Western Limb PGM Complex South Africa Tocantinzinho Brazil Antapaccay Peru Guadalupe-Palmarejo Mexico Subika Ghana Candelaria Chile Detour Lake Canada Côté Gold Canada Hemlo Canada 1 Antamina Peru Top Mining Assets Key Sustainability Factors 1 Ownership of the Hemlo mine transferred to Hemlo Mining Corp. on November 26, 2025. Information presented in this report reflects the mine’s operations under the prior owner, Barrick Mining Corporation, which operated the asset for the majority of the 2025 reporting period. In the preceding pages of this Sustainability Report, we have described the range of sustainability - related factors that we consider when evaluating potential acquisitions, many of which we continue to monitor across our existing portfolio. Within this broader review, we identify the following six sustainability - related factors as key considerations in connection with our investments. These factors do not represent an exhaustive list of the considerations we assess or monitor over the life of our assets; rather, they reflect areas of focus that are commonly relevant across our portfolio. The relative importance and weighting of each factor may vary depending on the nature of the project, jurisdiction, stage of development, and primary commodity being mined. Each of these six factors is described in further detail in the sections that follow. Health and Safety We focus on the health and safety performance and track records associated with the operations in which we consider deploying capital. Tailings Management We review the design, operation, and management of waste and tailings storage facilities, including alignment with, and adherence to, applicable international tailings standards. Communities and Indigenous Peoples We assess the proximity to, and potential impacts of, projects on local communities and Indigenous Peoples. Water Management and Risk We assess water - related risks and management practices across relevant stages of the mining lifecycle, including water sourcing, use, and stewardship. Carbon Footprint We evaluate carbon footprints and climate - related commitments, targets, and initiatives of operators and their operations. Biodiversity We consider potential impacts on biodiversity and ecosystems throughout the lifecycle of a project, including mitigation measures and conservation - related practices. For each of these six key factors, we have included an assessment of how the top 10 revenue generating mining assets in our portfolio (the “Top Mining Assets”) and, where applicable, the operators of such assets (the “Top Mining Producers”), have performed. The Top Mining Assets highlight the diversification of our royalty and streaming portfolio. These assets operate across seven countries, produce gold, silver, copper, zinc and platinum group metals, and contributed approximately 58% of our overall revenue in 2025. The Top Mining Assets are owned and operated by 10 different mining companies, with primary listings on five stock exchanges, and have an aggregate market capitalization of approximately US$300 billion. Franco-Nevada Corporation 8