About this Sustainability Report Scope This Sustainability Report includes information about Franco - Nevada Corporation and its subsidiaries (“Franco - Nevada”, the “company”, “we”, “us” or “our”). Unless otherwise specified, references to Franco - Nevada, the company, we, us or our refer to our consolidated corporate structure, global operations and workforce. This Sustainability Report supplements but does not form part of our most recent Annual Report, Management Information Circular and Annual Information Form, each of which is available at www.franco - nevada.com and has been filed with the Canadian securities regulatory authorities on www.sedarplus.com and with the U.S. Securities and Exchange Commission on www.sec.gov. Certain information contained in this Sustainability Report is derived from the public disclosures of our operating partners and other third parties and has not been independently verified by Franco - Nevada, except where expressly stated. In June 2024, amendments to the Competition Act came into force, introducing enhanced requirements relating to the substantiation of environmental claims. The Competition Bureau of Canada is continuing to develop guidance to support the interpretation and enforcement of these provisions. Readers are cautioned that this Sustainability Report reflects the legal requirements, regulatory guidance and reporting obligations applicable to Franco - Nevada as of December 31, 2025. As a result, certain disclosures, terminology or presentation may not fully reflect legal or regulatory developments adopted after that date. Franco - Nevada remains committed to accurate, transparent and responsible disclosure and may update or supplement this Sustainability Report to reflect evolving legal requirements or government guidance, as appropriate. Materiality The sustainability - related topics and issues addressed in this Sustainability Report reflect those that Franco - Nevada has identified as most relevant to our business, our strategy and our stakeholders. Our approach to identifying and assessing material sustainability matters is informed by ongoing dialogue between management and the Board of Directors, as well as regular engagement with shareholders and other stakeholders. Stakeholder engagement is a key input to our materiality assessment process and includes interactions with employees, directors, shareholders, community representatives, industry associations and ESG rating agencies. These engagements help inform our understanding of evolving sustainability - related risks, opportunities and priorities. A summary of our stakeholder engagement activities and the key topics raised by stakeholders during 2025 is provided on page 26 of this Sustainability Report. In addition, Franco - Nevada actively collaborates with industry peers and standard - setting bodies through its involvement with organizations such as the World Gold Council and other industry associations. Insights from these discussions, together with internal strategy reviews, support the identification of our sustainability priorities, which are reflected in our corporate policies, goals, targets and initiatives, and in the disclosures presented throughout this Sustainability Report. As part of our continued evolution in sustainability - related reporting, and in alignment with the IFRS Sustainability Disclosure Standards, Franco - Nevada has further examined materiality through the lens of climate - related financial risk and opportunity, consistent with IFRS S2. Our climate - related materiality considerations, including how climate - related risks and opportunities may reasonably be expected to affect the company’s prospects, are discussed in greater detail in the IFRS S2 - focused section and Appendix B of this Sustainability Report. Reporting Period All data and examples contained in this Sustainability Report reflect activities undertaken during the 2025 fiscal year, unless otherwise noted. ESTMA Franco - Nevada supports transparency and accountability in the mining and energy industries and complies with the reporting requirements of Canada’s Extractive Sector Transparency Measures Act ("ESTMA"). Information regarding Franco - Nevada’s ESTMA reporting is available at: www.franco-nevada.com/investors/ESTMA. Currency All amounts in this document are in U.S. dollars unless otherwise noted. Feedback We welcome feedback on this Sustainability Report and on Franco - Nevada’s ESG and sustainability initiatives more broadly. Questions or comments may be sent to info@franco - nevada.com. Forward-Looking Information Certain statements made in this Sustainability Report contain “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, respectively. Such forward- looking statements reflect management’s current beliefs and assumptions and are based on information currently available to management. Often, but not always, forward- looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budgets”, “potential for”, “scheduled”, “estimates”, “forecasts”, “predicts”, “projects”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Franco-Nevada to be materially different from any future results, performance or achievements expressed or implied by the forward- looking statements. Many factors could cause actual events or results to differ materially from any forward- looking statement. Franco-Nevada cannot assure investors that actual results will be consistent with these forward- looking statements Accordingly, investors should not place undue reliance on forward-looking statements due to the inherent uncertainty therein. For additional information with respect to risks, uncertainties and assumptions, please refer to Franco-Nevada’s most recent Annual Information Form filed with the Canadian securities regulatory authorities on www.sedarplus.com and Franco-Nevada’s most recent Annual Report filed on Form 40-F filed with the Securities and Exchange Commission on www.sec.gov. The forward-looking statements in this Sustainability Report are made as of the date indicated and Franco-Nevada does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. This Sustainability Report does not constitute an offer to sell or a solicitation for an offer to purchase any security in any jurisdiction. Franco-Nevada Corporation 50