Sustainability Report 2026

Hoyle Pond, Timmins, Ontario | Image Courtesy of the ROM (Royal Ontario Museum), Toronto, Canada. ©ROM 2 0 2 6 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 Sustainability Factors 8 Health and Safety 9 Tailings Management 10 Communities and Indigenous Peoples 11 Water Management and Risk 12 Carbon Footprint 14 Biodiversity 16 Supply Chain 18 Community Contributions 19 Community Support 20 Industry and Other Support 22 Good Governance and Shareholder Alignment 23 Corporate Governance 24 Integrity and Compliance 25 Shareholder Alignment 26 Cyber and Technological Security 27 Diversity, Inclusion and Well-Being 28 Diversity and Inclusion 29 Employee Benefits and Well-Being 32 Health, Safety and Security 33 Human Rights, Non-Discrimination, Anti-Harassment and Equal Opportunity 34 Climate Action 35 Climate Action Priorities 36 Overall Carbon Footprint 37 Corporate Footprint 39 Investment Footprint 43 Transparency and Guiding Principles 44 ISSB, SASB, and GRI 45 UN Global Compact and SDGs 46 Responsible Gold Mining Principles 47 ESG Ratings and Recognition 49 About this Sustainability Report 50 Appendices 51 A: Key Sustainability Metrics and Performance 52 B: ISSB Sustainability Disclosure Standards 54 C: SASB Disclosure 70 D: GRI Index 73 E: Sustainable Development Goals 77 F: KPMG: Independent Limited Assurance Report 79 G: Carbon Neutral Initiative 80 Air quality monitoring station near Ring of Fire

2025 was another exceptional year for Franco-Nevada. We delivered a second consecutive record year of new commitments, executing on approximately US$1.8 billion during the year. These investments further strengthened our portfolio with high-quality, long-dated precious metals assets while reflecting the discipline that underpins our model: responsible capital allocation, a preference for best- in-class operators, and a rigorous investment process grounded in our core principles. Our 2026 Sustainability Report outlines how we continue to embed sustainability- related considerations into our decision making and portfolio oversight, while providing an overview of our progress and priorities from an environmental, social and governance perspective. At Franco-Nevada, we aim to invest capital responsibly on behalf of our investors, with a focus on ethical and sustainable resource extraction. This year marks our fourth consecutive year reporting on the key sustainability-related factors we prioritize when evaluating investments and monitoring performance across our portfolio. We continue to believe these factors demonstrate the long - term resilience of the assets in our portfolio. This year, we expanded our disclosure by highlighting how we assess operators’ approaches to Indigenous rights, consultation and community relationships through due diligence and ongoing engagement, including consideration of the proximity to, and potential impacts of, our top producing assets on Indigenous groups and local communities. Supporting and strengthening social license remains an important part of our approach. We partner with operators on selected community initiatives aligned with local priorities and long-term outcomes. Our report highlights our recent contribution partnerships supporting community and related projects, including multi-year commitments associated with the Antamina and Antapaccay mines in Peru, the Tocantinzinho mine in Brazil and the Cascabel project in Ecuador, as well as initiatives supporting communities located near the Guadalupe-Palmarejo mine in Mexico and the Magino mine in Northern Ontario. Our culture is anchored in inclusion and opportunity. Diverse persons comprise 63% of our global workforce, and our Board will be comprised of 44% diverse members in the coming year. Our Mining Industry Scholarship Program entered its fifth year, and we again awarded four full tuition scholarships to a diverse group of undergraduate students across three Canadian universities. With this year’s cohort, we are now supporting 15 students pursuing careers in the mining industry, helping to build a stronger, more diverse pipeline of future industry leaders. We continue to advance our climate-related initiatives across our corporate operations. 2025 marks our second year tracking progress against our emissions reduction targets. This year’s report includes our updated performance and key drivers of change, including the results from our first partial year of renewable energy usage at our Barbados office, where our solar panel initiative was successfully implemented in the second half of 2025. We are proud of our progress, representing a year-over-year reduction of approximately 37.8% in emissions from electricity use at our corporate offices. As in prior years, we also continue to manage residual emissions through high quality measures, including carbon offsets, where appropriate. As sustainability frameworks continue to evolve, we periodically revisit and refine our reporting to provide meaningful disclosure to our stakeholders. Building on last year’s transition toward reporting aligned with the ISSB’s IFRS Sustainability Disclosure Standards, we have updated our analysis of climate-related risks and opportunities and expanded related disclosure, including a refreshed Message from our CEO scenario analysis, in this year’s report. Consistent with prior years, we also provide an estimate of our attributable financed emissions across our portfolio of royalty and stream interests. Our partners continue to advance their sustainability programs, and over 90% of our mining revenue remains derived from operators that have adopted emissions reduction targets. Our efforts continue to be recognized externally. Earlier this year, in addition to being selected as one of Corporate Knights’ Canada’s Best 50 Corporate Citizens for the third time, Franco- Nevada was also recognized for the first time as one of Corporate Knights’ Global 100 Most Sustainable Corporations, reflecting strong overall sustainability performance relative to global peers. Our MSCI ESG rating improved to “AAA” from “AA,” and we maintained our ISS ESG “Prime” status. We were also recognized by Sustainalytics as a Global, Industry - level and Regional ESG Leader, placing the company among the top - rated companies globally and within the top decile of peers for ESG risk. Looking ahead, we remain focused on disciplined growth and responsible stewardship. We believe Franco-Nevada is well positioned to continue expanding our portfolio in a manner that supports long-term value creation, underpinned by strong governance, thoughtful risk management and a commitment to constructive partnerships. We appreciate your interest in our sustainability efforts and welcome your feedback as our practices and disclosures continue to evolve. - Paul Brink, President & CEO Franco-Nevada Corporation 1

Report Highlights Due diligence to invest in strong sustainability performers Our key sustainability - related areas of focus are outlined in this Sustainability Report and comprise six areas. These include health and safety, tailings management, communities and Indigenous Peoples, water management and risk, carbon footprint, and biodiversity. We have also evaluated operators’ sustainability - related performance primarily with reference to our top revenue - generating mining assets. Read more à (page 5) Growing our community contributions and commitments Our community contributions continue to grow year - over - year, including renewed funding for initiatives in Peru and Brazil, as well as contributions to new initiatives in Mexico, Ecuador and Canada. We also remain committed to supporting mining industry groups and diversity initiatives. Read more à (page 20) Strengthening our diverse representation and diversity initiatives In furtherance of our goal of attaining and maintaining diversity at the Board level on grounds broader than gender diversity, we welcomed a new diverse director to our Board in 2025. Following our 2026 annual meeting, our Board will be comprised of 44% diverse persons. Now in its fifth year, the Franco - Nevada Mining Industry Scholarship program, which has the objective of attracting diverse students to the sector, continues to expand, with four students receiving new scholarships in 2025, bringing the total number of active scholarships to 15. Read more à (page 29) Supporting employee well‑being, development and financial security We continue to support the physical and mental well - being, development and long - term financial security of our employees. Our approach includes maintaining flexible work arrangements, providing comprehensive health benefits and wellness allowances, offering opportunities for professional development and education, and supporting employee well - being through dedicated workplace facilities. Last year, we also implemented a pension plan for all Canadian employees helping them to plan for retirement and secure their financial future. Read more à (page 32) Efforts toward our emissions reduction targets We have implemented emissions reduction targets for our corporate emissions in support of our aspiration to achieve net - zero emissions across our corporate operations by 2050 or sooner. 2025 represents our second year measuring performance against these targets. Our solar panel project for our Barbados office was operational for approximately half of the year, and early results indicate a meaningful reduction in reliance on grid - supplied energy at our office there. We continue to explore additional measures and programs to reduce our carbon footprint in furtherance of our near- and longer-term emissions reduction targets. Read more à (page 36) Reporting financed emissions in our Scope 3 emissions As part of our ongoing climate - related disclosure, we report financed greenhouse gas emissions attributable to our royalty and stream interests within Scope 3, Category 15 (Investments). We also provide a concise overview of the Greenhouse Gas Protocol to support an understanding of the distinctions among Scope 1, Scope 2 and Scope 3 emissions. Read more à (page 41) Managing corporate emissions Since 2020, emissions from our corporate operations have been managed through ongoing emissions reduction efforts and the purchase of carbon credits to address remaining emissions. Read more à (page 42) Alignment of sustainability reporting with SASB, GRI and ISSB disclosure standards Our sustainability - related disclosure is aligned with leading reporting standards and frameworks, including the Sustainability Accounting Standards Board and the Global Reporting Initiative. Building on last year’s transition toward reporting aligned with the International Sustainability Standards Board’s IFRS Sustainability Disclosure Standards, we have updated our analysis of climate - related risks and opportunities and expanded related disclosure, including a refreshed scenario analysis. Read more à (page 45) Initiatives aligned with the UN Sustainable Development Goals Initiatives across our business support a number of the United Nations Sustainable Development Goals, which were adopted in 2015 to address global priorities including poverty, environmental protection, and long - term social and economic well - being. Read more à (page 46) Continued strong third‑party sustainability and governance recognition We continue to receive strong recognition across a broad range of independent sustainability and governance assessments. During the year, we maintained industry - leading rankings from key third - party assessment providers, including an improved “AAA” ESG rating from MSCI and a reaffirmed “Prime” rating from ISS ESG. Sustainalytics recognized Franco - Nevada as a Global ESG Leader, ranking us among the top - rated companies globally for sustainability - related risk, and we achieved improved governance outcomes, including being ranked the number one mining company in The Globe and Mail’s 2025 Board Games assessment. In addition, Franco - Nevada was recognized for the first time as one of Corporate Knights’ 2026 Global 100 Most Sustainable Corporations and was once again named as one of Corporate Knights’ Canada’s Best 50 Corporate Citizens for 2025. Read more à (page 49) Franco-Nevada Corporation 2

About Franco ‑ Nevada We are the leading gold-focused royalty and streaming company, with the largest and 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 18 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, profit- based royalty 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 when it is otherwise scarce. The focus of our business is to create exposure to gold and precious metal resource optionality. This principally involves investments in gold mines and providing capital to copper and other base metal mines 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's global workforce Franco-Nevada Corporation 3

Employees at Eskay Creek 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

Due Diligence Process As a royalty and streaming company, we do not operate mining or energy projects or exercise control over their development or operation. Accordingly, the most critical stage for identifying and assessing risks associated with an asset, including sustainability - related risks, is prior to entering into a royalty or streaming agreement. We believe that giving appropriate consideration to sustainability - related factors in connection with the companies, projects, and jurisdictions in which we deploy capital supports the long - term performance of our business. For each royalty or streaming opportunity, we undertake a comprehensive review of sustainability - related considerations to help inform our investment decisions. When evaluating third - party royalty acquisition opportunities, we may have limited access to project - specific information, as we are not directly engaged with the operator. Notwithstanding this limitation, we review sustainability - related and other relevant information available in the public domain and from external experts, including with respect to the matters described in this section. While our due diligence processes may vary depending on the nature of the opportunity, we typically assess the sustainability - related factors outlined in the following table before making an investment decision. Health, Safety, & Human Rights Community & Social Impacts § Historical and current health, safety, and human rights records of the project and operator § Workplace standards and protections, including policies and practices related to occupational health and safety, labour conditions, and worker protections § Respect for fundamental rights and freedoms, including commitments relating to freedom of association, the elimination of forced labour, human trafficking and child labour, and the promotion of non - discrimination and equal opportunity § Community and social impacts, including the effects of mining, operations, and related activities on surrounding communities, including Indigenous Peoples, women, children, employees, and migrant workers § Social and geopolitical context, including any history of social unrest and relevant political or economic instability in the region where the project is located § Community engagement and consultation practices, including community initiatives, engagement and support programs, and prior consultation with Indigenous groups Climate & Environmental Impacts Governance & Ethical Standards § Tailings and waste rock management, including the design and operation of tailings facilities and adherence to applicable tailings standards § Water - related risks and management, including water sourcing, usage requirements, and management plans § Project design to minimize environmental impacts and environmental performance history, including any material environmental incidents associated with the project § Hazardous and toxic materials management, including handling, storage, and disposal practices § Air quality considerations, including air emissions and dust management § Climate - related impacts, including operators’ carbon footprint, emission - reduction commitments, targets, and alignment with net - zero objectives § Energy profile of operations, including energy sources, consumption requirements, and efficiency measures § Exposure to carbon pricing mechanisms, including applicable carbon taxes or emissions - trading regimes § Impacts on biodiversity and ecosystems, including effects on fauna and flora and any no - net - loss or biodiversity offset commitments § Mine closure and reclamation planning, including closure strategies, reclamation measures, and post - closure monitoring § Ethical conduct and integrity, including the operator’s ethical track record and any history of corruption or regulatory non - compliance § Reputation and standing, including the operator’s reputation at the local, national, and international levels § Policies, programs, and practices, including sustainability - related and governance frameworks implemented by the operator § External certifications and assurance, including any relevant certifications obtained at the operator or project level § Alignment with recognized industry standards, including operator commitments to the Responsible Gold Mining Principles (RGMPs), the principles of the International Council on Mining & Metals (ICMM), the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), Towards Sustainable Mining (TSM), or other applicable standards Franco-Nevada Corporation 5

Community & Indigenous Perspectives When evaluating potential opportunities, Franco - Nevada considers the perspectives of a range of stakeholders, including neighbouring communities and impacted Indigenous groups. As part of our due diligence process—which may include desktop reviews, discussions with operators, and site visits—we seek to understand operators’ approaches to community engagement, particularly for projects located on or near Indigenous territories, including whether and how operators address Free, Prior and Informed Consent (FPIC) principles and similar practices where these are applicable and relevant to the asset, jurisdiction and stage of development. We review operators’ social management systems to identify key stakeholders, communication channels, and any material community concerns, and assess whether these matters are being addressed in accordance with applicable local legislation and aligned, where relevant, with internationally recognized standards, including those relating to resettlement, such as the International Finance Corporation’s Performance Standard 5 and the World Bank’s ESS5. 1 Our due diligence may also involve engaging third - party consultants with experience and established relationships with Indigenous groups and local communities. Where available, we review Impact Benefit Agreements (IBAs) and other agreements affecting Indigenous communities. During site visits, we seek to understand how community relationships are managed and to identify any significant or emerging concerns. In certain circumstances, we and/or our consultants may engage directly with a range of stakeholders, including local governments and surrounding communities, to obtain an independent perspective on the level and nature of stakeholder support for a project. Franco - Nevada seeks to enter into agreements with operators that have the support of their key stakeholders. Where levels of support vary across communities, we prioritize projects with broad support from directly impacted communities and assess whether appropriate mechanisms are in place to address existing or potential future concerns. These mechanisms may include, where appropriate, contractual provisions requiring the satisfaction of specified approvals or milestones as conditions precedent to funding, with the objective of promoting responsible practices and ensuring that relevant processes are followed. In this year’s report, we have expanded our disclosure to provide greater transparency on how community and Indigenous considerations are reflected within our existing sustainability - related review. This factor forms part of the sustainability matters we already evaluate and monitor and tracks, for our top revenue - generating assets, the proximity to and potential impacts on local communities and Indigenous Peoples, as well as selected measures implemented by operators to manage community engagement, support local development, and address region - specific social considerations. See Communities and Indigenous Peoples on page 11 for more details. Franco-Nevada Expertise Formalized Due Diligence Checklists We use a multi-disciplinary approach when evaluating potential transactions. Our team consists of professionals with experience and expertise in the fields of geology, mining, metallurgy, engineering, energy, finance and law. Sustainability-related issues intersect with all of these disciplines and our team members contribute specialized insight to help identify, assess and mitigate sustainability - related risks. Our due diligence processes are supported by an internal sustainability due diligence checklist, which promotes consistency across reviews, helps focus our analysis on key sustainability - related considerations, and informs the document and information requests made of operators throughout the due diligence process and related contract negotiations. Outside Expertise Data Sourcing We routinely engage external experts— often based in the jurisdictions in which a project is located—to support the evaluation of new opportunities. These typically include external legal counsel, technical, environmental, community, social and governance consultants, who assist in assessing political, sustainability - related, technical, and regulatory considerations in the relevant jurisdictions, as well as operators’ approaches to managing these matters. We maintain subscriptions to a number of data providers, including MineSpans, a platform that provides mine - level sustainability - related data across a broad range of mining assets and commodity value chains, including greenhouse gas emissions. This information supports our assessment of sustainability - related considerations when evaluating potential opportunities. Teepee at Wyloo's Esker Site in the Ring of Fire region 1 Other examples of relevant standards include the Universal Declaration of Human Rights, the UN Declaration on the Rights of Indigenous Peoples, applicable International Labour Organization conventions, the UN Guiding Principles on Business and Human Rights, and the Voluntary Principles on Security and Human Rights. Franco-Nevada Corporation 6

Ongoing Asset Management Royalty and stream agreements differ in many respects, but typically include the following types of provisions: Our royalty and streaming agreements may include restrictions that require our consent to a transfer of a project, or that otherwise specify the circumstances under which a transfer is permitted. These provisions are intended to help ensure that, over the life of the agreement, we remain partnered with operators that meet our standards for quality, integrity, and responsible operating practices. 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 projects. 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 sustainability-related industry standards. 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 sustainability-related issues when they arise. 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 sustainability-related risks. Following our initial acquisition of royalties or streams, we do not participate in the development or operation of our operating partners’ projects. However, our royalty and streaming agreements typically include covenants intended to ensure that operators conduct their activities in compliance with applicable law and responsible mining practices. These covenants may reference recognized sustainability and governance standards and frameworks, including, where applicable, the RGMPs, The Copper Mark, ICMM, CIM or TSM guiding principles. Operating Covenants Security & Remedies Audit & Inspection Rights Reporting Obligations Transfer Restrictions Franco‑Nevada Corporation 7

Western Limb PGM Complex South Africa Tocantinzinho Brazil Antapaccay Peru Guadalupe-Palmarejo Mexico Subika Ghana Candelaria Chile Detour Lake Canada Côté Gold Canada Hemlo Canada 1 Antamina Peru Top Mining Assets Key Sustainability Factors 1 Ownership of the Hemlo mine transferred to Hemlo Mining Corp. on November 26, 2025. Information presented in this report reflects the mine’s operations under the prior owner, Barrick Mining Corporation, which operated the asset for the majority of the 2025 reporting period. In the preceding pages of this Sustainability Report, we have described the range of sustainability - related factors that we consider when evaluating potential acquisitions, many of which we continue to monitor across our existing portfolio. Within this broader review, we identify the following six sustainability - related factors as key considerations in connection with our investments. These factors do not represent an exhaustive list of the considerations we assess or monitor over the life of our assets; rather, they reflect areas of focus that are commonly relevant across our portfolio. The relative importance and weighting of each factor may vary depending on the nature of the project, jurisdiction, stage of development, and primary commodity being mined. Each of these six factors is described in further detail in the sections that follow. Health and Safety We focus on the health and safety performance and track records associated with the operations in which we consider deploying capital. Tailings Management We review the design, operation, and management of waste and tailings storage facilities, including alignment with, and adherence to, applicable international tailings standards. Communities and Indigenous Peoples We assess the proximity to, and potential impacts of, projects on local communities and Indigenous Peoples. Water Management and Risk We assess water - related risks and management practices across relevant stages of the mining lifecycle, including water sourcing, use, and stewardship. Carbon Footprint We evaluate carbon footprints and climate - related commitments, targets, and initiatives of operators and their operations. Biodiversity We consider potential impacts on biodiversity and ecosystems throughout the lifecycle of a project, including mitigation measures and conservation - related practices. For each of these six 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. The Top Mining Assets highlight the diversification of our royalty and streaming portfolio. These assets operate across seven countries, produce gold, silver, copper, zinc and platinum group metals, and contributed approximately 58% of our overall revenue in 2025. The Top Mining Assets are owned and operated by 10 different mining companies, with primary listings on five stock exchanges, and have an aggregate market capitalization of approximately US$300 billion. Franco-Nevada Corporation 8

Top Mining Producers: TRIFR, LTIFR and Fatalities (all operations) 1 Total recordable injury frequency rate (TRIFR) Lost time injury frequency rate (LTIFR) Fatalities (#) 2022 2023 2024 2022 2023 2024 2022 2023 2024 2 0.97 0.86 1.03 0.43 0.32 0.34 1 0 0 0.26 0.23 0.18 0.06 0.05 0.02 5 5 3 0.43 0.46 0.67 0.17 0.24 0.44 0 0 0 0.30 0.34 0.08 0 0 0.08 0 0 0 0.44 0.44 0.37 0.17 0.16 0.14 4 4 4 0.76 0.69 0.63 0.08 0.15 0.09 1 0 0 0.68 0.43 0.49 0.40 0.30 0.34 2 0 1 3 0.37 0.54 0.62 0.19 0.33 0.41 0 1 4 4 1.01 1.05 0.87 0.88 0.91 0.77 5 11 8 5 0.38 0.45 0.65 0.15 0.14 0.31 0 1 1 Legend 6 Better than average (<10% of industry average) Average (within 10% of industry average) Below average (>10% of industry average) 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. 2 In 2022, there was one fatality at the Taylor mine in Ontario, where we have a royalty interest. 3 In 2023, there was one fatality at Newmont's Brucejack mine in British Columbia, where we have a royalty interest. Due to data availability and comparability, TRIFR and LTIFR data for 2022 and 2023 does not include the former Newcrest Mining Limited assets acquired by Newmont in November 2023. 4 In 2023, there was one fatality at Sibanye - Stillwater’s Stillwater mine in Montana, where we have a royalty interest. Certain fatalities occurred at Sibanye - Stillwater’s Western Limb PGM operations prior to Franco - Nevada’s acquisition of its stream interest in December 2024. 5 TRIFR and LTIFR are reported for Teck-controlled assets only and exclude data associated with Teck’s previously owned steelmaking coal operations, which were sold in 2024. In 2024, there was one fatality at the Antamina mine (a joint venture between Teck, BHP, Glencore and Mitsubishi), where we have a stream on Teck’s 22.5% interest. 6 Source: GlobalData, Safety Trends in Mining, 2025, based on publicly disclosed health and safety data reported by leading mining companies. Five - year industry averages (2020–2024): TRIFR: approximately 0.60 per 200,000 hours worked (derived from a five - year average of 3.00 per one million hours, based on data from 41 companies). LTIFR: approximately 0.34 per 200,000 hours worked (derived from a five - year average of 1.70 per one million hours, based on data from 42 companies). Number of fatalities average (rounded): 3.5 per company (five - year average across 54 companies). Health and safety risks are inherent in many businesses, and are particularly relevant in mining operations. The effective identification, assessment and management of these risks is critical to protecting employees and contractors, and to supporting the safe, reliable and uninterrupted operation of mining projects. Franco - Nevada places significant emphasis on the health and safety track records of the operators and operations in which we consider deploying capital (for further information, see Due Diligence Process ). As part of our acquisition evaluation and, where applicable, on an ongoing basis thereafter, we monitor the following widely adopted health and 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. Health and Safety 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. Health and safety performance is benchmarked using publicly available mining industry safety data published by GlobalData, which provides globally comparable metrics for TRIFR, LTIFR, and fatalities across a broad cross - section of leading mining companies. Industry benchmarks are based on GlobalData’s consolidated five - year average analysis over the 2020–2024 period, with TRIFR data available for up to 41 companies, LTIFR data for up to 42 companies, and fatalities data for up to 54 companies, depending on metric availability and reporting year. While GlobalData standardizes and aggregates these metrics to support comparability, coverage varies by metric and reporting practices differ among operators; accordingly, TRIFR and LTIFR benchmarks are presented to provide industry context rather than precise like - for - like comparisons at the asset level. We also acknowledge that these metrics have inherent limitations and may vary based on factors such as operational jurisdiction, mining method, workforce capability, and the standards and methodologies used by operators to define and record injuries (including lost time and restricted work cases). Notwithstanding these limitations, the metrics remain useful in providing a high - level snapshot of the safety performance and relative risk profiles of our Top Mining Producers, particularly when considered alongside qualitative context and multi - year trends, even where comprehensive industry benchmarks are not publicly available. Franco-Nevada Corporation 9

Top Mining Assets: Tailings Structure Characteristics and Management 1, 2, 3 Asset Number and type of active tailings dams Classification system adopted Tailings management Detour Lake (Canada - Ontario) 1 - Downstream Canadian Dam Association Agnico Eagle has appointed an Accountable Executive for all TSFs who reports annually to the Board on compliance with regulatory and industry standards, resourcing, and risk. Engineers of Record (EoR) and Responsible Persons are designated for the facility, and Independent Tailings Review Boards (ITRBs) have been established at material sites, consistent with CDA guidance and GISTM alignment. Hemlo (Canada - Ontario) 9 - Centreline / Modified Centreline Raises GISTM TSFs were governed under Barrick’s Group Tailings Management Standard aligned with GISTM, including designated EoRs and independent third party review. Guadalupe- Palmarejo (Mexico) 1 - Downstream Canadian Dam Association Coeur’s Responsible Tailings Management Policy requires each TSF to have a formally designated EoR, Responsible Tailings Facility Engineer, and independent review function (either ITRB or Senior Independent Technical Reviewer), with escalation to corporate leadership and Board oversight where performance or risk thresholds warrant. Tocantinzinho (Brazil) 1 - Downstream GISTM Tocantinzinho was designed and permitted with GISTM principles embedded from development, including conservative downstream construction, clear accountability, EoR designation, and third - party technical review. As a new operation, governance structures are being formalized as part of G Mining Ventures’ transition from developer to operator. Antapaccay (Peru) 1 - Downstream GISTM For “Very High” and “Extreme” consequence TSFs, Glencore requires ITRB oversight. Antapaccay’s TSF is subject to regular third - party assurance by internationally recognized dam engineering firms, typically on a rolling 12–18 - month cycle, with results reported through Glencore’s central tailings governance structure. Côté Gold (Canada - Ontario) 1 - Centreline Canadian Dam Association As a newly operating asset, Côté Gold is governed under IAMGOLD’s corporate Tailings Management Framework aligned with CDA requirements and progressing toward full GISTM conformance. The facility has an EoR, defined operating accountabilities, OMS and EPRP documentation, and independent technical review commensurate with risk profile. Candelaria (Chile) 1 - Downstream GISTM Candelaria’s tailings storage facilities are regulated under Chilean law, including SERNAGEOMIN DS 248/2007 and DGA Decreto 50 (2015). Lundin Mining has undertaken independent third - party gap assessments against GISTM, and the active tailings facilities at Candelaria are reported to be in conformance with GISTM. Oversight is supported through Lundin Mining’s corporate Tailings Management Standard and ITRBs established across the portfolio. Subika (Ghana) 1 - Downstream / Modified Centreline Canadian Dam Association Newmont applies a multi - criteria alternatives analysis for TSF siting, design, and construction methods, supported by internal expertise and external consultants. Governance includes EoR designation and review through an ITRB or Senior Independent Technical Reviewer, consistent with Newmont’s enterprise tailings standard aligned with GISTM. Western Limb PGM Complex (South Africa) 12 - Upstream GISTM; South Africa SAN 10286 Sibanye - Stillwater has committed to GISTM conformance across its TSFs. The Western Limb TSFs are governed under South African regulatory standards, supported by centralized group oversight, defined accountability, EoR appointments, and independent review proportionate to consequence classification. Antamina (Peru) 1 - Downstream / Centreline Hybrid Canadian Dam Association Comprehensive tailings management at Antamina is aligned with GISTM. Teck’s TSFs are governed by site - specific Tailings Management Systems meeting or exceeding industry standards, with EoRs, OMS manuals, and Emergency Preparedness and Response Plans. An ITRB is in place at Antamina, and Teck contributes senior experts to Antamina’s Tailings Technical Committee as part of joint - venture governance. 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. Tailings Management Following several major tailings dam failures over the past decade, tailings storage facilities (“TSFs”) have been subject to heightened regulatory scrutiny and increased stakeholder expectations. In 2019, an investor - led initiative coordinated by the Church of England Pensions Board and the Council on Ethics of the Swedish National Pension Funds called on mining companies to enhance transparency regarding TSFs, identifying the absence of a globally consistent standard as a contributing factor to past failures. In response, the Global Industry Standard on Tailings Management (“GISTM”) was launched in August 2020 with the objective of achieving zero harm to people and the environment. The GISTM establishes comprehensive requirements for the governance, design, construction, operation, monitoring, closure and post - closure management of TSFs across their full lifecycle. Substantially all of our Top Mining Producers have committed to implementing the GISTM or an equivalent international framework, such as the Towards Sustainable Mining (“TSM”) program. Consistent with industry expectations, summary information on the TSFs associated with our Top Mining Assets is publicly disclosed by operators through the Global Tailings Portal (tailing.grida.no). Responsible tailings management requires rigorous oversight throughout the life of a facility, from initial design and construction through closure and post - closure care. As part of our capital allocation and due diligence processes, we review the planned and existing waste management and tailings arrangements for each project. Where appropriate, our royalty and streaming agreements include contractual commitments requiring operators to implement the GISTM or another equivalent international standard and to provide ongoing reporting regarding adherence to such standards. On this page, we summarize selected characteristics of the TSFs associated with our Top Mining Assets, together with an overview of each operator’s approach to tailings governance and oversight. Franco-Nevada Corporation 10

Communities and Indigenous Peoples Franco-Nevada assesses the proximity to, and potential impacts of, projects on local communities and Indigenous Peoples as part of its investment due diligence and ongoing asset management processes. Given Franco-Nevada’s royalty and streaming business model, relationships with communities and Indigenous Peoples are managed by third-party operators. Accordingly, our assessment focuses on operator-level governance frameworks, formal agreements, and selected measures implemented to support social license, community engagement, and region-specific social considerations across our portfolio. Franco-Nevada’s Top Mining Producers operate across diverse jurisdictions and social contexts. As part of our assessment of social license, we review whether operators have entered into formal agreements or structured arrangements with Indigenous or local communities, particularly in jurisdictions where Indigenous rights are constitutionally protected or formally recognized, as well as the community engagement, consultation, and local development frameworks implemented at other assets. These approaches may include formal agreements (such as impact benefit, participation or collaboration agreements) or structured engagement mechanisms tailored to local legal, social, and cultural contexts, including ongoing consultation, community investment initiatives, local employment and procurement programs, and established grievance mechanisms. Teepee at Wyloo's Esker Site in the Ring of Fire region Operator Spotlight Indigenous Engagement and Workforce Accountability at Canadian Malartic Agnico Eagle’s approach at the Canadian Malartic Complex provides a useful illustration of how formal agreements with Indigenous Peoples are integrated into operational practices and workforce-level governance, supporting ongoing dialogue, partnership, and accountability. At the Canadian Malartic Complex, Agnico Eagle introduced a mandatory training program for all employees and contractors focused on a collaboration agreement signed in 2020 with four Anicinapek First Nations in Abitibi Témiscamingue, Québec. As of March 1, 2026, 1,254 individuals had completed the training, reinforcing awareness of the agreement and supporting dialogue, partnership, and respect for Indigenous rights. Agnico Eagle’s Inclusive Workplace Policy further includes an explicit commitment to active participation in reconciliation with Indigenous Peoples, demonstrating how formal agreements are supported through workforce- level governance and accountability. Common social license themes across our Top Mining Producers: 9 Formal agreements or structured engagement frameworks with Indigenous or local communities, where applicable 9 Ongoing consultation and dialogue mechanisms to address operational and social impacts 9 Local employment, training, and supplier development initiatives to support regional economic participation 9 Community investment and development programs focused on education, health, infrastructure and water access 9 Grievance mechanisms and escalation processes designed to support transparent issue resolution Franco-Nevada Corporation 11

Top Mining Producers: Community and Indigenous Engagement Practices 1 Asset Formal Agreements and Structured Arrangements Key Elements of Community and Indigenous Engagement Nearby Indigenous Peoples and Host Communities Consultation and Accommodation Indigenous or Local Employment and Training Local or Indigenous Procurement or Business Participation Community Investment or Development Programs Environmental Monitoring or Information Sharing Grievance and Dialogue Mechanisms Long - Term Governance or Relationship Structures Detour Lake (Canada - Ontario) Impact Benefit Agreements (IBAs) and related collaboration and participation agreements with nearby First Nations.      • Moose Cree First Nation (Lower Moose River region, James Bay Treaty 9 area) • Taykwa Tagamou Nation (Ojibway - Cree First Nation, Treaty 9 territory) • Other Cree and Anishinaabe communities of the James Bay / Northern Ontario region, engaged through regional and project - specific consultation and collaboration processes Hemlo (Canada - Ontario) Formal engagement and agreement frameworks in place during Barrick’s operatorship, consistent with its Canadian operating standards.     • Biigtigong Nishnaabeg (also known as Pic River First Nation) • Netmizaaggamig Nishnaabeg (commonly known as Pic Mobert First Nation) • Local host communities near Marathon, Ontario, within the mine’s regional area of influence Guadalupe- Palmarejo (Mexico) Land access and social agreements with ejidos and communal landholders, supported by Social Impact Assessment (EVIS) commitments under Mexican mining and social legislation, including consultation and community-level mitigation and follow up requirements.   • Rural host communities surrounding the Palmarejo complex, including the communities of Santa Clara and San José • Ejidos and communal landholders within the broader municipality and mine area of influence Tocantinzinho (Brazil) Community development and social compensation arrangements associated with environmental licensing (EIA/RIMA).    • Local host communities near Itaituba and the Tapajós region • Traditional river - based (ribeirinho) communities within the broader regional area of influence Antapaccay (Peru) Community Framework Agreements (Convenios Marco) and related social accords with communities in Espinar Province.  2    • Communities in Espinar Province, Cusco Region, including Quechua - speaking Indigenous communities and other local host communities within the area of influence Côté Gold (Canada - Ontario) Impact Benefit Agreements (IBAs) and related formal agreements with Mattagami First Nation and Flying Post First Nation.       • Mattagami First Nation (Treaty 9) • Flying Post First Nation (Treaty 9) • Local host communities near Gogama, Ontario, within the project’s regional area of influence Candelaria (Chile) Voluntary community development agreements and cooperation arrangements with local and Indigenous communities.  2     • Local host communities in the Atacama Region • Indigenous Diaguita communities in the broader regional context, where applicable Subika (Ghana) Statutory Community Development Agreement (CDA) required under Ghana’s Minerals and Mining Act.       • Host communities within the Ahafo area, including settlements surrounding the Subika open pit and underground operations • Traditional authorities and local customary stakeholders, consistent with the Ghanaian context Western Limb PGM Complex (South Africa) Social and Labour Plans (SLPs) approved under the Mineral and Petroleum Resources Development Act (MPRDA).   • Host communities identified under approved Social and Labour Plans, primarily in the North West and Limpopo provinces, including communities in proximity to Rustenburg and related operations Antamina (Peru) Operator - led Community Agreements (Convenios) with local and Indigenous communities.  2    • Communities in the Ancash Region, including Quechua - speaking communities in Huari Province and surrounding districts, within the operation’s area of influence 1 All information pertaining to operators’ community and Indigenous engagement practices on this page has been sourced from the operators’ public websites and other publicly available disclosure and documents. Franco-Nevada has not independently verified any information presented herein. 2 In certain jurisdictions, including Peru and Chile, statutory Indigenous consultation requirements are administered by the state pursuant to ILO Convention 169. These consultation processes operate separately from, and alongside, company-led community agreements described in this table. 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 Resources 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 Although the WRI Aqueduct tool categorizes overall water risk for this location as Low-Medium, the surrounding regions are listed as High or Extremely High and the operator has publicly identified the operation as being situated in a region of high water stress affected by recurring drought conditions. 5 Water consumption sourced from Sibanye-Stillwater Integrated Report for the year ended 31 December 2024. 6 Source: MineSpans global mining average water consumption intensities for 2024 of 40.0 m 3 /GEO produced for copper assets and 20.4 m 3 /GEO produced for gold assets and the International Platinum Group Metals Association water consumption estimates for 2022 of 17.0 m 3 /GEO for PGM assets. Sustainable water management is a critical consideration in the mining industry. As part of our due diligence for new royalty and stream opportunities, Franco - Nevada assesses water - related issues and risks across the full mining lifecycle, including: § Water management required to access ore through dewatering; § Water use in ore processing and recovery from mine tailings; § Provision of potable water and sanitation for employees and local communities; § Discharge of water to the environment; § Interaction with marine water resources at port facilities; and § Use and desalination of marine water. Using the World Resources Institute’s (WRI) Aqueduct tool, we assess the overall water risk in the regions where each of our Top Mining Assets is located, taking into account physical water availability, water quality, regulatory and reputational risks. Water intensity is one indicator used to monitor trends in water - use efficiency at mining operations, particularly in regions experiencing water scarcity or competing demands for water resources. In the mining sector, water intensity is commonly expressed as the volume of water used per GEO produced. On this page, we present the 2024 water intensity data for each of our Top Mining Assets, measured in cubic metres (m³) of water used per GEO produced. These results have been benchmarked against the MineSpans global mining industry average for 2024 and are categorized, for simplicity, as average, better than average, or below average. Water Management and Risk Top Mining Assets: Overall Water Risk and Water Intensity 1, 2 Asset Overall Water Risk 3 Water consumption intensity (m 3 /GEO produced) Detour Lake (Canada - Ontario) Low 31.3 Hemlo (Canada - Ontario) Low 8.4 Guadalupe-Palmarejo (Mexico) Low-Medium 4 12.5 Tocantinzinho (Brazil) Low-Medium 32.1 Antapaccay (Peru) Low-Medium 46.7 Côté Gold (Canada - Ontario) Low 13.3 Candelaria (Chile) High 22.7 Subika (Ghana) Medium-High 18.3 Western Limb PGM Complex (South Africa) Extremely High 40.2 5 Antamina (Peru) Low-Medium 17.4 Legend 6 Better than average (<10% of industry average) Average (within 10% of industry average) Below average (>10% of industry average) Operator Spotlight Water Stewardship in Practice at Guadalupe - Palmarejo Guadalupe-Palmarejo operates in a high water - stress region affected by recurring drought conditions. In response, the operator has implemented community - focused water stewardship initiatives aimed at supporting local water availability and mitigating drought impacts. In recent years, including in 2024, these efforts have included rehabilitating on - site reservoirs to improve water retention, installing water piping to support local agricultural and livestock needs, and implementing road irrigation measures to reduce dust and improve air quality for nearby communities. In prior years, we have also partnered with the operator to support selected water stewardship and community water - access initiatives aligned with local priorities. Franco-Nevada Corporation 13

1 Figures in this table are estimated Scope 1 and Scope 2 GHG emissions intensities of our Top Mining Assets. Unless otherwise noted, the underlying emissions data has been provided by MineSpans (outside-in modeled data - all rights reserved). 2 GHG emissions 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, platinum, 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 GHG emissions intensity averages apply to primary production from mining. Such averages exclude mid-stream processing. Sources: MineSpans global mining industry GHG emissions intensities for 2024 for Cu (2.98 tCO 2 /t Cu), Au (0.80 tCO 2 /oz Au) and 3E PGMs (1.01 tCO 2 /oz 3E PGMs (including smelting)). 6 Given the balanced gold and silver production at Guadalupe-Palmarejo, we have converted silver to GEOs, which are included with gold ounces in both emissions intensity calculations. Legend Better than average (<10% of industry average) Average (within 10% of industry average) Below average (>10% of industry average) We monitor the carbon footprints and climate - related commitments, targets and initiatives of the operators and operations in which we consider deploying capital, as part of our due diligence and investment evaluation processes (see Due Diligence Process ). For certain interests, we also continue to track these attributes following acquisition to support ongoing asset monitoring and engagement. On this page, we present the 2024 greenhouse gas (“GHG”) emissions intensity of each of our Top Mining Assets. Emissions intensity is measured as tonnes of Scope 1 and Scope 2 CO 2 e emissions per unit of production attributable to each asset. To facilitate comparability across assets producing different commodities, emissions intensities have been calculated on a gold equivalent ounce (“GEO”) basis. In addition, emissions intensities have also been calculated using the unit of primary economic metal produced by each Top Mining Asset. The resulting emissions intensity metrics have been benchmarked against 2024 mining industry average emissions intensities for the relevant commodities, with each asset categorized as performing better than average, average, or below average relative to the applicable industry benchmark. While comparisons of emissions intensity against industry averages can provide helpful context, the carbon intensity and decarbonization pathways of mining operations are influenced by a range of asset - specific and jurisdictional factors. These include, among others, ore grade, depth and geometry of deposits, energy sources, access to infrastructure, regulatory environments, and mining methods employed. Our Top Mining Assets operate across multiple jurisdictions and utilize a variety of mining and processing techniques, which can materially affect both absolute emissions and emissions intensity profiles. On the following page, we highlight the decarbonization commitments, targets and initiatives disclosed by our Top Mining Producers, providing additional context on how operators are addressing climate - related risks and advancing their respective energy transition strategies. Carbon Footprint Top Mining Assets: Scope 1 and 2 GHG Emissions Intensity 1, 2 Asset GHG emissions intensity (tCO 2 e/GEO produced) 3 GHG emissions intensity (tCO 2 e/unit of primary metal produced) 4 Industry average GHG emissions intensity (tCO 2 e/unit of primary metal produced) 5 Detour Lake (Canada - Ontario) 0.50 0.49 0.80 tCO 2 /oz Au Hemlo (Canada - Ontario) 0.18 0.18 0.80 tCO 2 /oz Au Guadalupe-Palmarejo (Mexico) 6 0.41 0.41 0.80 tCO 2 /oz Au Tocantinzinho (Brazil) 0.14 0.14 0.80 tCO 2 /oz Au Antapaccay (Peru) 0.67 2.68 2.98 tCO 2 /t Cu Côté Gold (Canada - Ontario) 0.53 0.53 0.80 tCO 2 /oz Au Candelaria (Chile) 0.67 2.92 2.98 tCO 2 /t Cu Subika (Ghana) 0.04 0.04 0.80 tCO 2 /oz Au Western Limb PGM Complex (South Africa) 3.02 1.67 1.01 tCO 2 /oz 3E PGMs Antamina (Peru) 0.36 1.79 2.98 tCO 2 /t Cu Franco-Nevada Corporation 14

Mining operators contributing to more than 90% of our 2025 mining revenues have, based on their publicly available disclosures, established climate - related commitments, targets, or initiatives to reduce GHG, including through increased reliance on renewable energy, and/or have articulated net - zero ambitions by 2050 or sooner. Our Top Mining Producers have adopted a range of climate - related commitments, targets, and initiatives, as highlighted on this page. We continue to seek opportunities to deploy capital with best - in - class operators and, as a capital provider, to potentially support their efforts to transition toward lower - carbon operations over time. Top Mining Producers: Decarbonization Commitments, Targets and Initiatives 1 Emissions Reduction Targets Net-Zero Commitments Highlighted Initiatives / Achievements Reduce Scope 1 and 2 emissions by 30% by 2030, from a 2021 baseline. Achieve net-zero Scope 1 and 2 emissions by 2050. At Detour Lake, Agnico Eagle is advancing technology transition and energy efficiency initiatives as part of this strategy. These include readiness activities for a planned trolley assist system to support electrified haulage, the continued deployment of battery electric vehicles, and the use of digital and operational efficiency tools to reduce diesel consumption. Combined with access to Ontario’s low carbon electricity grid, these initiatives are intended to support decarbonization of mining operations while maintaining operational performance. Reduce absolute Scope 1 and 2 emissions by 30% by 2030, from a 2018 baseline. Achieve net-zero Scope 1 and 2 emissions by 2050. At Hemlo, Barrick advanced site level energy efficiency initiatives, including optimization of underground ventilation systems, mobile equipment efficiency upgrades, and emissions control technologies. These efforts formed part of Barrick’s broader decarbonization roadmap, which emphasizes fuel switching, electrification readiness, and integration of lower carbon grid electricity where available. Reduce net emissions intensity by 35% by 2024, from a 2018–2019 baseline (Achieved). 2 N/A At Guadalupe-Palmarejo, the operation is included in Coeur’s broader climate management framework, which has involved the completion of climate diagnostics and scenario analysis workshops, an initial assessment of Scope 3 GHG emissions, and the development of enhanced emissions tracking and modeling tools. These initiatives are intended to improve data quality and support future supplier engagement as Coeur continues to advance its approach to climate risk management and value chain emissions understanding. N/A Achieve net-zero emissions by 2050 (Corporate ambition). Tocantinzinho was designed with energy efficiency and emissions management considerations embedded from the development stage, including optimized plant layout, equipment selection and lifecycle planning. A key decarbonization measure is the project’s binding power purchase agreement for 100% certified renewable hydroelectric power, which is intended to supply more than the site’s total electricity requirements. Reduce Scope 1, 2 and 3 emissions by 15% by 2026, 25% by 2030 and 50% by 2035, from a 2019 baseline. Achieve net-zero Scope 1, 2 and 3 emissions by 2050. Between 2019 and 2023, Glencore achieved material emissions reductions through portfolio actions and operational improvements and reports that it remains on track to meet its interim targets. At Antapaccay, decarbonization initiatives include energy efficiency measures and the integration of renewable electricity through a long-term supply agreement for 100% renewable power, supporting reduced emissions intensity and alignment with Glencore’s broader climate transition strategy. 3 N/A N/A Côté Gold was designed and developed as a next-generation, lower-emissions intensity gold operation. The mine incorporates autonomous haulage and drilling, energy efficient processing circuits, and optimized mine planning intended to improve operating efficiency and reduce fuel consumption relative to conventional open pit designs. Since achieving commercial production in 2024, Côté Gold has been integrated into IAMGOLD’s company-wide climate and energy management framework. Recent initiatives include the electrification of auxiliary equipment and supporting infrastructure to reduce diesel reliance and associated GHG emissions as operations ramp up. Reduce Scope 1 and 2 emissions by 35% by 2030, from a 2019 baseline. N/A At Candelaria, a long-term power supply arrangement provides 100% renewable electricity, sourced primarily from wind and solar generation. These measures materially reduce Scope 2 emissions at Candelaria and align the operation with Lundin Mining’s broader emissions reduction and energy transition strategy. Reduce absolute Scope 1 and 2 GHG emissions and intensity by 32% by 2030 from a 2018 baseline; reduce absolute Scope 3 emissions by 30% from a 2019 baseline. Achieve net-zero emissions by 2050. At the Ahafo Complex, including the Subika underground operation, decarbonization initiatives include energy efficiency measures, equipment optimization and circular economy practices. Ahafo South has been recognized nationally in Ghana as a Best Green Mine for initiatives such as tire retreading and materials efficiency programs, supporting emissions reduction and alignment with Newmont’s broader climate transition strategy. A portfolio - wide GHG re - baselining exercise was also completed in 2025 to account for divestments and integration of new assets. Reduce Scope 1 and 2 emissions by 30% by 2030, from a 2017 baseline. Achieve net-zero emissions by 2040. The Western Limb PGM Complex forms part of Sibanye-Stillwater’s South African decarbonisation pathway, which combines energy efficiency and demand-side management initiatives with large-scale renewable energy procurement. In 2025, the 89 MW Castle wind farm achieved commercial operation, supplying renewable electricity to the company’s South African operations under a long-term power purchase agreement. Sibanye-Stillwater subsequently entered into a flexible 220 MW renewable power purchase agreement with Etana Energy, increasing total renewable capacity under development to approximately 627 MW and delivering on its 600 MW renewable energy target. Together, these initiatives are expected to materially reduce Scope 2 emissions and support the company’s 2040 carbon-neutral objective. 4 Reduce carbon intensity by 33% by 2030, from a 2020 baseline. Achieve net-zero Scope 2 emissions by 2025; net-zero Scope 3 emissions by 2050; net-zero overall by 2050. Antamina is included in Teck’s company-wide decarbonization framework, which emphasizes energy efficiency improvements, increased use of lower-carbon electricity, and the evaluation of emissions reduction technologies across operations. In parallel, Teck is addressing value chain emissions through its participation as a founding member of the North Pacific Green Corridor, an industry-led initiative to decarbonize bulk commodity transport between the Canadian Pacific coast and the Indo Pacific region, with an interim objective to support a 40% reduction in shipping emissions intensity by 2030 for shipping contracted by Teck. 1 Information regarding operators’ decarbonization commitments, targets, and initiatives presented on this page is derived from publicly available sustainability related disclosures made by the relevant operators, including information published on their websites and in other public reports and filings. Such disclosures relate to the operators’ identification and management of climate-related risks and opportunities, including emissions reduction strategies and transition objectives. Franco-Nevada has not independently verified the accuracy or completeness of this information. 2 Following recent portfolio growth, Coeur has indicated that it plans to undertake a refreshed emissions goal - setting process in 2026 using a revised baseline that reflects its expanded asset base. 3 IAMGOLD currently has no absolute emissions reduction targets or formal net-zero commitment, having withdrawn its prior 2030 Scope 1 and 2 target in 2024. The company is developing site-specific energy and emissions strategies integrated into life-of-mine planning. 4 Antamina is a non-controlled joint venture and is not included in Teck’s operational emissions reduction targets or net-zero commitments. Franco-Nevada Corporation 15

1 The World Benchmarking Alliance is a United Nations - supported organization launched in 2018 to measure and benchmark the contribution of companies to a sustainable future. The Planet measurement area (formerly Ecosystems and Biodiversity) assesses how companies understand, manage and reduce their impacts and dependencies across the Earth’s natural systems, including biodiversity, atmosphere, freshwater and materials. It evaluates corporate policies, targets, disclosures and actions related to environmental stewardship and the mitigation of pressures on nature, supporting the transition toward a nature - positive economy. 2 Lundin Mining was ranked 20 out of 102 global metals and mining companies, and 127 out of 816 global companies across all industries, under the World Benchmarking Alliance’s prior - year Ecosystems and Biodiversity assessment. Rankings are cycle - based and are not carried forward to subsequent assessment periods. Biodiversity Top Mining Producers Ranked World Benchmarking Alliance: Nature Benchmark, Planet ranking 1 Out of 90 global metals and mining companies Out of 750 global companies from all industries NR NR 31 162 NR NR NR NR 9 52 NR NR 2 20 127 8 40 9 52 5 31 Operators’ and operational impacts on biodiversity are an important consideration in Franco - Nevada’s capital allocation decisions (see Due Diligence Process for further information). Assessing the ecological profile of a mining or energy company or project can be complex, as environmental conditions vary significantly by location, and operators’ biodiversity - related plans and actions are often difficult to assess using standardized or universally comparable metrics. Franco - Nevada reviews potential impacts on biodiversity and ecosystems across the full lifecycle of a project. This review may include preliminary strategic assessments of biodiversity impacts associated with project development, life - of - project “no - net - loss” commitments to address unavoidable impacts through regional or landscape - level conservation initiatives, and plans for site rehabilitation and reclamation following project closure. We track key environmental impacts at certain of our existing assets and seek to engage with operators to support biodiversity - related initiatives at projects in which we hold royalty and stream interests. On this page, we present the World Benchmarking Alliance’s Nature Benchmark, Planet rankings for our Top Mining Producers for 2025. On the following page, we highlight selected biodiversity - related performance indicators, commitments and initiatives reported by our Top Mining Producers, including a more detailed review of two of our Top Mining Assets, Detour Lake and Antapaccay. The information presented is sourced from the most recent publicly available sustainability reporting of Agnico Eagle and Glencore, respectively. Our Top Mining Producers: 90 % § Have formalized commitments not to explore or mine in UNESCO World Heritage Sites, typically through ICMM, WGC or equivalent corporate policies § Are members of the WGC and/or ICMM, and/or Copper Mark participants, each of which incorporates biodiversity - related principles, site - level risk assessment and mitigation expectations 60 % § Have stated commitments to achieving “no - net - loss” or a net neutral / net positive impact on biodiversity at operations, usually supported by application of the mitigation hierarchy Franco-Nevada Corporation 16

Woodland caribou in northeastern Ontario Reforestation activities near Antapaccay in Peru Implementation of Biodiversity Management Plan at Detour Lake Agnico Eagle’s Detour Lake Mine finalized its Biodiversity Management Plan in 2025, which integrates biodiversity considerations into mine design, day - to - day operations and closure planning. The plan is grounded in the application of the mitigation hierarchy, with a focus on avoiding and minimizing impacts where practicable, implementing progressive reclamation of disturbed areas, and addressing residual impacts to support healthy, self - sustaining ecosystems over the long term. A key priority of the plan is the protection and restoration of woodland caribou habitat. Measures are aimed at improving habitat quality, reducing fragmentation and maintaining landscape connectivity, and include wildlife crossings, restrictions on disturbance near sensitive habitats, restoration of previously disturbed areas, and long - term monitoring programs. Monitoring activities, including aerial surveys and satellite telemetry, are used to inform adaptive management approaches over time. Fish habitat compensation initiatives have also been implemented, including the construction and enhancement of ponds and creeks, supported by ongoing aquatic monitoring. Additional biodiversity management measures include nesting bird surveys conducted in advance of vegetation clearing, seasonal protective buffers during breeding periods, and invasive species prevention practices that prioritize the use of native plant species and equipment cleaning protocols. Progressive reclamation is actively underway across the site, with locally sourced native vegetation used to restore pre - mine ecosystem types and establish high - quality wildlife habitat, including forested areas suitable for caribou. These efforts are supported by research partnerships with academic institutions aimed at improving reclamation techniques and ecological outcomes. Collectively, these initiatives are intended to mitigate biodiversity impacts during operations and support diverse, resilient ecosystems following mine closure. Reforestation Activities Near Glencore’s Antapaccay Operation in Peru Antapaccay is located in a high - altitude Andean environment where biodiversity, water availability and temperature extremes present distinct environmental challenges. Biodiversity management at Antapaccay is integrated into environmental governance, risk management and closure planning, supported by baseline ecological studies, ongoing monitoring and progressive rehabilitation. In 2021, Antapaccay initiated a high - Andean forestation project in the Espinar region, focused on the restoration of native tree species adapted to elevations above 4,000 metres above sea level and temperatures below –10°C. Species such as Qolle and Queñua were selected for their ability to support water and temperature regulation and to provide habitat for local flora and fauna. The project uses infiltration ditches to harvest water, supplemented by treated water from the mine for irrigation, optimizing available water resources in a water - constrained environment. The initiative aims to reforest approximately 725 hectares by 2030, using an estimated 760,000 seedlings. As of 2024, approximately 130 hectares have been afforested, with a reported seedling survival rate exceeding 90%. Ongoing monitoring focuses on water availability, seedling health and frost resistance to support adaptive management over time. The reforestation program is implemented in partnership with local communities, including through community - run forest nurseries and the provision of planting, irrigation and fertilisation services. In December 2024, the project was recognised by the Peruvian National Mining, Petroleum, and Energy Society, receiving an award for biodiversity conservation. The Taskforce on Nature - related Financial Disclosures (“TNFD”) framework provides guidance for identifying and disclosing nature - related risks, opportunities and impacts, aligned with global sustainability reporting standards and international biodiversity goals. Although these considerations are not directly applicable to Franco - Nevada’s corporate operations, we monitor TNFD developments to better understand biodiversity - related risks and opportunities associated with our royalty and stream interests, particularly for assets located in or near sensitive ecosystems. Three of our Top Mining Producers, Teck, Newmont and Sibanye - Stillwater, are early adopters of the TNFD and have committed to making disclosures aligned with the TNFD recommendations within their corporate reporting. Teck published its first integrated Climate Change and Nature Report aligned with the TNFD and TCFD recommendations in 2024, while Newmont and Sibanye - Stillwater have publicly committed to TNFD - aligned reporting beginning in the 2024 and 2026 financial years, respectively. An additional two of our Top Mining Producers, Barrick and Glencore, have disclosed that they are members of the TNFD Forum, a global multi - disciplinary consultative group aligned with the TNFD’s mission and principles, and have taken steps to assess and enhance their approaches to identifying and managing nature - related risks and impacts in line with evolving best practices reflected in the TNFD framework. Franco-Nevada Corporation 17

Supply Chain Significant Providers 1 of Office Supplies in 2025 Sustainability-Related Initiatives, Plans, Targets & Commitments 2 § Certified B Corp™ since December 2023. § Commitment to sustainability through eco - friendly products, waste - reduction and zero - waste services, carbon - neutral deliveries supported by emissions offsets, a plastic recycling offset program with Plastic Bank, and a one - tree - per - order initiative that had resulted in over 200,000 trees planted as of December 2024, with continued reforestation efforts verified through its partnership with veritree. § Wastepaper packaging and recycling initiatives, and electronic product stewardship programs designed to support the collection, recycling and responsible end - of - life management of electronics and batteries. § Commitment to environmental conservation through initiatives such as the Clean Earth Campaign and its group - wide Environmental Charter, and has committed to achieving net - zero GHG emissions across its value chain by 2050, supported by science - based targets to reduce absolute Scope 1 and 2 emissions by 42% and Scope 3 emissions (categories 1 and 11) by 25% by 2030, from a 2022 baseline. § Focus on energy efficiency, responsible artificial intelligence practices, digital inclusion initiatives, and the cultivation of an inclusive and diverse workforce. § Commitment to becoming carbon negative by 2030, water positive by 2030, and zero waste by 2030, with a longer - term commitment to remove from the environment by 2050 all carbon emissions the company has emitted since its founding. Microsoft has also achieved matching 100% of its electricity consumption with renewable energy in 2025 and employs internal carbon pricing and climate innovation funding mechanisms to support emissions reductions across its operations and value chain. § Initiatives focused on reducing waste and packaging, protecting natural resources, and promoting a responsible and more diverse supply chain. § Commitment to achieving net - zero carbon emissions across its operations by 2040 under The Climate Pledge. Amazon has achieved its goal of matching 100% of the electricity consumed by its global operations with renewable energy ahead of its original 2030 target, and continues to invest in renewable energy, electrification of transportation and logistics, sustainable aviation fuel, and climate innovation through initiatives such as the Climate Pledge Fund. § Certified B Corp™ since April 2022. § SBTi - validated net - zero commitment, with approved near - term, FLAG and long - term targets across Scopes 1, 2 and 3, including a 75% reduction in Scope 3 FLAG emissions from green coffee by 2030 (2018 baseline) and a net - zero ambition by 2050, with acceleration to 2035 supported through regenerative agriculture and agroforestry under the AAA Sustainable Quality™ Program. 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 GHG emissions; § 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 36), 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. A failure by a Supplier to comply with our Supplier Code of Conduct may result in the termination of our relationship with that Supplier. To date, we have not identified any instances of non - compliance with the Supplier Code of Conduct through our assessment of Supplier performance under contractual arrangements, nor have we been made aware of any such non - compliance through third - party complaints. Accordingly, no corrective actions to address Supplier non - conformance were required during the reporting period or in prior reporting periods. This year marks our third 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 2025 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 2025 1 "Significant provider" means a supplier of goods providing 10% or more of our office supplies (based on overall costs). 2 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. Franco-Nevada Corporation 18

C O M M U N I T Y C O N T R I B U T I O N S Revegetation activities in Brazil

Community Support Revegetation and Social Projects in Brazil We supported G Mining Ventures’ contribution to 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 revegetation activities and the construction of a community multi - sport court, delivered through a public - private partnership with local authorities and community stakeholders to support community engagement and well-being. Medical Imaging Investment in Northern Ontario Alongside Alamos Gold, we co-funded a donation to the Sault Area Hospital Foundation to advance future investments in medical imaging equipment at Sault Area Hospital in Sault Ste. Marie, Ontario. The contribution is intended to support enhanced diagnostic capacity for patients across the Algoma District, helping to improve access to timely, high - quality imaging services for the region’s communities. We are committed to partnering with operators to support community and environmental initiatives in regions where we hold royalty and stream interests. These collaborations are intended to deliver meaningful benefits to local communities and the environment, while also contributing to the long - term social licence of mining activities and strengthening trust in the regions in which we invest. Recent initiatives have focused on education and skills development, local community infrastructure, environmental conservation and restoration projects, and community - led recycling and waste reduction programs. Selected community contributions funded by us in 2025 are described in further detail in this section. Educational Initiative in Peru 2025 represented our eighth consecutive year partnering with Compañía Minera Antamina S.A., the joint - venture company that operates the Antamina project in Peru, in support of Enseña Peru. Enseña Peru works to improve education outcomes at schools in regions historically supported by Compañía Minera Antamina S.A., with the goal that by 2032, eight out of ten Peruvian youth will receive a quality education. Enseña Peru’s primary focus is to complement the efforts of Peru’s Ministry of Education by recruiting and training volunteer teachers and professionals through a three - month leadership program, followed by placements in schools and communities across the region. In parallel, Enseña Peru supports the development of existing educators and strengthened collaboration through its Qué Maestro Program, contributing to longer - term improvements in teaching quality and educational capacity. Grand opening of sport court in Jardim do Ouro Announcement of contribution supporting Sault Area Hospital's medical imaging equipment in Northern Ontario Student participating in an Enseña Peru–supported Youth Academy vocational experience in Peru Franco-Nevada Corporation 20

Community Events Dome in Mexico We supported Coeur's contribution to the construction of a community events dome in the municipality of Palmarejo, Mexico. The dome is intended to provide a dedicated, covered space for school and community gatherings, supporting educational activities and broader community engagement in the surrounding area. Multi-year Anti-anemia and Chronic Malnutrition Program in Peru In 2025, we marked the second year of our multi - year partnership with Glencore to support its anti - anemia and chronic malnutrition program in Espinar Province, Peru. The program is intended to contribute to the reduction of anemia and malnutrition in vulnerable populations, including pregnant women and children. Community Recycling and Solid Waste Management Program in Ecuador In 2025, we partnered with SolGold on its multi - year community recycling and solid waste management initiative, implemented with the Municipality of Ibarra in the Lita and La Carolina parishes in Ecuador. The initiative is intended to strengthen local waste management capacity through investments in waste collection infrastructure, vehicles, materials recovery facilities, and environmental education, with the objective of improving waste handling practices, reducing environmental impacts, and supporting long - term municipal service delivery. Museum of Northern History in Kirkland Lake, Ontario We committed to a multi - year contribution in support of the Museum of Northern History, located within the historic Sir Harry Oakes Château in Kirkland Lake, Ontario. Our contribution forms part of a broader collaborative funding effort with industry partners to support the continued operation of the museum, which preserves and showcases the region’s mining heritage through a diverse collection of artifacts. Museum of Northern History in Kirkland Lake, Ontario Community - based nutrition education session in Espinar Province, Peru Community events dome in the municipality of Palmarejo, Mexico Waste collection vehicles and equipment supporting the community solid waste management program in the Lita and La Carolina parishes, Ecuador Franco-Nevada Corporation 21

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 WGC during the establishment of the RGMPs, which principles are being implemented by all WGC members. Paul Brink, President & CEO of Franco-Nevada Corporation, is currently a director of the WGC and serves as Chair of its Compensation Committee. Franco-Nevada Mining Industry Scholarships and BlackNorth Initiative We have several diversity and inclusion related contributions and initiatives, including our Franco-Nevada Mining Industry Scholarships for students enrolled in mining-related fields of study and our BlackNorth Initiative pledge commitments. These are described on page 31 of this Sustainability Report. The Denver Gold Group In 2025, 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 38-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 2025, Franco - Nevada supported the Canadian Mineral Industry Education Foundation ("CMIEF"), which has awarded scholarships to undergraduate students pursuing careers in the mining industry since 1964. Franco - Nevada also spearheaded CMIEF’s nomination to the WGC’s Heart of Gold community support programme, alongside industry partners that are longstanding contributors to the foundation. Launched in 2020, the Heart of Gold programme supports charities and non - profit organizations that deliver meaningful, long - term community benefits in regions important to the global gold market, with more than $9 million donated across 24 countries to date. The Northern Miner 2025 marked our first year of a multi - year partnership with The Northern Miner, aimed at increasing awareness of modern mining and related career pathways. The collaboration includes a program to better inform students about careers in mining and a centralized platform highlighting Canadian mining programs and scholarships. The objective is to improve access to information and understanding of the sector’s role in technological innovation, decarbonization and global resource supply. Canadian Institute of Mining, Metallurgy and Petroleum In 2025, 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. Prospectors & Developers Association of Canada 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 cooperation with Indigenous Peoples 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 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. Mining Industry Scholarship Franco-Nevada Corporation 22

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 Franco-Nevada AGM in Canada

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. Sustainability- related matters are overseen and managed at both 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 sustainability - related risks and opportunities. In 2025, the Board reorganized its committee structure by separating the former Compensation and ESG Committee into two distinct committees: the Compensation and Sustainability Committee (“CSC”) and the Nominating and Governance Committee (“NGC”). The CSC has oversight responsibility for sustainability-related matters, including the adoption of sustainability - related standards and initiatives, the reporting and monitoring of environmental, climate - related and social issues, and the setting of sustainability - related goals for executive compensation purposes, including climate - related goals and the evaluation of performance and progress against such goals. The CSC also oversees shareholder engagement on sustainability, environmental, climate - related and social matters. The NGC oversees Board composition, director nominations, Board renewal and diversity, and the review of related - party transactions. The Audit and Risk Committee (“ARC”) oversees enterprise risk management, including sustainability - related risks, climate risk, cybersecurity and artificial intelligence - related risks. Management’s Role The Board and its Committees oversee senior management, who are responsible for the day - to - day management of sustainability-related risks and opportunities. Our Chief Executive Officer provides leadership on sustainability matters, with executive responsibility held by our Chief Legal Officer. Sustainability - related risks and opportunities are overseen by the executive team, including the Chief Investment Officer, Chief Financial Officer and Chief Legal Officer, each having stewardship over their respective business units. Board and Management Engagement All of our executives regularly attend Board and Committee meetings to provide updates on royalty and stream acquisition opportunities, which include sustainability - related considerations. The company has refrained from allocating capital to certain investments where sustainability - related risks, including environmental, climate - related or social risks, were identified. Sustainability - related risks and opportunities, including climate - related matters, form part of the due diligence and approval process for new potential investments, which are typically brought to the Board for approval several times each year. Where applicable, the board of directors of any subsidiary involved in a transaction also participates in the review and approval process, consistent with local governance requirements. Corporate Governance The Board and its Committees meet with senior management at every regularly scheduled meeting throughout the year to review strategy, risks and exposures. While the ARC has delegated responsibility for oversight of risk, including climate - related risks, the full Board remains actively engaged on these matters. Management provides quarterly sustainability updates, including with respect to climate - related matters, and the Board, as well as the board of directors of any subsidiary that is party to a transaction, is advised of and considers material climate - related risks and opportunities when evaluating new investments. The Board is also involved in reviewing and evaluating the company's disclosure on climate - related risks and opportunities. Most recently, during regularly scheduled Board and Committee meetings held in March 2026, management met with the CSC to review Franco - Nevada’s sustainability strategy, including climate - related matters and diversity initiatives. * 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. 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 CSC evaluates management’s performance using both backward - and forward - looking criteria, including ESG due diligence processes, ESG rankings, and other sustainability - related considerations. As part of this evaluation, management’s performance is assessed based on the appropriateness of ESG due diligence conducted in connection with new investments, the management of material ESG issues arising subsequent to investment, progress against our 2030 corporate emissions reduction target, as well as the company’s ESG rankings. Business Development Team Chief Investment Officer Finance Team Chief Financial Officer Chief Executive Officer † Board of Directors* Legal Team Chief Legal Officer ◊ Compensation and Sustainability Committee* Nominating and Governance Committee* Audit and Risk Committee* Franco-Nevada Corporation 24

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 email 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 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 (EthicsPoint). To date, there have been no employee complaints under either policy. Integrity and Compliance Related Policies & Statements § Code of Business Conduct and Ethics § Business Integrity Policy § Policy Concerning Confidentiality, Fair Disclosure and Trading in Securities § Employee Complaint Procedures for Accounting and Auditing Matters § Whistleblower Policy 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. Franco-Nevada's Barbados team Franco-Nevada's United States team Franco-Nevada Corporation 25

We take pride in our culture of company ownership, with management and the Board holding over C$300 million of equity and having the lowest relative 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 of such executive officer’s then current base salary, depending on such executive officer’s level of responsibility (currently five times for our CEO and three times for our other executive officers). 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 in the form of our common shares and/or deferred share units (currently the minimum equity investment is C$135,000). Management and our directors are in full compliance with 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 judgment. This structure helps avoid potential conflicts of interest and enables the a board to act in the best interests of shareholders. Following David Harquail’s retirement, the Board has concluded that all directors will be independent other than Paul Brink, by virtue of his position as President & Chief Executive Officer. The roles of Chair and President & Chief Executive Officer are separated. Following the company's 2026 annual meeting, Tom Albanese, an independent director, will serve as Chair of the Board. As a result, the Board will no longer require a Lead Independent Director. Clawback Franco - Nevada has implemented compensation recovery mechanisms designed to promote accountability and align executive incentives with long - term shareholder interests. Under individual employment arrangements and clawback agreements, executives have agreed that incentive - based or equity - based compensation may be forfeited or reimbursed in circumstances involving fraudulent behaviour or other intentional, egregious misconduct, whether or not such misconduct results in a restatement of the company’s financial statements. In addition, effective November 8, 2023, Franco - Nevada also adopted a clawback policy compliant with Securities and Exchange Commission requirements. The policy requires the company, on a no - fault basis, to recover erroneously awarded incentive - based compensation from current or former executive officers in connection with certain accounting restatements, subject to limited exceptions permitted under applicable rules. This policy operates alongside, and is consistent with, Franco - Nevada’s existing contractual clawback arrangements. Shareholder Alignment – 0.2% 0.4% 0.6% 0.8% 1.0% 25' 24' 23' 22' 22' 21' 20' 19' 18' 17' 16' 15' 14' 13' 12' 11' 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 2025. 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 2025 • Investor and industry conferences • Shareholder meetings, including say-on-pay voting • Quarterly earnings conference calls • Investor days • Investor relations correspondence • Emails, calls and meetings • Communities and Indigenous Peoples (pages 6 and 11–12) • Diversity and inclusion (pages 29–32) • Biodiversity and nature (pages 16–17) • Sustainability-related performance of investments (pages 8–17) • Capital allocation strategy (including commodity and jurisdiction) (page 3) • Cybersecurity and artificial intelligence (page 27) • ESG considerations in executive compensation (page 24) • Transparency and ESG reporting frameworks (Appendices B through D) Franco-Nevada Corporation 26

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 § External Data Storage 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 (following our 2026 annual meeting, three of our Board members, or 33%, will have expert level knowledge of cybersecurity matters, with four others, or 44%, 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 off-site meetings. Board members also receive regular relevant materials from management. The ARC has general oversight over technology-related risks, which includes cybersecurity and artificial intelligence risk management, and oversees the Information Security Policy. Our Chief Financial Officer has been designated by the ARC 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 ARC 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 2025, we continued to deliver comprehensive IT security awareness training to all employees as part of our ongoing commitment to responsible data management and cyber risk mitigation. The training addressed key areas, such as identifying phishing and social engineering threats, maintaining strong and unique passwords, and securely handling sensitive and confidential information. The program incorporated interactive and scenario - based learning modules focused on recognizing, preventing, and responding to evolving cybersecurity risks, helping to ensure employees are equipped to safeguard both personal information and company data in an evolving digital environment. Cyber and Technological Security Related Policies & Statements § Information Security Policy § Audit and Risk Committee Charter In response to an increasingly complex global cyber threat landscape, we continue to enhance our cyber and information security posture to proactively manage and mitigate cybersecurity risks. During 2025, the following key improvements were implemented: § Strengthened cybersecurity risk management and governance, including providing more frequent cybersecurity updates to the ARC; § Further enhanced password and identity controls, aligned to a Zero Trust framework; § Updated and tested our disaster recovery and business continuity plans; § Engaged third-party specialists 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 2025, ISS ESG continued to assess companies using its Cyber Risk Score, a data - driven rating that evaluates the likelihood of a significant cybersecurity incident within the next 12 months based on externally observable cyber risk signals. Based on the most recent ISS ESG assessment available to the company, Franco - Nevada received an ISS Cyber Risk Score of 826 out of a maximum 850 and an ISS Cyber Risk Decile ranking of 1, indicating that the company is assessed as having a low level of cyber risk relative to its peer group and a low risk of a material cybersecurity breach. Franco-Nevada's Finance team Franco-Nevada Corporation 27

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 Franco-Nevada's annual Management Day event (2025)

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 several years in strengthening our diversity practices and policies and increasing the representation of Diverse Persons* across the organization. Our Diversity and Inclusion Policy emphasizes all forms of diversity in identifying candidates to recommend for appointment or election to the Board and for appointment or promotion to senior management ◊ positions, with the objective of ensuring a broad and highly qualified pool of talent. Diverse candidates are required to be included in any search for new Board members and senior management ◊ positions, including for newly created roles and internal promotions. Following the company's 2026 annual meeting, key highlights regarding the diversity of our Board, senior management ◊ and workforce include: § Women will represent 33% of the Board, and Diverse Persons* will comprise 44% of total Board membership (or 37.5% and 50%, respectively, of independent directors). § Diverse Persons* will comprise 41% of the Board and senior management ◊ combined. § Diverse Persons* have consistently represented more than 60% of Franco - Nevada’s global workforce since 2020, reflecting broad diversity across the organization. Diversity and Inclusion * Diverse Persons include women, Black, Indigenous and other racial or ethnic minorities, individuals who identify as LGBTQ2S+ and people with disabilities. † Following the company's 2026 annual meeting, the number of directors is expected to be reduced to 9, and will be comprised of approximately 33% women and 44% 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 33.3 % 11.1 % 15.4 % 44.2 % 38.5 % 44.2 % 44.4 % 38.5 % 62.8 % Related Policies & Statements § Diversity and Inclusion Policy Global Workforce ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ ♀ Franco-Nevada Corporation 29

2 0 1 6 ▪ Hired and promoted two women, including one from a racial or ethnic minority, to senior positions 2019 ▪ Second female Board member (22% women) 2 0 2 0 ▪ 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 2 0 2 1 ▪ 30% women Board members ▪ Awarded the first Franco-Nevada scholarship to a Diverse Person* in a mining-related field of study ▪ Established Franco-Nevada Diversity Committee ▪ Promoted a female member of a racial or ethnic minority to senior management ◊ in Toronto 2 0 2 2 ▪ Hired a male member of a racial or ethnic minority to senior management ◊ in Toronto ▪ Expanded our scholarship program, awarding four scholarships to Diverse Persons* in mining-related fields of study ▪ First year contributing to various Canadian charitable organizations in support of our BlackNorth Initiative pledge 2 023 ▪ 40% Diverse Persons* at the Board and senior management ◊ level (as a group) ▪ Further expanded our scholarship program, awarding five scholarships to Diverse Persons* in mining-related fields of study 2 024 ▪ Continued growth of our scholarship program, awarding four new scholarships to Diverse Persons* in mining-related fields of study, 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 ▪ Four of the five new hires during the year were Diverse Persons* ▪ Awarded four new scholarships to Diverse Persons* in mining-related fields of study, increasing the total number of active scholarships in our program to fifteen 2026 ▪ Following the company's 2026 annual meeting, women will represent 33% of the Board, and Diverse Persons* will represent 44% of total Board membership (or 37.5% and 50% of independent directors, respectively) Roadmap of Our Key Diversity and Inclusion Milestones 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. 30

Franco-Nevada Mining Industry Scholarships In 2025, we continued to expand the Franco - Nevada Mining Industry Scholarship program by awarding four new scholarships to diverse students enrolled in mining - related fields of study, increasing the total number of active scholarships to fifteen. Beginning in 2026, we partnered with the Young Mining Professionals Scholarship Fund to support the administration of the program and to expand its reach and impact. Through this partnership, we seek to award additional renewable scholarships to a broader group of students, with a goal of awarding approximately one out of every two scholarships to Diverse Persons*, supporting a more inclusive future for the mining industry. Diversity and Inclusion Initiatives We are proud to have progressed the following diversity and inclusion initiatives during 2025 and year to date: BlackNorth Initiative The BlackNorth Initiative was created by the Canadian Council of Business Leaders Against Anti - Black Systemic Racism to advance action - oriented efforts to address anti - Black systemic racism in corporate Canada. Franco - Nevada became a signatory to the BlackNorth Initiative pledge at its inaugural summit in July 2020. Under our pledge, we committed to: (i) hiring, on average, at least 5% of our student workforce from the Black community; (ii) directing by 2025 at least 3.5% of corporate donations and sponsorships toward initiatives that promote investment and economic opportunities within the Black community; and (iii) setting numeric diversity objectives for the representation of Diverse Persons*, including Black individuals, at the Board and senior management ◊ levels. To date, we have exceeded our student workforce commitment and surpassed our donation and sponsorship commitment, supporting four registered Canadian charitable organizations focused on education, health, youth development, and business within the Black community. As the BlackNorth Initiative transitions from its initial phase to BlackNorth Initiative 2.0, we remain committed to the principles and intent of our original pledge and will continue to explore opportunities to advance and sustain the commitments we made under that pledge. Related Policies, Statements & Links § BlackNorth Initiative Pledge § Franco-Nevada Mining Industry Scholarship Paul Brink and recent Franco-Nevada Mining Industry Scholarship recipients Mining Industry Scholarship * 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. Franco-Nevada Corporation 31

Employee Benefits and Well ‑ Being 1 All dollar figures are in USD (or converted to USD as at December 31, 2025) and are on a per-hour basis. 2 All information current as of December 31, 2025, 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, 2026) 7 livingwage.mit.edu/counties/08035 (value shown reflects a single adult, no children as of February 15, 2026) 8 wageindicator.org/work/minimum-wage/updates/2026/minimum- wage-updated-in-barbados-from-21-january-2026-february-09-2026/ (as of January 21, 2026) 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 (as at August 2025) 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) 62.8% $12.82 4 $19.82 5 100% USA (Colorado) 14% $15.16 6 $30.40 7 100% Barbados 18.6% $5.36 8 $8.90 9 100% Australia 4.6% $16.64 10 $17.17 11 100% Related Policies & Statements § 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 flexible work arrangements, health benefits and wellness allowances, supported by robust workplace policies and practices. Flexible Work Arrangements, Workplace Accommodations and Facilities During 2025, we continued to support flexible and personalized work arrangements to help employees balance professional responsibilities with personal needs. We also value the diverse representation of our workforce and seek to promote inclusivity by accommodating employees where possible so that no individual is disadvantaged relative to other members of our team. Building on past employee engagement, including earlier modifications to our Toronto office to support religious practices and observances during the workday, we continue to consider workplace needs on an ongoing basis. In 2024, we established a designated multi - purpose space in our Toronto office intended to support employee well - being, providing an area to relax, recharge, and engage in activities that support their physical and mental wellness. This space remained in active use throughout 2025 as part of our broader approach to fostering an inclusive and supportive workplace environment. 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 recognize the importance of saving for retirement and are committed to supporting our employees in building long - term financial security. In 2025, we introduced a pension plan for all Canadian employees, marking the first year of program implementation. Under the plan, Franco - Nevada contributes up to 5% of an employee’s base salary and provides 50% matching on employee contributions, for a total potential annual contribution of up to 9% of base salary, with Franco - Nevada’s employer contribution capped at C$10,000 per employee per year. The pension plan continues to be offered in 2026 as part of our broader total rewards framework. 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 2025, 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 2025, we invested approximately $20,000 in a range of educational and skills development programs tailored to employees' needs, including continuing education courses and language instruction, such as Spanish lessons. Labour Rights and Standards We are committed to respecting fundamental labour rights and standards as set out in the International Labour Organization’s Declaration on Fundamental Principles and Rights at Work, including the right to a safe and healthy working environment. In accordance with our Human Rights Policy and the Canadian Charter of Rights and Freedoms, we support the fundamental freedoms of our employees, and of all individuals, including freedom of thought, belief, opinion and expression, freedom of peaceful assembly, and freedom of association. At present, none of our employees are represented by a trade union or labour organization, and there are no collective bargaining agreements in place. As such, there have been no strikes or lock - outs in the company’s history. Notwithstanding this, we respect the right to freedom of association and collective bargaining (ILO C98) and the protection of workers’ representatives from discrimination (ILO C135). In 2023, we also 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. Franco-Nevada Corporation 32

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 Compensation and Sustainability Committee, 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 primarily in office environments, members of our 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. Employees at the Condestable Mine in Peru Related Policies & Statements § Health and Safety Policy § Non-Discrimination, Anti-Harassment & Equal Opportunity Policy § Corporate Responsibility Policy § Travel Safety Policy Franco-Nevada Corporation 33

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, supporting equality of opportunity and dignity for all individuals, including women, and complying with applicable 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 respect internationally recognized human rights, as set out in our Supplier Code of Conduct, which suppliers acknowledge and commit to comply with as part of our contractual arrangements; and § The Human Rights Policy is informed by internationally recognized human rights frameworks, including principles reflected in the United Nations Guiding Principles on Business and Human Rights and the OECD Guidelines for Multinational Enterprises, and guides our approach to responsible business conduct across our operations and relationships. 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 third 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. We also recognize the importance of respecting the rights of Indigenous Peoples as recognized under applicable law and internationally accepted human rights standards. As a royalty and streaming company, we do not operate mining projects or engage directly in land access or community consultation; however, our policies and expectations reflect principles consistent with responsible Indigenous engagement, and we expect operators and business partners to manage Indigenous relations in accordance with applicable legal and regulatory frameworks (see Communities and Indigenous Peoples ). 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 jurisdictions 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. Related Policies & Statements § Human Rights Policy § Supplier Code of Conduct § Fighting Against Forced Labour and Child Labour: Steps Taken by Franco-Nevada in 2025 § Non-Discrimination, Anti-Harassment & Equal Opportunity Policy These commitments are consistent with internationally recognized labour and human rights standards and reinforce the protections set out in our Human Rights Policy. 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 the following: § Zero tolerance for discrimination, harassment and threats or acts of violence; § Reporting inappropriate conduct, harassment and workplace violence; § Disciplinary measures; and § The development of procedures to prevent and address human rights issues. Franco-Nevada Corporation 34

C L I M A T E A C T I O N AgroMujeres initiative in Santa Cecilia near Cascabel

Climate Action Priorities Since 2020, we have maintained carbon neutrality at our corporate operations, representing six consecutive years of meeting this commitment. In 2023, we established an aspiration to achieve net - zero emissions for our global corporate operations (“Corporate Emissions”) by 2050, consistent with global efforts to limit warming to 1.5°C. While our carbon - neutral position is primarily supported through the use of carbon offsets, our net - zero ambition is underpinned by a continued focus on reducing absolute emissions alongside responsible offsetting. In 2024, we adopted near - term emissions reduction targets for our corporate operations, including a 42% reduction in Scope 1 and Scope 2 emissions by 2030, and a 30% reduction in overall Corporate Emissions (Scope 1, 2 and 3, excluding financed emissions) by 2030, each relative to a 2023 base year. These targets remain in effect and continue to guide our emissions reduction efforts. As a royalty and streaming company, we seek to deploy capital with responsible operators and operations committed to reducing carbon footprints and environmental impacts. Consistent with this approach, we continue to assess decarbonization strategies and net - zero alignment, including relevant commitments, plans, targets and initiatives, when making investment decisions, and to engage with new and existing partners on their progress toward achieving net - zero emissions by 2050 or sooner. Our commitments are formalized through our Climate Action Policy, which sets out our climate - related aspirations, targets and principles and the measures we implement to support our transition toward a lower - carbon future. 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 GHG 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 the goal of decarbonization and 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 Corporate Operations We aspire to achieve net-zero Corporate Emissions by 2050. In furtherance of the foregoing aspiration, we: § Measure and record our Corporate Emissions in accordance with the Greenhouse Gas Protocol (the "GHG Protocol"); § Have adopted GHG emissions 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 climate - related performance and progress and provide disclosures aligned with globally recognized frameworks and best practices. We are committed to: § Our aspiration to achieve net - zero Corporate Emissions by 2050 or sooner § Achieving our interim emissions - reduction targets for global Corporate Emissions by 2030 § Assessing the decarbonization efforts and net - zero alignment of operators and operations when making investment decisions § Engaging with new and existing operators on their efforts to decarbonize and to achieve net - zero emissions by 2050 or sooner § Furthering awareness of and support for the goal of decarbonization and net - zero emissions by 2050 or sooner, through engagement with our stakeholders Franco-Nevada Corporation 36

Corporate and Financed Emissions Franco - Nevada’s carbon footprint comprises emissions associated with our corporate operations and financed emissions, which represent estimated GHG emissions attributable to the production of assets underlying our royalty and stream interests, as well as certain equity and debt investments (collectively, “Financed Emissions”). Financed Emissions are reported within Scope 3, Category 15 (Investments) and reflect emissions over which we do not have operational control but where climate - related risks and transition outcomes may indirectly affect our business through production, costs and asset performance. Since 2020, our corporate operations have remained carbon neutral, achieved through ongoing efforts to reduce GHG emissions and the purchase of carbon offsets to address residual emissions that cannot be eliminated. We intend to maintain carbon neutrality for our corporate operations as part of our broader commitment to achieving net - zero Corporate Emissions by 2050. While maintaining carbon neutrality at the corporate level remains important, we recognize that the majority of our climate - related impacts, risks and opportunities reside within the operations and assets in which we invest. Accordingly, our ability to contribute meaningfully to decarbonization is primarily driven by our capital allocation decisions, due diligence processes, and ongoing engagement with operators regarding their emissions profiles, decarbonization strategies and progress toward net - zero alignment. This focus is reflected in our disclosure of Financed Emissions and our continued efforts to enhance transparency around the climate performance of our investment portfolio. Gross emissions Offsets Gross emissions 100,000 200,000 300,000 400,000 500,000 -300 -200 -100 100 200 300 400 500 Legend Emissions from corporate operations Financed Emissions from energy interests Financed Emissions from mining interests Financed Emissions from equity interests Purchased carbon offsets 55.8 -69.8 192.9 -241.1 41.5 41.0 -51.9 -51.3 7.3 210,119 142,712 355,810 -9.1 2,979 Overall Carbon Footprint Corporate Emissions and Financed Emissions depicted below and adjacent are not to scale, with total Financed Emissions being approximately 1,000 times Corporate Emissions Scope 3 Investments (page 43) Scope 3 Waste and Wastewater (page 41) Scope 3 Capital Goods (page 41) Scope 3 Purchased Goods and Services (page 41) Scope 2 Electricity and Steam (page 40) Scope 3 Business Travel and Employee Commuting (page 41) Purchased carbon offsets for 125% of our Corporate Emissions (page 42) Corporate Emissions (2025) Financed Emissions (2024) Franco-Nevada Corporation 37

Scope 1, 2 and 3 Primer Franco - Nevada calculates and reports its GHG emissions in accordance with the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard, the most widely recognized international framework for measuring and managing corporate GHG emissions. Under the GHG Protocol, emissions are categorized into three distinct scopes: § Scope 1 emissions are direct emissions from sources owned or controlled by the reporting entity (for example, fuel combustion in company - owned vehicles or equipment). § Scope 2 emissions are indirect emissions from the generation of purchased energy, such as electricity, steam, heating or cooling consumed by the reporting entity. § Scope 3 emissions include all other indirect emissions that occur across the reporting entity’s value chain, both upstream and downstream. The GHG Protocol identifies 15 categories of Scope 3 emissions, some of which are illustrated in the accompanying diagram. In accordance with the GHG Protocol, emissions associated with certain types of investments, including equity interests with significant influence, loans with a known use of proceeds and other financing arrangements, are required to be included within Scope 3, Category 15 (Investments). For other alternative investment structures, including royalty and stream interests, attribution of emissions to investors is not mandatory under the GHG Protocol. The GHG Protocol recognizes that, for many such investments, investors may have limited or no operational control or direct insight into the activities of the underlying operators. Where emissions associated with investments are disclosed, the GHG Protocol specifies that Scope 3, Category 15 emissions correspond to the Scope 1 and Scope 2 emissions of the investee, attributed on a proportionate basis consistent with the reporting entity’s economic interest. Franco - Nevada’s Emissions Accounting Approach For our corporate operations, we account for emissions across the following scopes and categories: § Scope 1: Nil, as our offices are not heated through the direct combustion of natural gas or other fossil fuels; § Scope 2: Emissions associated with purchased electricity and steam used in our offices; and § Scope 3: Relevant categories relating to corporate activities, including Category 1 (Purchased Goods and Services), Category 2 (Capital Goods), Category 5 (Waste Generated in Operations), Category 6 (Business Travel) and Category 7 (Employee Commuting). We recognize the growing importance for shareholders, ESG rating agencies and other stakeholders to understand the carbon footprint associated with the portfolios of asset managers, investment funds, and royalty and streaming companies. Data availability and methodological guidance for investment - related emissions have continued to improve. Accordingly, since 2022, Franco - Nevada has disclosed estimated emissions attributable to its royalty and stream interests, reported as Scope 3, Category 15 (Investments) emissions. More recently, these disclosures have also been expanded to include applicable equity interests. Additional detail regarding these disclosures is provided in the Investment Footprint section of this report. Franco-Nevada Corporation 38

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 1 ; § At the end of 2023, we installed updated light sensors in our Toronto office to reduce electricity consumption; § In 2025, we completed the installation of a photovoltaic (PV) solar panel system at our Barbados office, which has been fully operational since August 2025. During its first five months of operation, the PV system enabled the Barbados office to meet approximately 92% of its electricity requirements through on - site renewable generation, significantly reducing reliance on purchased electricity. As a result, electricity - related Scope 2 GHG emissions at the Barbados office decreased by approximately 43% compared to the prior year, contributing to an estimated 38% year - over - year reduction in Franco - Nevada’s total corporate Scope 2 emissions from electricity; § 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 § 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. Corporate Footprint QuadReal Property Group QuadReal Property Group, the manager of Commerce Court West, has established the following science - aligned carbon - reduction targets for its directly managed real estate portfolio: § 2025: Net - zero transition plans in place for the Canadian directly managed portfolio § 2030: 50% absolute carbon - emissions reduction for the Canadian directly managed portfolio, from a 2007 baseline § 2040: All Canadian directly managed office buildings achieve net - zero emissions § 2050: Global directly managed portfolio achieves net - zero emissions Commerce Court West In December 2017, Commerce Court West, the office tower in which our Canadian head office is located, achieved BOMA BEST Platinum certification, the highest level under Canada’s largest environmental assessment and certification program for existing buildings. In 2021, Commerce Court was also recognized by BOMA Canada with The Outstanding Building of the Year (TOBY) Award in the over - one - million - square - feet category. Commerce Court West is certified LEED EB: Operations + Maintenance Platinum, reflecting the ongoing implementation of long - term sustainability practices focused on energy efficiency, resource management and building operations. LEED certification provides a globally recognized framework for the operation of healthy, efficient and lower - carbon buildings and supports continuous improvement in environmental performance. 1 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/esg). Related Policies & Statements § Sustainable Commuting Policy § Climate Action Policy Franco-Nevada Corporation 39

– 10.0 20.0 30.0 40.0 50.0 60.0 70.0 2025 2024 2023 55.8 38.5 17.3 63.9 37.3 26.6 58.4 30.6 27.8 Electricity Steam Corporate Scope 1 GHG Emissions Operating exclusively within office environments, Franco - Nevada does not have any Scope 1 GHG emissions within its operational control, as defined under the GHG Protocol. Our corporate offices do not utilize on-site fossil - fuel combustion for space heating or operations. For example, Commerce Court West, our Canadian head office building in Toronto, is heated using purchased steam and powered by electricity, both of which are accounted for as Scope 2 emissions. We acknowledge that employees may, from time to time, access shared or public spaces during the workday that rely on fossil - fuel - based energy sources. These sources fall outside our operational boundary, and any associated emissions are not considered Scope 1 emissions attributable to Franco - Nevada under the GHG Protocol. 1 Prior to 2024, Scope 2 emissions for our corporate operations were disclosed on a partial full - time - equivalent (FTE) basis, reflecting data limitations for certain office locations. In 2024, we grossed up Scope 2 emissions to 100% coverage across our global office footprint, resulting in a restatement of previously reported figures to ensure consistency and comparability across reporting years. Franco - Nevada does not currently procure market - based instruments (such as renewable energy certificates or power purchase agreements) for electricity consumption across its global corporate operations, and residual emissions factors are not available in the jurisdictions in which we operate. As a result, and in accordance with the GHG Protocol Scope 2 Guidance, market - based Scope 2 emissions are calculated using location - based emissions factors. Accordingly, our location - based and market - based Scope 2 emissions are equivalent for the periods presented in this report. 2 Represents raw utility data for the company’s Toronto and Barbados offices. Water use and waste generation data for the Toronto office are provided by building management and represent Franco - Nevada’s proportionate share of the building’s total water usage and waste volumes. Total Corporate Scope 2 Emissions (tCO 2 e) Corporate Utility Usage and Waste 2 The following sets out our annual utility usage and waste for the years 2023– 2025. Unit 2023 2024 2025 Electricity kWh 215,371 218,387 205,557 Steam lb 403,168 365,408 441,054 Chilled Water ton-h 32,388 28,447 29,300 Water m 3 562 571 544 Waste kg 1,951 2,163 2,164 Solar panel project at our Barbados office Consistent with our commitment to maintaining carbon - neutral corporate operations, we purchase carbon offsets equivalent to 125% of our reported Corporate Emissions to address residual emissions across our Corporate Emissions inventory. Corporate Scope 2 GHG Emissions 1 GHG emissions associated with the generation of purchased electricity and steam used in our corporate offices are classified as Scope 2 emissions under the GHG Protocol and are presented in the chart above. In recent years, our Scope 2 emissions have remained below historical baseline levels, reflecting changes in workplace utilization patterns, including the continued use of flexible work arrangements, as well as site - specific energy efficiency initiatives. These initiatives include the installation of solar panels at our Barbados office in 2025, which has contributed to reduced reliance on grid - supplied electricity at that location. As in - office attendance has increased since 2022, we have begun to observe a gradual normalization of energy use, while continuing to assess opportunities to manage and optimize electricity consumption across our office footprint. Franco-Nevada Corporation 40

Corporate Scope 3 GHG Emissions Our corporate Scope 3 GHG emissions consist of estimated emissions associated with activities that support our corporate operations but fall outside our direct operational control. These historically have included emissions related to employee commuting, business travel, purchased goods and services (such as office supplies, electronic equipment and other office - related services), and waste and wastewater. Scope 3 emissions are calculated in accordance with the Greenhouse Gas Protocol Corporate Value Chain (Scope 3) Standard, using available activity data and relevant emissions factors. In the current reporting year, the installation of on - site solar generation at our Barbados office also resulted in a one - time increase in Scope 3, Category 2 (Capital Goods) emissions associated with the manufacture and installation of the equipment, which has been accounted for in our total Scope 3 emissions for the year. Employee Commuting - Car Business Travel - Air Other Purchased Goods and Services Electronics Business Travel and Employee Commuting Purchased Goods and Services Waste and Wastewater Capital Goods Wastewater Waste Solar Panel Project 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 200.0 220.0 240.0 260.0 280.0 2025 2024 2023 2025 2024 2023 2025 2024 2023 2025 2024 2023 2025 2024 2023 Business Travel 1 and Employee Commuting Purchased Goods and Services Waste and Wastewater 2 Capital Goods 3 Total Corporate Scope 3 Emissions 18.4 174.5 192.9 2.1 5.2 38.4 41.5 118.8 41.0 192.9 7.3 206.5 26.3 41.5 41.0 22.7 18.2 100.6 118.8 17.6 188.9 206.5 2.0 24.3 26.3 11.3 11.4 22.7 1.0 4.6 2.0 5.7 5.6 7.7 5.6 7.7 3.1 7.3 150.7 282.7 236.9 Corporate Scope 3 Emissions (tCO 2 e) 1 To improve the accuracy of our emissions disclosure, commencing in 2024, 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. 2 Historically, Scope 3 emissions attributable to waste and wastewater (Scope 3, Category 5) were disclosed on a partial basis due to data limitations at certain office locations. Beginning in 2024, these emissions have been reported on a grossed - up basis, reflecting full coverage across our corporate operations. 3 These emissions were estimated using a spend - based methodology consistent with the GHG Protocol Corporate Value Chain (Scope 3) Standard, applying an emissions factor of 0.45 kg CO 2 e per US dollar to the total capitalized project cost. The resulting embodied emissions associated with the manufacture and installation of the photovoltaic system were recognized in Scope 3, Category 2 (Capital Goods) in the year of acquisition and are not amortized or otherwise allocated over the operating life of the asset. For the year, the estimated emissions associated with this installation were approximately 41 tCO 2 e. As capital goods purchases of this nature are not typical of our business model, no further Category 2 emissions of this type are anticipated, and Category 2 is not expected to be a recurring or material source of Scope 3 emissions in future periods. Franco-Nevada Corporation 41

1 Despite elevated investment activity in 2025, air - travel - related CO 2 e emissions declined by 18% year over year, driven by an 11% reduction in flights and a 9% reduction in miles flown. Emissions intensity also improved, with average emissions per trip declining from 0.46 tCO 2 e in 2024 to 0.42 tCO 2 e in 2025, alongside a reduction in high - intensity flights from 22 to 17, reflecting more efficient routing and travel choices. Emissions factors vary by aircraft type, routing and seat configuration, with premium - class travel typically associated with higher emissions intensity. Emission Reduction Targets, Initiatives and Progress to Date In 2024, we adopted emissions - reduction targets for our corporate operations, including a 42% reduction in Scope 1 and 2 emissions by 2030, and a 30% reduction in overall Corporate Emissions (Scope 1, 2 and 3, excluding Financed Emissions) by 2030, each relative to a 2023 base year. We selected 2023 as the base year as it reflects a period during which our Corporate Emissions had largely stabilized following changes in workplace utilization patterns. As discussed elsewhere in this Sustainability Report, we have implemented and continue to advance a range of measures intended to reduce our corporate emissions and support achievement of these targets. A summary of our progress is provided below. Scope 1 and 2 Emissions In 2025, we achieved a 4.45% year - over - year reduction in Scope 1 and Scope 2 emissions (12.68% reduction compared to 2023 base year). The year-over-year decrease was driven primarily by energy - related initiatives, including approximately five months of operation of the solar panel installation at our Barbados office, which reduced reliance on grid - supplied electricity at that location. These reductions were partially offset by slightly higher year - over - year emissions associated with purchased steam used for heating our Toronto head office, reflecting building - level factors such as weather variability and changes in overall occupancy or operating conditions, which are generally the primary drivers of year - over - year variance and are not tracked on a tenant - specific basis. Scope 3 Emissions In 2025, total Scope 3 emissions increased relative to prior years, driven by a combination of temporary and non - recurring factors and varying trends by category. Employee commuting emissions rose year over year due to increased in - office attendance and longer commuting distances, partially offset by continued growth in lower - emissions commuting options, including a proportional increase of approximately 6% in hybrid and electric vehicle use compared with 2024. IT - related emissions also increased, primarily as a result of the implementation of a new enterprise - wide information technology platform, which required incremental software subscriptions and third - party implementation services recorded under Scope 3, Category 1 (Purchased Goods and Services). These technology - related emissions are largely one - time in nature and are not expected to recur at similar levels. In addition, the purchase and installation of a solar panel system at our Barbados office resulted in a one - time increase in Scope 3, Category 2 (Capital Goods) emissions. By contrast, business travel emissions decreased by 7.6% year over year, although they remained approximately 73.5% above the 2023 base year due to heightened investment and due - diligence activity. Average emissions per trip declined compared to 2024, indicating improved travel efficiency. 1 Beginning in 2025, our workforce has increasingly used AI - enabled software and digital services, which rely on energy - intensive data and cloud computing infrastructure. While we recognize the potential implications for our carbon footprint, these tools have supported operational efficiency, decision - making, and productivity across the business, and we expect them to continue to deliver value going forward. Emissions associated with software subscriptions and digital services, including AI - enabled applications, are currently accounted for within Scope 3, Category 1 (Purchased Goods and Services) using generally accepted, spend - based emissions factors for IT and data - processing services. At this time, key software vendors do not provide customer - level, usage - based GHG emissions data specific to AI - enabled features within bundled SaaS offerings. We continue to monitor developments in supplier disclosures and broader industry practices related to emissions associated with digital services and AI - enabled software and will evaluate whether enhancements to our emissions accounting approach or related disclosures are appropriate in future reporting periods as data quality, consistency, and comparability improve. Total Corporate Emissions Overall, Franco - Nevada’s total Corporate Emissions (Scope 1, Scope 2 and Scope 3, excluding Financed Emissions) increased by 14.63% compared to the prior year (57.74% relative to the 2023 base year). This change was driven primarily by non - recurring and transitional factors within Scope 3 emissions, alongside selected activity - based changes during the reporting year. The most significant contributor was the recognition of one - time Scope 3, Category 2 (Capital Goods) emissions associated with the purchase and installation of the solar panel system at our Barbados office. While these up - front embodied emissions increased reported emissions in the current year, the system has already delivered a material reduction in Scope 2 emissions from purchased electricity at that location, with further reductions expected as on - site renewable generation continues to displace grid - supplied electricity in future periods. Total Scope 3 emissions were also influenced by higher emissions within Purchased Goods and Services, primarily reflecting elevated software - and IT - related expenditures associated with the implementation of our new enterprise - wide information technology platform, as well as higher employee - commuting emissions during periods of increased in - office attendance. These increases were partially offset by lower business - travel - related emissions, reflecting fewer flights and reduced total miles flown during the year. Taken together, the year - over - year increase in total Corporate Emissions reflects non - recurring and implementation - driven factors, rather than a deterioration in underlying emissions intensity or the effectiveness of the company’s emissions - reduction initiatives. Excluding these non - recurring Scope 3 items, Franco - Nevada would otherwise have recorded a year - over - year decrease in total Corporate Emissions, driven primarily by lower Scope 2 electricity emissions and reduced business - travel - related emissions. Capital goods expenditures and the level of software - and IT - related activity reflected in the reporting year are not typical of Franco - Nevada’s business model and are not expected to represent recurring or material sources of Scope 3 emissions in future periods. Carbon Neutral for Corporate Operations We are committed to reducing our Corporate Emissions footprint and, since 2020, have maintained carbon - neutral corporate operations, which we intend to continue on an annual basis. We pursue this objective through ongoing emissions reduction efforts and the use of carbon offsets to address residual emissions that cannot yet be eliminated. For 2025, we offset our global Corporate Emissions through the purchase of carbon offsets from Bullfrog Power, comprising an equal combination of emissions reduction credits sourced from a Climate Action Reserve - registered composting project in the United States and a Gold Standard - certified efficient safe drinking water project in Ethiopia. Additional information regarding our approach to carbon neutrality is provided in Appendix G . Franco-Nevada Corporation 42

Investment Footprint Scope 3 Financed Emissions The GHG Protocol does not prescribe a mandatory methodology for calculating Scope 3 Financed Emissions for many alternative investment types that may be optionally reported, including royalty and stream interests. While supplementary industry guidance exists, including the Partnership for Carbon Accounting Financials (PCAF) Standard, such frameworks are primarily designed for traditional financial instruments (e.g., loans, equity investments and project finance). As of today, there are no industry - accepted or standardized methodologies specifically applicable to Scope 3 Financed Emissions associated with royalties and streams. At a high level, most existing approaches for estimating emissions attributable to investments involve applying an investor’s attributable economic interest to the investee’s Scope 1 and Scope 2 emissions, typically based on enterprise value, asset value, financing share or ownership interest. These approaches are generally appropriate for equity investments, where the investor holds an ownership interest in the operating entity and where proportional attribution based on shareholding is commonly applied. For equity investments in operating companies, Franco - Nevada estimates attributable emissions by applying its equity ownership percentage to the investee’s reported Scope 1 and Scope 2. However, equity - based attribution approaches are often not well suited to royalty and streaming structures, where Franco - Nevada does not exercise operational control and economic exposure is linked to production from an underlying asset rather than ownership or capital deployed. Following extensive internal analysis and engagement with shareholders, analysts and ESG rating agencies, Franco - Nevada adopted a production - based attribution methodology to estimate Financed Emissions associated with its producing royalty and stream interests. Under this approach, Financed Emissions are estimated by applying Franco - Nevada’s attributable share of production to the reported Scope 1 and Scope 2 emissions of the underlying operations. We believe this methodology provides a transparent, intuitive and repeatable approximation of our proportional exposure to emissions associated with production from the assets in which we hold royalties and streams, while acknowledging the inherent limitations of available data and attribution frameworks. Reported Financed Emissions GHG emissions attributable to Franco - Nevada’s mining and energy interests, classified by the GHG Protocol as Scope 3, Category 15 (Investments), are presented in the adjacent chart and accompanying tables. Financed Emissions are calculated using the methodologies described above and are reported for 2022, 2023 and 2024, reflecting the most recent periods for which sufficient production and emissions data are available from operators. Financed Emissions vary from year-to-year due to changes in total emissions at the underlying operations (measured on a 100% basis), resulting from production levels, operational efficiency, fuel mix and decarbonization initiatives implemented by operators, and Franco - Nevada’s attributable share of production, which may change over time due to variations in metal prices, product mix and the relative contribution of precious - metal by - products to total production. Between 2022 and 2023, our reported Financed Emissions increased primarily due to changes in our attributable share of production at certain producing assets, rather than increases in emissions at the underlying operations. For specific assets, most notably copper operations with precious - metal by - products, our attributable GEOs 1 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. 2 Operator emissions and emissions intensities include Scope 1 and 2 emissions. We have relied upon 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. 3 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 emissions intensities (tCO 2 e/boe) and have applied the volume (boe) received by Franco-Nevada from each operation or region to calculate our attributable emissions. 4 Currently reflects Franco - Nevada’s equity investment in G Mining Ventures Corp. Franco - Nevada also holds other small equity interests in producing mining companies; however, attributable emissions from such holdings have been assessed as negligible and are not included. In addition, Franco - Nevada holds equity and debt investments in mining companies with non - producing projects. Emissions associated with such non - producing projects have likewise not been included, as our proportionate share of emissions based on equity ownership or loan advances is considered de minimis. Mining Interests Energy Interests Equity Interests - 100,000 200,000 300,000 400,000 500,000 600,000 700,000 2024 2023 2022 355,810 142,712 210,119 558,640 146,376 412,264 615,728 156,901 458,827 2,979 Scope 3 Financed Emissions (tCO 2 e) Financed Emissions for mining interests 1 = Operation’s emissions 2 Operation’s GEOs Franco-Nevada GEOs from operation Financed Emissions for equity interests 4 = Franco-Nevada equity ownership percentage Investee Scope 1 emissions Investee Scope 2 emissions Financed Emissions for energy interests 3 = Emissions intensity 2 Franco-Nevada production volume (boe) from operation or region increased year over year, driven largely by commodity price movements, particularly higher gold prices, which affect attribution under the production - based methodology applied to Financed Emissions calculations. Notwithstanding this increase on an attributable basis, Scope 1 and 2 emissions at the underlying operations (on a 100% basis) declined during the period, reflecting emissions - reduction initiatives and operational changes implemented by operators. In contrast, Financed Emissions declined significantly from 2023 to 2024, largely due to the reduced contribution from Cobre Panamá, which accounted for approximately 217,597 tCO 2 e of financed emissions in 2023. The ongoing suspension of operations at Cobre Panamá in 2024 materially reduced its contribution, resulting in a pronounced year - over - year decrease in total Financed Emissions. This illustrates the sensitivity of Financed Emissions to changes in asset - level production status and attribution, in addition underlying asset-level emissions performance. Franco-Nevada Corporation 43

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 Copper World Project in Arizona

ISSB, SASB, and GRI Our 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 IFRS Foundation Trustees, seeks to deliver a globally consistent baseline of sustainability - related financial disclosure standards designed to meet the information needs of investors and other capital market participants in assessing companies’ sustainability - related risks and opportunities. IFRS S1 General Requirements for Disclosure of Sustainability - related Financial Information and IFRS S2 Climate - related Disclosures represent the ISSB’s first Sustainability Disclosure Standards. These standards build on and consolidate existing frameworks, including the SASB Standards (industry - based metrics) and the Task Force on Climate - related Financial Disclosures (TCFD) framework, to support decision - useful, comparable and globally aligned sustainability reporting. 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. Over the past several years, Franco - Nevada has delivered climate - related disclosures aligned with the recommendations of the (TCFD). As part of our commitment to continuously enhance the quality and consistency of our sustainability reporting, and following Canada’s voluntary adoption of the IFRS Sustainability Disclosure Standards, we have begun transitioning our climate - related disclosures toward alignment with IFRS S2 (Climate - related Disclosures). In this year’s Sustainability Report, particular emphasis has been placed on updating and enhancing our climate-related disclosures in alignment with IFRS S2, building on the foundations established through our prior TCFD - aligned reporting. Accordingly, Appendix B presents our climate - related disclosures in the context of IFRS S2, reflecting our current state of alignment and transition progress. While many elements of the standard are addressed, additional work will be required over time to achieve full alignment with both IFRS S1 and IFRS S2, and we expect to continue advancing our disclosures in future reporting periods. This marks our company’s sixth consecutive year of disclosure aligned with the SASB framework, which disclosure is included in Appendix C . This is our company’s fourth 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. Franco-Nevada Corporation 45

UN Global Compact and SDGs Franco - Nevada is a participant in the United Nations Global Compact, the world’s largest corporate sustainability initiative, which includes more than 20,000 business participants across over 160 countries. The UN Global Compact is based on Ten Principles covering human rights, labour, environmental responsibility and anti - corruption, and is intended to promote responsible business practices and the values of the United Nations within 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 addition, Franco - Nevada has publicly demonstrated its support for multilateral cooperation and inclusive global governance, including through its participation in collective initiatives led by the United Nations. In 2020, the company joined businesses from around the world in signing the Statement from Business Leaders for Renewed Global Cooperation, reaffirming support for international collaboration in addressing global challenges. As part of our Global Compact commitment, we have completed our 2025 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 fourth consecutive year, we provide disclosure as to Franco-Nevada’s initiatives that are aligned with and support the SDGs. Franco-Nevada Corporation 46

Responsible Gold Mining Principles We are a longstanding 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 and 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. Related Policies & Statements § Responsible Gold Mining Principles Policy Transition to Consolidated Mining Standard The Consolidated Mining Standard (the “Standard”) Initiative responds to growing expectations for responsible mining practices by bringing together and harmonizing the core elements of four existing mining standards: The Copper Mark, the Mining Association of Canada’s Towards Sustainable Mining (TSM), the World Gold Council’s Responsible Gold Mining Principles (RGMPs), and the ICMM Mining Principles. The initiative is intended to reduce duplication, address gaps, and consolidate these frameworks into a single, global standard applicable across commodities, geographies and company sizes, while maintaining the rigor of existing responsible mining requirements. The Standard is in the final stages of development and is expected to formally come into force in the second half of 2026. Once implemented, it is anticipated that the Standard will be adopted by existing members of ICMM, WGC and the Mining Association of Canada, as well as participants in The Copper Mark, providing it with one of the broadest levels of coverage of any voluntary mining standard to date. Public communications regarding the initiative indicate that implementation could ultimately include nearly 100 mining companies operating approximately 600 facilities across around 60 countries, representing a substantial share of global mining activity. The Standard is primarily designed for mining companies that own and operate mining assets and focuses on operational responsible mining practices. As currently structured, it does not explicitly address applicability to royalty and streaming companies or other non - operating capital providers in the same manner as the RGMPs. As a result, the transition to the consolidated framework will require reassessment of the continued applicability of our RGMP Policy once the Standard is finalized and implemented. In light of these changes, Franco - Nevada may no longer seek or obtain the same form or level of third - party assurance in connection with this policy as in prior years. We will continue to monitor developments and assess the implications of the Standard for our policies and disclosures as further guidance becomes available. 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. 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, 2025 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. Franco-Nevada Corporation 47

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, as at December 31, 2025, was comprised of the CEO, CFO, CLO, and CIO) 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 2025, 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 2025 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 2025 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 but one new royalty or stream contract with Gold Miners in 2025 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 2025. 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. Franco-Nevada Corporation 48

One of Corporate Knights’ Best 50 Corporate Citizens in Canada One of Corporate Knights’ Global 100 Most Sustainable Corporations ESG Ratings and Recognition 1 Rated “AAA” by MSCI 2 Recognized as a Global, Industry and Regional ESG Leader by Sustainalytics Ranked first among mining companies in The Globe and Mail’s Board Games Rated “Prime” by ISS ESG BOARD GAMES 1 Ratings and recognitions disclosed on this page reflect assessments and information available as at May 5, 2026 and may be updated by the relevant rating agencies from time to time. 2 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. Franco-Nevada Corporation 49

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, references to Franco - Nevada, the company, we, us or our refer to our consolidated corporate structure, global operations and workforce. This Sustainability Report supplements but does not form part of our most recent Annual Report, Management Information Circular and Annual Information Form, each of which is available at www.franco - nevada.com and has been filed with the Canadian securities regulatory authorities on www.sedarplus.com and with the U.S. Securities and Exchange Commission on www.sec.gov. Certain information contained in this Sustainability Report is derived from the public disclosures of our operating partners and other third parties and has not been independently verified by Franco - Nevada, except where expressly stated. In June 2024, amendments to the Competition Act came into force, introducing enhanced requirements relating to the substantiation of environmental claims. The Competition Bureau of Canada is continuing to develop guidance to support the interpretation and enforcement of these provisions. Readers are cautioned that this Sustainability Report reflects the legal requirements, regulatory guidance and reporting obligations applicable to Franco - Nevada as of December 31, 2025. As a result, certain disclosures, terminology or presentation may not fully reflect legal or regulatory developments adopted after that date. Franco - Nevada remains committed to accurate, transparent and responsible disclosure and may update or supplement this Sustainability Report to reflect evolving legal requirements or government guidance, as appropriate. Materiality The sustainability - related topics and issues addressed in this Sustainability Report reflect those that Franco - Nevada has identified as most relevant to our business, our strategy and our stakeholders. Our approach to identifying and assessing material sustainability matters is informed by ongoing dialogue between management and the Board of Directors, as well as regular engagement with shareholders and other stakeholders. Stakeholder engagement is a key input to our materiality assessment process and includes interactions with employees, directors, shareholders, community representatives, industry associations and ESG rating agencies. These engagements help inform our understanding of evolving sustainability - related risks, opportunities and priorities. A summary of our stakeholder engagement activities and the key topics raised by stakeholders during 2025 is provided on page 26 of this Sustainability Report. In addition, Franco - Nevada actively collaborates with industry peers and standard - setting bodies through its involvement with organizations such as the World Gold Council and other industry associations. Insights from these discussions, together with internal strategy reviews, support the identification of our sustainability priorities, which are reflected in our corporate policies, goals, targets and initiatives, and in the disclosures presented throughout this Sustainability Report. As part of our continued evolution in sustainability - related reporting, and in alignment with the IFRS Sustainability Disclosure Standards, Franco - Nevada has further examined materiality through the lens of climate - related financial risk and opportunity, consistent with IFRS S2. Our climate - related materiality considerations, including how climate - related risks and opportunities may reasonably be expected to affect the company’s prospects, are discussed in greater detail in the IFRS S2 - focused section and Appendix B of this Sustainability Report. Reporting Period All data and examples contained in this Sustainability Report reflect activities undertaken during the 2025 fiscal year, unless otherwise noted. ESTMA Franco - Nevada supports transparency and accountability in the mining and energy industries and complies with the reporting requirements of Canada’s Extractive Sector Transparency Measures Act ("ESTMA"). Information regarding Franco - Nevada’s ESTMA reporting is available at: www.franco-nevada.com/investors/ESTMA. Currency All amounts in this document are in U.S. dollars unless otherwise noted. Feedback We welcome feedback on this Sustainability Report and on Franco - Nevada’s ESG and sustainability initiatives more broadly. Questions or comments may be sent to info@franco - nevada.com. 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. Franco-Nevada Corporation 50

A P P E N D I C E S Salares Norte in Chile

Appendix A: Key Sustainability Metrics and Performance 1 1 Unless otherwise noted, the figures in this Appendix 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 Following our May 12, 2026 annual meeting, the number of directors is expected to decrease to nine, of which eight (89%) will be independent directors, three (33%) will be women, and four ( 44%) will be 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. LABOUR Unit 2025 2024 2023 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 # 5 3 2 Voluntary turnover of FTEs # 4 2 2 Involuntary turnover of FTEs # 1 1 Nil New FTE hires # 5 6 2 Internal FTE promotions # 4 3 3 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 WORKFORCE 2 Unit 2025 2024 2023 Full-time employees (“FTE”) 3 # 43 43 40 FTE – Women # (%) 19 (44%) 19 (44%) 18 (45%) FTE – Racial or ethnic minorities # (%) 19 (44%) 18 (42%) 18 (45%) FTE – BIPOC 4 # (%) 19 (44%) 18 (42%) 18 (45%) FTE – Diverse Persons 5 # (%) 27 (63%) 27 (63%) 25 (63%) Senior management (VP and higher) # 13 14 14 Women in senior management positions # (%) 2 (15%) 2 (14%) 2 (14%) Racial or ethnic minorities in senior management positions # (%) 5 (39%) 5 (36%) 6 (43%) BIPOC individuals in senior management positions # (%) 5 (39%) 5 (36%) 6 (43%) Diverse Persons in senior management positions # (%) 5 (39%) 5 (36%) 6 (43%) Board members 6 # 10 9 8 Independent directors # (%) 8 (80%) 7 (78%) 6 (75%) Women on Board of Directors # (%) 3 (30%) 3 (33%) 3 (38%) Racial or ethnic minorities on Board of Directors # (%) 1 (10%) Nil Nil BIPOC individuals on Board of Directors # (%) 1 (10%) Nil Nil Diverse Persons on Board of Directors # (%) 4 (40%) 3 (33%) 3 (38%) Part-time contractors (“PTC”) 7 # 5 6 5 PTC – Women # (%) Nil 1 (17%) 1 (20%) PTC – Racial or ethnic minorities # (%) 2 (40%) 2 (33%) 2 (40%) PTC – BIPOC # (%) 2 (40%) 2 (33%) 2 (40%) PTC – Diverse Persons # (%) 2 (40%) 3 (50%) 3 (60%) Franco-Nevada Corporation 52

1 Scope 2 emissions were grossed up in 2024 to 100% on a FTE-basis for 2023 due to unavailable data from our United States and Australian operations, which accounted for 17.5% of our company for 2023. See page 40 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 2023 due to unavailable data from our United States and Australian operations, which accounted for 17.5% of our company for 2023. 3 Due to the delayed timing of availability of production and emissions data from operators, Financed Emissions have been calculated and disclosed for 2023 and 2024. 4 Excludes Scope 3, Category 15 emissions from investments. Due to the delayed timing of availability of production and emissions data from operators, financed emissions have been calculated and disclosed for 2023 and 2024. 5 Excludes Scope 3, Category 15 emissions from investments. 6 Refer to pages 42 and 80 for descriptions of our annual purchase of carbon offsets. 7 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. 8 All Government & Lobbying figures are Nil since our initial public offering in 2007. CLIMATE & ENVIRONMENT Unit 2025 2024 2023 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 # 8 7 7 Scope 1 - Total GHG emissions from fuel tCO 2 e Nil Nil Nil Scope 2 - Total GHG emissions from electricity and steam 1 tCO 2 e 55.8 58.4 63.9 Scope 3 - Total GHG emissions from indirect sources tCO 2 e 282.7 356,046.9 615,878.7 • from purchased goods and services (Scope 3 Category 1) tCO 2 e 41.5 22.7 26.3 • from capital goods (Scope 3 Category 2) tCO 2 e 41.0 Nil Nil • from waste and wastewater (Scope 3 Category 5) 2 tCO 2 e 7.3 7.7 5.6 • from business travel (Scope 3 Category 6) tCO 2 e 174.5 188.9 100.6 • from employee commuting (Scope 3 Category 7) tCO 2 e 18.4 17.6 18.2 • from investments (Scope 3 Category 15) tCO 2 e NR 3 355,810.0 615,728.0 Total GHG emissions tCO 2 e 338.5 4 356,105.3 615,942.6 Total GHG emissions intensity for corporate operations 5 tCO 2 e/FTE 7.9 6.9 5.4 Scope 3, Category 15 emissions intensity from investments tCO 2 e/GEO NR 4 0.90 0.98 GHG reductions from carbon offsets purchased 6 tCO 2 e (423.1) (369.1) (268.3) Carbon neutrality for corporate operations Yes/No Yes Yes Yes COMMUNITY & OTHER CONTRIBUTIONS Community and operator energy transition contributions actually funded 7 $ 2,197,264 1,636,936 1,448,065 GOVERNMENT & LOBBYING 8 Unit 2025 2024 2023 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 8 FINANCIAL Revenue (million) $ 1,822.8 1,113.6 1,219.0 Franco-Nevada Corporation 53

Appendix B: ISSB Sustainability Disclosure Standards Board Oversight The Board and its Committees provide oversight of Franco - Nevada’s strategic approach to sustainability - and climate - related risks and opportunities, including those that may affect the company’s business, strategy and long - term prospects. The Board collectively brings a range of skills, experience and competencies relevant to sustainability, climate, risk management and governance, enabling effective oversight of management, with two Board members having expert level knowledge of climate-related risks and opportunities, and six others having sufficient knowledge to provide high level oversight over such matters. In 2025, the Board reorganized its committee structure, separating the former Compensation and ESG Committee into the Compensation and Sustainability Committee (“CSC”) and the Nominating and Governance Committee (“NGC”). Under this structure, the CSC has primary oversight responsibility for sustainability - related matters, including environmental and climate - related issues, sustainability - related disclosures, and the setting and evaluation of sustainability - related goals for executive compensation purposes. The Audit and Risk Committee (“ARC”) oversees enterprise risk management, including climate - related risks, while the NGC oversees Board composition, renewal and governance matters. The full Board remains actively engaged on sustainability - and climate - related issues. Management’s Role The Board and its Committees oversee senior management, who are responsible for the day - to - day management of sustainability - and climate - related risks and opportunities and the execution of the company’s sustainability strategy. The Chief Executive Officer provides leadership on sustainability matters, with executive responsibility held by the Chief Legal Officer. Sustainability - and climate - related considerations are integrated into management’s oversight of the company’s business units and investment activities and are routinely brought to the Board and its Committees for review. Our Board oversight and management responsibilities for sustainability - and climate - related matters are illustrated in the chart on the following page. Governance | Our governance around sustainability- and climate-related risks and opportunities Franco - Nevada has supported the recommendations of the Task Force on Climate - related Financial Disclosures (TCFD) and has provided climate - related disclosures aligned with the TCFD framework since 2021. Building on this foundation, and following Canada’s voluntary adoption of the ISSB Sustainability Disclosure Standards, this year’s Sustainability Report marks a further step in our transition toward reporting in alignment with IFRS S2 (Climate - related Disclosures). In this reporting period, our climate - related disclosures have been updated to further align with IFRS S2, which incorporates and builds upon the TCFD’s four - pillar structure of governance, strategy, risk management, and metrics and targets. This is reflected in our updated assessment of climate - related risks and opportunities and in a refreshed climate - related scenario analysis, both of which are presented later in this Appendix. While the structure and content of this year’s disclosures continue to draw on our established TCFD - aligned reporting, they have been updated to reflect the terminology, emphasis, and decision - useful perspective of IFRS S2. Franco - Nevada will continue to monitor the evolution of sustainability - related reporting standards and regulatory expectations and to identify opportunities to further enhance our processes, data, and disclosures over time, taking into account our business model, industry context, and the jurisdictions in which we and our operating partners operate. Franco-Nevada Corporation 54

Accountability for Sustainability- and Climate - Related Matters Senior management is responsible for the day - to - day management of sustainability - and climate - related risks and opportunities, with leadership provided by the Chief Executive Officer and executive responsibility held by the Chief Legal Officer. Management provides regular, and at a minimum quarterly, updates to the Board and relevant Committees on sustainability and climate - related matters. Sustainability performance, including progress against climate - related goals, is a defined component of executive performance evaluation and compensation, reinforcing accountability and alignment with the company’s long - term sustainability objectives. 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 important to Franco-Nevada's long-term strategy and success ESG Rankings and Other Considerations ESG rankings and other considerations recognize management’s efforts with respect to ESG ESG due diligence will evaluate whether appropriate ESG due diligence was conducted in connection with new investments and whether material ESG issues that subsequently arise were reasonably foreseeable at the time of investment. Management performance is assessed using both backward - looking and forward - looking criteria. ESG rankings will help inform the CSC's evaluation of management’s performance on ESG issues. Other considerations include progress made against 2030 corporate emissions reduction 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. Board and Management Engagement The Board of Directors provides oversight of Franco - Nevada’s strategic approach to sustainability - and climate - related risks and opportunities, with the full Board remaining actively engaged on these matters. Oversight is exercised through regular interaction with senior management and through established governance and risk - oversight processes. The Board and its Committees meet with senior management at each regularly scheduled Board and Committee meeting throughout the year (i.e. at a minimum, once per quarter) to review strategy, investment opportunities, enterprise risk management and exposures, including sustainability - and climate - related considerations. Sustainability - and climate - related risks and opportunities are also assessed throughout the year in the context of capital allocation and investment due diligence. Where potentially materially adverse sustainability - or climate - related matters are identified, including, by way of example, significant community or government opposition, or material environmental risks such as those relating to tailings management, such matters are escalated to the Board, as well as the board of directors of any subsidiary that is party to a transaction, for review. In these circumstances, and on a number of occasions, Franco - Nevada has elected not to proceed with potential investments where such risks were determined to be unacceptable. Business Development Team Chief Investment Officer Finance Team Chief Financial Officer Chief Executive Officer † Board of Directors* Legal Team Chief Legal Officer ◊ Compensation and Sustainability Committee* Nominating and Governance Committee* Audit and Risk Committee* Franco-Nevada Corporation 55

Climate-Related Risks and Opportunities As a royalty and streaming company, Franco-Nevada does not operate mining or energy assets and is therefore not directly exposed to many of the climate-related operational risks faced by operators. However, climate-related physical and transition risks and opportunities affecting our operating partners can indirectly impact Franco-Nevada, including through changes in production levels, development timelines, asset viability and commodity market dynamics. These impacts may, in turn, influence royalty and stream deliveries, revenue timing, asset valuations and long-term portfolio performance. Consistent with our long-duration, buy-and-hold investment model, Franco-Nevada evaluates climate-related risks and opportunities ("CRROs") over short-, medium- and long-term horizons, recognizing that different risk drivers may materialize at different points over the life of our assets. Acute physical risks typically arise over shorter timeframes, while chronic physical risks and many transition-related risks, such as policy, legal, market and reputational factors, may evolve over longer periods and influence strategic outcomes and capital allocation decisions. Climate Scenario Analysis Climate-related scenario analysis is a key tool used by Franco-Nevada to assess the resilience of our business model and strategy to CRROs over the short, medium and long term. In line with the IFRS Sustainability Disclosure Standards, and in particular IFRS S2, scenario analysis is used to inform our understanding of material climate- related uncertainties, how these may evolve under different climate pathways, and how they could affect our operating partners, assets and long-term prospects. In this section, we have updated and expanded our climate-related scenario analysis, with a primary focus on alignment with IFRS S2. This work underpins our updated identification and assessment of climate-related physical and transition risks and opportunities, as well as an enhanced assessment of the resilience of our strategy and portfolio. The analysis reflects Franco-Nevada’s royalty and streaming business model, including our non-operating role and long-term asset exposure, while drawing on reasonable and supportable information available as at the reporting date. The scenario analysis incorporates multiple climate pathways and time horizons consistent with IFRS S2 guidance. These scenarios draw on widely used international reference datasets and frameworks, including those developed by the IPCC, NGFS and IEA, and consider both transition and physical CRROs across Franco-Nevada’s key commodities and regions. A detailed description of the scenarios selected, key assumptions, time horizons, methodologies, findings, and limitations is provided on the following pages. Integrated Approach In this reporting period, and in line with the IFRS Sustainability Disclosure Standards, Franco - Nevada has integrated its assessment of CRROs with climate scenario analysis to better understand how these risks and opportunities may develop under different climate pathways and how resilient our portfolio and strategy may be over time. A total of 11 CRROs, spanning physical and transition factors, were assessed through scenario analysis. Of these, seven were identified as having potentially significant financial implications for Franco - Nevada and are therefore included in this disclosure. CRROs assessed but not disclosed reflect lower perceived financial materiality at this time and include, for example, acute and chronic heat - related impacts causing production disruption and reduced productivity, and changes in customer behaviour related to oil, natural gas, iron ore and gold. This integrated approach reflects the expectations of IFRS S2, which emphasizes the use of scenario analysis to inform the assessment of material climate - related uncertainties, strategic resilience and future prospects, rather than treating scenario analysis as a standalone exercise. The updated scenario analysis that follows underpins our identification and prioritization of significant CRROs across key commodities and regions and informs our understanding of how these factors could affect our operating partners and Franco-Nevada under different future conditions. This approach supports our capital allocation discipline and ongoing evaluation of portfolio resilience, while remaining proportionate to Franco-Nevada’s non-operating business model and reliance on third-party operators. Climate-Related Risks, Opportunities and Portfolio Resilience | Implications for Franco-Nevada’s business model, strategy and financial resilience Our Approach to Scenario Analysis 1. Prioritization of Key Commodities and Regions 2. Identification and Prioritization of Risks and Opportunities 3. Assign Indicators and Data Collection 4. Climate Trend Analysis 5. Analysis and Implications for Franco-Nevada’s Value Chain Six key commodities and 14 geographic regions were prioritized based on financial materiality, asset concentration, production volumes, and sensitivity to climate - related physical and transition drivers, focusing on areas most likely to experience material CRRO impacts across Franco - Nevada’s value chain. A review of internal documentation, a targeted information request, and a stakeholder workshop refined a long list of CRROs into 11 priority items—four physical risks and seven transition risks and opportunities—for inclusion in the scenario analysis. Selected scenarios and time horizons were applied, with each priority CRRO mapped to relevant climate indicators. Associated climate data were sourced from leading global datasets, including the IPCC, ISIMIP, WRI, NGFS, and the IEA. Scenario - based climate data were analyzed to assess projected changes over time for each CRRO across prioritized commodities and regions, evaluating the magnitude and direction of indicator changes to determine potential financial significance. Based on the analysis, impact and likelihood ratings were assigned to each CRRO in line with Franco - Nevada’s enterprise risk framework, supported by qualitative commentary describing how risks and opportunities may evolve and affect Franco - Nevada and its operating partners over time. Franco-Nevada Corporation 56

Climate Scenarios Used in Physical Risk Analysis Transition Scenarios Assessed High Emissions Scenario: SSP3-7.0 High Emissions Scenario: Current Policies § Represents a medium-to-high reference pathway characterized by limited additional climate policy intervention, with continued reliance on fossil fuels and particularly high non-CO 2 emissions, including elevated aerosol emissions. § Under this scenario, global average temperatures are projected to increase by approximately 3.6°C by the end of the century, resulting in significantly heightened physical climate risks and delayed transition progress. § Assumes that only climate-related policies and regulations that have been formally implemented at the reporting date are maintained over time. § Planned, announced, or aspirational policies are not assumed to be implemented in this scenario. § As a result, the scenario reflects a pathway characterized by limited policy action, slower transition progress, and higher exposure to physical climate risks, with change occurring gradually and incrementally. Low Emissions Scenario: SSP1-2.6 Low Emissions Scenario: Net-Zero 2050 § Represents a low-emissions transition pathway consistent with the objectives of the Paris Agreement, with global warming remaining below 2°C and net-zero emissions achieved in the second half of the century. § Under this scenario, global average temperature increases stabilize at approximately 1.8°C by the end of the century, resulting in more moderate physical climate risks relative to higher-emissions pathways. § Represents an ambitious transition pathway consistent with limiting global warming to approximately 1.5°C, driven by stringent climate policies, technological innovation, and structural economic change, with global net-zero CO 2 emissions achieved around 2050. § Assumes that several jurisdictions, including the United States, the European Union, and Japan, reach net-zero emissions for all greenhouse gases by mid-century. § Under this scenario, transition efforts accelerate rapidly, resulting in earlier and more decisive reductions in physical climate risks over the medium to long term, relative to higher-emissions pathways. 3.6°C 1.8°C 3°C+ 1.5°C Time Horizons The time horizons used in Franco-Nevada’s climate-related scenario analysis were selected to reflect short-, medium- and long-term periods that are relevant to the company’s business model, investment timeframes and exposure to CRROs. Consistent with IFRS S2, these time horizons are intended to support a forward-looking assessment of how CRROs may evolve over time and affect the resilience of Franco-Nevada’s strategy and portfolio. These time horizons were applied consistently across the scenario analysis and were selected to balance decision usefulness, data availability, and the long-term nature of Franco-Nevada’s investment portfolio, in line with the expectations set out in IFRS S2. Short-term (2025) (Baseline) The short-term horizon represents current conditions. For transition-related risks and opportunities, 2025 has been referenced as the baseline year, reflecting policies, market conditions and practices in place at the reporting date. For physical risks, the baseline is defined using a 30-year climate normal, which is commonly used to describe present- day climate conditions and variability. Medium-term (2030) The medium-term horizon aligns with commonly referenced climate- and policy-related milestones, including the time frame of many governments’ interim emissions reduction targets and transition plans. This horizon is particularly relevant for assessing policy, market, technology and regulatory transition risks, as well as near- to medium-term physical climate trends that may influence operating conditions and investment decisions. Long-term (2050) The long-term horizon reflects the expected lifespan of many of Franco-Nevada’s royalty and streaming interests and aligns with widely adopted net-zero targets and long-term climate scenarios. This horizon is used to evaluate longer-dated physical climate risks, strategic resilience, and potential shifts in demand, regulation and asset viability over extended investment timeframes. Franco-Nevada Corporation 57

Based on the climate-related scenario analysis, the tables below and on the following pages outline the principal outcomes and implications for Franco-Nevada and its operating partners, reflecting projected scenario trends across key commodities and regions within the portfolio. Risk Category Outcomes for Operating Partners Outcomes for Franco-Nevada Acute and Chronic Physical Risks • Lower production and revenues resulting from climate-driven shutdowns, constraints, or operational disruption. • Higher operating and capital costs associated with repairs, resilience measures, water and energy management, and regulatory compliance. • Project delays or reduced mine life where physical climate risks erode long-term profitability. • Increased regulatory intervention, including fines, bonding requirements, or operational limits. • Elevated financial risk, including distress or loss of operational control in severe cases. • Delayed or reduced GEO deliveries resulting from climate-related constraints on operating partner output. • Portfolio and valuation pressure where recurring physical risks weaken long-term asset viability or alter operator mine plans. • Reputational exposure arising from association with climate- related incidents at operating assets, notwithstanding Franco- Nevada’s non-operating, long-term investment model. Policy and Legal • Higher compliance costs and penalties arising from stricter emissions, permitting, and reporting requirements. • Operational or financial disruption due to investigations, permitting delays, or regulatory uncertainty. • Reduced demand or delayed project development as climate-related policies affect market conditions. • Increased compliance-related costs and potential reputational risk linked to evolving disclosure and regulatory expectations. • Delayed or reduced royalty and stream cash flows resulting from partner-level disruptions. • Lower revenues where demand for higher-emitting commodities declines under transition pathways. Reputation • Reduced market access and demand for assets associated with higher-emitting sectors (e.g., oil and gas). • Heightened social and political pressure that may impair operations or threaten license to operate. • Tighter financing conditions, increased refinancing risk, or higher cost of capital. • Lower revenues and valuation impacts where stigmatization driven disruptions reduce or defer royalty and stream payments. • Potential asset impairments where sustained reputational pressures affect long-term asset viability. Products and Services • Stricter mandates affecting carbon-intensive products and services, increasing compliance and operating costs. • Failure to meet requirements may result in regulatory penalties or operational constraints. • Reduced revenues where demand shifts away from carbon- intensive commodities. • Delayed cash flows if operators defer or postpone development or production decisions. Market • Shifts in demand toward commodities aligned with the low-carbon transition may disadvantage higher-emitting or lower-grade assets. • Market preference for higher-grade or lower-emissions products may reduce pricing or sales volumes for certain producers. • Lower royalty and stream cash flows where demand or pricing for certain commodities weakens. • Valuation risk where prolonged demand shifts or price declines render assets uneconomic or stranded. Resilience (opportunity) • Improved climate governance, reporting, and emissions performance may enhance competitive positioning and access to capital. • Greater transparency and improved climate related disclosure strengthen portfolio resilience, support valuation stability, and reduce reputational risk. • Enhanced disclosure may broaden access to ESG-aligned capital and strengthen investor confidence. Climate-Related Risks and Opportunities: Key Outcomes, Assumptions and Limitations Assumptions and Limitations The methodologies of the physical and transition scenario analysis are based on a certain number of parameters, assumptions and analytical choices. Therefore, the interpretation of the results of this analysis needs to be considered alongside these circumstances. These are shown below: Physical Risks Portfolio-level assessment: Physical climate risks and opportunities have been assessed at a portfolio level to indicate relative distribution and magnitude across Franco - Nevada’s business. Actual impacts may vary materially at the asset, site, or business - segment level and would require site - specific analysis to confirm local exposure and severity. Use of global climate scenario datasets: The assessment draws on modelled global climate hazard datasets, which may not fully capture local conditions, micro - climates, or asset - specific exposure characteristics. Independent hazard assessment: Physical hazards were assessed individually, consistent with standard climate risk methodologies. Potential interdependencies or compounding effects between hazards (e.g., heat, drought, and wildfire) are not reflected. Exclusion of site-specific resilience measures: Existing or planned adaptation and resilience measures were not explicitly modelled, nor does the analysis assess how such measures may be resourced, implemented, or monitored over time. Transition Risks Qualitative, scenario - informed analysis: The transition analysis is qualitative and informed by internationally recognized scenario datasets, including NGFS and IEA, focusing on directional trends and relative impacts rather than quantified financial outcomes. Use of global-level data: Transition risks and opportunities were assessed using global assumptions to provide a portfolio - wide perspective; country - or jurisdiction - specific policy, regulatory, or market dynamics may not be fully reflected. Exclusion of future mitigation measures: The analysis considers inherent transition risks and opportunities only. Potential mitigation actions or management responses beyond current practices, particularly over the 2030–2050 period, are not reflected, nor are considerations related to their resourcing, implementation, or monitoring. Franco-Nevada Corporation 58

For each prioritized climate - related physical risk assessed within the scenario analysis, climate hazard data were collected and used to assess future trends relative to present - day conditions. These trends are summarized in the table on this page for each of the regions and physical risk items assessed. Several types of extreme climate events were considered for this assessment, including flooding, hurricanes, wildfires, landslides, extreme cold snaps, and, importantly, drought and water scarcity. Although multiple extreme hazards may affect a given region, the table to the right summarizes the results of the hazards that are projected to see the most significant changes identified for each region. The most significant increases from baseline risk levels in extreme climate hazards by 2050 are projected for Panama and Chile, followed by South Africa, Ecuador, and Brazil, with flooding, wildfires, hurricanes, and landslides emerging as the dominant drivers of risk in these regions under higher - emissions scenarios. Wildfire risk is projected to increase most materially, particularly across parts of North America and the Southern Hemisphere, followed by hurricane risk in western North America, including the western United States, Mexico, and parts of Canada. Flooding - related risks are projected to increase notably in Panama, Brazil, and Ecuador, particularly under high - emissions scenarios. In addition, changes in temperature - related extremes vary significantly by region. Canada and the eastern United States are projected to experience the most significant reductions in extreme cold events, altering baseline climate risk profiles. Water stress and drought risk are projected to increase most significantly in eastern Canada, Chile, Peru, and South Africa. Extreme Climate Events Drought and Water Scarcity Region Significant Hazard Low Emissions High Emissions Low Emissions High Emissions 2030 2050 2030 2050 2030 2050 2030 2050 Western Canada Wildfires Cold Events* Rainfall-induced Landslides Eastern Canada Wildfires Hurricanes Cold Events* Rainfall-induced Landslides Western United States (Nevada, Montana, Southern States) Hurricanes Eastern United States (Pennsylvania) Wildfires Hurricanes Cold Events* Mexico Hurricanes Cold Events* Panama Flooding Rainfall-induced Landslides Chile Wildfires Cold Events* Peru Cold Events* Brazil Wildfires Flooding Cold Events* Argentina Wildfires Cold Events* Ecuador Flooding Cold Events* South Africa Wildfires Australia Wildfires Hurricanes West Africa (Mauritania, Ghana, Senegal) Wildfires Legend Change is likely not to be significant Change is potentially significant Change is likely to be highly significant Physical Summary of changing climate trends related to each physical risk * Changes shown for cold events reflect projected increases in minimum temperatures and, accordingly, a reduction in the frequency and severity of cold - related risks. Franco-Nevada Corporation 59

Potential Financial Impact for: Description Our Operating Partners Our Company Mitigating Actions Physical climate - related risks are projected to increase in frequency and severity across several regions where Franco - Nevada’s operating partners are active, under both low - and high - emissions scenarios. These risks are primarily acute in nature and include wildfires, hurricanes, cyclones and extreme precipitation events. Wildfire risk is projected to increase due to higher temperatures and prolonged dry conditions, particularly in Australia, western United States, Mexico, West Africa and Chile, with Chile exhibiting the largest projected increase in wildfire - conducive days across all assessed scenarios. Hurricane and cyclone intensity is expected to increase in certain regions as a result of warmer ocean temperatures and greater atmospheric instability, with higher maximum wind speeds projected in parts of the western United States, Mexico, northern and western Australia, and eastern North America. Extreme precipitation events and flooding are projected to become more frequent in regions including the western United States, Panama, Brazil and West Africa, with risks becoming more pronounced under higher - emissions scenarios by 2030 and beyond. For operating partners, an increased frequency of extreme weather events may result in operational disruptions, infrastructure damage, safety risks, higher operating and capital costs, and temporary production interruptions. Over time, repeated acute events may require additional capital allocation toward remediation, resilience measures and recovery, and in certain cases may affect development timelines or long - term project economics. For Franco - Nevada, physical climate impacts at the asset level may indirectly affect royalty and stream deliveries, revenue timing and asset performance, particularly where disruptions are recurrent or prolonged. While the company is generally insulated from direct operating and capital costs, sustained or compounding physical risks at specific assets or regions could influence portfolio - level cash - flow timing, asset valuation and long - term project viability. These effects may also shape investor perceptions of asset or regional risk, particularly where projected production contributions are materially affected over time. Revenue impacts and asset viability risk Repeated extreme climate events may disrupt operations or halt production, potentially undermining long - term mine viability and reducing revenues where interruptions are prolonged or recurring. Deferred production and reduced mine life Increased frequency of climate - related disruptions may result in deferred production, lower output and shortened mine lives, particularly where operators are required to redirect capital and resources toward resilience and recovery rather than growth or sustaining activities. Higher operating and capital costs Operators may incur higher operating costs and ongoing capital requirements associated with emergency response, infrastructure repairs, recovery activities, and the installation of additional protection, monitoring, or safety systems, which may compress margins and affect project economics. Incremental sustaining capital and capital - allocation trade - offs Additional sustaining capital expenditures for climate - hardening measures (such as drainage upgrades, flood defences, or structural reinforcements) may lead operators to reassess capital allocation, including prioritizing lower - risk jurisdictions, deferring expansions, or delaying phased developments in higher - risk regions due to increased climate uncertainty. Revenue timing and deferrals Increased climate - related volatility may lead operating partners to slow, defer or re - sequence development and production plans, resulting in temporary deferrals of royalty and stream deliveries and revenue timing, rather than permanent revenue loss. To date, Franco - Nevada has not exited investments due to climate - related impacts, and impacts are expected to manifest primarily through timing effects. Asset valuation sensitivity Prolonged or recurring physical climate risks at specific assets may affect long - term asset assumptions, including projected production profiles and attributable GEO contributions, which could influence asset valuations or impairment assessments over time where long - term viability is materially affected. Portfolio - level allocation and exposure effects Where repeated climate shocks influence operators’ strategic decisions— such as shifting capital toward lower - risk jurisdictions or asset types— Franco - Nevada’s portfolio may experience changes in the geographic or asset - level composition of future growth, potentially affecting regional exposure, development optionality and the timing of future revenues. Pre - investment risk screening and capital allocation discipline Franco - Nevada’s ability to influence climate - related outcomes is greatest at the pre - investment stage, where climate - related physical risks are assessed as part of due diligence and inform capital allocation decisions, asset selection, jurisdictional exposure and investment structuring. Ongoing monitoring and targeted engagement post - investment Following investment, Franco - Nevada monitors climate - related developments at operating assets through regular engagement and information rights, and, where appropriate, supports operators through sustainability - related partnerships or initiatives aimed at enhancing resilience (for example, water - and drought - related mitigation measures). Management oversight and Board escalation Climate - related risks are evaluated by management and technical teams as part of ongoing portfolio oversight. Matters involving heightened uncertainty or potential material impact are escalated to the Board, as well as the board of directors of any subsidiary that is party to a transaction, and relevant Committees for review, reflecting the significance of physical climate risks to long - term portfolio resilience. Physical: Acute and Chronic Physical Risks Extreme Climate Events: Increasing frequency affecting project viability and strategic outcomes Franco-Nevada Corporation 60

Potential Financial Impact for: Description Our Operating Partners Our Company Mitigating Actions Extreme climate events, including wildfires, hurricanes, cyclones, flooding, cold snaps and rainfall - induced landslides, are projected to increase in frequency and intensity across multiple regions, elevating the risk of damage to critical mining and processing infrastructure. Wildfire intensity is projected to increase across Australia, western United States, Mexico, West Africa and Chile, with Chile experiencing the largest increase in high - risk days across all assessed scenarios. Hurricane and cyclone intensity is projected to increase maximum wind speeds in parts of the western United States, Mexico, northern and western Australia, and eastern North America. Extreme rainfall and flooding events are projected to become more frequent in the western United States, Panama, Brazil and West Africa, particularly under higher - emissions scenarios by 2030. Cold - weather events remain a persistent risk in western and eastern Canada and the eastern United States, notwithstanding longer - term warming trends, with continued exposure across scenarios. Landslide risk is already elevated in the western United States and is projected to increase further across scenarios in Mexico, Ecuador and Peru, with western Canada experiencing a marked increase under higher - emissions pathways by 2050. Acute climate hazards increase the risk of failure or damage to a range of mining - related infrastructure, including tailings storage facilities, heap - leach pads, liners, waste - rock containment structures, ponds, underground workings, access roads and export facilities. Such events may result in breaches of containment systems, environmental releases, and significant operational disruption. For operating partners, infrastructure failures can lead to regulatory enforcement action, operational shutdowns, substantial remediation and recovery costs, and prolonged production interruptions, which may affect development timelines and long - term project economics. In more severe cases, failures may prompt government intervention, including operating restrictions, suspended permits or loss of operating approvals. For Franco - Nevada, while the company does not operate assets and is generally insulated from direct remediation costs, such events may indirectly affect royalty and stream deliveries, revenue timing, asset valuations and long - term GEO contributions. Given the high visibility of tailings - and infrastructure - related incidents, these events may also give rise to reputational risks for both operating partners and Franco - Nevada, potentially affecting community and government relationships, asset value and investor confidence. Emergency response, remediation and enforcement costs Infrastructure or containment failures may result in significant costs associated with emergency response, environmental remediation and regulatory fines, particularly where tailings facilities or other containment systems are breached or overtopped. Repair and replacement of critical infrastructure Operators may incur material capital expenditures to repair damaged processing facilities, mills and related infrastructure, or to replace compromised systems in order to restore operations and maintain long - term operational resilience. Production interruptions and regulatory delays Contamination incidents or near - failures may lead to temporary shutdowns, production delays or reduced output, arising from investigations, clean - up requirements, or heightened regulatory scrutiny and permitting constraints following an incident. Increased compliance and sustaining costs Following incidents, operators may face ongoing higher operating and sustaining capital costs linked to regulator - mandated upgrades to tailings governance, flood controls, drainage systems, monitoring technologies and independent assurance requirements. Higher financial assurance and legal exposure Regulatory responses may include increased bonding, guarantees or financial assurance requirements, as well as exposure to legal costs, penalties, fines or settlement payments, which may adversely affect project economics and liquidity. Risk of government intervention or operational restrictions In certain jurisdictions, significant environmental impacts may prompt direct government intervention, including the imposition of operating restrictions, suspension of permits or broader project limitations. Risk to operator solvency and asset control Where operators are unable to fund or execute required remediation or compliance measures, there is a risk of insolvency, receivership or loss of control over the asset, potentially leading to asset sales or restructuring under distressed conditions. Revenue deferrals and delivery timing risk Tailings or infrastructure incidents at underlying operations may result in temporary reductions or deferrals in royalty and stream deliveries where operators are subject to shutdowns, production curtailments or regulatory restrictions following an incident. Asset - level and portfolio - level production impacts Longer - term regulatory consequences or operator - driven changes to mine plans following contamination events may lead to revisions to production guidance, potentially affecting projected GEO contributions and the timing or profile of future cash flows. Reputational exposure associated with underlying assets High - profile environmental incidents may give rise to reputational impacts for Franco - Nevada through association with affected assets, increasing scrutiny from investors, sustainability - focused stakeholders and external assessors, notwithstanding Franco - Nevada’s non - operating role. Heightened stakeholder and community sensitivity Additional reputational risk may arise in jurisdictions where governments or communities perceive operators as failing to manage environmental risks effectively, which may indirectly affect Franco - Nevada’s standing as a capital provider, despite its limited ability to influence day - to - day operations. Oversight, engagement and monitoring through operating partners Franco - Nevada works closely with operating partners, where appropriate, to promote robust monitoring programs, emergency response planning and engineering controls at mining assets, recognizing that the design, operation and maintenance of infrastructure remain the responsibility of the operator. Assessment of response preparedness and financial exposure As part of ongoing portfolio oversight, Franco - Nevada may review operators’ contamination - response frameworks, tailings - management practices and jurisdiction - specific regulatory regimes, including applicable penalties and remediation obligations, to better understand potential financial and portfolio impacts in higher - risk regions. Stakeholder engagement in response to incidents In the event of a material incident, and consistent with its role as a long - term capital provider, Franco - Nevada may engage constructively with operators, governments and other stakeholders, where appropriate, to support the identification of responsible pathways forward and to help preserve long - term asset value and stakeholder relationships. Physical: Acute and Chronic Physical Risks Extreme Climate Events: Physical damage to critical mining infrastructure Franco-Nevada Corporation 61

Physical: Acute and Chronic Physical Risks Drought and Water Scarcity: Constraints on water availability affecting operational capacity Potential Financial Impact for: Description Our Operating Partners Our Company Mitigating Actions Consecutive dry days are elevated at baseline and are projected to increase across most regions under both low - and high - emissions scenarios. Regions with notably high baseline exposure and increasing trends include Chile, West Africa, the western United States, Brazil, Peru and South Africa, indicating persistent drought conditions throughout the year rather than isolated seasonal events. In parallel, high water - stress index regions include Mexico, the United States, western Canada, South Africa, Australia, Chile and parts of West Africa, reflecting both physical water scarcity and competing demands on available water resources. In addition, eastern Canada is projected to experience a significant increase in water stress under both emissions scenarios, driven primarily by population growth and human - driven water demand rather than meteorological drought. This represents a potential emerging hotspot for operational risk, characterized by less predictable water - availability constraints despite historically wetter baseline conditions. Water scarcity and increasing demand pressures may constrain water availability for certain mining operations, potentially limiting operational capacity and affecting the timing of mineral extraction and GEO deliveries at individual sites. These impacts are typically concentrated at the operating - partner level and are influenced by site - specific water sourcing, permitting frameworks and infrastructure. While water - supply constraints may periodically affect production capacity, operating partners commonly mitigate impacts through proactive water - management planning, securing alternative water supplies, recycling and efficiency measures, and permit - backed access arrangements. Consistent with its non - operating model, Franco - Nevada’s exposure to water - related physical risk is therefore expected to manifest primarily through timing effects rather than permanent loss of value, supported by robust pre - investment due diligence, jurisdictional screening and ongoing asset - level monitoring. Operational throughput constraints Water scarcity may limit the availability of water required for mineral processing, cooling systems or dust - control activities, resulting in reduced throughput or temporary curtailment of operations during periods of sustained drought or elevated demand. Higher operating and capital costs Operators may incur higher operating costs and incremental capital requirements associated with securing alternative water supplies, maintaining or renewing water - use permits, and implementing water - efficiency, recycling or storage upgrades, which may increase unit costs and affect operating margins. Water - access and permitting risk In certain jurisdictions, operators may face water - access constraints where shared or third - party water - supply permits prove inaccurate, contested or insufficiently validated during project due diligence, potentially limiting available supply and constraining operational flexibility. Allocation risk during periods of scarcity Where governments prioritize municipal, agricultural or other essential users during periods of water scarcity, mining operations may be subject to reduced water allocations, further limiting processing capacity and production rates. Higher - cost supply alternatives In regions experiencing chronic water stress or limited freshwater availability, operators may be required to explore higher - cost water - supply options, such as desalination or long - distance water transport, which may involve elevated capital investment and ongoing operating costs. Reduced or delayed GEO deliveries Where water scarcity constrains operating - partner output, Franco - Nevada may experience reduced or delayed GEO deliveries under its royalty and stream interests, primarily reflecting timing effects rather than permanent loss of production. Revenue timing and near - term growth impacts Production curtailments or operating constraints arising from water - availability limitations may result in deferred revenue recognition and some downside to near - term growth expectations, particularly where development or expansion plans are rescheduled in response to water - supply uncertainty. Asset - level economic sensitivity and impairment risk In regions where chronic water scarcity materially weakens long - term project economics, including through sustained increases in operating costs or capital requirements, there is a risk that long - life assumptions may be revised, potentially increasing impairment risk for affected assets over time. Portfolio - level exposure and concentration effects While Franco - Nevada’s diversified, non - operating portfolio limits exposure to any single asset or jurisdiction, repeated water - related constraints affecting multiple assets within a region could influence portfolio - level GEO attribution and the timing of expected cash flows. Limited direct cost exposure, with indirect value impacts Consistent with Franco - Nevada’s royalty and streaming model, the company does not bear direct operating or capital costs associated with water - supply constraints. However, indirect impacts may arise through changes in production profiles, delivery timing, asset valuations and long - term growth assumptions for affected projects. Pre - investment water - risk screening and capital allocation discipline Franco - Nevada’s ability to influence water - related outcomes is greatest at the pre - investment stage, where water availability, water - stress conditions, hydrological trends and permitting frameworks are assessed as part of due diligence. These considerations inform capital allocation decisions, asset selection and jurisdictional exposure, particularly for assets located in water - stressed or drought - prone regions. Ongoing monitoring and targeted engagement post - investment Following investment, Franco - Nevada monitors water - related developments at operating assets through regular engagement with operating partners and the exercise of contractual information rights. Where appropriate, the company may engage with operators on water - management practices, drought preparedness and longer - term water - supply strategies intended to enhance operational resilience. Management oversight and Board escalation Water - related physical risks are evaluated by management and technical teams as part of ongoing portfolio oversight. Matters involving heightened uncertainty or potential longer - term impacts on asset performance or economics are escalated to the Board, as well as the board of directors of any subsidiary that is party to a transaction, and relevant Committees for review, reflecting the importance of water availability to long - term portfolio resilience. Franco-Nevada Corporation 62

Transition: Policy and Legal Risks Potential Financial Impact for: Description Our Operating Partners Our Company Mitigating Actions The climate - related disclosure landscape in North America remains fluid, with uncertainty regarding the timing, scope and final form of mandatory requirements in both the United States and Canada. Notwithstanding this uncertainty, companies are increasingly subject to indirect regulatory and market pressure, including sub - national disclosure regimes (such as California - led requirements) and the growing influence of international sustainability standards. In parallel, the IFRS Sustainability Disclosure Standards, including IFRS S1 and IFRS S2, are gaining traction across multiple jurisdictions, including Brazil and Mexico, contributing to increasing expectations for globally consistent, decision - useful climate - related disclosure. As disclosure requirements expand and converge, companies may incur incremental compliance, data management and reporting costs, reflecting the need for enhanced data collection, governance, controls and assurance processes. Under more ambitious transition pathways, such as the Net-Zero 2050 scenario, these pressures are expected to result in a moderate increase in operating expenses, particularly in the near to medium term. Franco - Nevada’s climate - related disclosures are currently prepared on a voluntary basis. Transitioning to a mandatory, audit - ready disclosure regime would require closing data gaps, strengthening internal controls, and further integrating climate - related metrics into financial reporting and governance processes, resulting in a moderate short - term implementation impact. Over the longer term, however, the financial impact is expected to be low, as reporting processes become standardized, embedded within existing corporate reporting frameworks, and benefit from increased efficiency and comparability. Higher compliance and reporting costs More stringent climate - and emissions - reporting requirements may increase operating and compliance costs, including expenditures related to data collection, reporting systems, internal governance and ongoing regulatory compliance. Regulatory enforcement risk Failure to meet evolving disclosure or reporting requirements may expose operators to regulatory penalties, enforcement actions or restrictions, particularly in jurisdictions adopting more prescriptive climate - related disclosure regimes. Higher compliance and reporting costs More stringent climate - and emissions - reporting requirements may increase operating and compliance costs, including expenditures related to data collection, reporting systems, internal governance and ongoing regulatory compliance. Regulatory enforcement risk Failure to meet evolving disclosure or reporting requirements may expose operators to regulatory penalties, enforcement actions or restrictions, particularly in jurisdictions adopting more prescriptive climate - related disclosure regimes. Measured and cautious disclosure approach Franco - Nevada monitors developments in climate - related disclosure requirements and guidance, including evolving expectations in Canada and other jurisdictions, and takes a deliberate, prudent approach to sustainability-related disclosure to ensure accuracy, consistency and regulatory alignment. Governance and preparedness Climate - related disclosure requirements and related risks are overseen by management and relevant functions, including Sustainability and Legal, with the objective of anticipating regulatory developments, managing data gaps, and positioning the company to respond efficiently should mandatory requirements be introduced. Leveraging existing reporting frameworks Where possible, Franco - Nevada seeks to embed climate - related disclosure processes within existing financial and governance frameworks to limit duplication, control costs and support long - term reporting efficiency. Enhanced emissions reporting obligations (all commodities) Franco-Nevada Corporation 63

Potential Financial Impact for: Description Our Operating Partners Our Company Mitigating Actions Regulatory scrutiny of climate - and other sustainability - related disclosures is intensifying in Canada, driven by enhanced greenwashing provisions under the Competition Act and evolving guidance from securities regulators, including the Alberta Securities Commission. These developments are increasing expectations around the accuracy, substantiation and transparency of climate - related claims and disclosures. Similar trends are emerging internationally, contributing to a more litigious and enforcement - oriented policy environment. Under more ambitious transition pathways, such as the Net-Zero 2050 scenario, public awareness, regulatory expectations and enforcement activity are expected to increase further. This environment may lead to a greater frequency of climate - related litigation, as well as heightened exposure to penalties, fines or other legal consequences where disclosures are perceived to be misleading, incomplete or insufficiently supported. For operators in carbon - intensive sectors, including oil and natural gas, regulators are expected to impose more stringent emissions measurement, reporting and verification requirements. These developments may result in higher compliance costs, alongside increased litigation risk and the potential for more severe financial penalties in the event of non - compliance or disputed claims. For Franco - Nevada, exposure to this risk is indirect and proportionate to its portfolio composition, with oil and gas assets historically accounting for approximately 15% of revenue. While Franco - Nevada’s climate - related disclosures are voluntary and the company does not operate assets, the potential financial impact associated with climate - related litigation and regulatory enforcement is expected to range from low under baseline conditions to moderate over the longer term, as disclosure standards evolve and enforcement activity increases toward 2050. Increased legal and compliance costs Heightened regulatory scrutiny and litigation risk may result in higher legal expenses, including litigation costs, settlements, fines, penalties and increased insurance premiums, which could pressure margins and profitability. Operational disruption and asset impacts Climate - related legal proceedings, enforcement actions or regulatory interventions may lead to project delays, operational suspensions or asset shutdowns, potentially reducing production, delaying cash flows and triggering asset impairments or write - downs. Reputational exposure through operating partners Significant controversies, litigation or enforcement actions involving operating partners may give rise to reputational impacts for Franco - Nevada by association, increasing scrutiny from investors, sustainability - focused stakeholders and rating agencies, notwithstanding Franco - Nevada’s non - operating role. Revenue timing and valuation effects Operational suspensions, delays, or impairments at underlying assets may result in temporary deferrals of royalty and stream revenues and, in certain circumstances, valuation adjustments or impairment considerations where long - term asset assumptions are affected. Prudent and disciplined disclosure practices Franco - Nevada adopts a cautious and disciplined approach to climate - related and other sustainability-related disclosure, with an emphasis on accuracy, substantiation and consistency as regulatory expectations evolve. Regulatory monitoring and governance oversight The company actively monitors developments in climate - related litigation, enforcement trends and securities - regulatory guidance, including evolving expectations in Canada, to manage disclosure risk and reduce potential exposure to greenwashing - related claims. Portfolio - level risk awareness Climate - related legal and reputational risks are considered as part of broader portfolio oversight and risk management, supporting informed engagement with operating partners and alignment with Franco - Nevada’s long - term, non - operating investment model. Transition: Policy and Legal Risks Exposure to climate-related litigation (oil, natural gas) Franco-Nevada Corporation 64

Transition: Reputational Risks Potential Financial Impact for: Description Our Operating Partners Our Company Mitigating Actions Reputational considerations represent a key transition risk for Franco - Nevada, particularly as public, investor and policy scrutiny intensifies around higher - emitting sectors. Under the Current Policies scenario, ongoing scrutiny of the oil and gas sector and other carbon - intensive activities is expected to result in a moderate level of reputational and financial risk, including heightened sensitivity to environmental, social and governance outcomes at underlying assets. For Franco - Nevada, reputational pressures affecting operating partners may contribute to operational disruptions, project suspensions or prolonged delays, which in turn could defer or, in certain circumstances, permanently reduce royalty and stream cash flows, resulting in potential valuation impacts, impairments or write - offs. While such outcomes are asset - and jurisdiction - specific, they illustrate how reputational considerations can translate into financially material effects for non - operating capital providers. Under the Net-Zero 2050 scenario, accelerated decarbonization and evolving societal expectations are expected to further intensify scrutiny of operators associated with higher - emitting sectors. Over time, this may influence Franco - Nevada’s capital - allocation decisions, contributing to a gradual structural shift away from higher - carbon commodities toward assets more clearly aligned with the energy transition. Reputational risk remains central to Franco - Nevada’s transition - risk profile, with potential implications for cash - flow stability, asset valuations, compliance and disclosure costs, share - price performance, and access to capital. Overall, the expected financial impact is moderate, reflecting elevated downside risk to certain assets while remaining partially mitigated by Franco - Nevada’s diversified portfolio and its long - standing investment framework, under which approximately 80% of revenues are derived from precious metals. Demand and market access pressure Sector stigmatization may reduce demand for carbon - intensive commodities, particularly for fossil - fuel producers, adversely affecting revenues and pricing. Social, political and regulatory escalation Reputational pressure may escalate into social opposition or political intervention, potentially resulting in loss of social license, production suspensions, revenue loss, asset impairments, and increased difficulty accessing or refinancing capital. Indirect revenue exposure Reduced demand for higher - carbon commodities may lower attributable revenues from affected assets within Franco - Nevada’s portfolio. Cash - flow timing and valuation risk Operational disruptions driven by sector stigmatization may defer or permanently reduce royalty and stream cash flows and, in certain cases, contribute to valuation adjustments or asset impairments/write - offs. Portfolio diversification and transition alignment Franco - Nevada mitigates reputational transition risk through portfolio diversification, supported by the development of a dedicated energy and low - carbon transition investment strategy alongside its core precious - metals focus. Clear expectations and engagement with operating partners The company maintains clear climate - related and other sustainability-related expectations for operating partners, including progress on climate commitments, emissions - reduction targets, and ongoing engagement, to support long - term asset resilience and reputational performance. Stigmatization of sector and increased stakeholder concern (all commodities) Franco-Nevada Corporation 65

Transition: Products and Services Opportunities Potential Financial Impact for: Description Our Operating Partners Our Company Mitigating Actions Demand for commodities aligned with the low - carbon transition is increasing, driven by structural trends including electrification, power - grid expansion, industrial activity and the growth of electric vehicles. Under both assessed climate scenarios, the share of renewable and lower - carbon energy in the global energy mix is expected to rise, with a more pronounced shift under the Net-Zero 2050 scenario, supporting longer - term demand for transition - relevant commodities. From a portfolio perspective, Franco - Nevada monitors changes in commodity demand, relative market dynamics and the evolving mix of its revenue exposure. Improved balance sheets, stronger access to capital and enhanced project economics for operating partners producing transition - aligned commodities may support higher production levels, project advancement and development optionality. These effects may translate into increased attributable production and enhanced long - term returns under Franco - Nevada’s royalty and streaming agreements. While Franco - Nevada intends to continue investing within its established framework— maintaining approximately 80% of revenue from precious metals and 20% from diversified assets—exposure to commodities aligned with the energy transition may provide incremental portfolio resilience and growth optionality. Under the Net-Zero 2050 scenario, the associated financial impact is expected to be low to moderate, reflecting upside potential from selected assets while remaining consistent with Franco - Nevada’s long - term, disciplined capital - allocation strategy. Higher compliance and reporting costs Transition - aligned pathways may entail stricter emissions reporting, verification and disclosure requirements, increasing operating and compliance costs, particularly during the early stages of regulatory convergence. Regulatory exposure for non - compliance Failure to meet evolving reporting or substantiation requirements may expose certain operators to regulatory penalties or enforcement actions, potentially affecting operating performance and access to capital. Revenue exposure to declining high - carbon demand Structural declines in demand for carbon - intensive commodities could result in lower attributable revenues from certain diversified assets within the portfolio. Cash - flow timing effects Project delays or slower development timelines—particularly during periods of transition - related adjustment—may defer royalty and stream cash flows, affecting revenue timing rather than permanent value. Focus on lower - risk precious metals exposure Franco - Nevada’s core objective remains to be a lower - risk gold - focused investment, with precious metals demand expected to be structurally less sensitive to climate - transition pathways than higher - carbon commodities. Selective exposure to transition - aligned assets The company continues to expand selectively into transition - linked commodities, including investments in high - grade iron ore, which are well aligned with the shift toward lower - carbon steelmaking and broader industrial decarbonization trends. Shifts in consumer preferences and capital allocation toward commodities aligned with the low carbon transition (silver, PGMs, copper, high grade iron ore, natural gas) Franco-Nevada Corporation 66

Additional resilience factors are inherent in Franco-Nevada’s royalty and streaming business model. The company does not operate assets and is generally not directly exposed to operating, capital, closure or emissions-related costs incurred by operators. In the short to medium term, climate-related production interruptions at an underlying operation typically result in a deferral of revenue, rather than a permanent loss, with royalty or stream deliveries generally realizable upon the resumption of production. Over the long term, and except where an asset becomes uneconomic, most of Franco-Nevada’s assets are non-cost bearing, which provides insulation from rising operating costs, including those associated with carbon pricing or other transition-related requirements. As demonstrated through the scenario analysis presented in this Appendix, these characteristics support the resilience of Franco-Nevada’s portfolio under a range of climate pathways, even where operating partners face increased physical or transition- related pressures. Overall, Franco-Nevada’s diversified portfolio, non-operating business model, rigorous due diligence standards, and focus on long-duration, high-quality assets contribute to the resilience of the company’s strategy and long-term prospects in the context of evolving CRROs. Commodity 82% from Precious Metals 2025 GEOs Diversification* Geography 84% from Americas 14 Countries Assets No individual asset > 15% * The above charts are based on the commodity price and other assumptions used for our 2026 guidance. Resilience of Franco-Nevada’s Portfolio Franco-Nevada’s assessment of portfolio resilience considers how CRROs may affect the long-term viability, cash-flow generation and value of the company’s royalty and streaming interests across a range of future climate pathways. Consistent with IFRS S2, this assessment is informed by climate-related scenario analysis and reflects the resilience of Franco-Nevada’s business model and strategy, rather than the operational performance of individual assets. Franco-Nevada’s exposure to climate-related risks is substantially mitigated by the breadth and diversification of its portfolio. In 2025, no single operator or asset contributed more than 15% of total revenues, reducing exposure to operator-specific or localized climate-related risks, including acute physical events, reputational issues, and localized regulatory or legal developments. In addition, the company receives revenue from multiple commodities across a wide range of jurisdictions, which mitigates exposure to risks that may affect particular regions, markets, or commodity types, such as chronic physical risks, country-wide policy or regulatory changes, and market-wide transition dynamics. While Franco-Nevada maintains significant exposure to gold, broader climate-related market and reputational risks affecting the gold industry are further mitigated through the company’s disciplined capital allocation and due diligence processes, which are focused on investing alongside best-in-class operating partners. Many of these partners have established long-term climate- related commitments and are progressing transition and resilience initiatives, which supports the long-term sustainability of underlying assets. Tocantinzinho Other Hemlo Western Limb Candelaria Guadalupe- Palmarejo Antapaccay Antamina Canada and USA South America Central America & Mexico Rest of the World Gold Other Mining Silver PGM NGL Gas Oil Franco-Nevada Corporation 67

Franco - Nevada does not operate mines, develop projects or conduct exploration activities. Our business model is focused on acquiring, managing and holding royalty and stream interests, many of which are perpetual or long - life assets intended to be held over extended time horizons. Since our initial public offering in 2007, Franco - Nevada has not undertaken any material divestments from its portfolio. As a result, the identification and assessment of sustainability - and climate - related risks is particularly critical at the outset, prior to acquiring new royalty and stream interests. Franco - Nevada has adopted a comprehensive due diligence process for evaluating prospective investments and operating partners. This process draws on the experience of our multi - disciplinary management team and Board of Directors to assess sustainability - and climate - related risks specific to the underlying operation, jurisdiction and commodity, as well as the operator’s plans, controls and capacity to manage those risks. Since early 2022, the company has subscribed to MineSpans, a data platform that provides extensive mine - level cost, supply and operational metrics across a global dataset. This tool supports a more systematic and consistent review of climate - and sustainability - related data as part of our investment evaluation process. The company also uses climate - related scenario analysis, as described earlier in this Appendix, to support the identification and prioritization of material climate - related physical and transition risks and opportunities. The scenario analysis informs our assessment of how such risks and opportunities may evolve over short - , medium - and long - term horizons and supports evaluation of the resilience of Franco - Nevada’s business model and portfolio under different climate pathways, taking into account our non - operating role and reliance on third - party operators. Franco - Nevada also engages external technical and subject - matter experts, as appropriate, to evaluate specific risks, including climate - related physical, regulatory, market and reputational risks, which vary significantly by project, jurisdiction and operator. Additional detail on our due diligence process is provided on page 5 of this Sustainability Report. Where sustainability - or climate - related risks identified through due diligence are assessed as materially adverse to an operator, a project or Franco - Nevada’s royalty or stream interest, the company may elect not to proceed with an opportunity, and has done so on a number of occasions. Where an opportunity proceeds, Franco - Nevada seeks to incorporate contractual protections, including reporting obligations, audit and inspection rights, operating covenants, transfer restrictions and remedies, intended to help monitor and manage sustainability - and climate - related risks over the life of the investment. Further discussion of these contractual protections is included on page 7 of this Sustainability Report. Following acquisition, sustainability - and climate - related risks are monitored through ongoing engagement with operating partners, supported by contractual reporting provisions and audit and inspection rights, and by monitoring operator performance, including emissions profiles and climate - related commitments, plans and initiatives for certain producing assets. If a sustainability - or climate - related event occurs, Franco - Nevada engages with the operator and may offer assistance, as appropriate. The company also engages regularly with its stakeholders to provide transparency on sustainability - and climate - related risks impacting its portfolio and to respond to material concerns, which supports the identification and management of reputational risk. As described in the Governance section of this Appendix, the Board and its Committees meet regularly with senior management to review sustainability - and climate - related risks and exposures in the context of strategy and capital allocation. Where sustainability - or climate - related issues arise at an existing asset, management and the Board apply a “look - back” review to assess whether such issues were, or should reasonably have been, identified during due diligence. This process is intended to continuously strengthen Franco - Nevada’s risk identification, assessment and management practices. Risk Management | Retrospective look back to strengthen risk identification and assessment processes Risk Management Pass on Opportunity OR Provide for Contractual Protections 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 define sustainability- and climate-related strategy Risk identification and assessment through: • Monitoring assets and operators • Engagement with operators • Stakeholder engagement Capital Allocation Risk Identification, Assessment & Management Integration into Overall Risk Management Asset Management Our processes used to identify, assess, and manage sustainability- and climate-related risks Franco-Nevada Corporation 68

Metrics and Targets | The metrics and targets used to assess, manage and monitor relevant sustainability- and climate-related risks and opportunities 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 37–42 in this Sustainability Report. In 2025, we produced no (nil) Scope 1 GHG emissions, 55.8 tCO 2 e of Scope 2 GHG emissions and 282.7 tCO 2 e of Scope 3 GHG emissions for an aggregate total of 338.5 tCO 2 e. 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 2022, 2023 and 2024. Currently, the company does not apply an internal carbon price. In 2023, we established an aspiration to achieve net - zero emissions for our global corporate operations (“Corporate Emissions”) by 2050, consistent with global efforts to limit warming to 1.5°C. While our carbon - neutral position is primarily supported through the use of carbon offsets, our net - zero ambition is underpinned by a continued focus on reducing absolute emissions alongside responsible offsetting. In 2024, we adopted near - term emissions - reduction targets for our corporate operations, including a 42% reduction i n Scope 1 and Scope 2 emissions by 2030, and a 30% reduction in overall Corporate Emissions (Scope 1, 2 and 3, excluding Financed Emissions) by 2030, each relative to a 2023 base year. These targets remain in effect and continue to guide our emissions - reduction efforts. Our climate - related commitments are formalized through our Climate Action Policy, which sets out our aspirations, targets and principles and the measures we implement to support our transition toward a lower - carbon future. Additional detail on our climate - related commitments and the measures we have adopted in respect of our corporate operations, investment decisions and other stakeholders, as set out in our Climate Action Policy, is provided below: Corporate Operations Investments Stakeholders We aspire to achieve net - zero Corporate Emissions by 2050. In furtherance of the foregoing aspiration, we: § Measure and record our Corporate Emissions in accordance with the GHG Protocol; § Maintain established emissions - reduction targets aligned with our net - zero objective; § Maintain carbon - neutral corporate operations on an annual basis through the use of carbon offsets for residual emissions that cannot yet be eliminated; and § Report on our climate - related performance and progress in alignment with globally recognized frameworks and best practices. As a royalty and streaming company, Franco - Nevada seeks to deploy capital with responsible operators and operations committed to reducing carbon footprints and environmental impacts. In support of this approach, we: § Assess operators’ decarbonization commitments, plans, targets and initiatives, including net - zero alignment, as part of our investment due diligence processes; § Monitor operators’ decarbonization efforts following investment and, where appropriate, seek to include contractual provisions requiring the provision of relevant information; § Measure and record attributable emissions from our royalty and stream interests in accordance with the GHG Protocol and leading supplementary guidance; and § Explore opportunities to support operators’ energy transition and climate - related initiatives, where appropriate. To support awareness of the goal of decarbonization and net-zero emissions by 2050 or sooner, we: § Ensure that external consultants engaged to support our business are familiar with our Climate Action Policy and climate - related commitments; and § Ensure, prior to transacting with significant providers of goods or services for our corporate operations, that such suppliers demonstrate alignment with net - zero objectives through relevant commitments, plans or initiatives. Franco-Nevada Corporation 69

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 2025). 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 26 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 29 and 52 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 29–31 of this Sustainability Report. Franco - Nevada remains committed to providing transparent, decision - useful sustainability - related information to investors and has continued to enhance its disclosure practices over time. This Sustainability Report represents the company’s sixth consecutive year of reporting with reference to the Sustainability Accounting Standards Board (“SASB”) framework, which we use to help inform the identification and assessment of industry - specific sustainability - related risks and opportunities applicable to our business. SASB developed the Sustainable Industry Classification System ® (“SICS ® ”) to group companies based on shared sustainability - related risks and opportunities. As of the date of this Sustainability Report, Franco - Nevada is classified under the “Financials” Primary SICS Sector and the “Asset Management & Custody Activities” Primary SICS Industry. While the SICS “Extractives & Minerals Processing” classification may appear relevant given the nature of our investment exposure, the associated accounting metrics are primarily designed for operating mining and energy companies, rather than royalty and streaming companies that do not own or operate assets. Accordingly, we believe the Asset Management & Custody Activities classification is the most appropriate fit for Franco - Nevada’s business model among the available SICS categories. Notwithstanding this classification, certain SASB metrics applicable to traditional investment managers, dealers, brokers and custodians are not directly applicable to Franco - Nevada’s activities as a royalty and streaming company. Consistent with SASB’s “report or explain” approach, we have provided explanatory context where metrics are not applicable or information has been modified or omitted. All information included or referenced in this SASB Disclosure relates to Franco - Nevada Corporation and its subsidiaries (collectively, “Franco - Nevada”, the “company”, “we”, “us” or “our”) and is presented as of, or for the year ended December 31, 2025, unless otherwise noted. The inclusion of information in this section should not be construed as a determination of the materiality or financial impact of such information. This disclosure is intended to complement, and be read in conjunction with, Franco - Nevada’s broader sustainability and climate - related disclosures, including those aligned with the IFRS Sustainability Disclosure Standards. Franco-Nevada Corporation 70

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 sustainability-related factors assessed, when making investment decisions. Mitigating Sustainability-Related Risks in Contractual Arrangements In order to mitigate sustainability-related 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 sustainability-related issues. Refer to page 7 of this Sustainability Report, which describes in further detail these contractual protections. Sustainability-Related Policies and Committee Charters Refer to the following policies and committee charters (each available on our website) that govern the incorporation of sustainability-related 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 sustainability-related 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 Sustainability Committee Charter – specifies such committee’s oversight over our company’s approach to sustainability-related issues, the adequacy of our sustainability-related practices and policies, the adoption of any sustainability-related standards or initiatives, adopts sustainability-related corporate goals used to evaluate management’s performance for executive compensation decisions and the engagement with stakeholders in respect of sustainability-related issues; and § Audit and Risk Committee Charter – specifies such committee’s oversight over risk management, including sustainability-related 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 sustainability- related and climate change risks. BIPOC* Other N/A † Female Male N/A † Senior Executive Management (4 - CEO, CFO, CLO, CIO) 2 2 0 0 4 0 Other Executive Management (14 - President (FNB), VPs) 5 8 0 2 11 0 Non-Executive Management (5 - Directors, Controller) 1 4 0 1 4 0 All Other Employees (21) 11 8 0 16 5 0 Total 19 24 0 19 24 0 * BIPOC = Black, Indigenous, and People of Colour † N/A = not available or not disclosed Incorporation of Sustainability-Related 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 sustainability-related 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 Sustainability-Related Considerations in Due Diligence Process We believe that proper consideration of sustainability- related 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 sustainability-related issues and risks during our due diligence process when evaluating all royalty and stream opportunities. As each opportunity varies considerably 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 Franco-Nevada Corporation 71

Governance, Risk Management and Scenario Analysis Refer to the International Sustainability Standards Board (ISSB) Sustainability Disclosure Standards section of this Sustainability Report, including Appendix B , for: § Details regarding Board and management oversight of sustainability - and climate - related matters, including policies, programs, risk management processes, and management’s role in the day - to - day implementation of sustainability - related considerations; § A description of Franco - Nevada’s climate - related scenario analysis, undertaken to assess the company’s climate - related risk profile and resilience, informed by relevant assumptions regarding sustainability - and climate - related trends applicable to the mining and energy industries; and § An assessment of climate - related risks and opportunities and how these considerations inform the company’s strategy, capital allocation framework and investment decision - making. 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, 2025 for the total quantum ($967.3 million as at December 31, 2025) 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 25 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 2025. 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, 2025 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, 2025 and to the notes referenced in the statements. Franco-Nevada Corporation 72

GRI Standard Location General Disclosures (GRI 2) 2-1 Organizational details • About Franco-Nevada 2026 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: Key Sustainability Metrics and Performance 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 2026 Annual Information Form: • General Development of Franco-Nevada's Business (page 4) 2-7 Employees • Diversity, Inclusion and Well-Being • Appendix A: Key Sustainability Metrics and Performance 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) 2026 Management Information Circular: • Statement of Governance Practices (page 20) 2-10 Nomination and selection of the highest governance body • Corporate Governance • Appendix B: ISSB Sustainability Disclosure Standards (Governance) 2026 Management Information Circular: • Statement of Governance Practices (page 20) GRI Standard Location 2-11 Chair of the highest governance body • Corporate Governance 2026 Management Information Circular: • Statement of Governance Practices (page 20) 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) 2026 Management Information Circular: • Statement of Governance Practices (page 20) 2-13 Delegation of responsibility for managing impacts • Corporate Governance • Due Diligence Process • Appendix B: ISSB Sustainability Disclosure Standards (Governance) 2026 Management Information Circular: • Corporate Goal - ESG (page 47) 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 2026 Management Information Circular: • Statement of Governance Practices (page 20) 2-16 Communication of critical concerns • Integrity and Compliance 2026 Management Information Circular: • Statement of Governance Practices (page 20) 2-17 Collective knowledge of the highest governance body • Cyber and Technological Security • Appendix A: Key Sustainability Metrics and Performance 2026 Management Information Circular: • Statement of Governance Practices (page 20) • Orientation and Continuing Education (page 26) • Skills Matrix (page 28) • Board Assessment (page 31) Appendix D: GRI Index Franco-Nevada Corporation 73

GRI Standard Location 2-18 Evaluation of the performance of the highest governance body 2026 Management Information Circular: • Board Assessment (page 31) 2-19 Remuneration policies 2026 Management Information Circular: • Statement of Governance Practices (page 20) • Compensation Process (page 30) • Statement of Executive Compensation (page 35) • Compensation Program Highlights and Best Practices (page 36) • Compensation Discussion & Analysis (page 37) 2-20 Process to determine remuneration 2026 Management Information Circular: • Statement of Governance Practices (page 20) • Compensation Process (page 30) • Statement of Executive Compensation (page 35) • Compensation Program Highlights and Best Practices (page 36) • Compensation Discussion & Analysis (page 37) 2-21 Annual total compensation ratio 2026 Management Information Circular: • Statement of Executive Compensation (page 35) • Compensation Program Highlights and Best Practices (page 36) • Compensation Discussion & Analysis (page 37) 2-22 Statement on sustainable development strategy • Message from our CEO • UN Global Compact and SDGs • Appendix A: Key Sustainability Metrics and Performance • 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 Priorities • 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 Priorities • 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 Priorities • Appendix B: ISSB Sustainability Disclosure Standards (Governance; Risk Management) 2-26 Mechanisms for seeking advice and raising concerns • Integrity and Compliance 2026 Management Information Circular: • Statement of Governance Practices (page 20) 2-27 Compliance with laws and regulations • Appendix A: Key Sustainability Metrics and Performance 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 Priorities • Responsible Gold Mining Principles • Appendix B: ISSB Sustainability Disclosure Standards (Governance; Risk Management) 2-30 Collective bargaining agreements • Employee Benefits and Well-Being Franco-Nevada Corporation 74

GRI Standard Location Material Topics (GRI 3) 3-1 Process to determine material topics For the purpose of reporting in accordance with the GRI Standards, Franco - Nevada identifies and assesses its material topics through a process that considers the nature of its business model, portfolio composition, risk profile and stakeholder expectations. Topics are evaluated based on their potential significance to Franco - Nevada’s business, strategy and long - term prospects, including the degree of associated risk and the relevance of the topic to the company’s sustainability - related priorities. The assessment is informed by internal management review, ongoing engagement with investors and other stakeholders, and consideration of regulatory developments, industry practices and external frameworks. Material topics are classified into levels reflecting their relative importance, which guides the depth and extent of disclosure provided in this Sustainability Report. Franco - Nevada reviews its material topics annually and updates them as appropriate to reflect changes in its portfolio, operating environment and stakeholder expectations. Indirect economic impacts GRI 203: Indirect Economic Impacts 2016 203-2 Significant indirect economic impacts • Community Contributions • Climate Action Priorities Anti-corruption GRI 205: Anti-corruption 2016 205-3 Confirmed incidents of corruption and actions taken • Appendix A: Key Sustainability Metrics and Performance Energy GRI 302: Energy 2016 302-1 Energy consumption within the organization • Overall Carbon Footprint • Corporate Footprint • Appendix A: Key Sustainability Metrics and Performance 302-2 Energy consumption outside of the organization • Overall Carbon Footprint • Corporate Footprint • Appendix A: Key Sustainability Metrics and Performance 302-3 Energy intensity • Overall Carbon Footprint • Investment Footprint 302-4 Reduction of energy consumption • Climate Action Priorities 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 Priorities Employment GRI 401: Employment 2016 401-1 New employee hires and employee turnover • Employee Benefits and Well-Being • Appendix A: Key Sustainability Metrics and Performance 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: Key Sustainability Metrics and Performance 401-3 Parental leave • Employee Benefits and Well-Being • Appendix A: Key Sustainability Metrics and Performance Franco-Nevada Corporation 75

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: Key Sustainability Metrics and Performance Diversity and equal opportunity GRI 405: Diversity and Equal Opportunity 2016 405-1 Diversity of governance bodies and employees • Diversity and Inclusion • Appendix A: Key Sustainability Metrics and Performance Public policy GRI 415: Public Policy 2016 415-1 Political contributions • Integrity and Compliance • Appendix A: Key Sustainability Metrics and Performance 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: Key Sustainability Metrics and Performance 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: Key Sustainability Metrics and Performance 403-10 Work-related ill health • Appendix A: Key Sustainability Metrics and Performance Franco-Nevada Corporation 76

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 18) § Our commitment to provide competitive wages and benefits (page 32) § Enseña Peru education initiative (page 20) Gender Equality Achieve gender equality and empower all women and girls § Board and senior management gender diversity targets (page 29) § Gender diverse representation at Franco-Nevada (page 29) § Franco-Nevada Mining Industry Scholarship program (page 31) 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 32) § Health and safety practices and policy at Franco-Nevada (page 33) § Travel safety practices and policy at Franco-Nevada (page 33) § Multi-year anti-anemia and chronic malnutrition program in Peru (page 21) § Medical imaging investment in Northern Ontario (page 20) 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 13) § Tailings management and risk assessment in due diligence and ongoing monitoring (page 10) § Supplier Code of Conduct (minimization of water pollutants) (page 18) Quality Education Ensure inclusive and quality education for all and promote lifelong learning § Enseña Peru education initiative (page 20) § Franco-Nevada Mining Industry Scholarship program (page 31) Affordable and Clean Energy Ensure access to affordable, reliable, sustainable and modern energy for all § Exploring ways to assist with operator energy transitions (pages 14–15) § Assessment of energy sources and requirements in due diligence (page 5) § Measures and programs to reduce our carbon footprint and environmental impact (pages 36–42) 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 32) § Supplier Code of Conduct (labour and employment) (page 18) § Enseña Peru education initiative (page 20) Franco-Nevada Corporation 77

Climate Action Urgent action to tackle climate change and its impacts § Climate Action Policy commitments and measures (page 36) § Measurement of emissions relating to our corporate operations and investments (pages 37–43) § Carbon neutrality for corporate operations (page 42) § Emission reduction targets for our corporate operations (page 42) § Supplier Code of Conduct (climate issues) (page 18) § Transition to disclosure aligned with ISSB Sustainability Disclosure Standards (Appendix B) § Support for revegetation activities in Brazil (page 20) Industry, Innovation and Infrastructure Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation § Our support of industry groups and associations (page 22) § Exploring ways to assist with operators to achieve net-zero (page 36) 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 16–17) § Supplier Code of Conduct (biodiversity) (page 18) § Support for revegetation activities in Brazil (page 20) Reduced Inequalities Reduce inequalities within and among countries § Board and senior management diversity measures and targets (page 29) § Franco-Nevada Mining Industry Scholarship and support for BlackNorth (page 31) § Enseña Peru and education initiative (page 20) § Non-discrimination and equal opportunity (page 34) § Diverse representation at Franco-Nevada (page 29) § Supplier Code of Conduct (non-discrimination) (page 18) Responsible Consumption and Production Ensure sustainable consumption and production patterns § Comprehensive due diligence process (pages 5–6) § Responsible Gold Mining Principles commitments and measures (pages 47–48) § Contractual protections in royalty and stream arrangements (page 7) § Supplier Code of Conduct (page 18) 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 34) § Health and Safety Policy (page 33) § Non-Discrimination, Anti-Harassment & Equal Opportunity Policy (page 34) § Diversity and Inclusion Policy (page 29) § Whistleblower Policies (page 25) Partnerships for the Goals Revitalize the global partnership for sustainable development § Community partnerships with operators (pages 20–21) § Exploring ways to assist with operator energy transitions (page 36) § Our support of industry groups and associations (page 22) Franco-Nevada Corporation 78

Appendix F: KPMG: Independent Limited Assurance Report © 2026 KPMG LLP, an Ontario limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. 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 48 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, 2025, 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. Specific Purpose of Subject Matter Information 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 2026 Sustainability 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 Toronto, Canada May 6, 2026 KPMG LLP Bay Adelaide Centre Suite 4600 333 Bay Street Toronto, ON M5H 2S5 Tel 416-777-8500 Fax 416-777-8818 www.kpmg.ca 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 48 under the section titled “Description of Implementation” of Franco-Nevada’s 2026 Sustainability Report (the “Report”), for the year ended December 31, 2025. 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 48 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 48 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, 2025, 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. Specific Purpose of Subject Matter Information 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 2026 Sustainability 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 Toronto, Canada May 6, 2026 KPMG LLP Bay Adelaide Centre Suite 4600 333 Bay Street Toronto, ON M5H 2S5 Tel 416-777-8500 Fax 416-777-8818 www.kpmg.ca 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 48 under the section titled “Description of Implementation” of Franco-Nevada’s 2026 Sustainability Report (the “Report”), for the year ended December 31, 2025. 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 48 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 Franco‑Nevada Corporation 79

Appendix G: Carbon Neutral Initiative 1 Represents all of our estimated reported emissions from our global corporate operations in 2025, or 338.5 tCO 2 e (equal to total Scope 2 emissions of 55.8 tCO 2 e plus total Scope 3 emissions of 282.7 tCO 2 e), 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. Accordingly, in line with the GHG Protocol Scope 2 Guidance, market - based Scope 2 emissions have been calculated using location - based emissions factors. As a result, our market - based and location - based Scope 2 emissions are the same. 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 pages 37 and 42 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 emissions 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 emissions 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 emissions reductions. 5 The Climate Action Reserve (CAR) is a nonprofit, independent offset program that develops standardized GHG quantification methodologies, registers offset projects and issues verified carbon offset credits, known as Climate Reserve Tonnes (CRTs). CAR’s protocols emphasize conservativeness, additionality, permanence and third - party verification, and are widely used in North America, including for compliance and voluntary carbon markets. Projects registered with CAR are subject to independent verification and ongoing oversight to ensure the environmental integrity of issued credits. Carbon Neutral for Corporate Operations (2025) Carbon Offset Purchased from Supplier Emissions Eliminated Carbon Offset Supplier Safe Drinking Water Project, Ethiopia (50%) Lenz Composting Project, United States (50%) All emissions 1 for our global operations 2 Bullfrog Power Inc. • Canadian (Toronto-based) supplier of independently audited high quality 3 carbon offsets Gold Standard Certified 4 This project supports the installation of solar - powered safe drinking water systems in the Somali Regional State of Ethiopia, providing reliable access to clean drinking water for more than 6,300 people. Each system consists of a borehole equipped with a solar - powered submersible pump that delivers water to a storage tank for community distribution. Prior to implementation, households commonly relied on boiling water using firewood for drinking and domestic use, resulting in inefficient fuel combustion, GHG emissions and adverse health impacts. The project mitigates carbon dioxide emissions by reducing the need for firewood combustion, while delivering important health and social co - benefits through improved access to safe drinking water. The project is developed by COOPI, an Italian non - governmental organization, in collaboration with Carbonsink. In addition to generating verifiable GHG emissions reductions under recognized international standards, the project supports improved hygiene, public health outcomes and community resilience, while reducing pressure on local biomass resources. Climate Action Reserve 5 This project involves the diversion of residential and commercial organic waste, including food waste and food - soiled paper, from landfill disposal to a controlled aerobic composting facility located in Stanwood, Washington. Without the project, these organic materials would typically be disposed of in landfills, where anaerobic decomposition would generate methane emissions. Through the use of aerated static pile and mass - bed composting technologies, the project avoids landfill - related methane emissions and produces finished compost that is sold as a soil amendment. Emissions reductions are independently verified and issued as Climate Reserve Tonnes (CRTs) under the Climate Action Reserve’s U.S. Organic Waste Composting Protocol. For the most recent reporting period, the project generated approximately 13,000 tCO 2 e of verified emissions reductions. Franco-Nevada Corporation 80

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