Sustainability Report 2025

20 2 5 S U S T A I N A B I L I T Y R E P O R T

Table of Contents MESSAGE FROM OUR CEO 1 REPORT HIGHLIGHTS 2 ABOUT FRANCO-NEVADA 3 RESPONSIBLE CAPITAL ALLOCATION 4 Due Diligence Process 5 Ongoing Asset Management 7 Key ESG Factors 8 Health and Safety 9 Carbon Footprint 10 Water Management and Risk 12 Tailings Management 13 Biodiversity 14 Supply Chain 16 COMMUNITY CONTRIBUTIONS 17 Community Support 18 Industry and Other Support 20 GOOD GOVERNANCE AND SHAREHOLDER ALIGNMENT 21 Corporate Governance 22 Integrity and Compliance 23 Shareholder Alignment 24 Cyber and Technological Security 25 DIVERSITY, INCLUSION AND WELL-BEING 26 Diversity and Inclusion 27 Employee Benefits and Well-Being 30 Health, Safety and Security 31 Human Rights, Non-Discrimination, Anti-Harassment and Equal Opportunity 32 CLIMATE ACTION 33 Climate Action Goals 34 Overall Carbon Footprint 35 Corporate Footprint 37 Investment Footprint 40 TRANSPARENCY AND GUIDING PRINCIPLES 41 ISSB, SASB, and GRI 42 UN Global Compact and SDGs 43 Responsible Gold Mining Principles 44 ESG Ratings and Recognition 46 ABOUT THIS SUSTAINABILITY REPORT 47 APPENDICES 48 A: ESG Performance Table 49 B: ISSB Sustainability Disclosure Standards 51 C: SASB Disclosure 64 D: GRI Index 67 E: Sustainable Development Goals 71 F: KPMG: Independent Limited Assurance Report 73 G: Carbon Neutral Initiative 74 Hudson Bay Lowlands of northern Ontario near Ring of Fire

Message from our CEO

In 2024, Franco-Nevada made record investments of over US$1.3 billion while strengthening its ESG commitments, including advancing climate targets, support

Franco-Nevada Corporation 1 Message from our CEO 2024 was a landmark year for Franco-Nevada, successfully executing on more than US$1.3 billion of commitments during the year, a record for the company. While these new investments allowed us to strategically expand our portfolio with high-quality, long-dated gold assets, we remained dedicated to responsible capital allocation and partnering with best-in-class operators, and we ensured that our core principles were followed and reinforced at every stage of our investment process. Our 2025 Sustainability Report showcases our sustainability-related endeavors and achievements, and we hope it offers valuable insights into our efforts from an environmental, social, and governance (ESG) perspective. A key goal of the company is to invest capital responsibly on behalf of our investors, focusing on ethical and sustainable mining and energy extraction. This year marks our third consecutive year reporting on the five ESG factors that we prioritize when evaluating investments, and outlining how the top 10 revenue generating mining assets in our portfolio have performed in these areas. We continue to emphasize these factors as we believe they are meaningful indicators of the sustainability performance of our top mining producers. To support their social license, we often partner with operators on selected community initiatives. This report details our 2024 initiatives, including community contribution partnerships with operators related to the Antamina mine in Peru, the Tocantinzinho mine in Brazil, the Stibnite gold project in Idaho, the Stillwater mines in Montana, and the Sabodala-Massawa mine in Senegal, among others. We are proud of our diversity and inclusiveness, with 62% of our overall workforce comprised of diverse persons. Earlier this year, we increased the diversity of our Board, adding a Latin American Board member. Our Diversity Scholarship Program is now in its fourth year and continues to grow. We granted four new full tuition scholarships to undergraduate students at three Canadian universities in 2024. We are now supporting a total of twelve students through their university studies in mining-related fields, with the first-ever scholarship recipient set to graduate this year. Last year, we advanced our own climate initiatives, adopting emission reduction targets for our corporate operations aligned with our goal to achieve net-zero corporate emissions by 2050 and instituting programs to reduce our absolute emissions in line with our targets. This report includes our measure of our progress against these targets. For 2024, we maintained carbon neutrality for our corporate operations through the purchase of carbon offsets. We are adapting our reporting as frameworks evolve. In prior years, our climate disclosures have been aligned with the recommendations of the Task Force on Climate- related Financial Disclosures. This is our first year transitioning to reporting aligned with the new IFRS Sustainability Disclosure Standards recently released by the International Sustainability Standards Board. As in prior years, we have provided an estimate of our attributable financed emissions for our entire portfolio of royalty and stream interests. Our partners are making significant strides in achieving their sustainability goals, with over 90% of our mining revenue now coming from operators who have established emission reduction targets. Our ESG efforts have earned top recognition from rating agencies, positioning us as the #1 ranked gold company by Sustainalytics, rated “AA” by MSCI and “Prime” by ISS ESG. Our commitment to sustainability was further acknowledged when we were named one of Corporate Knights’ Best 50 Corporate Citizens in Canada in 2024. Cobre Panamá is not specifically highlighted in this year’s report, as it remains shuttered. While we continue to pursue legal avenues to enforce our rights and protect our investment, we are encouraged by recent developments in the country. President Mulino has shown a willingness to initiate discussions with First Quantum, and attitudes in Panamá now appear more supportive of restarting the mine. We are hopeful for a resolution that benefits all stakeholders involved. Looking ahead, I am confident that Franco-Nevada is well-positioned to responsibly and sustainably expand our portfolio of investments, creating lasting value for all our stakeholders. We are keen to engage with you in the months ahead and welcome your insights and feedback on our sustainability-related endeavors and achievements as outlined in this year’s report. - Paul Brink Paul Brink, President & 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 Sustainability Report Appendices Message from our CEO

Report Highlights

Franco-Nevada supports SDGs, ranks high in ESG, maintains carbon neutrality, boosts community impact, tracks emissions, and promotes diversity and wellness

Franco-Nevada Corporation 2 INITIATIVES ALIGNED WITH UN SUSTAINABLE DEVELOPMENT GOALS Initiatives across our business help advance a number of the Sustainable Development Goals, which were adopted by the United Nations in 2015 as a universal call to action to end poverty, protect the planet, and ensure that by 2030 all people enjoy peace and prosperity. Read more à (page 43) CONTINUED HIGH RANKINGS AND RECOGNITION FROM ESG RATING AGENCIES We continue to receive recognition for our ESG efforts and rank highly with top ESG rating agencies. Franco-Nevada is the #1 ranked gold company by Sustainalytics, is rated “AA” by MSCI and “Prime” by ISS ESG, and was named one of Corporate Knights’ Best 50 Corporate Citizens in Canada in 2024. Read more à (page 46) FINANCED EMISSIONS INCLUDED IN OUR SCOPE 3 EMISSIONS Since 2022, we have measured and disclosed financed GHG emissions attributable to our royalty and stream interests, included as Scope 3, Category 15 (Investments) emissions. Additionally, we provide a high-level guide to understanding the Greenhouse Gas Protocol standards, detailing the components that comprise Scope 1, 2 and 3 emissions. Read more à (page 40) MAINTAINED CARBON NEUTRALITY FOR CORPORATE EMISSIONS Since 2020, we have maintained carbon neutrality for our corporate operations. We have accomplished through the purchase of high quality carbon credits to offset emissions that cannot be eliminated. Read more à (page 39) ALIGNMENT OF ESG REPORTING WITH SASB, GRI AND NEW ISSB DISCLOSURE STANDARDS Our ESG disclosure is aligned with leading reporting standards and frameworks, including the Sustainability Accounting Standards Board and Global Reporting Initiative standards and our transition to disclosure aligned with the International Sustainability Standards Board’s new Sustainability Disclosure Standards. Read more à (page 42) Report Highlights DUE DILIGENCE TO INVEST IN STRONG ESG PERFORMERS Our key ESG-related areas of focus when making investments are detailed in this Sustainability Report. These include health and safety, carbon footprint, water management and risk, tailings management, and biodiversity. We have also evaluated the performance of the operators of our top revenue-generating mining assets in each of these five areas. Read more à (page 5) INCREASED COMMUNITY CONTRIBUTIONS AND COMMITMENTS Our community contributions continue to grow year- over-year, including renewed funding for initiatives in Peru, Brazil and Senegal, as well as contributions to new initiatives in the United States and Canada. We remain committed to supporting mining industry groups and diversity initiatives. Read more à (page 18) PRIORITIZING EMPLOYEE WELL-BEING AND DEVELOPMENT We have highlighted the efforts made by our organization to promote the physical and mental well-being and development of our employees. These include maintaining hybrid work arrangements, providing health benefits and wellness allowances, establishing a new employee wellness room, and offering opportunities for professional development and education. Read more à (page 30) IMPROVED EMPLOYEE BENEFITS This year marks our first year implementing a pension plan for all Canadian employees, underscoring the importance we place on saving for retirement and our commitment to helping our employees secure their financial future. Read more à (page 30) CONTINUING TO BUILD ON OUR DIVERSE REPRESENTATION AND DIVERSITY INITIATIVES In furtherance of our goal of attaining and thereafter maintaining diversity at the Board level on grounds broader than gender diversity, we welcomed a new diverse director, Daniel Malchuk, to our Board. Now in its fourth year, our Franco-Nevada Diversity Scholarship program continues to grow, with four students receiving scholarships in 2024, increasing the total number of active scholarships to twelve. Read more à (page 27) MEASURING AGAINST EMISSION REDUCTION TARGETS Last year we adopted emission reduction targets for our corporate emissions in line with our goal to achieve net-zero emissions in our corporate operations by 2050 or sooner. This year marks our first year measuring against these targets. We continue to advance the implementation of measures and programs to reduce our carbon footprint in furtherance of our emission reduction targets. Read more à (page 34) Commerce Court West, Toronto Message from our CEO 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 Sustainability Report Appendices Report Highlights

About Franco-Nevada

We are the leading gold-focused royalty and streaming company, with the most diversified portfolio of cash-flow producing assets

Franco-Nevada Corporation 3 About Franco-Nevada We are the leading gold-focused royalty and streaming company, with the most diversified portfolio of cash- flow producing assets. Our shares are listed on the Toronto and New York stock exchanges under the symbol FNV. An investment in our shares is expected to provide investors with yield and exposure to commodity price and exploration optionality while limiting exposure to cost inflation and other operating risks. We believe that combining lower risk gold investments with a strong balance sheet, progressively growing dividends and exposure to exploration optionality is the right mix to appeal to investors seeking to hedge market instability. Since our initial public offering over 17 years ago, we have increased our dividend annually and our share price has outperformed the gold price and all relevant gold equity benchmarks. Creating successful long-term partnerships with operators is a core objective. The alignment and the natural flexibility of royalty and stream financing has made it an attractive source of capital for the cyclical resource sector. We work to be a positive force in all our communities, promoting responsible mining, providing a safe and diverse workplace and contributing to build community support for the operations in which we invest. Our revenue is generated from various forms of agreements, ranging from net smelter return royalties, streams, net profits interests, net royalty interests, working interests and other types of arrangements. We recognize the cyclical nature of the industry and have a long-term investment outlook. We maintain a strong balance sheet to minimize financial risk and to provide capital to the industry throughout the cycle. The focus of our business is to create exposure to gold and precious metal resource optionality. This principally involves investments in gold projects and providing capital to copper and other base metal projects to obtain exposure to by-product gold, silver and platinum group metals production. We also invest in other metals and energy to expose our shareholders to additional resource optionality. Franco-Nevada global workforce We work to be a positive force in all our communities, promoting responsible mining, providing a safe and diverse workplace and contributing to build community support for the operations in which we invest. Message from our CEO Report Highlights Responsible Capital Allocation Community Contributions Good Governance and Shareholder Alignment Diversity, Inclusion and Well-Being Climate Action Transparency and Guiding Principles About this Sustainability Report Appendices About Franco-Nevada

R E S P O N S I B L E C A P I T A L A L L O C A T I O N We are committed to allocating capital to responsible operators that provide safe workplaces for their workforce, limit the environmental impacts of their projects and provide net benefits for their communities. Employees at Eskay Creek Message from our CEO Report Highlights About Franco-Nevada Community Contributions Good Governance and Shareholder Alignment Diversity, Inclusion and Well-Being Climate Action Transparency and Guiding Principles About this Sustainability Report Appendices Due Diligence Process Ongoing Asset Management Supply Chain Responsible Capital Allocation Key ESG Factors Health and Safety Carbon Footprint Water Management and Risk Tailings Management Biodiversity

Due Diligence Process

Franco-Nevada Corporation 5 Due Diligence Process As a royalty and stream company, we do not operate mining or energy projects or exercise control over such operations. As a result, the most critical time to assess and mitigate risks, including ESG risks, associated with an asset is at the outset, prior to entering into royalty and stream agreements. We believe that proper consideration of ESG risks in connection with the companies, projects and jurisdictions in which we deploy capital will enhance the long-term performance of our company. With each royalty and stream opportunity we conduct a comprehensive assessment of ESG factors, which helps guide our investment decisions. When evaluating third-party royalty acquisition opportunities, we typically have limited access to data regarding an operation as we are not directly engaged with the operator. Notwithstanding this limitation, we review any ESG and other information we can gather in the public domain and from outside consultants, including relating to the topics referenced in this section. Although our processes may vary depending on the nature of the opportunity, we typically assess the ESG factors listed in the following table before making any investment decisions: Climate & Environmental Impacts Governance & Ethical Standards § Climate-related impacts of the project, including emission reduction commitments, targets, and goals, including net-zero alignment § Energy sources and requirements and efficiency of operations § Carbon pricing and carbon taxes applicable to an operation § Water risk, requirements, sourcing, and management plans § Tailings facilities and waste rock storage at the project and tailings standards adhered to by the operator § Impacts of development and operations on fauna, flora, and biodiversity and no-net-loss initiatives and commitments of operators § Review of any environmental incidents relating to the project § Air emissions and dust from the project § Management by the operator of toxic materials § Project closure, reclamation, and monitoring plans § Ethical track record and any history of corruption § The reputation of the operator, locally and internationally § Environmental, social, and governance policies, programs, and initiatives put in place by the operator § External certifications obtained by the operator or project § Operator commitments to the Responsible Gold Mining Principles (RGMPs) or the principles of the International Council on Mining & Metals (ICMM), Canadian Institute of Mining Metallurgy and Petroleum (CIM), Towards Sustainable Mining (TSM), or other relevant standards Health, Safety, & Human Rights Community & Social Impacts § Health, safety, and human rights records of the project and operator § Workplace standards, protections, and policies § Commitments to fundamental freedoms (freedom of association, freedom from forced labor, human trafficking, child labor, non-discrimination, and equal opportunity) § Impacts of mining, operations, and related activities on surrounding communities, including women, children, employees, and migrant workers § Review of any social unrest and/or political and economic instability in the region where the project is located § Community initiatives, engagement and support as well as prior consultation with Indigenous groups (see page 6 for additional details on our engagement with communities and Indigenous groups) Message from our CEO Report Highlights About Franco-Nevada Community Contributions Good Governance and Shareholder Alignment Diversity, Inclusion and Well-Being Climate Action Transparency and Guiding Principles About this Sustainability Report Appendices Ongoing Asset Management Supply Chain Responsible Capital Allocation Key ESG Factors Health and Safety Carbon Footprint Water Management and Risk Tailings Management Biodiversity Responsible Capital Allocation Due Diligence Process

Franco-Nevada Corporation 6 Franco-Nevada Expertise Formalized Due Diligence Checklists We use a multi-disciplinary approach when evaluating potential transactions. Beyond Franco-Nevada’s ESG expertise, our team consists of professionals with experience and expertise in the fields of geology, mining, metallurgy, engineering, energy, finance and law. ESG-related issues intersect with all of these disciplines and our team members provide valuable insight to properly mitigate ESG risks. Our due diligence processes are enhanced by using an internal ESG due diligence checklist, which ensures consistency in our due diligence processes, helps focus our ESG due diligence review on key issues, and informs our ESG- related document and information requests made of operators during all stages of our due diligence and contract negotiations. Outside Expertise Data Sourcing We routinely engage experts (often in the jurisdictions in which a project is located) to assist in the evaluation of new opportunities, including external legal counsel, technical consultants, environmental consultants, corporate social responsibility consultants and governance consultants to assess political, ESG, technical and regulatory issues in applicable jurisdictions and the operator’s management of these issues. We have several data provider subscriptions, including McKinsey MineSpans, a data platform that provides over 1,000 data points per mine, including carbon and other greenhouse gas emissions generated by projects, for over 3,800 mines across the globe. We use this information to better inform our review of ESG-related issues for potential opportunities. Community & Indigenous Perspectives When evaluating potential opportunities, Franco-Nevada considers the perspectives of various stakeholders, including neighbouring communities and impacted Indigenous groups. As part of our desktop reviews, discussions with operators, and site visits, Franco-Nevada focuses on understanding operators’ approaches to community engagement, particularly in operations on or near Indigenous groups’ territories, and their adherence to Free, Prior and Informed Consent (FPIC) and similar practices. We review projects’ social management systems to identify key stakeholders, communication channels, and any significant community concerns, ensuring these are addressed in compliance with local legislation and aligned with international standards, including, if applicable, those relating to resettlement matters, such as the International Finance Corporation’s Performance Standard 5 and the World Bank's ESS5. We take a number of steps in our due diligence reviews, including hiring third-party consultants with experience and relationships with Indigenous groups and local communities. We thoroughly review impact and benefit agreements (IBAs) and other agreements affecting Indigenous communities. During site visits, Franco-Nevada seeks to understand how relationships are managed and to identify any significant community concerns related to projects. In certain circumstances, we and/or our consultants speak directly with various stakeholders, providing an independent perspective on various stakeholders’ support for a particular project, including those of local governments and surrounding communities. Franco-Nevada aims to enter into agreements with operators that have the support of their key stakeholders. When support for a project varies widely across communities, we prioritize projects with broad support from communities that are directly impacted and ensure mechanisms are in place to address any existing or future community concerns, including, for example, in our own agreements with operators, where we often require that certain approvals or milestones relating to the above factors be met as conditions precedent to funding, with the goal to promote best practices and ensure that all necessary processes and procedures are followed. Teepee at Wyloo's Esker Site in the Ring of Fire region Message from our CEO Report Highlights About Franco-Nevada Community Contributions Good Governance and Shareholder Alignment Diversity, Inclusion and Well-Being Climate Action Transparency and Guiding Principles About this Sustainability Report Appendices Ongoing Asset Management Supply Chain Responsible Capital Allocation Key ESG Factors Health and Safety Carbon Footprint Water Management and Risk Tailings Management Biodiversity Due Diligence Process Responsible Capital Allocation

Ongoing Asset Management

Franco-Nevada Corporation 7 Ongoing Asset Management Royalty and stream agreements differ in many respects, but typically include the following types of provisions: Transfer Restrictions Our royalty and streaming agreements may have restrictions that either require our consent for the operator to transfer the project, or otherwise establish the circumstances in which such transfer is permissible. Such constraints are intended to ensure we continue to be partnered with a quality operator over the life of the agreement and a responsible actor when it comes to ESG-related issues. Audit & Inspection Rights We are usually entitled to audit the books and records of the operators on a periodic basis and may access and inspect the properties comprising the project. These rights provide us further insight into the operations and management by the operators. These provisions permit us to confirm compliance with the terms of the agreements, for example, covenants to comply with international tailings standards, and with applicable laws, including environmental laws and ESG-related industry standards. Reporting Obligations Our royalty and streaming agreements typically contain a series of reporting obligations including the delivery of monthly and annual reports, updated mine plans, forecasts and other documentation, which serve to keep us informed of operations. Operators are also typically required to notify us of any material adverse changes to a project or its operations. Following such an adverse event, we typically maintain regular communication and offer our guidance and expertise to the operators, where appropriate. These reporting obligations keep us informed of ESG-related issues when they arise. Security & Remedies Streaming agreements afford us the ability to terminate and recover specific remedies upon a material breach of the contractual provisions. In some instances, we have security arrangements in respect of our royalty and stream interests, which would enable us to exert influence in the event of a default or otherwise. Such arrangements provide additional protections to help address material ESG risks. Operating Covenants Following our initial acquisition of royalties or streams, we are not involved in our operating partners’ development and operation of the applicable projects. However, our royalty and streaming agreements typically contain covenants designed to ensure that operators are conducting operations in accordance with applicable law and responsible practices, including ESG-related standards and frameworks such as the RGMPs, Copper Mark, ICMM, CIM or TSM mining principles. ...our royalty and streaming agreements typically contain covenants designed to ensure that operators are conducting operations in accordance with applicable law and responsible practices... Message from our CEO Report Highlights About Franco-Nevada Community Contributions Good Governance and Shareholder Alignment Diversity, Inclusion and Well-Being Climate Action Transparency and Guiding Principles About this Sustainability Report Appendices Due Diligence Process Supply Chain Responsible Capital Allocation Key ESG Factors Health and Safety Carbon Footprint Water Management and Risk Tailings Management Biodiversity Responsible Capital Allocation Ongoing Asset Management

Key ESG Factors

Franco-Nevada Corporation 8 Condestable Peru Northern and Southeastern Systems Brazil Mine Waste Solutions South Africa Antapaccay Peru Guadalupe-Palmarejo Mexico Subika Ghana Candelaria Chile Detour Lake Canada Tasiast Mauritania Antamina Peru Key ESG Factors In the preceding pages of this Sustainability Report, we described the many ESG-related factors that we evaluate when making acquisitions, some of which we continue to monitor with our existing assets. Within our broader review, we prioritize the following five ESG-related factors relating to investments, which are described in further detail in the following sections: § Health and Safety: We are focused on the health and safety track records of the operators and operations where we look to deploy capita. § Carbon Footprint: We evaluate the carbon footprints and climate- related commitments, targets and initiatives of operators and operations. § Water Management and Risk: We are attentive to water-related issues and risks impacting all applicable aspects of the mining lifecycle. § Tailings Management: We review all aspects of a project’s planned or constructed waste and tailings storage facilities, including implementation of, and adherence to, international tailings standards. § Biodiversity: We review the impact on biodiversity and ecosystems throughout the lifecycle of a project. Top Mining Assets The Top Mining Assets highlight the diversification of our royalty and stream portfolio. They operate in eight countries, produce gold, silver, copper, zinc, iron ore, among other commodities, and contributed approximately 59% of our overall revenue in 2024. The Top Mining Assets are owned and operated by 10 different Top Mining Producers, with primary listings on five stock exchanges and having an aggregate market capitalization of approximately $290 billion. For each of these five key factors, we have included an assessment of how the top 10 revenue generating mining assets in our portfolio (the “Top Mining Assets”) and, where applicable, the operators of such assets (the “Top Mining Producers”), have performed. Message from our CEO Report Highlights About Franco-Nevada Community Contributions Good Governance and Shareholder Alignment Diversity, Inclusion and Well-Being Climate Action Transparency and Guiding Principles About this Sustainability Report Appendices Due Diligence Process Ongoing Asset Management Supply Chain Responsible Capital Allocation Health and Safety Carbon Footprint Water Management and Risk Tailings Management Biodiversity Key ESG Factors

Health and Safety

Franco-Nevada Corporation 9 1 Figures are based on operators’ public disclosure and are consolidated at the group level (all operations); TRIFR and LTIFR are per 200,000 hours worked and have been adjusted where certain operators have disclosed on a one million hour basis; figures include both employees and contractors; unless noted, fatalities either (i) do not relate to projects in which Franco-Nevada has a royalty or stream interest, or (ii) the location is not publicly disclosed; “NR” means not recorded by the operator. 2 Safety stats are based on Teck’s percentage of ownership, including where it has less than a 50% interest (e.g. 22.5% of Antamina). In 2021, there was one fatality at Antamina in Peru, where we have a stream interest. 3 In 2023, there was one fatality at Newmont's Brucejack mine in British Columbia, where we have a royalty interest. 4 Beginning in 2021, such figures are consolidated with Kirkland Lake Gold (previous owner of Detour Gold in which we have royalty interests). LTIFR was calculated using public data, including total number of hours worked at all operations and number of lost time injury incidents. In 2022, there was one fatality at the Taylor mine in Ontario, where we have a royalty interest. 5 In 2022, there was one fatality at Kinross’ Tasiast mine in Mauritania, where we have a royalty interest. 6 Source: GlobalData six-year (2015–2020) industry averages for 54 global miners: TRIFR average: 0.79 per 200,000 hours; LTIFR average: 0.44 per 200,000 hours; Number of fatalities average: 4.95. Top Mining Producers: TRIFR, LTIFR and Fatalities (all operations) 1 Total recordable injury frequency rate (TRIFR) Lost time injury frequency rate (LTIFR) Fatalities (#) 2021 2022 2023 2021 2022 2023 2021 2022 2023 0.54 0.68 0.43 0.39 0.40 0.30 0 2 0 0.48 0.44 0.43 0.16 0.17 0.15 4 4 4 0.67 0.43 0.46 0.17 0.17 0.24 0 0 0 NR NR NR 1.24 1.13 1.09 11 13 6 2 0.64 0.53 0.68 0.27 0.22 0.27 1.2 0 1 0.28 0.22 0.22 0.08 0.05 0.04 2 5 1 3 0.35 0.37 0.54 0.18 0.19 0.33 0 0 1 4 0.78 0.97 0.86 0.42 0.43 0.32 1 1 0 5 0.34 0.34 0.38 0.09 0.10 0.13 1 1 0 1.64 1.05 1.15 1.04 0.57 0.85 3 0 0 Legend 6 Better than average (10% of industry average) Health and safety risks are inherent in many businesses and especially so with mining operations. It is critical that health and safety risks are properly managed for the protection of employees and contractors and the successful operation of a project. Franco-Nevada is particularly attentive to the health and safety track records of the operators and operations in which we look to deploy capital (for further information, please see the section entitled Due Diligence Process). When making acquisitions and thereafter, we track the following widely- adopted safety metrics: § Total recordable injury frequency rate (“TRIFR”) refers to the frequency of recordable work-related injuries for every 200,000 hours worked. TRIFR is calculated by the number of lost time, restricted work and medical treatment cases x 200,000 then divided by the total hours worked. § Lost time injury frequency rate (“LTIFR”) is a limited subset of TRIFR and refers to the frequency of lost time cases for every 200,000 hours worked. LTIFR is calculated by the number of lost time cases x 200,000 then divided by the total hours worked. § Number of fatalities refers to the total number of fatalities. While we seek to review and track safety data for the particular assets where we have deployed capital, this data is not always publicly available. We have highlighted the TRIFR, LTIFR and number of fatalities for our Top Mining Producers in the adjacent table. This information is disclosed by operators on a consolidated basis for all of their operations and the safety figures provided do not solely relate to the projects in which Franco-Nevada has royalty or stream interests. The adjacent figures have been benchmarked against GlobalData six-year (2015–2020) mining industry averages from a group of 54 major global mining companies. For the sake of simplicity, we have indicated where such statistics are average, better than average, or below average. We acknowledge that these metrics have certain limitations and can vary depending on the operational jurisdiction, mining method, workforce capability, and the standards and methodologies employed by operators for determining and recording lost time, restricted work, etc. Notwithstanding any limitations, they remain valuable in providing a snapshot of the safety profiles of our Top Mining Producers, benchmarked against industry averages. Health and Safety Responsible Capital Allocation Due Diligence Process Ongoing Asset Management Key ESG Factors Supply Chain Message from our CEO Report Highlights About Franco-Nevada Community Contributions Good Governance and Shareholder Alignment Diversity, Inclusion and Well-Being Transparency and Guiding Principles Climate Action About this Sustainability Report Appendices Health and Safety Carbon Footprint Water Management and Risk Tailings Management Biodiversity

Carbon Footprint

Franco-Nevada Corporation 10 1 Figures in this table are estimated Scope 1 and Scope 2 GHG emission intensities of our Top Mining Assets. Unless otherwise noted, the underlying emission data has been provided by MineSpans (outside-in modeled data - all rights reserved). 2 GHG emission intensity (i) is provided on a 100% basis, notwithstanding that the applicable operation may be jointly owned by the referenced operator, and (ii) applies to the entire project. 3 Calculated as the aggregate Scope 1 and Scope 2 GHG emissions from the Top Mining Asset divided by the number of GEOs produced by such asset. Copper, iron ore, and other commodities are converted to GEOs by dividing associated revenue for such commodity by the gold price. 4 Calculated as the aggregate Scope 1 and Scope 2 GHG emissions from the Top Mining Asset divided by the total production volume of the primary production (excluding by-products) of such asset. 5 Given the balanced gold and silver production at Guadalupe-Palmarejo, we have converted silver to GEOs, which are included with gold ounces in both emission intensity calculations. 6 GHG emission intensity averages apply to primary production from mining. Such averages exclude mid-stream processing, other than for iron ore, which includes production from certain integrated pelletizing plants. Sources: McKinsey global mining industry GHG emission intensities for 2023 for Cu (3.18 tCO2/t Cu), Au (0.73 tCO2/oz Au) and 62% Fe (0.02 tCO2/t Fe). Legend 6 Better than average (10% of industry average) We carefully observe the carbon footprints and climate- related commitments, targets and initiatives of the operators and operations in which we look to deploy capital (for further information, please see the section entitled Due Diligence Process). We also track these attributes for certain of our interests after acquisition. On this page, we have set out the 2023 GHG emission intensity for each of our Top Mining Assets. GHG emission intensity is measured as the tonnes of Scope 1 and 2 CO2e emissions per unit of production produced (“emission intensity”) from such Top Mining Assets. We have calculated emission intensities for our Top Mining Assets on a gold equivalent ounce (“GEO”) basis, which will be useful for a comparison between each of our Top Mining Assets, notwithstanding the different commodities produced. We have also calculated emission intensities for our Top Mining Assets based upon the applicable unit of the primary economic metal produced by each Top Mining Asset. Such emission intensities have been benchmarked against 2023 mining industry averages for each applicable commodity. For the sake of simplicity, we have indicated where such statistics are average, better than average, or below average. While a comparison of the emission intensities of our Top Mining Assets against industry average benchmarks (by applicable commodity) can offer valuable insights, the carbon intensity and decarbonization challenges for mining and energy companies will vary by jurisdiction and with physical characteristics of projects, including depth of deposits and ore grades. Our Top Mining Assets operate in nine different countries and use various mining methods. On the next page, we set out the decarbonization commitments, targets, and initiatives adopted by our Top Mining Producers. Carbon Footprint Top Mining Assets: 2023 Scope 1 and 2 GHG Emission Intensity 1, 2 Asset GHG emission intensity (tCO2e/GEO produced) 3 GHG emission intensity (tCO2e/unit of primary metal produced) 4 Industry average GHG emission intensity (tCO2e/unit of primary metal produced) 6 Candelaria (Chile) 0.83 4.02 3.18 tCO2/t Cu Antapaccay (Peru) 0.65 2.73 3.18 tCO2/t Cu Guadalupe-Palmarejo (Mexico) 5 0.46 0.46 0.73 tCO2/oz Au MWS (South Africa) 1.31 1.30 0.73 tCO2/oz Au Antamina (Peru) 0.31 1.78 3.18 tCO2/t Cu Northern and Southeastern Systems (Brazil) 0.33 0.01 0.02 tCO2/t Fe Subika (Ghana) 0.40 0.40 0.73 tCO2/oz Au Detour Lake (Canada - Ontario) 0.47 0.45 0.73 tCO2/oz Au Tasiast (Mauritania) 0.56 0.55 0.73 tCO2/oz Au Condestable (Peru) 0.18 1.04 3.18 tCO2/t Cu We carefully observe the carbon footprints and climate-related commitments, targets and initiatives of the operators and operations in which we look to deploy capital... Responsible Capital Allocation Due Diligence Process Ongoing Asset Management Key ESG Factors Supply Chain Message from our CEO Report Highlights About Franco-Nevada Community Contributions Good Governance and Shareholder Alignment Diversity, Inclusion and Well-Being Transparency and Guiding Principles Climate Action About this Sustainability Report Appendices Health and Safety Carbon Footprint Water Management and Risk Tailings Management Biodiversity

Franco-Nevada Corporation 11 Mining operators, contributing to more than 90% of our 2024 mining revenues, have proactively established targets to reduce carbon emissions, including planned or actualized emission reductions derived from reliance upon renewable energy, or have made commitments to achieve net-zero emissions by 2050 or sooner. Our Top Mining Producers have adopted commitments, targets, and initiatives, as highlighted on this page. We continue to look for opportunities to deploy capital to other best-in-class operators and, as a capital provider, potentially help facilitate their low-carbon transitions. Top Mining Producers: Decarbonization Commitments, Targets and Initiatives 1 Emission Reduction Targets Net Zero Commitments Highlighted Initiatives / Achievements Reduce Scope 1 and 2 emissions by 35% by 2030, from 2019 baseline NA Site decarbonization roadmaps reviewed and integrated into company-wide 2030 target, with external validation planned. Power purchase agreement entered into with energy supplier at Candelaria is expected to result in increase of the use of renewables to a minimum of 80%, prioritizing wind and solar energy. Reduce Scope 1, 2 and 3 emissions by 15% by 2026, 25% by 2030 and 50% by 2035, from 2019 baseline Achieve net-zero Scope 1, 2 and 3 emissions by 2050 Achieved an 18% reduction in Scope 1 and 2 emissions and a 22% reduction in Scope 3 emissions from 2019 to 2023, while closing five coal mines during this period and planning to close at least seven more by 2035. Reduce net emission intensity by 35% by 2024, from 2018–2019 baseline NA Conducted initial climate scenario analysis workshops and energy and emissions diagnostics at each site in 2022, completing an initial Scope 3 GHG emissions assessment and developed modeling and data measurement tools to enhance understanding of climate footprint and associated risks and opportunities, with plans to advance their Scope 3 quantification and to optimize data accuracy to potentially initiate reductions in Scope 3 emissions through active engagement with vendors. Reduce Scope 1 and 2 emissions by 40% by 2031 and by 63% by 2036, from 2021 baseline Achieve net-zero emissions by 2045 In May 2023, as Phase 1 of its decarbonisation plan, Harmony commissioned 30MW of solar power (resulting in an average carbon reduction of 49,000t a year). In 2024, Harmony's Phase 1 renewable energy projects and small-scale solar PV plants successfully generated 65.3 GWh of renewable energy, contributing to Harmony’s goal to increase its renewable energy consumption to 25% by 2027. Reduce carbon intensity by 33% by 2030 Achieve net-zero Scope 2 emissions by 2025 Achieve net-zero Scope 3 emissions by 2050 Achieve net-zero emissions by 2050 Teck and other industry leaders are building the North Pacific Green Corridor (NPGC) to decarbonize the value chain of critical minerals, metals and other low-carbon products between the Canadian Pacific coast and partners in the Indo-Pacific region, with an interim goal to support a 40% reduction in shipping emission intensity by the end of 2030 for shipping Teck contracts. Reduce Scope 1 and 2 emissions by 33% by 2030 Reduce Scope 3 net emissions by 15% by 2035 Achieve net-zero Scope 1 and 2 emissions by 2050 Portfolio of generated electricity is 97.8% renewable, primarily from hydroelectric and wind generation assets located in Brazil, Canada, and Indonesia, and Vale’s new solar project, Sol do Cerrado, which plants help support Vale’s goal to use 100% renewable energy in Brazil by 2025 (achieved two years ahead of schedule in 2023) and globally by 2030. Reduce absolute GHG emissions and intensity (Scope 1 and 2) by 32%, from 2018 baseline Reduce absolute Scope 3 emissions (i.e., joint venture assets and supply chain) by 30%, from 2019 baseline Achieve net-zero emissions by 2050 In December 2022, the Ahafo South mine was recognized as the Best Green Mine in Ghana at the Ghana Chamber of Mines’ 8th Ghana Mining Industry Awards, for, among other things, its decarbonization efforts through tire retreading initiatives, saving 121 tCO2e and avoiding the use of 3,896 liters of oil in 2022 that would have otherwise been required in the manufacture of new tires. Reduce Scope 1 and 2 emissions by 30% by 2030, from 2021 baseline Achieve net-zero emissions by 2050 Technology transition projects focus on decarbonizing transportation and material handling by electrifying equipment and using sustainable fuels, such as the trolley-assist system for haul trucks at Detour Lake. Agnico Eagle also operates a large fleet of battery electric vehicles (BEVs), which reduce GHG emissions, heat, noise, and vibration, improving miners' working conditions. Reduce Scope 1 and 2 emissions by 30% by 2030, from 2021 baseline Achieve net-zero emissions by 2050 The 34 MW solar plant at Tasiast, which was commissioned in 2024, is expected to provide annualized fuel savings of 17 million litres of heavy oil and approximately 20% of the site’s power. A total of around 88,000 photovoltaic panels will be installed with annualized GHG emissions reductions estimated at 50 ktCO2e, representing approximately 2% of GHG emissions profile. Reduce GHG emissions by 30% by 2030 NA First mining company in Peru to obtain a renewable energy certificate by using 100% renewable energy, with an agreement in place until 2033 granting 132GWh with 18 MW power for Condestable. Consuming 132 GWh per year, the company expects to decrease its CO2e emissions by 9,945 tons. We continue to look for opportunities to deploy capital to other best-in-class operators and, as a capital provider, potentially help facilitate their low-carbon transitions. 1 All information pertaining to operators' decarbonization commitments, targets and initiatives on this page has been sourced from the operators' public websites and other public disclosure documents. Franco-Nevada has not independently verified any data presented herein. Responsible Capital Allocation Due Diligence Process Ongoing Asset Management Key ESG Factors Supply Chain Message from our CEO Report Highlights About Franco-Nevada Community Contributions Good Governance and Shareholder Alignment Diversity, Inclusion and Well-Being Transparency and Guiding Principles Climate Action About this Sustainability Report Appendices Health and Safety Carbon Footprint Water Management and Risk Tailings Management Biodiversity

Water Management and Risk

Franco-Nevada prioritizes sustainable water use, assessing risks across mining lifecycles and benchmarking asset water intensity using WRI tools and data.

Franco-Nevada Corporation 12 1 Figures in this table are estimated operational water consumption intensities of operating assets where we have royalty and stream interests. Unless otherwise noted, such information has been provided by MineSpans (outside-in modelled data - all rights reserved). Such data only relates to dust suppression and processing water based on beneficiation method and excludes water attributable to pit dewatering, product transportation, waste management, and cooling. 2 Water data (i) is provided on a 100% basis, notwithstanding that the applicable operation may be jointly owned by the referenced operator, and (ii) applies to the entire project. 3 Source: World Resource Institute’s (WRI) Aqueduct tool. Overall water risk measures all water-related risks, by aggregating all selected indicators from the following Aqueduct categories: Physical Quantity, Quality and Regulatory & Reputational Risk. 4 Source: McKinsey global mining average water consumption intensities for 2023: 46.9 m3/GEO produced for copper assets, 20.3 m3/GEO produced for gold assets, and 4.1 m3/GEO for iron ore assets. Sustainable water management is critical within the mining industry. In our due diligence assessments of new royalty and stream opportunities, Franco-Nevada pays particular attention to water-related issues and risks impacting all applicable aspects of the mining lifecycle, including: § Management of water to access ore through dewatering; § Water use for ore processing and recovery from mine tailings; § Provision of potable water and sanitation facilities for employees and communities; § Discharge of water back to the environment; § Interaction with marine water resources at port facilities; and § Utilization and desalination of marine water. Using World Resource Institute’s (WRI) Aqueduct tool, we have identified the overall water risk for the areas where each of our Top Mining Assets are located, which measures all water-related risks, including physical quantity, quality and regulatory and reputational risk. Water intensity is one measurement that can be used to monitor trends in water use efficiency at a project. Water intensity is particularly important in areas of water scarcity and/or where there are competing interests for water availability. In the case of the mining sector, the metric is commonly expressed as the amount of water used per GEO produced. On this page, we have set out the 2023 water intensities for each of our Top Mining Assets, measured as the cubic metres (m3) of water used per GEO produced. Water intensities for our Top Mining Assets have been benchmarked against McKinsey global mining industry average for 2023. For the sake of simplicity, we have indicated where such statistics are average, better than average, or below average. Water Management and Risk ...Franco-Nevada pays particular attention to water-related issues and risks impacting all applicable aspects of the mining lifecycle... Top Mining Assets: Overall Water Risk and Water Intensity 1, 2 Asset Overall Water Risk 3 Water consumption intensity (m3/GEO produced) Candelaria (Chile) High 15.0 Antapaccay (Peru) Low-Medium 42.0 Guadalupe-Palmarejo (Mexico) Low-Medium 8.6 MWS (South Africa) Medium-High 53.8 Antamina (Peru) Low-Medium 22.2 Northern and Southeastern Systems (Brazil) Low-Medium 2.3 Subika (Ghana) Medium-High 13.6 Detour Lake (Canada - Ontario) Low 28.1 Tasiast (Mauritania) Extremely High 9.1 Condestable (Peru) Extremely High 21.7 Legend 4 Better than average (10% of industry average) Responsible Capital Allocation Due Diligence Process Ongoing Asset Management Key ESG Factors Supply Chain Message from our CEO Report Highlights About Franco-Nevada Community Contributions Good Governance and Shareholder Alignment Diversity, Inclusion and Well-Being Transparency and Guiding Principles Climate Action About this Sustainability Report Appendices Health and Safety Carbon Footprint Water Management and Risk Tailings Management Biodiversity

Tailings Management

Franco-Nevada supports responsible tailings management, requiring GISTM or TSM adoption by top operators and reviewing TSF practices before investing.

Franco-Nevada Corporation 13 1 Tailings data sourced from Global Tailings Portal and company reporting. 2 Tailings structure data (i) is provided on a 100% basis, notwithstanding that the applicable operation may be jointly owned by the referenced operator, and (ii) applies to the entire project. 3 All information pertaining to operators' review and management of their TSFs on this page has been sourced from the operators' public websites and other public disclosure documents. Franco-Nevada has not independently verified any data presented herein. 4 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. Tailings Management Top Mining Assets: Tailings Structure Characteristics and Management 1, 2, 3 Asset Number of active tailings dams Tailings dam types Classification system adopted Tailings management Candelaria (Chile) 2 2 - Downstream SERNAGEOMIN DS 248/2007 and DGA Decreto 50 (2015), Chile Lundin Mining’s Tailings Management Standard includes a requirement for regular independent third-party tailings review boards (“ITRB”). ITRBs were established for all tailings facilities in 2022. Antapaccay (Peru) 1 1 - Downstream GISTM For all ‘Very High’ and ‘Extreme’ consequence-classified TSFs, an ITRB is in place. Third-party assurance of TSFs is undertaken by internationally recognised leading dam consultants, typically on a rolling 12- to 18-month basis. Guadalupe- Palmarejo (Mexico) 1 1 - Downstream Canadian Dam Association Coeur's Responsible Tailings Management Policy requires that each TSF has a formally identified Responsible Tailings Facility Engineer, Engineer of Record, and an ITRB or a Senior Independent Technical Reviewer. MWS (South Africa) 1 1 - Upstream SANS 10286, South Africa Harmony maintains best practices through regular inspections, audits, and meetings, addressing concerns with the help of management, experienced contractors, and specialist engineers. Compliance is verified by annual International Mining Industry Underwriters for all South African TSFs, International Cyanide Management Institute audits every 18 months, biennial updates to the Department of Mineral Resources and Energy of South Africa, quarterly reports from consulting engineers, and third-party audits with oversight from an ITRB in Papua New Guinea. Antamina (Peru) 1 1 - Downstream/ centreline hybrid Canadian Dam Association Teck’s tailings storage facilities are overseen by ITRBs that review design, operation, and maintenance, which meet regularly, depending on the facility’s needs. Each facility has an updated Operations, Maintenance, and Surveillance manual and an Emergency Preparedness and Response Plan. Teck also has site-specific Tailings Management Systems that meet or exceed industry standards. Additionally, an ITRB is in place at Antamina, where Teck contributes senior experts to the Tailings Technical Committee. Northern and Southeastern Systems (Brazil) 4 51 16 - Downstream 23 - Single step 12 - Upstream Ordinance 70.389/17 - ANM (Mining National Agency), Brasil Vale requires periodic reviews of the physical and hydraulic safety conditions of dams, conducted by external and independent companies. These reviews comply with Brazilian legal requirements and commitments established with Brazilian authorities such as the Public Prosecutor's Office and the National Mining Agency. Additionally, ITRBs are required for all Vale dams and TSFs with high, very high, or extreme consequence classifications, and meetings are held at least annually or more frequently based on the complexity and performance of the structures. Subika (Ghana) 1 1 - Downstream, modified centreline Canadian Dam Association Newmont uses internal processes to guide tailings management opportunities. Multi-criteria alternatives analysis studies objectively compare options for sites, construction methods, and technologies, considering technical, environmental, social, and economic factors. These studies are supported by Newmont experts and external consultants, and reviewed by an ITRB or Senior Independent Technical Reviewer. Detour Lake (Canada - Ontario) 1 1 - Centreline Canadian Dam Association The Accountable Executive Officer for all Agnico Eagle TSFs reports annually to Agnico Eagle’s Board of Directors on compliance with regulatory and industry standards, ensuring that necessary resources are available. Independent Reviewers have been appointed to ITRBs to oversee most sites, and Responsible Persons and Engineers of Record are designated for all operating sites. Tasiast (Mauritania) 1 1 - Downstream ring dyke Canadian Dam Association Kinross’ tailings management program is rooted in technical excellence and a rigorous system of oversight, accountability and third-party independent review of its facilities. Independent review panels consist of a minimum of two reviewers. Tailings reviews are conducted at minimum every three years. Internal audits of Kinross’ tailings management program are conducted every three years. Condestable (Peru) 3 3 - Downstream In the process of implementing international standards (i.e. Canadian Dam Association & GISTM) Compañía Minera Condestable has obtained The Copper Mark certification, which is a prestigious recognition for responsible copper production. This certification involves a comprehensive evaluation process, including independent verification of various criteria with respect to, among others, environmental aspects (including those relating to TSFs). With several major disasters occurring in the last decade, tailings dams have been under increased regulatory scrutiny and triggered an international response. In 2019, the Church of England Pensions Board and the Council on Ethics of the Swedish National Pension Funds requested mining companies disclose details of their tailings storage facilities ("TSFs"), identifying the lack of a global tailings management standard as a possible contributor to recent disasters. The Global Industry Standard on Tailings Management (“GISTM”) was launched in August 2020, aimed at zero harm. Eight of our Top Mining Producers have agreed to fully implement the GISTM or adopt the Towards Sustainable Mining (TSM) framework, with the remaining two (Harmony Gold and Southern Peaks Mining) in the process of implementing or adapting to the GISTM or other international standards. Comprehensive information on all our Top Mining Assets’ tailings dams has been made publicly available by our Top Mining Producers on the Global Tailings Portal (tailing.grida.no). Responsible tailings management requires operators to consider the management and governance of TSFs throughout their lifecycle, from design to closure and post-closure. When deciding where to deploy capital, we review all aspects of a project’s planned or existing waste and TSFs. When negotiating new acquisitions, we negotiate contractual arrangements for the operator to implement the GISTM or another equivalent international tailings standard for their TSFs and provide us with ongoing reporting on adherence to such standards. We highlight certain attributes of our Top Mining Assets' TSFs along with a summary of how each Top Mining Producer manages the review of its TSFs more generally. Responsible Capital Allocation Due Diligence Process Ongoing Asset Management Key ESG Factors Supply Chain Message from our CEO Report Highlights About Franco-Nevada Community Contributions Good Governance and Shareholder Alignment Diversity, Inclusion and Well-Being Transparency and Guiding Principles Climate Action About this Sustainability Report Appendices Health and Safety Carbon Footprint Water Management and Risk Tailings Management Biodiversity

Biodiversity

Franco-Nevada prioritizes biodiversity, assessing impacts before investing and aligning with partners committed to conservation and TNFD principles.

Franco-Nevada Corporation 14 * The World Benchmarking Alliance is a United Nations organization launched in 2018 to ensure that business impact is measured, in an effort to boost motivation and stimulate action for a sustainable future for everyone. The Ecosystems and biodiversity measurement area assesses the extent to which companies understand their impacts and dependencies on nature as well as how they tackle their main pressures on ecosystems and biodiversity. It is composed of sixteen indicators covering topics such as land and sea use change, direct exploitation and invasive alien species. Biodiversity Top Mining Producers Ranked: World Benchmarking Alliance: Nature Benchmark, Ecosystems and Biodiversity ranking* Out of 102 global metals and mining companies Out of 816 global companies from all industries 4 13 8 46 17 98 20 127 26 171 27 175 32 214 NR NR NR NR NR NR Operators’ and operational impacts on biodiversity are carefully considered by Franco-Nevada when deciding where to deploy capital (for further information, please see the Due Diligence Process section). The ecological profile of a mining or energy company or project can be difficult to assess, as no two environments are the same, and operators’ plans and actions may be difficult to quantify using universal standards or metrics. Franco-Nevada reviews the potential impact on biodiversity and ecosystems throughout the lifecycle of a project, including preliminary strategic assessments of biodiversity impacts caused by project development, life of project “no-net-loss” commitments to offset unavoidable impacts on biodiversity through regional conservation activities, and plans for site rehabilitation and reclamation upon project closures. We track the key environmental impacts of certain of our existing assets and seek to partner with operators to contribute to biodiversity-related initiatives at projects where we have royalty and stream interests. We have included on this page the World Benchmarking Alliance: Nature Benchmark, Ecosystems and Biodiversity rankings for our Top Mining Producers in 2024. On the next page, we have also highlighted the performance and some of the biodiversity commitments and initiatives by our Top Mining Producers, including an in-depth look at two of our Top Mining Assets, Northern and Southeastern Systems and Detour Lake, which information is sourced from recent sustainability reports of Vale and Agnico Eagle, respectively. Our Top Mining Producers: 70% § Have formalized commitments not to explore or mine in World Heritage Sites § Have commitments to securing a net neutral or positive impact on biodiversity at their operations § Are WGC and/or ICMM members, and/or Copper Mark participants, which have biodiversity standards and commitments for members and participants alike 60% § Are members of the TNFD Forum and/or plan on developing biodiversity frameworks that incorporate elements of the TNFD Responsible Capital Allocation Due Diligence Process Ongoing Asset Management Key ESG Factors Supply Chain Message from our CEO Report Highlights About Franco-Nevada Community Contributions Good Governance and Shareholder Alignment Diversity, Inclusion and Well-Being Transparency and Guiding Principles Climate Action About this Sustainability Report Appendices Health and Safety Carbon Footprint Water Management and Risk Tailings Management Biodiversity

Wildlife

Franco-Nevada backs nature-positive goals by tracking TNFD efforts of partners like Vale and Teck, supporting forest restoration and wildlife conservation.

Franco-Nevada Corporation 15 Vale's Forest Target Initiative Near its Northern and Southeastern Systems, Brazil Vale's 2030 agenda includes targets to reduce emissions, freshwater withdrawal, and restore/protect 500,000 hectares of forest. Vale's Forest Target involves recovering 100,000 hectares through positive impact businesses and protecting 400,000 hectares via partnerships. The Vale Natural Reserve and Fundo Vale lead these efforts. The Vale Natural Reserve, located in Espírito Santo, Brazil, is one of the largest remnants of the Atlantic Forest, with over 23,000 hectares of protected wilderness and more than 40 years of experience in conservation, research, and collaborative partnerships. The Fundo Vale, established in 2009, aims to generate positive socio-environmental impacts. As of 2023, Vale had protected 165,000 hectares and restored 12,000 hectares (representing 35% of its Forest Target) using models from the Amazon and Atlantic Forest, including REDD+ projects. Additionally, 7,000 hectares were restored through agroforestry systems, with nine businesses involved. Capuchin monkey at the Vale Natural Reserve Woodland Caribou in northeastern Ontario Woodland Caribou Tracking and Monitoring: Supporting Wildlife Conservation at Detour Lake Mine One of the ways Agnico Eagle demonstrates its commitment to wildlife conservation at Detour Lake mine in Northern Ontario is through caribou tracking and monitoring initiatives. Annually conducting aerial surveys covering an expansive 2,300 km2 area, the Environment and Sustainability team at the mine records sightings of caribou, moose and wolves. In addition, every four to five years, in February, collaring activities commence, a critical step in understanding the movements and behaviours of Woodland Caribou. The period from 2016 to 2020 witnessed the collaring of 20 female caribou, which provided valuable insights into their movements around the mine and helped identify their preferred habitats. These insights help to inform conservation and management strategies that can be implemented around the mine. The team's plans include collaring 30 female caribou to provide additional data to help regulators, utilizing advanced technology to track their movements over the next four years. These collars will send GPS signals eight times a day through satellite communication. Notably, five of the collars will be equipped with cameras, capturing 14 to 45-second videos daily. This innovation will allow for a deeper understanding of caribou interactions and their feeding behaviors. Detour’s caribou tracking and monitoring program helps to ensure the preservation of local wildlife. By employing innovative technology and expanding monitoring efforts, Agnico Eagle contributes to the ongoing sustainability and biodiversity of the region surrounding the Detour Lake operations. The Taskforce on Nature-related Financial Disclosures (“TNFD”) and related guidance and recommendations are designed to help organizations to report and act on evolving nature-related issues with the ultimate aim of supporting a shift in global financial flows away from nature- negative outcomes and toward nature-positive outcomes. The recommendations of the TNFD have been designed to meet the corporate reporting requirements of organizations across jurisdictions, to be consistent with the global baseline for corporate sustainability reporting and to be aligned with the global policy goals in the Kunming-Montreal Global Biodiversity Framework. Although nature-related dependencies, risks and opportunities are not directly applicable to our corporate operations, we carefully monitor the TNFD framework for recommended disclosures relating to the projects in which we hold or seek to hold royalty and stream interests. Two of our Top Mining Producers, Teck and Vale, are early adopters of the TNFD and committed to making disclosures aligned with the TNFD recommendations in their corporate reporting by their 2024 and 2025 financial years, respectively, with Teck publishing its first Climate Change and Nature 2024 Report aligned with the TNFD earlier this year. An additional four of our Top Mining Producers have disclosed that they are either a member of the TNFD Forum, a global multi-disciplinary consultative group of institutions aligned with the TNFD’s mission and principles, and/or have taken steps to implement, or are considering implementing measures in line with the TNFD. Credit: Ricardo Teles Responsible Capital Allocation Due Diligence Process Ongoing Asset Management Key ESG Factors Supply Chain Message from our CEO Report Highlights About Franco-Nevada Community Contributions Good Governance and Shareholder Alignment Diversity, Inclusion and Well-Being Transparency and Guiding Principles Climate Action About this Sustainability Report Appendices Health and Safety Carbon Footprint Water Management and Risk Tailings Management Biodiversity

Supply Chain

Franco-Nevada promotes a responsible supply chain with a strict Supplier Code of Conduct, net-zero alignment by 2050, and zero non-compliance in 2024.

Franco-Nevada Corporation 16 Supply Chain Significant Providers* of Office Supplies in 2024 ESG Initiatives, Plans, Targets & Commitments† § Certified B Corp™ since December 2023. § Commitment to eco-friendly products, waste reduction initiatives, and energy-efficient operations, including offering sustainable food packaging and eco-friendly cleaning supplies, and taking steps to minimize environmental footprint through a carbon neutral delivery fleet, plastic recycling offsets, and a tree planting program where one tree is planted per order (over 200,000 trees planted to date). § Wastepaper packaging and recycling initiative, electronic product stewardship helping to design, promote and implement sustainable solutions for end-of-life electronics, and battery recycling. § Commitment to a sustainable future and environmental conservation by way of The Clean Earth Campaign and the adoption of a corporate environmental charter along with a net zero by 2050 commitment, with goal to reduce absolute Scope 1 and Scope 2 GHG emissions by 42% and absolute Scope 3 GHG emissions (category 1 and 11) 25% by 2030. § Energy efficiency, cultivating inclusion through an inclusive and diverse workforce, advancing digital inclusion (UNICEF’s Giga initiative), and upholding trust through artificial intelligence practices. § Net zero by 2050 commitment, with a reduction of Scope 1 and Scope 2 GHG emissions by 50% by 2030 and sourcing 100% of electricity from renewable sources across all Dell Technologies facilities by 2040. § Reducing waste and packaging, protecting natural resources, and supporting a responsible and more diverse supply chain. § Net zero by 2040 commitment, with a goal to power all operations with 100% renewable energy by 2025 (five years ahead of 2030 target). § Certified B Corp™ since April 2022. § Goal of achieving net zero by 2050 (SBTi approved target), with a further aim to accelerate its efforts and reach net zero by 2035 at the earliest. Milestone to reduce GHG emissions in Green Coffee by 75% by 2030. Nespresso submitted its net-zero targets to SBTi in October 2023. Net zero by 2035 commitment, accelerating the transition to regenerative agriculture, and expanding proven solutions that build resilient communities and transform livelihoods. We have a Supplier Code of Conduct, which sets out our expectations for organizations, including their employees and representatives, who supply goods and services to us (collectively, our “Suppliers”). The Supplier Code of Conduct is delivered to Suppliers and we require in our contractual arrangements that they comply with such code of conduct. Although Franco-Nevada has certain suppliers of office supplies for our corporate operations, most of our Suppliers are technical, ESG and other consultants who provide information and advice to our company to support and supplement our due diligence when evaluating royalty and stream opportunities. Suppliers are expected to: § Conduct their business activities in compliance with laws and standards in the jurisdictions in which they operate; § Prevent conflicts of interest with Franco-Nevada; § Employ individuals above the legal age of employment, not to use forced or slave labour, meet minimum wage requirements and not exceed working hour and day regulations; § Recognize freedom of association and the right to collective bargaining; § Refrain from discriminating against their employees; § Respect the dignity of their own employees and others, adhere to principles of diversity and maintain a respectful workplace; and § Afford equality of opportunity to all people. Suppliers are also encouraged to: § Reduce GHGs; § Preserve water and minimize water pollutants; § Maintain soil, biodiversity and ecosystem quality; § Reduce resource waste and foster optimal resource use; § Incorporate climate change risk assessment into their risk management procedures; and § Measure and publicly report on their climate change risk and environmental performance. In addition, in accordance with our Climate Action Policy (described on page 34), before transacting with any significant provider of goods for our corporate operations, we ensure that such supplier has commitments, plans, targets and initiatives aligned with net-zero emissions by 2050 or sooner. Failure of any of our Suppliers to comply with our Supplier Code of Conduct may result in the termination of our relationship with the Supplier. To date, we have not discovered any failure to comply with our Supplier Code of Conduct in our assessment of Suppliers' performance under our contractual arrangements, nor have we been made aware of any such failure through any third party complaints, and as such, no corrective actions to mitigate Suppliers' non-conformance have been required. This year marks our second year of reporting under Canada’s Fighting Against Forced Labour and Child Labour in Supply Chains Act. Our report outlines the steps we have taken during 2024 to prevent and reduce the risk that forced labour or child labour is used in our business or supply chain. A copy of our report is available on our website. Related Policies & Statements: § Supplier Code of Conduct § Climate Action Policy § Fighting Against Forced Labour and Child Labour: Steps Taken by Franco-Nevada in 2024 * "Significant provider" means a supplier of goods providing 10% or more of our office supplies (based on overall costs). † All information pertaining to initiatives, plans, targets and commitments in the table above has been sourced from the suppliers' public websites and other public disclosure documents, which information has not been independently verified by Franco-Nevada. Message from our CEO Report Highlights About Franco-Nevada Community Contributions Good Governance and Shareholder Alignment Diversity, Inclusion and Well-Being Climate Action Transparency and Guiding Principles About this Sustainability Report Appendices Due Diligence Process Ongoing Asset Management Responsible Capital Allocation Key ESG Factors Health and Safety Carbon Footprint Water Management and Risk Tailings Management Biodiversity Responsible Capital Allocation Supply Chain

Community contributions

We are committed to contributing to our communities and engaging with operators to partner in community and other initiatives where our royalty and stream

C O M M U N I T Y C O N T R I B U T I O N S We are committed to contributing to our communities and engaging with operators to partner in community and other initiatives where our royalty and stream assets are located. Great Green Wall initiative volunteer Message from our CEO Report Highlights About Franco-Nevada Responsible Capital Allocation Good Governance and Shareholder Alignment Diversity, Inclusion and Well-Being Climate Action Transparency and Guiding Principles About this Sustainability Report Appendices Community Contributions Community Support Industry and Other Support

Community Support

Franco-Nevada supports community and environmental initiatives near its assets, including revegetation in Brazil, education in Peru, and healthcare in Neva

Franco-Nevada Corporation 18 Community Support Revegetation and Social Projects in Brazil We supported G Mining Ventures’ contribution to several environmental and social initiatives in the village of Jardim do Ouro and surrounding communities in Brazil, located near the Tocantinzinho mine site. The initiatives included (i) revegetation activities; (ii) road maintenance and dust management; and (iii) socio-environmental programs aimed at developing local suppliers. Social Initiatives in Idaho 2024 marked our second consecutive year supporting Perpetua Resources to develop future capacity needs. Perpetua’s community initiatives promoted workforce development through career technical programming and student scholarships and sponsored regional transportation, afterschool, and food security initiatives. Oncology Infusion Center in Nevada In 2024, alongside Nevada Gold Mines, we supported the construction and implementation of a 5,000 square foot oncology infusion center within the larger 30,000 square foot Elko Community Health Center to bring comprehensive cancer infusion care to Elko and its surrounding communities. We are committed to partnering with operators on community and environmental initiatives near their projects where we have royalty and stream interests. These partnerships benefit local communities and environmental initiatives and also strengthen our company’s and the mining industry’s reputation in the regions in which we invest. Recent initiatives over the years have included social and educational support programs, water and other infrastructure and community improvement projects, reforestation programs, recycling programs, workplace tragedy support, as well as mental health and COVID-19 relief efforts. Some of the community contributions funded by us in 2024 are described in further detail in this section. Educational Initiative in Peru 2024 represented our seventh consecutive year partnering with Compañía Minera Antamina S.A., the joint venture company that operates the Antamina project in Peru, in supporting Enseña Peru. Enseña Peru aims to improve education at existing schools in the region which Compañía Minera Antamina S.A. has historically supported and has the goal that by 2032, 8 out of 10 Peruvian youth will receive a quality education. Enseña Peru’s main objective is to supplement the Peruvian education ministry’s efforts in guiding volunteer teachers and other professionals through a three-month leadership program and then posting them in different schools and communities. Their other effort is to train existing teachers and increase cooperation through their Qué Maestro Program. Revegetation activities in Brazil Elko Community Health Center in Nevada Message from our CEO Report Highlights About Franco-Nevada Responsible Capital Allocation Good Governance and Shareholder Alignment Diversity, Inclusion and Well-Being Climate Action Transparency and Guiding Principles About this Sustainability Report Appendices Community Contributions Industry and Other Support Community Support

Franco-Nevada Corporation 19 Trout Conservation Project in Montana We contributed to Trout Unlimited's Mill Creek Yellowstone cutthroat trout conservation and fish barrier project near Sibanye-Stillwater's Montana operations, which is intended to improve instream habitat and secure 10 miles of the Mill Creek Headwaters for native cutthroat protected from threats of hybridization and competition from introduced trout. Multi-year Anti-anemia and Chronic Malnutrition Program in Peru We partnered with Glencore to support its multi-year anti-anemia and chronic malnutrition program in Espinar Province, Peru, which is intended to contribute to the reduction of anemia and malnutrition in vulnerable populations, including in pregnant women and children. Reforestation Program and Community Improvement Initiative in Senegal 2024 was our second year partnering with Endeavour Mining to support its involvement in and contribution to the Great Green Wall initiative in Senegal by participating in the reforestation of an additional 260 hectares in the municipality of Bakel, along with the development and implementation of an irrigation project for an agricultural farm in the village of Sarré in Senegal. Endeavour's Great Green Wall reforestation initiative (left and right) Conservation work being completed at Mill Creek in Montana We are committed to partnering with operators on community and environmental initiatives near their projects where we have royalty and stream interests. Message from our CEO Report Highlights About Franco-Nevada Responsible Capital Allocation Good Governance and Shareholder Alignment Diversity, Inclusion and Well-Being Climate Action Transparency and Guiding Principles About this Sustainability Report Appendices Community Contributions Industry and Other Support Community Support

Industry and Other Support

Franco-Nevada supports global mining and diversity through key roles in WGC, PDAC, and DGG, and funds education via scholarships and industry initiatives.

Franco-Nevada Corporation 20 World Gold Council We are a proactive member of the World Gold Council (“WGC”) Board and, in 2019, Franco-Nevada played a leading role at the World Gold Council during the establishment of the RGMPs, which principles are being implemented by all World Gold Council members. Paul Brink, President & CEO of Franco-Nevada Corporation, is currently a director of the World Gold Council, and is the Chair of its Compensation Committee. Franco-Nevada Diversity Scholarship and BlackNorth Initiative We have several diversity and inclusion related contributions and initiatives, including our Franco-Nevada Diversity Scholarship for studies in mining-related fields and our BlackNorth Initiative pledge commitments. These are described on page 29 of this Sustainability Report. The Denver Gold Group In 2024, we supported the Denver Gold Group (“DGG”), which is a Colorado nonprofit business association that connects global capital with global mining. The DGG serves as an independent and conflict-free investment platform, exclusively supporting precious metal miners and has a 37-year track record through every investment cycle. Additionally, the DGG promotes precious metal investment and education initiatives, collaborating with other mining and mineral industry associations. Canadian Mineral Industry Education Foundation In 2024, we supported the Canadian Mineral Industry Education Foundation, which has been offering scholarships since 1964 to undergraduate students with a strong interest in a career in the mining industry. Canadian Institute of Mining, Metallurgy and Petroleum In 2024, we supported the Canadian Institute of Mining, Metallurgy and Petroleum, which collaborates with other organizations to advance a more sustainable future for the mining industry, minimize duplication, and accelerate key industry issues and initiatives towards the development and advancement of standards and leading practices across the full spectrum of the minerals, metals, materials and energy sectors. PDAC We are the primary sponsor of the Prospectors & Developers Association of Canada (“PDAC”) annual awards that recognize industry successes in exploration, development, safety, environmental stewardship and aboriginal cooperation and we are sponsors of PDAC's Mining Matters initiative. David Harquail, Chair of the Board of Franco-Nevada Corporation, is a PDAC board member and Eaun Gray, Chief Investment Officer of Franco-Nevada Corporation, sits on the PDAC Convention Planning Committee. Industry and Other Support Diversity Scholarship G O L D G R O U P D E N V E R We provide ongoing support to several mining industry, diversity-related and other organizations and initiatives, some of which are described below. Message from our CEO Report Highlights About Franco-Nevada Responsible Capital Allocation Good Governance and Shareholder Alignment Diversity, Inclusion and Well-Being Climate Action Transparency and Guiding Principles About this Sustainability Report Appendices Community Contributions Community Support Industry and Other Support

G O O D G O V E R N A N C E A N D S H A R E H O L D E R A L I G N M E N T We are committed to responsible governance practices to ensure integrity in our dealings, compliance with our undertakings, and alignment with our shareholders. Franco-Nevada AGM in Canada Message from our CEO Report Highlights About Franco-Nevada Responsible Capital Allocation Community Contributions Diversity, Inclusion and Well-Being Climate Action Transparency and Guiding Principles About this Sustainability Report Appendices Corporate Governance Integrity and Compliance Shareholder Alignment Cyber and Technological Security Good Governance and Shareholder Alignment

Corporate Governance

Franco-Nevada integrates ESG into governance, with Board and management oversight, linking executive performance and compensation to ESG and climate goals.

Franco-Nevada Corporation 22 Our corporate governance structure is designed to encourage informed and effective decision-making and appropriate monitoring of compliance and performance, to serve the best interests of our shareholders. ESG matters are overseen and managed at the Board and management levels within Franco-Nevada. Board Oversight The Board and its Committees provide oversight of our strategic approach to all aspects of our business, which includes ESG-related risks and opportunities. The Board’s two committees, the Compensation and ESG Committee (“CESGC”) and Audit and Risk Committee (“ARC”) have oversight of ESG risks, opportunities and disclosures, which responsibilities are embedded in each committee’s charter. The CESGC develops and recommends to the Board our approach to ESG issues, reviews the adequacy of our ESG practices and policies and recommends any changes to the Board, approves the adoption of any ESG-related standards or initiatives, adopts ESG-related corporate goals used to evaluate management’s performance for executive compensation decisions and engages with our stakeholders in respect of ESG issues. The ARC oversees our ESG risk management. Management’s Role The Board and its Committees oversee senior management, who are responsible for the day-to-day management of ESG risks and opportunities. Our Chief Executive Officer is responsible for leadership on ESG matters and our Chief Legal Officer has executive responsibility over such matters. ESG-related risks and opportunities are overseen by our executive team, including our Chief Investment Officer, Senior Vice President, Diversified, Chief Financial Officer and Chief Legal Officer, having stewardship over our organization’s units (including within our subsidiaries), each being responsible for implementing our ESG strategy and managing risks within their units. Our Board oversight and management leadership, including with respect to ESG-related issues, is depicted on this page. Board and Management Engagement All of our executives regularly attend Board and Committee meetings, including to provide updates on royalty and stream acquisition opportunities, which include ESG-related considerations. To the extent that a materially adverse ESG issue or consideration arises during the due diligence process in respect of a royalty and stream opportunity, we may decide not to proceed with the opportunity. On a number of occasions, our company has passed on otherwise prospective opportunities due to ESG risks. The Board and its Committees also meet with senior management to determine the company's strategy with respect to risks and exposures, with meetings generally held at every regularly scheduled Board and Committee meeting throughout the year. By way of example, most recently, during our regularly scheduled Board and Committee meetings that were held in March of this year, management met with the CESGC to discuss Franco-Nevada’s ESG strategy, including, among other things, climate and diversity initiatives for the company. Corporate Governance Accountability for ESG Performance ESG is a specific corporate goal used to evaluate management’s performance for executive compensation decisions. On an annual basis, the CESGC evaluates management’s performance in connection with ESG due diligence processes, ESG Rankings, and other considerations. In 2024, as part of the ESG rankings and other considerations criteria, management was evaluated based on whether climate targets were successfully implemented by the company, including progress made against such targets. * Board and Committees have oversight over ESG and climate-related risks and opportunities. † Chief Executive Officer has responsibility for leadership on ESG and climate-related matters. ◊ Chief Legal Officer has executive responsibility over ESG and climate-related matters. ESG is a specific corporate goal used to evaluate management’s performance for executive compensation decisions. Business Development Team Chief Investment Officer Diversified Team Senior Vice President, Diversified Compensation and ESG Committee* Finance Team Chief Financial Officer Audit and Risk Committee* Chief Executive Officer† Board of Directors* Legal Team Chief Legal Officer◊ Message from our CEO Report Highlights About Franco-Nevada Responsible Capital Allocation Community Contributions Diversity, Inclusion and Well-Being Climate Action Transparency and Guiding Principles About this Sustainability Report Appendices Good Governance and Shareholder Alignment Integrity and Compliance Shareholder Alignment Cyber and Technological Security Corporate Governance

Integrity and Compliance

Franco-Nevada upholds strong governance with robust policies, annual training, and zero complaints to date—ensuring ethics, integrity, and compliance.

Franco-Nevada Corporation 23 We strive to meet rigorous standards of corporate governance, following industry best practices and satisfying legal, regulatory, TSX and NYSE requirements. We monitor regulatory changes and we routinely review evolving governance practices in order to identify those that will best serve the interests of our shareholders. To further ensure compliance and awareness among our employees, we require all employees to attend annual training sessions and confirm that they have read and understood all of the company's key corporate policies, including those summarized on this page. Code of Business Conduct and Ethics Our Board has adopted a written Code of Business Conduct and Ethics (the “Code”) for our directors, officers and employees. The Code reflects our core values of honesty, responsibility and fairness and addresses the following matters: compliance with laws, rules and regulations; conflicts of interest; confidentiality; corporate opportunities; protection and proper use of corporate assets; competition and fair dealing; gifts and entertainment; payments to government personnel; non-discrimination, anti-harassment and equal opportunity; health and safety; accuracy of company records and reporting; use of e-mail and internet services; loans to or guarantees of obligations of our personnel; and reporting of any illegal or unethical behaviour. Business Integrity Policy Our Board has a Business Integrity Policy for our directors, officers and employees, which is intended to supplement the Code. The Business Integrity Policy is intended to ensure that we do not receive an improper advantage in our business dealings and that all payments and expenses are properly recorded in our financial books and records. Among other things, the policy provides guidance on dealing with our agents, contractors and with public officials, acceptance of gifts, making political contributions and dealing with certain types of payments, including charitable donations and sponsorships. On an annual basis, we publicly disclose details of political contributions or lobbying expenditures, if any, made by our company or our personnel on behalf of our company. No such contributions or expenditures have been made or incurred since our IPO. Policy Concerning Confidentiality, Fair Disclosure and Trading in Securities Our Board has adopted a Policy Concerning Confidentiality, Fair Disclosure and Trading in Securities, which serves as our corporate disclosure policy and insider trading policy, designed to ensure that personnel comply with securities legislation and the rules of applicable stock exchanges relating to insider trading, tipping and selective disclosure. Such policy generally outlines principles of confidentiality and guidelines for maintaining confidentiality, disclosure principles and guidelines for disclosure, what constitutes material information, what is non-public information and how forward-looking information should be disclosed. The policy also describes prohibitions on trading, our policies on trading windows and black-out periods, required pre-approval for trades by insiders and sanctions if improper trading were to occur. Whistleblower Policies Our Board has adopted employee complaint procedures for, among other things, accounting and auditing matters (contained in our Employee Complaint Procedures for Integrity and Compliance Related Policies & Statements: § Code of Business Conduct and Ethics § Business Integrity Policy § Policy Concerning Confidentiality, Fair Disclosure and Trading in Securities § Complaint Procedures for Accounting and Auditing Matters § Whistleblower Policy Accounting and Auditing Matters) and violations of applicable laws or corporate policies (contained in our Whistleblower Policy) for our company’s directors, officers and employees to enable such personnel to submit good faith complaints relating to any such matters. The procedures outline how an employee with a good faith concern can report those concerns directly to the Chief Legal Officer, in the case of the Whistleblower Policy, or directly to the Chair of the ARC, in the case of the Employee Complaint Procedures for Accounting and Auditing Matters. In situations where such personnel prefer to place an anonymous report in confidence, they are encouraged to use the Franco-Nevada Compliance Hotline, hosted by a third-party hotline provider, Navex Global EthicsPoint. To date, there have been no employee complaints under either policy. Franco-Nevada's Barbados team Franco-Nevada's United States team Message from our CEO Report Highlights About Franco-Nevada Responsible Capital Allocation Community Contributions Diversity, Inclusion and Well-Being Climate Action Transparency and Guiding Principles About this Sustainability Report Appendices Corporate Governance Good Governance and Shareholder Alignment Shareholder Alignment Cyber and Technological Security Integrity and Compliance

Shareholder Alignment

Proud of our ownership culture—management and Board hold C$200M+ in equity, with low G&A and stock options granted to loyal junior employees.

Franco-Nevada Corporation 24 We take pride in our culture of company ownership, with management and the Board holding over C$200 million of equity and having the lowest G&A among our peers. This shareholder alignment flows through the entire organization with junior employees receiving stock option grants after having a minimum tenure at the company. Minimum Equity Investments Each of our executive officers is required to hold a minimum equity investment in Franco-Nevada equivalent in value to a multiple (currently five times for our CEO and three times for our other executive officers) of such executive officer’s then current base salary, depending on such executive officer’s level of responsibility. The requirement is to be satisfied in the form of our common shares and restricted share units. Our non-employee directors are required to hold minimum equity investments in Franco-Nevada equivalent in value to three times their annual retainers (currently the minimum equity investment is C$135,000) in the form of our common shares and/or deferred share units. Management and our directors are in full compliance of such minimum equity investment requirements with substantial ownership stakes in our company. Independence An independent board is comprised of directors who have no direct or indirect relationships with a company that could reasonably interfere with the exercise of the directors’ independent judgement. This avoids potential conflicts of interest and enables a board of directors to consider the best interests of its shareholders. Our Board has concluded that all of our directors are “independent” other than David Harquail and Paul Brink, by virtue of their positions as former CEO and current President & CEO, respectively. The Chair and President & CEO roles are separated and, as a matter of best practices, our Board created the position of Lead Independent Director, which role is currently held by Tom Albanese. Clawback Our executives have each agreed to a clawback of their incentive compensation if our financial statements are required to be restated due to the fraudulent behaviour or other intentional misconduct of such executive officers or they are found to have engaged in intentional, egregious misconduct whether or not Franco-Nevada’s financial statements are required to be restated. In each case, they have agreed to reimburse Franco-Nevada for, or forfeit, as applicable, any entitlement to any bonus or other incentive-based or equity-based compensation received by them during the 12-month period following the issuance/filing of the financial statements required to be restated or during the 12-month period prior to when the Board became aware of the misconduct, as applicable. In November 2023, the company also adopted a clawback policy which is compliant with new Securities and Exchange Commission requirements and which provides for the company to take steps to recover compensation in certain circumstances. The clawback policy is consistent with individual clawback agreements already entered by all of the executives. Shareholder Alignment – 0.2% 0.4% 0.6% 0.8% 1.0% '24 '23 '22 '21 '20 '19 '18 '17 '16 '15 '14 '13 '12 '11 '10 '09 '08 G&A AS % OF MARKET CAPITALIZATION Communication and Collaboration In 2010, our Board adopted a policy entitled Board of Directors’ Engagement with Shareholders on Governance Matters. The policy provides that it is important to have regular and constructive engagement directly with our shareholders to allow and encourage shareholders to express their views on governance matters directly to our Board outside of our annual meetings. We recognize that shareholder engagement is an evolving practice in Canada and globally and our Board reviews its shareholder engagement policy annually to ensure that it is effective in achieving its objectives. We regularly engaged with our shareholders during 2024. The table above describes some examples of how we engaged with, and the key topics of interest from, shareholders and the broader investment community. How we engage with our shareholders Key topics of interest in 2024 • Investor and industry conferences • Shareholder meetings, including say-on-pay voting • Quarterly earnings conference calls • Investor days • Investor relations correspondence • Emails, calls and meetings • Diversity and inclusion (see pages 27–29) • Climate-related risks and opportunities (see Appendix B) • Biodiversity and nature (see pages 14–15) • Scope 3 emission reporting (see pages 35–40) • ESG-related performance of investments (see pages 8–15) • Capital allocation strategy (including commodity and jurisdiction) (see page 3) • Cybersecurity and artificial intelligence (see page 25) • ESG considerations in executive compensation (see page 52) • Transparency and ESG reporting frameworks (see Appendices B through D) Message from our CEO Report Highlights About Franco-Nevada Responsible Capital Allocation Community Contributions Diversity, Inclusion and Well-Being Climate Action Transparency and Guiding Principles About this Sustainability Report Appendices Corporate Governance Good Governance and Shareholder Alignment Integrity and Compliance Cyber and Technological Security Shareholder Alignment

Cyber and Technological Security

Our Information Security Policy sets out our principles for the protection of information assets and proper controls to ensure compliance with our standard

Franco-Nevada Corporation 25 Our Information Security Policy sets out our principles for the protection of information assets and proper controls to ensure compliance with our standards and external regulations. The policy is intended to define the principles and requirements of acceptable use of information assets for our personnel and describe how these will be implemented across our global operations. It also informs our personnel of our expectations and requirements for acceptable use of information assets and the role of our personnel in protecting the security and integrity of our information. The Information Security Policy is comprised of a number of policies, including our: § Password Policy § Acceptable Computer Use Policy § Removable Media Policy § Email Policy § Remote Access Policy § AI Tools in the Workplace Policy The majority of the members of our Board of Directors have skills and competencies in cybersecurity (currently, three of our Board members have expert level knowledge of cybersecurity matters, with five others having sufficient knowledge of cybersecurity-related matters to provide high-level oversight of management). The Board engages with management in matters relating to Franco-Nevada’s information and cybersecurity strategy and maintains the necessary skills and competencies in topics such as cybersecurity through ongoing education, including management presentations, conferences, consultations with experts, and offsite meetings. Board members also receive regular relevant materials from management. Our Audit and Risk Committee has general oversight over technology related risks, which includes cybersecurity and AI risk management, and oversees the Information Security Policy. Our Chief Financial Officer has been designated by the Audit and Risk Committee as the executive responsible for: establishing and maintaining the practices and procedures necessary to implement the Information Security Policy, providing training to our personnel on the substance of the Information Security Policy at least once annually, and reporting to the Audit and Risk Committee on the operation of and compliance with the policy. In addition to our annual Information Security Policy training, our IT Department also periodically sends newsletters to all personnel, highlighting key updates and developments affecting the company and its personnel from a cyber and technological security perspective. In 2024, employees also completed a comprehensive IT security awareness training program, which covered essential topics such as recognizing phishing attempts, creating strong passwords, and safely handling sensitive information. It also included interactive modules on identifying and mitigating cyber threats, ensuring employees are well-equipped to protect both personal and company data. In light of escalating global cyber threats, we continue to improve our cyber and information security measures to mitigate risks of potential cyber threats and attacks. In 2024, we made the following improvements: Cyber and Technological Security Related Policies & Statements: § Information Security Policy § Audit and Risk Committee Charter Franco-Nevada's Finance team § Strengthened cybersecurity risk management processes, with more frequent security updates to the Audit and Risk Committee; § Further enhanced password security, as part of a Zero Trust framework; § Updated and tested our disaster recovery plan; § Collaborated with third-party companies to assess risk and test our security and access controls; and § Conducted regular vulnerability assessments and penetration testing to identify and mitigate potential threats. In 2024, ISS ESG released a new Cyber Risk Score, which is a data-driven rating that provides visibility into the level of cyber readiness and resilience an organization has implemented based on its ongoing actions to identify, manage, and mitigate cyber risk across its external technology networks. Franco-Nevada currently scores 834 out of a maximum 850, indicating a low risk of a material cybersecurity breach. Message from our CEO Report Highlights About Franco-Nevada Responsible Capital Allocation Community Contributions Diversity, Inclusion and Well-Being Climate Action Transparency and Guiding Principles About this Sustainability Report Appendices Corporate Governance Good Governance and Shareholder Alignment Integrity and Compliance Shareholder Alignment Cyber and Technological Security

Diversity, Inclusion & Well-being

We are committed to maintaining a safe and supportive environment for our team members and to removing barriers and promoting diversity and inclusion.

D I V E R S I T Y , I N C L U S I O N A N D W E L L - B E I N G We are committed to maintaining a safe and supportive environment for our team members and to removing barriers and promoting diversity and inclusion. Franco-Nevada's Barbados team Message from our CEO Report Highlights About Franco-Nevada Responsible Capital Allocation Community Contributions Good Governance and Shareholder Alignment Climate Action Transparency and Guiding Principles About this Sustainability Report Appendices Diversity and Inclusion Employee Benefits and Well-Being Health, Safety and Security Human Rights, Non-Discrimination, Anti-Harassment and Equal Opportunity Diversity, Inclusion and Well-Being

Diversity and Inclusion

We are committed to diversity among our employees, senior management and on our Board and have made meaningful progress over the past few years in improvi

Franco-Nevada Corporation 27 Diversity and Inclusion Policy We are committed to diversity among our employees, senior management◊ and on our Board and have made meaningful progress over the past few years in improving our diversity practices and policies and increasing the number of Diverse Persons* within our company. Our Diversity and Inclusion Policy emphasizes all forms of diversity in identifying candidates to recommend for appointment/election to the Board and for appointment/ promotion to senior management positions to ensure that we have the broadest pool of talent and are able to recruit and retain the most qualified team members. Diverse candidates must be included in any search for new Board members and senior management positions, including for any new roles established by our company (including internal promotions). Certain key highlights regarding the diversity of our Board and senior management◊ composition include the following: § Since 2021, at least 30% of independent directors on our Board have been women. § Currently 38% of our Board and senior management◊ are Diverse Persons* (40% at the Board level, 40% at the executive level and 33% at senior management◊ level). § In January 2025, we appointed a Latin American director to our Board. Diversity and Inclusion * Diverse Persons include women, Black, Indigenous and other racial or ethnic minorities, individuals who identify as LGBTQ2S+ and people with disabilities. † As of January 8, 2025, the number of directors increased to 10, comprised of 30% women and 40% Diverse Persons. ◊ Vice President and above. Legend Woman Diverse Person* Racial or Ethnic Minority ♀ Other Senior Management◊ ♀ ♀ Board of Directors† ♀ ♀ ♀ WOMEN WOMEN WOMEN DIVERSE PERSONS DIVERSE PERSONS DIVERSE PERSONS RACIAL OR ETHNIC MINORITIES RACIAL OR ETHNIC MINORITIES RACIAL OR ETHNIC MINORITIES 30% 10% 14% 44% 36% 42% 40% 36% 63% Related Policies & Statements: § Diversity and Inclusion Policy Global Workforce ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ Message from our CEO Report Highlights About Franco-Nevada Responsible Capital Allocation Community Contributions Good Governance and Shareholder Alignment Climate Action Transparency and Guiding Principles About this Sustainability Report Appendices Diversity, Inclusion and Well-Being Employee Benefits and Well-Being Health, Safety and Security Human Rights, Non-Discrimination, Anti-Harassment and Equal Opportunity Diversity and Inclusion

Roadmap of Our Key Diversity and Inclusion Milestones 2016 ▪ Hired and promoted two women, including one from a racial or ethnic minority, to senior positions 2019 ▪ Second female Board member (22% women) 2020 ▪ Third female Board member (27% women) ▪ Promoted a female member of a racial or ethnic minority to senior management◊ in Barbados and promoted a male member of a racial or ethnic minority to senior management◊ in Toronto ▪ Signed the BlackNorth Initiative pledge to combat anti-Black systemic racism 2021 ▪ 30% women Board members ▪ Awarded the first Franco-Nevada Diversity Scholarship ▪ Established Franco-Nevada Diversity Committee ▪ Promoted a female member of a racial or ethnic minority to senior management◊ in Toronto 2022 ▪ Hired a male member of a racial or ethnic minority to senior management◊ in Toronto ▪ Expanded our Diversity Scholarship program, awarding four scholarships ▪ First year contributing to various Canadian charitable organizations in support of our BlackNorth Initiative pledge 2023 ▪ 40% Diverse Persons* at the Board and senior management◊ level (as a group) ▪ Further expanded our Diversity Scholarship program, awarding five scholarships 2024 ▪ Continued growth of our Diversity Scholarship program, awarding four new scholarships, increasing our total number of active scholarships to twelve ▪ Five of the six new hires during the year were Diverse Persons* ▪ Two of the three internal promotions during the year were Diverse Persons*, including one female and one female member of a racial or ethnic minority 2015 ▪ First female Board member (11% women) 2025 ▪ Appointed a Latin American director, resulting in 40% Diverse Persons* representation on the Board and 50% of independent directors 28 Franco-Nevada Corporation * Diverse Persons include women, Black, Indigenous and other racial or ethnic minorities, individuals who identify as LGBTQ2S+ and people with disabilities. ◊ Vice President and above. Diversity and Inclusion Message from our CEO Report Highlights About Franco-Nevada Responsible Capital Allocation Community Contributions Good Governance and Shareholder Alignment Climate Action Transparency and Guiding Principles About this Sustainability Report Appendices Diversity, Inclusion and Well-Being Employee Benefits and Well-Being Health, Safety and Security Human Rights, Non-Discrimination, Anti-Harassment and Equal Opportunity

Franco-Nevada Corporation 29 Franco-Nevada Diversity Scholarships In 2024, we continued to grow the Franco-Nevada Diversity Scholarship program, now in its fourth year, by making four new scholarship awards to diverse students attending mining engineering programs at three Canadian universities. We also renewed annual scholarships awarded to the program’s prior recipients taking the total number of active scholarships to twelve. In 2024, we continued to grow the Franco-Nevada Diversity Scholarship program, now in its fourth year, by making four new scholarship awards... Diversity Scholarship Diversity and Inclusion Initiatives We are proud to have progressed the following diversity and inclusion initiatives during 2024 and year to date: BlackNorth Initiative The BlackNorth Initiative was created by The Canadian Council of Business Leaders Against Anti-Black Systemic Racism to combat anti-Black systemic racism in Corporate Canada. We became a signatory to the BlackNorth Initiative pledge at its inaugural summit in July 2020. Our pledge includes the following commitments: (i) hire on average at least 5% within our student workforce from the Black community; (ii) invest by 2025 at least 3.5% of corporate donations and sponsorships to promote investment and create economic opportunities in the Black community; and (iii) set numeric diversity goals for the representation of Diverse Persons, including Black people, on our Board and among senior management. To date, we have exceeded our student workforce commitment and have surpassed our donation and sponsorship commitment donating to four separate registered Canadian charitable organizations, supporting the Black community in the areas of education, health, youth, and business. Related Policies, Statements & Links: § BlackNorth Initiative Pledge § Franco-Nevada Diversity Scholarship "July 7, 2021, is a day that stands out vividly in my memory. It was the day I was awarded the Franco-Nevada Diversity Scholarship. It’s incredibly difficult to succinctly express the range of emotions I felt when I was given the news that I had been selected as the recipient of the scholarship. It was a mix of joy, relief, and a newfound sense of freedom. For the first time in my life, I felt secure about my future, knowing my path was set. Looking back on everything that I have achieved since that day, from the jobs I’ve worked, to the friends I’ve made, and the opportunities I’ve embraced, I realize that the scholarship was more than just financial support. It became a defining moment that shaped my purpose in life, more than anything I could have dreamed of. In the coming months, I plan to graduate and complete another internship as a hydrometallurgist with Freeport-McMoRan before beginning my Master of Engineering degree in the fall. None of this would have been possible without that initial support and investment in my future." – Feroz Shah Feroz Shah, Franco-Nevada's first ever Diversity Scholarship recipient, during his internship with Rio Tinto at Iron Ore Company of Canada’s operations in Labrador City (2023) Message from our CEO Report Highlights About Franco-Nevada Responsible Capital Allocation Community Contributions Good Governance and Shareholder Alignment Climate Action Transparency and Guiding Principles About this Sustainability Report Appendices Diversity, Inclusion and Well-Being Employee Benefits and Well-Being Health, Safety and Security Human Rights, Non-Discrimination, Anti-Harassment and Equal Opportunity Diversity and Inclusion

Employee Benefits and Well-Being

We strive to create an inclusive, safe, and supportive environment for all our employees, which includes opportunities for hybrid work, health benefits and

Franco-Nevada Corporation 30 Employee Benefits and Well-Being 1 All dollar figures are in USD (or converted to USD as at December 31, 2024) and are on a per-hour basis. 2 All information current as of December 31, 2024, unless otherwise specified. 3 A living wage is the pay a worker needs to afford a decent standard of living for themselves and their family. This includes essentials like food, water, housing, education, health care, transportation, clothing, and provision for unexpected events. 4 ontario.ca/document/your-guide-employment-standards-act-0/minimum-wage 5 ontariolivingwage.ca/ 6 cdle.colorado.gov/dlss (as of January 1, 2025) 7 livingwage.mit.edu/counties/08035 (as of February 10, 2025) 8 gisbarbados.gov.bb/download/minimum-wage-national-and-sectoral- minimum-wage-order-2021/ 9 mywage.org/barbados/images/living-wages/520300000/view 10 fairwork.gov.au/pay-and-wages/minimum-wages 11 Calculated as 60% of median full-time adult ordinary time earnings. abs.gov.au/statistics/labour/earnings-and-working-conditions/ employee-earnings/latest-release Minimum Wage, Living Wage and Franco-Nevada Employee Pay 1,2 Jurisdiction; % of Full-Time Employees (FTEs) in Jurisdiction Minimum Wage (US$) Living Wage 3 (US$) % of Franco-Nevada FTE Pay Exceeding Minimum and Living Wage Canada (Toronto, ON) 65% $11.95 4 $18.07 5 100% USA (Colorado) 14% $14.81 6 $29.91 7 100% Barbados 18.6% $4.25 8 $8.90 9 100% Australia 2.4% $14.90 10 $14.85 11 100% Related Policies, Statements & Links: § Wellness Allowance Policy § Human Rights Policy § Disconnecting from Work Policy We strive to create an inclusive, safe, and supportive environment for all our employees, which includes opportunities for hybrid work, health benefits and wellness allowances, supported by robust workplace policies and practices. Hybrid Work Arrangements The way in which we live and work has changed significantly over the past several years. In many ways, the COVID-19 pandemic changed the way employees balance their work and personal lives. In 2024, we maintained a hybrid office model and continue to support our employees who require flexible and personalized work options. Workplace Accommodations and Facilities We value the diverse representation of our workforce and seek to promote inclusivity and remove barriers by accommodating our employees where possible so that no individual is disadvantaged relative to other members of our team. Our past collaboration with an employee in Toronto led to modifications in our office space to facilitate religious practices and observances during the workday, and in 2024, we created a designated space in our Toronto office for all employees to relax, recharge, and engage in activities that support their physical and mental well-being. Health and Wellness Benefits We provide our employees with comprehensive health and insurance benefits, complemented by our Wellness Allowance Policy, which enhances wellness-related benefits for greater flexibility and support for employees and their families. Employee Pay and Other Benefits We are committed to ensuring that all of our employees receive salaries that significantly exceed the minimum and living wages in the applicable jurisdictions in which they work and that all such employees receive vacation pay, sick pay and parental leave pay and other benefits such as short- and long-term disability. We also aim to supplement Employment Insurance ("EI") benefits for eligible employees during pregnancy leave. Employees who have completed 12 months of continuous employment and have applied for EI benefits are eligible. The plan provides 100% of the employee's normal weekly salary for the first week and supplements EI benefits for the next seven weeks to ensure the total equals 100% of the employee's normal weekly salary. In order to demonstrate that 100% of our global workforce receives salaries that exceed both the minimum and living wages in those jurisdictions, the table on this page sets out the sources and methodologies used to determine minimum and living wages in each of the four jurisdictions in which we have corporate offices. We understand the importance of saving for retirement and are committed to helping our employees secure their financial future. This year will be our first year implementing a pension plan for all Canadian employees, under which we will contribute up to 5% of an employee’s base salary and provide 50% matching to an employee’s contributions for a total contribution of up to 9% of their base salary (with Franco-Nevada's contribution capped at C$10,000 per year). Performance Evaluations, Continuing Education and Skills Enhancement Franco-Nevada conducts annual performance evaluations for all employees. These one-on-one meetings between employees and their managers review performance against company goals, discuss development plans, and identify training needs. In 2024, 100% of full-time salaried employees completed performance reviews. We also provide financial assistance to employees aiming to advance their skills and education in areas critical to our business. In 2024, we invested approximately $20,000 in a range of educational and skills development programs. This support included presentations and workshops for our employees and various continuing education courses, such as Spanish lessons. Labour Rights and Standards We are committed to the fundamental labour standards and rights at work set out in the International Labour Organization’s Declaration on Fundamental Principles and Rights at Work. In accordance with our Human Rights Policy and as enshrined in the Canadian Charter of Rights and Freedoms, we are supportive of the fundamental freedoms of our employees (and of all individuals), including the freedom of thought, belief, opinion and expression, the freedom of peaceful assembly and the freedom of association. None of our employees are organized by a trade union or labour union and there are no collective bargaining agreements in place in respect of our staff or company. As such, there have been no strikes or lock-outs in our company’s history. Notwithstanding, we respect the right to collective bargaining (ILO C98), the protection of workers’ representatives and prevention of workers’ representatives discrimination (ILO C135). In 2023, we adopted our Disconnecting from Work Policy to formalize our commitment to recognizing the importance of our employees’ ability to balance their work and personal lives, all while performing their duties to the best of their abilities. Message from our CEO Report Highlights About Franco-Nevada Responsible Capital Allocation Community Contributions Good Governance and Shareholder Alignment Climate Action Transparency and Guiding Principles About this Sustainability Report Appendices Diversity, Inclusion and Well-Being Diversity and Inclusion Health, Safety and Security Human Rights, Non-Discrimination, Anti-Harassment and Equal Opportunity Employee Benefits and Well-Being

Franco-Nevada Corporation 31 Health, Safety and Security Health and Safety The health and safety of our employees remains of utmost priority. We have a Health and Safety Policy applying to our company (including all subsidiaries) and employees necessitating compliance with applicable legal and regulatory health and safety requirements of the jurisdictions in which we operate and setting out standards for a safe work environment, including a workplace free from injuries and from violence and harassment. Our Health and Safety Policy is complemented by our Non-Discrimination, Anti-Harassment & Equal Opportunity Policy, which provides for a procedure in the case of any incident of discrimination, harassment or violence, including the reporting of the occurrence to our Chief Legal Officer, the oversight of the policy by our CESGC, and the provision of education and training programs from time-to-time. Further, in accordance with our Corporate Responsibility Policy, we are committed to make a positive impact on social issues. Security Although our employees operate in office environments, members of technical and business development teams frequently travel domestically and internationally, including when conducting due diligence for new potential opportunities, auditing our existing assets, and attending conferences and investor meetings. On occasion, these include destinations that may have higher risks, including political instability, natural disasters, extreme climates, or pandemic, endemic and epidemic disease. In order to partially mitigate the safety risk to our employees who visit these locations, we rely on an international health and security service coordinator called International SOS (“ISOS”). ISOS has globally established alarm centres that have the ability to coordinate assistance on a regional level. Expert health and security information can be requested to be sent directly to personnel or may be accessed via the ISOS self-service portals, including ISOS’ Global site monitoring portal. Our Travel Safety Policy has been in place since 2022, which formalizes measures to mitigate risks associated with travel and seeks to minimize them through appropriate measures. The protocols include, among others, our employees: § Conducting an independent risk assessment of a travel destination before departure; § Engaging with ISOS to obtain applicable information relating to a travel destination; § Sharing travel itineraries with their team before departure; § Discussing elevated travel-related risks with their team; § Taking certain precautions in respect of air travel, ground transportation, and hotel accommodations; and § Communicating openly and reporting all incidents to their team. Lundin employees in a safety huddle at Caserones Mine in Chile Related Policies & Statements: § Health and Safety Policy § Non-Discrimination, Anti-Harassment & Equal Opportunity Policy § Corporate Responsibility Policy § Travel Safety Policy We have a Health and Safety Policy... necessitating compliance with applicable legal and regulatory health and safety requirements of the jurisdictions in which we operate and setting out standards for a safe work environment... Message from our CEO Report Highlights About Franco-Nevada Responsible Capital Allocation Community Contributions Good Governance and Shareholder Alignment Climate Action Transparency and Guiding Principles About this Sustainability Report Appendices Diversity, Inclusion and Well-Being Diversity and Inclusion Employee Benefits and Well-Being Human Rights, Non-Discrimination, Anti-Harassment and Equal Opportunity Health, Safety and Security

Franco-Nevada Corporation 32 Human Rights, Non-Discrimination, Anti-Harassment and Equal Opportunity Human Rights Policy In 2020, our Board adopted Franco-Nevada’s Human Rights Policy, which applies on a company-wide basis, thereby formalizing our actions, practices and beliefs since our inception. The Human Rights Policy sets out our commitment to the following items, among other things: § Complying with human rights laws in regions in which we conduct business; § Supporting fundamental freedoms of all individuals, including the freedom of thought, belief, opinion and expression, the freedom of peaceful assembly, the freedom of association and other rights and freedoms; § Complying with proper labour laws and standards including in respect of legal age limits, forced or slave labour, minimum wages and benefits, and working hours and working day limits; § Maintaining workplaces free from harassment and discrimination and complying with health and safety standards; § Conducting appropriate human rights due diligence when making investments; § Consulting with our stakeholders regarding human rights and other social issues; § Reviewing and assessing our human rights policies, practices and procedures on a regular basis; § Organizing appropriate training and educational programs for our personnel to address human rights issues and to properly implement our Human Rights Policy; § Expecting that our suppliers and service providers conduct their business practices in accordance with our values, including in respect of human rights; and § Disclosing our progress and initiatives on human rights. In 2021, we updated our Human Rights Policy to formalize our commitment to the fundamental labour standards and rights at work set out in the International Labour Organization’s Declaration on Fundamental Principles and Rights at Work. This year also marks our second consecutive year preparing and filing our annual report pursuant to Canada’s Fighting Against Forced Labour and Child Labour in Supply Chains Act, which outlines the steps we have taken during the year to prevent and reduce the risk that forced labour or child labour is used in our business or supply chain, reinforcing and highlighting a number of our commitments under our Human Rights Policy. Non-Discrimination, Anti-Harassment & Equal Opportunity Policy We have a Non-Discrimination, Anti-Harassment & Equal Opportunity Policy, which provides the framework to maintain an environment free of discrimination and harassment, in which all individuals are treated with respect and dignity, are able to contribute fully and have equal opportunities. Grounds for discrimination include age, religion, sexual orientation, gender, family or marital status, disability, race, ancestry, place of origin, ethnic origin, citizenship, colour, record of offences, and any other ground that is listed in human rights legislation that applies to the jurisdiction in which we are operating. Such policy also provides that we are supportive of the fundamental freedoms of our employees (and of all individuals), including the freedom of thought, belief, opinion and expression, the freedom of peaceful assembly and the freedom of association. The Non-Discrimination, Anti-Harassment & Equal Opportunity Policy also deals with harassment and workplace violence. This policy articulates our position with respect to diversity and equal opportunity as well as (i) zero tolerance for discrimination, harassment and threats or acts of violence; (ii) reporting inappropriate conduct, harassment and workplace violence; (iii) disciplinary measures; and (iv) the development of procedures to prevent and address human rights issues. Related Policies & Statements: § Human Rights Policy § Fighting Against Forced Labour and Child Labour: Steps Taken by Franco-Nevada in 2024 § Non-Discrimination, Anti-Harassment & Equal Opportunity Policy Geology students at Cascabel in Ecuador Message from our CEO Report Highlights About Franco-Nevada Responsible Capital Allocation Community Contributions Good Governance and Shareholder Alignment Climate Action Transparency and Guiding Principles About this Sustainability Report Appendices Diversity, Inclusion and Well-Being Diversity and Inclusion Employee Benefits and Well-Being Health, Safety and Security Human Rights, Non-Discrimination, Anti-Harassment and Equal Opportunity

C L I M A T E A C T I O N We have a goal to achieve net-zero GHG emissions by 2050 with respect to our corporate operations and are committed to considering the decarbonization efforts and the net-zero alignment of operators and operations when making investment decisions. Mala community members near Condestable Message from our CEO Report Highlights About Franco-Nevada Responsible Capital Allocation Community Contributions Good Governance and Shareholder Alignment Diversity, Inclusion and Well-Being Transparency and Guiding Principles About this Sustainability Report Appendices Climate Action Climate Action Goals Overall Carbon Footprint Corporate Footprint Investment Footprint

Franco-Nevada Corporation 34 Climate Action Goals Since 2020, we have maintained carbon neutrality at our corporate operations, marking five consecutive years achieving our commitment. In 2023, we set a 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”). While our commitment to carbon neutrality primarily involves the purchase of carbon offsets, our net-zero aspiration entails a concerted effort to reduce our absolute emissions. In 2024, we adopted emission reduction targets for our corporate operations, including a 42% reduction of our Scope 1 and 2 emissions by 2030 and a 30% reduction of our overall Corporate Emissions (Scope 1, 2 and 3, excluding financed emissions) by 2030, each from a 2023 base year. We seek to deploy capital to responsible operators and operations committed to reducing carbon footprints and environmental impacts. Accordingly, we have also committed to assess 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 the abovementioned climate-related goals, targets and commitments relating to all aspects of our business. Our Climate Action Policy also establishes the measures that we will implement to further these commitments. 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), including transitioning to reporting aligned with IFRS Sustainability Disclosure Standards, and regulatory requirements applicable to our company. Investments We are committed to assessing 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: § 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 and endeavour to include contractual provisions requiring operators to provide us with sufficient information in order to do so; § Measure and record our attributable emissions from our royalty and stream interests 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. Stakeholders To further support the 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 provider of goods for our corporate operations, that such supplier is aligned with the goal of net-zero emissions by 2050 or sooner. Related Policies & Statements: § Climate Action Policy We are committed to: § Our goal to achieve net-zero Corporate Emissions by 2050 or sooner § Achieve our emission reduction targets relating to our global Corporate Emissions by 2030 § Assess the decarbonization efforts and net-zero alignment of operators and operations when making investment decisions § Engage with new and existing operators on their efforts to decarbonize and achieve net-zero emissions by 2050 or sooner § Further awareness of and support for climate reduction goals, including net-zero emissions by 2050 or sooner, with our stakeholders Message from our CEO Report Highlights About Franco-Nevada Responsible Capital Allocation Community Contributions Good Governance and Shareholder Alignment Diversity, Inclusion and Well-Being Transparency and Guiding Principles About this Sustainability Report Appendices Overall Carbon Footprint Corporate Footprint Investment Footprint Climate Action Climate Action Goals

Franco-Nevada Corporation 35 Corporate and Financed Emissions Franco-Nevada’s carbon footprint is comprised of emissions relating to our corporate offices as well as financed emissions, which are estimated emissions based upon production attributable to our royalty and stream interests and equity and debt investments, as applicable (referred to as “Financed Emissions”). Since 2020, our corporate operations have been carbon neutral. We have accomplished this, and will continue to do so, through initiatives to reduce our corporate GHG emissions and through the purchase of high quality carbon credits to offset emissions that cannot be eliminated. While it is important for us to be operationally carbon neutral, we acknowledge that our own total operational emissions are minimal relative to the operations in which we invest and much of our ability to have a positive impact on the climate relates to our engagement with and support of our current operators and to our future capital allocation strategy. 58.4 -73.0 206.5 -258.1 22.7 -28.4 7.7 -9.6 458,827 156,901 615,728 -280,000 -180,000 -80,000 20,000 120,000 220,000 320,000 420,000 520,000 620,000 720,000 -100 100 200 -200 -300 300 400 500 Gross emissions Offsets Gross emissions (tCO2e) (tCO2e) Legend Emissions from corporate operations Financed Emissions from energy interests Purchased carbon offsets Financed Emissions from mining interests Overall Carbon Footprint Corporate Emissions and Financed Emissions depicted below and adjacent are not to scale, with total Financed Emissions being approximately 2,000 times Corporate Emissions Scope 3 Investments (see page 40) Scope 3 Waste and Wastewater (see page 39) Scope 3 Purchased Goods and Services (see page 39) Scope 2 Electricity and Steam (see page 38) Scope 3 Business Travel and Employee Commuting (see page 39) Purchased carbon offsets for 125% of our Corporate Emissions (see page 39) Corporate Emissions (2024) Financed Emissions (2023) Message from our CEO Report Highlights About Franco-Nevada Responsible Capital Allocation Community Contributions Good Governance and Shareholder Alignment Diversity, Inclusion and Well-Being Transparency and Guiding Principles About this Sustainability Report Appendices Climate Action Goals Corporate Footprint Investment Footprint Climate Action Overall Carbon Footprint

Franco-Nevada Corporation 36 Scope 1, 2 and 3 Primer All of our emissions are calculated using the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard, the most widely-used international accounting tool for companies to understand, quantify, and manage GHG emissions. The Greenhouse Gas Protocol (the “GHG Protocol”), launched in 1998, categorizes a company’s GHG emissions into three scopes: § Scope 1 emissions are direct emissions from owned or controlled sources (e.g., emissions associated with fuel combustion in boilers, furnaces, vehicles). § Scope 2 emissions are indirect emissions from the generation of purchased electricity or steam. § Scope 3 emissions are all other indirect emissions that occur in the value chain of the reporting company, including both upstream and downstream emissions. The 15 categories of Scope 3 emissions are depicted in the adjacent GHG Protocol diagram. In accordance with the GHG Protocol, emissions associated with certain kinds of investments (e.g. majority equity holdings, loans with known use of proceeds, etc.) are required to be calculated and included as Scope 3, Category 15 (Investments) emissions. For other alternative investments, including royalty and stream interests, emissions attributable to such investments may optionally, but are not required to, be included in Scope 3, Category 15 (Investments), with the GHG Protocol acknowledging that for many of these investments, investors may have minimal or no control or insight into the operations of the investees. To the extent that emissions relating to investments are disclosed by investors, irrespective of whether such disclosure is optional or mandatory, the GHG Protocol provides that the “reporting company’s Scope 3 emissions from investments are the Scope 1 and Scope 2 emissions of investees". Franco-Nevada’s Progression Franco-Nevada accounts for the following emissions applicable to our corporate operations: Scope 1 (nil, as our offices are not heated from the direct combustion of natural gas or propane), Scope 2 (emissions relating to the use of electricity and steam for our offices) and Scope 3 (applicable categories for our corporate operations include Category 1 (Purchased Goods and Services); Category 5 (Waste); Category 6 (Business Travel); and Category 7 (Employee Commuting). We recognize the increasing importance for shareholders, ESG rating agencies and others to have visibility of the carbon footprints of asset managers’, investment funds’ and royalty and streaming companies’ portfolios. There have also been gradual improvements in data availability for emissions relating to our investments. Since 2022, we have disclosed estimated emissions attributable to our royalty and stream interests, comprising our Scope 3, Category 15 (Investments) emissions. Please refer to the Investment Footprint section on page 40. We recognize the increasing importance for shareholders, ESG rating agencies and others to have visibility of the carbon footprints of asset managers’, investment funds’ and royalty and streaming companies’ portfolios... Since 2022, we have disclosed estimated emissions attributable to our royalty and stream interests... Message from our CEO Report Highlights About Franco-Nevada Responsible Capital Allocation Community Contributions Good Governance and Shareholder Alignment Diversity, Inclusion and Well-Being Transparency and Guiding Principles About this Sustainability Report Appendices Climate Action Goals Corporate Footprint Investment Footprint Climate Action Overall Carbon Footprint

Franco-Nevada Corporation 37 In terms of our own environmental impact, our carbon footprint is very small. Our workforce, consisting of 43 full-time employees, operates solely within office environments, including at our head office in Toronto in Commerce Court West. Our remaining staff work in office spaces located in Barbados, the United States and Australia. We have advanced the following measures and programs to reduce our carbon footprint and environmental impact: § Since 2019, we have utilized Notice and Access delivery procedures to reduce consumption of paper products*; § At the end of 2023, we installed updated light sensors in our Toronto office to reduce electricity consumption; § We have commissioned the installation of a solar panel system at our Barbados office, and expect the system to be operational in 2025; § In 2025, we formalized a corporate policy to incentivize low carbon transportation and commuting by our employees, offering reimbursements for sustainable commuting expenses and incentives for zero-emission vehicle purchases or leases; and Corporate Footprint QuadReal Property Group QuadReal Property Group, the company that manages Commerce Court West, has established the following science-based carbon reduction goals: § 2025: Net zero transition plans in place for Canadian directly managed portfolio § 2030: 50% absolute carbon reduction for Canadian directly managed portfolio § 2040: All Canadian directly managed office buildings achieve net zero emissions § 2050: Global directly managed portfolio achieves net zero Commerce Court West In December 2017, Commerce Court West (the office tower in which our Canadian head office is located) achieved BOMA BEST Platinum level certification. This is the highest level of certification in the BOMA BEST green buildings certification program, Canada’s largest environmental assessment and certification program for existing buildings. In 2021, Commerce Court was awarded BOMA Canada The Outstanding Building of the Year (TOBY) Award for a building with over 1 million square feet. Commerce Court West is certified LEED EB Platinum, reflecting the successful implementation of its long-term sustainability strategy and an ongoing commitment to the environment and other sustainability-focused initiatives. LEED provides a framework for healthy, efficient, carbon and cost-saving green buildings. LEED certification is a globally recognized symbol of sustainability achievement, and it is backed by an entire industry of committed organizations and individuals paving the way for market transformation. * On average, notice-only mailings use much less paper, are faster to produce, and are 90% lighter than full meeting mailpacks (Source: computershare.com/corporate/about-us/corporate- responsibility/sustainability). Related Policies & Statements: § Climate Action Policy § Sustainable Commuting Policy § Pursuant to our Climate Action Policy, before transacting with any significant suppliers of goods, we ensure that they have in place commitments, plans, targets and initiatives aligned with the goal of net-zero emissions by 2050 or sooner. Message from our CEO Report Highlights About Franco-Nevada Responsible Capital Allocation Community Contributions Good Governance and Shareholder Alignment Diversity, Inclusion and Well-Being Transparency and Guiding Principles About this Sustainability Report Appendices Climate Action Goals Overall Carbon Footprint Investment Footprint Climate Action Corporate Footprint

Franco-Nevada Corporation 38 – 10.0 20.0 30.0 40.0 50.0 60.0 70.0 2024 2023 2022 57.6 34.4 23.2 63.9 37.3 26.6 58.4 30.6 27.8 Electricity Steam Corporate Scope 1 GHG Emissions Operating solely in office environments, our company does not have any quantifiable Scope 1 emissions. For example, Commerce Court West, our corporate head office building in Toronto, is heated with steam and utilizes electricity, which are reported under Scope 2 emissions. We acknowledge that some of our workforce may from time-to-time access certain public areas during their work days that are heated by, or otherwise utilize, fossil fuels. Although we do not have access to sufficient data to calculate our share of these Scope 1 emissions, we have purchased carbon offsets accounting for 125% of our overall reported Corporate Emissions to factor these in. * Historically, our Scope 2 emissions were disclosed on a partial FTE basis (2022 – 87.5%) due to unavailability of such data for our United States and Australian offices. Commencing last year, we grossed up these emissions to 100%, which resulted in a restatement of our Scope 2 emissions for 2022 (previously 50.4 tCO2e). We do not purchase market-based instruments for electricity consumption at our global operations, and residual emissions factors are currently unavailable in these jurisdictions. Consequently, in accordance with the GHG Protocol's Scope 2 guidance, market-based emissions have been calculated using location-based emissions factors. As a result, our market-based and location-based Scope 2 emissions have been deemed to be equal. † Represents raw data for utilities used in Toronto and Barbados offices. The portion of water usage and waste data relating to our Toronto office has been generated by building management and represents our proportionate share of the building’s aggregate water usage and waste. Total Corporate Scope 2 Emissions (tCO2e) Corporate Utility Usage and Waste† The following sets out our annual utility usage and waste for the years 2022 to 2024. Unit 2022 2023 2024 Electricity kWh 213,596 215,371 218,387 Steam lb 393,124 403,169 403,168 Chilled Water ton-h 27,513 32,388 28,447 Water m3 450 562 571 Waste kg 1,511 1,951 2,163 Corporate Scope 2 GHG Emissions* The production of GHGs associated with our energy usage and heating sources, comprised of electricity and steam, are indirect (Scope 2) emissions, which are set out in the adjacent chart. Our recent annual Scope 2 emissions remain slightly lower than pre-COVID levels, which is primarily due to our shift to remote and hybrid work arrangements since 2021. We have begun to see these emissions normalize as we have had increasing levels of in-office work since 2022. Commerce Court, North Tower (part of the building complex of our head office) Commerce Court West in Toronto Message from our CEO Report Highlights About Franco-Nevada Responsible Capital Allocation Community Contributions Good Governance and Shareholder Alignment Diversity, Inclusion and Well-Being Transparency and Guiding Principles About this Sustainability Report Appendices Climate Action Goals Overall Carbon Footprint Investment Footprint Climate Action Corporate Footprint

Franco-Nevada Corporation 39 Corporate Scope 3 GHG Emissions Our corporate Scope 3 emissions are comprised of estimated GHG emissions associated with work-related travel, employee commuting, purchase and use of office supplies and services (including paper, electronic devices, kitchen supplies and other office goods and services), and waste and wastewater. Emission Reduction Targets, Initiatives and Progress to Date In 2024, we adopted emission reduction targets for our corporate operations, including a 42% reduction of our Scope 1 and 2 emissions by 2030 and a 30% reduction of our overall Corporate Emissions (Scope 1, 2 and 3, excluding Financed Emissions) by 2030, each from a 2023 base year. We opted to use 2023 as our base year as we believe 2023 marked the first year that our Corporate Emissions had substantially normalized since the COVID-related reduction of emissions we observed between 2020 and 2022. As discussed on page 37, we have already implemented or have advanced the implementation of certain measures and programs which aim to reduce our carbon footprint and achieve our emission reduction targets. Below is a summary of our progress to date: Scope 1 and 2 Emissions In 2024, we achieved an 8.61% reduction in our Scope 1 and 2 emissions, likely attributable to energy-efficient measures and other efficiencies adopted at the buildings where our offices are located, which we expect to be further reduced with the commissioning of our solar panel project at our Barbados office later this year. Scope 3 Emissions Employee commuting-related CO2 emissions decreased by 3% compared to last year. Despite increased in-office presence, personal vehicle use did not rise proportionately, indicating a modest shift towards alternative transportation like public transit, carpooling, cycling, and walking. As noted earlier in this year's Sustainability Report, 2024 represented the largest year of new investments in the history of our company, with more than US$1.3 billion of commitments being executed on during the year. As a result of the travel-intensive year, there was a 33% increase in flights and a 28% increase in miles traveled for business purposes, leading to an 87.8% increase in Scope 3 emissions attributable to Business Travel compared to 2023. The disproportionate increase was primarily due to more instances of business class flights booked throughout the year compared to last year.◊ Total Corporate Emissions Despite a reduction in our Scope 1 and 2 emissions and Scope 3 emissions relating to employee commuting and purchased goods and services, our overall Corporate Emissions (Scope 1, 2, and 3, excluding Financed Emissions) increased by 37.6% compared to last year. This rise was primarily due to the marked increase in business travel required by our team members, as outlined above. Carbon Neutral for Corporate Operations We are committed to reducing our footprint. Since 2020, our corporate operations have been carbon neutral and we are committed to achieving this annually going forward. We accomplished this primarily by purchasing high quality carbon offsets to account for emissions we cannot eliminate. For 2024, we offset our global operational emissions by purchasing from Less Emissions Inc., a Canadian supplier of high quality carbon offsets, an equal combination of (1) Gold Standard certified and (2) Verified Carbon Standard certified emission reduction offsets from projects located in Mozambique and Tanzania, respectively. Appendix H to this Sustainability Report contains further details regarding our 2022 carbon neutrality. Appendix G to this Sustainability Report contains further details regarding our 2024 carbon neutrality. Employee Commuting - Car Business Travel - Air Other Purchased Goods and Services Electronics Paper Use Wastewater Waste 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 200.0 220.0 240.0 260.0 2024 2023 2022 2024 2023 2022 2024 2023 2022 2024 2023 2022 Business Travel* and Employee Commuting Purchased Goods and Services Waste and Wastewater † Total Corporate Scope 3 Emissions 17.3 68.3 85.6 18.2 100.6 118.8 17.6 188.9 206.5 2.2 0.4 18.0 20.6 0.7 3.4 1.04.6 2.0 5.7 0.7 1.7 0.3 24.3 26.3 11.3 10.7 22.7 110.3 236.9 4.1 5.6 7.7 150.7 Corporate Scope 3 Emissions (tCO2e) * To improve the accuracy of our emission disclosure, commencing last year, Scope 3 emissions relating to (1) Business Travel were derived from the International Civil Aviation Organization’s Carbon Emissions Calculator using detailed flight and other data, and (2) Employee Commuting were derived from the Thrust Carbon calculator using detailed data provided by our employees. Last year, we restated Scope 3 emissions relating to Business Travel and Employee Commuting for 2022 (previously 22.2 tCO2e) so that such data was calculated using our new accurate methodology. † Historically, our Scope 3 emissions attributable to waste and wastewater (Scope 3, Category 5) were disclosed on a partial FTE basis (2022 – 87.5%) due to unavailability of such data for our United States and Australian offices. Commencing last year, we grossed up these emissions to 100%, which resulted in a restatement of our Scope 3, Category 5 emissions for 2022. ◊ While the overall number of flights and miles flown increased by 33% and 28%, respectively, the 87.8% increase in Scope 3 emissions attributable to Business Travel was primarily due to more instances of business class flights booked throughout the year compared to last year. Business class flights are counted as having higher GHG emissions than economy class flights. Emission factors may also vary based on the specific aircraft and seat configuration of the aircraft. Message from our CEO Report Highlights About Franco-Nevada Responsible Capital Allocation Community Contributions Good Governance and Shareholder Alignment Diversity, Inclusion and Well-Being Transparency and Guiding Principles About this Sustainability Report Appendices Climate Action Goals Overall Carbon Footprint Investment Footprint Climate Action Corporate Footprint

Franco-Nevada Corporation 40 Investment Footprint The GHG Protocol does not provide guidance for calculating Financed Emissions related to many of the alternative investment types that may be optionally reported, including royalty and stream interests. There are additional industry-specific guidelines which aim to supplement the GHG Protocol guidance, including the Partnership for Carbon Accounting Financials’ (PCAF) Standard for certain Financed Emissions, but to date there have been no guidelines or agreed methodologies for Scope 3 Financed Emissions relating to royalties and streams. At a high level, all of the existing methodologies for calculating emissions attributable to investments take the proportion of an investee’s enterprise or asset value held by the investor, and apply this proportion to the investee’s or asset’s Scope 1 and Scope 2 GHG emissions. After extensive internal strategic discussions and correspondence with shareholders, analysts, and ESG rating agencies in 2023, we adopted the production- based methodology as further described on this page for determining Financed Emissions from each of our producing royalty and stream interests. Scope 3 Financed Emissions GHG emissions attributable to our mining and energy interests, classified by the GHG Protocol as Scope 3, Category 15 (Investments), are set out in the adjacent chart. Such Financed Emissions have been calculated using the abovementioned methodologies. Due to the delayed timing of availability of production and emission data from operators, Financed Emissions have been calculated for 2021, 2022 and 2023. Financed Emissions vary year-over-year due to changes in total emissions from our producing mining assets (i.e. on a 100% basis for such operations) and/or due to changes in our attributable proportion of emissions. Financed Emissions decreased from 2021 to 2022, but increased from 2022 to 2023. The decrease from 2021 to 2022 is primarily a reflection of lower total emissions from our producing mining assets, due to emission reduction initiatives by operators and/or a year-over-year reduction in production from such assets. The increase from 2022 to 2023 is mainly due to the fact that for certain assets (particularly copper mines where we receive precious metal by-products), the proportion of our GEOs relative to the overall operations’ GEOs increased. This is largely due to the disproportionate increase in the price of gold compared to other commodities during this period; however, the overall estimated emissions of such operations (on a 100% basis, disregarding the GEO conversion in calculating our Financed Emissions) decreased year-over-year between 2022 and 2023. Financed Emissions for mining interests* Financed Emissions for energy interests◊ * Includes our Vale debentures and our equity interests in entities that hold royalties on Carol Lake (Labrador Iron Ore Royalty Corporation) and Caserones (Socieded Legal Minera California Una de la Sierra Peña Negra), which we consider as royalty equivalents. Franco-Nevada holds one other small equity holding of a producing mining operator, which emissions are negligible and have not been included. Franco-Nevada also holds equity and debt investments in other mining companies with non-producing projects. Emissions from such non-producing projects have also not been included, as our proportion of such emissions based on our equity holdings or loan advances are de minimis. Where total production figures for certain mining operations have not been publicly disclosed, we have sourced such data from S&P Capital IQ. † Operator emissions and emission intensities include Scope 1 and 2 emissions. We have relied upon McKinsey MineSpans for emissions data for producing mining operations. Emissions for non-producing mining and energy operators are deemed to be negligible and have not been included. ◊ Includes emissions relating to our working interests over which we do not exercise any control. For certain of our energy royalties and other interests covering large land packages with numerous operators, asset-by-asset emissions estimates are not practicable or available. For consistency, we have calculated all of our Scope 3 emissions from our energy interests using the most accurate publicly available emission intensities (tCO2e/boe) and have applied the volume (boe) received by Franco-Nevada from each operation or region to calculate our attributable emissions. – 100,000 200,000 300,000 400,000 500,000 600,000 700,000 2023 2022 2021 627,365 131,656 495,709 558,640 146,376 412,264 615,728 156,901 458,827 Mining Interests Energy Interests Scope 3 Financed Emissions (tCO2e) Operation’s emissions † Emission intensity† Operation’s GEOs Franco-Nevada GEOs from operation Franco-Nevada production volume (boe) from operation or region Message from our CEO Report Highlights About Franco-Nevada Responsible Capital Allocation Community Contributions Good Governance and Shareholder Alignment Diversity, Inclusion and Well-Being Transparency and Guiding Principles About this Sustainability Report Appendices Climate Action Goals Overall Carbon Footprint Corporate Footprint Climate Action Investment Footprint

T R A N S P A R E N C Y A N D G U I D I N G P R I N C I P L E S We are committed to providing transparency in all ESG matters relating to our business and to reporting annually on our progress made towards our objectives. Mill Creek in Montana 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 About this Sustainability Report Appendices Transparency and Guiding Principles ISSB, SASB, and GRI UN Global Compact and SDGs Responsible Gold Mining Principles ESG Ratings and Recognition

Franco-Nevada Corporation 42 ISSB, SASB, and GRI Our 2025 Sustainability Report leverages reporting standards and frameworks such as the International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards, the Sustainable Accounting Standards Board (SASB), and the Global Reporting Initiative (GRI). International Sustainability Standards Board (ISSB) Sustainability Accounting Standards Board (SASB) Global Reporting Initiative (GRI) The ISSB, established by the International Financial Reporting Standards (IFRS) Foundation Trustees, aims to provide a global baseline of sustainability- related disclosure standards to provide investors and other capital market participants with information about companies’ sustainability-related risks and opportunities to help them make informed investment decisions. IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures are the ISSB’s first set of Sustainability Disclosure Standards, which build on existing frameworks like the SASB Standards and the TCFD Framework. Using the Sustainable Industry Classification System® (SICS®), which was created by SASB to group like companies based on their sustainability-related risks and opportunities, SASB has established industry-specific standards for the recognition and disclosure of financially material environmental, social and governance impacts, which are geared towards investors and capital providers. The standards are designed to generate standardized and comparable data that is useful for investors and typically quantitative. GRI is an international independent standards organization with the world’s most widely adopted sustainability standards, which helps companies identify, gather and report this information in a clear and comparable manner. The standards cover relevant topics across the economic, environmental and social dimensions. Organizations select from among these to report on their significant impacts, which can either be implemented into a standalone report or can be indexed. For the past four years, our company has delivered climate-related disclosures in alignment with the TCFD’s recommendations. As part of our ongoing commitment to continually improve our reporting in accordance with leading international standards, and following Canada’s voluntary adoption of IFRS S1 & S2, this year marks our first year transitioning to reporting in alignment with these standards. While we continue to meet some of the reporting requirements, there are additional areas that will require action to achieve full alignment with IFRS S1 & S2. Please refer to Appendix B for our full disclosure. This marks our company’s fifth consecutive year of disclosure aligned with the SASB framework, which disclosure is included in Appendix C. This is our company’s third consecutive year aligning with the GRI standards. Appendix D includes an index, which maps our disclosure, including in our Sustainability Report, to the GRI standards. 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 About this Sustainability Report Appendices UN Global Compact and SDGs Responsible Gold Mining Principles ESG Ratings and Recognition Transparency and Guiding Principles ISSB, SASB, and GRI

Franco-Nevada Corporation 43 UN Global Compact and SDGs In early April 2020, we joined the United Nations Global Compact, the world’s largest corporate sustainability initiative with over 20,000 business participants in over 160 countries. The Global Compact is based on ten principles organized around four themes (human rights, labour, environmental and anti-corruption) and is intended to promote responsible business practices and the United Nations’ values among the global business community. The UN Global Compact’s Ten Principles are derived from: the Universal Declaration of Human Rights, the International Labour Organization’s Declaration on Fundamental Principles and Rights at Work, the Rio Declaration on Environment and Development, and the United Nations Convention Against Corruption. In September 2020, we joined 1000+ businesses from more than 100 countries in demonstrating our support for the United Nations and inclusive multilateralism by signing the Statement from Business Leaders for Renewed Global Cooperation. The full list of signatories can be found here: ungc-communications-assets. s3.amazonaws.com/docs/ publications/UN75_ UnitingBusinessStatement.pdf As part of our Global Compact commitment, we have completed our 2024 Communication on Progress describing the practical actions that we have taken and the qualitative and quantitative results of our company in furtherance of the ten principles. Our Communication on Progress is available on the UN Global Compact website. Initiatives across our business help advance a number of the Sustainable Development Goals (SDGs), which were adopted by the United Nations in 2015 as a universal call to action to end poverty, protect the planet, and ensure that by 2030 all people enjoy peace and prosperity. In Appendix E, for the third consecutive year, we provide disclosure as to Franco- Nevada’s initiatives that are aligned with and support the SDGs. Initiatives across our business help advance a number of the Sustainable Development Goals (SDGs), which were adopted by the United Nations in 2015 as a universal call to action to end poverty, protect the planet, and ensure that by 2030 all people enjoy peace and prosperity. 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 About this Sustainability Report Appendices ISSB, SASB, and GRI Responsible Gold Mining Principles ESG Ratings and Recognition Transparency and Guiding Principles UN Global Compact and SDGs

Franco-Nevada Corporation 44 Responsible Gold Mining Principles We are a long-standing member of the World Gold Council (“WGC”) and, in 2012, led the establishment of the WGC’s new Conflict-Free Gold Standard to combat the potential misuse of mined gold to fund unlawful armed conflict. David Harquail, our Chair of the Board, was Chair of the WGC from 2017 to 2020. Paul Brink, our President & CEO, is currently a director of the WGC, serves as the Chair of the WGC’s Compensation Committee. Franco-Nevada played a leading role at the WGC during the establishment of the RGMPs. In September 2019, we officially committed to the RGMPs. The RGMPs were established by the WGC as a framework that sets out clear standards as to what constitutes responsible gold mining, incorporating ESG principles aligned with the expectations of governments, investors, employees and contractors, communities, supply chain partners and civil society. The principles incorporate 51 separate ESG principles addressing 10 broad topics depicted on this page. Commitment to RGMP Requirements As a royalty and stream company, we are committed to implement the RGMPs which require finance and capital providers to publicly endorse the RGMPs, use our best endeavours to encourage adoption of the RGMPs at all operations where we have influence and, to the extent applicable, ensure conformance with the RGMPs for any gold mining operations over which we have direct control. In addition to endorsing and encouraging the adoption of the RGMPs in accordance with the RGMP guidelines, we are committed to expanding awareness and understanding of the RGMPs with our investees, directors, officers, consultants, shareholders and other stakeholders. RGMP Policy Implementation On March 10, 2021, we adopted our Responsible Gold Mining Principles Policy (the “RGMP Policy”) to formalize our commitment to the RGMPs. The RGMP Policy was updated on March 9, 2022, which formalized certain changes to our RGMP Policy Measures made in 2021, which changes are described on the following page. The full text of the RGMP Policy can be found on our website at www.franco-nevada.com/corporate/policies-mandates. In the RGMP Policy, we commit to implement the RGMP requirements for royalty and stream companies, to the extent applicable, including the requirement to publicly endorse the RGMPs. The RGMP Policy Measures and related Compliance Criteria in the table on the following page were implemented as at December 31, 2024 and represent our internally-developed criteria in furtherance of our commitment to the RGMPs and against which we measure our RGMP Policy implementation described under Description of Implementation in the following table. Related Policies & Statements: § Responsible Gold Mining Principles Policy Transition to Consolidated Mining Standard The Consolidated Mining Standard (the "Standard") Initiative responds to growing demand for responsible mining practices, bringing together the attributes of four individual standards (The Copper Mark, Mining Association of Canada’s Towards Sustainable Mining (TSM), World Gold Council’s Responsible Gold Mining Principles and ICMM’s Mining Principles) while eliminating duplication, filling gaps and making improvements where appropriate, and consolidating the standards into one, global standard that reduces complexity and clarifies responsible practices for mining companies of all sizes, across all locations and commodities. Once finalized, the Standard is expected to be used by existing members of ICMM, WGC and Mining Association of Canada, and participants of The Copper Mark, giving the Standard the widest coverage of any voluntary mining standard to date, with implementation anticipated to include almost 100 mining companies across approximately 600 facilities in around 60 countries, with the companies set to adopt the Standard accounting for a substantial share of the global mining market. The draft Standard primarily focuses on responsible mining practices for mining companies and aims to simplify and clarify guidelines for mining operations, it does not explicitly address the applicability to royalty and streaming companies providing capital to mining companies in the way the RGMPs do. This may necessitate phasing out or replacing our RGMP Policy to align with the new Standard. Consequently, obtaining future assurance may not be possible, as the type of assurance received this year for our RGMP Policy implementation will likely not be applicable or relevant following the transition to the new Standard. 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 About this Sustainability Report Appendices ISSB, SASB, and GRI UN Global Compact and SDGs ESG Ratings and Recognition Transparency and Guiding Principles Responsible Gold Mining Principles

Franco-Nevada Corporation 45 RGMP Policy Measures Compliance Criteria Description of Implementation Training. Franco-Nevada will conduct training sessions to promote the understanding of: Franco-Nevada’s obligations and the objectives under the RGMPs, internal systems and processes in place to conform such obligations and objectives, and the progress made and to be made by Franco-Nevada in conforming to such obligations and objectives. Such training sessions will be conducted for employees every three years, with the exception of the new employees who will receive such training during the calendar year that they join Franco-Nevada. Number of new employees who underwent training. All new employees attended a training session covering the training subject matter set out in the RGMP Policy. Confirmation of attendance was obtained through signed written acknowledgements. Number of employees who underwent training in the current year in accordance with Franco-Nevada’s policy of conducting tri-annual training for all employees. All employees, including new employees and employees that were on leave in the prior year, attended a refresher training module as part of broader mandated corporate policies training, with all of these employees having attended the required tri-annual training in 2023 (or 2024 for new hires and those on leave in the prior year). Confirmation of attendance was obtained through signed written acknowledgements. Number employees who signed a written acknowledgment of their understanding of the RGMPs and Franco-Nevada’s RGMP obligations and commitments. All of our employees signed the required written acknowledgement. Due Diligence. Franco-Nevada will identify and record RGMP implementation and conformance when evaluating new mining investments, including whether the applicable miner is a WGC member and/or has adopted the RGMPs or whether the RGMPs are not applicable to the miner (e.g., if the operator is a diversified mineral producer). If the miner has adopted the RGMPs, Franco-Nevada will identify and record the stage of implementation of the conformance with the RGMPs at the applicable mining operation. Number of ESG due diligence assessments submitted to the Board of Directors or executive committee (which is comprised of the CEO, CFO, CLO, SVP Business Development and SVP Diversified) for final approval, which included an assessment of the applicability of the WGC and RGMPs to the miner, including the membership by the miner in the WGC, the adoption of the RGMPs by the miner, and the stage of implementation and conformance with the RGMPs by the miner. All final memorandums submitted for final approval to either the Board of Directors or executive committee contained the required ESG due diligence assessments. External Consultants. When Franco-Nevada engages technical, ESG or other third-party consultants to assist Franco-Nevada with its evaluation of new mining investments, Franco-Nevada will ensure that the consultants are familiar with the RGMPs and understand Franco-Nevada’s commitments thereunder and Franco-Nevada will obtain a written acknowledgement from the consultants verifying their awareness. Number of new consulting agreements entered into with external consultants engaged during 2024, including contractual provisions which required the external consultant to acknowledge their awareness of the RGMPs and Franco-Nevada’s commitments thereunder. All consulting agreements entered into for the evaluation of new mining investments in 2024 contained the required acknowledgement from the external consultants. Contractual Provisions. Franco-Nevada will endeavor to negotiate contractual provisions when making new investments with a view to having gold miners (“Gold Miners”) use commercially reasonable efforts to adopt (or to continue to adopt and implement) the RGMPs and to ensure that the Gold Miners provide sufficient transparency to facilitate Franco-Nevada’s assessment of the compliance by the Gold Miners with any agreed contractual provisions. Number of new investments with Gold Miners during 2024 with whom Franco-Nevada successfully negotiated contractual provisions requiring the Gold Miners to adopt (or continue to adopt and implement) the RGMPs and to ensure that the Gold Miners provide transparency to facilitate Franco-Nevada’s assessment of compliance. All new royalty or stream contracts with Gold Miners in 2024 included the required RGMP-related contractual provisions. Monitoring. After each new royalty or stream acquisition in respect of a mining operation, Franco-Nevada will monitor whether the miner has adopted the RGMPs, the stage of implementation of and conformance with the RGMPs, and any material issues disclosed by the miner regarding such implementation and conformance. Number of royalty or stream agreement asset summaries for which Franco-Nevada has recorded whether the applicable miner is a WGC member and, if so, whether such miner has adopted the RGMPs, the stage of implementation of and conformance with, the RGMPs. Number of royalty or stream agreements for which Franco-Nevada has conducted monitoring through identifying and recording changes in status of the RGMP implementation in 2024. In our internal asset summaries for all mining royalty or stream acquisitions since the implementation of our RGMP Policy we have recorded whether the applicable miner is a WGC member and, if so, whether such Gold Miner has adopted the RGMPs, the stage of implementation of, and conformance with, the RGMPs and we have conducted monitoring of the stage of adoption on a periodic basis. Assurance Statement Although there is no obligation in the RGMPs for royalty and streaming companies to arrange for external assurance for their RGMP commitments, Franco-Nevada engaged the services of an assurance provider, KPMG LLP (“KPMG”), to provide limited assurance on our Description of Implementation against specific Compliance Criteria set out in the table above. KPMG’s Independent Limited Assurance Report is included in Appendix F to this Sustainability Report. 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 About this Sustainability Report Appendices ISSB, SASB, and GRI UN Global Compact and SDGs ESG Ratings and Recognition Transparency and Guiding Principles Responsible Gold Mining Principles

Franco-Nevada Corporation 46 One of Corporate Knights’ Best 50 Corporate Citizens in Canada in 2024 CANADA’S BEST CORPORATE CITIZENS 2024 ESG Ratings and Recognition Rated “AA” by MSCI in 2024* Top Rated Gold Company by Sustainalytics in 2025 Third ranked mining company in The Globe and Mail’s 2024 Board Games Rated “Prime” by ISS ESG in 2025 BOARD GAMES * The use by Franco-Nevada of any MSCI ESG Research LLC or its affiliates (“MSCI”) data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of Franco-Nevada by MSCI. MSCI services and data are the property of MSCI or its information providers and are provided ‘as-is’ and without warranty. MSCI names and logos are trademarks or service marks of MSCI. 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 About this Sustainability Report Appendices ISSB, SASB, and GRI UN Global Compact and SDGs Responsible Gold Mining Principles Transparency and Guiding Principles ESG Ratings and Recognition

Franco-Nevada Corporation 47 About this Sustainability Report Scope This Sustainability Report includes information about Franco-Nevada Corporation and its subsidiaries (“Franco-Nevada”, the “company”, “we”, “us” or “our”). Unless otherwise specified in this Sustainability Report, reference to “Franco-Nevada”, the “company”, “we”, “us” or “our” refers to our entire corporate structure and global operations and workforce. This Sustainability Report complements but does not form part of our most recent Annual Report, Management Information Circular, and Annual Information Form available at www.franco-nevada.com and filed with the Canadian securities regulatory authorities on www.sedarplus.com or with the Securities and Exchange Commission on www.sec.gov. Certain information is based on the public disclosure of our operating partners and has not been independently verified by Franco-Nevada. On June 20, 2024, the Canadian Government passed amendments to the Competition Act with immediate effect requiring companies to substantiate environmental claims. The Competition Bureau of Canada is currently developing enforcement guidelines to facilitate compliance with these new provisions. Readers are cautioned that this Sustainability Report reflects the legal requirements and disclosure obligations applicable to Franco-Nevada that were in effect for the year ended December 31, 2024 and as a result, the information contained in this Sustainability Report may or may not be aligned with legal requirements or government guidance adopted after such date. Franco-Nevada is committed to reporting accurate and transparent information and may update this Sustainability Report based on additional legal requirements or government guidelines at any time. Materiality The ESG topics and issues described in this Sustainability Report are those that we have identified as most important to our shareholders and our other stakeholders. Our processes to assess the materiality of ESG issues for our company involve routine strategy meetings between management and our Board of Directors. We also engage regularly with our shareholders and other stakeholders to determine whether our ESG strategy and efforts are aligned with the key concerns and priorities of our employees, directors, shareholders, community members, ESG rating agencies and other stakeholders. Please refer to page 24 of this Sustainability Report for a summary of the ways in which we engage with our stakeholders and their key topics of interest in 2024. We actively collaborate with industry leaders through our involvement with the World Gold Council and other industry associations. Through these various discussions and collaborations, we identify our ESG priorities, which are reflected in our corporate policies, in our corporate goals, targets and initiatives, and in this Sustainability Report. Reporting Period All data and examples contained in this Sustainability Report reflect activities undertaken during the 2024 fiscal year, unless otherwise noted. ESTMA Franco-Nevada supports efforts to increase transparency and accountability in the mining and energy industries. Please refer to Franco-Nevada’s enrollment under Extractive Sector Transparency Measures Act (“ESTMA”): www.franco-nevada.com/ investors/ESTMA Currency All amounts in this document are in U.S. dollars unless otherwise noted. Feedback We would like to hear what you think about our Sustainability Report or any aspect of our ESG and sustainability efforts. Please send any questions or comments to [email protected]. Forward-Looking Information Certain statements made in this Sustainability Report contain “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, respectively. Such forward- looking statements reflect management’s current beliefs and assumptions and are based on information currently available to management. Often, but not always, forward- looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budgets”, “potential for”, “scheduled”, “estimates”, “forecasts”, “predicts”, “projects”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Franco-Nevada to be materially different from any future results, performance or achievements expressed or implied by the forward- looking statements. Many factors could cause actual events or results to differ materially from any forward- looking statement. Franco-Nevada cannot assure investors that actual results will be consistent with these forward- looking statements Accordingly, investors should not place undue reliance on forward-looking statements due to the inherent uncertainty therein. For additional information with respect to risks, uncertainties and assumptions, please refer to Franco-Nevada’s most recent Annual Information Form filed with the Canadian securities regulatory authorities on www.sedarplus.com and Franco-Nevada’s most recent Annual Report filed on Form 40-F filed with the Securities and Exchange Commission on www.sec.gov. The forward-looking statements in this Sustainability Report are made as of the date indicated and Franco-Nevada does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. This Sustainability Report does not constitute an offer to sell or a solicitation for an offer to purchase any security in any jurisdiction. 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 Appendices About this Sustainability Report

A P P E N D I C E S Coffee farm in Lita, Ecuador 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 Sustainability Report Appendices A: ESG Performance Table B: ISSB Sustainability Disclosure Standards C: SASB Disclosure D: GRI Index E: Sustainable Development Goals F: KPMG: Independent Limited Assurance Report G: Carbon Neutral Initiative

Franco-Nevada Corporation 49 Appendix A: ESG Performance Table1 1 Unless otherwise noted, the figures in this ESG Performance Table relate to Franco-Nevada Corporation and all of its subsidiaries. 2 Workforce figures are determined as at December 31 of each applicable year. 3 Full-time employees for all of our corporate operations, in Toronto, Barbados, United States and Australia. 4 “BIPOC” means Black, Indigenous, and people of colour. 5 “Diverse Persons” includes women, Black, Indigenous and other racial or ethnic minorities, individuals who identify as LGBTQ2S+ and people with disabilities. 6 As of January 8, 2025, the number of directors increased to 10 Board members, of which 8 (80%) are independent directors, 3 (30%) are women, and 4 (40%) are Diverse Persons. 7 Part-time contractors exclude technical, ESG and other consultants that have not been engaged on a long-term/ongoing and/or retainer basis for our corporate operations. WORKFORCE 2 Unit 2024 2023 2022 Full-time employees (“FTE”)3 # 43 40 40 FTE – Women # (%) 19 (44%) 18 (45%) 17 (43%) FTE – Racial or ethnic minorities # (%) 18 (42%) 18 (45%) 18 (45%) FTE – BIPOC4 # (%) 18 (42%) 18 (45%) 18 (45%) FTE – Diverse Persons5 # (%) 27 (63%) 25 (63%) 24 (60%) Senior management (VP and higher) # 14 14 14 Women in senior management positions # (%) 2 (14%) 2 (14%) 2 (14%) Racial or ethnic minorities in senior management positions # (%) 5 (36%) 6 (43%) 6 (43%) BIPOC individuals in senior management positions # (%) 5 (36%) 6 (43%) 6 (43%) Diverse Persons in senior management positions # (%) 5 (36%) 6 (43%) 6 (43%) Board members6 # 9 8 11 Independent directors # (%) 7 (78%) 6 (75%) 9 (82%) Women on Board of Directors # (%) 3 (33%) 3 (38%) 3 (27%) Racial or ethnic minorities on Board of Directors # (%) Nil Nil Nil BIPOC individuals on Board of Directors # (%) Nil Nil Nil Diverse Persons on Board of Directors # (%) 3 (33%) 3 (38%) 3 (27%) Part-time contractors (“PTC”)7 # 6 5 5 PTC – Women # (%) 1 (17%) 1 (20%) 1 (20%) PTC – Racial or ethnic minorities # (%) 2 (33%) 2 (40%) 1 (20%) PTC – BIPOC # (%) 2 (33%) 2 (40%) 1 (20%) PTC – Diverse Persons # (%) 3 (50%) 3 (60%) 2 (40%) LABOUR Unit 2024 2023 2022 Collective bargaining agreements # Nil Nil Nil Strikes or lock-outs # Nil Nil Nil Labour violations or fines (e.g. age limits, wages, maximum hours and days) # Nil Nil Nil Human rights violations # Nil Nil Nil Reports of violence or harassment # Nil Nil Nil FTEs making greater than minimum wage % 100 100 100 FTEs making greater than living wage % 100 100 100 FTEs receiving vacation pay, sick pay and parental leave pay and receive health and other benefits % 100 100 100 Total FTE turnover # 3 2 5 Voluntary turnover of FTEs # 2 2 5 Involuntary turnover of FTEs # 1 Nil Nil New FTE hires # 6 2 9 Internal FTE promotions # 3 3 2 Employees receiving annual performance reviews % 100 100 100 HEALTH & SAFETY Workplace incidents relating to FTEs or contractors reported # Nil Nil Nil Lost days due to personnel or contractor workplace injuries # Nil Nil Nil Near miss frequency rate # Nil Nil Nil Workplace personnel or contractor fatalities # Nil Nil Nil Instances of occupational diseases among our personnel or contractors # Nil Nil Nil Health & safety fines, penalties, litigation, liabilities or settlements # Nil Nil Nil 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 Sustainability Report Appendices Appendices A: ESG Performance Table B: ISSB Sustainability Disclosure Standards C: SASB Disclosure E: Sustainable Development Goals F: KPMG: Independent Limited Assurance Report G: Carbon Neutral Initiative D: GRI Index

Franco-Nevada Corporation 50 1 Scope 2 emissions were grossed up last year to 100% on a FTE-basis for 2022 and 2023 due to unavailable data from our United States and Australian operations, which accounted for 17.5% of our company for 2023 and 12.5% for 2022. See page 38 for further information. 2 Scope 3 emissions (attributable to waste and wastewater (Scope 3 Category 5)) were grossed up last year to 100% on a FTE-basis for 2022 and 2023 due to unavailable data from our United States and Australian operations, which accounted for 17.5% of our company for 2023 and 12.5% for 2022. 3 Scope 3 emissions attributable to business travel and employee commuting for 2022 were restated last year to reflect the new calculations and methodologies used for 2023. See page 39 for further information. 4 Due to the delayed timing of availability of production and emission data from operators, financed emissions have been calculated and disclosed for 2022 and 2023. 5 Excludes Scope 3, Category 15 emissions from investments. Due to the delayed timing of availability of production and emission data from operators, financed emissions have been calculated and disclosed for 2022 and 2023. 6 Excludes Scope 3, Category 15 emissions from investments. 7 Refer to pages 39 and 74 for descriptions of our annual purchase of carbon offsets. 8 Inclusive of industry and diversity-related contributions. Excludes (i) charitable donations by company employees, and (ii) commitments made in a calendar year but not funded. Franco-Nevada has made additional commitments exceeding $2 million, which have not yet been funded. 9 All Government & Lobbying figures are Nil since our initial public offering in 2007. CLIMATE & ENVIRONMENT Unit 2024 2023 2022 Hazardous waste tonnes Nil Nil Nil Fresh water withdrawn m3 Nil Nil Nil Total water withdrawn m3 Nil Nil Nil Water recycled m3 Nil Nil Nil Total land disturbed hectares Nil Nil Nil Board members having climate expertise # 7 7 6 Scope 1 - Total GHG emissions from fuel tCO2e Nil Nil Nil Scope 2 - Total GHG emissions from electricity and steam1 tCO2e 58.4 63.9 57.6 Scope 3 - Total GHG emissions from indirect sources tCO2e 236.9 615,878.7 558,750.3 • from purchased goods and services (Scope 3 Category 1) tCO2e 22.7 26.3 20.6 • from waste and wastewater (Scope 3 Category 5)2 tCO2e 7.7 5.6 4.1 • from business travel (Scope 3 Category 6)3 tCO2e 188.9 100.6 68.3 • from employee commuting (Scope 3 Category 7)3 tCO2e 17.6 18.2 17.3 • from investments (Scope 3 Category 15) tCO2e NR4 615,728.0 558,640.0 Total GHG emissions tCO2e 295.35 615,942.6 558,807.9 Total GHG emissions intensity for corporate operations6 tCO2e/FTE 6.9 5.4 4.2 Scope 3, Category 15 emissions intensity from investments tCO2e/GEO NR4 0.98 0.77 GHG reductions from carbon offsets purchased7 tCO2e (369.1) (268.3) (209.9) Carbon neutrality for corporate operations Yes/No Yes Yes Yes COMMUNITY & OTHER CONTRIBUTIONS Community and operator energy transition contributions actually funded8 $ 1,636,936 1,448,065 1,070,785 GOVERNMENT & LOBBYING9 Unit 2024 2023 2022 Facilitation payments $ Nil Nil Nil Political donations $ Nil Nil Nil Lobbying expenditures $ Nil Nil Nil Trade associations or tax-exempt groups whose role is to influence political campaigns and legislation $ Nil Nil Nil Known government ownership % Nil Nil Nil COMPLIANCE, DISPUTES, FINES & LITIGATION Cases of non-compliance or breaches of our corporate policies # Nil Nil Nil Instances of whistleblower complaints # Nil Nil Nil Environmental fines, penalties, litigation, liabilities or settlements # Nil Nil Nil BRIBERY & ANTI-CORRUPTION Incidents of discipline or dismissal among staff or consultants due to non-compliance with anti-corruption policies # Nil Nil Nil Anti-bribery, or anti-corruption fines, penalties, litigation, liabilities or settlements # Nil Nil Nil Cost of fines, penalties or settlements in relation to bribery or corruption $ Nil Nil Nil INFORMATION SECURITY Significant cybersecurity breaches # Nil Nil Nil Board members having cybersecurity expertise # 8 8 6 FINANCIAL Revenue (million) $ 1,113.6 1,219.0 1,315.7 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 Sustainability Report Appendices Appendices A: ESG Performance Table B: ISSB Sustainability Disclosure Standards C: SASB Disclosure E: Sustainable Development Goals F: KPMG: Independent Limited Assurance Report G: Carbon Neutral Initiative D: GRI Index

Franco-Nevada Corporation 51 Appendix B: ISSB Sustainability Disclosure Standards Board Oversight The Board and its Committees provide oversight of our strategic approach to climate change and our ESG risks, which includes climate-related risks and opportunities affecting our business. A number of our Board members have skills and competencies in climate-related matters. Currently, two of our Board members, Derek Evans and Maureen Jensen, have expert level knowledge of climate risks, with five others, David Harquail, Paul Brink, Tom Albanese, Catharine Farrow and Jacques Perron, having sufficient knowledge of climate-related matters to provide high-level oversight of management. Each of the Board’s Committees have oversight of ESG and climate-related risks, opportunities and disclosures, which are embedded in the Committees’ Charters: § Compensation and ESG Committee (“CESGC”): Our CESGC develops and recommends to the Board our approach to ESG issues, including climate-related issues, reviews the adequacy of our ESG practices and policies and recommends any changes to the Board, approves the adoption of any ESG-related standards or initiatives, adopts ESG-related corporate goals used to evaluate management’s performance for executive compensation decisions and engages with our stakeholders in respect of ESG issues. § Audit and Risk Committee (“ARC”): Our ARC oversees our risk management, including climate change risks. Management’s Role The Board and its Committees oversee senior management, who are responsible for the management of ESG and climate-related risks and for the execution of ESG and climate-related opportunities. Our Chief Executive Officer is responsible for leadership on ESG and climate-related matters and our Chief Legal Officer has executive responsibility over such matters. Climate-related risks and opportunities are overseen by the following members of our executive team having stewardship over our organization’s units (including within our subsidiaries), each being responsible for implementing our ESG strategy and managing risks within their units: § Business Development (Chief Investment Officer) § Diversified (Senior Vice President, Diversified) § Finance (Chief Financial Officer) § Legal (Chief Legal Officer) Our Board oversight and management leadership of ESG and climate-related issues is depicted in the chart on the following page. Governance | Our governance around sustainability- and climate-related risks and opportunities Franco-Nevada is committed to supporting the Task Force on Climate-related Financial Disclosures (TCFD) recommendations and has disclosed in alignment with these since 2021. As highlighted on page 42, following Canada’s voluntary adoption of the ISSB Sustainability Disclosure Standards, commencing with this year's Sustainability Report, we have decided to begin transitioning our disclosure to be in alignment with these requirements which build on existing frameworks like the SASB Standards and the TCFD Framework. As the requirements in IFRS S2 are consistent with the four core areas and eleven recommended disclosures published by the TCFD, the sections and content contained in this year’s report have been similarly structured and we have provided a summary of our current processes and strategies for managing climate change on the following pages. We will continue to monitor evolving frameworks to identify gaps and enhance processes and capabilities, ensuring robust future climate-related disclosures going forward, taking into account our business and industry and the jurisdictions in which we and our partners operate. 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 Sustainability Report Appendices Appendices A: ESG Performance Table B: ISSB Sustainability Disclosure Standards C: SASB Disclosure D: GRI Index E: Sustainable Development Goals F: KPMG: Independent Limited Assurance Report G: Carbon Neutral Initiative

Franco-Nevada Corporation 52 ESG and Climate-Related Accountability Starting in 2020, ESG was adopted as a specific corporate goal used to evaluate management’s performance for executive compensation decisions, in recognition of the importance of managing ESG issues, including climate-related issues, to our business and the greater emphasis on ESG that the CESGC would apply in evaluating management’s performance. On an annual basis, the CESGC evaluates management’s performance in connection with ESG due diligence processes, ESG rankings, and other considerations. For further details as to this corporate goal and its subcomponents, please see the diagram below. ESG Objectives for Evaluating Management ESG Due Diligence ESG due diligence is critical in growing Franco-Nevada’s business ESG Rankings and Other Considerations ESG rankings and other considerations recognize management’s efforts with respect to ESG ESG due diligence will evaluate (i) whether appropriate ESG due diligence was presented to the Board in connection with new investments, and (ii) whether any ESG issues that actually occur were reasonably foreseeable through due diligence. ESG rankings will help inform the CESGC’s evaluation of management’s performance on ESG issues. Other considerations include progress made against corporate emission reduction target. Board and Management Engagement All of our executives regularly attend Board and Committee meetings, including providing updates on royalty and stream acquisition opportunities, which include ESG-related considerations. To the extent that a materially adverse ESG issue or consideration arises during the due diligence process in respect of a royalty and stream opportunity, such as community or government opposition to a project, issues with respect to tailings management, or otherwise, we may decide not to proceed with the opportunity. On a number of occasions, our company has passed on otherwise prospective opportunities due to ESG risks. The Board and its Committees also meet with senior management to determine our strategy with respect to our risks and exposures, with meetings generally held at every regularly scheduled Board and Committee meeting throughout the year. By way of example, most recently, during our regularly scheduled Board and Committee meetings that were held in March of this year, management met with the CESGC to discuss Franco-Nevada’s ESG strategy, including, among other things, climate and diversity initiatives for the company. Business Development Team Chief Investment Officer Diversified Team Senior Vice President, Diversified Compensation and ESG Committee* Finance Team Chief Financial Officer Audit and Risk Committee* Chief Executive Officer† Board of Directors* Legal Team Chief Legal Officer◊ * Board and Committees have oversight over ESG and climate-related risks and opportunities. † Chief Executive Officer has responsibility for leadership on ESG and climate-related matters. ◊ Chief Legal Officer has executive responsibility over ESG and climate-related matters. 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 Sustainability Report Appendices Appendices A: ESG Performance Table B: ISSB Sustainability Disclosure Standards C: SASB Disclosure D: GRI Index E: Sustainable Development Goals F: KPMG: Independent Limited Assurance Report G: Carbon Neutral Initiative

Franco-Nevada Corporation 53 Climate-Related Risks As we have a small workforce operating solely within office environments, we are not directly exposed to most climate-related risks that mining and energy operators face. Notwithstanding, the climate-related risks of the operators of the projects in which we hold royalty and stream interests can pass through to us. Climate-related incidents, trends or developments have the potential to adversely impact production at an operation and, by extension, royalty or stream payments or deliveries to our company. Additionally, risks related to changes in the market price of commodities that underlie our royalty and stream interests, which changes may be driven by climate-related events, trends or sentiments, can impact our revenues. As demonstrated in Resilience of our Portfolio in this Appendix, exposure to these risks is substantially mitigated for our company. Notably, of the four major categories of financial impact set out by the TCFD (Revenues, Expenditures, Assets and Liabilities, and Capital and Financing)*, the impacts of climate-related risks may affect our Revenues (Income Statement) and our Assets (Balance Sheet) but are unlikely to increase our Expenditures (Income Statement) or Liabilities (Balance Sheet) and are unlikely to materially adversely impact our access to Capital and Financing (Balance Sheet). The following discussion describes our operating partners’ climate-related risks, the potential financial impact for our operating partners and their corresponding financial impact to our company. Given the breadth and diversity of our royalty and stream portfolio and due to the fact that most of our royalty and stream interests are perpetual or have long durations, we have exposure to each of the risks below over short, medium and long-term horizons and such risks are identified and are part of our climate- related strategy and decision making, as appropriate. Certain acute physical risks will typically involve a short-term impact (less than 1 year), chronic physical risks, regulatory and legal risks, market risks and reputational risks can lead to medium-term (1 to 5 years) and long-term (5 years+) impacts**. In particular, we have provided assessments, which are summarized in the tables on the following pages, of: § Physical climate risks specific to certain jurisdictions where we have a high concentration of assets and/or material assets. In conducting its geographic physical risk assessment for Ontario, Nevada, Panamá, Chile and Peru, Critical Resource applied SSP1-2.6 (low emissions scenario) and SSP5-8.5 (high emissions scenario) for 2030 and 2050 and relied on publicly available information and projections, including the World Bank’s Climate Change Knowledge Portal. The assessment is high level in nature (e.g. physical risks applying generally across the country or applicable jurisdiction and not necessarily relating to any of Franco-Nevada’s particular assets) and does not address any additional risks or mitigating factors (e.g. topographical, sunk capital costs to build a mine, relative contribution of mine to a country’s GDP, etc.) specific to Franco-Nevada’s assets in these jurisdictions. § Socio-political, regulatory and legal risks, market risks and reputational risks that might impact key commodities in our commodity mix (gold, silver, PGMs, iron ore, energy (oil, gas, NGL) and nickel) in the transition to a low-carbon economy. Climate Strategy | The actual and potential impacts of climate-related risks and opportunities on our business, strategy, and financial planning * “Implementing the Recommendations of the Task Force on Climate-related Financial Disclosures”, Task Force on Climate-related Financial Disclosures (June 2017). ** Similar to the TCFD Framework, IFRS S2 requires a discussion of the current and anticipated financial effects of climate-related risks and opportunities on our financial position, financial performance and cash flows over the short, medium and long term, including noting any potential material adjustments and planned sources of funding. 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 Sustainability Report Appendices Appendices A: ESG Performance Table B: ISSB Sustainability Disclosure Standards C: SASB Disclosure D: GRI Index E: Sustainable Development Goals F: KPMG: Independent Limited Assurance Report G: Carbon Neutral Initiative

Franco-Nevada Corporation 54 Potential Financial Impact for: Description Our Operating Partners Our Company SUMMARY Acute: Extreme weather events caused by global warming (e.g. droughts, floods, hurricanes, etc.) These events may lead to production delays and cessation of operations • Short-term delay (deferral) of Revenues Chronic: Gradual shifts in weather conditions (e.g. water scarcity, shifts in rainfall patterns, rising sea levels, etc.) These shifts may lead to recurring production delays and cessations of operations and increased operating costs to adapt to climate changes, which may lead to projects being abandoned or placed on care and maintenance if adaptation costs erode anticipated profitability • Longer-term and potentially recurring delays (deferrals) of Revenues • Potential impact to valuation of Assets on balance sheet (e.g. impairment or write-off of assets) BY JURISDICTION CHILE • Reduction in annual precipitation rates is likely to exacerbate Chile’s pre-existing issues of water stress as well as the frequency and length of droughts • Despite an overall trend towards decreasing precipitation, extreme rainfall events are expected to intensify • Chile is projected to experience lower rates of warming than the global average, yet rising temperatures still pose risks Main risks: Health and safety of employees; social license to operate as increasing temperatures and decreasing rainfalls leads to loss of biodiversity; inability to permit new mines or mine life extensions using ground water Financial impacts to operations: Reduction in revenue due to production delays; increased operational costs (i.e. repairs to operations, energy costs) Revenue could be impacted in the short, medium or long-term due to interruptions to production caused by physical climate hazards Risk of stranded Assets: Low-medium NEVADA • Nevada is at high risk of extreme heat, with the increased severity and frequency of heat waves posing a significant risk to people and projects • There is a high likelihood that rising temperatures will increase the severity and intensity of droughts • The risk of wildfires will increase, while flooding and storms may also become more common Main risks: Health and safety of employees; social license to operate given water scarcity issues caused by extreme heat in some areas Financial impacts to operations: Reduction in revenue due to production delays; increased operational costs (i.e. repairs to operations, energy costs) Revenue could be impacted in the short, medium or long-term due to interruptions to production caused by physical climate hazards Risk of stranded Assets: Low Potential Financial Impact for: Description Our Operating Partners Our Company PERU • Temperatures are projected to rise in Peru, creating an increased risk of extreme heat, while increased rainfall also raises the risk of flooding, landslides and storms • The impact of climate change on precipitation rates is expected to vary considerably across Peru • Glacial retreat is occurring at an accelerated rate in Peru, increasing the risk of floods and landslides • Climate change could exacerbate existing water stress, creating challenges for mining operations Main risks: Health and safety of employees; social license to operate given water scarcity issues caused by extreme heat and droughts Financial impacts to operations: Reduction in revenue due to production delays; increased operational costs (i.e. repairs to operations, energy costs) Revenue could be impacted in the short, medium or long-term due to interruptions to production caused by physical climate hazards Risk of stranded Assets: Low PANAMÁ • Panamá’s vulnerability to tropical storms and droughts is expected to increase as climate change impacts the El Niño/La Niña phenomenon • Episodes of extreme heat and the occurrence of wildfires are projected to rise • Flooding and landslides could pose a significant risk, but the impact of climate change on these hazards is uncertain Main risks: Health and safety of employees, damage to infrastructure; supply chain disruptions Financial impacts to operations: Reduction in revenue due to production delays; increased operational costs (i.e. repairs to operations, energy costs) Should operations resume, revenue could be impacted in the short, medium or long-term due to interruptions to production caused by physical climate hazards Risk of stranded Assets: Medium NORTHERN ONTARIO • Wildfires, water stress and drought are projected to increase • Rising temperatures in Ontario will reduce the risk of extreme cold • Changes to precipitation levels are expected, but the possible impacts on mining operations appear limited Main risks: Health and safety of employees; damage to infrastructure; supply chain disruptions Financial impacts to operations: Reduction in revenue due to production delays; increased operational costs (i.e. repairs to operations, energy costs) Revenue could be impacted in the short, medium or long-term due to interruptions to production caused by physical climate hazards Risk of stranded Assets: Low Physical Risks 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 Sustainability Report Appendices Appendices A: ESG Performance Table B: ISSB Sustainability Disclosure Standards C: SASB Disclosure D: GRI Index E: Sustainable Development Goals F: KPMG: Independent Limited Assurance Report G: Carbon Neutral Initiative

Franco-Nevada Corporation 55 Socio-Political, Regulatory and Legal Risks Potential Financial Impact for: Description Our Operating Partners Our Company SUMMARY Policy, regulatory and legal changes in a jurisdiction that seek to promote adaptation to climate change and/or constrain the activities of operators and operations that contribute to adverse effects of climate change. These regulatory and legal changes may require extensive capital expenditures by operators to accommodate or conform to such changes, which may lead to projects being abandoned or placed on care and maintenance if such mandatory expenditures erode anticipated profitability. • Potential delay (deferral) of Revenues if mandatory adaptation results in delays or cessation of operations • Potential impact to valuation of Assets on balance sheet (e.g. impairment or write-off of assets) BY COMMODITY Increased pricing of GHG emissions: Regulation of emissions, such as through carbon taxation or cap-and-trade schemes, can significantly increase costs for businesses. If more countries set net-zero emissions goals and increasingly ambitious 2030 targets, it is possible that carbon pricing regulations could become more widely implemented and/or made more stringent globally. The impact of these regulations will differ depending on the location of the assets and the carbon intensity of production, which varies significantly both within and between commodities. Commodities at highest risk: All commodities These regulatory and legal changes may require extensive capital expenditures by operators to accommodate or conform to such changes, which may lead to projects being abandoned or placed on care and maintenance if such mandatory expenditures erode anticipated profitability. • Potential delay (deferral) of Revenues if mandatory adaptation results in delays or cessation of operations • Potential impact to valuation of Assets on balance sheet (e.g. impairment or write-off of assets) Mandates on and regulation of existing products and services: If carbon-intensive industries are stigmatised for their contributions to climate change, the use of products and services from these industries could be curbed by new regulations. Commodities at highest risk: Energy (oil, gas, NGLs) Given the contribution of fossil fuels to climate change, regulation and mandates on the use of these products, including derivatives such as gasoline and plastics, may be subject to regulation from policy makers (e.g. ban on gas-powered cars in city centers, increased focus on reducing single-use plastics), which could impact demand for products. • Potential reduction of Revenues if demand for carbon-intensive commodities is restricted due to widespread regulation of products Potential Financial Impact for: Description Our Operating Partners Our Company Enhanced emissions reporting obligations: As governments seek to improve emissions data and meet their respective long-term emissions goals, there may be increased obligations to report on energy usage and emissions and/or to obtain independent external assurance for such data. Companies may be required to comply with detailed mandatory TCFD or other reporting legislation as a result. Commodities at highest risk: All commodities Companies may face growing pressure to report their emissions in compliance with mandatory disclosure regimes, which will increase costs. Such companies could also encounter financial losses as a result of fines if they are unwilling or unable to comply with new regulations. • Potential increase to Operating Expenditures with growing demand to collect data, produce emissions reports, obtain external assurance, etc. Exposure to litigation: The expansion of climate-related legislation creates litigation risks for those companies that are unable to keep up with the pace of developments. Companies in heavy industries, such as mining and oil and gas, could also face legal action due to their relatively higher levels of emissions/emissions intensities, with some claimants also seeking to link climate change to other sustainability concerns, such as human rights. Commodities at highest risk: Energy (oil, gas, NGLs) Legal actions against Energy producers could increase operating costs (e.g. through payment of legal fees, fines, settlements, or insurance fees), reduce demand for products, and cause reputational damage. Energy producers in North America and Europe have already faced legal challenges on various grounds, with accusations ranging from misleading investors to infringing on the rights of nature and the right of life of future generations. • Corresponding direct impact to Revenues upon reduction of demand for commodities due to reputational damage to entire sectors or industries • Potential impact to valuation of Assets on balance sheet (e.g. impairment or write-off of assets) if increased operating costs cause uneconomic assets to become stranded 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 Sustainability Report Appendices Appendices A: ESG Performance Table B: ISSB Sustainability Disclosure Standards C: SASB Disclosure D: GRI Index E: Sustainable Development Goals F: KPMG: Independent Limited Assurance Report G: Carbon Neutral Initiative

Franco-Nevada Corporation 56 Market Risks Reputational Risks Potential Financial Impact for: Description Our Operating Partners Our Company SUMMARY Shifts in supply and demand for certain commodities based on their real or perceived impact on the climate. Reductions in commodity prices may impact the applicable operator’s bottom line and in serious cases may ultimately render a project uneconomic, which may lead to projects being abandoned or placed on care and maintenance until commodity prices recover. • Corresponding direct impact to Revenues (e.g. our sales) and potential long-term delay (deferral) of Revenues if project placed on care and maintenance BY COMMODITY Changing customer behaviour: Demand for certain commodities is expected to reduce as a result of the energy transition, which may impact prices. While this trend could be the same across a single commodity, in some cases the significance of this risk will vary depending on the carbon intensity of specific assets. In the latter case, it is possible that the market will start to fragment between low-carbon and high carbon products, with some customers willing to pay a premium for low-carbon products. Commodities at highest risk: Energy (oil, gas, NGLs) Energy producers may encounter reduced demand for their products due to changing customer behaviour in the energy transition. The level of risk and timeframe will vary depending on the carbon production intensity of assets – for instance, low-carbon gas is projected to be competitive in many jurisdictions for longer than high-carbon intensity oil. Other non-energy producers may be impacted but this shift is more likely to be specific to the carbon intensity of a given asset than a blanket trend witnessed across the commodity group. • Potential reduction of Revenues if demand for carbon-intensive commodities or assets are reduced due to changing customer behaviour • Potential impact to valuation of Assets on balance sheet (e.g. impairment or write-off of assets) if decrease in demand causes uneconomic assets to become stranded Potential Financial Impact for: Description Our Operating Partners Our Company SUMMARY Changing public perceptions of an operator’s climate-related activities and their contributions to or detractions from the transition to a low-carbon economy. May affect access to equity capital or the ability to raise new debt or refinance existing debt, which may lead to projects changing hands or being temporarily or permanently abandoned. • Potential delay (deferral) of Revenues if operator’s inability to raise capital or finance debt results in operations changing hands • Potential impact to valuation of Assets on balance sheet (e.g. impairment or write-off of assets) BY COMMODITY Stigmatization of sector: Growing scrutiny of the climate impacts of different sectors has created the perception that some industries are inherently ‘dirty’ and ‘polluting’, creating a stigma around certain activities. Commodities at highest risk: All commodities Stigmatisation of sectors could lead to reduced demand and lower prices for products and services. Of particular risk of stigmatization will be ‘heavy industry’ commodity producers, including energy producers. This risk can be mitigated by operators and industries deploying energy efficient and low-carbon technologies in the production process and the lower carbon emitting producers, even within a stigmatised industry, will be rewarded while there is still demand for their products. • Potential reduction of Revenues if demand for carbon-intensive commodities or assets are reduced due to stigmatization of sectors • Potential impact to valuation of Assets on balance sheet (e.g. impairment or write-off of assets) if decrease in demand and/or lower prices causes uneconomic assets to become stranded Shifts in consumer preferences: Climate change could lead to a moral shift in customer preferences, with stakeholders becoming increasingly aware of their own carbon footprint and new regulations and policies incentivising lower-carbon lifestyles. Commodities at highest risk: Energy (oil, gas, NGLs) and gold Energy operators are most vulnerable to this risk as customers are likely to receive incentives to reduce use of these commodities due to their climate impacts. Gold and other commodities that are not considered to be essential to industry or the energy transition may come under greater scrutiny, potentially resulting in reduced demand. • Potential reduction of Revenues if demand for carbon-intensive commodities or assets are reduced due to shift in preferences • Potential impact to valuation of Assets on balance sheet (e.g. impairment or write-off of assets) if decrease in demand and/or lower prices causes uneconomic assets to become stranded Increased stakeholder concern: With stakeholders having growing access to information about company performance, those companies perceived to be causing environmental and social harms could encounter increased scrutiny over their impacts. This could pose a significant threat to a company’s social license to operate and require proactive mitigation. Commodities at highest risk: Energy (oil, gas, NGLs) Operators producing commodities that are not critical to the energy transition and/or typically have high-carbon intensity will be most vulnerable to this risk, with energy producers being particularly exposed. This may impact operator’s access to capital and asset valuations significantly impacted if negative stakeholder concern erodes operators’ social license to operate. • Potential reduction of Revenues if demand for carbon-intensive commodities or assets are reduced due to negative feedback or concern • Potential impact to valuation of Assets on balance sheet (e.g. impairment or write-off of assets) if erosion of social license causes uneconomic assets to become stranded 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 Sustainability Report Appendices Appendices A: ESG Performance Table B: ISSB Sustainability Disclosure Standards C: SASB Disclosure D: GRI Index E: Sustainable Development Goals F: KPMG: Independent Limited Assurance Report G: Carbon Neutral Initiative

Franco-Nevada Corporation 57 Most of our assets are non-cost bearing. In the long term, other than an asset becoming uneconomic, we are generally insulated from rising costs, including those related to carbon pricing, associated with the transition to a low carbon economy. Due to the breadth and diversification of our portfolio, our exposure to climate-related events, trends or sentiments adversely impacting a particular project or operator or more broadly adversely affecting a commodity type or jurisdiction is reduced. Climate risk exposure is further mitigated by factors inherent in our business portfolio, including those eliminating cost exposure in respect of our assets, and our high standards and rigorous due diligence processes geared toward investing in best-in-class operators and operations. Commodity 2024 GEOs Diversification* Geography Assets * The above charts are based on the commodity price and other assumptions used for our 2025 guidance. Resilience of Our Portfolio Our exposure to climate-related risks is substantially mitigated by the diversification of our royalty and stream portfolio. No one operator or asset contributed more than 20% of our total 2024 revenues, which mitigates operator-specific or localized climate-related risks (e.g. reputational, acute physical and local regulatory and legal risks). We also receive revenues from various commodity types produced in a multitude of jurisdictions, which mitigates risks impacting broader regions and markets (e.g. chronic physical, country-wide regulatory and legal, and market risks). While we do have significant exposure to gold, broader market and reputational climate-related risks which may impact the gold industry are further mitigated through our rigorous due diligence process geared towards investing in best-in-class operators, many of whom have already set long-term climate-related goals and commenced low-carbon transitions. Certain mitigation factors are also inherent with our business model. For example, as a royalty and stream company, we are a free cash flow business without direct exposure to operating, capital or closure costs. In the short and medium-term, any climate-related cessation of production at an operation in which we have a royalty or stream interest can be viewed as deferral of revenue for our company realizable upon re-commencement of production. Energy Other Antamina Vale Candelaria Antapaccay Guadalupe- Palmarejo Canada and USA South America Mexico and Central America Rest of the World Gold Other Mining Silver PGM NGL Gas Oil 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 Sustainability Report Appendices Appendices A: ESG Performance Table B: ISSB Sustainability Disclosure Standards C: SASB Disclosure D: GRI Index E: Sustainable Development Goals F: KPMG: Independent Limited Assurance Report G: Carbon Neutral Initiative

Franco-Nevada Corporation 58 As a company with a diversified royalty and streaming portfolio, we are well positioned to participate in sustainable investment opportunities arising in connection with the transition to a low-carbon economy. The following describes sustainable investment opportunities that we have already embraced in our portfolio and that we expect will continue to be available to our company in the short, medium and long-term. Products and Services Our investments in commodities used for low emission products and services may increase revenues and bring competitive advantage due to the increased demand from shifting consumer preferences. Copper: With its superior electrical and thermal conductivity, copper will play a significant role in enhancing energy efficiency and decarbonizing the planet. A 2017 World Bank report* counted dozens of metals that could see a growing market with the increasing reliance on renewable and sustainable energy sources. Copper ranked first (tied with aluminum and nickel) among all metals for its prevalence in low-carbon technologies, including in wind, solar photovoltaic, carbon capture and storage, nuclear power, light emitting diodes, electric vehicles and electric motors. Franco-Nevada’s top revenue generating stream interests are from copper mines, including certain of our Top Mining Assets (Cobre Panamá, Antapaccay, Antamina and Candelaria) where we receive precious metal by-products from copper concentrates. In 2021, we acquired another precious metal stream from the Condestable copper mine in Peru and, in 2022 and 2023, acquired, in several acquisitions, an effective royalty on the Caserones copper-molybdenum mine in Chile. Most recently, in 2024, we acquired a gold stream with reference to the Cascabel copper-gold development project located in Ecuador. Strong demand for copper increases the prospects of greater production from these operations. We also have royalties on a number of prospective copper development projects, including Copper World (Hudbay), Cascabel (SolGold), Taca Taca (First Quantum) and NuevaUnión (Teck and Newmont). We expect that in the future there will be further opportunities for our company to fund copper operations, to receive interests in copper and/or precious metal by-products. Nickel and Clean Energy Metals: While most of the global demand for nickel is for the production of stainless steel, nickel sulphate, a highly purified nickel compound that helps achieve higher energy density in lithium-ion batteries, extending the driving range of electric vehicles, is expected to become the second largest application for nickel by 2030. Our company has royalties on nickel projects, including the Mt. Keith nickel mine in Australia, Eagle’s Nest deposit in the Ring of Fire in Ontario, Canada and the Crawford nickel-cobalt project in Ontario, Canada. These projects are poised to benefit from the increasing demand for nickel and we may see more opportunities to fund nickel and other battery metal projects. Technologies involved in the clean energy transition are emerging and advancing rapidly through innovation and increased deployment. Over the past several years, our company has evaluated cobalt, lithium, rare earth, uranium and other battery metal and clean energy opportunities. Our technical and geological skill set positions us well to evaluate opportunities in all of these areas. * “The Growing Role of Minerals and Metals for a Low-carbon Future”, World Bank Group, June 2017. Sustainable Investment Opportunities 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 Sustainability Report Appendices Appendices A: ESG Performance Table B: ISSB Sustainability Disclosure Standards C: SASB Disclosure D: GRI Index E: Sustainable Development Goals F: KPMG: Independent Limited Assurance Report G: Carbon Neutral Initiative

Franco-Nevada Corporation 59 Iron Ore: Steel is essential to many aspects of modern life and is a key component of low-carbon technologies, from electric vehicles to wind turbines. The production of low-carbon steel will be critical to the transition to a low-carbon economy and for the achievement of climate goals. Our company has exposure to iron ore operations that produce products suitable for low carbon steel production. We have an equity ownership in Labrador Iron Ore Royalty Corporation (“LIORC”), which has a minority ownership interest in Iron Ore Company of Canada (“IOC”) and holds royalties over IOC’s operations in Newfoundland and Labrador, and we have royalty debentures covering Vale’s Northern and Southeastern System operations in Brazil. IOC pellets and concentrate are high grade products with world leading low alumina and ultra-low phosphorus, beneficial to the iron and steel industry. These pellets are high quality with a clean chemistry, that helps reduce the carbon footprint when used in the iron and steel industry compared to lower grades and lower Natural Gas: Using natural gas for energy results in lower emissions of nearly all types of air pollutants and carbon dioxide than burning coal or petroleum products. For this reason, natural gas is viewed by many as a “bridge” fuel as renewable energy sources become increasingly more cost-effective and widespread. A 2019 World Energy Outlook report* found that switching from coal to gas saved approximately 500 million tCO2 from 2010 to 2018, an effect equivalent to putting an additional 200 million electric vehicles running on zero-carbon electricity on the road over the same period. Our company’s recent additions to our energy portfolio have been on U.S. natural gas plays, including our 2019 royalty acquisition on Range Resources’ liquids- rich natural gas properties in the Marcellus shale in Pennsylvania and our 2020 and 2023 royalty portfolio acquisitions in the Haynesville shale, in Louisiana and Texas, one of the most active gas plays in North America. In 2024, natural gas accounted for approximately 33% of our energy revenues and approximately 6% of our overall revenues, a slight increase from 2023, due to a year-over- year decrease in our overall revenues from other sources. * “The Role of Gas in Today’s Energy Transitions”, World Energy Outlook, July 2019. 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 2024 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. quality forms of iron ore. In early 2021, IOC, the operator at Carol Lake, where we indirectly hold interests through our LIORC equity ownership, announced an initiative that will explore the viability of transforming iron ore pellets into low-carbon hot briquetted iron, a low-carbon steel feedstock, using green hydrogen generated from hydro electricity in Canada. More recently, IOC announced last year a partnership to supply iron ore pellets for a steel decarbonization project in France, further advancing their commitment to low-carbon steel production. Vale supplies iron ore products that require less energy use in steel blast furnaces, thereby reducing emissions. One example is its Brazilian Blend Fines, a blend of ores produced in Carajás and Minas Gerais, with a higher iron content and fewer contaminants. Vale has recently partnered with Kobe Steel and Mitsui & Co. to provide low-carbon solutions and technologies to the steel industry. 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 Sustainability Report Appendices Appendices A: ESG Performance Table B: ISSB Sustainability Disclosure Standards C: SASB Disclosure D: GRI Index E: Sustainable Development Goals F: KPMG: Independent Limited Assurance Report G: Carbon Neutral Initiative

Franco-Nevada Corporation 60 A scenario analysis is an important tool for our company and our stakeholders to better understand our strategy for climate-related risks and opportunities and to assess how this strategy positions our company in a low-carbon future. Unlike the TCFD Framework, which recommends that organizations conduct at least one climate scenario analysis at 2°C (i.e. average global temperatures of 2°C above pre-industrial levels) or lower to evaluate the potential resiliencies of strategic plans and to identify options for increasing business resiliency to plausible climate-related risks and opportunities through adjustments to strategic and financial plans, IFRS S2 does not mandate specific scenarios for climate-related analysis, but rather requires companies to disclose significant uncertainties considered in their assessment, their ability to adapt their strategy and business model over time, and details on how and when they conducted their climate-related scenario analysis. Under IFRS S2, companies are expected to use an approach suitable to their circumstances, considering all reasonable and supportable information available at the reporting date without undue cost or effort. Notwithstanding the above, we have determined that continuing to apply a 2°C scenario, which was first adopted in 2021, focusing particularly on the implications and outcomes for our existing gold and energy assets that generated approximately 80% of our 2024 revenues, and the climate-related risks and investment opportunities relating to these commodities, continues to offer stakeholders a clear understanding of our strategy for climate-related risks and opportunities. The scenario analysis, initially adopted in 2021, assumes that our strategy will remain largely unchanged from prior years and be focused upon growing our exposure to gold and other precious metals, but also with investments in other metals when attractive opportunities present themselves. This analysis remains applicable and relevant as our business has not changed significantly to warrant a reassessment at this time. To guide our 2°C scenario analysis, we have also incorporated certain data and assumptions from the International Energy Agency’s (“IEA”) 2020 Sustainable Development Scenario (the “SDS”), which are summarized in the Highlights and Assumptions table on this page. The SDS demonstrates a plausible path until 2050 to concurrently achieve universal energy access, set a path towards meeting the objectives of the Paris Agreement on climate change and significantly reduce air pollution. Although ambitious, demanding a set of dramatic new actions from governments, companies, investors and citizens, this scenario and its extended time horizon (prior IEA scenarios stopped at 2040) aligns with the increasing commitments of our mining and energy operators to achieve “net-zero” emissions by 2050. It also applies the most stringent assessment of the resilience of our company’s business model and strategy in the face of climate-related risk. 2°C Scenario: Highlights and Assumptions Energy Efficiency and Availability Fossil Fuels Emissions • By 2030, rapid progress is made in innovation and the deployment of low-carbon fuels and energy technologies. • The proportion of renewables in global electricity generation grows from just over 25% in 2019 to more than 50% in 2030. • By 2030, low-carbon sources of electricity accounts for almost two-thirds of total generation worldwide. The emissions intensity of industrial activity is reduced 40% from 2019 intensities. Electric vehicles comprise 40% of new vehicle sales. • Supported by government policy and the non-profit sector and the increase in decentralized energy solutions, universal access to energy is achieved by 2030. • The proportion of fossil fuels in the primary energy mix, which has remained above 80% since the 1950s, falls to 70% in 2030. • Demand for oil peaks pre-COVID in 2019. Reductions in oil use over the period to 2030 mean that global oil demand never returns to 2019 highs. Although demand for oil is more resilient in sectors such as petrochemicals, total oil demand in 2030 is 12% lower than in 2019. • Global natural gas demand exceeds 2019 levels throughout the mid-2020s. It peaks soon after with demand returning to 2019 levels by 2030. • Lower demand for fossil fuels leads to modestly reduced prices through 2030. There is less need to produce fossil fuels from resources higher up the supply cost curve. • There are widespread and successful efforts to reduce the emissions intensity of oil and gas production, and sources with lower emissions intensities are increasingly preferred for development. • Global output of CO2 rebounds from pre-COVID levels but peaks in the mid-2020s. Concentrations of the major air pollutants drop through to 2030. • CO2 pricing is established in nearly all advanced economies. In addition, several developing economies are assumed to put in place schemes to limit CO2 emissions. • The CO2 emissions reduction trends that were visible prior to 2030 (e.g. efficiency, electrification and move away from fossil fuels) continue to 2050. • Emissions outputs and trends through 2030 are consistent with achieving net-zero energy sector CO2 emissions globally by 2070. A number of industries, sub-sectors and countries achieve net-zero by 2050 or in advance of 2070. • Carbon capture, utilisation and storage processes and technologies play a large role in continuing the pace of emissions reduction after 2030. Climate Scenario Analysis 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 Sustainability Report Appendices Appendices A: ESG Performance Table B: ISSB Sustainability Disclosure Standards C: SASB Disclosure D: GRI Index E: Sustainable Development Goals F: KPMG: Independent Limited Assurance Report G: Carbon Neutral Initiative

Franco-Nevada Corporation 61 2°C Scenario: Outcomes for Our Operating Partners Risk Outcomes for Operating Partners Acute and Chronic Physical Risks • Extreme and intermittent weather events persist and increase over time. As climate change is limited to 2°C, such events are manageable. • Certain events and weather patterns cause production delays and cessations for certain operations. Such risks are unlikely to materially impact or impair broader gold and energy markets. Socio-Political, Regulatory and Legal Risks • Stringent climate-related policy and regulatory changes are enacted by governments, particularly from those countries and regions pledging alignment with “net-zero” emissions. Increased capital expenditures are required by some operators to accommodate and conform to mandatory changes and transitions. • Carbon pricing policies are implemented globally with certain governments imposing caps on carbon. Low-carbon energy producers are rewarded and given a competitive advantage. Carbon pricing increases the costs of many mining operations impacting the viability of some operations with higher cost structures and/or large carbon footprints. • Greater climate impacts will increase sensitivity to the environmental impacts of mining operations, making the permitting of new mines increasingly difficult. Market Risks • A reduction in overall demand for oil occurs due to gradual behavioural transition to low-carbon goods and services and access to more sustainable, lower-cost and decentralized energy sources. Decreased prices adversely impact revenues of energy producers, although most operations continue to be profitable, with lower cost producers remaining resilient to fulfil reduced demand, including in sectors such as petrochemicals. • Prices and demand for natural gas remains consistent, given perception as a sustainable alternative or “bridge fuel”. • Gold has a continued role as a “safe haven” in a financial landscape that can at times be increasingly volatile. Reputational Risks • Broader reputational implications for energy industry in low-carbon transition is mitigated for those pledging “net-zero” and executing low-carbon transitions, including reliance on renewable energy sources. • There are impacts on the ability of energy producers to access equity capital or raise debt, but this does not extend to sustainable, low-carbon producers. • Gold operators committing to and achieving staged decarbonization retain access to equity capital and debt. 2°C Scenario: Outcomes for Franco-Nevada Outcomes Outcomes for Franco-Nevada General • Extreme weather events causing production delays and intermittent cessations of production at mining and energy operations in which we hold royalty and stream interests, will have the effect of a deferral of our revenue over short or medium-term horizons, realizable upon recommencement of operations. • More persistent weather events, when combined with other pre-existing factors such as water scarce conditions, will result in the inability to expand operations or extend the mine life of operations, which will have the effect of reducing our royalty and stream revenue. • Inevitable increased capital and operating costs (including carbon pricing costs) due to mandatory changes and transitions resulting from policy and regulatory reform will be borne by our operating partners. Subject to instances where higher cost projects are rendered uneconomic and are temporarily or permanently abandoned, we will continue to have no exposure to costs of operations in which we hold royalty and stream interests. Energy • Lower demand for oil and less capital available to oil operations may reduce the level of drilling activity on a number of our energy portfolio assets, reducing the rate of production from those assets. Oil prices may increase as a result of supply shortfalls, which would mitigate the impact of such reduced production levels. While the production from these assets may be lower, subject to certain assets being permanently abandoned due to decreased demand, much of the resource will still be exploited over time due to the demand for fossil fuels in the continuing transition to low-carbon energy sources. • Our current capital allocation strategy for energy opportunities will remain the same. We will not look to grow the energy mix in our portfolio above 20% of our overall revenue to manage our exposure to fossil fuel related climate risk. Gold • Greater climate impacts will increase sensitivity to the environmental impacts of mining operations, making the permitting of new mines increasingly difficult. This may result in development of brownfields assets over which we have existing royalty interests. • Carbon pricing increases the costs of many mining operations impacting the viability of some operations with higher cost structures and/or large carbon footprints. Most of the projects over which we have royalty and stream interests have strong economics and such projects are not expected to be stranded due to rising costs. • The gold industry is energy intensive and there will be reputational risks for operators that do not decarbonize their operations. Many of our gold operators are best-in-class and have taken steps towards making low-carbon transitions. To the extent that our gold operators make strides towards decarbonization through increased access to low-cost large-scale renewable energy that will reduce their carbon footprint heavily weighted to electricity, this will mitigate climate-related reputational risk for such operators, and indirectly for our company, due to decreased reliance on fossil fuels. • The effort to tackle climate change and to cover losses created by climate change will require substantial government capital. This will increase government deficits and debt. Gold’s appeal will be preserved due to its “safe haven” role. 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 Sustainability Report Appendices Appendices A: ESG Performance Table B: ISSB Sustainability Disclosure Standards C: SASB Disclosure D: GRI Index E: Sustainable Development Goals F: KPMG: Independent Limited Assurance Report G: Carbon Neutral Initiative

Franco-Nevada Corporation 62 Our company does not operate mines, develop projects or conduct exploration. Rather, our business model is focused on growing and managing our portfolio of royalty and streams with the view to holding onto these perpetual or long-life interests for extended time horizons. Since our IPO in 2007, we have not made any material divestment of the assets in our portfolio. It follows that the crucial period for the identification and assessment of ESG risks, including climate-related risks, is at the outset, prior to acquiring royalty and stream assets. We have adopted a comprehensive due diligence process when selecting opportunities and potential operating partners. This due diligence review involves utilizing the extensive experience of our multi-disciplinary management team and Board of Directors to evaluate ESG and climate risks specific to a mining or energy operation and the plans adopted by the operator to manage such risks. Since early 2022, we have subscribed to McKinsey MineSpans, a data platform providing more than 1,000 cost and supply points per mine for over 3,800 mines globally. Access to this service will facilitate the institutionalization of the review of climate and other ESG data prior to making acquisitions. We also routinely engage external experts to assess risks, including climate-related physical, regulatory, market and reputational risks. The climate-related considerations relating to a specific opportunity will vary considerably depending on the commodity-type, jurisdiction, operator, operation, etc. but, by way of example, these may include water scarcity, power supply and environmental permitting considerations. For an in-depth discussion of our due diligence process, please refer to page 5 in this Sustainability Report. If ESG risks, including climate-related risks, identified in our due diligence processes are assessed and deemed to be material or adverse to the prospects of the operator or project or to our royalty or stream interest, this may result in our decision not to proceed with an opportunity. We have passed on a number of otherwise prospective opportunities because the ESG risks were too substantial. If we elect to proceed with an opportunity, we endeavour to include in our contractual arrangements provisions including reporting obligations, audit and inspection rights, operating covenants, transfer restrictions and remedies, which help manage and mitigate climate-related risks. For an in-depth discussion of these contractual protections, please refer to page 7 in this Sustainability Report. Once we have acquired an asset, the process of identifying and assessing ESG risks, including climate-related risks, involves regular engagement with our operating partners, leveraging the aforementioned contractual reporting obligations and our audit and inspection rights, in order receive regular updates. If any ESG or climate-related event or occurrence transpires at an operation, we offer to provide assistance to the operator. We also monitor the performance, including the carbon footprint and the climate-related commitments, plans, targets and initiatives of certain of our producing assets. For further information regarding the climate-related performance of our top revenue generating mining assets, please refer to page 10 of this Sustainability Report. Finally, we also regularly engage with our own stakeholders to provide what transparency we can of ESG and climate-related risks impacting our assets and to respond to any significant concerns. This helps identify, assess and mitigate reputational risks. As discussed in the Governance section above in this Appendix B, the Board and its Committees frequently meet with senior management to discuss our company’s ESG and climate-related risks and exposures. This collaborative effort is aimed at defining our ESG and climate strategy going forward, particularly in respect of our capital allocation. Management, the Board and its Committees also apply a “look-back” in the event of an ESG or climate-related event or issue arising at an existing asset to determine if such issue was (or should have been) accurately identified and assessed in due diligence. This approach is intended to identify any gaps in our due diligence and to strengthen our risk identification and management processes. Risk Management | Risk Management Pass on Opportunity OR Provide for Contractual Protections Retrospective look back to strengthen risk identifcation and assessment processes Due diligence process leveraging experience of: • Board of Directors • Management • External consultants How did we do? What will we do? Collaboration between management, the Board and its committees to defne ESG and climate strategy Risk identifcation and assessment through: • Monitoring assets and operators • Engagement with operators • Stakeholder engagement Capital Allocation Risk Identifcation, Assessment & Management Integration into Overall Risk Management Asset Management Our processes used to identify, assess, and manage sustainability- and climate-related risks 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 Sustainability Report Appendices Appendices A: ESG Performance Table B: ISSB Sustainability Disclosure Standards C: SASB Disclosure D: GRI Index E: Sustainable Development Goals F: KPMG: Independent Limited Assurance Report G: Carbon Neutral Initiative

Franco-Nevada Corporation 63 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 35–40 in this Sustainability Report. In 2024, we produced no (nil) Scope 1 GHG emissions, 58.4 tCO2e of Scope 2 GHG emissions and 236.9 tCO2e of Scope 3 GHG emissions for an aggregate total of 295.3 tCO2e. Such Scope 3 GHG emissions total excludes any Financed Emissions (or Scope 3, Category 15 (Investments) emissions). Due to the delayed timing of availability of production and emissions data from operators, Financed Emissions have been calculated and disclosed for 2021, 2022 and 2023. Currently, the company does not apply an internal carbon price. 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 38–39); § In 2024, we adopted absolute 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 34); § We have implemented initiatives to reduce our absolute Corporate Emissions (see page 37); § We achieved carbon neutrality for our Corporate Emissions (see page 39); and § In this Sustainability Report, we have reported on our progress, including in alignment with TCFD recommendations and our transition to disclosing in alignment with IFRS S1 and S2 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 Sustainability 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 2021, 2022 and 2023 (see page 40); 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 16). Metrics and Targets | The metrics and targets used to assess, manage and monitor relevant sustainability- and climate-related risks and opportunities 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 Sustainability Report Appendices Appendices A: ESG Performance Table B: ISSB Sustainability Disclosure Standards C: SASB Disclosure D: GRI Index E: Sustainable Development Goals F: KPMG: Independent Limited Assurance Report G: Carbon Neutral Initiative

Franco-Nevada Corporation 64 Appendix C: SASB Disclosure Transparent Information & Fair Advice for Customers FN-AC-270a.1 (1) Number and (2) percentage of covered employees with a record of investment-related investigations, consumer-initiated complaints, private civil litigations, or other regulatory proceedings Franco-Nevada Corporation and its subsidiaries are not brokerages or dealers and our business and employees are not subject to FINRA, SRO and related rules, regulations or filing requirements. Accordingly, we did not have any “covered employees”, as such term is defined in the SASB Standards, in the reporting period (fiscal 2024). Notwithstanding, we are aligned with the SASB disclosure standards having disclosed the number (nil) and percentage (0%) of all of our employees with a record of investigations, complaints, litigations, or other regulatory proceedings. Also refer to Appendix A to this Sustainability Report for further information. FN-AC-270a.2 Total amount of monetary losses as a result of legal proceedings associated with marketing and communication of financial product-related information to new and returning customers Franco-Nevada does not have customers akin to a typical investment dealer, broker or custodian. Notwithstanding, we are aligned to the SASB disclosure standards having disclosed the monetary losses (nil) as a result of legal proceedings (nil) associated with marketing and communication of any and all information generally. Also refer to Appendix A to this Sustainability Report for further information. FN-AC-270a.3 Description of approach to informing customers about products and services As indicated above, as a royalty and streaming company, we do not have customers, products or services in a traditional sense. Rather, our primary focus relates to our approach to communicating with and informing Franco-Nevada’ shareholders about our business. Refer to page 24 of this Sustainability Report, which describes our process of engaging, communicating and collaborating with our shareholders and other stakeholders. Employee Diversity & Inclusion FN-AC-330a.1 Percentage of gender and racial/ethnic group representation for (1) executive management, (2) non-executive management, (3) professionals, and (4) all other employees Quantitative Summary of Racial/ Ethnic and Gender Representation The racial/ethnic group and gender representation among our company’s workforce (consisting of 43 employees in four offices) is included in the tables on the following page. Also refer to pages 27 and 49 of this Sustainability Report for further information. Diversity and Inclusion Policies, Programs and Initiatives For a detailed description of our policies, programs and initiatives for fostering diversity and inclusion across our global operations, refer to pages 27–29 of this Sustainability Report. In the continuously evolving ESG landscape, we are committed to providing transparency in our sustainability reporting by providing meaningful information to our shareholders and continuing to enhance our disclosure, including with the following, which is our company’s fifth consecutive year aligning with the Sustainability Accounting Standards Board (“SASB”) framework, which also helps inform the identification and assessment of potential sustainability-related risks and opportunities applicable to our company. SASB created the Sustainable Industry Classification System® (SICS®) to group like companies based on their sustainability-related risks and opportunities. As of the date of this Sustainability Report, Franco-Nevada is classified in the “Financials” Primary SICS Sector and the “Asset Management & Custody Activities” Primary SICS Industry. While the SICS “Extractives & Minerals Processing” classification may appear to be appropriate, its accounting metrics are geared towards mining and energy operators and producers and not royalty and streaming companies that are not involved in operations. The “Asset Management & Custody Activities” assigned classification is, in our view, the most appropriate for our business model of the available SICS sectors and industries. Notwithstanding, certain SASB accounting metrics applicable to investment managers, dealers, brokers and custodians are not applicable to Franco-Nevada’s business as a royalty and streaming company. In accordance with SASB’s “report or explain” framework, we have endeavoured to explain why certain standards are not applicable to our company and information has been modified or omitted. All disclosure included or referenced below is being provided for Franco-Nevada Corporation and our subsidiaries (collectively, “we”, “us”, “our”, “Franco- Nevada”, the “Company”, or the “Corporation”). Such information is as of, or for the year-ended December 31, 2024 unless otherwise noted. The inclusion of information contained in this disclosure should not be construed as a characterization regarding the materiality or financial impact of that information. 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 Sustainability Report Appendices Appendices A: ESG Performance Table B: ISSB Sustainability Disclosure Standards C: SASB Disclosure D: GRI Index E: Sustainable Development Goals F: KPMG: Independent Limited Assurance Report G: Carbon Neutral Initiative

Franco-Nevada Corporation 65 based upon the commodity-type, jurisdiction, nature of the royalty or stream interest (e.g. whether such interest relates to a historical third-party arrangement or is being newly created), among other things, we apply a flexible approach to our ESG due diligence review and frequently rely on local ESG consultants for their expert guidance. Please refer to page 5 of this Sustainability Report, which describes our due diligence process, including specific ESG factors assessed, when making investment decisions. Mitigating ESG Risks in Contractual Arrangements In order to mitigate ESG risks, when negotiating all new acquisitions we endeavour to include provisions to afford our company with access to ongoing reporting in respect of a project, audit and inspection rights, and security and remedies. Additionally, we include operating covenants (e.g. requirement of operators to conduct operations in accordance with responsible practices and applicable law) and transfer restrictions intended to ensure that we remain partnered with a responsible actors when it comes to ESG-related issues. Refer to page 7 of this Sustainability Report, which describes in further detail these contractual protections. ESG Policies and Committee Charters Refer to the following policies and committee charters (each available on our website) that govern the incorporation of ESG factors in our investment decisions and other aspects of our business: § Investment Principles Policy (Environmental, Social and Governance) – sets out our commitment to responsible investing and further describes our approaches to integrating ESG factors in our acquisition and asset management processes; § Responsible Gold Mining Principles Policy - sets out our RGMP-related commitments in respect of our acquisitions and other aspects of our business; § Climate Action Policy – sets out our climate-related commitments with respect to our investment decisions and further describes our approaches to integrating climate-related factors in our acquisition and asset management processes; § Compensation and ESG Committee Charter – specifies such committee’s oversight over our company’s approach to ESG issues, the adequacy of our ESG practices and policies, the adoption of any ESG-related standards or initiatives, adopts ESG-related corporate goals used to evaluate management’s performance for executive compensation decisions and the engagement with stakeholders in respect of ESG issues; and § Audit and Risk Committee Charter – specifies such committee’s oversight over risk management, including ESG and climate change risks, the review of our principal risks and exposures, and the effective management, monitoring; and § Control of such risks by reviewing management’s assessment of the significant risks and exposures impacting our company, including ESG and climate change risks. BIPOC* Other N/A** Female Male N/A** Senior Executive Management (5 - CEO, CFO, CLO, CIO, SVP) 2 3 0 0 5 0 Other Executive Management (14 - President (FNB), VPs) 5 9 0 2 12 0 Non-Executive Management (5 - Directors, Controller) 1 4 0 1 4 0 All Other Employees (19) 11 8 0 16 3 0 Total 19 24 0 19 24 0 * BIPOC = Black, Indigenous, and People of Colour ** N/A = not available or not disclosed Incorporation of ESG Factors in Investment Management & Advisory FN-AC-410a.1 Amount of assets under management, by asset class, that employ (1) integration of environmental, social, and governance (ESG) issues, (2) sustainability themed investing, and (3) screening As a royalty and stream company, we do not exercise control over or have direct influence on the projects over which we have an interest. We do not have any “assets under management”, as defined by SASB, and we do not provide supervisory or management services in respect of any of our acquisitions. Consequently, this quantitative SASB standard relating to assets under management in respect of securities portfolios supervised or managed by investment advisors is not applicable to our company and such information is not included in our disclosure. Please refer to our responses to the following SASB accounting metric (FN-AC-410a.2) for our approach to incorporating ESG factors in our investment processes and strategies, which are conducted in all of our new royalty and stream acquisitions. FN-AC-410a.2 Description of approach to incorporation of environmental, social, and governance (ESG) factors in investment and/or wealth management processes and strategies ESG Considerations in Due Diligence Process We believe that proper consideration of ESG risks in connection with the companies, projects and jurisdictions in which we seek to deploy capital will enhance long-term performance of our company and in turn generate real value for our shareholders. Accordingly, we conduct a rigorous review of ESG issues and risks during our due diligence process when evaluating all royalty and stream opportunities. As each opportunity varies considerably 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 Sustainability Report Appendices Appendices A: ESG Performance Table B: ISSB Sustainability Disclosure Standards C: SASB Disclosure D: GRI Index E: Sustainable Development Goals F: KPMG: Independent Limited Assurance Report G: Carbon Neutral Initiative

Franco-Nevada Corporation 66 ESG Oversight and Implementation; Climate-Related Scenarios and Risk Profiling Refer to our International Sustainability Standards Board Sustainability Disclosure Standards section of this Sustainability Report in Appendix B for: § Details regarding our company’s Board and management oversight over ESG (including climate-related) policies, programs and risk mitigation and management’s day-to-day implementation of ESG factors and considerations; § A description of our climate-related scenario analyses to determine our company’s risk profile, which incorporates our understanding and assumptions of ESG trends applicable to the mining and energy industries; and § An assessment of climate-related risks and opportunities and how these inform our investment strategies. FN-AC-410a.3 Description of proxy voting and investee engagement policies and procedures As a royalty and streaming company, our equity holdings do not represent a material portion of our business and the management of security portfolios and active engagement with investee companies are each not applicable to our company. Refer to Note 6 in our Audited Financial Statements for the year ended December 31, 2024 for the total quantum ($324.8 million as at December 31, 2024) of our equity investments. For this reason, we do not have formal proxy voting and investee engagement policies and procedures and the information required in this SASB standard has been omitted. Business Ethics FN-AC-510a.1 Total amount of monetary losses as a result of legal proceedings associated with fraud, insider trading, anti-trust, anti-competitive behaviour, market manipulation, malpractice, or other related financial industry laws or regulations We are aligned with the SASB disclosure standards having disclosed the total amount of monetary losses (nil) as a result of legal proceedings associated with fraud, insider trading, anti-trust, anti-competitive behaviour, market manipulation, malpractice, or other related financial industry laws or regulations. Also refer to Appendix A to this Sustainability Report for further information. FN-AC-510a.2 Description of whistleblower policies and procedures Our Whistleblower Policy and our Employee Complaint Procedures for Accounting and Auditing Matters can be found on our website. Also refer to page 23 of this Sustainability Report for a description of such policies and related procedures and Appendix A to this Sustainability Report for the number of instances of whistleblower complaints (nil) in 2024. Activity Metrics FN-AC-000.A (1) Total registered and (2) total unregistered assets under management (AUM) Franco-Nevada does not have any registered assets (nil) under the SASB definition of Registered AUMs. Accordingly, all (100%) of our assets are unregistered assets, all of which are under our company’s control and supervision. For details regarding our assets, please refer to our Consolidated Statements of Financial Position in our Audited Financial Statements for the year ended December 31, 2024 and to the notes referenced in the statements. FN-AC-000.B Total assets under custody and supervision Please refer to the note above for SASB standard FN-AC-000.A. All of our company’s assets are under our supervision. For details regarding our assets, please refer to our Consolidated Statements of Financial Position in our Audited Financial Statements for the year ended December 31, 2024 and to the notes referenced in the statements. 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 Sustainability Report Appendices Appendices A: ESG Performance Table B: ISSB Sustainability Disclosure Standards C: SASB Disclosure D: GRI Index E: Sustainable Development Goals F: KPMG: Independent Limited Assurance Report G: Carbon Neutral Initiative

Franco-Nevada Corporation 67 GRI Standard Location General Disclosures (GRI 2) 2-1 Organizational details • About Franco-Nevada 2025 Annual Information Form: • The Corporation (page 3) 2-2 Entities included in the organization’s sustainability reporting • About Franco-Nevada • About this Sustainability Report 2-3 Reporting period, frequency and contact point • About this Sustainability Report 2-4 Restatements of information • Corporate Footprint • Appendix A: ESG Performance Table 2-5 External assurance • Assurance Statement • Appendix F: KPMG: Independent Limited Assurance Report 2-6 Activities, value chain and other business relationships • About Franco-Nevada • Due Diligence Process • Supply Chain 2025 Annual Information Form: • General Development of Franco-Nevada's Business (page 4) 2-7 Employees • Diversity, Inclusion and Well-Being • Appendix A: ESG Performance Table 2-8 Workers who are not employees • Diversity, Inclusion and Well-Being • Supply Chain 2-9 Governance structure and composition • Corporate Governance • Appendix B: ISSB Sustainability Disclosure Standards (Governance) 2025 Management Information Circular: • Statement of Governance Practices (page 21) 2-10 Nomination and selection of the highest governance body • Corporate Governance • Appendix B: ISSB Sustainability Disclosure Standards (Governance) 2025 Management Information Circular: • Statement of Governance Practices (page 21) GRI Standard Location 2-11 Chair of the highest governance body • Corporate Governance 2025 Management Information Circular: • Statement of Governance Practices (page 21) 2-12 Role of the highest governance body in overseeing the management of impacts • Corporate Governance • Due Diligence Process • Responsible Gold Mining Principles • Appendix B: ISSB Sustainability Disclosure Standards (Governance) 2025 Management Information Circular: • Statement of Governance Practices (page 21) 2-13 Delegation of responsibility for managing impacts • Corporate Governance • Due Diligence Process • Appendix B: ISSB Sustainability Disclosure Standards (Governance) 2025 Management Information Circular: • Corporate Goal - ESG (page 48) 2-14 Role of the highest governance body in sustainability reporting • Corporate Governance • Due Diligence Process • Appendix B: ISSB Sustainability Disclosure Standards (Governance) 2-15 Conflicts of interest • Integrity and Compliance 2025 Management Information Circular: • Statement of Governance Practices (page 21) 2-16 Communication of critical concerns • Integrity and Compliance 2025 Management Information Circular: • Statement of Governance Practices (page 21) 2-17 Collective knowledge of the highest governance body • Cyber and Technological Security • Appendix A: ESG Performance Table 2025 Management Information Circular: • Statement of Governance Practices (page 21) • Orientation and Continuing Education (page 26) • Skills Matrix (page 28) • Board Assessment (page 31) Appendix D: GRI Index 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 Sustainability Report Appendices Appendices A: ESG Performance Table B: ISSB Sustainability Disclosure Standards C: SASB Disclosure D: GRI Index E: Sustainable Development Goals F: KPMG: Independent Limited Assurance Report G: Carbon Neutral Initiative

Franco-Nevada Corporation 68 GRI Standard Location 2-18 Evaluation of the performance of the highest governance body 2025 Management Information Circular: • Board Assessment (page 41) 2-19 Remuneration policies 2025 Management Information Circular: • Statement of Governance Practices (page 21) • Compensation Process (page 31) • Statement of Executive Compensation (page 35) • Compensation Program Highlights and Best Practices (page 37) • Compensation Discussion & Analysis (page 38) 2-20 Process to determine remuneration 2025 Management Information Circular: • Statement of Governance Practices (page 21) • Compensation Process (page 31) • Statement of Executive Compensation (page 35) • Compensation Program Highlights and Best Practices (page 37) • Compensation Discussion & Analysis (page 38) 2-21 Annual total compensation ratio 2025 Management Information Circular: • Statement of Executive Compensation (page 35) • Compensation Program Highlights and Best Practices (page 37) • Compensation Discussion & Analysis (page 38) 2-22 Statement on sustainable development strategy • Message from our CEO • UN Global Compact and SDGs • Appendix A: ESG Performance Table • Appendix E: Sustainable Development Goals 2-23 Policy commitments • Responsible Capital Allocation • Due Diligence Process • Integrity and Compliance • Diversity, Inclusion and Well-Being • Transparency and Guiding Principles • Climate Action Goals • Responsible Gold Mining Principles GRI Standard Location 2-24 Embedding policy commitments • Responsible Capital Allocation • Due Diligence Process • Integrity and Compliance • Diversity, Inclusion and Well-Being • Transparency and Guiding Principles • Climate Action Goals • Responsible Gold Mining Principles 2-25 Processes to remediate negative impacts • Responsible Capital Allocation • Due Diligence Process • Community Contributions • Responsible Gold Mining Principles • Climate Action Goals • Appendix B: ISSB Sustainability Disclosure Standards (Governance; Sustainable Investment Opportunities; Risk Management) 2-26 Mechanisms for seeking advice and raising concerns • Integrity and Compliance 2025 Management Information Circular: • Statement of Governance Practices (page 21) 2-27 Compliance with laws and regulations • Appendix A: ESG Performance Table 2-28 Membership associations • Industry and Other Support • Diversity and Inclusion • Transparency and Guiding Principles 2-29 Approach to stakeholder engagement • Corporate Governance • Industry and Other Support • Diversity and Inclusion • Transparency and Guiding Principles • Climate Action Goals • Responsible Gold Mining Principles • Appendix B: ISSB Sustainability Disclosure Standards (Governance; Sustainable Investment Opportunities; Risk Management) 2-30 Collective bargaining agreements • Employee Benefits and Well-Being 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 Sustainability Report Appendices Appendices A: ESG Performance Table B: ISSB Sustainability Disclosure Standards C: SASB Disclosure D: GRI Index E: Sustainable Development Goals F: KPMG: Independent Limited Assurance Report G: Carbon Neutral Initiative

Franco-Nevada Corporation 69 GRI Standard Location Material Topics (GRI 3) 3-1 Process to determine material topics For the purpose of reporting in accordance with GRI standards, we classify our material topics into levels that reflect the degree of associated risk and/or level of significance to Franco-Nevada, and therefore the amount of coverage in this Sustainability Report. We will continue to assess Franco-Nevada's material ESG topics annually. Indirect economic impacts GRI 203: Indirect Economic Impacts 2016 203-2 Significant indirect economic impacts • Community Contributions • Climate Action Goals Anti-corruption GRI 205: Anti-corruption 2016 205-3 Confirmed incidents of corruption and actions taken • Appendix A: ESG Performance Table Energy GRI 302: Energy 2016 302-1 Energy consumption within the organization • Overall Carbon Footprint • Corporate Footprint • Appendix A: ESG Performance Table 302-2 Energy consumption outside of the organization • Overall Carbon Footprint • Corporate Footprint • Appendix A: ESG Performance Table 302-3 Energy intensity • Overall Carbon Footprint • Investment Footprint 302-4 Reduction of energy consumption • Climate Action Goals GRI Standard Location Emissions GRI 305: Emissions 2016 305-1 Direct (Scope 1) GHG emissions • Overall Carbon Footprint • Corporate Footprint 305-2 Energy indirect (Scope 2) GHG emissions • Overall Carbon Footprint • Corporate Footprint 305-3 Other indirect (Scope 3) GHG emissions • Overall Carbon Footprint • Corporate Footprint • Investment Footprint 305-4 GHG emissions intensity • Overall Carbon Footprint • Corporate Footprint • Investment Footprint 305-5 Reduction of GHG emissions • Overall Carbon Footprint • Corporate Footprint • Climate Action Goals Employment GRI 401: Employment 2016 401-1 New employee hires and employee turnover • Employee Benefits and Well-Being • Appendix A: ESG Performance Table 401-2 Benefits provided to full-time employees that are not provided to temporary or part-time employees • Employee Benefits and Well-Being • Appendix A: ESG Performance Table 401-3 Parental leave • Employee Benefits and Well-Being • Appendix A: ESG Performance Table 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 Sustainability Report Appendices Appendices A: ESG Performance Table B: ISSB Sustainability Disclosure Standards C: SASB Disclosure D: GRI Index E: Sustainable Development Goals F: KPMG: Independent Limited Assurance Report G: Carbon Neutral Initiative

Franco-Nevada Corporation 70 GRI Standard Location Training and education GRI 404: Training and Education 2016 404-3 Percentage of employees receiving regular performance and career development reviews • Employee Benefits and Well-Being • Appendix A: ESG Performance Table Diversity and equal opportunity GRI 405: Diversity and Equal Opportunity 2016 405-1 Diversity of governance bodies and employees • Diversity and Inclusion • Appendix A: ESG Performance Table Public policy GRI 415: Public Policy 2016 415-1 Political contributions • Integrity and Compliance • Appendix A: ESG Performance Table GRI Standard Location Occupational health and safety GRI 403: Occupational Health and Safety 2018 403-1 Occupational health and safety management system • Employee Benefits and Well-Being • Appendix A: ESG Performance Table 403-3 Occupational health services • Employee Benefits and Well-Being • Health, Safety and Security 403-6 Promotion of worker health • Employee Benefits and Well-Being • Health, Safety and Security 403-7 Prevention and mitigation of occupational health and safety impacts directly linked by business relationships • Employee Benefits and Well-Being • Health, Safety and Security 403-8 Workers covered by an occupational health and safety management system • Employee Benefits and Well-Being • Health, Safety and Security 403-9 Work-related injuries • Appendix A: ESG Performance Table 403-10 Work-related ill health • Appendix A: ESG Performance Table 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 Sustainability Report Appendices Appendices A: ESG Performance Table B: ISSB Sustainability Disclosure Standards C: SASB Disclosure D: GRI Index E: Sustainable Development Goals F: KPMG: Independent Limited Assurance Report G: Carbon Neutral Initiative

Franco-Nevada Corporation 71 Appendix E: Sustainable Development Goals Initiatives across our business help advance a number of the Sustainable Development Goals (SDGs), which were adopted by the United Nations in 2015 as a universal call to action to end poverty, protect the planet, and ensure that by 2030 all people enjoy peace and prosperity. The SDGs and Franco-Nevada’s supporting initiatives are set out below. No Poverty End poverty in all its forms everywhere § Supplier Code of Conduct (minimum and living wages and benefits) (page 16) § Commitment to competitive wages (page 30) § Enseña Peru education initiative and other social initiatives in Idaho (page 18) Gender Equality Achieve gender equality and empower all women and girls § Board and senior management gender diversity targets (page 27) § Gender diverse representation at Franco-Nevada (page 27) § Franco-Nevada Diversity Scholarship program (page 29) Good Heath and Well-Being End hunger, achieve food security and improved nutrition and promote sustainable agriculture § Our work to promote employee well-being (page 30) § Health and safety practices and policy at Franco-Nevada (page 31) § Travel safety practices and policy at Franco-Nevada (page 31) § Support for an agricultural farm irrigation project in Senegal (page 19) Clean Water and Sanitation Ensure access to safe water sources and sanitation for all § Water management and risk assessment in due diligence and ongoing monitoring (page 12) § Tailings management and risk assessment in due diligence and ongoing monitoring (page 13) § Supplier Code of Conduct (minimization of water pollutants) (page 16) Quality Education Ensure inclusive and quality education for all and promote lifelong learning § Enseña Peru education initiative and other social initiatives in Idaho (page 18) § Franco-Nevada Diversity Scholarship program (page 29) Affordable and Clean Energy Ensure access to affordable, reliable, sustainable and modern energy for all § Exploring ways to assist with operator energy transitions (page 34) § Assessment of energy sources and requirements in due diligence (page 5) § Measures and programs to reduce our carbon footprint and environmental impact (page 37) Decent Work and Economic Growth Promote inclusive and sustainable economic growth, employment and decent work for all § Our commitment to provide competitive wages and benefits (page 30) § Supplier Code of Conduct (labour and employment) (page 16) § Enseña Peru education initiative and other social initiatives in Idaho (page 18) 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 Sustainability Report Appendices Appendices A: ESG Performance Table B: ISSB Sustainability Disclosure Standards C: SASB Disclosure D: GRI Index E: Sustainable Development Goals F: KPMG: Independent Limited Assurance Report G: Carbon Neutral Initiative

Franco-Nevada Corporation 72 Climate Action Urgent action to tackle climate change and its impacts § Climate Action Policy commitments and measures (page 34) § Measurement of emissions relating to our corporate operations and investments (page 35) § Carbon neutrality for corporate operations (page 39) § Emission reduction targets for our corporate operations (page 34) § Supplier Code of Conduct (climate issues) (page 16) § Transition to disclosure aligned with ISSB Sustainability Disclosure Standards (Appendix B) § Support for revegetation activities in Brazil and Great Green Wall initiative in Senegal (pages 18–19) Industry, Innovation and Infrastructure Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation § Our support of industry groups and associations (page 20) § Exploring ways to assist with operators to achieve net-zero (page 34) Life on Land Sustainably manage forests, combat desertification, halt and reverse land degradation, and halt biodiversity loss § Assessment of biodiversity in due diligence process (page 5) § Biodiversity performance of our top mining producers (pages 14–15) § Supplier Code of Conduct (biodiversity) (page 16) § Support for revegetation activities in Brazil and Great Green Wall initiative in Senegal (pages 18–19) Reduced Inequalities Reduce inequalities within and among countries § Board and senior management diversity measures and targets (page 27) § Franco-Nevada Diversity Scholarship and support for BlackNorth (page 29) § Enseña Peru and education intiative and other social initiatives in Idaho (page 18) § Non-discrimination and equal opportunity (page 32) § Diverse representation at Franco-Nevada (page 27) § Supplier Code of Conduct (non-discrimination) (page 16) Responsible Consumption and Production Ensure sustainable consumption and production patterns § Comprehensive due diligence process (page 5) § Responsible Gold Mining Principles commitments and measures (page 44) § Contractual protections in royalty and stream arrangements (page 7) § Supplier Code of Conduct (page 16) Peace, Justice and Strong Institutions Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels § Human Rights Policy (page 32) § Health and Safety Policy (page 31) § Non-Discrimination, Anti-Harassment & Equal Opportunity Policy (page 32) § Diversity and Inclusion Policy (page 27) § Whistleblower Policies (page 23) Partnerships for the Goals Revitalize the global partnership for sustainable development § Community partnerships with operators (pages 18–19) § Exploring ways to assist with operator energy transitions (page 34) § Our support of industry groups and associations (page 20) 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 Sustainability Report Appendices Appendices A: ESG Performance Table B: ISSB Sustainability Disclosure Standards C: SASB Disclosure D: GRI Index E: Sustainable Development Goals F: KPMG: Independent Limited Assurance Report G: Carbon Neutral Initiative

Franco-Nevada Corporation 73 Appendix F: KPMG: Independent Limited Assurance Report INDEPENDENT PRACTITIONER’S LIMITED ASSURANCE REPORT To the Board of Directors and Management of Franco-Nevada Corporation (“Franco-Nevada” or the “Entity”): We have undertaken a limited assurance engagement of the description of implementation on Franco- Nevada’s Responsible Gold Mining Principles (“RGMP”) Policy (“subject matter information”), presented in the table on page 45 under the section titled “Description of Implementation” of Franco-Nevada’s 2025 Sustainability Report (the “Report”), for the year ended December 31, 2024. Other than as described in the preceding paragraph, which sets out the scope of our engagement, we did not perform assurance procedures on the remaining information included in the Report, and accordingly, we do not express a conclusion on this information. Management’s Responsibility There are no mandatory requirements against which conformance with the RGMPS is evaluated. As such, the Entity has developed and applied internally developed criteria (the “Applicable Criteria”), which are defined in the table on page 45 of the Report under the section titled “Compliance Criteria”. Management is responsible for the preparation of the subject matter information in accordance with the Applicable Criteria. Management is also responsible for such internal controls as management determines necessary to enable the preparation and presentation of the subject matter information that is free from material misstatement, whether due to fraud or error, which includes selecting or developing appropriate criteria. Our Responsibility Our responsibility is to express a limited assurance conclusion on the subject matter information based on the procedures we have performed and the evidence we have obtained. We conducted our limited assurance engagement in accordance with Canadian Standards on Assurance Engagements (CSAE) 3000, Attestation Engagements Other than Audits or Reviews of Historical Financial Information. This standard requires that we plan and perform our engagement to obtain limited assurance about whether subject matter information is free from material misstatement. A limited assurance engagement involves assessing the suitability of the criteria used by the Entity in 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 in the circumstances. We 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 provide a basis for our conclusion. In carrying out our engagement, we performed the following procedures: • Inquired of those responsible for completing the activities to self-assess implementation of Franco-Nevada’s internally developed RGMP Policy and Applicable Criteria; • Assessing the suitability and application of the Applicable Criteria in respect of the subject matter information; • Reviewing relevant evidence and other documentation to support management’s statements; • Inquiries with relevant staff at the corporate level to understand the data collection and reporting processes for the subject matter information; and • Evaluation of the overall presentation of the subject matter information in the Report to determine whether the information presented is consistent with our overall knowledge of, and experience with, Franco-Nevada’s RGMP criteria implementation. 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 obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. Our Independence and Quality Management We have complied with the independence and other ethical requirements of relevant rules of professional conduct/code of ethics applicable to the practice of public accounting and related to assurance engagements, issued by various professional accounting bodies, which are founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality, and professional behaviour. The firm applies Canadian Standard on Quality Management 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements which requires the firm to design, implement and operate a system of quality management, including policies or procedures regarding compliance with ethical requirements, professional standards, and applicable legal and regulatory requirements. Significant Inherent Limitations Non-financial information such as the subject matter information, is subject to more inherent limitations than financial information, given the qualitative characteristics of the underlying subject matter and methods used for determining this information. The absence of a significant body of established practice on which to draw allows for the selection of different but acceptable evaluation techniques, which can result in materially different measurements and can impact comparability. It is important to read Franco- Nevada’s internally developed Applicable Criteria presented in the table on page 45 of the Report. Conclusion Our conclusion has been formed on the basis of, and is subject to, the matters outlined in this report. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Based on the procedures performed and evidence obtained, no matters have come to our attention to cause us to believe that the Entity’s subject matter information for the year ended December 31, 2024, is not prepared and presented, in all material respects, in accordance with the Applicable Criteria. Our conclusion on the subject matter information does not extend to any other information, reports or documents that accompany, are presented with, or contain the subject matter information and our assurance report. The subject matter information has been prepared in accordance with internally developed criteria to report on the implementation of the Entity’s Responsible Gold Mining Principles Policy. As a result, the subject matter information and the Report may not be suitable for another purpose. Our conclusion is not modified in respect of this matter. Restriction on Use Our report is intended solely for use by Franco-Nevada for the purpose(s) set out in our engagement 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 Franco-Nevada in Franco-Nevada’s 2025 ESG Report, KPMG LLP does not assume or accept any responsibility or liability to any third party in connection with the disclosure of our report. Chartered Professional Accountants, Licensed Public Accountants May 2, 2025 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 Sustainability Report Appendices Appendices A: ESG Performance Table B: ISSB Sustainability Disclosure Standards C: SASB Disclosure D: GRI Index E: Sustainable Development Goals F: KPMG: Independent Limited Assurance Report G: Carbon Neutral Initiative

Franco-Nevada Corporation 74 Appendix G: Carbon Neutral Initiative 1 Represents all of our estimated reported emissions from our global corporate operations in 2024, or 295.3 tCO2e (equal to total Scope 2 emissions of 58.4 tCO2e plus total Scope 3 emissions of 236.9 tCO2e), which are calculated subsequent to year-end. As indicated in the Corporate Footprint section in this Sustainability Report, our global operations do not have Scope 1 (direct) emissions as our offices rely on electricity and steam for energy and heating, which are included under our Scope 2 (indirect) emissions. We do not purchase market-based instruments for electricity consumption at our global operations, and residual emissions factors are currently unavailable in these jurisdictions. Consequently, in accordance with the GHG Protocol's Scope 2 guidance, market-based emissions have been calculated using location-based emissions factors. As a result, our market-based and location-based Scope 2 emissions have been deemed to be equal. 2 We purchased offsets representing 125% of our grossed up emissions to provide for a buffer to ensure that all of our company’s corporate operational emissions were covered, including to account for certain minimal but unquantifiable emissions which some of our employees may periodically contribute to. See page 39 for further details. 3 We consider "high quality" offsets to have several characteristics, the most important being the quality of certification of the offset and the ability of the purchaser to retire offsets once the benefit has taken place to preclude double-counting of the environmental benefits. Bullfrog Power: (i) selects offsets that are from ICROA-endorsed standards, ensuring that emission reductions achieved by carbon projects adhere to the highest-quality principles and processes; (ii) commissions a voluntary annual audit by an internationally recognized auditing firm to preclude double counting of its offsets’ environmental benefits; and (iii) ensures that its offset projects have undergone rigorous due-diligence processes that go above and beyond voluntary standards. 4 The Gold Standard certification for carbon offsets represent a global standard for projects in developing countries that verifiably achieve GHG emission reductions at the source and create positive impacts on social networks and their local economy, including delivering impact toward a minimum of three of the United Nations' Sustainable Development Goals. These projects also follow the United Nations’ Clean Development Mechanism (CDM) protocols for certified emission reductions. 5 The Verified Carbon Standard is a full-fledged carbon offset program developed and run by the non-profit Verra. It focuses on GHG reduction attributes only and does not require projects to have additional environmental or social benefits. The VCS is broadly utilized by the carbon credit industry (project developers, large credit buyers, verifiers, and projects consultants) as the largest independent program by credit volume (as of 2024) and is active globally. Carbon Neutral for Corporate Operations (2024) Carbon Offset Purchased from Supplier Emissions Eliminated Carbon Offset Supplier Safe Water Access and Improved Cookstoves Project, Central Mozambique (50%) High-Efficiency Wood Burning Cookstoves Project, Tanzania (50%) All emissions1 for our global operations2 Bullfrog Power Inc. • Canadian (Toronto-based) supplier of independently audited high quality3 carbon offsets Gold Standard Certified4 This project increases access to clean drinking water by improving existing borehole technologies for rural communities in Tete, Sofala and Manica. Prior to this project, boreholes were poorly managed or proven too expensive to repair. Families would rely on burning firewood and boiling water on inefficient three stone fires for their drinking and cleaning water. Through this offset project, carbon dioxide emissions are mitigated from the combustion process of burning wood. A total of 2,042 boreholes were rehabilitated through this project and roughly 60,000 tCO2e are reduced annually. Verified Carbon Standard Certified5 This project involves the distribution and installation of roughly 500,000 fuel-efficient cookstoves to rural households in Tanzania. By replacing baseline cookstoves with rocket stoves, wood is burned more effectively, reducing carbon dioxide emissions and other health hazards from indoor smoke pollution. Rocket stoves are known for their high-insulation combustion chambers made from brick, clay and sand, which overall reduce heavy wood fuel use, with average annual emission reductions expected to total more than 1,800,000 tCO2e. 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 Sustainability Report Appendices Appendices A: ESG Performance Table B: ISSB Sustainability Disclosure Standards C: SASB Disclosure D: GRI Index E: Sustainable Development Goals F: KPMG: Independent Limited Assurance Report G: Carbon Neutral Initiative

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