ESG Report 2024

2024 ESG REPORT

TABLE OF CONTENTS 1 Message from our CEO 18 Community Contributions 34 Climate Action 49 Appendices 19 Community Support 35 Climate Action Commitments and Plans 50 A: ESG Performance Table 2 Report Highlights 21 Industry and Other Support 36 Overall Carbon Footprint 52 B: Operators’ Emissions 38 Corporate Footprint 56 C: TCFD Disclosure 4 About Franco-Nevada 22 Good Governance and 41 Investment Footprint 72 D: SASB Disclosure Shareholder Alignment 75 E: GRI Index 5 Responsible Capital Allocation 23 Corporate Governance 42 Transparency and 79 F: Sustainable Development Goals 6 Due Diligence Process 24 Integrity and Compliance Guiding Principles 81 G: KPMG: Independent Limited Assurance Report 7 Ongoing Asset Management 25 Shareholder Alignment 43 TCFD, SASB, and GRI 82 H: Carbon Neutral Initiative 8 Key ESG Factors 26 Cyber and Technological Security 44 UN Global Compact and SDGs 9 Health and Safety 45 Responsible Gold Mining Principles 10 Carbon Footprint 27 Diversity, Inclusion 47 ESG Ratings and Recognition 12 Water Management and Risk and Well-Being 13 Tailings Management 28 Diversity and Inclusion 48 About this ESG Report 14 Biodiversity 31 Employee Benefits and Well-Being 17 Supply Chain 32 Health, Safety and Security 33 Human Rights, Non-Discrimination, Anti-Harassment and Equal Opportunity

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,

REPORT HIGHLIGHTS 2 DUE DILIGENCE TO INVEST IN STRONG ESG PERFORMERS Message from our CEO Our principal ESG-related focuses when making investments are highlighted in this ESG Report, including health and safety, carbon footprint, water management and risk, tailings management and biodiversity. We have also assessed how the operators of our top Report Highlights revenue-generating mining assets have performed in each of these five categories. About Franco-Nevada Read more à (page 6) Responsible INCREASED COMMUNITY Capital Allocation CONTRIBUTIONS AND COMMITMENTS Community Our community contributions funded increased year-over-year, including our renewed Enseña Contributions Peru funding in Peru and new contributions in Brazil, Senegal, the United States, and Canada. We continue to support mining industry groups and diversity initiatives. Good Governance and Shareholder Alignment Read more à (page 19) Diversity, Inclusion FOCUS ON EMPLOYEE WELL-BEING and Well-Being AND ACCOMMODATIONS Climate Action We have highlighted the efforts made by our organization to promote the physical and mental well-being of our employees, including providing hybrid work arrangements, health benefits, Transparency and wellness allowances, accommodations for cultural and religious beliefs, and the ability to Guiding Principles disconnect when not working. About this ESG Report Read more à (page 31) Appendices FURTHERED DIVERSE REPRESENTATION Adrian Wong, VP Tax (left) and Sandip Rana, Chief Financial Officer (right) (2023) AND DIVERSITY INITIATIVES We achieved our goal to have 40% diverse persons at the Board and senior management "We achieved our goal to have 40% diverse persons levels (as a group) ahead of schedule. The number of Franco-Nevada Diversity Scholarship at the Board and senior management levels awards increased in 2023, with five new students from four Canadian universities (as a group) ahead of schedule." receiving scholarships. Read more à (page 28)

3 MAINTAINED CARBON NEUTRALITY FOR CORPORATE EMISSIONS Message from our CEO Since 2020, we have maintained carbon neutrality for our corporate operations. We have accomplished this, and will continue to do so through the reduction of our corporate Report Highlights GHG emissions and the purchase of high quality carbon credits to offset emissions that cannot be eliminated. About Franco-Nevada Read more à (page 35) Responsible Capital Allocation ALIGNMENT OF ESG REPORTING Community WITH TCFD, SASB AND GRI Contributions Our ESG disclosure is aligned with leading reporting standards and frameworks, including Commerce Court West, Toronto the Sustainability Accounting Standards Board and Global Reporting Initiative standards and Good Governance and NEW EMISSION the Task Force on Climate-related Financial Disclosures framework. Shareholder Alignment REDUCTION TARGETS Read more à (page 43) Diversity, Inclusion We have adopted emission reduction targets for our corporate emissions in line with our goal and Well-Being to achieve net-zero emissions by 2050 or sooner. The targets include a 42% reduction of our INITIATIVES ALIGNED WITH Scope 1 and 2 emissions by 2030 and a 30% reduction of our overall corporate emissions UN SUSTAINABLE DEVELOPMENT GOALS Climate Action (Scope 1, 2 and 3, excluding financed emissions) by 2030, each from a 2023 base year. We have advanced the implementation of measures and programs to reduce our carbon Initiatives across our business help advance a number of the Sustainable Development Goals, Transparency and footprint in furtherance of our emission reduction targets. which were adopted by the United Nations in 2015 as a universal call to action to end poverty, Guiding Principles protect the planet, and ensure that by 2030 all people enjoy peace and prosperity. Read more à (page 35) About this ESG Report Read more à (page 44) OUR SCOPE 3 EMISSIONS CONTINUED HIGH RANKINGS AND Appendices INCLUDE FINANCED EMISSIONS RECOGNITION FROM ESG RATING AGENCIES We have measured and disclosed financed GHG emissions attributable to our royalty and stream interests, included as Scope 3, Category 15 (Investments) emissions. In this ESG We continue to receive recognition for our ESG efforts and rank highly with top ESG rating Report, we include a primer for navigating the Greenhouse Gas Protocol standards, including agencies. Franco-Nevada is the #1 ranked precious metals company and the #1 ranked gold what comprises Scope 1, 2 and 3 emissions. company by Sustainalytics. We are rated “AA” by MSCI and “Prime” by ISS ESG. Read more à (page 41) Read more à (page 47)

ABOUT FRANCO-NEVADA 4 Message from our CEO Report Highlights About Franco-Nevada Responsible Capital Allocation Community Contributions Good Governance and Shareholder Alignment Diversity, Inclusion Franco-Nevada global workforce (2023) and Well-Being We are the leading gold-focused royalty and instability. Since our initial public offering Our revenue is generated from various forms metals production. We also invest in other streaming company with the largest and most over 16 years ago, we have increased our of agreements, ranging from net smelter return metals and energy to expose our shareholders Climate Action diversified portfolio of cash-flow producing dividend annually and our share price has royalties, streams, net profits interests, net to additional resource optionality. royalties and streams by commodity, geography, outperformed the gold price and all relevant royalty interests, working interests and other Transparency and operator, revenue type and stage of project. gold equity benchmarks. types of arrangements. Guiding Principles "We work to be a positive Our shares are listed on the Toronto and New Creating successful long-term partnerships We recognize the cyclical nature of the force in all our communities, York stock exchanges under the symbol FNV. with operators is a core objective. The industry and have a long-term investment About this ESG Report An investment in our shares is expected to alignment and the natural flexibility of outlook. We maintain a strong balance sheet promoting responsible mining, provide investors with yield and exposure to royalty and stream financing has made to minimize financial risk and so that we can providing a safe and diverse Appendices commodity price and exploration optionality it an attractive source of capital for the provide capital to the industry throughout workplace and contributing while limiting exposure to cost inflation and cyclical resource sector. the cycle. to build community support other operating risks. We work to be a positive force in all our The focus of our business is to create exposure for the operations in which We believe that combining lower risk gold communities, promoting responsible mining, to gold and precious metal resource optionality. we invest." investments with a strong balance sheet, providing a safe and diverse workplace and This principally involves investments in gold progressively growing dividends and exposure contributing to build community support projects and providing capital to copper and to exploration optionality is the right mix to for the operations in which we invest. other base metal projects to obtain exposure appeal to investors seeking to hedge market to by-product gold, silver and platinum group

Message from our CEO Report Highlights About Franco-Nevada RESPONSIBLE Responsible CAPITAL Capital Allocation ALLOCATION Due Diligence Process Ongoing Asset Management We are committed Key ESG Factors to allocating capital to Health and Safety Carbon Footprint responsible operators that Water Management and Risk provide safe workplaces Tailings Management for their workforce, limit Biodiversity the environmental impacts Supply Chain of their projects and provide Community net benefits for their Contributions communities. Good Governance and Shareholder Alignment Diversity, Inclusion and Well-Being Climate Action Transparency and Guiding Principles About this ESG Report Appendices Operator at Bald Mountain

Message from our CEO DUE DILIGENCE PROCESS 6 Report Highlights As a royalty and stream company, we provide • health, safety and human rights records • ethical track record and any history • operator commitments to the Responsible About Franco-Nevada financing and acquire financial interests but of the project and operator; of corruption; Gold Mining Principles (RGMPs) or the do not operate mining or energy projects or • climate-related impact of the project, including • the reputation of the operator, locally principles of the International Council on exercise control over such operations. As a emission reduction commitments, targets and internationally; Mining & Metals (ICMM), Canadian Institute Responsible result, the most critical time to assess and and goals, including net-zero alignment; • workplace standards, protections of Mining Metallurgy and Petroleum (CIM), Capital Allocation mitigate risks, including ESG risks, associated • energy sources and requirements and and policies; Towards Sustainable Mining (TSM) or other with an asset is at the outset, prior to entering efficiency of operations; • community initiatives and engagement and relevant standards. Due Diligence Process into royalty and stream agreements. • carbon pricing and carbon taxes prior consultation with indigenous peoples; Ongoing Asset Management applicable to an operation; • project closure, reclamation and We discuss our top focuses in our ESG-related We believe that proper consideration of ESG • water risk, requirements, sourcing monitoring plans; due diligence (see Key ESG Factors on page 8 Key ESG Factors risks in connection with the companies, projects and management plans; • air emissions and dust from the project; for further detail). Health and Safety and jurisdictions in which we deploy capital • tailings facilities and waste rock storage at • management by the operator of Carbon Footprint will enhance the long-term performance of the project and tailings standards adhered toxic materials; When we evaluate third-party royalty acquisition our company. With each royalty and stream to by the operator; • environmental, social and governance opportunities, we typically have access to Water Management and Risk opportunity we conduct a comprehensive • impacts of development and operations on policies, programs and initiatives put limited data regarding an operation as we Tailings Management assessment of ESG factors, which helps fauna, flora and biodiversity and no-net-loss in place by operator; are not directly engaged with the operator. guide our investment decisions. initiatives and commitments of operators; • the commitments by, and track record Notwithstanding this limitation, we review Biodiversity • review of any environmental incidents of, the operator to fundamental freedoms any ESG and other information we can Supply Chain Although processes vary depending on the relating to the project; of individuals (including relating to (i) gather in the public domain and from nature of the opportunity, we will typically • impacts of mining, operations and related freedom of association, (ii) freedom outside consultants, including relating Community assess the following, with no single factor activities on surrounding communities, from forced labour, human trafficking, to the aforementioned topics. Contributions necessarily being determinative: including women, children, employees child labour, and (iii) non-discrimination and migrant workers; and equal opportunity); Good Governance and • review of any social unrest and/or • external certifications obtained Shareholder Alignment political and economic instability in the by the operator or project; and region where the project is located; Diversity, Inclusion Formalized Due and Well-Being Franco-Nevada Expertise Diligence Checklists Outside Expertise Data Sourcing Climate Action We use a multi-disciplinary approach when Our due diligence processes are enhanced by We routinely engage experts (often in the We have several data provider subscriptions, evaluating potential transactions. Beyond using an internal ESG due diligence checklist, jurisdictions in which a project is located) to including McKinsey MineSpans, a data Transparency and Franco-Nevada’s ESG expertise, our team which ensures consistency in our due assist in the evaluation of new opportunities, platform that provides over 1,000 data consists of professionals with experience diligence processes, helps focus our ESG including external legal counsel, technical points per mine, including carbon and Guiding Principles and expertise in the fields of geology, due diligence review on key issues, and consultants, environmental consultants, other greenhouse gas emissions generated mining, metallurgy, engineering, energy, informs our ESG-related document and corporate social responsibility consultants by projects, for over 3,800 mines across About this ESG Report finance and law. ESG-related issues information requests made of operators and governance consultants to assess the globe. We use this information to intersect with all of these disciplines and during all stages of our due diligence and political, ESG, technical and regulatory issues better inform our review of ESG-related Appendices our team members provide valuable insight contract negotiations. in applicable jurisdictions and the operator’s issues for potential opportunities. to properly mitigate ESG risks. management of these issues.

Message from our CEO ONGOING ASSET MANAGEMENT 7 Report Highlights Royalty and stream agreements differ in many respects, but typically include the following types of provisions: About Franco-Nevada Reporting Operating Security & Audit & Responsible Obligations: Covenants: Remedies: Inspection Rights: Capital Allocation Our royalty and streaming agreements typically Following our initial acquisition of royalties or Streaming agreements afford us the ability We are usually entitled to audit the books and Due Diligence Process contain a series of reporting obligations streams, we are not involved in our operating to terminate and recover specific remedies records of the operators on a periodic basis Ongoing Asset Management including the delivery of monthly and annual partners’ development and operation of the upon a material breach of the contractual and may access and inspect the properties reports, updated mine plans, forecasts and applicable projects. However, our royalty and provisions. In some instances, we have comprising the project. These rights provide Key ESG Factors other documentation, which serve to keep us streaming agreements typically contain certain security arrangements in respect of our us further insight into the operations and Health and Safety informed of operations. Operators are also operating covenants designed to ensure royalty and stream interests, which would management by the operators. These provisions Carbon Footprint typically required to notify us of any material that operators are conducting operations in enable us to exert influence in the event of permit us to confirm compliance with the terms adverse changes to a project or its operations. accordance with applicable law and responsible a default or otherwise. Such arrangements of the agreements, for example, covenants to Water Management and Risk Following such an adverse event, we typically practices, including ESG-related standards provide additional protections to help address comply with international tailings standards, and Tailings Management maintain regular communication and offer such as the RGMPs and ICMM, CIM or TSM material ESG risks. with applicable laws, including environmental our guidance and expertise to the operators, mining principles. laws and ESG-related industry standards. Biodiversity where appropriate. These reporting obligations Supply Chain keep us informed of ESG-related issues when they arise. Community Transfer Contributions Restrictions: Good Governance and Our royalty and streaming agreements Shareholder Alignment may have restrictions that either require our consent for the operator to transfer Diversity, Inclusion the project, or otherwise establish the and Well-Being circumstances in which such transfer is permissible. Such constraints are intended Climate Action to ensure we continue to be partnered with a quality operator over the life of the Transparency and agreement and a responsible actor when it comes to ESG-related issues. Guiding Principles About this ESG Report Franco-Nevada's Business Development team (2023) Franco-Nevada's Legal team (2023) Appendices

Message from our CEO KEY ESG FACTORS 8 Report Highlights In the preceding pages of this ESG Report, we described the many ESG-related factors Top Mining Assets About Franco-Nevada that we evaluate when making acquisitions, some of which we continue to monitor Responsible with our existing assets. At Franco-Nevada, Capital Allocation we prioritize the following five ESG-related factors relating to investments, which Stillwater, Montana, Detour Gold, Ontario, U.S. Canada Due Diligence Process are described in further detail in the Ongoing Asset Management following sections: Tasiast, Key ESG Factors Mauritania • Health and Safety: Health and Safety We are focused on the health and safety track records of the operators Guadalupe-Palmarejo, Cobre Panamá, Carbon Footprint and operations where we look to Mexico Panamá Water Management and Risk deploy capital. Tailings Management • Carbon Footprint: Antamina, Biodiversity Peru We evaluate the carbon footprints and Northern and climate-related commitments, targets and Southeastern Systems, Supply Chain Brazil initiatives of operators and operations. Antapaccay, Peru Community Contributions • Water Management and Risk: Candelaria, Mine Waste Solutions, We are attentive to water-related issues Chile South Africa Good Governance and and risks impacting all applicable aspects Shareholder Alignment of the mining lifecycle. • Tailings Management: Diversity, Inclusion We review all aspects of a project’s and Well-Being planned or constructed waste and tailings storage facilities, including Climate Action implementation of, and adherence to, international tailings standards. For each of these five key factors, we have The Top Mining Assets highlight the The Top Mining Assets are owned and Transparency and included an assessment of how the top 10 diversification of our royalty and stream operated by 10 different Top Mining • Biodiversity: revenue generating mining assets in our portfolio. They operate in nine countries, Producers, with primary listings on Guiding Principles We review the impact on biodiversity portfolio (the “Top Mining Assets”) and, produce gold, silver, copper, zinc, PGM, five stock exchanges and having and ecosystems throughout the where applicable, the operators of such iron ore, among other commodities, an aggregate market capitalization About this ESG Report lifecycle of a project. assets (the “Top Mining Producers”), and contributed approximately 64% of approximately $200 billion. have performed. of our overall revenue in 2023. Appendices

Message from our CEO HEALTH AND SAFETY 9 Report Highlights Top Mining Producers: Health and safety risks are inherent in many While we seek to review and track safety 1 About Franco-Nevada TRIFR, LTIFR and Fatalities (all operations) businesses and especially so with mining data for the particular assets where we have Total recordable injury Lost time injury operations. Mine sites can expose employees deployed capital, this data is not always publicly frequency rate (TRIFR) frequency rate (LTIFR) Fatalities (#) and contractors to potentially lethal risks that, available. We have highlighted the TRIFR, LTIFR Responsible 2020 2021 2022 2020 2021 2022 2020 2021 2022 in addition to causing bodily harm, can also and number of fatalities for our Top Mining Capital Allocation impact the success and viability of a project. Producers in the adjacent table. This information 0.32 0.33 0.24 0.06 0.07 0.06 0 1 0 is disclosed by operators on a consolidated Due Diligence Process Franco-Nevada is particularly attentive to basis for all of their operations and the safety Ongoing Asset Management the health and safety track records of the figures provided do not solely relate to the 0.55 0.54 0.68 0.26 0.39 0.40 1 0 2 operators and operations in which we look projects in which Franco-Nevada has royalty Key ESG Factors to deploy capital (for further information, or stream interests. Health and Safety 0.54 0.48 0.44 0.19 0.16 0.17 8 4 4 please see the section entitled Due Diligence Carbon Footprint Process). When making acquisitions and The adjacent figures have been benchmarked 2 thereafter, we track the following widely- against GlobalData six-year (2015-2020) mining Water Management and Risk 0.73 0.64 0.53 0.29 0.27 0.22 0.4 1.2 0 adopted safety metrics: industry averages from a group of 54 major Tailings Management global mining companies. For the sake of 0.40 0.28 0.22 0.14 0.08 0.05 4 2 5 • Total recordable injury frequency rate simplicity, we have indicated where such Biodiversity (“TRIFR”) refers to the frequency of statistics are average, better than average, Supply Chain recordable work-related injuries for every or below average. 0.74 0.67 0.43 0.25 0.17 0.17 0 0 0 200,000 hours worked. TRIFR is calculated Community by the number of lost time, restricted work We acknowledge that these metrics have Contributions NR NR NR 1.27 1.24 1.13 6 11 13 and medical treatment cases x 200,000 certain limitations and can vary depending then divided by the total hours worked. on the operational jurisdiction, mining method, Good Governance and 3 workforce capability, and the standards and 1.34 1.42 1.01 1.11 1.20 0.88 9 21 5 • Lost time injury frequency rate (“LTIFR”) methodologies employed by operators for Shareholder Alignment is a limited subset of TRIFR and refers to determining and recording lost time, restricted 4 the frequency of lost time cases for every work, etc. Notwithstanding any limitations, they 1.02 0.78 0.97 0.68 0.42 0.43 0 1 1 Diversity, Inclusion 200,000 hours worked. LTIFR is calculated remain valuable in providing a snapshot of the and Well-Being 5 by the number of lost time cases x 200,000 safety profiles of our Top Mining Producers, 0.35 0.34 0.34 0.06 0.09 0.10 1 1 1 then divided by the total hours worked. benchmarked against industry averages. Climate Action • Number of fatalities refers to the total 6 Better than average Average Below average number of fatalities. Transparency and Legend (10% of industry average) Guiding Principles 1 Figures are based on operators’ public disclosure and are consolidated at the group level (all operations); TRIFR and LTIFR are per 200,000 hours worked and have been adjusted where certain operators have disclosed on a one million hour basis; figures include both employees and contractors; unless noted, fatalities do not relate to projects in which Franco-Nevada has a royalty or stream interest; “NR” means not recorded by the operator. About this ESG Report 2 Safety stats are based on Teck’s percentage of ownership, including where it has less than a 50% interest (e.g. 22.5% of Antamina). In 2021, there was one fatality at Antamina in Peru, where we have a stream interest. 3 In 2021, there were two fatalities at Sibanye-Stillwater’s Stillwater mine in Montana, where we have a royalty interest. Appendices 4 Beginning in 2021, such figures are consolidated with Kirkland Lake Gold (previous owner of Detour Gold in which we have royalty interests). LTIFR was calculated using public data, including total number of hours worked at all operations and number of lost time injury incidents. In 2022, there was one fatality at the Taylor mine on Ontario, where we have a royalty interest. 5 In 2022, there was one fatality at Kinross’ Tasiast mine in Mauritania, where we have a royalty interest. 6 Source: GlobalData six-year (2015-2020) industry averages for 54 global miners: TRIFR average: 0.79 per 200,000 hours; LTIFR average: 0.44 per 200,000 hours; Number of fatalities average: 4.95.

Message from our CEO CARBON FOOTPRINT 10 Report Highlights Top Mining Assets: As mining and energy companies continue We have calculated emission intensities for 1, 2 About Franco-Nevada 2022 Scope 1 & 2 GHG Emission Intensity their effort to decarbonize greater climate- our Top Mining Assets on a gold equivalent GHG emission Industry average GHG related action and transparency will also ounce (“GEO”) basis, which will be useful GHG emission intensity emission intensity follow. We carefully observe the carbon for a comparison between each of our Top Asset intensity (tCO e/unit of primary (tCO e/unit of primary 3 2 2 (tCO e/GEO produced) Responsible 2 4 6 footprints and climate-related commitments, Mining Assets, notwithstanding the different metal produced) metal produced) Capital Allocation targets and initiatives of the operators and commodities produced. We have also calculated Cobre Panamá 1.41 7.02 tCO /t Cu 3.30 tCO /t Cu operations in which we look to deploy capital emission intensities for our Top Mining Assets (Panamá) 2 2 Due Diligence Process (for further information, please see the based upon the applicable unit of the primary Ongoing Asset Management Candelaria section entitled Due Diligence Process). economic metal produced by each Top Mining 0.70 3.63 tCO /t Cu 3.30 tCO /t Cu (Chile) 2 2 We also track these attributes for certain Asset. Such emission intensities have been Key ESG Factors of our interests after acquisition. benchmarked against 2022 mining industry Antapaccay 0.54 2.76 tCO /t Cu 3.30 tCO /t Cu averages for each applicable commodity. Health and Safety (Peru) 2 2 Carbon Footprint On this page, we have set out the 2022 GHG For the sake of simplicity, we have indicated Antamina emission intensity for each of our Top Mining where such statistics are average, better 0.26 1.63 tCO /t Cu 3.30 tCO /t Cu Water Management and Risk (Peru) 2 2 Assets. GHG emission intensity is measured as than average, or below average. the tonnes of Scope 1 and 2 CO e emissions Tailings Management Northern and 2 Southeastern 0.30 0.01 tCO /t Fe 0.03 tCO /t Fe per unit of production produced (“emission While a comparison of the emission intensities 2 2 Biodiversity Systems (Brazil) intensity”) from such Top Mining Assets. of our Top Mining Assets against industry Supply Chain Guadalupe-Palmarejo average benchmarks (by applicable commodity) 0.43 0.43 tCO /oz Au 0.75 tCO /oz Au 5 2 2 (Mexico) can offer valuable insights, the carbon intensity Community “...we carefully observe and decarbonization challenges for mining and MWS 1.74 1.74 tCO /oz Au 0.75 tCO /oz Au energy companies will vary by jurisdiction Contributions (South Africa) 2 2 the carbon footprints and with physical characteristics of projects, Stillwater and climate-related including depth of deposits and ore grades. 0.31 0.35 tCO /oz PGM 0.85 tCO /oz PGM Good Governance and (USA - Montana) 2 2 commitments, targets and Our Top Mining Assets operate in nine different Shareholder Alignment countries and use various mining methods. Detour Lake 0.37 0.37 tCO /oz Au 0.75 tCO /oz Au initiatives of the operators (Canada - Ontario) 2 2 Diversity, Inclusion and operations in which On the next page, we set out the decarbonization and Well-Being Tasiast commitments, targets, and initiatives adopted 0.70 0.70 tCO /oz Au 0.75 tCO /oz Au (Mauritania) 2 2 we look to deploy capital...” by our Top Mining Producers. Climate Action 6 Better than average Average Below average Transparency and Legend (10% of industry average) Guiding Principles 1 Figures in this table are estimated Scope 1 and Scope 2 GHG emission intensities of our Top Mining Assets. Unless otherwise noted, the underlying emission data has been provided by MineSpans (outside-in modeled data - all rights reserved). 2 GHG emission intensity (i) is provided on a 100% basis, notwithstanding that the applicable operation may be jointly owned by the referenced operator, and (ii) applies to the entire project. About this ESG Report 3 Calculated as the aggregate Scope 1 and Scope 2 GHG emissions from the Top Mining Asset divided by the number of GEOs produced by such asset. Copper, PGMs, iron ore, and other commodities are converted to GEOs by dividing associated revenue for such commodity by the gold price. 4 Calculated as the aggregate Scope 1 and Scope 2 GHG emissions from the Top Mining Asset divided by the total production volume of the primary production (excluding by-products) of such asset. Appendices 5 Given the balanced gold and silver production at Guadalupe-Palmarejo, we have converted silver to GEOs, which are included with gold ounces in both emission intensity calculations. 6 GHG emission intensity averages apply to primary production from mining. Such averages exclude mid-stream processing, other than for iron ore, which includes production from certain integrated pelletizing plants. Sources: McKinsey global mining industry GHG emission intensities for 2022 for Cu, Au and 62% Fe; International Platinum Group Metals Association for PGMs.

Message from our CEO 11 Report Highlights Mining operators, contributing to more than 90% of our 2023 mining revenues, have proactively established targets to reduce carbon emissions, including planned or actualized emission reductions About Franco-Nevada derived from reliance upon renewable energy, or have made commitments to achieve net-zero emissions by 2050 or sooner. Our Top Mining Producers have adopted commitments, targets, and initiatives, as highlighted on this page. We continue to look for opportunities to deploy capital to other best-in-class operators and, as a capital provider, potentially help facilitate their low-carbon transitions. Responsible Top Mining Producers: Decarbonization Commitments, Targets and Initiatives Capital Allocation Due Diligence Process Emission Reduction Targets Net Zero Commitments Highlighted Initiatives / Achievements Ongoing Asset Management Reduce Scope 1 and 2 emissions by 30% by 2025 and 50% by 2030 Achieved 100,000 tCO e per year reduction by powering Cobre Panamá’s expansion with renewable energy. 2 Key ESG Factors from 2020 baseline NA Announced goal to transition Cobre Panamá coal plant unit 1 to renewable energy by 2025 and coal plant unit 2 to renewable Reduce GHG intensity of copper mining and natural gas mix by 2030, with a complete transition away from use of coal power by 2030. Health and Safety by 50% by 2030 from 2020 baseline Carbon Footprint Reduce Scope 1 and 2 emissions Site decarbonization roadmaps reviewed and integrated into company-wide 2030 target, with external validation planned. by 35% by 2030, from 2019 baseline NA Power purchase agreement entered into with energy supplier at Candelaria is expected to result in increase of the use of renewables Water Management and Risk to a minimum of 80%, prioritizing wind and solar energy. Tailings Management Reduce Scope 1, 2 and 3 emissions Achieve net-zero Scope 1, 2 and 3 Renewable energy transition plans for purchased electricity with the aim of addressing Scope 2 emissions, including commercial by 15% by 2026 and 50% by 2035, emissions by 2050 solutions for green power purchase agreements, supported by guarantees of origin or other renewable energy generation certification. Biodiversity from 2019 baseline Supply Chain Reduce carbon intensity Achieve net-zero Scope 2 emissions by 2025 Teck and other industry leaders are building the North Pacific Green Corridor (NPGC) to decarbonize the value chain of critical minerals, by 33% by 2030 Achieve net-zero Scope 3 emissions by 2050 metals and other low-carbon products between the Canadian Pacific coast and partners in the Indo-Pacific region, with the ultimate Achieve net-zero emissions by 2050 goal for the value chain to achieve net-zero GHG emissions by 2050. Community Reduce Scope 1 and 2 emissions Portfolio of generated electricity is 98.6% renewable, primarily from hydroelectric and wind generation assets located in Brazil, Contributions by 33% by 2030 Achieve net-zero Scope 1 and 2 Canada, and Indonesia, and Vale’s new solar project, Sol do Cerrado. These plants meet on average 61% of Vale’s global electricity Reduce Scope 3 net emissions emissions by 2050 consumption and 72% of consumption in Brazil, supporting Vale’s goal to use 100% renewable energy in Brazil by 2025 and by 15% by 2035 globally by 2030. Good Governance and Shareholder Alignment Reduce net emission intensity by 35% Conducted climate scenario analysis workshops and energy and emissions diagnostics at each site, completing an initial Scope 3 by 2024, from 2018-2019 baseline NA GHG emissions assessment and developed modeling and data measurement tools to enhance understanding of climate footprint and associated risks and opportunities. Diversity, Inclusion Reduce Scope 1 and 2 emissions In May 2023, as Phase 1 of its decarbonisation plan, Harmony commissioned 30MW of solar power (resulting in a carbon and Well-Being by 40% by 2031 and by 63% by 2036, Achieve net-zero emissions by 2045 reduction of 62,000t a year), contributing to Harmony’s goal to increase its renewable energy consumption to 25% by 2027. from 2021 baseline Reduce Scope 1 and 2 carbon emissions Achieve carbon neutrality for Scope 1 and 2 Five ongoing battery electric vehicle trials company-wide, covering a range of applications in utility, load and haul, and personnel Climate Action by 27.3% by 2025, from 2010 baseline emissions by 2040 and net-zero carriers, supporting Sibanye-Stillwater’s goal of 20% renewable energy production by 2030. emissions by 2050 Transparency and Implementation of technology transition initiatives, such as electrification of material handling equipment (e.g. a trolley-assist Reduce Scope 1 and 2 emissions system for haul trucks at Detour Lake (expected to result in annual carbon reductions of up to 96 ktCO e; nearly a third of Achieve net-zero emissions by 2050 2 Guiding Principles by 30% by 2030, from 2021 baseline expected direct emissions at Detour Lake)), and increased use of battery electric vehicles and secondary life applications for batteries across Agnico’s operations. About this ESG Report Reduce Scope 1 and 2 emissions Tasiast solar plant is expected to provide annualized fuel savings of 17 million litres of heavy oil and approximately 20% of the site’s by 30% by 2030, from 2021 baseline Achieve net-zero emissions by 2050 power. A total of around 88,000 photovoltaic panels will be installed with annualized GHG emissions reductions estimated at 50 kilotonnes CO e, representing approximately 2% of GHG emissions profile. 2 Appendices

Message from our CEO WATER MANAGEMENT AND RISK 12 Report Highlights Top Mining Assets: Sustainable water management is critical Using World Resource Institute’s (WRI) Aqueduct Overall Water Risk and Water Intensity 1, 2 within the mining industry. In our due tool, we have identified the overall water risk for About Franco-Nevada diligence assessments of new royalty and the areas where each of our Top Mining Assets Water consumption stream opportunities, Franco-Nevada pays are located, which measures all water-related 3 Asset Overall Water Risk intensity 3 Responsible (m /GEO produced) particular attention to water-related issues risks, including physical quantity, quality and Capital Allocation and risks impacting all applicable aspects regulatory and reputational risk. Cobre Panamá Low-Medium 25.1 of the mining lifecycle, including: (Panamá) Due Diligence Process Water intensity is one measurement that Ongoing Asset Management Candelaria High 19.2 • management of water to access ore can be used to monitor trends in water use (Chile) through dewatering; efficiency at a project. Water intensity is Key ESG Factors • water use for ore processing and recovery particularly important in areas of water Health and Safety Antapaccay Low-Medium 37.9 from mine tailings; scarcity and/or where there are competing (Peru) Carbon Footprint • provision of potable water and sanitation interests for water availability. Antamina Low-Medium 22.9 facilities for employees and communities; Water Management and Risk (Peru) • discharge of water back to the environment; In the case of the mining sector, the metric Tailings Management • interaction with marine water resources is commonly expressed as the amount of Northern and Southeastern Low-Medium 1.7 at port facilities; and water used per GEO produced. On this page, Biodiversity Systems (Brazil) • utilization and desalination of marine water. we have set out the 2022 water intensities Supply Chain Guadalupe-Palmarejo Low-Medium 35.9 for each of our Top Mining Assets, measured (Mexico) 3 as the cubic metres (m ) of water used per Community “...Franco-Nevada pays GEO produced. MWS Medium-High 77.7 Contributions (South Africa) particular attention Water intensities for our Top Mining Assets Good Governance and Stillwater Low-Medium 17.1 to water-related issues have been benchmarked against McKinsey (USA - Montana) global mining industry average for 2022. Shareholder Alignment and risks impacting all For the sake of simplicity, we have indicated Detour Lake Low 25.6 where such statistics are average, better (Canada - Ontario) applicable aspects of Diversity, Inclusion than average, or below average. and Well-Being Tasiast Extremely High 10.1 the mining lifecycle...” (Mauritania) Climate Action 4 Better than average Average Below average Legend (10% of industry average) Transparency and Guiding Principles 1 Figures in this table are estimated water consumption intensities of our Top Mining Assets. Such data only relates to dust suppression and processing water based on beneficiation method and excludes water attributable to pit dewatering, product About this ESG Report transportation, waste management, and cooling. Unless otherwise noted, such information has been provided by MineSpans (outside-in modeled data - all rights reserved). 2 Water consumption intensity (i) is provided on a 100% basis, notwithstanding that the applicable operation may be jointly owned by the referenced operator, and (ii) applies to the entire project. 3 Source: World Resource Institute’s (WRI) Aqueduct tool. Overall water risk measures all water-related risks, by aggregating all selected indicators from the following Aqueduct categories: Physical Quantity, Quality and Regulatory & Reputational Risk. 4 3 3 3 3 Appendices Source: McKinsey global mining average water consumption intensities for 2022: 26.3 m /GEO produced for copper assets, 60.6 m /GEO produced for gold assets, 2.4 m /GEO for iron ore assets, and 21.1 m /GEO for other commodities.

Message from our CEO TAILINGS MANAGEMENT 13 Report Highlights Top Mining Assets: With several major disasters occurring in the Responsible tailings management requires 1, 2 About Franco-Nevada Selected Tailings Dam Characteristics last decade, tailings dams have been under operators to consider the management and Number increased regulatory scrutiny and have triggered governance of tailings storage facilities Asset of active Tailings Classification an international response. In 2019, the Church throughout their lifecycle, from design to Responsible tailings dams dam types system adopted of England Pensions Board and the Council closure and post-closure. When deciding Capital Allocation on Ethics of the Swedish National Pension where to deploy capital, depending on the Cobre Panamá 1 Downstream/ Canadian Dam Funds wrote to mining companies, requesting stage of development of an applicable (Panamá) centreline hybrid (1) Association Due Diligence Process disclosure of details of their tailings storage project, Franco-Nevada reviews all aspects Ongoing Asset Management Candelaria SERNAGEOMIN DS facilities and identifying the lack of a global of a project’s planned or existing waste and (Chile) 2 Downstream (2) 248/2007 and DGA tailings management standard as one possible tailings storage facilities. When negotiating new Key ESG Factors Decreto 50 (2015), Chile contributor to the recent disasters. The Global royalty or stream acquisitions, we endeavour Health and Safety Antapaccay 1 Downstream (1) Global Industry Standard Industry Standard on Tailings Management to negotiate contractual arrangements such (Peru) on Tailings Management (the “Global Standard”) was launched in that the operator commits to implement Carbon Footprint August 2020, aimed towards the goal of zero the Global Standard or another equivalent Water Management and Risk Antamina 1 Downstream/ Canadian Dam harm. Nine of our ten Top Mining Producers international tailings standard in respect to (Peru) centreline hybrid (1) Association Tailings Management have since agreed to fully implement the Global their tailings storage facilities and to provide Northern and Downstream (14), Ordinance 70.389/17 - Standard or have otherwise adopted the Towards Franco-Nevada with ongoing reporting with Biodiversity Southeastern Systems 49 single step (23), ANM (Mining National 3 Sustainable Mining (TSM) framework, with the respect to adherence to such standards. (Brazil) upstream (12) Agency), Brasil Supply Chain remaining one Top Mining Producer (Harmony Guadalupe-Palmarejo 1 Downstream (1) Canadian Dam Gold) implementing certain aspects of the On this page, we have highlighted certain (Mexico) Association Community Global Standard. Further, comprehensive attributes of the tailings storage facilities Contributions MWS 1 Upstream (1) SANS 10286, information relating to all our Top Mining for our Top Mining Assets. (South Africa) South Africa Assets’ tailings dams have been made publicly available by our Top Mining Producers Good Governance and Stillwater 3 Downstream (3) US Army Corp and is available on the Global Tailings Portal Shareholder Alignment (USA - Montana) of Engineers (tailing.grida.no). Detour Lake 1 Centreline (1) Canadian Dam Diversity, Inclusion (Canada - Ontario) Association and Well-Being Tasiast Downstream Canadian Dam (Mauritania) 1 ring dyke (1) Association Climate Action Transparency and “Nine of our ten Top Mining Producers have since agreed to fully Guiding Principles implement the Global Industry Standard on Tailings Management or have About this ESG Report otherwise adopted the Towards Sustainable Mining (TSM) framework...” Appendices 1 Tailings data sourced from Global Tailings Portal and Vale S.A. reporting. 2 Vale S.A. figures include tailings, sediment dams and other similar internal structures. Many of Vale's tailings dams are compliant with the Global Industry Standard on Tailings Management, with additional dams scheduled to be compliant by 2025. 3 Tailings dams are on the entirety of the Northern and Southeastern Systems and not necessarily covered by Franco-Nevada’s effective royalty grounds. Includes dams undergoing decharacterization.

Message from our CEO BIODIVERSITY 14 Report Highlights Operators’ and operational impacts We track the environmental impacts of certain About Franco-Nevada Top Mining Producers Ranked: on biodiversity are carefully considered of our existing assets and seek to partner with World Benchmarking Alliance: Nature Benchmark, Ecosystems and Biodiversity ranking* by Franco-Nevada when deciding where operators to contribute to biodiversity-related to deploy capital (for further information, initiatives at projects where we have royalty Responsible Out of 97 Out of 389 please see the Due Diligence Process section). and stream interests. We have included on Capital Allocation global metals and global companies The ecological profile of a mining or energy these pages the World Benchmarking Alliance: mining companies from all industries company or project can be difficult to assess, Nature Benchmark, Ecosystems and Biodiversity Due Diligence Process as no two environments are the same, and rankings for our Top Mining Producers in 2023. Ongoing Asset Management 1 4 operators’ plans and actions may be difficult to quantify using universal standards or metrics. On the next page, we have also highlighted Key ESG Factors the performance and some of the biodiversity Health and Safety 8 25 Franco-Nevada reviews the potential impact commitments and initiatives by our Top Mining Carbon Footprint on biodiversity and ecosystems throughout Producers, including an in-depth look at three the lifecycle of a project, including preliminary of our Top Mining Assets, Cobre Panamá, Water Management and Risk 17 51 strategic assessments of biodiversity impacts Tasiast and Vale’s Northern and Southeastern Tailings Management caused by project development, life of Systems, which information is derived from project “no-net-loss” commitments to offset the most recent sustainability reports of Biodiversity 25 81 unavoidable impacts on biodiversity through First Quantum, Kinross and Vale, respectively. Supply Chain regional conservation activities, and plans 26 82 for site rehabilitation and reclamation upon Community project closures. Contributions 30 104 Good Governance and Our Top Mining Producers: Shareholder Alignment 54 198 Diversity, Inclusion % % % and Well-Being NR NR 70 60 50 • have formalized • have submitted • are members of the Climate Action commitments not to responses to the 2022 TNFD Forum and/or NR NR explore or mine in Carbon Disclosure plan on developing Transparency and World Heritage Sites Project (CDP) forests biodiversity frameworks • have commitments to questionnaire that incorporate Guiding Principles NR NR securing a net neutral or • are WGC and/or ICMM elements of the TNFD positive impact on members, which have About this ESG Report biodiversity at their biodiversity standards * The World Benchmarking Alliance is a United Nations organization launched in 2018 to ensure that business impact is operations and commitments for measured, in an effort to boost motivation and stimulate action for a sustainable future for everyone. The Ecosystems members Appendices and biodiversity measurement area assesses the extent to which companies understand their impacts and dependencies on nature as well as how they tackle their main pressures on ecosystems and biodiversity. It is composed of sixteen indicators covering topics such as land and sea use change, direct exploitation and invasive alien species.

Message from our CEO 15 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 Sea Turtle Conservancy turtle release in Panamá Shorebirds in Mauritania Biodiversity Supply Chain First Quantum: Cobre Panamá, Panamá Kinross: Tasiast, Mauritania Cobre Panamá lies within the Mesoamerican Minera Panamá has committed to reforestation Kinross’ Tasiast mine is located approximately In 2019, Kinross and the PNBA signed a Community Biological Corridor of the Panamá Atlantic of 11,175 hectares (8,075 hectares outside 65 km from Mauritania’s Banc d’Arguin National five-year partnership agreement to protect Contributions (“MBCPA”) and the Golfo de los Misquitos the mine footprint and 3,100 hectares within Park (PNBA). The PNBA is designated as a the universal value of the park through Forests Important Bird Area. The region the mine footprint). The company has also RAMSAR Convention wetland site and UNESCO environmental monitoring, conservation of Good Governance and supports very high biodiversity and is also committed to implementing a number of World Heritage site. It is the largest and richest biodiversity and support to projects for the Shareholder Alignment home to the Santa Fe and Omar Torrijos species level management plans as part coastal wetland between Europe and tropical traditional communities living within the park. National Parks. of the Biodiversity Action Plan. This plan Africa with over 12,000 km² of protected was developed during the construction and territory that is home to over two million birds Diversity, Inclusion First Quantum, through its subsidiary operational phases with key alliances such and a community of 1,500 people who live "In 2019, Kinross and the PNBA and Well-Being Minera Panamá, S.A. (“Minera Panamá”), as Yaguara, Kew Royal Botanical Gardens, in the National Park. Kinross’ Tasiast mine signed a 昀椀ve-year partnership has committed to support three protected Missouri Botanical Gardens and the is connected by power lines and water pipes agreement to protect the universal Climate Action areas in the MBCPA. Following the creation Smithsonian Tropical Research Institute. to the sondage well field site, located 5 km value of the park through of the Cobre Panamá Foundation in 2019, These have been developed with the aim from the eastern boundary of the PNBA. Kinross Minera Panamá and the Ministry for the of addressing the management needs of maintained its Biodiversity Monitoring and environmental monitoring, Transparency and Environment signed a long-term agreement individual species for which the protected Evaluation Plan (BMEP) with a focus on bird conservation of biodiversity and Guiding Principles to continue to support the protected areas areas and reforestation plans may not be mortality risks arising from its power lines, support to projects for the around MBCPA. The areas are the Santa sufficient. Each species action plan describes for which bird mortality surveys completed traditional communities living About this ESG Report Fe National Park (78,000 hectares), Omar a portfolio of actions aimed at ensuring a net in late 2022 confirmed no excessive mortalities. within the park." Torrijos National Park (25,000 hectares) positive impact on species viability. Minera Appendices and a protected area to be established in Panamá is currently partnered with the Sea the District of Donoso and its coastal marine Turtle Conservancy (sea turtles) and the zone (more than 112,000 hectares). Peregrine Fund (harpy eagles).

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

Message from our CEO SUPPLY CHAIN 17 Report Highlights We have a Supplier Code of Conduct, which Suppliers are also encouraged to: Significant Providers* of Office Supplies in 2023 About Franco-Nevada sets out our expectations for organizations, • Reduce GHGs; including their employees and representatives, • Preserve water and minimize ESG Initiatives, Plans, Targets & Commitments who supply goods and services to us (collectively, water pollutants; Responsible our “Suppliers”). The Supplier Code of Conduct • Maintain soil, biodiversity and • In-store recycling solutions and eco-responsible products and packaging and leveraging Bullfrog is delivered to Suppliers and we require in our ecosystem quality; Power to help support transition from fossil fuels to renewable energy. Capital Allocation • Commitment to reduce operational carbon emissions by 35% and divert 90% of waste from contractual arrangements that they comply • Reduce resource waste and foster fulfillment centres to recycling by 2028. Due Diligence Process with such code of conduct. Although optimal resource use; Franco-Nevada has certain suppliers of office • Incorporate climate change risk • Wastepaper packaging and recycling initiative, electronic product stewardship helping to design, Ongoing Asset Management promote and implement sustainable solutions for end-of-life electronics, and battery recycling. supplies for our corporate operations, most assessment into their risk management • Commitment to a sustainable future and environmental conservation by way of The Clean Earth Key ESG Factors of our Suppliers are technical, ESG and other procedures; and Campaign and the adoption of a corporate environmental charter along with a net zero by 2050 commitment, with goal to reduce absolute Scope 1 and Scope 2 GHG emissions by 42% and Health and Safety consultants who provide information and advice • Measure and publicly report on absolute Scope 3 GHG emissions (category 1 and 11) 25% by 2030. to our company to support and supplement their climate change risk and Carbon Footprint our due diligence when evaluating royalty environmental performance. • Environmental programs to limit waste, conserve energy, promote recycling and minimize use of harmful chemicals, and community initiatives focussed on education, entrepreneurism and Water Management and Risk and stream opportunities. strengthening communities. In addition, in accordance with our Climate • Various environmental targets, including achieving zero waste in 30% of distribution centres Tailings Management Suppliers are expected to: Action Policy (described on page 35), before by 2025 and a 46% reduction of absolute Scope 1 and Scope 2 GHG emissions by 2030. Biodiversity • Conduct their business activities in transacting with any significant provider • Energy efficiency, cultivating inclusion through an inclusive and diverse workforce, advancing digital Supply Chain compliance with laws and standards in of goods for our corporate operations, we inclusion (UNICEF’s Giga initiative), and upholding trust through artificial intelligence practices. the jurisdictions in which they operate; ensure that such supplier has commitments, • Net zero by 2050 commitment, with a reduction of Scope 1 and Scope 2 GHG emissions by 50% by 2030 and sourcing 100% of electricity from renewable sources across all Dell Community • Prevent conflicts of interest with plans, targets and initiatives aligned with Technologies facilities by 2040. Contributions Franco-Nevada; net-zero emissions by 2050 or sooner. • Reducing waste and packaging, protecting natural resources, and supporting a responsible and • Employ individuals above the legal age more diverse supply chain. of employment, not to use forced or slave Failure of any of our Suppliers to comply with • Net zero by 2040 commitment, with a goal to power all operations with 100% renewable energy Good Governance and labour, meet minimum wage requirements our Supplier Code of Conduct may result in by 2025 (five years ahead of 2030 target). Shareholder Alignment and not exceed working hour and day the termination of our relationship with the • ‘Go Green’ Mandate that provides customers with expanded options in the areas of responsibility, regulations; Supplier. To date, we have not been aware sustainability and minimization of waste, including biodegradable packaging, recycling programs, Diversity, Inclusion • Recognize freedom of association and of any such failure by our Suppliers to comply and certified fair trade and sustainable product offerings. and Well-Being the right to collective bargaining; with our Supplier Code of Conduct. * "Significant provider" means a supplier of goods providing 10% or more of our office • Refrain from discriminating against supplies (based on overall costs) Climate Action their employees; This year marks our first year of reporting • Respect the dignity of their own employees under Canada’s recently enacted Fighting “... before transacting with any Transparency and and others, adhere to principles of diversity Against Forced Labour and Child Labour in Related Policies signi昀椀cant provider of goods for our and maintain a respectful workplace; and Supply Chains Act. Our report outlines the and Statements: Guiding Principles • Afford equality of opportunity to all people. steps we have taken during 2023 to prevent • Supplier Code of Conduct corporate operations, we ensure that and reduce the risk that forced labour or child • Climate Action Policy such supplier has commitments, plans, About this ESG Report labour is used in our business or supply chain. • Fighting Against Forced Labour A copy of our inaugural report is available and Child Labour: Steps Taken targets and initiatives aligned with Appendices on our website. by Franco-Nevada in 2023 net-zero emissions by 2050 or sooner.”

Message from our CEO Report Highlights About Franco-Nevada Responsible Capital Allocation Community COMMUNITY Contributions CONTRIBUTIONS Community Support Industry and Other Support We are committed to contributing Good Governance and to our communities and engaging Shareholder Alignment with operators to partner in community and other initiatives Diversity, Inclusion where our royalty and stream and Well-Being assets are located. Climate Action Transparency and Guiding Principles About this ESG Report Appendices Minera Antamina community contributions in Peru

COMMUNITY SUPPORT 19 We are committed to partnering with operators on community and environmental initiatives near their projects where we have royalty and stream interests. These partnerships benefit local communities and environmental initiatives and also strengthen our company’s and the mining industry’s reputation in the regions in which we invest. Such initiatives have included social and Message from our CEO educational support programs, water and other infrastructure and community improvement projects, reforestation programs, recycling programs, workplace tragedy support, as well as mental health and COVID-19 relief efforts. Some of the community contributions funded by us in 2023 are described in further detail in this section. Report Highlights Educational Initiative in Peru Social Initiatives in Idaho About Franco-Nevada Since 2018, we have partnered with Compañía We supported Perpetua Resources to make Minera Antamina S.A., the joint venture company targeted social contributions in Idaho. Our that operates the Antamina project in Peru, contribution made it possible for Perpetua Responsible in supporting Enseña Peru. Enseña Peru aims Resources to expand its reach in the local Capital Allocation to improve education at existing schools in the community, and support future capacity needs. region which Compañía Minera Antamina S.A. Perpetua’s community initiatives promoted Community has historically supported and has the goal workforce development through career technical Contributions that by 2032, 8 out of 10 Peruvian youth will programming and student scholarships and receive a quality education. Enseña Peru’s sponsored regional transportation, afterschool, Community Support main objective is to supplement the Peruvian and food security initiatives. education ministry’s efforts in guiding volunteer Industry and Other Support teachers and other professionals through Food Bank Initiative in Montana Good Governance and a three-month leadership program and then We supported Sibanye-Stillwater by contributing Shareholder Alignment posting them in different schools and to the Producer Partnership, an organization Construction of bypass road in Brazil communities. Their other effort is to train founded in 2020 that partners with livestock existing teachers and increase cooperation producers across the state of Montana by Diversity, Inclusion through their Qué Maestro Program. processing donated livestock into top quality and Well-Being protein and providing it to food banks to help Infrastructure Projects in Brazil those in need. Climate Action We supported G Mining Ventures’ contribution to two environmental and social initiatives in Small Business Initiative in Nevada Transparency and the village of Jardim do Ouro in Brazil, located We supported Nevada Gold Mines by near the Tocantinzinho mine site, which included contributing to the I-80 Fund, which is Guiding Principles (i) the construction of a bypass and a river barge managed and overseen by the Rural Nevada landing to reduce the flow of and potential Development Corporation and provides About this ESG Report disruption caused by large vehicles and financial support to small businesses equipment along the village’s main road and in Humboldt, Lander, Eureka, and Elko Appendices (ii) infrastructure improvements to the local counties in Nevada. police station to enhance public safety in the local community. Infrastructure improvement at the Jardim do Ouro Police Station in Brazil

20 Reforestation Program and Community Improvement Message from our CEO Initiative in Senegal We partnered with Endeavour Mining to support Report Highlights its involvement in and contribution to the Great Green Wall initiative in Senegal by participating About Franco-Nevada in the reforestation of approximately 260 hectares in the municipality of Bélé and the development of an integrated community Responsible agricultural farm for the women of the village Capital Allocation of Sarré in Senegal. Community Educational Initiative in Senegal Contributions We partnered with Endeavour Mining in its “Elites de Demain” educational assistance Community Support initiative in Senegal, which supports future leaders in mining-related fields in the Industry and Other Support communities surrounding Endeavour’s Good Governance and Sabodala-Massawa mining project by Shareholder Alignment providing financial assistance to select students attending the Lycée Technique Industriel et Minier de Kédougou as well Diversity, Inclusion as other institutions offering university-level and Well-Being engineering programs. Climate Action Educational Initiative in Yukon In 2023, as part of a five-year commitment, Transparency and we sponsored Victoria Gold’s “Every Student, Every Day” initiative, which works with the Guiding Principles community to raise awareness and funds to support increased student attendance About this ESG Report throughout the Yukon. To date, the initiative has supported over 200 grassroots projects. Appendices Elites de Demain beneficiary Endeavour's Great Green Wall reforestation initiative (top and bottom right)

INDUSTRY AND OTHER SUPPORT 21 We provide ongoing support to several mining industry, diversity-related and other organizations and initiatives, some of which are described below. Message from our CEO Report Highlights About Franco-Nevada Responsible Capital Allocation World Gold Council PDAC Canadian Institute of Mining, Continental Resources We are a proactive member of the World We are the primary sponsor of the Prospectors Metallurgy and Petroleum In 2023, we funded the final year of our Community Gold Council (“WGC”) Board and, in 2019, & Developers Association of Canada (“PDAC”) In 2023, we supported the Canadian Institute three-year commitment to help finance Contributions Franco-Nevada played a leading role at the annual awards that recognize industry successes of Mining, Metallurgy and Petroleum, which Continental Resources’ solar-powered water World Gold Council during the establishment in exploration, development, safety, environmental collaborates with other organizations to recycling project in Oklahoma. Through water Community Support of the RGMPs, which principles are being stewardship and aboriginal cooperation and advance a more sustainable future for the recycling the Continental team materially implemented by all World Gold Council members. we are sponsors of PDAC's Mining Matters mining industry, minimize duplication, and reduces the amount of fresh water required Industry and Other Support Paul Brink, President & CEO of Franco-Nevada initiative. David Harquail, Chair of the Board accelerate key industry issues and initiatives for operations. By powering the facility with Good Governance and Corporation, is currently a director of the of Franco-Nevada Corporation, is a PDAC towards the development and advancement solar energy, they reduce emissions of the Shareholder Alignment World Gold Council, and is the Chair board member and Eaun Gray, Senior Vice of standards and leading practices across facility with the use of renewable energy of its Compensation Committee. President, Business Development of the full spectrum of the minerals, metals, as opposed to using energy from the grid. Franco-Nevada Corporation, sits on the materials and energy sectors. Diversity, Inclusion PDAC Convention Planning Committee. and Well-Being Climate Action “We are a proactive member of the World Gold Diversity Scholarship Transparency and Council Board and, in 2019, Franco-Nevada Guiding Principles played a leading role at the World Gold Council Franco-Nevada Diversity Scholarship Canadian Mineral Industry About this ESG Report and BlackNorth Initiative Education Foundation during the establishment of the RGMPs, which We have several diversity and inclusion related In 2023, we supported the Canadian Mineral Appendices contributions and initiatives, including our Industry Education Foundation, which has principles are being implemented by all World Franco-Nevada Diversity Scholarship for been offering scholarships since 1964 Gold Council members.” studies in mining-related fields and our to undergraduate students with a strong BlackNorth Initiative pledge commitments. interest in a career in the mining industry. These are described on page 30 of this ESG Report.

Message from our CEO Report Highlights About Franco-Nevada Responsible Capital Allocation Community GOOD Contributions GOVERNANCE Good Governance and AND Shareholder Alignment SHAREHOLDER Corporate Governance ALIGNMENT Integrity and Compliance Shareholder Alignment Cyber and Technological We are committed to Security responsible governance Diversity, Inclusion practices to ensure integrity and Well-Being in our dealings, compliance with our undertakings, Climate Action and alignment with Transparency and our shareholders. Guiding Principles About this ESG Report Appendices Franco-Nevada AGM in Canada

CORPORATE GOVERNANCE 23 Message from our CEO Board of Directors* * Board and Committees have “Commencing for 2024, as part of the ESG reporting oversight over ESG and climate- Report Highlights related risks and opportunities and compliance criteria, management will be † Chief Executive Officer has Compensation Audit and responsibility for leadership on About Franco-Nevada evaluated based on whether climate targets and ESG Committee* Risk Committee* ESG and climate-related matters ◊ Chief Legal Officer has executive are successfully implemented by the company.” responsibility over ESG and Responsible climate-related matters † Capital Allocation Chief Executive Officer Community Our corporate governance structure is designed Contributions to encourage informed and effective decision- making and appropriate monitoring of compliance Senior Vice President, Senior Vice President, Chief Financial Officer Chief Legal Officer◊ and performance, to serve the best interests Business Development Diversified Good Governance and of our shareholders. ESG matters are overseen Shareholder Alignment and managed at the Board and management Business Diversified Team Finance Team Legal Team Development Team levels within Franco-Nevada. Corporate Governance Integrity and Compliance Board Oversight Management’s Role Board and Management Most recently, in March 2024, management The Board and its Committees provide The Board and its Committees oversee Engagement met with the CESGC to discuss Franco- Shareholder Alignment oversight of our strategic approach to all senior management, who are responsible All of our executives regularly attend Board Nevada’s ESG strategy, including, among other Cyber and Technological aspects of our business, which includes for the day-to-day management of ESG risks and Committee meetings, including to provide things, emission reduction targets and other Security ESG-related risks and opportunities. The and opportunities. Our Chief Executive Officer updates on royalty and stream acquisition climate initiatives for the company. Board’s two committees, the Compensation is responsible for leadership on ESG matters opportunities, which include ESG-related Diversity, Inclusion and ESG Committee (“CESGC”) and Audit and our Chief Legal Officer has executive considerations. To the extent that a materially Accountability and Well-Being and Risk Committee (“ARC”) have oversight responsibility over such matters. ESG-related adverse ESG issue or consideration arises for ESG Performance of ESG risks, opportunities and disclosures, risks and opportunities are overseen by our during the due diligence process in respect ESG is a specific corporate goal used to Climate Action which responsibilities are embedded in each executive team, including our Senior Vice of a royalty and stream opportunity, management evaluate management’s performance for committee’s charter. The CESGC develops President, Business Development, Senior and the Board may decide not to proceed with executive compensation decisions. On Transparency and and recommends to the Board our approach Vice President, Diversified, Chief Financial the opportunity. On a number of occasions, an annual basis, the CESGC evaluates Guiding Principles to ESG issues, reviews the adequacy of our Officer and Chief Legal Officer, having our company has passed on otherwise management’s performance in connection ESG practices and policies and recommends stewardship over our organization’s units prospective opportunities due to ESG risks. with ESG due diligence processes, reporting any changes to the Board, approves the (including within our subsidiaries), each and compliance, community contributions, About this ESG Report adoption of any ESG-related standards or being responsible for implementing our ESG The Board and its Committees also frequently diversity and inclusion and ESG rankings. initiatives, adopts ESG-related corporate strategy and managing risks within their units. meet with senior management to determine Appendices goals used to evaluate management’s our strategy with respect to our risks and Commencing for 2024, as part of the performance for executive compensation Our Board oversight and management exposures. In March and November 2023, ESG reporting and compliance criteria, decisions and engages with our stakeholders leadership, including with respect to ESG- management met with the ARC to discuss management will be evaluated based on in respect of ESG issues. The ARC oversees related issues, is depicted in the chart above. ESG-related risks and strategy and with the whether climate targets are successfully our ESG risk management. CESGC to discuss overall ESG strategy, implemented by the company. including for improved ESG reporting in 2024.

INTEGRITY AND COMPLIANCE 24 Message from our CEO Related Policies Report Highlights and Statements: • Code of Business Conduct and Ethics About Franco-Nevada • Business Integrity Policy • Policy Concerning Confidentiality, Fair Disclosure and Trading in Securities Responsible • Complaint Procedures for Accounting Capital Allocation and Auditing Matters • Whistleblower Policy Community Contributions We strive to meet rigorous standards of corporate governance, following industry Good Governance and best practices and satisfying legal, regulatory, Shareholder Alignment TSX and NYSE requirements. We monitor Franco-Nevada's Barbados team (2023) Franco-Nevada's United States team (2023) regulatory changes and we routinely review Corporate Governance evolving governance practices in order Business Integrity Policy Policy Concerning Whistleblower Policies Integrity and Compliance to identify those that will best serve the Our Board has a Business Integrity Policy for Confidentiality, Fair Disclosure Our Board has adopted employee complaint interests of our shareholders. our directors, officers and employees, which is and Trading in Securities procedures for, among other things, accounting Shareholder Alignment intended to supplement the Code. The Business Our Board has adopted a Policy Concerning and auditing matters (contained in our Employee Cyber and Technological Code of Business Integrity Policy is intended to ensure that we Confidentiality, Fair Disclosure and Trading Complaint Procedures for Accounting and Security Conduct and Ethics do not receive an improper advantage in our in Securities, which serves as our corporate Auditing Matters) and violations of applicable Our Board has adopted a written Code of business dealings and that all payments and disclosure policy and insider trading policy, laws or corporate policies (contained in Diversity, Inclusion Business Conduct and Ethics (the “Code”) expenses are properly recorded in our financial designed to ensure that personnel comply our Whistleblower Policy) for our company’s and Well-Being for our directors, officers and employees. books and records. Among other things, with securities legislation and the rules of directors, officers and employees to enable The Code reflects our core values of honesty, the policy provides guidance on dealing with applicable stock exchanges relating to insider such personnel to submit good faith complaints Climate Action responsibility and fairness and addresses our agents, contractors and with public trading, tipping and selective disclosure. relating to any such matters. The procedures the following matters: compliance with laws, officials, acceptance of gifts, making political Such policy generally outlines principles of outline how an employee with a good faith Transparency and rules and regulations; conflicts of interest; contributions and dealing with certain types confidentiality and guidelines for maintaining concern can report those concerns directly Guiding Principles confidentiality; corporate opportunities; of payments, including charitable donations confidentiality, disclosure principles and to the Chief Legal Officer, in the case of the protection and proper use of corporate and sponsorships. On an annual basis, we guidelines for disclosure, what constitutes Whistleblower Policy, or directly to the Chair assets; competition and fair dealing; gifts publicly disclose details of political contributions material information, what is non-public of the ARC, in the case of the Employee About this ESG Report and entertainment; payments to government or lobbying expenditures, if any, made by our information and how forward-looking Complaint Procedures for Accounting and personnel; non-discrimination, anti-harassment company or our personnel on behalf of our information should be disclosed. The policy Auditing Matters. In situations where such Appendices and equal opportunity; health and safety; company. No such contributions or expenditures also describes prohibitions on trading, our personnel prefer to place an anonymous report accuracy of company records and reporting; have been made or incurred since our IPO. policies on trading windows and black-out in confidence, they are encouraged to use the use of e-mail and internet services; loans to or periods, required pre-approval for trades by Franco-Nevada Compliance Hotline, hosted guarantees of obligations of our personnel; and insiders and sanctions if improper trading by a third-party hotline provider, Navex Global reporting of any illegal or unethical behaviour. were to occur. EthicsPoint. To date, there have been no employee complaints under either policy.

SHAREHOLDER ALIGNMENT 25 Message from our CEO 1.0% How we engage with our shareholders Key topics of interest in 2023 G&A AS % • Investor and industry conferences • Diversity and inclusion (see pages 28-30) Report Highlights 0.8% OF MARKET • Shareholder meetings, including • Climate-related risks and opportunities (see Appendix C) CAPITALIZATION say-on-pay voting • Biodiversity and nature (see pages 14-16) About Franco-Nevada 0.6% • Quarterly earnings conference calls • Scope 3 emission reporting (see pages 36-41) • Analyst days • ESG-related performance of investments (see pages 8-16) Responsible 0.4% • Investor relations correspondence • Capital allocation strategy (including commodity and jurisdiction) Capital Allocation (see page 4) • Emails, calls and meetings • Cybersecurity (see page 26) Community 0.2% • ESG considerations in executive compensation (see page 57) Contributions • Transparency and ESG reporting frameworks 0.0% (see Appendices C through E) ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 ‘21 ‘22 ‘23 Good Governance and Shareholder Alignment We take pride in our culture of company deferred share units. Management and Clawback The clawback policy is consistent with ownership, with management and the Board our directors are in full compliance of such Our executives have each agreed to a clawback individual clawback agreements already Corporate Governance holding over C$200 million of equity and minimum equity investment requirements of their incentive compensation if our financial entered by all of the executives. Integrity and Compliance having the lowest G&A among our peers. with substantial ownership stakes in statements are required to be restated due This shareholder alignment flows through our company. to the fraudulent behaviour or other intentional Communication and Collaboration Shareholder Alignment the entire organization with junior employees misconduct of such executive officers or they In 2010, our Board adopted a policy Cyber and Technological receiving stock option grants after having Independence are found to have engaged in intentional, entitled Board of Directors’ Engagement Security a minimum tenure at the company. An independent board is comprised of directors egregious misconduct whether or not with Shareholders on Governance Matters. who have no direct or indirect relationships Franco-Nevada’s financial statements are The policy provides that it is important to Diversity, Inclusion Minimum Equity Investments with a company that could reasonably interfere required to be restated. In each case, they have regular and constructive engagement and Well-Being Each of our executive officers is required with the exercise of the directors’ independent have agreed to reimburse Franco-Nevada for, directly with our shareholders to allow and to hold a minimum equity investment in judgement. This avoids potential conflicts or forfeit, as applicable, any entitlement to any encourage shareholders to express their Climate Action Franco-Nevada equivalent in value to a of interest and enables a board of directors bonus or other incentive-based or equity-based views on governance matters directly to multiple (currently five times for our CEO to consider the best interests of its compensation received by them during the our Board outside of our annual meetings. Transparency and and three times for our other executive shareholders. Our Board has concluded 12-month period following the issuance/filing We recognize that shareholder engagement Guiding Principles officers) of such executive officer’s then that all of our directors are “independent” of the financial statements required to be is an evolving practice in Canada and globally current base salary, depending on such other than David Harquail and Paul Brink, restated or during the 12-month period prior and our Board reviews its shareholder executive officer’s level of responsibility. by virtue of their positions as former CEO to when the Board became aware of the engagement policy annually to ensure that About this ESG Report The requirement is to be satisfied in the and current President & CEO, respectively. misconduct, as applicable. it is effective in achieving its objectives. form of our common shares and restricted The Chair and President & CEO roles are Appendices share units. Our non-employee directors are separated and, as a matter of best practices, In November 2023, the company also adopted We regularly engaged with our shareholders required to hold minimum equity investments our Board created the position of Lead a clawback policy which is compliant with during 2023. The table above describes some in Franco-Nevada equivalent in value to three Independent Director, which role is currently new Securities and Exchange Commission examples of how we engaged with, and the times their annual retainers (currently the held by Tom Albanese. requirements and which provides for key topics of interest from, shareholders minimum equity investment is C$135,000) the company to take steps to recover and the broader investment community. in the form of our common shares and/or compensation in certain circumstances.

CYBER AND TECHNOLOGICAL SECURITY 26 Message from our CEO Report Highlights “In light of escalating global cyber threats, About Franco-Nevada we continue to Responsible endeavour to Capital Allocation improve our cyber Community and information Contributions security measures Good Governance and to mitigate risks Shareholder Alignment of potential cyber Corporate Governance threats and attacks.” Integrity and Compliance Shareholder Alignment Franco-Nevada's Finance team (2023) Cyber and Technological Security We have an Information Security Policy that • Password Policy Our Audit and Risk Committee oversees the • strengthened cybersecurity risk sets out our principles for the protection of • Acceptable Computer Use Policy Information Security Policy and has designated management processes, with more Diversity, Inclusion information assets and our proper controls • Removable Media Policy our Chief Financial Officer as the executive frequent security updates to the and Well-Being needed to ensure compliance with our • Email Policy responsible for: establishing and maintaining Audit and Risk Committee; standards and external regulations. The • Remote Access Policy the practices and procedures necessary to • enhanced password security; Climate Action policy is intended to define the principles • AI Tools in the Workplace Policy implement the Information Security Policy, • updated and tested our disaster and requirements of acceptable use of providing training to our personnel on the recovery plan; and Transparency and information assets for our personnel and Several members of our Board of Directors substance of the Information Security Policy • collaborated with third-party companies Guiding Principles describe how these will be implemented (eight of nine, or 89% of our Board, as of our at least once annually, and reporting to the to assess risk and test our security across our global operations. It also May 1, 2024 annual general and special Audit and Risk Committee on the operation and access controls. informs our personnel of our expectations meeting) have skills and competencies in of and compliance with the policy. About this ESG Report and requirements for acceptable use of cybersecurity and the Board engages with In 2024, ISS ESG released a new Cyber Risk information assets and the role of our management in matters relating to Franco- In light of escalating global cyber threats, we Score, which rates an organization's level of Appendices personnel in protecting the security and Nevada’s information and cybersecurity strategy. continue to improve our cyber and information cyber readiness and resilience based on its integrity of our information. The Information security measures to mitigate risks of potential ongoing actions to identify, manage, and mitigate Security Policy is comprised of a number of Related Policies cyber threats and attacks. In 2023, we made cyber risk across its Internet-accessible networks policies, including our: and Statements: the following improvements: and domains. Franco-Nevada scored a 789 • Information Security Policy out of a maximum 829, indicating a low risk of a material cybersecurity breach.

Message from our CEO Report Highlights About Franco-Nevada Responsible Capital Allocation Community Contributions Good Governance and Shareholder Alignment DIVERSITY, Diversity, Inclusion INCLUSION and Well-Being & WELL-BEING Diversity and Inclusion Employee Benefits We are committed to and Well-Being Health, Safety and Security maintaining a safe and Human Rights, supportive environment Non-Discrimination, for our team members Anti-Harassment and and to removing barriers Equal Opportunity Climate Action and promoting diversity and inclusion. Transparency and Guiding Principles About this ESG Report Appendices Franco-Nevada's Barbados team celebrates African Awareness Month

DIVERSITY AND INCLUSION 28 Message from our CEO Report Highlights Diversity and Inclusion Policy † % We are committed to diversity among our Board of Directors 38 WOMEN About Franco-Nevada employees, executive officers and on our Board – VISIBLE MINORITIES Responsible and have made meaningful progress over the ♀♀ ♀♀ ♀♀ past few years in improving our diversity practices % DIVERSE PERSONS Capital Allocation and policies and increasing the number of 38 Diverse Persons* within our company. Community Senior Management◊ Contributions Our Diversity and Inclusion Policy emphasizes all forms of diversity in identifying candidates % WOMEN to recommend for appointment/election to the 14 Good Governance and ♀♀ Shareholder Alignment Board and for appointment/promotion to senior % VISIBLE MINORITIES management positions. Diverse candidates 43 must be included in any search for new Board ♀♀ % DIVERSE PERSONS Diversity, Inclusion members and senior management positions, 43 and Well-Being including for any new roles established by our company (including internal promotions). Diversity and Inclusion The Diversity and Inclusion Policy provides Global Workforce Employee Benefits for the following goals: and Well-Being • maintaining a Board composition in which ♀♀ ♀♀ ♀♀ ♀♀ ♀♀ Health, Safety and Security at least 30% of the independent directors % WOMEN Human Rights, are women; 45 ♀♀ ♀♀ ♀♀ ♀♀ ♀♀ Non-Discrimination, • achieving, by 2025, and thereafter % VISIBLE MINORITIES Anti-Harassment and maintaining, 40% Diverse Persons 45 Equal Opportunity at the Board and senior management ♀♀ ♀♀ ♀♀ ♀♀ % DIVERSE PERSONS level (on an aggregated basis); and 63 Climate Action • achieving, by 2025, and thereafter ♀♀ ♀♀ ♀♀ ♀♀ maintaining, a Board composition in Transparency and which at least one independent director Guiding Principles is a Diverse Person on grounds broader than gender diversity. Legend Woman Visible Minority Diverse Person* Other About this ESG Report ♀♀ Related Policies We have achieved our first two diversity goals and Statements: and remain committed to having Board diversity * Diverse Persons include women, Black, Indigenous and other people of colour, • Diversity and Inclusion Policy Appendices on grounds other than gender diversity by 2025. individuals who identify as LGBTQ2S+ and people with disabilities. † Following May 1, 2024 annual general and special meeting, the number of directors is anticipated to increase to 9, comprised of 33% women and Diverse Persons. ◊ Vice President and above.

29 Message from our CEO Report Highlights March 2015 Related Policies TIMELINE OF OUR Adopted our Diversity Policy relating August 2021 and Statements: KEY DIVERSITY About Franco-Nevada to identifying women as candidates to Awarded the first Franco-Nevada • Diversity and Inclusion Policy AND INCLUSION recommend for appointment/election to Diversity Scholarship Responsible the Board and for appointment/promotion MILESTONES Capital Allocation to senior management positions TO DATE May 2015 May 2021 September 2021 Community Catharine Farrow joined our Board Achieved our goal of 30% women Established the Franco-Nevada Contributions 11% (1 of 9) of Board members are women directors, one year earlier than planned Diversity Committee December 2023 30% (3 of 10) of Board members Promoted one female and one Good Governance and January 2016 are women December 2021 female member of a visible minority Shareholder Alignment Hired a female member of a visible Promoted a female member of a visible at Franco-Nevada Corporation minority and promoted another March 2021 minority to the senior management Diversity, Inclusion female, both to senior positions Set a new goal of achieving 40% team at Franco-Nevada Corporation September 2023 at Franco-Nevada Corporation Diverse Persons* at the Board and Achieved our goal of 40% Diverse and Well-Being senior management level (as a group) April 2022 Persons* at the Board and senior March 2019 by 2025 Hired a male member of a visible management level (as a group) Diversity and Inclusion Amended our Diversity Policy to adopt a minority to the senior management Employee Benefits target of 30% women directors by 2022 December 2020 team at Franco-Nevada Corporation August 2023 and Well-Being Promoted a female member of a visible Further expanded our Franco-Nevada Health, Safety and Security May 2019 minority to the senior management August 2022 Diversity Scholarship program by Jennifer Maki joined our Board team at Franco-Nevada (Barbados) Expanded our Franco-Nevada Diversity awarding five scholarships to diverse Human Rights, 22% (2 of 9) of Board members are women Corporation and promoted a male Scholarship program by awarding mining engineering students at four Non-Discrimination, member of a visible minority to four scholarships to diverse mining Canadian universities Anti-Harassment and March 2020 the senior management team engineering students at three Equal Opportunity Amended our Diversity Policy to at Franco-Nevada Corporation Canadian universities July 2023 incorporate principles of inclusion and Two new female team members Climate Action additional diversity and renamed the July 2020 December 2022 were recruited during 2023 to join policy the Diversity and Inclusion Policy Signed the BlackNorth Initiative pledge Contributed to four registered Canadian the Business Development group Transparency and to combat anti-Black systemic racism charitable organizations in support of and Energy group at Franco-Nevada Guiding Principles the Black community and in furtherance Corporation and Franco-Nevada of our BlackNorth Initiative pledge U.S. Corporation, respectively About this ESG Report May 2020 Appendices Maureen Jensen joined our Board 27% (3 of 11) of Board members are women March 2023 Set a new goal of achieving at least one * Diverse Persons include women, Black, Indigenous and other people of colour, Diverse Person* on grounds broader than individuals who identify as LGBTQ2S+ and people with disabilities. gender diversity at the Board level by 2025

30 Message from our CEO Report Highlights About Franco-Nevada Responsible Diversity Scholarship Capital Allocation Community Contributions Good Governance and Shareholder Alignment Diversity, Inclusion and Well-Being Diversity and Inclusion Employee Benefits National Day for Truth and Reconciliation at Franco-Nevada’s offices in Toronto (2023) “In 2023, we continued and Well-Being Diversity and Inclusion Initiatives to develop and grow Health, Safety and Security We are proud to have progressed the following diversity and inclusion initiatives during 2023 and year to date: the Franco-Nevada Human Rights, Non-Discrimination, Franco-Nevada Diversity BlackNorth Initiative for the representation of Diverse Persons, Diversity Scholarship Anti-Harassment and Scholarships The BlackNorth Initiative was created by The including Black people, on our Board and among program, now in its Equal Opportunity In 2023, we continued to develop and grow the Canadian Council of Business Leaders Against senior management. Franco-Nevada Diversity Scholarship program, Anti -Black Systemic Racism to combat third year, by expanding Climate Action now in its third year, by expanding the program anti-Black systemic racism in Corporate To date we have exceeded our student workforce and making five new scholarship awards, Canada. We became a signatory to the commitment and have surpassed our donation the program and Transparency and which were awarded during the year to diverse BlackNorth Initiative pledge at its inaugural and sponsorship commitment donating to Guiding Principles students attending mining engineering programs summit in July 2020. four separate registered Canadian charitable making 昀椀ve new at four Canadian universities. We also renewed organizations, supporting the Black community About this ESG Report annual scholarships awarded to the program’s Our pledge includes the following commitments: in the areas of education, health, youth, and scholarship awards...” prior recipients taking the total number of (i) hire on average at least 5% within our student business. In early 2023, we amended our Appendices active scholarships to nine. workforce from the Black community; (ii) invest Diversity and Inclusion Policy to include an by 2025 at least 3.5% of corporate donations additional diversity goal to achieve at least Related Policies and sponsorships to promote investment and one Diverse Person on grounds broader than and Statements: create economic opportunities in the Black gender diversity at the Board level by 2025. • BlackNorth Initiative Pledge community; and (iii) set numeric diversity goals

EMPLOYEE BENEFITS AND WELL-BEING 31 Message from our CEO Report Highlights We strive to create an inclusive, safe, and 1,2 supportive environment for all our employees, Minimum and Living Wage and Franco-Nevada Employee Pay 1 All dollar figures are in USD (or converted to USD as About Franco-Nevada which includes opportunities for hybrid work, at December 31, 2023) and are on a per-hour basis. health benefits and wellness allowances, and Jurisdiction; % of Franco-Nevada 2 All information current as of December 31, 2023, 3 % of Full-Time Minimum Wage Living Wage FTE Pay Exceeding unless otherwise specified. Responsible robust workplace policies and practices. Employees (FTEs) (US$) (US$) Minimum and 3 A living wage is a measure intended to represent the in Jurisdiction Living Wage remuneration received by a worker in a particular location Capital Allocation Hybrid Work Arrangements Canada (Toronto, ON) sufficient to afford a decent standard of living for the 4 5 worker and their family. Elements of a decent standard The way in which we live and work has changed 67.5% $12.51 $18.94 100% Community significantly over the past several years. In of living include food, water, housing, education, health care, transportation, clothing, and other essential needs, Contributions many ways, the COVID-19 pandemic changed USA (Colorado) 6 7 including provision for unexpected events. 10% $14.42 $29.23 100% 4 Source: https://www.ontario.ca/document/your-guide- the way employees balance their work and employment-standards-act-0/minimum-wage Good Governance and personal lives. In 2023, we maintained a Barbados 5 Source: https://www.ontariolivingwage.ca/ 8 9 6 hybrid office model and continue to support 20% $4.25 $8.90 100% Source: https://cdle.colorado.gov/dlss Shareholder Alignment our employees who require flexible and (as of January 1, 2024) Australia 7 Source: https://livingwage.mit.edu/counties/08035 personalized work options. 10 11 (as of February 14, 2024) 2.5% $15.59 $15.91 100% Diversity, Inclusion 8 Source: https://gisbarbados.gov.bb/download/ and Well-Being Workplace Accommodations minimum-wage-national-and-sectoral-minimum-wage- We value the diverse representation of our order-2021/ 9 Source: https://mywage.org/barbados/images/ Diversity and Inclusion workforce and seek to promote inclusivity Employee Pay Labour Rights and Standards living-wages/520300000/view Employee Benefits and remove barriers by accommodating our We are committed to ensuring that all of our We are committed to the fundamental labour 10 Source: https://www.fairwork.gov.au/pay-and-wages/ employees where possible so that no individual employees receive salaries that significantly standards and rights at work set out in the minimum-wages and Well-Being 11 Calculated as 60% of median full-time adult ordinary is disadvantaged relative to other members exceed the minimum and living wages in the International Labour Organization’s Declaration time earnings. Source: https://www.abs.gov.au/ Health, Safety and Security of our team. In 2022, we collaborated with applicable jurisdictions in which they work and on Fundamental Principles and Rights at Work. statistics/labour/earnings-and-working-conditions/ Human Rights, one of our employees in Toronto to modify that all such employees receive vacation pay, In accordance with our Human Rights Policy employee-earnings/aug-2023 Non-Discrimination, existing office space to accommodate sick pay and parental leave pay and other and as enshrined in the Canadian Charter of Anti-Harassment and for religious practices and observances benefits. The table above sets out the sources Rights and Freedoms, we are supportive of our company’s history. Notwithstanding, Equal Opportunity to be carried out during the work day. and methodologies used to determine minimum the fundamental freedoms of our employees we respect the right to collective bargaining and living wages in each of the four jurisdictions (and of all individuals), including the freedom (ILO C98), the protection of workers’ Climate Action Health and Wellness Benefits in which we have corporate offices in order to of thought, belief, opinion and expression, representatives and prevention of workers’ We provide our employees with comprehensive demonstrate that 100% of our global workforce the freedom of peaceful assembly and the representatives discrimination (ILO C135). Transparency and health and insurance benefits. Additionally, receives salaries that exceed both the minimum freedom of association. Guiding Principles 2023 marks our second year of our Wellness and living wages in those jurisdictions. In 2023, we adopted a new Disconnecting from Allowance Policy, which broadens the scope None of our employees are organized by Work Policy to formalize our commitment to About this ESG Report and increases the quantum of employees’ Related Policies a trade union or labour union and there are recognizing the importance of our employees’ wellness-related benefits to further support and Statements: no collective bargaining agreements in place ability to balance their work and personal lives, Appendices our employees and their families and allows • Wellness Allowance Policy in respect of our staff or company. As such, all while performing their duties to the best for more benefits flexibility. • Human Rights Policy there have been no strikes or lock-outs in of their abilities. • Disconnecting from Work Policy

HEALTH, SAFETY AND SECURITY 32 Message from our CEO Report Highlights About Franco-Nevada Responsible Capital Allocation Related Policies and Statements: Community • Health and Safety Policy Contributions • Non-Discrimination, Anti-Harassment & Equal Opportunity Policy Good Governance and • Corporate Responsibility Policy Shareholder Alignment • Travel Safety Policy Diversity, Inclusion and Well-Being Diversity and Inclusion Employee Benefits Equinox Gold employees at Mesquite Gold Mine in California, USA and Well-Being Health and Safety of education and training programs from In order to partially mitigate the safety risk • Conducting an independent risk assessment Health, Safety and Security The health and safety of our employees remains time-to-time. Further, in accordance with to our employees who visit these locations, of a travel destination before departure; Human Rights, of utmost priority. We have a Health and Safety our Corporate Responsibility Policy, we are we rely on an international health and security • Engaging with ISOS to obtain applicable Non-Discrimination, Policy applying to our company (including all committed to make a positive impact service coordinator called International SOS information relating to a travel destination; Anti-Harassment and subsidiaries) and employees necessitating on social issues. (“ISOS”). ISOS has globally established alarm • Sharing travel itineraries with their team Equal Opportunity compliance with applicable legal and regulatory centres that have the ability to coordinate before departure; health and safety requirements of the Security assistance on a regional level. Expert health • Discussing elevated travel-related risks Climate Action jurisdictions in which we operate and setting Although our employees operate in office and security information can be requested with their team; out standards for a safe work environment, environments, members of technical and to be sent directly to personnel or may be • Taking certain precautions in respect Transparency and including a workplace free from injuries and business development teams frequently accessed via the ISOS self-service portals, of air travel, ground transportation, Guiding Principles from violence and harassment. Our Health travel domestically and internationally, including ISOS’ Global site monitoring portal. and hotel accommodations; and and Safety Policy is complemented by our including when conducting due diligence • Communicating openly and reporting About this ESG Report Non-Discrimination, Anti-Harassment & for new potential opportunities, auditing our Our Travel Safety Policy has been in place all incidents to their team. Equal Opportunity Policy, which provides existing assets, and attending conferences since 2022, which formalizes measures Appendices for a procedure in the case of any incident and investor meetings. On occasion, these to mitigate risks associated with travel and of discrimination, harassment or violence, include destinations that may have higher seeks to minimize them through appropriate including the reporting of the occurrence risks, including political instability, natural measures. The protocols include, among others, to our Chief Legal Officer, the oversight disasters, extreme climates, or pandemic, our employees: of the policy by our CESGC, and the provision endemic and epidemic disease.

HUMAN RIGHTS, NON-DISCRIMINATION, ANTI-HARASSMENT AND EQUAL OPPORTUNITY 33 Message from our CEO Report Highlights About Franco-Nevada Related Policies Responsible and Statements: Capital Allocation • Human Rights Policy • Fighting Against Forced Labour and Child Labour: Steps Taken Community by Franco-Nevada in 2023 Contributions • Non-Discrimination, Anti-Harassment & Equal Opportunity Policy Good Governance and Shareholder Alignment Diversity, Inclusion Falcondo sponsored school in Dominican Republic Skills development at Salares Norte in Chile and Well-Being Human Rights Policy • Conducting appropriate human rights Principles and Rights at Work. Most recently, ethnic origin, citizenship, colour, record of In 2020, our Board adopted Franco-Nevada’s due diligence when making investments; we also prepared and filed our inaugural offences, and any other ground that is listed Diversity and Inclusion Human Rights Policy, which applies on a • Consulting with our stakeholders regarding annual report pursuant to Canada’s new in human rights legislation that applies to the Employee Benefits company-wide basis, thereby formalizing our human rights and other social issues; Fighting Against Forced Labour and Child jurisdiction in which we are operating. Such and Well-Being actions, practices and beliefs since our inception. • Reviewing and assessing our human Labour in Supply Chains Act, which outlines policy also provides that we are supportive of Health, Safety and Security The Human Rights Policy sets out our commitment rights policies, practices and procedures the steps we have taken during the year the fundamental freedoms of our employees to the following items, among other things: on a regular basis; to prevent and reduce the risk that forced (and of all individuals), including the freedom Human Rights, • Organizing appropriate training and labour or child labour is used in our business of thought, belief, opinion and expression, Non-Discrimination, • Complying with human rights laws in educational programs for our personnel or supply chain, reinforcing and highlighting the freedom of peaceful assembly and the Anti-Harassment and regions in which we conduct business; to address human rights issues and a number of our commitments under the freedom of association. Equal Opportunity • Supporting fundamental freedoms of to properly implement our Human Human Rights Policy. all individuals, including the freedom of Rights Policy; The Non-Discrimination, Anti-Harassment Climate Action thought, belief, opinion and expression, • Expecting that our suppliers and service Non-Discrimination, Anti-Harassment & Equal Opportunity Policy also deals with the freedom of peaceful assembly, the providers conduct their business practices & Equal Opportunity Policy harassment and workplace violence. This Transparency and freedom of association and other rights in accordance with our values, including We have a Non-Discrimination, Anti-Harassment policy articulates our position with respect Guiding Principles and freedoms; in respect of human rights; and & Equal Opportunity Policy, which provides to diversity and equal opportunity as well as • Complying with proper labour laws and • Disclosing our progress and initiatives the framework to maintain an environment (i) zero tolerance for discrimination, harassment About this ESG Report standards including in respect of legal age on human rights. free of discrimination and harassment, in and threats or acts of violence; (ii) reporting limits, forced or slave labour, minimum which all individuals are treated with respect inappropriate conduct, harassment and Appendices wages and benefits, and working hours In 2021, we updated our Human Rights and dignity, are able to contribute fully workplace violence; (iii) disciplinary measures; and working day limits; Policy to formalize our commitment to the and have equal opportunities. Grounds for and (iv) the development of procedures to • Maintaining workplaces free from harassment fundamental labour standards and rights discrimination include age, religion, sexual prevent and address human rights issues. and discrimination and complying with health at work set out in the International Labour orientation, gender, family or marital status, and safety standards; Organization’s Declaration on Fundamental disability, race, ancestry, place of origin,

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 CLIMATE Climate Action ACTION Commitments and Plans Overall Carbon Footprint We have a goal to achieve Corporate Footprint net-zero GHG emissions by Investment Footprint 2050 with respect to our Transparency and corporate operations and Guiding Principles are committed to considering the decarbonization efforts About this ESG Report and the net-zero alignment Appendices of operators and operations when making investment decisions. Solar power plant at Tasiast mine in Mauritania

CLIMATE ACTION COMMITMENTS AND PLANS 35 Message from our CEO In 2020, we committed to maintain carbon We have adopted a Climate Action Policy, Investments Stakeholders Report Highlights neutrality at our corporate operations and, which is summarized below and formalizes We are committed to assessing the To further support the awareness of climate in 2022, we accomplished this for the third the abovementioned climate-related goals, decarbonization efforts and net-zero reduction goals, including net-zero emissions About Franco-Nevada consecutive year. targets and commitments relating to all alignment of operators and operations by 2050 or sooner, we: aspects of our business. Our Climate Action when making investment decisions. We In 2023, we set a goal to achieve net-zero Policy also establishes the measures that we are also committed to engaging with new • Ensure that our external consultants are Responsible emissions relating to our global corporate will implement to further these commitments. and existing partners on their efforts to familiar with our support for the goal of Capital Allocation operations (our “Corporate Emissions”) decarbonize and achieve net-zero emissions decarbonization and net-zero emissions by 2050, in line with global efforts to limit Corporate Operations by 2050 or sooner. To achieve this, we: by 2050 or sooner and understand Community warming to 1.5°C (“net-zero emissions by We aspire to achieve net-zero Corporate Franco-Nevada’s commitments under Contributions 2050 or sooner”). While our commitment Emissions by 2050. To reach this goal, we: • Assess the decarbonization commitments, the Climate Action Policy; and to carbon neutrality primarily involves the plans, targets and initiatives of operators, purchase of carbon offsets, our net-zero • Measure and record our Corporate including commitments to or progress • Ensure, before transacting with any Good Governance and aspiration entails a concerted effort to Emissions in accordance with towards achieving net-zero emissions significant provider of goods for our Shareholder Alignment reduce our absolute emissions. the Greenhouse Gas Protocol; by 2050 or sooner in our due diligence corporate operations, that such supplier processes when evaluating new is aligned with the goal of net-zero Diversity, Inclusion In 2024, we adopted emission reduction targets • Have adopted GHG emission reduction opportunities; emissions by 2050 or sooner. and Well-Being for our corporate operations, including a 42% targets for our Corporate Emissions in reduction of our Scope 1 and 2 emissions line with the achievement of net-zero • Monitor operators’ decarbonization efforts We are committed to: Climate Action by 2030 and a 30% reduction of our overall emissions by 2050 or sooner; and progress towards net-zero emissions Corporate Emissions (Scope 1, 2 and 3, by 2050 or sooner and endeavour to Climate Action excluding financed emissions) by 2030, • Maintain carbon neutrality on an annual include contractual provisions requiring • Our goal to achieve net-zero Commitments and Plans each from a 2023 base year. basis for our Corporate Emissions by operators to provide us with sufficient Corporate Emissions by 2050 purchasing high quality carbon offsets information in order to do so; or sooner Overall Carbon Footprint Our greatest impact in addressing climate for those Corporate Emissions that • Achieve our emission reduction Corporate Footprint change is through deploying capital to cannot be eliminated; and • Measure and record our attributable targets relating to our global responsible operators and operations emissions from our royalty and stream Corporate Emissions by 2030 Investment Footprint committed to reducing carbon footprints • Report on our progress and provide interests in accordance with the • Assess the decarbonization efforts and environmental impacts. Accordingly, climate-related disclosures aligned Greenhouse Gas Protocol and other and net-zero alignment of operators Transparency and we have also committed to assess the with the recommendations from the leading supplementary guidance; and and operations when making Guiding Principles decarbonization efforts and net-zero alignment, Task Force for Climate-related Financial investment decisions including with respect to the commitments, Disclosures (TCFD) and regulatory • Explore options on how we may assist • Engage with new and existing About this ESG Report plans, targets and initiatives, of operators and requirements applicable to our company. operators’ energy transitions, climate-related operators on their efforts to operations when making investment decisions community and other initiatives, and/or decarbonize and achieve net-zero emissions by 2050 or sooner Appendices and to engage with new and existing partners other activities aimed at decarbonization • Further awareness of and support on their efforts to decarbonize and achieve Related Policies and achieving net-zero emissions by 2050 for climate reduction goals, including net-zero emissions by 2050 or sooner. and Statements: or sooner. net-zero emissions by 2050 or sooner, • Climate Action Policy with our stakeholders

OVERALL CARBON FOOTPRINT 36 Message from our CEO Corporate Emissions (2023) Financed Emissions (2022) Report Highlights Scope 3 500 Investments Corporate and About Franco-Nevada Corporate Emissions and Financed Emissions depicted below (see page 41) Financed Emissions and adjacent are not to scale, with total Financed Emissions 620,000 Franco-Nevada’s carbon footprint is comprised Responsible being approximately 3,000 times Corporate Emissions 558,640 of emissions relating to our corporate offices 400 Capital Allocation 520,000 as well as financed emissions, which are 146,376 estimated emissions based upon production Community 300 420,000 attributable to our royalty and stream interests (referred to as “Financed Emissions”). Since Contributions Scope 3 2020, our corporate operations have been Scope 2 Business Travel Scope 3 320,000 Electricity and Employee Scope 3 Water and carbon neutral. We have accomplished this, Good Governance and 200 and Steam Commuting Office Supplies Wastewater and will continue to do so, through initiatives (see page 39) (see page 40) (see page 40) (see page 40) Shareholder Alignment e)2 412,264 220,000 (tCO to reduce our corporate GHG emissions and (tCO 2e) through the purchase of high quality carbon Diversity, Inclusion 100 120,000 credits to offset emissions that cannot and Well-Being 118.8 be eliminated. 63.9 26.3 Gross emissions 5.6 Gross emissions 20,000 While it is important for us to be operationally Climate Action Offsets -7.0 Sequestered emissions carbon neutral, we acknowledge that our own -32.9 -80,000 total operational emissions are minimal relative Climate Action to the operations in which we invest and much Commitments and Plans -100 -79.9 -180,000 of our ability to have a positive impact on the Overall Carbon Footprint climate relates to our engagement with and -148.5 support of our current operators and to our Corporate Footprint -200 -280,000 -274,314 future capital allocation strategy. Investment Footprint Purchased carbon offsets for 125% Transparency and of our Corporate Emissions Sequestered emissions attributable to (see page 40) our Weyburn working and royalty interests Guiding Principles We do not reduce or set-off our Financed Emissions Legend with such sequestered emissions About this ESG Report (see page 67) Emissions from Purchased carbon offsets Appendices corporate operations Financed Emissions Sequestered emissions “Since 2020, our corporate operations have been carbon neutral. We have accomplished this, from mining interests from Weyburn working and will continue to do so, through initiatives to reduce our corporate GHG emissions and through Financed Emissions interest and royalties from energy interests the purchase of high quality carbon credits to offset emissions that cannot be eliminated.“

37 Message from our CEO Report Highlights Scope 1, 2 and 3 Primer Franco-Nevada’s Progression All of our emissions are calculated using In accordance with the GHG Protocol, emissions Franco-Nevada accounts for the following We recognize the increasing importance About Franco-Nevada the Greenhouse Gas Protocol Corporate associated with certain kinds of investments emissions applicable to our corporate for shareholders, ESG rating agencies and Accounting and Reporting Standard, the (e.g. majority equity holdings, loans with operations: Scope 1 (nil, as our offices others to have visibility of the carbon footprints most widely-used international accounting known use of proceeds, etc.) are required are not heated from the direct combustion of asset managers’, investment funds’ and Responsible tool for companies to understand, quantify, to be calculated and included as Scope 3, of natural gas or propane), Scope 2 (emissions royalty and streaming companies’ portfolios. Capital Allocation and manage GHG emissions. The Greenhouse Category 15 (Investments) emissions. For other relating to the use of electricity and steam for There have also been gradual improvements Gas Protocol (the “GHG Protocol”), launched alternative investments, including royalty and our offices) and Scope 3 (applicable categories in data availability for emissions relating to Community in 1998, categorizes a company’s GHG stream interests, emissions attributable to for our corporate operations include Category our investments. Starting in 2022, we have Contributions emissions into three scopes: such investments may optionally, but are not 1 (Purchased Goods and Services); Category disclosed estimated emissions attributable required to, be included in Scope 3, Category 5 (Waste); Category 6 (Business Travel); to our royalty and stream interests, comprising • Scope 1 emissions are direct emissions 15 (Investments), with the GHG Protocol and Category 7 (Employee Commuting). our Scope 3, Category 15 (Investments) Good Governance and from owned or controlled sources acknowledging that for many of these emissions. Please refer to the section Shareholder Alignment (e.g., emissions associated with fuel investments, investors may have minimal entitled Investment Footprint below. combustion in boilers, furnaces, vehicles). or no control or insight into the operations Diversity, Inclusion of the investees. and Well-Being • Scope 2 emissions are indirect emissions from the generation of purchased electricity To the extent that emissions relating to Climate Action or steam. investments are disclosed by investors, irrespective of whether such disclosure Climate Action • Scope 3 emissions are all other indirect is optional or mandatory, the GHG Protocol Commitments and Plans emissions that occur in the value chain provides that the “reporting company’s of the reporting company, including both Scope 3 emissions from investments Overall Carbon Footprint upstream and downstream emissions. are the Scope 1 and Scope 2 emissions Corporate Footprint The 15 categories of Scope 3 emissions of investees". are depicted in the adjacent GHG Investment Footprint Protocol diagram. Transparency and Guiding Principles “We recognize the increasing importance for shareholders, About this ESG Report ESG rating agencies and others to have visibility of the carbon footprints of asset managers’, investment funds’ Appendices and royalty and streaming companies’ portfolios... Starting in 2022, we have disclosed estimated emissions attributable to our royalty and stream interests...”

CORPORATE FOOTPRINT 38 Message from our CEO In terms of our own environmental impact, our carbon footprint is very small. Our workforce, Report Highlights consisting of 40 full-time employees, operates solely within office environments, including at About Franco-Nevada our head office in Toronto in Commerce Court West. Our remaining staff work in office spaces located in Barbados, the United States Responsible and Australia. Capital Allocation We have advanced the following measures Community and programs to reduce our carbon footprint Contributions and environmental impact: • Since 2019, we have utilized Notice and Good Governance and Access delivery procedures to reduce Shareholder Alignment consumption of paper products; Diversity, Inclusion • At the end of 2023, we installed updated and Well-Being light sensors in our Toronto office to reduce electricity consumption; Climate Action • We are exploring options to install a solar Climate Action panel system at our Barbados office; Commitments and Plans • We are currently formalizing a corporate Overall Carbon Footprint policy to incentivize low carbon Corporate Footprint transportation and commuting by our employees; and Investment Footprint Transparency and • We ensure that all of our significant Commerce Court West Guiding Principles suppliers of goods have in place In December 2017, Commerce Court West (the office tower in which our Canadian head office is located) achieved BOMA BEST commitments, plans, targets and Platinum level certification. This is the highest level of certification in the BOMA BEST green buildings certification program, Canada’s initiatives aligned with the goal of largest environmental assessment and certification program for existing buildings. In 2021, Commerce Court was awarded BOMA About this ESG Report net-zero emissions by 2050 or sooner. Canada The Outstanding Building of the Year (TOBY) Award for a building with over 1 million square feet. Appendices Commerce Court is certified LEED EB Gold reflecting the successful implementation of its long-term sustainability strategy and Related Policies an ongoing commitment to the environment and other sustainability-focused initiatives. The LEED Canada EB rating system applies and Statements: a rigorous internationally-recognized standard measuring and evaluating the effectiveness of a property’s sustainable practices • Climate Action Policy and policies in a range of green categories.

39 Corporate Scope 1 GHG Emissions Total Corporate Scope 2 Emissions (tCO e) Message from our CEO 70.0 2 Operating solely in office environments, 63.9 Report Highlights our company does not have any quantifiable 57.6 Scope 1 emissions. For example, Commerce 60.0 “Our recent annual Court West, our corporate head office building About Franco-Nevada in Toronto, is heated with steam and utilizes 50.0 37.3 Scope 2 emissions electricity, which are reported under Scope 2 40.5 are still lower than Responsible emissions. We acknowledge that some of our 40.0 34.4 Capital Allocation workforce may from time-to-time access certain 30.0 pre-COVID levels, public areas during their work days that are 24.5 which is primarily due Community heated by, or otherwise utilize, fossil fuels. 20.0 to our shift to remote Although we do not have access to sufficient Contributions data to calculate our share of these Scope 1 10.0 23.2 26.6 and hybrid work emissions, we have purchased carbon offsets 16.0 Good Governance and accounting for 125% of our overall reported - arrangements during Shareholder Alignment Corporate Emissions to factor these in. 2021 2022 2023 2021, 2022, and 2023.” Diversity, Inclusion Corporate Scope 2 GHG Emissions* Electricity Steam and Well-Being The production of GHGs associated with our energy usage and heating sources, comprised † Climate Action of electricity and steam, are indirect (Scope 2) Corporate Utility Usage and Waste emissions, which are set out in the adjacent The following sets out our annual utility usage Climate Action chart. Our recent annual Scope 2 emissions and waste for the years 2021 to 2023. Commitments and Plans are still lower than pre-COVID levels, which is primarily due to our shift to remote and Unit 2021 2022 2023 Overall Carbon Footprint hybrid work arrangements during 2021, Electricity kWh 190,545 213,596 215,371 Corporate Footprint 2022, and 2023. We have begun to see these emissions normalize as we have had Steam lb 305,306 393,124 403,169 Investment Footprint increasing levels of in-office work in 2022 and 2023. Chilled ton-h 33,448 27,513 32,388 Transparency and Water Guiding Principles 3 Water m 371 450 562 About this ESG Report Waste kg 833 1,511 1,951 Appendices Commerce Court West in Toronto Commerce Court, North Tower (part of the building complex of our head office) * Historically, our Scope 2 emissions were disclosed on a partial FTE basis (2021 – 88.9%; 2022 – 87.5%) due to unavailability of such data for our United States and Australian offices. Commencing in this ESG Report, we have grossed up these emissions to 100%, which has resulted in a restatement of our Scope 2 emissions for 2021 (previously 36.0 tCO e) and 2022 (previously 50.4 tCO e). 2 2 † Represents raw data for utilities used in Toronto and Barbados offices. The portion of water usage and waste data relating to our Toronto office has been generated by building management and represents our proportionate share of the building’s aggregate water usage and waste.

40 Corporate Scope 3 Emissions (tCO e) Message from our CEO 2 160.0 Business Travel* Purchased Goods Water and Waste** Total Corporate Report Highlights 140.0 and Employee Commuting and Services Scope 3 Emissions 118.8 About Franco-Nevada 120.0 100.0 Responsible 85.6 Capital Allocation 80.0 150.7 100.6 60.0 68.3 110.3 Community 40.0 Contributions 0.4 26.3 0.3 18.4 20.6 20.0 0.4 11.0 2.2 31.9 11.3 24.3 1.7 3.4 5.6 4.6 17.3 18.2 1.2 9.4 18.0 1.7 2.5 0.7 4.1 1.0 Good Governance and 0.0 7.1 0.8 Shareholder Alignment 2021 2022 2023 2021 2022 2023 2021 2022 2023 2021 2022 2023 Employee Business Other Purchased Electronics Paper Use Water Waste Diversity, Inclusion Commuting - Car Travel - Air Goods and Services and Well-Being Climate Action Corporate Scope 3 Emission Reduction Carbon Neutral for GHG Emissions Targets and Initiatives Corporate Operations Climate Action Our corporate Scope 3 emissions are comprised In 2024, we adopted emission reduction targets We are committed to reducing our footprint. For 2023, we offset our global operational Commitments and Plans of estimated GHG emissions associated with for our corporate operations, including a 42% Since 2020, our corporate operations have emissions by purchasing from Innovate, work-related travel, employee commuting, reduction of our Scope 1 and 2 emissions been carbon neutral and we are committed a Barbados-based supplier of high quality Overall Carbon Footprint purchase and use of office supplies and by 2030 and a 30% reduction of our overall to achieving this annually going forward. We carbon offsets, a combination of certified Corporate Footprint services (including paper, electronic devices, Corporate Emissions (Scope 1, 2 and 3, accomplished this primarily by purchasing emission reduction offsets produced from kitchen supplies and other office goods excluding financed emissions) by 2030, high quality carbon offsets to account for international projects, including projects Investment Footprint and services), and water and waste**. The each from a 2023 base year. We opted to emissions we cannot eliminate. in Chile and Peru. Appendix H to this ESG Transparency and increase of our corporate Scope 3 emissions use 2023 as our base year as we believe Report contains further details regarding Guiding Principles in 2023 is primarily due to a year-over-year 2023 marks the first year that our Corporate our 2023 carbon neutrality. increase in business travel and increased Emissions have substantially normalized in-office presence resulting in additional since the COVID-related reduction of About this ESG Report employee commuting. Corporate Scope 3 emissions (2020-2022). * To improve the accuracy of our emission disclosure, commencing in this ESG Report, Scope 3 emissions relating to emissions have normalized to pre-COVID levels. (1) Business Travel are derived from the International Civil Aviation Organization’s Carbon Emissions Calculator using Appendices As discussed on page 38, we have already detailed flight and other data, and (2) Employee Commuting are derived from the Thrust Carbon calculator using detailed implemented or have advanced implementation data provided by our employees. We have restated Scope 3 emissions relating to Business Travel and Employee Commuting for 2021 (previously 11.5 tCO e and 8.7 tCO e, respectively) and 2022 (previously 37.4 tCO e and 22.2 2 2 2 of certain measures and programs to reduce tCO e, respectively) so that such data is calculated using our new accurate methodology. 2 our carbon footprint and achieve our emission ** Historically, our Scope 3 emissions attributable to water and wastewater (Scope 3, Category 5) were disclosed reduction targets. on a partial FTE basis (2021 – 88.9%; 2022 – 87.5%) due to unavailability of such data for our United States and Australian offices. Commencing in this ESG Report, we have grossed up these emissions to 100%, which has resulted in a restatement of our Scope 3, Category 5 emissions for 2021 and 2022.

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.

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 Transparency and AND GUIDING Guiding Principles PRINCIPLES TCFD, SASB, and GRI UN Global Compact and SDGs We are committed to providing Responsible Gold Mining transparency in all ESG matters Principles ESG Ratings and Recognition relating to our business and to reporting annually on our About this ESG Report progress made towards Appendices our objectives. Agroforestry project supported by Vale Fund in Pará, Brazil

TCFD, SASB, AND GRI 43 Message from our CEO Our 2024 ESG Report leverages reporting frameworks and standards such as the Task Force on Climate-related Financial Disclosures (TCFD), Sustainable Accounting Standards Board (SASB), and the Global Reporting Initiative (GRI). Report Highlights About Franco-Nevada Responsible Capital Allocation Community Contributions Task Force on Climate-related Sustainability Accounting Global Reporting Financial Disclosures (TCFD) Standards Board (SASB) Initiative (GRI) Good Governance and Shareholder Alignment The TCFD seeks to develop consistent climate- Using the Sustainable Industry Classification GRI is an international independent standards Diversity, Inclusion related financial risk disclosures for companies System® (SICS®), which was created by organization with the world’s most widely in their financial and sustainability reporting. The SASB to group like companies based on their adopted sustainability standards, which helps and Well-Being TCFD considers the physical, liability and transition sustainability-related risks and opportunities, companies identify, gather and report this risks associated with climate change and what SASB has established industry-specific standards information in a clear and comparable Climate Action constitutes effective financial disclosures. Both for the recognition and disclosure of financially manner. The standards cover relevant topics the Canadian Securities Administrators and the material environmental, social and governance across the economic, environmental and Transparency and Securities and Exchange Commission have impacts, which are geared towards investors and social dimensions. Organizations select from Guiding Principles recently proposed climate-related disclosure capital providers. The standards are designed to among these to report on their significant requirements aligned with the TCFD. generate standardized and comparable data that impacts, which can either be implemented TCFD, SASB, and GRI is useful for investors and typically quantitative. into a standalone report or can be indexed. UN Global Compact and SDGs Responsible Gold Mining The climate disclosure included in this year’s This marks our company’s fourth consecutive This is our company’s second consecutive year Principles ESG Report, including in Appendix C, is our fourth year of disclosure aligned with the SASB aligning with the GRI standards. Appendix E consecutive year of reporting aligned with the framework, which disclosure is included includes an index, which maps our disclosure, ESG Ratings and Recognition TCFD framework. in Appendix D. including in our ESG Report, to the GRI standards. About this ESG Report Appendices

UN GLOBAL COMPACT AND SDGS 44 Message from our CEO Report Highlights About Franco-Nevada Responsible Capital Allocation Community Contributions Good Governance and Shareholder Alignment Diversity, Inclusion In early April 2020, we joined the United In September 2020, we joined 1000+ Initiatives across our business help advance and Well-Being Nations Global Compact, the world’s largest businesses from more than 100 countries a number of the Sustainable Development Climate Action corporate sustainability initiative with over in demonstrating our support for the United Goals (SDGs), which were adopted by the “Initiatives across our 21,000 corporate participants in 162 countries. Nations and inclusive multilateralism by signing United Nations in 2015 as a universal call business help advance a The Global Compact is based on ten principles the Statement from Business Leaders for to action to end poverty, protect the planet, Transparency and organized around four themes (human rights, Renewed Global Cooperation. The full list and ensure that by 2030 all people enjoy number of the Sustainable Guiding Principles labour, environmental and anti-corruption) and of signatories can be found here: peace and prosperity. In Appendix F, for the Development Goals (SDGs), is intended to promote responsible business second consecutive year, we provide disclosure TCFD, SASB, and GRI practices and the United Nations’ values ungc-communications-assets.s3. as to Franco-Nevada’s initiatives that are aligned which were adopted by UN Global Compact and SDGs among the global business community. amazonaws.com/docs/publications/ with and support the SDGs. the United Nations in 2015 UN75_UnitingBusinessStatement.pdf Responsible Gold Mining The UN Global Compact’s Ten Principles as a universal call to action Principles are derived from: the Universal Declaration As part of our Global Compact commitment, to end poverty, protect the ESG Ratings and Recognition of Human Rights, the International Labour we have completed our Communication on Organization’s Declaration on Fundamental Progress for 2023 describing the practical planet, and ensure that About this ESG Report Principles and Rights at Work, the Rio Declaration actions that we have taken and the qualitative by 2030 all people enjoy on Environment and Development, and the and quantitative results of our company Appendices United Nations Convention Against Corruption. in furtherance of the ten principles. Our peace and prosperity. “ Communication on Progress is available on the UN Global Compact website.

RESPONSIBLE GOLD MINING PRINCIPLES 45 Message from our CEO Report Highlights About Franco-Nevada “Franco-Nevada played Responsible a leading role at the WGC Capital Allocation during the establishment Community of the RGMPs.” Contributions Good Governance and Shareholder Alignment We are a long-standing member of the World Gold Council (“WGC”) and, in 2012, led the Diversity, Inclusion establishment of the WGC’s new Conflict-Free and Well-Being Gold Standard to combat the potential misuse of mined gold to fund unlawful armed conflict. Climate Action David Harquail, our Chair of the Board, was Commitment to RGMP Policy Implementation Chair of the WGC from 2017 to 2020. Paul RGMP Requirements On March 10, 2021, we adopted our RGMP Policy Measures in the table on Brink, our President & CEO, is currently As a royalty and stream company, we are Responsible Gold Mining Principles Policy the following page represent our internally- Transparency and a director of the WGC, serves as the Chair committed to implement the RGMPs which (the “RGMP Policy”) to formalize our developed criteria in furtherance of our Guiding Principles of the WGC’s Compensation Committee. require finance and capital providers to publicly commitment to the RGMPs. The RGMP commitment to the RGMPs and against which Franco-Nevada played a leading role at the endorse the RGMPs, use our best endeavours Policy was updated on March 9, 2022, we measure our RGMP Policy implementation TCFD, SASB, and GRI WGC during the establishment of the RGMPs. to encourage adoption of the RGMPs at all which formalized certain changes to our described under the Description of UN Global Compact and SDGs operations where we have influence and, to RGMP Policy measures made in 2021, which Implementation in the following table. In September 2019, we officially committed the extent applicable, ensure conformance changes are described on the following page. The measures in the following table were Responsible Gold Mining to the RGMPs. The RGMPs were established with the RGMPs for any gold mining operations The full text of the RGMP Policy can be found implemented as at December 31, 2023. Principles by the WGC as a framework that sets out clear over which we have direct control. on our website at www.franco-nevada.com/ ESG Ratings and Recognition standards as to what constitutes responsible corporate/policies-mandates. gold mining, incorporating ESG principles aligned In addition to endorsing and encouraging Related Policies About this ESG Report with the expectations of governments, investors, the adoption of the RGMPs in accordance In the RGMP Policy, we commit to implement and Statements: employees and contractors, communities, with the RGMP guidelines, we are committed the RGMP requirements for royalty and stream • Responsible Gold Mining Appendices supply chain partners and civil society. to expanding awareness and understanding companies, to the extent applicable, including Principles Policy The principles incorporate 51 separate ESG of the RGMPs with our investees, directors, the requirement to publicly endorse the RGMPs. principles addressing 10 broad topics depicted officers, consultants, shareholders and on this page. other stakeholders.

46 Message from our CEO RGMP Policy Measures Description of Implementation Assurance Statement Although there is no obligation in the RGMPs Training. Franco-Nevada will conduct training sessions to promote the All of our employees attended a training session covering the training subject for royalty and streaming companies to Report Highlights understanding of: Franco-Nevada’s obligations and objectives under the matter set out in the RGMP Policy and provided a written acknowledgement arrange for external assurance for their RGMPs, internal systems and processes in place to conform to such of their participation in a training session in 2023. All of our employees also RGMP commitments, Franco-Nevada engaged About Franco-Nevada obligations and objectives, and the progress made and to be made by provided a separate annual written acknowledgement of their understanding Franco-Nevada in conforming to such obligations and objectives. Such of the RGMPs and Franco-Nevada’s RGMP obligations and commitments. the services of an assurance provider, KPMG training sessions will be conducted for employees every three years, with LLP (“KPMG”), to provide limited assurance Responsible the exception of new employees who will receive such training during the on our description of implementation against Capital Allocation calendar year that they join Franco-Nevada. specific RGMP Policy measures set out in the table above. KPMG’s Independent Limited Due Diligence. Franco-Nevada will identify and record RGMP implementation We have developed an ESG due diligence checklist used for evaluating Assurance Report is included in Appendix G Community and conformance when evaluating new mining investments, including whether our royalty and stream opportunities, which includes an assessment of the to this ESG Report. Contributions the applicable miner is a WGC member and/or has adopted the RGMPs applicability of the WGC and RGMPs to the miner, including the membership or whether the RGMPs are not applicable to the miner (e.g. if the operator by the miner in the WGC, the adoption of the RGMPs by the miner, and the is a diversified mineral producer). If the miner has adopted the RGMPs, stage of implementation and conformance with the RGMPs by the miner. Good Governance and Franco-Nevada will identify and record the stage of implementation of A summary of such assessment is included in the final memorandum in “As a royalty and stream Shareholder Alignment and conformance with the RGMPs at the applicable mining operation. connection with the opportunity submitted for final approval to the Board of Directors approving the transaction or, if within management’s authority to company, we are approve such transaction, the executive committee. In 2023, we included committed to... Diversity, Inclusion such assessment in all final memorandums submitted for final approval. and Well-Being use our best endeavours External Consultants. When Franco-Nevada engages technical, ESG or other New external consultants engaged during 2023 verified in their consulting to encourage adoption of third-party consultants to assist Franco-Nevada with its evaluation of new agreements that they are familiar with the RGMPs, the RGMP requirements Climate Action mining investments, Franco-Nevada will ensure that the consultants are for capital and finance providers, and Franco-Nevada’s commitments thereto. the RGMPs at all operations familiar with the RGMPs and understand Franco-Nevada’s commitments where we have in昀氀uence Transparency and thereunder and Franco-Nevada will obtain a written acknowledgement Guiding Principles from the consultants verifying their awareness. and, to the extent applicable, Contractual Provisions. Franco-Nevada will endeavour to negotiate contractual In all new instances where we contracted with Gold Miners in 2023, we were ensure conformance with TCFD, SASB, and GRI provisions when making new investments with a view to having gold miners successful in including RGMP-related contractual provisions in our royalty the RGMPs for any gold UN Global Compact and SDGs (“Gold Miners”) use commercially reasonable efforts to adopt (or to continue or stream agreement with them. to adopt and implement) the RGMPs and to ensure that the Gold Miners mining operations Responsible Gold Mining provide sufficient transparency to facilitate Franco-Nevada’s assessment of over which we have Principles the compliance by the Gold Miners with any agreed contractual provisions. ESG Ratings and Recognition direct control.” Monitoring. After each new royalty or stream acquisition in respect of a mining In our internal asset summaries for all mining royalty or stream acquisitions operation, Franco-Nevada will monitor whether the miner has adopted the since the implementation of our RGMP Policy we have recorded whether the About this ESG Report RGMPs, the stage of implementation of and conformance with the RGMPs, applicable miner is a WGC member and, if so, whether such miner has adopted and any material issues disclosed by the miner regarding such implementation the RGMPs, the stage of implementation of, and conformance with, the RGMPs Appendices and conformance. and we have conducted monitoring of the stage of adoption on a periodic basis. Transparency. On an annual basis, Franco-Nevada will publicly report on This segment of our ESG Report comprises our reporting in relation to our the status of its conformance to its RGMP commitments and the measures RGMP Policy implementation. described in our RGMP Policy.

ESG RATINGS AND RECOGNITION 47 Message from our CEO Report Highlights About Franco-Nevada Responsible Capital Allocation Community Contributions Good Governance and Shareholder Alignment Top Rated Gold Company and Rated “AA” Precious Metals Company by Systainalytics in 2024 by MSCI in 2024 Diversity, Inclusion and Well-Being Climate Action Transparency and Guiding Principles BOARD TCFD, SASB, and GRI GAMES UN Global Compact and SDGs Responsible Gold Mining Principles ESG Ratings and Recognition Rated “Prime” Tied for second ranked mining company About this ESG Report by ISS ESG in 2024 in The Globe and Mail’s 2023 Board Games Appendices

ABOUT THIS ESG REPORT 48 Scope directors, shareholders, community members, Forward-Looking Information Message from our CEO This ESG Report includes information about ESG rating agencies and other stakeholders. Certain statements made in this ESG Report For additional information with respect to risks, Franco-Nevada Corporation and its subsidiaries Please refer to page 25 of this ESG Report contain “forward-looking information” and uncertainties and assumptions, please refer (“Franco-Nevada”, the “company”, “we”, “us” for a summary of the ways in which we engage “forward-looking statements” within the to Franco-Nevada’s most recent Annual Report Highlights or “our”). Unless otherwise specified in this with our stakeholders and their key topics of meaning of applicable Canadian securities Information Form filed with the Canadian ESG Report, reference to “Franco-Nevada”, interest in 2023. We actively collaborate with laws and the United States Private Securities securities regulatory authorities on www. About Franco-Nevada the “company”, “we”, “us” or “our” refers industry leaders through our involvement Litigation Reform Act of 1995, respectively. sedarplus.com and Franco-Nevada’s most to our entire corporate structure and global with the World Gold Council and other industry Such forward-looking statements reflect recent Annual Report filed on Form 40-F filed Responsible operations and workforce. associations. Through these various discussions management’s current beliefs and assumptions with the Securities and Exchange Commission Capital Allocation and collaborations, we identify our ESG priorities, and are based on information currently available on www.sec.gov. The forward-looking statements This ESG Report complements but does not which are reflected in our corporate policies, to management. Often, but not always, in this ESG Report are made as of the date Community form part of our most recent Annual Report, in our corporate goals, targets and initiatives, forward-looking statements can be identified indicated and Franco-Nevada does not assume Management Information Circular, and Annual and in this ESG Report. by the use of words such as “plans”, “expects”, any obligation to update or revise them to reflect Contributions Information Form available at www.franco- “is expected”, “budgets”, “potential for”, new information, estimates or opinions, future nevada.com and filed with the Canadian Reporting Period “scheduled”, “estimates”, “forecasts”, events or results or otherwise, except as Good Governance and securities regulatory authorities on www. All data and examples contained in this ESG “predicts”, “projects”, “intends”, “targets”, required by applicable law. This ESG Report Shareholder Alignment sedarplus.com or with the Securities and Report reflect activities undertaken during “aims”, “anticipates” or “believes” or does not constitute an offer to sell or a Exchange Commission on www.sec.gov. the 2023 fiscal year, unless otherwise noted. variations (including negative variations) of solicitation for an offer to purchase any Diversity, Inclusion such words and phrases or may be identified security in any jurisdiction. and Well-Being Certain information is based on the public ESTMA by statements to the effect that certain actions disclosure of our operating partners and Franco-Nevada supports efforts to increase “may”, “could”, “should”, “would”, “might” has not been independently verified transparency and accountability in the mining or “will” be taken, occur or be achieved. Climate Action by Franco-Nevada. and energy industries. Please refer to Franco- Forward-looking statements involve known Nevada’s enrollment under Extractive Sector and unknown risks, uncertainties and other Transparency and Materiality Transparency Measures Act (“ESTMA”): factors, which may cause the actual results, Guiding Principles The ESG topics and issues described in this www.franco-nevada.com/investors/ESTMA performance or achievements of Franco-Nevada ESG Report are those that we have identified to be materially different from any future results, About this ESG Report as most important to our shareholders and our Currency performance or achievements expressed or other stakeholders. Our processes to assess All amounts in this document are in U.S. dollars implied by the forward-looking statements. Many the materiality of ESG issues for our company unless otherwise noted. factors could cause actual events or results Appendices involve routine strategy meetings between to differ materially from any forward-looking management and our Board of Directors. We Feedback statement. Franco-Nevada cannot assure also engage regularly with our shareholders and We would like to hear what you think about investors that actual results will be consistent other stakeholders to determine whether our our ESG Report or any aspect of our ESG and with these forward-looking statements. ESG strategy and efforts are aligned with the sustainability efforts. Please send any questions Accordingly, investors should not place undue key concerns and priorities of our employees, or comments to [email protected]. reliance on forward-looking statements due to the inherent uncertainty therein.

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 APPENDICES A: ESG Performance Table B: Operators’ Emissions C: TCFD Disclosure D: SASB Disclosure E: GRI Index F: Sustainable Development Goals G: KPMG: Independent Limited Assurance Report H: Carbon Neutral Initiative Local farming initiative near Falcondo in Dominican Republic

1 Message from our CEO APPENDIX A: ESG PERFORMANCE TABLE 50 Report Highlights 2 Unit 2023 2022 2021 Unit 2023 2022 2021 WORKFORCE LABOUR About Franco-Nevada 3 Full-time employees (“FTE”) # 40 40 36 Collective bargaining agreements # Nil Nil Nil Responsible FTE – Women # (%) 18 (45%) 17 (43%) 18 (50%) Strikes or lock-outs # Nil Nil Nil Capital Allocation FTE – Visible minorities # (%) 18 (45%) 18 (45%) 15 (42%) Labour violations or fines # Nil Nil Nil (e.g. age limits, wages, maximum hours and days) 4 FTE – BIPOC # (%) 18 (45%) 18 (45%) 15 (42%) Community Human rights violations # Nil Nil Nil 5 Contributions FTE – Diverse Persons # (%) 25 (63%) 24 (60%) 22 (61%) Reports of violence or harassment # Nil Nil Nil Senior management (VP and higher) # 14 14 11 Good Governance and FTEs making greater than minimum wage % 100 100 100 Women in senior management positions # (%) 2 (14%) 2 (14%) 1 (9%) Shareholder Alignment FTEs receiving vacation pay, sick pay and parental % 100 100 100 Visible minorities in senior management positions # (%) 6 (43%) 6 (43%) 4 (36%) leave pay and receive health and other benefits Diversity, Inclusion BIPOC individuals in senior management positions # (%) 6 (43%) 6 (43%) 4 (36%) Total FTE turnover # 2 5 1 and Well-Being 7 Diverse Persons in senior management positions # (%) 6 (43%) 6 (43%) 4 (36%) Voluntary turnover of FTEs # 2 5 1 Climate Action Board members6 # 8 11 10 Involuntary turnover of FTEs # Nil Nil Nil Independent directors # (%) 6 (75%) 9 (82%) 8 (80%) New FTE hires # 2 9 2 Transparency and Women on Board of Directors # (%) 3 (38%) 3 (27%) 3 (30%) Internal FTE promotions # 3 2 5 Guiding Principles Visible minorities on Board of Directors # (%) Nil Nil Nil Employees receiving annual performance reviews % 100 100 100 About this ESG Report BIPOC individuals on Board of Directors # (%) Nil Nil Nil HEALTH & SAFETY Diverse Persons on Board of Directors # (%) 3 (38%) 3 (27%) 3 (30%) Workplace incidents relating to FTEs Appendices or contractors reported # Nil Nil Nil A: ESG Performance Table Lost days due to personnel or contractor # Nil Nil Nil 1 Unless otherwise noted, the figures in this ESG Performance Table relate to Franco-Nevada Corporation and all of its subsidiaries. workplace injuries B: Operators’ Emissions 2 Workforce figures are determined as at December 31 of each applicable year. 3 Full-time employees (FTE) for all of our corporate operations, in Toronto, Barbados, United States and Australia. Workplace personnel or contractor fatalities # Nil Nil Nil C: TCFD Disclosure 4 “BIPOC” means Black, Indigenous, and people of colour. D: SASB Disclosure 5 “Diverse Persons” includes women, Black, Indigenous and other people of colour, individuals who identify as LGBTQ2S+ Instances of occupational diseases among # Nil Nil Nil and people with disabilities. our personnel or contractors E: GRI Index 6 After our May 1, 2024 annual general and special meeting, our Board of Directors will be comprised of 9 Board members, of which 7 (78%) are independent directors, 3 (33%) are women, and 3 (33%) are Diverse Persons. Health & safety fines, penalties, litigation, # Nil Nil Nil F: Sustainable 7 Includes transition of senior management of the company and its subsidiaries to non-executive directorship roles. liabilities or settlements Development Goals G: KPMG: Independent Limited Assurance Report H: Carbon Neutral Initiative

Message from our CEO 51 Report Highlights Unit 2023 2022 2021 8 Unit 2023 2022 2021 CLIMATE & ENVIRONMENT GOVERNMENT & LOBBYING About Franco-Nevada Hazardous waste tonnes Nil Nil Nil Facilitation payments $ Nil Nil Nil 3 Fresh water withdrawn m Nil Nil Nil Political donations $ Nil Nil Nil Responsible 3 Total water withdrawn m Nil Nil Nil Lobbying expenditures $ Nil Nil Nil Capital Allocation 3 Water recycled m Nil Nil Nil Trade associations or tax-exempt groups whose role $ Nil Nil Nil Board members having climate expertise # 7 6 6 is to influence political campaigns and legislation Community Scope 1 - Total GHG emissions from fuel tCO e Nil Nil Nil Known government ownership % Nil Nil Nil Contributions 2 Scope 2 - Total GHG emissions from electricity tCO e 63.9 57.6 40.5 COMPLIANCE, DISPUTES, 1 2 and steam FINES & LITIGATION Good Governance and Scope 3 - Total GHG emissions from tCO e 150.7 558,750.3 627,396.6 Cases of non-compliance or breaches Shareholder Alignment indirect sources 2 of our corporate policies # Nil Nil Nil • from purchased goods and services tCO e 26.3 20.6 11.0 Instances of whistleblower complaints # Nil Nil Nil (Scope 3 Category 1) 2 Diversity, Inclusion Environmental fines, penalties, litigation, liabilities # Nil Nil Nil • from waste and wastewater tCO e 5.6 4.1 2.5 or settlements and Well-Being (Scope 3 Category 5)3 2 • from business travel tCO e 100.6 68.3 11.3 BRIBERY & ANTI-CORRUPTION Climate Action (Scope 3 Category 6)4 2 Incidents of discipline or dismissal among staff • from employee commuting tCO e 18.2 17.3 7.1 or consultants due to non-compliance with # Nil Nil Nil Transparency and (Scope 3 Category 7)4 2 anti-corruption policies Guiding Principles • from investments 5 Anti-bribery, or anti-corruption fines, penalties, # Nil Nil Nil tCO e NR 558,640.0 627,364.7 (Scope 3 Category 15) 2 litigation, liabilities or settlements Total GHG emissions tCO e 214.62 558,807.9 627,437.1 Cost of fines, penalties or settlements in relation About this ESG Report 2 $ Nil Nil Nil 6 to bribery or corruption GHG reductions from carbon offsets purchased tCO e (268.3) (209.9) (90.5) 2 Appendices Carbon neutrality for corporate operations Y/N Yes Yes Yes INFORMATION SECURITY COMMUNITY & Significant cybersecurity breaches # Nil Nil Nil A: ESG Performance Table OTHER CONTRIBUTIONS Board members having cybersecurity expertise # 8 6 6 B: Operators’ Emissions Community and operator energy transition $ 1,448,065 1,070,785 787,190 FINANCIAL 7 C: TCFD Disclosure contributions actually funded Revenue (million) $ 1,219.0 1,315.7 1,300.0 D: SASB Disclosure 1 Scope 2 emissions have been grossed up to 100% on a FTE-basis for 2021, 2022 and 2023 due to unavailable data from our United States and Australian operations, which accounts for 17.5% (7 of 40 full-time employees) of our company for 2023 E: GRI Index (2021 – 11.1%; 2022 – 12.5%). See page 39 for further information. 2 Excludes Scope 3, Category 15 emissions from Investments. Due to the delayed timing of availability of production and emission data from operators, Financed Emissions have been calculated and disclosed for 2021 and 2022. F: Sustainable 3 Scope 3 emissions (attributable to water and wastewater (Scope 3 Category 5)) have been grossed up to 100% on a FTE-basis for 2021, 2022 and 2023 due to unavailable data from our United States and Australian operations, which accounts for Development Goals 17.5% (7 of 40 full-time employees) of our company for 2023 (2021 – 11.1%; 2022 – 12.5%). 4 Scope 3 emissions attributable to business travel and employee commuting for 2021 and 2022 have been restated to reflect the new calculations and methodologies used for 2023. See page 40 for further information. G: KPMG: Independent 5 Due to the delayed timing of availability of production and emission data from operators, finance emissions have been calculated and disclosed for 2021 and 2022. Limited Assurance Report 6 Please refer to pages 40 and 82 for descriptions of our annual purchase of carbon offsets for 125% of our reported emissions from our corporate operations. As carbon offsets for 2021 and 2022 were purchased prior to the restatement of our Scope 2 and 3 emissions in this report (as discussed on pages 39 and 40), we have subsequently purchased additional offsets to account for 125% of the restated figures. H: Carbon Neutral Initiative 7 Inclusive of industry and diversity-related contributions. Excludes (i) charitable donations by company employees, including relating to Franco-Nevada’s annual United Way campaign, and (ii) commitments made in a calendar year but not funded. Franco-Nevada has made additional commitments exceeding $2 million, which have not yet been funded. 8 All Government & Lobbying figures are Nil since our initial public offering in 2007.

Message from our CEO APPENDIX B: OPERATORS’ EMISSIONS 52 Report Highlights Emissions (tCO e) 2 About Franco-Nevada 2022 2021 2020 Asset Operator Scope 1 Scope 2 Total Scope 1 Scope 2 Total Scope 1 Scope 2 Total Responsible Agate Creek Laneway Resources Capital Allocation (Australia - Queensland) Limited NA NA - - - - 3,442.0 7,146.0 10,588.0 Agnew (Vivien Gold Mine) Remelius 9,659.4 7,920.3 17,579.7 9,614.8 8,351.7 17,966.6 7,440.0 6,701.0 14,141.0 Community (Australia - W. Australia) Resources Limited Contributions Antamina Teck Resources (Peru) Limited 521,856.9 217,434.7 739,291.5 564,073.6 230,270.1 794,343.8 381,951.4 166,304.3 548,255.7 Good Governance and Antapaccay Glencore plc 294,314.4 123,197.5 417,511.9 302,057.5 141,100.4 443,157.9 297,744.4 166,004.3 463,748.7 Shareholder Alignment (Peru) Bald Mountain Kinross Gold 106,435.0 18,651.9 125,086.8 125,910.3 24,975.4 150,885.7 121,554.0 44,495.0 166,049.0 Diversity, Inclusion (USA - Nevada) Corporation and Well-Being Bowen Basin (Moorvale) Peabody Energy 87,006.8 8,049.8 95,056.6 150,245.9 14,662.1 164,908.0 139,211.0 14,443.0 153,654.0 (Australia - Queensland) Corp. Climate Action Brucejack Newmont 24,990.3 1,011.3 26,001.6 30,363.4 1,222.3 31,585.7 20,676.0 1,291.0 21,967.0 (Canada - British Columbia) Corporation Transparency and Canadian Malartic Agnico Eagle Mines 189,812.3 689.9 190,502.2 210,395.2 791.6 211,186.8 218,268.0 847.0 219,115.0 Guiding Principles (Canada - Quebec) Limited Candelaria Lundin Mining 250,888.6 300,453.2 551,341.8 341,568.9 342,965.9 684,534.8 279,650.2 279,610.2 559,260.4 About this ESG Report (Chile) Corporation Carol Lake Rio Tinto 145,006.8 - 145,006.8 393,318.5 - 393,318.5 394,058.6 - 394,058.6 Appendices (Canada - Newfoundland & Labrador)** Caserones Lundin Mining 151,294.7 - 151,294.7 307,225.1 285,867.7 593,092.7 - A: ESG Performance Table (Chile) Corporation B: Operators’ Emissions Castle Mountain Equinox Gold Corp. 15,476.0 - 15,476.0 7,156.6 2,661.4 9,818.0 957.0 416.0 1,373.0 (USA - California) C: TCFD Disclosure Cerro Moro Pan American Silver (Argentina) Corp. 44,356.1 - 44,356.1 42,625.2 - 42,625.2 41,500.0 - 41,500.0 D: SASB Disclosure E: GRI Index Cobre Panamá First Quantum 2,371,520.7 88,037.3 2,459,558.0 2,512,552.2 270,145.9 2,782,698.2 2,187,011.0 73,279.2 2,260,290.2 (Panamá) Minerals Ltd. F: Sustainable Condestable Southern Peaks Development Goals (Peru) Mining LP 7,948.8 17,575.1 25,523.9 7,378.9 17,790.3 25,169.2 6,116.9 8,553.9 14,670.8 G: KPMG: Independent Limited Assurance Report * Figures in this table are estimated greenhouse gas emissions of producing mining assets where we have royalty and stream interests. Unless otherwise noted, such information has been provided by McKinsey MineSpans (outside-in modeled data - all rights reserved). Such data only relates to mine production and excludes emissions attributable to mine construction, pre-stripping, underground development relating to non-operational activities, care and maintenance of assets, and mine H: Carbon Neutral Initiative rehabilitation. Emission data (i) is provided on a 100% basis, notwithstanding that the applicable operation may be jointly owned by the referenced operator and (ii) applies to the entire project. “NA” means that data is not publicly available and has not been modeled by McKinsey MineSpans. ** Figures for 2021 and 2020 include emissions related to the pelletizing stage. Starting in 2022, these emissions have been reallocated to midstream facilities and are therefore excluded from the 2022 figures presented.

Message from our CEO 53 Report Highlights Emissions (tCO e) 2 About Franco-Nevada 2022 2021 2020 Asset Operator Scope 1 Scope 2 Total Scope 1 Scope 2 Total Scope 1 Scope 2 Total Responsible Cue Gold (Day Dawn) Westgold Resources Capital Allocation (Australia - W. Australia) Limited NA NA - 62,647.1 - 62,647.1 53,786.0 - 53,786.0 Detour Lake Agnico Eagle Mines 264,960.5 13,983.2 278,943.7 248,961.9 17,871.6 266,833.5 241,626.0 19,647.0 261,273.0 Community (Canada - Ontario) Limited Contributions Dublin Gulch (Eagle) (Canada - Yukon) Victoria Gold Corp. 52,695.9 6,279.8 58,975.7 75,567.9 8,692.6 84,260.5 25,440.0 3,539.0 28,979.0 Good Governance and Duketon Regis Resources 224,426.3 - 224,426.3 213,810.1 - 213,810.1 203,638.1 - 203,638.1 Shareholder Alignment (Australia - W. Australia) Limited EaglePicher EP Minerals LLC NA NA - NA NA - NA NA - Diversity, Inclusion (USA - Nevada) and Well-Being Edikan Perseus Mining 45,160.2 62,242.4 107,402.6 53,331.8 65,485.5 118,817.2 80,721.0 30,051.0 110,772.0 (Ghana) Limited Climate Action Fire Creek/Midas Hecla Mining NA NA - 7,081.6 11,667.2 18,748.8 8,196.0 14,258.0 22,454.0 (USA - Nevada) Company Transparency and Flying Fox IGO Limited 3,833.9 13,005.1 16,839.0 4,227.8 14,633.1 18,860.9 4,132.1 14,628.1 18,760.2 Guiding Principles (Australia - W. Australia) Gold Quarry Nevada Gold Mines 378,433.2 170,776.9 549,210.1 365,189.8 169,137.6 534,327.4 669,929.3 267,643.7 937,573.0 About this ESG Report (USA - Nevada) LLC Goldstrike Nevada Gold Mines 22,996.4 598,834.5 621,830.9 20,034.5 532,162.8 552,197.3 24,603.0 456,256.7 480,859.7 Appendices (USA - Nevada) LLC Guadalupe-Palmarejo Coeur Mining, Inc. 26,308.4 54,039.8 80,348.2 25,609.6 54,079.7 79,689.3 21,305.8 48,914.8 70,220.6 A: ESG Performance Table (Mexico) B: Operators’ Emissions Hemlo Barrick Gold 22,569.9 2,854.8 25,424.7 21,805.4 3,642.5 25,447.9 30,955.0 5,072.0 36,027.0 (Canada - Ontario) Corporation C: TCFD Disclosure Henty (Australia - Tasmania) Catalyst Metals Ltd 991.4 1,983.4 2,974.8 945.3 2,020.3 2,965.7 542.0 1,281.0 1,823.0 D: SASB Disclosure E: GRI Index Island Gold Alamos Gold Inc. 15,421.2 2,197.1 17,618.3 14,895.3 2,105.9 17,001.2 12,954.0 2,020.0 14,974.0 (Canada - Ontario) F: Sustainable Karma Development Goals (Burkina Faso) Néré Mining SA 53,126.6 - 53,126.6 50,963.8 - 50,963.8 46,408.0 - 46,408.0 G: KPMG: Independent Kirkland Lake Agnico Eagle Mines 6,568.5 2,589.4 9,157.9 5,313.9 4,512.1 9,825.9 89.0 9,850.0 9,939.0 Limited Assurance Report (Canada - Ontario) Limited H: Carbon Neutral Initiative Kiziltepe Ariana Resources plc 5,422.2 4,429.8 9,852.0 5,334.5 4,784.4 10,118.8 2,764.0 2,538.0 5,302.0 (Türkiye)

Message from our CEO 54 Report Highlights Emissions (tCO e) 2 About Franco-Nevada 2022 2021 2020 Asset Operator Scope 1 Scope 2 Total Scope 1 Scope 2 Total Scope 1 Scope 2 Total Responsible Marigold Capital Allocation (USA - Nevada) SSR Mining Inc. 143,275.9 11,228.9 154,504.8 138,523.7 9,414.7 147,938.3 99,919.0 38,217.0 138,136.0 Matilda Wiluna Mining 60,815.8 - 60,815.8 60,561.8 - 60,561.8 52,433.0 - 52,433.0 Community (Australia - W. Australia) Corporation Contributions Mesquite (USA - California) Equinox Gold Corp. 52,268.7 4,741.8 57,010.5 58,390.0 9,053.3 67,443.2 78,616.0 8,778.0 87,394.0 Good Governance and Millmerran (Commodore Coal Mine) Millmerran Power 116,990.1 2,843.1 119,833.2 126,197.6 3,254.9 129,452.5 129,943.0 3,585.0 133,528.0 Shareholder Alignment (Australia - Queensland) Management Pty Ltd Milpillas Industrias Peñoles, 4,227.0 16,289.0 20,516.0 5,183.9 25,893.0 31,076.9 7,153.5 37,704.4 44,857.9 Diversity, Inclusion (Mexico) S.A.B. de C.V. and Well-Being Mt. Keith BHP Group Limited 65,477.3 125,739.4 191,216.7 71,770.4 139,960.9 211,731.4 90,188.2 172,546.2 262,734.4 (Australia - W. Australia) Climate Action Musselwhite Newmont 39,944.1 4,590.2 44,534.3 23,669.9 2,722.0 26,391.8 36,917.0 2,386.0 39,303.0 (Canada - Ontario) Corporation Transparency and MWS Harmony Gold Mining 5,240.5 146,570.5 151,811.1 6,150.5 231,294.2 237,444.6 5,829.0 236,537.0 242,366.0 Guiding Principles (South Africa) Company Limited Northern System Vale S.A. 1,038,232.2 37,266.7 1,075,498.9 1,123,646.2 48,105.7 1,171,751.8 994,423.8 128,895.2 1,123,319.0 About this ESG Report (Brazil) Pandora Sibanye-Stillwater NA NA - NA NA - NA NA - Appendices (South Africa) Ltd. Robinson KGHM International 190,220.4 90,922.6 281,143.0 194,085.2 109,313.4 303,398.6 193,805.3 116,926.8 310,732.1 A: ESG Performance Table (USA - Nevada) Ltd. B: Operators’ Emissions Sabodala Endeavour Mining plc 206,089.4 - 206,089.4 183,167.1 - 183,167.1 199,047.0 - 199,047.0 (Senegal) C: TCFD Disclosure Sissingue Perseus Mining (Côte d’Ivoire) Limited 34,390.0 - 34,390.0 37,228.5 - 37,228.5 37,946.5 - 37,946.5 D: SASB Disclosure E: GRI Index Sossego Vale S.A. 82,405.1 - 82,405.1 98,608.7 - 98,608.7 108,333.0 - 108,333.0 (Brazil) F: Sustainable South Arturo Nevada Gold Mines Development Goals (USA - Nevada) LLC NA NA - 806.5 6,475.3 7,281.8 1,805.0 10,396.0 12,201.0 G: KPMG: Independent South Kalgoorlie (Mt Marion Lithium) Mineral Resources 122,648.5 - 122,648.5 96,472.1 - 96,472.1 81,345.5 - 81,345.5 Limited Assurance Report (Australia - W. Australia) Limited H: Carbon Neutral Initiative South Kalgoorlie (New Celebration) Northern Star 3,163.3 24,365.1 27,528.4 10,373.1 13,935.4 24,308.6 12,980.0 20,022.0 33,002.0 (Australia - W. Australia) Resources Limited

Message from our CEO 55 Report Highlights Emissions (tCO e) 2 About Franco-Nevada 2022 2021 2020 Asset Operator Scope 1 Scope 2 Total Scope 1 Scope 2 Total Scope 1 Scope 2 Total Responsible Southeastern System Capital Allocation (Brazil) Vale S.A. 1,414,119.4 72,706.5 1,486,825.9 1,732,322.6 100,027.9 1,832,350.6 1,442,456.0 117,214.0 1,559,670.0 Stillwater* Sibanye-Stillwater 32,465.0 114,821.0 147,286.0 38,433.0 116,351.0 154,784.0 63,303.0 110,272.0 173,575.0 Community (USA - Montana) Ltd. Contributions Subika Newmont (Ghana) Corporation 5,275.1 18,772.9 24,047.9 4,739.3 13,845.4 18,584.7 3,739.0 18,134.0 21,873.0 Good Governance and Sudbury-McCreedy West Mine KGHM International 1,760.2 4,214.3 5,974.5 1,162.2 3,019.6 4,181.7 1,284.5 3,748.4 5,032.9 Shareholder Alignment (Canada - Ontario) Ltd. Tasiast Kinross Gold 363,260.2 - 363,260.2 102,701.4 53,551.8 156,253.3 295,687.0 - 295,687.0 Diversity, Inclusion (Mauritania) Corporation and Well-Being Timmins West Pan American Silver 21,140.0 16,667.9 37,807.9 14,865.2 11,966.7 26,831.9 15,754.0 12,616.0 28,370.0 (Canada - Ontario) Corp. Climate Action Yandal (Julius/Red Lake) Northern Star 136,631.8 - 136,631.8 137,249.6 - 137,249.6 117,103.0 - 117,103.0 (Australia - W. Australia) Resources Limited Transparency and * Emission data sourced from operator's CDP reports. Guiding Principles About this ESG Report Appendices A: ESG Performance Table B: Operators’ Emissions C: TCFD Disclosure D: SASB Disclosure E: GRI Index F: Sustainable Development Goals G: KPMG: Independent Limited Assurance Report H: Carbon Neutral Initiative

Message from our CEO APPENDIX C: TCFD DISCLOSURE 56 Report Highlights Our governance around climate- GOVERNANCE | related risks and opportunities About Franco-Nevada Responsible Board Oversight Management’s Role Board and Management Capital Allocation The Board and its Committees provide oversight • Compensation and ESG Committee The Board and its Committees oversee senior Engagement of our strategic approach to climate change (“CESGC”): Our CESGC develops and management, who are responsible for the All of our executives regularly attend Board and our ESG risks, which includes climate- recommends to the Board our approach management of ESG and climate-related risks and Committee meetings, including providing Community related risks and opportunities affecting our to ESG issues, including climate-related and for the execution of ESG and climate- updates on royalty and stream acquisition Contributions business. A number of our Board members issues, reviews the adequacy of our ESG related opportunities. Our Chief Executive opportunities, which include ESG-related have skills and competencies in climate- practices and policies and recommends Officer is responsible for leadership on ESG considerations. To the extent that a materially Good Governance and related matters, including David Harquail, any changes to the Board, approves the and climate-related matters and our Chief adverse ESG issue or consideration arises Shareholder Alignment Paul Brink, Tom Albanese, Derek Evans, adoption of any ESG-related standards or Legal Officer has executive responsibility during the due diligence process in respect of Catharine Farrow, Maureen Jensen, and initiatives, adopts ESG-related corporate over such matters. Climate-related risks and a royalty and stream opportunity, management Jacques Perron. goals used to evaluate management’s opportunities are overseen by the following and the Board may decide not to proceed with Diversity, Inclusion performance for executive compensation members of our executive team having the opportunity. On a number of occasions, and Well-Being Each of the Board’s Committees have decisions and engages with our stakeholders stewardship over our organization’s units our company has passed on otherwise oversight of ESG and climate-related risks, in respect of ESG issues. (including within our subsidiaries), each being prospective opportunities due to ESG risks. Climate Action opportunities and disclosures, which are responsible for implementing our ESG strategy embedded in the Committees’ Charters: • Audit and Risk Committee (“ARC”): and managing risks within their units: The Board and its Committees also frequently Transparency and Our ARC oversees our risk management, meet with senior management to determine Guiding Principles including climate change risks. • Business Development our strategy with respect to our risks and * Board and Committees (Senior Vice President, exposures. In November 2023, management have oversight over ESG Business Development) met with the ARC to discuss ESG-related risks About this ESG Report and climate-related risks Board of Directors* • Diversified and strategy and with the CESGC to discuss and opportunities (Senior Vice President, Diversified) overall ESG strategy, including for improved † Chief Executive Officer • Finance (Chief Financial Officer) ESG reporting in 2024. Most recently, in March Appendices has responsibility for leadership on ESG and • Legal (Chief Legal Officer) 2024, management met with the CESGC to A: ESG Performance Table climate-related matters Compensation Audit and discuss Franco-Nevada’s ESG strategy, including, ◊ Chief Legal Officer has and ESG Committee* Risk Committee* Our Board oversight and management among other things, emission reduction targets B: Operators’ Emissions executive responsibility over ESG and climate- leadership of ESG and climate-related and other climate initiatives for the company. C: TCFD Disclosure related matters issues is depicted in the adjacent chart. D: SASB Disclosure † Chief Executive Officer E: GRI Index F: Sustainable Development Goals Senior Vice President, Senior Vice President, Chief Financial Officer Chief Legal Officer◊ G: KPMG: Independent Business Development Diversified Limited Assurance Report Business Development Team Diversified Team Finance Team Legal Team H: Carbon Neutral Initiative

Message from our CEO 57 Report Highlights About Franco-Nevada Responsible ESG Objectives for Evaluating Management Capital Allocation ESG and Climate-Related Community Accountability ESG Reporting Contributions and Contributions Starting in 2020, ESG was adopted as a ESG Due Diligence and Compliance Community Outreach specific corporate goal used to evaluate ESG due diligence is critical in ESG initiatives should be adopted Franco-Nevada should make Good Governance and management’s performance for executive growing Franco-Nevada’s business to be responsive to shareholders a positive impact in the local compensation decisions, in recognition of and stakeholders communities in which its assets Shareholder Alignment the importance of managing ESG issues, are located as well as locally including climate-related issues, to our Diversity, Inclusion business and the greater emphasis on ESG and Well-Being that the CESGC would apply in evaluating ESG due diligence will evaluate (i) Reporting and compliance will evaluate Contributions and community outreach management’s performance. On an annual whether appropriate ESG due diligence if (i) the Board is informed on ESG will evaluate if management is basis, the CESGC will evaluate management’s was presented to the Board in initiatives, (ii) there is effective successful in executing ESG Climate Action connection with new investments, shareholder engagement, and (iii) contributions in partnership with performance in connection with ESG due and (ii) whether any ESG issues that ESG initiatives, including climate operators and in the mining industry, Transparency and diligence processes, reporting and compliance, actually occur were reasonably targets and reporting initiatives, and their engagement in local community contributions, diversity and inclusion foreseeable through due diligence are successfully implemented community initiatives Guiding Principles and ESG rankings. About this ESG Report For further details as to this corporate goal and its subcomponents, please refer to the Diversity and Inclusion ESG Rankings Appendices adjacent chart. Diversity and inclusion ESG rankings recognize are key components to management’s efforts A: ESG Performance Table Franco-Nevada's success with respect to ESG B: Operators’ Emissions C: TCFD Disclosure Diversity and inclusion will evaluate ESG rankings will help inform the D: SASB Disclosure management’s progress on diversity CESGC’s evaluation of management’s and inclusion at the company performance on ESG issues E: GRI Index F: Sustainable Development Goals G: KPMG: Independent Limited Assurance Report H: Carbon Neutral Initiative

Message from our CEO 58 Report Highlights The actual and potential impacts of climate-related risks and CLIMATE STRATEGY | opportunities on our business, strategy, and financial planning About Franco-Nevada Responsible Capital Allocation Climate-Related Risks Community As we have a small workforce operating solely Statement) and our Assets (Balance Sheet) In particular, we have provided assessments, • Socio-political, regulatory and legal risks, Contributions within office environments, we are not directly but are unlikely to increase our Expenditures which are summarized in the tables on the market risks and reputational risks that exposed to most climate-related risks that mining (Income Statement) or Liabilities (Balance following pages, of: might impact key commodities in our Good Governance and and energy operators face. Notwithstanding, Sheet) and are unlikely to materially adversely commodity mix (gold, silver, PGMs, iron Shareholder Alignment the climate-related risks of the operators of the impact our access to Capital and Financing • Physical climate risks specific to certain ore, energy (oil, gas, NGL) and nickel) in projects in which we hold royalty and stream (Balance Sheet). jurisdictions where we have a high the transition to a low-carbon economy. interests can pass through to us. Climate-related concentration of assets and/or material Diversity, Inclusion incidents, trends or developments have the The following discussion describes our assets. In conducting its geographic and Well-Being potential to adversely impact production at operating partners’ climate-related risks, physical risk assessment for Ontario, an operation and, by extension, royalty or the potential financial impact for our operating Nevada, Panamá, Chile and Peru, Critical Climate Action stream payments or deliveries to our company. partners and their corresponding financial Resource applied SSP1-2.6 (low emissions Additionally, risks related to changes in the impact to our company. Given the breadth scenario) and SSP5-8.5 (high emissions Transparency and market price of commodities that underlie our and diversity of our royalty and stream portfolio scenario) for 2030 and 2050 and relied Guiding Principles royalty and stream interests, which changes and due to the fact that most of our royalty on publicly available information and may be driven by climate-related events, trends and stream interests are perpetual or have projections, including the World Bank’s or sentiments, can impact our revenues. long durations, we have exposure to each Climate Change Knowledge Portal. The About this ESG Report of the risks below over short, medium and assessment is high level in nature (e.g. As demonstrated in Resilience of our Portfolio long-term horizons and such risks are identified physical risks applying generally across the Appendices in this Appendix, exposure to these risks is and are part of our climate-related strategy country or applicable jurisdiction and not substantially mitigated for our company. Notably, and decision making, as appropriate. Certain necessarily relating to any of Franco-Nevada’s A: ESG Performance Table of the four major categories of financial impact acute physical risks will typically involve a particular assets) and does not address B: Operators’ Emissions set out by the TCFD (Revenues, Expenditures, short-term impact (less than 1 year), chronic any additional risks or mitigating factors Assets and Liabilities, and Capital and physical risks, regulatory and legal risks, (e.g. topographical, sunk capital costs C: TCFD Disclosure Financing)*, the impacts of climate-related market risks and reputational risks can lead to build a mine, relative contribution of * “Implementing the Recommendations of the Task risks may affect our Revenues (Income to medium-term (1 to 5 years) and long-term mine to a country’s GDP, etc.) specific to Force on Climate-related Financial Disclosures”, D: SASB Disclosure Task Force on Climate-related Financial Disclosures E: GRI Index (5 years+) impacts. Franco-Nevada’s assets in these jurisdictions. (June 2017). F: Sustainable Development Goals G: KPMG: Independent Limited Assurance Report H: Carbon Neutral Initiative

Message from our CEO 59 Report Highlights PHYSICAL RISKS About Franco-Nevada Potential Financial Impact for: Description of Physical Risks Our Operating Partners Our Company Responsible SUMMARY Capital Allocation Acute: Extreme weather events caused by global warming (e.g. droughts, floods, These events may lead to production delays and cessation of operations • Short-term delay (deferral) of Revenues Community hurricanes, etc.) Contributions Chronic: Gradual shifts in weather conditions (e.g. water scarcity, shifts in These shifts may lead to recurring production delays and cessations of • Longer-term and potentially recurring delays (deferrals) of Revenues Good Governance and rainfall patterns, rising sea levels, etc.) operations and increased operating costs to adapt to climate changes, which • Potential impact to valuation of Assets on balance sheet (e.g. impairment or may lead to projects being abandoned or placed on care and maintenance if write-off of assets) Shareholder Alignment adaptation costs erode anticipated profitability Diversity, Inclusion BY JURISDICTION and Well-Being CHILE • Reduction in annual precipitation rates is likely to exacerbate Chile’s pre-existing Main risks: Health and safety of employees; social license to operate as Revenue could be impacted in the short, medium or long-term due to Climate Action issues of water stress as well as the frequency and length of droughts increasing temperatures and decreasing rainfalls leads to loss of interruptions to production caused by physical climate hazards • Despite an overall trend towards decreasing precipitation, extreme rainfall biodiversity; inability to permit new mines or mine life extensions using Risk of stranded Assets: Low-medium events are expected to intensify ground water Transparency and Financial impacts to operations: Reduction in revenue due to production Guiding Principles • Chile is projected to experience lower rates of warming than the global delays; increased operational costs (i.e. repairs to operations, energy costs) average, yet rising temperatures still pose risks About this ESG Report NEVADA • Nevada is at high risk of extreme heat, with the increased severity and Main risks: Health and safety of employees; social license to operate given Revenue could be impacted in the short, medium or long-term due to Appendices frequency of heat waves posing a significant risk to people and projects water scarcity issues caused by extreme heat in some areas interruptions to production caused by physical climate hazards • There is a high likelihood that rising temperatures will increase the severity Financial impacts to operations: Reduction in revenue due to production Risk of stranded Assets: Low A: ESG Performance Table and intensity of droughts delays; increased operational costs (i.e. repairs to operations, energy costs) B: Operators’ Emissions • The risk of wildfires will increase, while flooding and storms may also become more common C: TCFD Disclosure PERU D: SASB Disclosure E: GRI Index • Temperatures are projected to rise in Peru, creating an increased risk of Main risks: Health and safety of employees; social license to operate given Revenue could be impacted in the short, medium or long-term due to extreme heat, while increased rainfall also raises the risk of flooding, water scarcity issues caused by extreme heat and droughts interruptions to production caused by physical climate hazards F: Sustainable landslides and storms Financial impacts to operations: Reduction in revenue due to production Risk of stranded Assets: Low Development Goals • The impact of climate change on precipitation rates is expected to vary delays; increased operational costs (i.e. repairs to operations, energy costs) considerably across Peru G: KPMG: Independent • Glacial retreat is occurring at an accelerated rate in Peru, increasing the risk Limited Assurance Report of floods and landslides H: Carbon Neutral Initiative • Climate change could exacerbate existing water stress, creating challenges for mining operations

Message from our CEO 60 Report Highlights Potential Financial Impact for: About Franco-Nevada Description of Physical Risks Our Operating Partners Our Company Responsible PANAMÁ Capital Allocation • Panamá’s vulnerability to tropical storms and droughts is expected to increase Main risks: Health and safety of employees, damage to infrastructure; supply Revenue could be impacted in the short, medium or long-term due to as climate change impacts the El Niño/La Niña phenomenon chain disruptions interruptions to production caused by physical climate hazards Community • Episodes of extreme heat and the occurrence of wildfires are projected to rise Financial impacts to operations: Reduction in revenue due to production Risk of stranded Assets: Medium Contributions • Flooding and landslides could pose a significant risk, but the impact of climate delays; increased operational costs (i.e. repairs to operations, energy costs) change on these hazards is uncertain Good Governance and Shareholder Alignment NORTHERN ONTARIO • Wildfires, water stress and drought are projected to increase Main risks: Health and safety of employees; damage to infrastructure; supply Revenue could be impacted in the short, medium or long-term due to Diversity, Inclusion • Rising temperatures in Ontario will reduce the risk of extreme cold chain disruptions interruptions to production caused by physical climate hazards and Well-Being • Changes to precipitation levels are expected, but the possible impacts on Financial impacts to operations: Reduction in revenue due to production Risk of stranded Assets: Low mining operations appear limited delays; increased operational costs (i.e. repairs to operations, energy costs) Climate Action Transparency and Guiding Principles About this ESG Report Appendices A: ESG Performance Table B: Operators’ Emissions C: TCFD Disclosure D: SASB Disclosure E: GRI Index F: Sustainable Development Goals G: KPMG: Independent Limited Assurance Report H: Carbon Neutral Initiative

Message from our CEO 61 Report Highlights SOCIO-POLITICAL, REGULATORY AND LEGAL RISKS About Franco-Nevada Potential Financial Impact for: Description of Socio-Political, Regulatory and Legal Risks Our Operating Partners Our Company Responsible SUMMARY Capital Allocation Policy, regulatory and legal changes in a jurisdiction that seek to promote These regulatory and legal changes may require extensive capital • Potential delay (deferral) of Revenues if mandatory adaptation results in Community adaptation to climate change and/or constrain the activities of operators and expenditures by operators to accommodate or conform to such changes, delays or cessation of operations Contributions operations that contribute to adverse effects of climate change. which may lead to projects being abandoned or placed on care and • Potential impact to valuation of Assets on balance sheet (e.g. impairment or maintenance if such mandatory expenditures erode anticipated profitability. write-off of assets) Good Governance and BY COMMODITY Shareholder Alignment Increased pricing of GHG emissions: Commodities at highest risk: All commodities Diversity, Inclusion Regulation of emissions, such as through carbon taxation or cap-and-trade These regulatory and legal changes may require extensive capital • Potential delay (deferral) of Revenues if mandatory adaptation results in and Well-Being schemes, can significantly increase costs for businesses. As more expenditures by operators to accommodate or conform to such changes, delays or cessation of operations countries set net-zero emissions goals and increasingly ambitious 2030 which may lead to projects being abandoned or placed on care and • Potential impact to valuation of Assets on balance sheet (e.g. impairment or targets, it is possible that carbon pricing regulations could become more maintenance if such mandatory expenditures erode anticipated profitability. write-off of assets) Climate Action widely implemented and/or made more stringent globally. The impact of these regulations will differ depending on the location of the assets and the carbon intensity of production, which varies significantly both within and Transparency and between commodities. Guiding Principles Mandates on and regulation of existing products and services: Commodities at highest risk: Energy (oil, gas, NGLs) About this ESG Report If carbon-intensive industries are stigmatised for their contributions to Given the contribution of fossil fuels to climate change, regulation and • Potential reduction of Revenues if demand for carbon-intensive commodities climate change, the use of products and services from these industries mandates on the use of these products, including derivatives such as is restricted due to widespread regulation of products could be curbed by new regulations. gasoline and plastics, may be subject to regulation from policy makers (e.g. Appendices ban on gas-powered cars in city centers, increased focus on reducing single-use plastics), which could impact demand for products. A: ESG Performance Table Commodities at highest risk: All commodities Enhanced emissions reporting obligations: B: Operators’ Emissions As governments seek to improve emissions data and meet their respective Companies may face growing pressure to report their emissions in • Potential increase to Operating Expenditures with growing demand to collect C: TCFD Disclosure long-term emissions goals, there may be increased obligations to report on compliance with mandatory disclosure regimes, which will increase costs. data, produce emissions reports, obtain external assurance, etc. energy usage and emissions and/or to obtain independent external Such companies could also encounter financial losses as a result of fines if D: SASB Disclosure assurance for such data. Companies may be required to comply with they are unwilling or unable to comply with new regulations. detailed mandatory TCFD or other reporting legislation as a result. E: GRI Index Exposure to litigation: Commodities at highest risk: Energy (oil, gas, NGLs) F: Sustainable Development Goals The expansion of climate-related legislation creates litigation risks for those Legal actions against Energy producers could increase operating costs (e.g. • Corresponding direct impact to Revenues upon reduction of demand for companies that are unable to keep up with the pace of developments. through payment of legal fees, fines, settlements, or insurance fees), reduce commodities due to reputational damage to entire sectors or industries G: KPMG: Independent Companies in heavy industries, such as mining and oil and gas, could also demand for products, and cause reputational damage. Energy producers in • Potential impact to valuation of Assets on balance sheet (e.g. impairment or Limited Assurance Report face legal action due to their relatively higher levels of emissions/ North America and Europe have already faced legal challenges on various write-off of assets) if increased operating costs cause uneconomic assets to emissions intensities, with some claimants also seeking to link climate grounds, with accusations ranging from misleading investors to infringing on become stranded H: Carbon Neutral Initiative change to other sustainability concerns, such as human rights. the rights of nature and the right of life of future generations.

Message from our CEO 62 Report Highlights MARKET RISKS About Franco-Nevada Potential Financial Impact for: Description of Market Risks Our Operating Partners Our Company Responsible SUMMARY Capital Allocation Shifts in supply and demand for certain commodities based on their real Reductions in commodity prices may impact the applicable operator’s bottom • Corresponding direct impact to Revenues (e.g. our sales) and potential Community or perceived impact on the climate. line and in serious cases may ultimately render a project uneconomic, which long-term delay (deferral) of Revenues if project placed on care and Contributions may lead to projects being abandoned or placed on care and maintenance maintenance until commodity prices recover. Good Governance and BY COMMODITY Shareholder Alignment Commodities at highest risk: Energy (oil, gas, NGLs) Changing customer behaviour: Diversity, Inclusion Demand for certain commodities is expected to reduce as a result of the Energy producers may encounter reduced demand for their products due to • Potential reduction of Revenues if demand for carbon-intensive commodities energy transition, which may impact prices. While this trend could be the changing customer behaviour in the energy transition. The level of risk and or assets are reduced due to changing customer behaviour and Well-Being same across a single commodity, in some cases the significance of this timeframe will vary depending on the carbon production intensity of assets • Potential impact to valuation of Assets on balance sheet (e.g. impairment or risk will vary depending on the carbon intensity of specific assets. – for instance, low-carbon gas is projected to be competitive in many write-off of assets) if decrease in demand causes uneconomic assets to In the latter case, it is possible that the market will start to fragment jurisdictions for longer than high-carbon intensity oil. Other non-energy become stranded Climate Action between low-carbon and high carbon products, with some customers willing producers may be impacted but this shift is more likely to be specific to the to pay a premium for low-carbon products. carbon intensity of a given asset than a blanket trend witnessed across the Transparency and commodity group. Guiding Principles About this ESG Report Appendices A: ESG Performance Table B: Operators’ Emissions C: TCFD Disclosure D: SASB Disclosure E: GRI Index F: Sustainable Development Goals G: KPMG: Independent Limited Assurance Report H: Carbon Neutral Initiative

Message from our CEO 63 Report Highlights REPUTATIONAL RISKS About Franco-Nevada Potential Financial Impact for: Description of Reputational Risks Our Operating Partners Our Company Responsible SUMMARY Capital Allocation Changing public perceptions of an operator’s climate-related activities and May affect access to equity capital or the ability to raise new debt or • Potential delay (deferral) of Revenues if operator’s inability to raise capital or Community their contributions to or detractions from the transition to a low-carbon refinance existing debt, which may lead to projects changing hands or being finance debt results in operations changing hands Contributions economy. temporarily or permanently abandoned. • Potential impact to valuation of Assets on balance sheet (e.g. impairment or write-off of assets) Good Governance and BY COMMODITY Shareholder Alignment Stigmatization of sector: Commodities at highest risk: All commodities Diversity, Inclusion Growing scrutiny of the climate impacts of different sectors has created the Stigmatisation of sectors could lead to reduced demand and lower prices for • Potential reduction of Revenues if demand for carbon-intensive commodities and Well-Being perception that some industries are inherently ‘dirty’ and ‘polluting’, products and services. Of particular risk of stigmatization will be ‘heavy or assets are reduced due to stigmatization of sectors creating a stigma around certain activities. industry’ commodity producers, including energy producers. This risk can be • Potential impact to valuation of Assets on balance sheet (e.g. impairment or mitigated by operators and industries deploying energy efficient and write-off of assets) if decrease in demand and/or lower prices causes Climate Action low-carbon technologies in the production process and the lower carbon uneconomic assets to become stranded emitting producers, even within a stigmatised industry, will be rewarded while there is still demand for their products. Transparency and Guiding Principles Shifts in consumer preferences: Commodities at highest risk: Energy (oil, gas, NGLs) and gold Climate change could lead to a moral shift in customer preferences, with Energy operators are most vulnerable to this risk as customers are likely to • Potential reduction of Revenues if demand for carbon-intensive commodities About this ESG Report stakeholders becoming increasingly aware of their own carbon footprint and receive incentives to reduce use of these commodities due to their climate or assets are reduced due to shift in preferences new regulations and policies incentivising lower-carbon lifestyles. impacts. Gold and other commodities that are not considered to be essential • Potential impact to valuation of Assets on balance sheet (e.g. impairment or to industry or the energy transition may come under greater scrutiny, write-off of assets) if decrease in demand and/or lower prices causes Appendices potentially resulting in reduced demand. uneconomic assets to become stranded A: ESG Performance Table Increased stakeholder concern: Commodities at highest risk: Energy (oil, gas, NGLs) B: Operators’ Emissions With stakeholders having growing access to information about company Operators producing commodities that are not critical to the energy transition • Potential reduction of Revenues if demand for carbon-intensive commodities C: TCFD Disclosure performance, those companies perceived to be causing environmental and and/or typically have high-carbon intensity will be most vulnerable to this or assets are reduced due to negative feedback or concern social harms could encounter increased scrutiny over their impacts. This risk, with energy producers being particularly exposed. This may impact • Potential impact to valuation of Assets on balance sheet (e.g. impairment or D: SASB Disclosure could pose a significant threat to a company’s social license to operate and operator’s access to capital and asset valuations significantly impacted if write-off of assets) if erosion of social license causes uneconomic assets to require proactive mitigation. negative stakeholder concern erodes operators’ social license to operate. become stranded E: GRI Index F: Sustainable Development Goals G: KPMG: Independent Limited Assurance Report H: Carbon Neutral Initiative

Message from our CEO 64 Report Highlights Resilience of Our Portfolio About Franco-Nevada Our exposure to climate-related risks is 2024 GEOs Diversification* substantially mitigated by the diversification Responsible of our royalty and stream portfolio. No one Capital Allocation operator or asset contributed more than 20% Commodity Geography Assets of our total 2023 revenues, which mitigates operator-specific or localized climate-related Community risks (e.g. reputational, acute physical and Contributions local regulatory and legal risks). We also receive revenues from various commodity Good Governance and types produced in a multitude of jurisdictions, Shareholder Alignment which mitigates risks impacting broader regions and markets (e.g. chronic physical, country-wide regulatory and legal, and market Diversity, Inclusion risks). While we do have significant exposure and Well-Being to gold, broader market and reputational climate-related risks which may impact the Climate Action gold industry are further mitigated through our rigorous due diligence process geared Gold Oil Canada and USA Candelaria Vale Transparency and towards investing in best-in-class operators, Silver Gas South America Antapaccay Energy many of whom have already set long-term PGM NGL Antamina Other Guiding Principles climate-related goals and commenced Mexico and Central America low-carbon transitions. Other Rest of the World Guadalupe- About this ESG Report Mining Palmarejo Certain mitigation factors are also inherent * The above charts are based on the commodity price and other assumptions used for our 2024 guidance. Appendices with our business model. For example, as a royalty and stream company, we are a free A: ESG Performance Table cash flow business without direct exposure B: Operators’ Emissions to operating, capital or closure costs. C: TCFD Disclosure • In the short and medium-term, any climate- • Most of our assets are non-cost bearing. Due to the breadth and diversification of our is further mitigated by factors inherent in our D: SASB Disclosure related cessation of production at an In the long term, other than an asset portfolio, our exposure to climate-related events, business portfolio, including those eliminating E: GRI Index operation in which we have a royalty or becoming uneconomic, we are generally trends or sentiments adversely impacting a cost exposure in respect of our assets, stream interest can be viewed as deferral insulated from rising costs, including those particular project or operator or more broadly and our high standards and rigorous due F: Sustainable of revenue for our company realizable related to carbon pricing, associated with adversely affecting a commodity type or diligence processes geared toward investing Development Goals upon re-commencement of production. the transition to a low carbon economy. jurisdiction is reduced. Climate risk exposure in best-in-class operators and operations. G: KPMG: Independent Limited Assurance Report H: Carbon Neutral Initiative

Message from our CEO 65 Report Highlights SUSTAINABLE INVESTMENT OPPORTUNITIES About Franco-Nevada As a company with a diversified royalty and streaming portfolio, we are well positioned to participate in sustainable investment opportunities arising in connection with the transition to a low-carbon economy. The following describes sustainable investment opportunities that we have already embraced in our portfolio and that we expect will continue to be available to our company in the short, Responsible medium and long-term. Capital Allocation Products and Services Our investments in commodities used for low emission products and services may increase revenues and bring competitive advantage due to the increased demand from shifting consumer preferences. Community Contributions Good Governance and Shareholder Alignment Diversity, Inclusion and Well-Being Climate Action Transparency and Copper: Nickel and Clean Energy Metals: Guiding Principles With its superior electrical and thermal copper concentrates. In 2021, we acquired While most of the global demand for nickel Technologies involved in the clean energy conductivity, copper will play a significant role another precious metal stream from the is for the production of stainless steel, nickel transition are emerging and advancing rapidly About this ESG Report in enhancing energy efficiency and decarbonizing Condestable copper mine in Peru and, sulphate, a highly purified nickel compound through innovation and increased deployment. the planet. A 2017 World Bank report* counted in 2022 and 2023, acquired, in several that helps achieve higher energy density in Over the past several years, our company Appendices dozens of metals that could see a growing market acquisitions, an effective royalty on the lithium-ion batteries, extending the driving has evaluated cobalt, lithium, rare earth, with the increasing reliance on renewable and Caserones copper-molybdenum mine in range of electric vehicles, is expected to uranium and other battery metal and clean A: ESG Performance Table sustainable energy sources. Copper ranked first Chile. Strong demand for copper increases become the second largest application for energy opportunities. In particular, we are B: Operators’ Emissions (tied with aluminum and nickel) among all metals the prospects of greater production from nickel by 2030. Our company has royalties building capabilities to evaluate lithium for its prevalence in low-carbon technologies, these operations. We also have royalties on on nickel projects, including the Mt. Keith opportunities, which are in many ways C: TCFD Disclosure including in wind, solar photovoltaic, carbon a number of prospective copper development nickel mine in Australia, Eagle’s Nest deposit geologically and technically dissimilar to D: SASB Disclosure capture and storage, nuclear power, light emitting projects, including Copper World (Hudbay), in the Ring of Fire in Ontario, Canada and precious and base metals projects. E: GRI Index diodes, electric vehicles and electric motors. Alpala (SolGold), Taca Taca (First Quantum) the Crawford nickel-cobalt project in Ontario, and NuevaUnión (Teck and Newmont). We Canada. These projects are poised to benefit F: Sustainable Franco-Nevada’s top revenue generating stream expect that in the future there will be further from the increasing demand for nickel and Development Goals interests are from copper mines, including opportunities for our company to fund copper we expect to see more opportunities to fund G: KPMG: Independent certain of our Top Mining Assets (Cobre Panamá, operations, to receive interests in copper nickel and other battery metal projects. Limited Assurance Report Antapaccay, Antamina and Candelaria) where and/or precious metal by-products. we receive precious metal by-products from H: Carbon Neutral Initiative * “The Growing Role of Minerals and Metals for a Low-carbon Future”, World Bank Group, June 2017.

Message from our CEO 66 Report Highlights About Franco-Nevada Responsible Capital Allocation Community Contributions Good Governance and Shareholder Alignment Diversity, Inclusion and Well-Being Iron Ore: Natural Gas: Climate Action Steel is essential to many aspects of modern quality with a clean chemistry, that helps Using natural gas for energy results in lower in Louisiana and Texas, one of the most life and is a key component of low-carbon reduce the carbon footprint when used in emissions of nearly all types of air pollutants active gas plays in North America. In 2023, Transparency and technologies, from electric vehicles to wind the iron and steel industry compared to lower and carbon dioxide than burning coal or natural gas accounted for approximately 26% Guiding Principles turbines. The production of low-carbon steel quality grades and forms of iron ore. In early petroleum products. For this reason, natural of our energy revenues and approximately 4% will be critical to the transition to a low-carbon 2021, IOC, the operator at Carol Lake where gas is viewed by many as a “bridge” fuel as of our overall revenues, a decrease from 2022, economy and for the achievement of we indirectly hold interests through our LIORC renewable energy sources become increasingly due to a year-over-year reduction in natural About this ESG Report climate goals. equity ownership, announced an initiative more cost-effective and widespread. A 2019 gas prices. that will explore the viability of transforming World Energy Outlook report* found that Appendices Our company has exposure to iron ore iron ore pellets into low-carbon hot briquetted switching from coal to gas saved approximately “Our diversi昀椀ed royalty and operations that produce products suitable iron, a low-carbon steel feedstock, using green 500 million tCO from 2010 to 2018, an effect 2 A: ESG Performance Table for low carbon steel production. We have an hydrogen generated from hydro electricity equivalent to putting an additional 200 million streaming portfolio is well B: Operators’ Emissions equity ownership in Labrador Iron Ore Royalty in Canada. electric vehicles running on zero-carbon positioned to participate Corporation (“LIORC”), which has a minority electricity on the road over the same period. C: TCFD Disclosure ownership interest in Iron Ore Company of Vale supplies iron ore products that require in opportunities relating D: SASB Disclosure Canada (“IOC”) and holds royalties over IOC’s less energy use in steel blast furnaces, Our company’s recent additions to our energy to the transition to a E: GRI Index operations in Newfoundland and Labrador, thereby reducing emissions. One example portfolio have been on U.S. oil to natural gas and we have royalty debentures covering is its Brazilian Blend Fines, a blend of ores plays, including our 2019 royalty acquisition low-carbon economy.“ F: Sustainable Vale’s Northern and Southeastern System produced in Carajás and Minas Gerais, with on Range Resources’ liquids-rich natural Development Goals operations in Brazil. a higher iron content and fewer contaminants. gas properties in the Marcellus shale in G: KPMG: Independent Vale has recently partnered with Kobe Steel and Pennsylvania and our 2020 and 2023 royalty Limited Assurance Report IOC pellets and concentrate are high grade Mitsui & Co. to provide low-carbon solutions portfolio acquisitions in the Haynesville shale, products with world leading low alumina and and technologies to the steel industry. H: Carbon Neutral Initiative ultra-low phosphorus, beneficial to the iron and steel industry. These pellets are high * “The Role of Gas in Today’s Energy Transitions”, World Energy Outlook, July 2019.

Message from our CEO 67 Report Highlights Resilient Operators Carbon Sequestration at Weyburn to monitor GHG Protocol guidance for Mt. Keith Solar Farm About Franco-Nevada Our investments in organizations, projects (Franco-Nevada has royalty interests direction on the treatment of eliminated GHG and Carbon Capture and initiatives developing adaptive capacity and a working interest at Weyburn) emissions, including sequestered emissions, (Franco-Nevada has royalty interests Responsible to respond to climate change to better manage in connection with our calculation of overall on the Mt. Keith nickel operation) Capital Allocation climate-related risks and seize opportunities Whitecap Resources’ Weyburn Unit in southeast Financed Emissions. may improve our own reputation, market Saskatchewan is a CO injection enhanced oil In July 2021, BHP announced its plans to 2 valuation and resilience to the transition recovery project. CO is transported as a liquid Mining and energy operators utilizing lower build a 27.4 MW solar farm at its Mt. Keith 2 Community to a low-carbon economy. from two separate industrial sources. At the emission and emissions reduction processes nickel operations, BHP’s first off-grid large- source, the CO is captured and compressed and technologies demonstrate their adaptability scale renewable energy project across its Contributions 2 Many of the assets in our portfolio are operated before transmission via pipeline to Weyburn. to climate change. As decarbonisation continues global operations, which will replace power by best-in-class operators. The ingenuity and The CO in liquid form is then injected at high to take centre stage, we will continue to look currently supplied by diesel and gas. Good Governance and 2 Shareholder Alignment technical skills of these operators, including pressure into the Weyburn Unit. The gas stream to partner with and fund these companies relating to sustainable practices, processes that is recovered with the oil production is and projects, which involvement will improve Covering almost one square kilometer and technologies, often provide them with a processed for natural gas liquids and the our own sustainability profile. and having more than 70,000 solar panels, Diversity, Inclusion competitive advantage, reducing their costs remaining CO volume is reinjected into the the solar farm is one of the world's largest 2 and Well-Being and their operating risks and ultimately formation on an ongoing basis. Accordingly, Continental Resources Carbon off-grid mining solar and battery storage reducing their cost of capital. with minor adjustment for losses, all of the Capture and Sequestration Project systems, which will significantly reduce BHP’s CO purchased and transported by pipeline (Franco-Nevada has a strategic royalty Scope 2 emissions at Mt. Keith. The solar Climate Action 2 Mining operators, including all of our Top for injection at Weyburn constitutes additional acquisition venture with Continental) farm went live in November 2023. Mining Producers, contributing to more than CO volumes stored each year. Transparency and 2 Guiding Principles 90% of our 2023 mining revenues have In March 2022, Continental Resources In October 2021, BHP also announced plans proactively set targets and developed plans Since its inception in 2000, more than 40 million announced that it would be investing $250 to conduct trials at the Mt. Keith tailings to reduce carbon emissions, with some tonnes of CO , or an average of 1.7 million million over the next two years to help Summit dam at Nickel West, which could store about 2 About this ESG Report committing to the long-term achievement tonnes of CO per annum, from two separate Carbon Solutions build a $4.5 billion carbon 40,000 tonnes of CO from the atmosphere 2 2 of net-zero emissions. industrial sources have been captured and capture and sequestration project. It is per year. BHP’s initial research has indicated Appendices stored 1.5 km underground, the equivalent anticipated that the project will capture and that enhancing the mineral carbonation rate We continue to look for opportunities to of taking approximately 8 million cars off the transport via pipeline 14.3 million metric of the tailings dam could significantly increase A: ESG Performance Table invest in other best-in-class operators and, road for an entire year. In addition to having tonnes per year of CO from 49 ethanol plants its capacity to store CO . 2 2 as a capital provider, potentially facilitate carbon storage benefits, injecting CO helps oil across the US Midwest. That carbon will B: Operators’ Emissions 2 their low-carbon transitions. On this page, come to the surface more easily and improves then be sequestered in subsurface geologic In November 2023, Area Climate Technologies, C: TCFD Disclosure we have highlighted the resourcefulness the efficiency of production, maximizing the formations in North Dakota, where Continental a Canadian company, launched an 18-month D: SASB Disclosure of certain of our operating partners, their ultimate recovery of oil originally in place. Resources will leverage its geologic expertise project to test its air-to-rock carbon mitigation E: GRI Index efforts to reduce their carbon footprints, gained from its extensive oil and gas drilling methodology to capture and permanently and their commitments to combating climate The sequestered emissions attributable operations in the Bakken shale. store carbon dioxide, while demonstrating F: Sustainable change, which exemplify the types of operators to our royalty and working interests in the the technologies can be safely integrated Development Goals and operations where we look to deploy capital. Weyburn Unit, are 274,314 tCO for 2022. The project aims to bring operations online i at Mt. Keith. 2 G: KPMG: Independent For greater certainty, we do not reduce n mid-2026 and will have the capability of Limited Assurance Report or set-off our Financed Emissions with expanding to ultimately transport up to 20 sequestered emissions. We continue million metric tonnes per year of CO . 2 H: Carbon Neutral Initiative

Message from our CEO 68 Report Highlights CLIMATE SCENARIO ANALYSIS About Franco-Nevada A scenario analysis is an important tool for We have chosen to apply a 2°C scenario, To guide our 2°C scenario analysis, we have scenario and its extended time horizon (prior Responsible our company and our stakeholders to better focusing particularly on the implications and also incorporated certain data and assumptions IEA scenarios stopped at 2040) aligns with Capital Allocation understand our strategy for climate-related outcomes for our existing gold and energy from the International Energy Agency’s (“IEA”) the increasing commitments of our mining risks and opportunities and to assess how assets that generated approximately 80% of 2020 Sustainable Development Scenario and energy operators to achieve “net-zero” this strategy positions our company in a our 2022 revenues, and the climate-related (the “SDS”)*, which are summarized in the emissions by 2050. It also applies the most Community low-carbon future. The TCFD recommends risks and investment opportunities relating Highlights and Assumptions table on this stringent assessment of the resilience of Contributions that organizations conduct at least one climate to these commodities. The scenario analysis page. The SDS demonstrates a plausible our company’s business model and strategy scenario analysis at 2°C (i.e. average global assumes that our strategy will be focused path until 2050 to concurrently achieve in the face of climate-related risk. Good Governance and temperatures of 2°C above pre-industrial levels) upon growing our exposure to gold and other universal energy access, set a path towards Shareholder Alignment or lower to evaluate the potential resiliencies precious metals, but also with investments meeting the objectives of the Paris Agreement of strategic plans and to identify options for in other metals when good opportunities on climate change and significantly reduce air increasing business resiliency to plausible become available. pollution. Although ambitious, demanding a Diversity, Inclusion climate-related risks and opportunities through set of dramatic new actions from governments, and Well-Being adjustments to strategic and financial plans. companies, investors and citizens, this Climate Action 2°C Scenario: Highlights and Assumptions Transparency and Energy Efficiency and Availability Fossil Fuels Emissions Guiding Principles • By 2030, rapid progress is made in innovation and the deployment • The proportion of fossil fuels in the primary energy mix, which • Global output of CO rebounds from pre-COVID levels but peaks 2 About this ESG Report of low-carbon fuels and energy technologies. has remained above 80% since the 1950s, falls to 70% in 2030. in the mid-2020s. Concentrations of the major air pollutants drop • The proportion of renewables in global electricity generation grows • Demand for oil peaks pre-COVID in 2019. Reductions in oil use through to 2030. from just over 25% in 2019 to more than 50% in 2030. over the period to 2030 mean that global oil demand never returns • CO pricing is established in nearly all advanced economies. Appendices 2 • By 2030, low-carbon sources of electricity accounts for almost to 2019 highs. Although demand for oil is more resilient in sectors In addition, several developing economies are assumed to put such as petrochemicals, total oil demand in 2030 is 12% lower in place schemes to limit CO emissions. A: ESG Performance Table two-thirds of total generation worldwide. The emissions intensity 2 of industrial activity is reduced 40% from 2019 intensities. than in 2019. • The CO emissions reduction trends that were visible prior to B: Operators’ Emissions 2 Electric vehicles comprise 40% of new vehicle sales. • Global natural gas demand exceeds 2019 levels throughout the 2030 (e.g. efficiency, electrification and move away from fossil C: TCFD Disclosure • Supported by government policy and the non-profit sector and mid-2020s. It peaks soon after with demand returning to 2019 fuels) continue to 2050. the increase in decentralized energy solutions, universal access levels by 2030. • Emissions outputs and trends through 2030 are consistent with D: SASB Disclosure to energy is achieved by 2030. • Lower demand for fossil fuels leads to modestly reduced prices achieving net-zero energy sector CO emissions globally by 2070. 2 E: GRI Index through 2030. There is less need to produce fossil fuels from A number of industries, sub-sectors and countries achieve net-zero resources higher up the supply cost curve. by 2050 or in advance of 2070. F: Sustainable • There are widespread and successful efforts to reduce the emissions • Carbon capture, utilisation and storage processes and technologies Development Goals intensity of oil and gas production, and sources with lower emissions play a large role in continuing the pace of emissions reduction G: KPMG: Independent intensities are increasingly preferred for development. after 2030. Limited Assurance Report H: Carbon Neutral Initiative

Message from our CEO 69 Report Highlights 2°C Scenario: Outcomes for Our Operating Partners 2°C Scenario: Outcomes for Franco-Nevada About Franco-Nevada Risk Outcomes for Operating Partners Outcomes Outcomes for Franco-Nevada Responsible Acute and • Extreme and intermittent weather events persist and increase over time. As climate General • Extreme weather events causing production delays and intermittent cessations of production Capital Allocation Chronic change is limited to 2°C, such events are manageable. at mining and energy operations in which we hold royalty and stream interests, will have Physical Risks • Certain events and weather patterns cause production delays and cessations for the effect of a deferral of our revenue over short or medium-term horizons, realizable Community certain operations. Such risks are unlikely to materially impact or impair broader upon recommencement of operations. Contributions gold and energy markets. • More persistent weather events, when combined with other pre-existing factors such as water scarce conditions, will result in the inability to expand operations or extend the mine Socio-Political, • Stringent climate-related policy and regulatory changes are enacted by governments, life of operations, which will have the effect of reducing our royalty and stream revenue. Good Governance and Regulatory and particularly from those countries and regions pledging alignment with “net-zero” • Inevitable increased capital and operating costs (including carbon pricing costs) due to Shareholder Alignment Legal Risks emissions. Increased capital expenditures are required by some operators to mandatory changes and transitions resulting from policy and regulatory reform will be accommodate and conform to mandatory changes and transitions. borne by our operating partners. Subject to instances where higher cost projects are • Carbon pricing policies are implemented globally with certain governments imposing rendered uneconomic and are temporarily or permanently abandoned, we will continue Diversity, Inclusion caps on carbon. Low-carbon energy producers are rewarded and given a competitive to have no exposure to costs of operations in which we hold royalty and stream interests. and Well-Being advantage. Carbon pricing increases the costs of many mining operations impacting the viability of some operations with higher cost structures and/or large carbon Energy • Lower demand for oil and less capital available to oil operations will reduce the level of Climate Action footprints. drilling activity on a number of our energy portfolio assets, reducing the rate of production • Greater climate impacts will increase sensitivity to the environmental impacts from those assets. Oil prices may increase as a result of supply shortfalls, which would of mining operations, making the permitting of new mines increasingly difficult. mitigate the impact of such reduced production levels. While the production from these Transparency and assets will be lower, subject to certain assets being permanently abandoned due to decreased demand, much of the resource will still be exploited over time due to the Guiding Principles Market Risks • A reduction in overall demand for oil occurs due to gradual behavioural transition demand for fossil fuels in the continuing transition to low-carbon energy sources. to low-carbon goods and services and access to more sustainable, lower-cost and • Our current capital allocation strategy for energy opportunities will remain the same. About this ESG Report decentralized energy sources. Decreased prices adversely impact revenues of We will not look to grow the energy mix in our portfolio above 20% of our overall revenue energy producers, although most operations continue to be profitable, with lower to manage our exposure to fossil fuel related climate risk. cost producers remaining resilient to fulfil reduced demand, including in sectors Appendices such as petrochemicals. • Prices and demand for natural gas remains consistent, given perception as a Gold • Greater climate impacts will increase sensitivity to the environmental impacts of mining A: ESG Performance Table sustainable alternative or “bridge fuel”. operations, making the permitting of new mines increasingly dif昀椀cult. This may result in • Gold has a continued role as a “safe haven” in a financial landscape that can at development of brown昀椀elds assets over which we have existing royalty interests. B: Operators’ Emissions times be increasingly volatile. • Carbon pricing increases the costs of many mining operations impacting the viability of C: TCFD Disclosure some operations with higher cost structures and/or large carbon footprints. Most of the projects over which we have royalty and stream interests have strong economics and D: SASB Disclosure Reputational • Broader reputational implications for energy industry in low-carbon transition such projects are not expected to be stranded due to rising costs. Risks is mitigated for those pledging “net-zero” and executing low-carbon transitions, • The gold industry is energy intensive and there will be reputational risks for operators E: GRI Index including reliance on renewable energy sources. that do not decarbonize their operations. Many of our gold operators are best-in-class and F: Sustainable • There are impacts on the ability of energy producers to access equity capital or raise have taken steps towards making low-carbon transitions. To the extent that our gold Development Goals debt, but this does not extend to sustainable, low-carbon producers. operators make strides towards decarbonization through increased access to low-cost • Gold operators committing to and achieving staged decarbonization retain access large-scale renewable energy that will reduce their carbon footprint heavily weighted to G: KPMG: Independent to equity capital and debt. electricity, this will mitigate climate-related reputational risk for such operators, and Limited Assurance Report indirectly for our company, due to decreased reliance on fossil fuels. • The effort to tackle climate change and to cover losses created by climate change will H: Carbon Neutral Initiative require substantial government capital. This will increase government de昀椀cits and debt. Gold’s appeal will be preserved due to its “safe haven” role.

Message from our CEO 70 Our processes used to identify, assess, Report Highlights RISK MANAGEMENT | and manage climate-related risks About Franco-Nevada Responsible Our company does not operate mines, develop specific opportunity will vary considerably regular updates. If any ESG or climate-related As discussed in the Governance section above Capital Allocation projects or conduct exploration. Rather, our depending on the commodity-type, jurisdiction, event or occurrence transpires at an operation, in this Appendix C, the Board and its Committees business model is focused on growing and operator, operation, etc. but, by way of example, we offer to provide assistance to the operator. frequently meet with senior management to managing our portfolio of royalty and streams these may include water scarcity, power supply We also monitor the performance, including discuss our company’s ESG and climate-related Community with the view to holding onto these perpetual and environmental permitting considerations. the carbon footprint and the climate-related risks and exposures. This collaborative effort Contributions or long-life interests for extended time horizons. For an in-depth discussion of our due diligence commitments, plans, targets and initiatives is aimed at defining our ESG and climate Since our IPO in 2007, we have not made process, please refer to page 6 in this of certain of our producing assets. For further strategy going forward, particularly in respect Good Governance and any material divestment of the assets in ESG Report. information regarding the climate-related of our capital allocation. Management, the Shareholder Alignment our portfolio. performance of our top revenue generating Board and its Committees also apply a If ESG risks, including climate-related risks, mining assets, please refer to page 10 of “look-back” in the event of an ESG or climate- It follows that the crucial period for the identified in our due diligence processes are this ESG Report. Finally, we also regularly related event or issue arising at an existing Diversity, Inclusion identification and assessment of ESG risks, assessed and deemed to be material or adverse engage with our own stakeholders to provide asset to determine if such issue was (or and Well-Being including climate-related risks, is at the outset, to the prospects of the operator or project what transparency we can of ESG and should have been) accurately identified and prior to acquiring royalty and stream assets. We or to our royalty or stream interest, this may climate-related risks impacting our assets assessed in due diligence. This approach Climate Action have adopted a comprehensive due diligence result in our decision not to proceed with an and to respond to any significant concerns. is intended to identify any gaps in our process when selecting opportunities and opportunity. We have passed on a number of This helps identify, assess and mitigate due diligence and to strengthen our risk Transparency and potential operating partners. This due diligence otherwise prospective opportunities because reputational risks. identification and management processes. Guiding Principles review involves utilizing the extensive experience the ESG risks were too substantial. If we elect of our multi-disciplinary management team to proceed with an opportunity, we endeavour and Board of Directors to evaluate ESG and to include in our contractual arrangements Capital Allocation Asset Management About this ESG Report climate risks specific to a mining or energy provisions including reporting obligations, audit operation and the plans adopted by the and inspection rights, operating covenants, Risk Appendices operator to manage such risks. Since early transfer restrictions and remedies, which Management 2022, we have subscribed to McKinsey help manage and mitigate climate-related Risk Pass on Identication, Due diligence process Opportunity Risk identication and A: ESG Performance Table MineSpans, a data platform providing more risks. For an in-depth discussion of these Assessment leveraging experience of: OR assessment through: & Management • Board of Directors • Monitoring assets and operators B: Operators’ Emissions than 1,000 cost and supply points per mine contractual protections, please refer to Provide for for over 3,800 mines globally. Access to this page 7 in this ESG Report. • Management Contractual • Engagement with operators C: TCFD Disclosure • External consultants Protections • Stakeholder engagement service will facilitate the institutionalization D: SASB Disclosure of the review of climate and other ESG data Once we have acquired an asset, the process E: GRI Index prior to making acquisitions. of identifying and assessing ESG risks, including climate-related risks, involves Integration How did we do? What will we do? F: Sustainable We also routinely engage external experts to regular engagement with our operating into Retrospective look back Collaboration between management, Development Goals assess risks, including climate-related physical, partners, leveraging the aforementioned Overall Risk to strengthen risk identication the Board and its committees to regulatory, market and reputational risks. The contractual reporting obligations and our Management and assessment processes dene ESG and climate strategy G: KPMG: Independent climate-related considerations relating to a audit and inspection rights, in order receive Limited Assurance Report H: Carbon Neutral Initiative

Message from our CEO 71 The metrics and targets used to assess and manage Report Highlights METRICS AND TARGETS | relevant climate-related risks and opportunities About Franco-Nevada Emissions relating to our corporate operations relating to corporate operations and our • In this ESG Report, we have reported evaluating new opportunities; and our royalty and stream portfolio, calculated investment decisions, and other commitments on our progress, including in alignment • In this ESG Report, we have summarized Responsible in accordance with the GHG Protocol Corporate regarding our other stakeholders. with TCFD in this Appendix. the progress of our Top Mining Producers Capital Allocation Accounting and Reporting Standard, are set out in achieving their decarbonization goals on pages 38-41 in this ESG Report. In 2023, Corporate Operations Investments and net-zero ambitions (see page 11); we produced no (nil) Scope 1 GHG emissions, We aspire to achieve net-zero Corporate We are committed to considering the • We have measured and recorded our 63.9 tCO e of Scope 2 GHG emissions and Emissions by 2050. To reach this goal, we: decarbonization efforts and net-zero alignment Financed Emissions for 2020, 2021 and Community 2 150.7 tCO e of Scope 3 GHG emissions for • Measure and record our Corporate of operators and operations when making 2022 (see page 41); and Contributions 2 an aggregate total of 214.6 tCO e. Such Emissions in accordance with the investment decisions. We are also committed • In 2023, we helped finance Continental 2 Good Governance and Scope 3 GHG emission total excludes any Greenhouse Gas Protocol; to engaging with new and existing partners Resources’ solar-powered water recycling Shareholder Alignment Financed Emissions (or Scope 3, Category 15 • Have adopted GHG emission reduction on their efforts to decarbonize and achieve project in Oklahoma. (Investments) emissions). Due to the delayed targets for our Corporate Emissions in net-zero emissions by 2050 or sooner. timing of availability of production and emission line with the achievement of net-zero To achieve this, we will: Stakeholders Diversity, Inclusion data from operators, Financed Emissions have emissions by 2050 or sooner; • Assess the decarbonization commitments, To further support an awareness of climate and Well-Being been calculated and disclosed for 2020, 2021 • Maintain carbon neutrality on an annual plans, targets and initiatives of operators, reduction goals, including net-zero emissions and 2022. basis for our Corporate Emissions by including commitments to or progress by 2050 or sooner, we: Climate Action purchasing high quality carbon offsets towards achieving net-zero emissions • Ensure that our external consultants are In 2023, we made a new goal to achieve net-zero for those Corporate Emissions that by 2050 or sooner in our due diligence familiar with our support for the goal of Transparency and emissions relating to our global corporate cannot be eliminated; and processes when evaluating new decarbonization and net-zero emissions Guiding Principles operations (our “Corporate Emissions”) by 2050, • Report on our progress and provide opportunities; by 2050 or sooner and understand in line with global efforts to limit warming to climate-related disclosures aligned • Monitor operators’ decarbonization Franco-Nevada’s commitments under 1.5°C (“net-zero emissions by 2050 or sooner”). with the recommendations from the efforts and progress towards net-zero the Climate Action Policy; and About this ESG Report Task Force for Climate-related Financial emissions by 2050 or sooner; • Ensure before transacting with any As described below we have since adopted Disclosures (TCFD) and regulatory • Measure and record Financed Emissions significant supplier of goods for our Appendices emissions reduction targets for our Corporate requirements applicable to our company. from our royalty and stream assets in corporate operations, that such supplier Emissions in furtherance of our goal to achieve accordance with the Greenhouse Gas is aligned with the goal of net-zero A: ESG Performance Table net-zero emissions by 2050 or sooner. Progress made towards commitments Protocol and other leading supplementary emissions by 2050 or sooner. B: Operators’ Emissions and measures: guidance; and We also committed to consider the • We have measured and recorded our • Explore options on how we may assist Progress made towards commitments C: TCFD Disclosure decarbonization efforts and net-zero alignment, Corporate Emissions (see pages 39-40); operators’ energy transitions, climate-related and measures: D: SASB Disclosure including with respect to the commitments, • In 2024, we adopted emissions reduction community and other initiatives, and/or • Since the recent adoption of our Climate E: GRI Index plans, targets and initiatives, of operators and targets for our Corporate Emissions, including other activities aimed at decarbonization Action Policy, we have ensured that our operations when making investment decisions a 42% reduction in Scope 2 emissions by and achieving net-zero emissions by consultants acknowledge familiarity with F: Sustainable and to engage with new and existing partners 2030 and a 30% reduction in our overall 2050 or sooner. our net-zero goal and our Climate Action Development Goals on their efforts to decarbonize and achieve Corporate Emissions by 2030, each Policy commitments; and G: KPMG: Independent net-zero emissions by 2050 or sooner. from a 2023 base year (see page 40); Progress made towards commitments • We have ensured that our significant Limited Assurance Report • We have implemented initiatives to reduce our and measures: suppliers of goods for our corporate We have adopted a Climate Action Policy, which absolute Corporate Emissions (see page 38); • Since the recent adoption of our Climate operations have commitments, plans, H: Carbon Neutral Initiative is summarized below and formalizes our • We achieved carbon neutrality for our Action Policy, we have assessed the targets or initiatives aligned with climate-related commitments and measures Corporate Emissions (see page 40); and net-zero alignment of operators when net-zero (see page 17).

Message from our CEO APPENDIX D: SASB DISCLOSURE 72 Report Highlights Transparent Information FN-AC-270a.3 About Franco-Nevada & Fair Advice for Customers Description of approach to informing customers about products and services Responsible FN-AC-270a.1 Capital Allocation (1) Number and (2) percentage of covered As indicated above, as a royalty and streaming employees with a record of investment-related company, we do not have customers, products investigations, consumer-initiated complaints, or services in a traditional sense. Rather, Community private civil litigations, or other regulatory our primary focus relates to our approach Contributions proceedings to communicating with and informing Franco- Nevada’ shareholders about our business. Good Governance and Franco-Nevada Corporation and its subsidiaries Refer to page 25 of this ESG Report, which Shareholder Alignment are not brokerages or dealers and our business describes our process of engaging, and employees are not subject to FINRA, communicating and collaborating with our SRO and related rules, regulations or filing shareholders and other stakeholders. Diversity, Inclusion requirements. Accordingly, we did not have and Well-Being any “covered employees”, as such term is Employee Diversity & Inclusion In the continuously evolving ESG landscape, assigned classification is, in our view, the defined in the SASB Standards, in the reporting Climate Action we are committed to providing transparency most appropriate for our business model period (fiscal 2023). Notwithstanding, we are FN-AC-330a.1 in our sustainability reporting by providing of the available SICS sectors and industries. aligned with the SASB disclosure standards Percentage of gender and racial/ethnic group Transparency and meaningful information to our shareholders Notwithstanding, certain SASB accounting having disclosed the number (nil) and representation for (1) executive management, Guiding Principles and continuing to enhance our disclosure, metrics applicable to investment managers, percentage (0%) of all of our employees (2) non-executive management, (3) professionals, including with the following, which is our dealers, brokers and custodians are not with a record of investigations, complaints, and (4) all other employees company’s fourth consecutive year aligning applicable to Franco-Nevada’s business litigations, or other regulatory proceedings. About this ESG Report with the Sustainability Accounting Standards as a royalty and streaming company. In Also refer to Appendix A to this ESG Report Quantitative Summary of Racial/ Board (“SASB”) framework. accordance with SASB’s “report or explain” for further information. Ethnic and Gender Representation Appendices framework, we have endeavoured to explain The racial/ethnic group and gender SASB created the Sustainable Industry why certain standards are not applicable FN-AC-270a.2 representation among our company’s A: ESG Performance Table Classification System® (SICS®) to group to our company and information has been Total amount of monetary losses as a result of workforce (consisting of 40 employees in B: Operators’ Emissions like companies based on their sustainability- modified or omitted. legal proceedings associated with marketing four offices) is included in the tables on the related risks and opportunities. As of the and communication of financial product-related following page. Also refer to pages 28 and C: TCFD Disclosure date of this ESG Report, Franco-Nevada is All disclosure included or referenced below is information to new and returning customers 50 of this ESG Report for further information. D: SASB Disclosure classified in the “Financials” Primary SICS being provided for Franco-Nevada Corporation E: GRI Index Sector and the “Asset Management & Custody and our subsidiaries (collectively, “we”, “us”, Franco-Nevada does not have customers Diversity and Inclusion Policies, Activities” Primary SICS Industry. While the “our”, “Franco-Nevada”, the “Company”, or akin to a typical investment dealer, broker Programs and Initiatives F: Sustainable SICS “Extractives & Minerals Processing” the “Corporation”). Such information is as or custodian. Notwithstanding, we are aligned For a detailed description of our policies, Development Goals classification may appear to be appropriate, of, or for the year-ended December 31, 2023 to the SASB disclosure standards having programs and initiatives for fostering diversity G: KPMG: Independent its accounting metrics are geared towards unless otherwise noted. The inclusion of disclosed the monetary losses (nil) as a result and inclusion across our global operations, Limited Assurance Report mining and energy operators and producers information contained in this disclosure of legal proceedings (nil) associated with refer to pages 28-30 of this ESG Report. and not royalty and streaming companies should not be construed as a characterization marketing and communication of any and all H: Carbon Neutral Initiative that are not involved in operations. The regarding the materiality or financial impact information generally. Also refer to Appendix A “Asset Management & Custody Activities” of that information. to this ESG Report for further information.

Message from our CEO 73 Report Highlights BIPOC* Other N/A** ESG Considerations ESG Policies and Committee Charters About Franco-Nevada in Due Diligence Process Refer to the following policies and committee Senior Executive Management (5 - CEO, CFO, CLO, SVPs) 2 3 0 We believe that proper consideration of ESG charters (each available on our website) that Responsible Other Executive Management (10 - President (FNB), VPs) 4 6 0 risks in connection with the companies, projects govern the incorporation of ESG factors in and jurisdictions in which we seek to deploy our investment decisions and other aspects Capital Allocation Non-Executive Management (5 - Directors, Controller) 1 4 0 capital will enhance long-term performance of of our business: All Other Employees (20) 11 9 0 our company and in turn generate real value for Community our shareholders. Accordingly, we conduct a • Investment Principles Policy Contributions Total 18 22 0 rigorous review of ESG issues and risks during (Environmental, Social and Governance) our due diligence process when evaluating all – sets out our commitment to responsible Good Governance and Female Male N/A** royalty and stream opportunities. As each investing and further describes our Shareholder Alignment Senior Executive Management (5 - CEO, CFO, CLO, SVPs) 0 5 0 opportunity varies considerably based upon the approaches to integrating ESG factors commodity-type, jurisdiction, nature of the in our acquisition and asset Other Executive Management (10 - President (FNB), VPs) 2 8 0 royalty or stream interest (e.g. whether such management processes; Diversity, Inclusion Non-Executive Management (5 - Directors, Controller) 1 4 0 interest relates to a historical third-party • Responsible Gold Mining Principles Policy and Well-Being arrangement or is being newly created), among - sets out our RGMP-related commitments All Other Employees (20) 15 5 0 other things, we apply a flexible approach to our in respect of our acquisitions and other Climate Action Total 18 22 0 ESG due diligence review and frequently rely on aspects of our business; local ESG consultants for their expert guidance. • Climate Action Policy – sets out our Transparency and * BIPOC = Black, Indigenous, and People of Colour Please refer to page 6 of this ESG Report, climate-related commitments with respect Guiding Principles ** N/A = not available or not disclosed which describes our due diligence process, to our investment decisions and further including specific ESG factors assessed, when describes our approaches to integrating Incorporation of ESG Factors relating to assets under management in making investment decisions. climate-related factors in our acquisition About this ESG Report in Investment Management respect of securities portfolios supervised and asset management processes; & Advisory or managed by investment advisors is not Mitigating ESG Risks • Compensation and ESG Committee Appendices applicable to our company and such information in Contractual Arrangements Charter – specifies such committee’s FN-AC-410a.1 is not included in our disclosure. In order to mitigate ESG risks, when negotiating oversight over our company’s approach A: ESG Performance Table Amount of assets under management, by all new acquisitions we endeavour to include to ESG issues, the adequacy of our ESG B: Operators’ Emissions asset class, that employ (1) integration of Please refer to our responses to the following provisions to afford our company with access practices and policies, the adoption of environmental, social, and governance (ESG) SASB accounting metric (FN-AC-410a.2) for to ongoing reporting in respect of a project, any ESG-related standards or initiatives, C: TCFD Disclosure issues, (2) sustainability themed investing, our approach to incorporating ESG factors audit and inspection rights, and security and adopts ESG-related corporate goals used D: SASB Disclosure and (3) screening in our investment processes and strategies, remedies. Additionally, we include operating to evaluate management’s performance E: GRI Index which are conducted in all of our new royalty covenants (e.g. requirement of operators for executive compensation decisions As a royalty and stream company, we do not and stream acquisitions. to conduct operations in accordance with and the engagement with stakeholders F: Sustainable exercise control over or have direct influence responsible practices and applicable law) in respect of ESG issues; and Development Goals on the projects over which we have an FN-AC-410a.2 and transfer restrictions intended to ensure • Audit and Risk Committee Charter – G: KPMG: Independent interest. We do not have any “assets under Description of approach to incorporation that we remain partnered with a responsible specifies such committee’s oversight Limited Assurance Report management”, as defined by SASB, and we of environmental, social, and governance actors when it comes to ESG-related issues. over risk management, including ESG and do not provide supervisory or management (ESG) factors in investment and/or wealth Refer to page 7 of this ESG Report, climate change risks, the review of our H: Carbon Neutral Initiative services in respect of any of our acquisitions. management processes and strategies which describes in further detail these principal risks and exposures, and the Consequently, this quantitative SASB standard contractual protections. effective management, monitoring and

Message from our CEO 74 Report Highlights control of such risks by reviewing quantum ($246.4 million as at December 31, Activity Metrics About Franco-Nevada management’s assessment of the 2023) of our equity investments. For this significant risks and exposures reason, we do not have formal proxy voting FN-AC-000.A Responsible impacting our company, including and investee engagement policies and (1) Total registered and (2) total unregistered Capital Allocation ESG and climate change risks. procedures and the information required assets under management (AUM) in this SASB standard has been omitted. ESG Oversight and Implementation; Franco-Nevada does not have any registered Community Climate-Related Scenarios and Risk Profiling Business Ethics assets (nil) under the SASB definition of Contributions Refer to our Task Force on Climate-related Registered AUMs. Accordingly, all (100%) Financial Disclosures section of this ESG FN-AC-510a.1 of our assets are unregistered assets, all Good Governance and Report in Appendix C for: Total amount of monetary losses as a result of which are under our company’s control Shareholder Alignment of legal proceedings associated with fraud, and supervision. For details regarding our • Details regarding our company’s Board insider trading, anti-trust, anti-competitive assets, please refer to our Consolidated and management oversight over ESG behaviour, market manipulation, malpractice, Statements of Financial Position in our Diversity, Inclusion (including climate-related) policies, or other related financial industry laws Audited Financial Statements for the year and Well-Being programs and risk mitigation and or regulations ended December 31, 2023 and to the management’s day-to-day implementation notes referenced in the statements. Climate Action of ESG factors and considerations; We are aligned with the SASB disclosure • A description of our climate-related scenario standards having disclosed the total amount FN-AC-000.B Transparency and analyses to determine our company’s risk of monetary losses (nil) as a result of legal Total assets under custody and supervision Guiding Principles profile, which incorporates our understanding proceedings associated with fraud, insider and assumptions of ESG trends applicable trading, anti-trust, anti-competitive behaviour, Please refer to the note above for SASB to the mining and energy industries; and market manipulation, malpractice, or other standard FN-AC-000.A. All of our company’s About this ESG Report • An assessment of climate-related risks related financial industry laws or regulations. assets are under our supervision. For details and opportunities and how these inform Also refer to Appendix A to this ESG Report regarding our assets, please refer to our Appendices our investment strategies. for further information. Consolidated Statements of Financial Position in our Audited Financial Statements A: ESG Performance Table FN-AC-410a.3 FN-AC-510a.2 for the year ended December 31, 2023 and B: Operators’ Emissions Description of proxy voting and investee Description of whistleblower policies to the notes referenced in the statements. engagement policies and procedures and procedures C: TCFD Disclosure D: SASB Disclosure As a royalty and streaming company, our Our Whistleblower Policy and our Employee E: GRI Index equity holdings do not represent a material Complaint Procedures for Accounting and portion of our business and the management Auditing Matters can be found on our F: Sustainable of security portfolios and active engagement website. Also refer to page 24 of this ESG Development Goals with investee companies are each not Report for a description of such policies and G: KPMG: Independent applicable to our company. Refer to Note 4 related procedures and Appendix A to this Limited Assurance Report in our Audited Financial Statements for the ESG Report for the number of instances year ended December 31, 2023 for the total of whistleblower complaints (nil) in 2023. H: Carbon Neutral Initiative

Message from our CEO APPENDIX E: GRI INDEX 75 Report Highlights GRI Standard Location GRI Standard Location About Franco-Nevada GENERAL DISCLOSURES (GRI 2) Responsible 2-1 Organizational details • About Franco-Nevada 2-11 Chair of the highest • Corporate Governance Capital Allocation 2024 Annual Information Form: governance body 2024 Management Information Circular: • The Corporation (page 3) • Statement of Governance Practices (page 26) Community 2-2 Entities included in • About Franco-Nevada 2-12 Role of the highest • Corporate Governance Contributions the organization’s • About this ESG Report governance body in • Due Diligence Process sustainability overseeing the management • Responsible Gold Mining Principles reporting of impacts • Appendix C: TCFD Disclosure (Governance) Good Governance and 2-3 Reporting period, • About this ESG Report 2024 Management Information Circular: Shareholder Alignment frequency and • Statement of Governance Practices (page 26) contact point 2-13 Delegation of responsibility • Corporate Governance Diversity, Inclusion 2-4 Restatements • Corporate Footprint for managing impacts • Due Diligence Process and Well-Being of information • Appendix A: ESG Performance Table • Appendix C: TCFD Disclosure (Governance) 2-5 External assurance • Assurance Statement 2024 Management Information Circular: Climate Action • Appendix G: KPMG: Independent Limited Assurance Report • Corporate Goal - ESG (page 61) 2-6 Activities, value chain • About Franco-Nevada 2-14 Role of the highest governance • Corporate Governance and other business • Due Diligence Process body in sustainability reporting • Due Diligence Process Transparency and relationships • Supply Chain • Appendix C: TCFD Disclosure (Governance) Guiding Principles 2024 Annual Information Form: 2-15 Conflicts of interest • Integrity and Compliance • General Development of Franco-Nevada's Business (page 4) 2024 Management Information Circular: About this ESG Report 2-7 Employees • Diversity, Inclusion & Well-Being • Statement of Governance Practices (page 26) • Appendix A: ESG Performance Table 2-16 Communication of • Integrity and Compliance Appendices 2-8 Workers who are • Diversity, Inclusion & Well-Being critical concerns 2024 Management Information Circular: not employees • Supply Chain • Statement of Governance Practices (page 26) A: ESG Performance Table 2-9 Governance structure • Corporate Governance 2-17 Collective knowledge of the • Cyber and Technological Security B: Operators’ Emissions and composition • Appendix C: TCFD Disclosure (Governance) highest governance body • Appendix A: ESG Performance Table C: TCFD Disclosure 2024 Management Information Circular: 2024 Management Information Circular: • Statement of Governance Practices (page 26) • Statement of Governance Practices (page 26) D: SASB Disclosure 2-10 Nomination and • Corporate Governance • Orientation and Continuing Education (page 34) E: GRI Index selection of the • Appendix C: TCFD Disclosure (Governance) • Skills Matrix (page 37) highest governance • Board Assessment (page 41) F: Sustainable body 2024 Management Information Circular: Development Goals • Statement of Governance Practices (page 26) G: KPMG: Independent Limited Assurance Report H: Carbon Neutral Initiative

Message from our CEO 76 Report Highlights GRI Standard Location GRI Standard Location About Franco-Nevada 2-18 Evaluation of 2024 Management Information Circular: 2-24 Embedding policy • Responsible Capital Allocation the performance • Board Assessment (page 41) commitments • Due Diligence Process Responsible of the highest • Integrity and Compliance governance body • Diversity, Inclusion and Well-Being Capital Allocation 2-19 Remuneration 2024 Management Information Circular: • Transparency and Guiding Principles policies • Statement of Governance Practices (page 26) • Climate Action Commitments and Plans Community • Compensation Process (page 41) • Responsible Gold Mining Principles Contributions • Statement of Executive Compensation (page 47) 2-25 Processes to • Responsible Capital Allocation • Compensation Program Highlights and Best Practices (page 49) remediate negative • Due Diligence Process • Compensation Discussion & Analysis (page 50) impacts • Community Contributions Good Governance and 2-20 Process to 2024 Management Information Circular: • Responsible Gold Mining Principles Shareholder Alignment determine • Statement of Governance Practices (page 26) • Climate Action Commitments and Plans remuneration • Compensation Process (page 41) • Appendix C: TCFD Disclosure • Statement of Executive Compensation (page 47) (Governance; Sustainable Investment Diversity, Inclusion • Compensation Program Highlights and Best Practices (page 49) Opportunities; Risk Management) and Well-Being • Compensation Discussion & Analysis (page 50) 2-26 Mechanisms for • Integrity and Compliance 2-21 Annual total 2024 Management Information Circular: seeking advice and 2024 Management Information Circular: Climate Action compensation • Statement of Executive Compensation (page 47) raising concerns • Statement of Governance Practices (page 26) ratio • Compensation Program Highlights and Best Practices (page 49) 2-27 Compliance with • Appendix A: ESG Performance Table Transparency and • Compensation Discussion & Analysis (page 50) laws and regulations Guiding Principles 2-22 Statement on • Message from our CEO 2-28 Membership • Industry and Other Support sustainable • UN Global Compact and SDGs associations • Diversity and Inclusion development • Appendix A: ESG Performance Table • Transparency and Guiding Principles About this ESG Report strategy • Appendix F: Sustainable Development Goals 2-23 Policy • Responsible Capital Allocation 2-29 Approach to • Corporate Governance commitments • Due Diligence Process stakeholder • Industry and Other Support Appendices • Integrity and Compliance engagement • Diversity and Inclusion • Diversity, Inclusion and Well-Being • Transparency and Guiding Principles A: ESG Performance Table • Transparency and Guiding Principles • Climate Action Commitments and Plans B: Operators’ Emissions • Climate Action Commitments and Plans • Responsible Gold Mining Principles • Responsible Gold Mining Principles • Appendix C: TCFD Disclosure C: TCFD Disclosure (Governance; Sustainable Investment Opportunities; Risk Management) D: SASB Disclosure 2-30 Collective bargaining • Employee Benefits and Well-Being E: GRI Index agreements F: Sustainable Development Goals G: KPMG: Independent Limited Assurance Report H: Carbon Neutral Initiative

Message from our CEO 77 Report Highlights GRI Standard Location GRI Standard Location About Franco-Nevada MATERIAL TOPICS (GRI 3) EMISSIONS GRI 305: Emissions 2016 Responsible 3-1 Process to determine For the purpose of reporting in accordance with GRI standards, Capital Allocation material topics we classify our material topics into levels that reflect the degree 305-1 Direct (Scope 1) • Overall Carbon Footprint of associated risk and/or level of significance to Franco-Nevada, GHG emissions • Corporate Footprint and therefore the amount of coverage in this ESG Report. Community We will continue to assess Franco-Nevada's material ESG 305-2 Energy indirect (Scope 2) • Overall Carbon Footprint Contributions topics annually. GHG emissions • Corporate Footprint 305-3 Other indirect (Scope 3) • Overall Carbon Footprint Good Governance and GHG emissions • Corporate Footprint • Investment Footprint Shareholder Alignment INDIRECT ECONOMIC IMPACTS GRI 203: Indirect Economic Impacts 2016 305-4 GHG emissions intensity • Overall Carbon Footprint Diversity, Inclusion • Corporate Footprint 203-2 Significant indirect • Community Contributions • Investment Footprint and Well-Being economic impacts • Climate Action Commitments and Plans 305-5 Reduction of GHG • Overall Carbon Footprint Climate Action emissions • Corporate Footprint • Climate Action Commitments and Plans ANTI-CORRUPTION Transparency and GRI 205: Anti-corruption 2016 Guiding Principles 205-3 Confirmed incidents • Appendix A: ESG Performance Table EMPLOYMENT of corruption and GRI 401: Employment 2016 About this ESG Report actions taken 401-1 New employee hires • Employee Benefits and Well-Being Appendices and employee turnover • Appendix A: ESG Performance Table ENERGY 401-2 Benefits provided to • Employee Benefits and Well-Being A: ESG Performance Table GRI 302: Energy 2016 full-time employees • Appendix A: ESG Performance Table that are not provided B: Operators’ Emissions 302-1 Energy consumption • Overall Carbon Footprint to temporary or C: TCFD Disclosure within the organization • Corporate Footprint part-time employees • Appendix A: ESG Performance Table D: SASB Disclosure 401-3 Parental leave • Employee Benefits and Well-Being E: GRI Index 302-2 Energy consumption • Overall Carbon Footprint • Appendix A: ESG Performance Table outside of the • Corporate Footprint F: Sustainable organization • Appendix A: ESG Performance Table Development Goals 302-3 Energy intensity • Overall Carbon Footprint G: KPMG: Independent • Investment Footprint Limited Assurance Report 302-4 Reduction of energy • Climate Action Commitments and Plans H: Carbon Neutral Initiative consumption

Message from our CEO 78 Report Highlights GRI Standard Location GRI Standard Location About Franco-Nevada OCCUPATIONAL HEALTH AND SAFETY TRAINING AND EDUCATION Responsible GRI 403: Occupational Health and Safety 2018 GRI 404: Training and Education 2016 Capital Allocation 403-1 Occupational health and • Employee Benefits and Well-Being 404-3 Percentage of employees • Appendix A: ESG Performance Table safety management system • Appendix A: ESG Performance Table receiving regular performance and career Community development reviews Contributions 403-3 Occupational health services • Employee Benefits and Well-Being • Health, Safety and Security Good Governance and 403-6 Promotion of worker health • Employee Benefits and Well-Being DIVERSITY AND EQUAL OPPORTUNITY • Health, Safety and Security Shareholder Alignment GRI 405: Diversity and Equal Opportunity 2016 403-7 Prevention and mitigation • Employee Benefits and Well-Being 405-1 Diversity of governance • Diversity and Inclusion Diversity, Inclusion of occupational health and • Health, Safety and Security bodies and employees • Appendix A: ESG Performance Table safety impacts directly linked and Well-Being by business relationships Climate Action 403-8 Workers covered • Employee Benefits and Well-Being PUBLIC POLICY by an occupational • Health, Safety and Security GRI 415: Public Policy 2016 Transparency and health and safety 415-1 Political contributions • Diversity and Inclusion Guiding Principles management system • Appendix A: ESG Performance Table About this ESG Report 403-9 Work-related injuries • Appendix A: ESG Performance Table 403-10 Work-related ill health • Appendix A: ESG Performance Table Appendices A: ESG Performance Table B: Operators’ Emissions C: TCFD Disclosure D: SASB Disclosure E: GRI Index F: Sustainable Development Goals G: KPMG: Independent Limited Assurance Report H: Carbon Neutral Initiative

Message from our CEO APPENDIX F: SUSTAINABLE DEVELOPMENT GOALS 79 Report Highlights Initiatives across our business help advance a number of the Sustainable Development Goals About Franco-Nevada (SDGs), which were adopted by the United Nations in 2015 as a universal call to action to end poverty, protect the planet, and ensure that by 2030 all people enjoy peace and prosperity. Responsible The SDGs and Franco-Nevada’s supporting initiatives are set out below. Capital Allocation Community Contributions No Poverty Gender Equality End poverty in all its forms everywhere Achieve gender equality and empower all women and girls Good Governance and • Supplier Code of Conduct (minimum wages and benefits) (page 17) • Board and senior management gender diversity targets (page 28) Shareholder Alignment • Commitment to competitive wages (page 31) • Gender diverse representation at Franco-Nevada (page 28) • Enseña Peru and "Elites de Demain" education initiatives (pages 19-20) • Franco-Nevada Diversity Scholarship program (page 30) • Support for Producer Partnership in Montana (page 19) Diversity, Inclusion and Well-Being Climate Action Good Heath and Well-Being Clean Water and Sanitation Transparency and End hunger, achieve food security and Ensure access to safe water sources and sanitation for all Guiding Principles improved nutrition and promote sustainable agriculture • Water management and risk assessment in due diligence (page 12) • Our work to promote employee well-being (page 31) • Supplier Code of Conduct (minimization of water pollutants) (page 17) • Health and safety practices and policy at Franco-Nevada (page 32) About this ESG Report • Travel safety practices and policy at Franco-Nevada (page 32) • Support for Producer Partnership in Montana (page 19) Appendices A: ESG Performance Table B: Operators’ Emissions C: TCFD Disclosure D: SASB Disclosure Quality Education Affordable and Clean Energy E: GRI Index Ensure inclusive and quality education for all and promote lifelong learning Ensure access to afford- able, reliable, sustainable and modern energy for all • Enseña Peru and "Elites de Demain" education initiatives (pages 19-20) • Exploring ways to assist with operator energy transitions (page 35) F: Sustainable • “Every Student, Every Day” initiative (page 20) • Assessment of energy sources and requirements in due diligence (page 10) Development Goals • Franco-Nevada Diversity Scholarship program (page 30) • Funding of Continental Resources’ solar-powered water recycling project G: KPMG: Independent Limited Assurance Report H: Carbon Neutral Initiative

Message from our CEO 80 Report Highlights Decent Work and Economic Growth Climate Action About Franco-Nevada Promote inclusive and sustainable economic growth, Urgent action to tackle climate change and its impacts employment and decent work for all • Climate Action Policy commitments and measures (page 35) Responsible • Our commitment to pay competitive wages (page 31) • Measurement of emissions relating to our corporate operations Capital Allocation • Supplier Code of Conduct (labour and employment) (page 17) and investments (page 41) • Enseña Peru and "Elites de Demain" education initiatives (pages 19-20) • Carbon neutrality for corporate operations (page 40) • Supplier Code of Conduct (climate issues) (page 17) Community • TCFD-aligned disclosure (Appendix C) Contributions • Support for Great Green Wall initiative in Senegal (page 20) Good Governance and Industry, Innovation and Infrastructure Life on Land Shareholder Alignment Build resilient infrastructure, promote inclusive Sustainably manage forests, combat desertification, and sustainable industrialization and foster innovation halt and reverse land degradation, and halt biodiversity loss Diversity, Inclusion • Weyburn carbon sequestration project (page 67) • Assessment of biodiversity in due diligence process (page 6) and Well-Being • Our support of industry groups and associations (page 21) • Biodiversity performance of our top mining producers (pages 14-16) • Exploring ways to assist with operators to achieve net-zero (page 35) • Supplier Code of Conduct (biodiversity) (page 17) Climate Action • Support for Great Green Wall initiative in Senegal (page 20) Transparency and Reduced Inequalities Peace, Justice and Strong Institutions Guiding Principles Reduce inequalities within and among countries Promote peaceful and inclusive societies for sustainable development, • Board and senior management diversity measures and targets (page 28) provide access to justice for all and build effective, accountable and About this ESG Report • Support for BlackNorth (page 30) inclusive institutions at all levels • Enseña Peru and "Elites de Demain" education initiatives (pages 19-20) • Human Rights Policy (page 33) Appendices • Non-discrimination and equal opportunity (page 33) • Health and Safety Policy (page 32) • Diverse representation at Franco-Nevada (page 28) • Non-Discrimination, Anti-Harassment & Equal Opportunity Policy (page 33) A: ESG Performance Table • Supplier Code of Conduct (non-discrimination) (page 17) • Diversity and Inclusion Policy (page 28) B: Operators’ Emissions • Whistleblower Policies (page 24) • Infrastructure initiative to improve local police stations in Brazil (page 19) C: TCFD Disclosure D: SASB Disclosure Responsible Consumption and Production Partnerships for the Goals E: GRI Index Ensure sustainable consumption and production patterns Revitalize the global partnership for sustainable development F: Sustainable • Comprehensive due diligence process (page 6) • Community partnerships with operators (pages 19-20) Development Goals • Responsible Gold Mining Principles commitments and measures (page 46) • Exploring ways to assist with operator energy transitions (page 35) G: KPMG: Independent • Contractual protections in royalty and stream arrangements (page 7) • Our support of industry groups and associations (page 21) Limited Assurance Report • Supplier Code of Conduct (page 17) H: Carbon Neutral Initiative

Message from our CEO APPENDIX G: KPMG: INDEPENDENT LIMITED ASSURANCE REPORT 81 Report Highlights About Franco-Nevada • Inquired of those responsible for completing the activities to self-assess implementation of Franco-Nevada’s internally developed RGMP Policy; • Evaluated the suitability and application of the criteria in respect of the subject matter Responsible information; Capital Allocation • Inspected and evaluated relevant evidence in respect of the subject matter information. The procedures performed in a limited assurance engagement vary in nature and timing from and are less in extent than for a reasonable assurance engagement. Consequently, the level of assurance Community obtained in a limited assurance engagement is substantially lower than the assurance that would have Contributions been obtained had a reasonable assurance engagement been performed. Our Independence and Quality Management INDEPENDENT PRACTITIONER’S LIMITED ASSURANCE REPORT We have complied with the independence and other ethical requirements of relevant rules of professional Good Governance and conduct/code of ethics applicable to the practice of public accounting and related to assurance To the Board of Directors of Franco-Nevada Corporation (“Franco-Nevada” or the “Entity”): engagements, issued by various professional accounting bodies, which are founded on fundamental Shareholder Alignment principles of integrity, objectivity, professional competence and due care, confidentiality, and professional We have undertaken a limited assurance engagement on management of the Entity’s statement behaviour. regarding the implementation of Franco-Nevada’s Responsible Gold Mining Principles Policy (the “RGMP The firm applies Canadian Standard on Quality Management 1, Quality Management for Firms that Policy”) (“subject matter information”). The subject matter information is presented in the table on page 46 Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Diversity, Inclusion under the section titled “Description of Implementation” of Franco-Nevada’s 2024 ESG Report (the Engagements which requires the firm to design, implement and operate a system of quality management, “Report”), for the year ended December 31, 2023. including policies or procedures regarding compliance with ethical requirements, professional standards, and Well-Being Other than as described in the preceding paragraph, which sets out the scope of our engagement, we did and applicable legal and regulatory requirements. not perform assurance procedures on the remaining information included in the Report, and accordingly, Significant Inherent Limitations we do not express a conclusion on this information. Non-financial information such as the subject matter information, is subject to more inherent limitations Climate Action Management’s Responsibility than financial information, given the qualitative characteristics of the underlying subject matter and There are no mandatory requirements against which the Entity’s implementation of its RGMP Policy is methods used for determining this information. The absence of a significant body of established practice evaluated. As such, management has developed and applied its own criteria which are defined in the table on which to draw allows for the selection of different but acceptable evaluation techniques, which can Transparency and on page 46 of the Report under the section titled “RGMP Policy Measures” (the “applicable criteria”). result in materially different measurements and can impact comparability. It is important to read Franco- Nevada’s internally developed “RGMP Policy Measures” presented in the table on page 46 of the Report. Guiding Principles Management is responsible for the preparation of the subject matter information in accordance with the Conclusion applicable criteria. Management is also responsible for such internal controls as management determines necessary to Our conclusion has been formed on the basis of, and is subject to, the matters outlined in this report. We enable the preparation of the subject matter information that is free from material misstatement, whether believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our About this ESG Report due to fraud or error, which includes selecting or developing appropriate criteria. conclusion. Our Responsibility Based on the procedures performed and evidence obtained, no matters have come to our attention to cause us to believe that management of the Entity’s statement regarding the implementation of the Appendices Our responsibility is to express a limited assurance conclusion on the subject matter information based on RGMP Policy for the year ended December 31, 2023, based on the applicable criteria, is not, in all the procedures we have performed and the evidence we have obtained. We conducted our material respects, fairly stated. limited A: ESG Performance Table assurance engagement in accordance with Canadian Standards on Assurance Engagements (CSAE) Specific Purpose of Subject Matter Information 3000, Attestation Engagements Other than Audits or Reviews of Historical Financial Information. That standard requires that we plan and perform our engagement to obtain limited assurance about whether The subject matter information has been prepared using internally developed criteria to report on the B: Operators’ Emissions subject matter information is free from material misstated. implementation of the Entity’s Responsible Gold Mining Principles Policy and as a result may not be suitable for another purpose. C: TCFD Disclosure A limited assurance engagement involves assessing the suitability of the criteria used by the Entity in Restriction on Use preparing the subject matter information in the circumstances of the engagement, assessing the risks of material misstatement, whether due to fraud or error, and responding to the assessed risks as necessary Our report is intended solely for use by Franco-Nevada for the purpose(s) set out in our engagement D: SASB Disclosure in the circumstances. agreement. Our report may not be suitable for any other purpose and is not intended for use or reliance by any third parties. While KPMG LLP acknowledges that disclosure of our report may be made, in full, by We Franco-Nevada in Franco-Nevada’s 2024 ESG Report, KPMG LLP does not assume or accept any E: GRI Index exercised professional judgment and maintained professional skepticism throughout the engagement. Our procedures were designed and performed to obtain evidence that is sufficient and appropriate to responsibility or liability to any third party in connection with the disclosure of our report. F: Sustainable provide a basis for our conclusion. Development Goals In carrying out our engagement, we performed the following procedures: G: KPMG: Independent Limited Assurance Report Chartered Professional Accountants, Licensed Public Accountants H: Carbon Neutral Initiative April 10, 2024

Message from our CEO APPENDIX H: CARBON NEUTRAL INITIATIVE 82 Report Highlights About Franco-Nevada Responsible Capital Allocation Community Contributions Carbon Neutral for Corporate Operations (2023) Good Governance and Carbon Offset Purchased from Supplier Shareholder Alignment Emissions Eliminated Carbon Offset Supplier Cururos Wind Farm Project, Madre de Dios Amazon REDD Project, Chile (50%) Peru (50%) Diversity, Inclusion † and Well-Being All emissions* for our global operations Innovate Climate Inc. Gold Standard Certified Verra Certified ◊ • Barbados-based supplier of high quality The Cururos Wind Farm Project includes Madre de Dios, known for its biodiversity, Climate Action carbon offsets two wind farms called “El Pacifico" and is home to endangered species like the • Portion of profits help support Barbadian “La Cebada" with a total installed capacity black caiman, harpy eagle, and giant otter. NGOs, including I Am A Girl, Coral Reef of 109.6 MW and an average generation However, the construction of the South Transparency and Restoration Alliance, and The Future of 290 GWh per year. The project will also Inter-Oceanic Highway has led to increased Guiding Principles Centre Trust contribute to the sustainable development accessibility and immigration, resulting in of the country and region by decreasing rapid land use change and forest degradation. About this ESG Report the dependency on limited non-renewable The project’s aim is to preserve community resources, generate employment opportunities, forests through the promotion of sustainable Appendices contribute to the transfer of clean technology, economic activities, forest governance, and create new direct and indirect and the establishment of conservation A: ESG Performance Table income sources. agreements. B: Operators’ Emissions * Represents all of our estimated reported emissions from our global corporate operations in 2023, or 214.6 tCO e (equal to total Scope 2 emissions of 63.9 tCO e plus total Scope 3 emissions of 150.7 tCO e), which are calculated subsequent C: TCFD Disclosure 2 2 2 to year-end. As indicated in the Corporate Footprint section in this ESG Report, our global operations do not have Scope 1 (direct) emissions as our offices rely on electricity and steam for energy and heating, which are included under our Scope 2 D: SASB Disclosure (indirect) emissions. † We purchased offsets representing 125% of our grossed up emissions to provide for a buffer to ensure that all of our company’s corporate operational emissions were covered, including to account for certain minimal but unquantifiable emissions E: GRI Index which some of our employees may periodically contribute to. See page 40 for further details. ◊ We consider "high quality" offsets to have several characteristics, the most important being the quality of certification of the offset and the ability of the purchaser to retire offsets once the benefit has taken place. F: Sustainable Development Goals G: KPMG: Independent Limited Assurance Report H: Carbon Neutral Initiative

FRANCO-NEVADA.COM TSX/NYSE: FNV