Responsible Gold Mining Principles We are a longstanding member of the World Gold Council (“WGC”) and, in 2012, led the establishment of the WGC’s new Conflict-Free Gold Standard to combat the potential misuse of mined gold to fund unlawful armed conflict. David Harquail, our Chair of the Board, was Chair of the WGC from 2017 to 2020. Paul Brink, our President & CEO, is currently a director of the WGC and serves as the Chair of the WGC’s Compensation Committee. Franco-Nevada played a leading role at the WGC during the establishment of the RGMPs. In September 2019, we officially committed to the RGMPs. The RGMPs were established by the WGC as a framework that sets out clear standards as to what constitutes responsible gold mining, incorporating ESG principles aligned with the expectations of governments, investors, employees and contractors, communities, supply chain partners and civil society. The principles incorporate 51 separate ESG principles addressing 10 broad topics depicted on this page. Commitment to RGMP Requirements As a royalty and stream company, we are committed to implement the RGMPs which require finance and capital providers to publicly endorse the RGMPs, use our best endeavours to encourage adoption of the RGMPs at all operations where we have influence and, to the extent applicable, ensure conformance with the RGMPs for any gold mining operations over which we have direct control. In addition to endorsing and encouraging the adoption of the RGMPs in accordance with the RGMP guidelines, we are committed to expanding awareness and understanding of the RGMPs with our investees, directors, officers, consultants, shareholders and other stakeholders. Related Policies & Statements § Responsible Gold Mining Principles Policy Transition to Consolidated Mining Standard The Consolidated Mining Standard (the “Standard”) Initiative responds to growing expectations for responsible mining practices by bringing together and harmonizing the core elements of four existing mining standards: The Copper Mark, the Mining Association of Canada’s Towards Sustainable Mining (TSM), the World Gold Council’s Responsible Gold Mining Principles (RGMPs), and the ICMM Mining Principles. The initiative is intended to reduce duplication, address gaps, and consolidate these frameworks into a single, global standard applicable across commodities, geographies and company sizes, while maintaining the rigor of existing responsible mining requirements. The Standard is in the final stages of development and is expected to formally come into force in the second half of 2026. Once implemented, it is anticipated that the Standard will be adopted by existing members of ICMM, WGC and the Mining Association of Canada, as well as participants in The Copper Mark, providing it with one of the broadest levels of coverage of any voluntary mining standard to date. Public communications regarding the initiative indicate that implementation could ultimately include nearly 100 mining companies operating approximately 600 facilities across around 60 countries, representing a substantial share of global mining activity. The Standard is primarily designed for mining companies that own and operate mining assets and focuses on operational responsible mining practices. As currently structured, it does not explicitly address applicability to royalty and streaming companies or other non - operating capital providers in the same manner as the RGMPs. As a result, the transition to the consolidated framework will require reassessment of the continued applicability of our RGMP Policy once the Standard is finalized and implemented. In light of these changes, Franco - Nevada may no longer seek or obtain the same form or level of third - party assurance in connection with this policy as in prior years. We will continue to monitor developments and assess the implications of the Standard for our policies and disclosures as further guidance becomes available. RGMP Policy Implementation On March 10, 2021, we adopted our Responsible Gold Mining Principles Policy (the “RGMP Policy”) to formalize our commitment to the RGMPs. The RGMP Policy was updated on March 9, 2022, which formalized certain changes to our RGMP Policy Measures made in 2021, which changes are described on the following page. The full text of the RGMP Policy can be found on our website. In the RGMP Policy, we commit to implement the RGMP requirements for royalty and stream companies, to the extent applicable, including the requirement to publicly endorse the RGMPs. The RGMP Policy Measures and related Compliance Criteria in the table on the following page were implemented as at December 31, 2025 and represent our internally-developed criteria in furtherance of our commitment to the RGMPs and against which we measure our RGMP Policy implementation described under Description of Implementation in the following table. Franco-Nevada Corporation 47