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