Appendix B: ISSB Sustainability Disclosure Standards Board Oversight The Board and its Committees provide oversight of Franco - Nevada’s strategic approach to sustainability - and climate - related risks and opportunities, including those that may affect the company’s business, strategy and long - term prospects. The Board collectively brings a range of skills, experience and competencies relevant to sustainability, climate, risk management and governance, enabling effective oversight of management, with two Board members having expert level knowledge of climate-related risks and opportunities, and six others having sufficient knowledge to provide high level oversight over such matters. In 2025, the Board reorganized its committee structure, separating the former Compensation and ESG Committee into the Compensation and Sustainability Committee (“CSC”) and the Nominating and Governance Committee (“NGC”). Under this structure, the CSC has primary oversight responsibility for sustainability - related matters, including environmental and climate - related issues, sustainability - related disclosures, and the setting and evaluation of sustainability - related goals for executive compensation purposes. The Audit and Risk Committee (“ARC”) oversees enterprise risk management, including climate - related risks, while the NGC oversees Board composition, renewal and governance matters. The full Board remains actively engaged on sustainability - and climate - related issues. Management’s Role The Board and its Committees oversee senior management, who are responsible for the day - to - day management of sustainability - and climate - related risks and opportunities and the execution of the company’s sustainability strategy. The Chief Executive Officer provides leadership on sustainability matters, with executive responsibility held by the Chief Legal Officer. Sustainability - and climate - related considerations are integrated into management’s oversight of the company’s business units and investment activities and are routinely brought to the Board and its Committees for review. Our Board oversight and management responsibilities for sustainability - and climate - related matters are illustrated in the chart on the following page. Governance | Our governance around sustainability- and climate-related risks and opportunities Franco - Nevada has supported the recommendations of the Task Force on Climate - related Financial Disclosures (TCFD) and has provided climate - related disclosures aligned with the TCFD framework since 2021. Building on this foundation, and following Canada’s voluntary adoption of the ISSB Sustainability Disclosure Standards, this year’s Sustainability Report marks a further step in our transition toward reporting in alignment with IFRS S2 (Climate - related Disclosures). In this reporting period, our climate - related disclosures have been updated to further align with IFRS S2, which incorporates and builds upon the TCFD’s four - pillar structure of governance, strategy, risk management, and metrics and targets. This is reflected in our updated assessment of climate - related risks and opportunities and in a refreshed climate - related scenario analysis, both of which are presented later in this Appendix. While the structure and content of this year’s disclosures continue to draw on our established TCFD - aligned reporting, they have been updated to reflect the terminology, emphasis, and decision - useful perspective of IFRS S2. Franco - Nevada will continue to monitor the evolution of sustainability - related reporting standards and regulatory expectations and to identify opportunities to further enhance our processes, data, and disclosures over time, taking into account our business model, industry context, and the jurisdictions in which we and our operating partners operate. Franco-Nevada Corporation 54