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