INVESTMENT FOOTPRINT 41 Message from our CEO * Financed Emissions for mining interests = Report Highlights † (Franco-Nevada GEOs from operation ÷ Operation’s GEOs) x Operation’s emissions About Franco-Nevada ◊ Financed Emissions for energy interests = † Responsible Franco-Nevada production volume (boe) from operation or region x Emission intensity Capital Allocation The GHG Protocol does not provide guidance Scope 3 Financed Emissions Scope 3 Financed Emissions (tCO e) Community 2 Contributions for calculating Financed Emissions related to GHG emissions attributable to our mining and many of the alternative investment types that energy interests, classified by the GHG Protocol 800,000 may be optionally reported, including royalty as Scope 3, Category 15 (Investments), are 692,424 Good Governance and and stream interests. There are additional set out in the adjacent chart. Such Financed 700,000 627,365 Shareholder Alignment industry-specific guidelines which aim to Emissions have been calculated using the 600,000 143,240 558,640 supplement the GHG Protocol guidance, abovementioned methodologies. Due to the 131,656 Diversity, Inclusion including the Partnership for Carbon Accounting delayed timing of availability of production 500,000 146,376 and Well-Being Financials’ (PCAF) Standard for certain and emission data from operators, Financed 400,000 Financed Emissions, but to date there have Emissions have been calculated for 2020, been no guidelines or agreed methodologies 2021 and 2022. 300,000 549,184 Climate Action for Scope 3 Financed Emissions relating 495,709 412,264 to royalties and streams. Financed Emissions decreased each year from 200,000 Climate Action 2020 to 2022. The decrease from 2020 to 100,000 Commitments and Plans At a high level, all of the existing methodologies 2021 results from the fact that for certain Overall Carbon Footprint - for calculating emissions attributable to assets (particularly copper mines where 2020 2021 2022 Corporate Footprint investments take the proportion of an we receive precious metal by-products), the investee’s enterprise or asset value held by proportion of Franco-Nevada’s GEOs relative Mining Interests Energy Interests Investment Footprint the investor, and apply this proportion to the to the overall operations’ GEOs decreased. Transparency and investee’s or asset’s Scope 1 and Scope 2 This is primarily due to the disproportionate * Includes our Vale debentures and our equity interests in entities that hold royalties on Carol Lake (Labrador Iron Ore GHG emissions. increase during this period of the price of Royalty Corporation) and Caserones (Socieded Legal Minera California Una de la Sierra Peña Negra), which we consider Guiding Principles copper relative to precious metals prices. as royalty equivalents. Franco-Nevada holds one other small equity holding of a producing mining operator, which emissions are negligible and have not been included. Where total production figures for certain mining operations have After extensive internal strategic discussions The decrease from 2021 to 2022 is primarily not been publicly disclosed, we have sourced such data from S&P Capital IQ. About this ESG Report and correspondence with shareholders, a reflection of lower total emissions from † Operator emissions and emission intensities include Scope 1 and 2 emissions. We have relied upon McKinsey analysts, and ESG rating agencies, we have our producing mining assets (i.e. on a 100% MineSpans for emissions data for producing mining operations. Emissions for non-producing mining and energy operators are deemed to be negligible and have not been included. Appendices adopted the following production-based basis for such operations, as set out in ◊ Includes emissions relating to our working interests over which we do not exercise any control. For certain of our energy methodology for determining Financed Appendix B), due to emission reduction royalties and other interests covering large land packages with numerous operators, asset-by-asset emissions Emissions from each of our producing initiatives by operators and/or a year-over- estimates are not practicable or available. For consistency, we have calculated all of our Scope 3 emissions from our energy interests using the most accurate publicly available emission intensities (tCO e/boe) and have applied the 2 royalty and stream interests: year reduction in production from such assets. volume (boe) received by Franco-Nevada from each operation or region to calculate our attributable emissions.