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