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