13 Message from our CEO Report Highlights About Franco-Nevada Responsible Capital Allocation Due Diligence Process Ongoing Asset Management Key ESG Factors Health and Safety Carbon Footprint Water Management and Risk Tailings Management Biodiversity Supply Chain Community Contributions Good Governance and Shareholder Alignment Diversity, Inclusion and Well-Being Climate Action Transparency and Guiding Principles About this ESG Report Appendices T A I L I N G S M A N A G E M E N T 1 Tailings data sourced from Global Tailings Portal and Vale S.A. reporting. 2 Vale S.A. figures include tailings, sediment dams and other similar internal structures. Many of Vale's tailings dams are compliant with the Global Industry Standard on Tailings Management, with additional dams scheduled to be compliant by 2025. 3 Tailings dams are on the entirety of the Northern and Southeastern Systems and not necessarily covered by Franco-Nevada’s effective royalty grounds. Includes dams undergoing decharacterization. Top Mining Assets: Selected Tailings Dam Characteristics 1, 2 Asset Number of active tailings dams Tailings dam types Classification system adopted Cobre Panamá (Panamá) 1 Downstream/ centreline hybrid (1) Canadian Dam Association Candelaria (Chile) 2 Downstream (2) SERNAGEOMIN DS 248/2007 and DGA Decreto 50 (2015), Chile Antapaccay (Peru) 1 Downstream (1) Global Industry Standard on Tailings Management Antamina (Peru) 1 Downstream/ centreline hybrid (1) Canadian Dam Association Northern and Southeastern Systems (Brazil) 3 49 Downstream (14), single step (23), upstream (12) Ordinance 70.389/17 - ANM (Mining National Agency), Brasil Guadalupe-Palmarejo (Mexico) 1 Downstream (1) Canadian Dam Association MWS (South Africa) 1 Upstream (1) SANS 10286, South Africa Stillwater (USA - Montana) 3 Downstream (3) US Army Corp of Engineers Detour Lake (Canada - Ontario) 1 Centreline (1) Canadian Dam Association Tasiast (Mauritania) 1 Downstream ring dyke (1) Canadian Dam Association “Nine of our ten Top Mining Producers have since agreed to fully implement the Global Industry Standard on Tailings Management or have otherwise adopted the Towards Sustainable Mining (TSM) framework...” With several major disasters occurring in the last decade, tailings dams have been under increased regulatory scrutiny and have triggered an international response. In 2019, the Church of England Pensions Board and the Council on Ethics of the Swedish National Pension Funds wrote to mining companies, requesting disclosure of details of their tailings storage facilities and identifying the lack of a global tailings management standard as one possible contributor to the recent disasters. The Global Industry Standard on Tailings Management (the “Global Standard”) was launched in August 2020, aimed towards the goal of zero harm. Nine of our ten Top Mining Producers have since agreed to fully implement the Global Standard or have otherwise adopted the Towards Sustainable Mining (TSM) framework, with the remaining one Top Mining Producer (Harmony Gold) implementing certain aspects of the Global Standard. Further, comprehensive information relating to all our Top Mining Assets’ tailings dams have been made publicly available by our Top Mining Producers and is available on the Global Tailings Portal ( tailing.grida.no ). Responsible tailings management requires operators to consider the management and governance of tailings storage facilities throughout their lifecycle, from design to closure and post-closure. When deciding where to deploy capital, depending on the stage of development of an applicable project, Franco-Nevada reviews all aspects of a project’s planned or existing waste and tailings storage facilities. When negotiating new royalty or stream acquisitions, we endeavour to negotiate contractual arrangements such that the operator commits to implement the Global Standard or another equivalent international tailings standard in respect to their tailings storage facilities and to provide Franco-Nevada with ongoing reporting with respect to adherence to such standards. On this page, we have highlighted certain attributes of the tailings storage facilities for our Top Mining Assets.