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