Report Highlights Due diligence to invest in strong sustainability performers Our key sustainability - related areas of focus are outlined in this Sustainability Report and comprise six areas. These include health and safety, tailings management, communities and Indigenous Peoples, water management and risk, carbon footprint, and biodiversity. We have also evaluated operators’ sustainability - related performance primarily with reference to our top revenue - generating mining assets. Read more à (page 5) Growing our community contributions and commitments Our community contributions continue to grow year - over - year, including renewed funding for initiatives in Peru and Brazil, as well as contributions to new initiatives in Mexico, Ecuador and Canada. We also remain committed to supporting mining industry groups and diversity initiatives. Read more à (page 20) Strengthening our diverse representation and diversity initiatives In furtherance of our goal of attaining and maintaining diversity at the Board level on grounds broader than gender diversity, we welcomed a new diverse director to our Board in 2025. Following our 2026 annual meeting, our Board will be comprised of 44% diverse persons. Now in its fifth year, the Franco - Nevada Mining Industry Scholarship program, which has the objective of attracting diverse students to the sector, continues to expand, with four students receiving new scholarships in 2025, bringing the total number of active scholarships to 15. Read more à (page 29) Supporting employee well‑being, development and financial security We continue to support the physical and mental well - being, development and long - term financial security of our employees. Our approach includes maintaining flexible work arrangements, providing comprehensive health benefits and wellness allowances, offering opportunities for professional development and education, and supporting employee well - being through dedicated workplace facilities. Last year, we also implemented a pension plan for all Canadian employees helping them to plan for retirement and secure their financial future. Read more à (page 32) Efforts toward our emissions reduction targets We have implemented emissions reduction targets for our corporate emissions in support of our aspiration to achieve net - zero emissions across our corporate operations by 2050 or sooner. 2025 represents our second year measuring performance against these targets. Our solar panel project for our Barbados office was operational for approximately half of the year, and early results indicate a meaningful reduction in reliance on grid - supplied energy at our office there. We continue to explore additional measures and programs to reduce our carbon footprint in furtherance of our near- and longer-term emissions reduction targets. Read more à (page 36) Reporting financed emissions in our Scope 3 emissions As part of our ongoing climate - related disclosure, we report financed greenhouse gas emissions attributable to our royalty and stream interests within Scope 3, Category 15 (Investments). We also provide a concise overview of the Greenhouse Gas Protocol to support an understanding of the distinctions among Scope 1, Scope 2 and Scope 3 emissions. Read more à (page 41) Managing corporate emissions Since 2020, emissions from our corporate operations have been managed through ongoing emissions reduction efforts and the purchase of carbon credits to address remaining emissions. Read more à (page 42) Alignment of sustainability reporting with SASB, GRI and ISSB disclosure standards Our sustainability - related disclosure is aligned with leading reporting standards and frameworks, including the Sustainability Accounting Standards Board and the Global Reporting Initiative. Building on last year’s transition toward reporting aligned with the International Sustainability Standards Board’s IFRS Sustainability Disclosure Standards, we have updated our analysis of climate - related risks and opportunities and expanded related disclosure, including a refreshed scenario analysis. Read more à (page 45) Initiatives aligned with the UN Sustainable Development Goals Initiatives across our business support a number of the United Nations Sustainable Development Goals, which were adopted in 2015 to address global priorities including poverty, environmental protection, and long - term social and economic well - being. Read more à (page 46) Continued strong third‑party sustainability and governance recognition We continue to receive strong recognition across a broad range of independent sustainability and governance assessments. During the year, we maintained industry - leading rankings from key third - party assessment providers, including an improved “AAA” ESG rating from MSCI and a reaffirmed “Prime” rating from ISS ESG. Sustainalytics recognized Franco - Nevada as a Global ESG Leader, ranking us among the top - rated companies globally for sustainability - related risk, and we achieved improved governance outcomes, including being ranked the number one mining company in The Globe and Mail’s 2025 Board Games assessment. In addition, Franco - Nevada was recognized for the first time as one of Corporate Knights’ 2026 Global 100 Most Sustainable Corporations and was once again named as one of Corporate Knights’ Canada’s Best 50 Corporate Citizens for 2025. Read more à (page 49) Franco-Nevada Corporation 2