FNV: TSX | NYSE 36 Approach to Climate Change Climate Opportunities As a royalty and streaming company, we are well positioned to participate in climate-related opportunities arising in connection with the transition to a low-carbon economy. The following describes climate-related opportunities that we have already embraced in our portfolio and that we expect will continue to be available to our company in the short, medium and long-term. Products and Services Our investments in commodities used for low emission products and services may increase revenues and bring competitive advantage due to the increased demand for such products and services from shifting consumer preferences. * “The Growing Role of Minerals and Metals for a Low-carbon Future”, World Bank Group, June 2017. Copper: With superior electrical and thermal conductivity, copper will play a significant role in enhancing energy efficiency and decarbonizing the planet. A 2017 World Bank Report* counted dozens of metals which could see a growing market with the increasing reliance on renewable and sustainable energy sources. Copper ranked first (tied with aluminum and nickel) among all metals for its prevalence in low- carbon technologies, including in wind, solar photovoltaic, carbon capture and storage, nuclear power, light emitting diodes, electric vehicles and electric motors. Our company’s principal sources of revenue are from copper mines, including our four core assets (Cobre Panama, Antapaccay, Antamina and Candelaria) where we receive precious metal by-products from copper concentrates and, in 2021, we acquired another precious metal stream from the Condestable copper mine in Peru. Strong demand for copper increases the prospects of greater production from these operations. We also have royalties on a number of prospective copper development projects, including Rosemont and Copper World (Hudbay), Alpala (SolGold), Taca-Taca (First Quantum) and NuevaUnión (Teck and Newmont) projects. We expect that in the future there will be further opportunities for our company to finance copper operations given the metal’s utility in the transition to a low-carbon economy. Natural Gas: The use of natural gas for energy results in fewer emissions of nearly all types of air pollutants and carbon dioxide than burning coal or petroleum products. For this reason, while there are undeniably more emissions produced than clean energy sources, natural gas is viewed by some as a “bridge” fuel as renewable energy sources become increasingly more cost-effective and prevalent. In developing regions, natural gas is replacing wood and coal used for heating and cooking, which will improve health conditions. In developed countries, efficient distributed natural gas-fired combined heat and power systems will reduce emissions. Our company’s recent additions to our energy portfolio has seen a shift from U.S. oil to natural gas plays, including our 2019 royalty acquisition on Range Resources liquids-rich natural gas properties in the Marcellus shale in Pennsylvania and our 2020 royalty portfolio acquisition in the Haynesville shale, Texas, one of the most active gas plays in North America. Natural gas accounted for approximately 38% of our energy revenues in 2021, a significant increase from prior years.