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