Metrics and Targets | The metrics and targets used to assess, manage and monitor relevant sustainability- and climate-related risks and opportunities Emissions relating to our corporate operations and our royalty and stream portfolio, calculated in accordance with the GHG Protocol Corporate Accounting and Reporting Standard, are set out on pages 37–42 in this Sustainability Report. In 2025, we produced no (nil) Scope 1 GHG emissions, 55.8 tCO 2 e of Scope 2 GHG emissions and 282.7 tCO 2 e of Scope 3 GHG emissions for an aggregate total of 338.5 tCO 2 e. Such Scope 3 GHG emissions total excludes any Financed Emissions (or Scope 3, Category 15 (Investments) emissions). Due to the delayed timing of availability of production and emissions data from operators, Financed Emissions have been calculated and disclosed for 2022, 2023 and 2024. Currently, the company does not apply an internal carbon price. In 2023, we established an aspiration to achieve net - zero emissions for our global corporate operations (“Corporate Emissions”) by 2050, consistent with global efforts to limit warming to 1.5°C. While our carbon - neutral position is primarily supported through the use of carbon offsets, our net - zero ambition is underpinned by a continued focus on reducing absolute emissions alongside responsible offsetting. In 2024, we adopted near - term emissions - reduction targets for our corporate operations, including a 42% reduction i n Scope 1 and Scope 2 emissions by 2030, and a 30% reduction in overall Corporate Emissions (Scope 1, 2 and 3, excluding Financed Emissions) by 2030, each relative to a 2023 base year. These targets remain in effect and continue to guide our emissions - reduction efforts. Our climate - related commitments are formalized through our Climate Action Policy, which sets out our aspirations, targets and principles and the measures we implement to support our transition toward a lower - carbon future. Additional detail on our climate - related commitments and the measures we have adopted in respect of our corporate operations, investment decisions and other stakeholders, as set out in our Climate Action Policy, is provided below: Corporate Operations Investments Stakeholders We aspire to achieve net - zero Corporate Emissions by 2050. In furtherance of the foregoing aspiration, we: § Measure and record our Corporate Emissions in accordance with the GHG Protocol; § Maintain established emissions - reduction targets aligned with our net - zero objective; § Maintain carbon - neutral corporate operations on an annual basis through the use of carbon offsets for residual emissions that cannot yet be eliminated; and § Report on our climate - related performance and progress in alignment with globally recognized frameworks and best practices. As a royalty and streaming company, Franco - Nevada seeks to deploy capital with responsible operators and operations committed to reducing carbon footprints and environmental impacts. In support of this approach, we: § Assess operators’ decarbonization commitments, plans, targets and initiatives, including net - zero alignment, as part of our investment due diligence processes; § Monitor operators’ decarbonization efforts following investment and, where appropriate, seek to include contractual provisions requiring the provision of relevant information; § Measure and record attributable emissions from our royalty and stream interests in accordance with the GHG Protocol and leading supplementary guidance; and § Explore opportunities to support operators’ energy transition and climate - related initiatives, where appropriate. To support awareness of the goal of decarbonization and net-zero emissions by 2050 or sooner, we: § Ensure that external consultants engaged to support our business are familiar with our Climate Action Policy and climate - related commitments; and § Ensure, prior to transacting with significant providers of goods or services for our corporate operations, that such suppliers demonstrate alignment with net - zero objectives through relevant commitments, plans or initiatives. Franco-Nevada Corporation 69