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