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