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).