2025 was another exceptional year for Franco-Nevada. We delivered a second consecutive record year of new commitments, executing on approximately US$1.8 billion during the year. These investments further strengthened our portfolio with high-quality, long-dated precious metals assets while reflecting the discipline that underpins our model: responsible capital allocation, a preference for best- in-class operators, and a rigorous investment process grounded in our core principles. Our 2026 Sustainability Report outlines how we continue to embed sustainability- related considerations into our decision making and portfolio oversight, while providing an overview of our progress and priorities from an environmental, social and governance perspective. At Franco-Nevada, we aim to invest capital responsibly on behalf of our investors, with a focus on ethical and sustainable resource extraction. This year marks our fourth consecutive year reporting on the key sustainability-related factors we prioritize when evaluating investments and monitoring performance across our portfolio. We continue to believe these factors demonstrate the long - term resilience of the assets in our portfolio. This year, we expanded our disclosure by highlighting how we assess operators’ approaches to Indigenous rights, consultation and community relationships through due diligence and ongoing engagement, including consideration of the proximity to, and potential impacts of, our top producing assets on Indigenous groups and local communities. Supporting and strengthening social license remains an important part of our approach. We partner with operators on selected community initiatives aligned with local priorities and long-term outcomes. Our report highlights our recent contribution partnerships supporting community and related projects, including multi-year commitments associated with the Antamina and Antapaccay mines in Peru, the Tocantinzinho mine in Brazil and the Cascabel project in Ecuador, as well as initiatives supporting communities located near the Guadalupe-Palmarejo mine in Mexico and the Magino mine in Northern Ontario. Our culture is anchored in inclusion and opportunity. Diverse persons comprise 63% of our global workforce, and our Board will be comprised of 44% diverse members in the coming year. Our Mining Industry Scholarship Program entered its fifth year, and we again awarded four full tuition scholarships to a diverse group of undergraduate students across three Canadian universities. With this year’s cohort, we are now supporting 15 students pursuing careers in the mining industry, helping to build a stronger, more diverse pipeline of future industry leaders. We continue to advance our climate-related initiatives across our corporate operations. 2025 marks our second year tracking progress against our emissions reduction targets. This year’s report includes our updated performance and key drivers of change, including the results from our first partial year of renewable energy usage at our Barbados office, where our solar panel initiative was successfully implemented in the second half of 2025. We are proud of our progress, representing a year-over-year reduction of approximately 37.8% in emissions from electricity use at our corporate offices. As in prior years, we also continue to manage residual emissions through high quality measures, including carbon offsets, where appropriate. As sustainability frameworks continue to evolve, we periodically revisit and refine our reporting to provide meaningful disclosure to our stakeholders. Building on last year’s transition toward reporting aligned with the ISSB’s IFRS Sustainability Disclosure Standards, we have updated our analysis of climate-related risks and opportunities and expanded related disclosure, including a refreshed Message from our CEO scenario analysis, in this year’s report. Consistent with prior years, we also provide an estimate of our attributable financed emissions across our portfolio of royalty and stream interests. Our partners continue to advance their sustainability programs, and over 90% of our mining revenue remains derived from operators that have adopted emissions reduction targets. Our efforts continue to be recognized externally. Earlier this year, in addition to being selected as one of Corporate Knights’ Canada’s Best 50 Corporate Citizens for the third time, Franco- Nevada was also recognized for the first time as one of Corporate Knights’ Global 100 Most Sustainable Corporations, reflecting strong overall sustainability performance relative to global peers. Our MSCI ESG rating improved to “AAA” from “AA,” and we maintained our ISS ESG “Prime” status. We were also recognized by Sustainalytics as a Global, Industry - level and Regional ESG Leader, placing the company among the top - rated companies globally and within the top decile of peers for ESG risk. Looking ahead, we remain focused on disciplined growth and responsible stewardship. We believe Franco-Nevada is well positioned to continue expanding our portfolio in a manner that supports long-term value creation, underpinned by strong governance, thoughtful risk management and a commitment to constructive partnerships. We appreciate your interest in our sustainability efforts and welcome your feedback as our practices and disclosures continue to evolve. - Paul Brink, President & CEO Franco-Nevada Corporation 1