Climate Action Priorities Since 2020, we have maintained carbon neutrality at our corporate operations, representing six consecutive years of meeting this commitment. 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 in 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. As a royalty and streaming company, we seek to deploy capital with responsible operators and operations committed to reducing carbon footprints and environmental impacts. Consistent with this approach, we continue to assess decarbonization strategies and net - zero alignment, including relevant commitments, plans, targets and initiatives, when making investment decisions, and to engage with new and existing partners on their progress toward achieving net - zero emissions by 2050 or sooner. Our commitments are formalized through our Climate Action Policy, which sets out our climate - related aspirations, targets and principles and the measures we implement to support our transition toward a lower - carbon future. Investments We are committed to assessing the decarbonization efforts and net-zero alignment of operators and operations when making investment decisions. We are also committed to engaging with new and existing partners on their efforts to decarbonize and achieve net-zero emissions by 2050 or sooner. To achieve this, we: § Assess the decarbonization commitments, plans, targets and initiatives of operators, including commitments to or progress towards achieving net-zero emissions by 2050 or sooner in our due diligence processes when evaluating new opportunities; § Monitor operators’ decarbonization efforts and progress towards net-zero emissions by 2050 or sooner and endeavour to include contractual provisions requiring operators to provide us with sufficient information in order to do so; § Measure and record our attributable emissions from our royalty and stream interests in accordance with the GHG Protocol and other leading supplementary guidance; and § Explore options on how we may assist operators’ energy transitions, climate-related community and other initiatives, and/or other activities aimed at decarbonization and achieving net-zero emissions by 2050 or sooner. Stakeholders To further support the awareness of the goal of decarbonization and net - zero emissions by 2050 or sooner, we: § Ensure that our external consultants are familiar with our support for the goal of decarbonization and net-zero emissions by 2050 or sooner and understand Franco-Nevada’s commitments under the Climate Action Policy; and § Ensure, before transacting with any significant provider of goods for our corporate operations, that such supplier is aligned with the goal of net-zero emissions by 2050 or sooner. Related Policies & Statements § Climate Action Policy Corporate Operations 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 Greenhouse Gas Protocol (the "GHG Protocol"); § Have adopted GHG emissions reduction targets for our Corporate Emissions in line with the achievement of net-zero emissions by 2050 or sooner; § Maintain carbon neutrality on an annual basis for our Corporate Emissions by purchasing high quality carbon offsets for those Corporate Emissions that cannot be eliminated; and § Report on our climate - related performance and progress and provide disclosures aligned with globally recognized frameworks and best practices. We are committed to: § Our aspiration to achieve net - zero Corporate Emissions by 2050 or sooner § Achieving our interim emissions - reduction targets for global Corporate Emissions by 2030 § Assessing the decarbonization efforts and net - zero alignment of operators and operations when making investment decisions § Engaging with new and existing operators on their efforts to decarbonize and to achieve net - zero emissions by 2050 or sooner § Furthering awareness of and support for the goal of decarbonization and net - zero emissions by 2050 or sooner, through engagement with our stakeholders Franco-Nevada Corporation 36