1 Message from our CEO Report Highlights About Franco-Nevada Responsible Capital Allocation Community Contributions Good Governance and Shareholder Alignment Diversity, Inclusion and Well-Being Climate Action Transparency and Guiding Principles About this ESG Report Appendices M E S S A G E F R O M O U R C E O I am pleased to share with you Franco-Nevada’s 2024 ESG Report. Sustainable practices are integrated in all aspects of our business and are critical to our financial success. This report sets out our endeavours and achievements from an environmental, social, and governance (ESG) perspective. Our objective is to allocate capital on behalf of our investors to responsible mining and energy extraction. In this report, we outline the five key ESG factors we consider when evaluating investments and we describe how our core investments have fared in these categories. Our operating partners are advancing their climate-related ambitions. Operators contributing to over 90% of our mining revenue now have emission reduction targets in place and we continue to engage with them to support their energy transitions. In this report, we have disclosed estimated emissions on an asset-by-asset basis for all producing mining projects where we have royalty and stream interests. We have also estimated our attributable financed emissions for our entire portfolio. This year, we advanced our own climate initiatives, adopting emission reduction targets for our corporate operations aligned with our goal to achieve net-zero corporate emissions by 2050 and instituting programs to reduce our absolute emissions in line with our targets. For 2023, we maintained carbon neutrality for our corporate operations through the purchase of carbon offsets. Our climate disclosures are aligned with the recommendations of the Task Force on Climate-related Financial Disclosures. We are proud of our diversity and inclusiveness, with 63% of our overall workforce comprised of diverse persons. In 2023, we achieved our goal of at least 40% diverse representation at the Board and senior management level as a group. We remain committed to our goal to have Board diversity on grounds other than gender by 2025. We take great pride in expanding our Franco-Nevada Diversity Scholarship Program. We granted full tuition scholarships to five students at four Canadian universities in 2023 and are now supporting a total of nine students through their university studies in mining-related fields. Unprecedented events at Cobre Panamá highlighted the risks of shifting populist sentiments and the vulnerability of mining investments, particularly in developing countries. Unfortunately, at Cobre Panamá this resulted in the eventual halting of operations. While we are pursuing legal avenues to enforce our rights and protect our investment at Cobre Panamá, we strongly prefer a solution providing for the resumption of operations at Cobre Panamá with the support of the Panamanian people and the Government. The mine contributes 4-5% of Panamanian GDP , directly provides valued jobs to approximately 7,000 employees and indirectly employs over 30,000 more, furnishes support to its local communities, and has a strong environmental performance record. The operation has the potential to generate substantial benefits for Panamá over several generations. We remain hopeful that the operation will restart. To support operators’ social licenses, we partner with them on community initiatives. This report details our 2023 initiatives, including community contribution partnerships with operators related to the Antamina mine in Peru, the Goldstrike mine in Nevada, the Stillwater mines in Montana, the Sabodala- Massawa mine in Senegal, the Tocantinzinho project in Brazil, and the Stibnite gold project in Idaho, among others. Our ESG efforts continue to be recognized by rating agencies. Notably, Franco-Nevada is the #1 ranked precious metals company and the #1 ranked gold company by Sustainalytics. We are rated “AA” by MSCI and “Prime” by ISS ESG. We trust this report provides helpful insight into our ESG efforts. We look forward to engaging with many of you in the coming months and to receiving your feedback. - Paul Brink Paul Brink, President & CEO