group of institutions aligned with the TNFD’s mission and principles, and/or are considering implementing measures in line with the TNFD. Vale: Northern and Eastern Systems, Brazil For every hectare altered or impacted by Vale’s operations, it protects 11 hectares, resulting in the protection of approximately 965,000 hectares of natural environments in areas of high biodiversity value to date. In addition, Vale has been studying new protection strategies as part of initiatives aimed at achieving its forestry goal to reclaim and protect 500,000 hectares of land outside of Vale’s properties by 2030. In 2022, a REDD+ (Reducing Emissions from Deforestation and Forest Degradation) project became part of this commitment, contributing to the protection of about 50,000 hectares of forest. In the Amazon, in the region of Carajás, Vale has been working in partnership with the Instituto Chico Mendes de Conservação da Biodiversidade (“ICMBio”) for more than 30 years, supporting the conservation of approximately 800,000 hectares. In the Atlantic Forest, Vale supports the conservation of approximately 180,000 hectares, in areas where Vale operates and through partnerships. This total includes the Vale Natural Reserve, which is a Vale property set aside for conservation and research, as well as the Sooretama Biological Reserve, which is a protected area managed by ICMBio. Together they form the largest remaining block of the Atlantic Forest of Espírito Santo, protecting around 50,000 hectares and harboring endangered and endemic species. Jaguars in Vale Biopark in Para, Brazil