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