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