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