81 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 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 INDEPENDENT PRACTITIONER’S LIMITED ASSURANCE REPORT To the Board of Directors of Franco-Nevada Corporation (“Franco-Nevada” or the “Entity”): We have undertaken a limited assurance engagement on management of the Entity’s statement regarding the implementation of Franco-Nevada’s Responsible Gold Mining Principles Policy (the “RGMP Policy”) (“subject matter information”). The subject matter information is presented in the table on page 46 under the section titled “Description of Implementation” of Franco-Nevada’s 2024 ESG Report (the “Report”), for the year ended December 31, 2023. Other than as described in the preceding paragraph, which sets out the scope of our engagement, we did not perform assurance procedures on the remaining information included in the Report, and accordingly, we do not express a conclusion on this information. Management’s Responsibility There are no mandatory requirements against which the Entity’s implementation of its RGMP Policy is evaluated. As such, management has developed and applied its own criteria which are defined in the table on page 46 of the Report under the section titled “RGMP Policy Measures” (the “applicable criteria”). Management is responsible for the preparation of the subject matter information in accordance with the applicable criteria. Management is also responsible for such internal controls as management determines necessary to enable the preparation of the subject matter information that is free from material misstatement, whether due to fraud or error, which includes selecting or developing appropriate criteria. Our Responsibility Our responsibility is to express a limited assurance conclusion on the subject matter information based on the procedures we have performed and the evidence we have obtained. We conducted our limited assurance engagement in accordance with Canadian Standards on Assurance Engagements (CSAE) 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 subject matter information is free from material misstated. A limited assurance engagement involves assessing the suitability of the criteria used by the Entity in 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 in the circumstances. We 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 provide a basis for our conclusion. In carrying out our engagement, we performed the following procedures: • 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 information; • 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 obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. Our Independence and Quality Management We have complied with the independence and other ethical requirements of relevant rules of professional conduct/code of ethics applicable to the practice of public accounting and related to assurance engagements, issued by various professional accounting bodies, which are founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality, and professional behaviour. The firm applies Canadian Standard on Quality Management 1 , Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements which requires the firm to design, implement and operate a system of quality management, including policies or procedures regarding compliance with ethical requirements, professional standards, and applicable legal and regulatory requirements. Significant Inherent Limitations Non-financial information such as the subject matter information, is subject to more inherent limitations than financial information, given the qualitative characteristics of the underlying subject matter and methods used for determining this information. The absence of a significant body of established practice on which to draw allows for the selection of different but acceptable evaluation techniques, which can 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. Conclusion Our conclusion has been formed on the basis of, and is subject to, the matters outlined in this report. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. 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 RGMP Policy for the year ended December 31, 2023, based on the applicable criteria, is not, in all material respects, fairly stated. Specific Purpose of Subject Matter Information The subject matter information has been prepared using internally developed criteria to report on the implementation of the Entity’s Responsible Gold Mining Principles Policy and as a result may not be suitable for another purpose. Restriction on Use Our report is intended solely for use by Franco-Nevada for the purpose(s) set out in our engagement 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 Franco-Nevada in Franco-Nevada’s 2024 ESG Report, KPMG LLP does not assume or accept any responsibility or liability to any third party in connection with the disclosure of our report. Chartered Professional Accountants, Licensed Public Accountants April 10, 2024 A P P E N D I X G : K P M G : I N D E P E N D E N T L I M I T E D A S S U R A N C E R E P O R T