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