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