8 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 Cobre Panamá, Panamá Northern and Southeastern Systems, Brazil Mine Waste Solutions, South Africa Antapaccay, Peru Guadalupe-Palmarejo, Mexico Stillwater, Montana, U.S. Candelaria, Chile Detour Gold, Ontario, Canada Tasiast, Mauritania Antamina, Peru K E Y E S G F A C T O R S For each of these five key factors, we have included an assessment of how the top 10 revenue generating mining assets in our portfolio (the “Top Mining Assets”) and, where applicable, the operators of such assets (the “Top Mining Producers”), have performed. The Top Mining Assets highlight the diversification of our royalty and stream portfolio. They operate in nine countries, produce gold, silver, copper, zinc, PGM, iron ore, among other commodities, and contributed approximately 64% of our overall revenue in 2023. The Top Mining Assets are owned and operated by 10 different Top Mining Producers, with primary listings on five stock exchanges and having an aggregate market capitalization of approximately $200 billion. In the preceding pages of this ESG Report, we described the many ESG-related factors that we evaluate when making acquisitions, some of which we continue to monitor with our existing assets. At Franco-Nevada, we prioritize the following five ESG-related factors relating to investments, which are described in further detail in the following sections: • Health and Safety: We are focused on the health and safety track records of the operators and operations where we look to deploy capital. • Carbon Footprint: We evaluate the carbon footprints and climate-related commitments, targets and initiatives of operators and operations. • Water Management and Risk: We are attentive to water-related issues and risks impacting all applicable aspects of the mining lifecycle. • Tailings Management: We review all aspects of a project’s planned or constructed waste and tailings storage facilities, including implementation of, and adherence to, international tailings standards. • Biodiversity: We review the impact on biodiversity and ecosystems throughout the lifecycle of a project. Top Mining Assets