FNV: TSX | NYSE 118 APPENDIX F KPMG: Independent Limited Assurance Report © 2022 KPM G LLP , an O nta rio li mited lia bil ity par tn ersh ip and a m ember f ir m of th e K PMG glob al o rganizat ion of ind ependent m ember firms a ff il iat ed with K PMG In te rnatio nal L im ite d, a p rivat e E ngli sh co mpany lim ite d b y g uarante e. All r igh ts rese rved. DR AF T I ND EPEND ENT LIMI TED AS SUR AN CE REP OR T To t he Board of Di rec tors o f Fr an co - Nev ad a Co rporat ion ( “Fran co - Nev ad a”) : We ha ve u nd ert ak en a l imited as suranc e en ga gem ent of th e d es cript ion o f imp leme nt ati on of Fran co - Nev ad a’s Res po ns ible G ol d M ini ng Princ ipl es P ol icy (“RG MP P ol icy”) pres en ted in t he t ab le o n p age s 1 4 and 1 5 un der th e s ec ti on ti tl ed “ Des cripti on o f Im pl eme nt ati on ” of Fr an co - Nev ada ’s 2 02 2 E SG Re po rt (the “ Rep ort” ) as at D ec em be r 31 , 20 21 . Othe r t ha n a s d es cribe d i n the prec edi ng pa rag raph , whi ch s ets o ut the scop e of ou r en gag eme nt, we d id no t p erfor m as suranc e p roc ed ures o n t he rem ai ni ng info rma tion inc lud ed in t he Repo rt, an d ac cordi ng ly, w e d o no t ex pres s a con clus ion o n t his i nfo rmati on . SPECI FIC P UR POSE O F SUBJ ECT MATT ER AND AP PLICABL E CRIT ERIA The re a re no ma nda tory r eq ui reme nts fo r th e p repa rat ion , pu bl icati on or r ev iew of ma na gem en t’s de script ion o f imp leme ntat ion of the RG MP Polic y. A s s uc h, Fran co - Nev ad a ha s c rea ted a nd a ppl ied i nte rna lly de vel ope d RG MP P ol icy Me as ures ( th e “ App licab le Cr ite ria ” ) whi ch are lis te d i n th e t ab le o n p ag es 1 4 an d 1 5 of th e Re po rt. The Des cript ion o f Imp leme nta tion ha s b ee n prep ared in a ccordanc e wi th t he App lic abl e Crit eria an d as a r es ul t ma y no t b e s ui tab le f or ano the r p urpos e. MANAG EME NT ’S RE SPO NS IBILIT IES Man age me nt i s r es po ns ible fo r th e prep arati on an d pre sen tat ion of the Des cripti on o f Im pl eme nta tion i n a ccorda nc e w ith the App lic abl e Crit eria , curr en t a s at the da te o f thi s r ep ort. M an age men t is a lso res po ns ibl e fo r de term ining Fr an co - Nev ada’ s ob jec tives i n res pe ct o f RG MP Policy pe rforma nc e a nd r epo rti ng , an d for es ta bl ishi ng a nd mai nt ai ni ng a pp rop riat e pe rforma nc e m an age me nt an d int erna l c on tr ol system fr om wh ich t he r epo rted info rma tion is de rived . INDE PENDE NT LIM ITED ASSU RANC E R EP ORT To t he B oar d of Dir ectors o f Fran co-Nev ada C or porat ion (“Fra nco- Nevad a”): We ha ve u nd er tak en a li mi ted assuran ce engageme nt of the des cri ption of im ple mentat ion of Franco - Nevad a’s Respo ns ible Gol d Mining Prin cip le s Polic y ( “RGMP P olicy” ) prese nted in the table on pages 14 and 1 5 un der t he se ctio n t itl ed “D escription of Im pl ementation ” of Fran co-Nev ada’ s 2022 ES G Report (the “ Re por t” ) as at Decem ber 31, 20 21. Other t ha n as des cr ib ed in the pr ece di ng paragra ph, whic h se ts o ut the scope of our en gag em ent, we did not per fo rm assuran ce pr oce dures o n t he remai ni ng inform atio n inclu ded in the Re por t, and accordingl y, we do n ot expre ss a co ncl us io n on t his i nformatio n. SP ECIFI C PURPOSE OF S UB JE CT M ATT ER A ND APPLI CAB LE CR ITERI A There ar e n o mandato ry require ment s for t he prepar ation, publi ca tio n or re view of m anag ement ’s descr iption of im plementati on of the RGM P Policy . As su ch , Fr an co- Nevada h as created a nd applied inter nall y de velope d RGM P Policy M ea su res (the “Applicable C rit er ia”) w hich are li sted in t he t able on pages 1 4 and 15 of the Report. The De scri ption of I mplem entation ha s been p re pare d in accordan ce with the Applicable C rit er ia an d as a result m ay not be su ita bl e f or anothe r pur pose. MANAGEME NT’S RES PO NSIBILI TIE S Manag eme nt is respo ns ible f or t he pre para tion an d pr es entat ion of the Descriptio n of I mpleme ntat ion in accordan ce with t he A ppli ca bl e Cr ite ria , cu rrent as at t he date of this rep or t. M an ageme nt is al so re spon sib le f or det erminin g Fran co-Nevada’ s obje ctives in resp ec t of RGMP P oli cy p er fo rmance an d re po rting, a nd f or esta blishing an d mai ntaining a ppropriate p er fo rmance management an d int er nal co ntr ol s ys te m from whi ch the re po rted informatio n is der iv ed. KPMG LL P Bay A de lai de C en tr e 33 3 Bay Str ee t, S ui te 4 600 Toronto , O N M5 H 2 S5 Cana da Tel 416 - 77 7 - 85 00 Fax 41 6 - 777 - 88 18 DR AF T I ND EPEND ENT LIMI TED AS SUR AN CE REP OR T To t he Board of Di rec tors o f Fr an co - Nev ad a Co rporat ion ( “Fran co - Nev ad a”) : We ha ve u nd ert ak en a l imited as suranc e en ga gem ent of th e d es cript ion o f imp leme nt ati on of Fran co - Nev ad a’s Res po ns ible G ol d M ini ng Princ ipl es P ol icy (“RG MP P ol icy”) pres en ted in t he t ab le o n p age s 1 4 and 1 5 un der th e s ec ti on ti tl ed “ Des cripti on o f Im pl eme nt ati on ” of Fr an co - Nev ada ’s 2 02 2 E SG Re po rt (the “ Rep ort” ) as at D ec em be r 31 , 20 21 . Othe r t ha n a s d es cribe d i n the prec edi ng pa rag raph , whi ch s ets o ut the scop e of ou r en gag eme nt, we d id no t p erfor m as suranc e p roc ed ures o n t he rem ai ni ng info rma tion inc lud ed in t he Repo rt, an d ac cordi ng ly, w e d o no t ex pres s a con clus ion o n t his i nfo rmati on . SPECI FIC P UR POSE O F SUBJ ECT MATT ER AND AP PLICABL E CRIT ERIA The re a re no ma nda tory r eq ui reme nts fo r th e p repa rat ion , pu bl icati on or r ev iew of ma na gem en t’s de script ion o f imp leme ntat ion of the RG MP Polic y. A s s uc h, Fran co - Nev ad a ha s c rea ted a nd a ppl ied i nte rna lly de vel ope d RG MP P ol icy Me as ures ( th e “ App licab le Cr ite ria ” ) whi ch are lis te d i n th e t ab le o n p ag es 1 4 an d 1 5 of th e Re po rt. The Des cript ion o f Imp leme nta tion ha s b ee n prep ared in a ccordanc e wi th t he App lic abl e Crit eria an d as a r es ul t ma y no t b e s ui tab le f or ano the r p urpos e. MANAG EME NT ’S RE SPO NS IBILIT IES Man age me nt i s r es po ns ible fo r th e prep arati on an d pre sen tat ion of the Des cripti on o f Im pl eme nta tion i n a ccorda nc e w ith the App lic abl e Crit eria , curr en t a s at the da te o f thi s r ep ort. M an age men t is a lso res po ns ibl e fo r de term ining Fr an co - Nev ada’ s ob jec tives i n res pe ct o f RG MP Polic y pe rforma nc e a nd r epo rti ng , an d for es ta bl ishi ng a nd mai nt ai ni ng a pp rop riat e pe rforma nc e m an age me nt an d int erna l c on tr ol sys tem fr om wh ich t he r epo rted info rma tion is de rived . KPMG LL P B ay A de lai de C en tr e 3 33 Bay Str ee t, S ui te 4 600 T oronto , O N M5 H 2 S5 Can ada T el 4 16-77 7-85 00 Fax 41 6 - 777 - 88 18 © 2022 KPM G LLP , an O nta rio li mited lia bil ity par tn ersh ip and a m ember f ir m of th e K PMG glob al o rganizat ion of ind ependent m ember DR AF T I ND EPEND ENT LIMI TED AS SUR AN CE REP OR T To t he Board of Di rec tors o f Fr an co - Nev ad a Co rporat ion ( “Fran co - Nev ad a”) : We ha ve u nd ert ak en a l imited as suranc e en ga gem ent of th e d es cript ion o f imp leme nt ati on of Fran co - Nev ad a’s Res po ns ible G ol d M ini ng Princ ipl es P ol icy (“RG MP P ol icy”) pres en ted in t he t ab le o n p age s 1 4 and 1 5 un der th e s ec ti on ti tl ed “ Des cripti on o f Im pl eme nt ati on ” of Fr an co - Nev ada ’s 2 02 2 E SG Re po rt (the “ Rep ort” ) as at D ec em be r 31 , 20 21 . Othe r t ha n a s d es cribe d i n the prec edi ng pa rag raph , whi ch s ets o ut the s cop e of ou r en gag eme nt, we d id no t p erfor m as suranc e p roc ed ures o n t he rem ai ni ng info rma tion inc lud ed in t he Repo rt, an d ac cordi ng ly, w e d o no t ex pres s a con clus ion o n t his i nfo rmati on . SPECI FIC P UR POSE O F SUBJ ECT MATT ER AND AP PLICABL E CRIT ERIA The re a re no ma nda tory r eq ui reme nts fo r th e p repa rat ion , pu bl icati on or r ev iew of ma na gem en t’s de scr ipt ion o f imp leme ntat ion of the RG MP Polic y. A s s uc h, Fran co - Nev ad a ha s c rea ted a nd a ppl ied i nte rna lly de vel ope d RG MP P ol icy Me as ures ( th e “ App licab le Cr ite ria ” ) whi ch are lis te d i n th e t ab le o n p ag es 1 4 an d 1 5 of th e Re po rt. The Des cript ion o f Imp leme nta tion ha s b ee n prep ared in a ccordanc e wi th t he App lic abl e Crit eria an d as a r es ul t ma y no t b e s ui tab le f or ano the r p urpos e. MANAG EME NT ’S RE SPO NS IBILIT IES Man age me nt i s r es po ns ible fo r th e prep arati on an d pre sen tat ion of the Des cripti on o f Im pl eme nta tion i n a ccorda nc e w ith the App lic abl e Crit eria , curr en t a s at the da te o f thi s r ep ort. M an age men t is a lso res po ns ibl e fo r de term ining Fr an co - Nev ada’ s ob jec tives i n res pe ct o f RG MP Polic y pe rforma nc e a nd r epo rti ng , an d for es ta bl ishi ng a nd mai nt ai ni ng a pp rop riat e pe rforma nc e m an age me nt an d int erna l c on tr ol system fr om wh ich t he r epo rted info rma tion is de rived . PRACT IO NE R’S RESP ONSIBILI TIE S AND P ROF ESS IONAL REQU IREME NTS Our r espon si bility is t o ex pre ss a limit ed assura nce concl us ion on the su bj ec t matt er inf or mati on ba se d on ev iden ce we ha ve o bta ined. We co nduc te d our li mit ed assu rance e nga gem ent in ac cord ance wit h Int er nation al S tandard on Ass uranc e E ngagement s 300 0 As sura nc e E ng age ments Ot her t han Audit s o r Revie w of Hist or ica l F inan ci al I nformatio n , iss ued b y the I nterna tio nal A uditing an d A ss uranc e S tandards Board. Thi s st anda rd re qui re s that we pl an and p er fo rm our en gag ement to obta in lim ited ass ur an ce , in accordan ce with t he A ppli ca bl e Cr ite ria . The natu re , tim ing and e xt ent of pr oce dur es pe rform ed dep end s o n our p ro fe ss ional jud gmen t, including an asse ssme nt of the ris ks of m aterial m iss tat eme nt, wheth er du e t o f ra ud o r err or , and in vo lves obtainin g evi den ce ab out the Des cr iptio n of I mpleme ntat ion. ASSU RAN CE APPRO ACH We pla nne d and pe rform ed our p roced ur es to obtain all of the ev iden ce , inform ation and e xplanation s we c on sid ered neces sary i n o rd er to for m our c on clusion a s set out below. A li mit ed assu rance engageme nt co nsi sts of m ak in g inqui rie s, prima rily of person s resp ons ible f or t he prepar ation of t he Description of I mplementati on and a ppl yi ng anal ytical and othe r ev iden ce gat her ing proce d ures, and ev al uating t he evid en ce o btained. Ou r proced ures in clu ded: PRACT ITIO NER’S I ND EP ENDE NC E, QU ALI TY CONT ROL We ha ve co mplied with t he re le va nt rule s of pr ofes sio nal con du ct/co de of ethic s a pplicable t o t he practic e of public a cco unting an d rel ated t o as su rance eng age ments, is su ed by v ar io us pr ofe ss ional accou nting bodies, wh ich ar e f ounded on f unda ment al prin cip le s o f integrity, obj ec tivit y, profe ss ional co mp etence and du e ca re , confide ntialit y and p ro fe ssional be hav iour . The f irm appli es Int ernat ion al S tandard on Quality Co ntrol 1 and a ccor din gly m ain tains a c omp rehensi ve system of qu ality co ntrol in clu di ng do cumented poli ci es an d pro cedure s r ega rd ing co mplian ce with et hical re qui re ments, profes sional standard s an d appli ca ble l egal an d reg ulatory re quirement s. SI GNIFICANT I NHERE NT LI MI TATIONS No n-finan cia l informatio n, such a s the D escr iptio n on Im plementati on, is subje ct t o more inh erent limit ations tha n f inanc ial inf or matio n, given the qualita tive ch ar acte ristic s of the unde rl ying sub jec t matt er and metho ds us ed f or det erminin g t his i nformatio n. The ab se nce o f a significant bod y of es tab lished pr actice o n w hic h t o dr aw allows f or t he sele ction of diff er ent but acceptabl e ev aluation t echnique s, whi ch ca n r esult in materiall y diff er ent me asur ements a nd c an impa ct co mparabilit y. I t is importa nt to re ad Franco -Neva da’s int ern all y dev el ope d R GMP Polic y Measur es p resente d in the table on pa ges 14 an d 15 of the Re po rt. CONCL USIO N Our co nclusio n has b een fo rmed o n t he bas is of, and is subje ct t o, the mat ter s ou tli ned in t his r epor t. We beli eve that t he ev idence w e ha ve o btained i s s uf ficient and appr op riate t o p ro vi de a ba si s for ou r co nclusio n . Based o n t he procedu res p er for med and evide nce obt ained , nothi ng has co me t o our att entio n t hat ca uses u s to belie ve t hat the Des cr iptio n of I mpleme ntat ion as described abo ve and di sc losed i n t he Re por t as at Decemb er 3 1, 2021 , has n ot been pr ep ar ed a nd p resente d, in all material r esp ec t, in accordan ce with t he A ppli ca bl e Cr ite ria , cu rrent as at t he date of this rep or t. Your s fait hfully, April 11, 202 2 The natu re , tim ing and e xt ent of pr oce dur es pe rform ed dep end s o n our p ro fe ss ional jud gmen t, including an asse ssme nt of the ris ks of m aterial m iss tat eme nt, wheth er du e t o f ra ud o r err or , and in vo lves obtainin g evi den ce ab out the Des cr iptio n of I mpleme ntat ion. ASSU RAN CE APPRO ACH We pla nne d and pe rform ed our p roced ur es to obtain all of the ev iden ce , inform ation and e xplanation s we c on sid ered neces sary i n o rd er to for m our c on clusion a s set out below. A li mit ed assu rance engageme nt co nsi sts of m ak in g inqui rie s, prima rily of person s resp ons ible f or t he prepar ation of t he Description of I mplementati on and a ppl yi ng anal ytical and othe r ev iden ce gat her ing proce dures, and ev al uating t he evid en ce o btained. Ou r proced ures in clu ded: • Inquirie s of those r espon si ble f or co mpl eting t he ac ti vities t o s elf-assess implementation of Fr anco - Nevad a’s int ern all y de ve lo ped R GMP Polic y; • Ass essing t he suitabilit y a nd appli ca tio n o f the cr iteri a in re spe ct of t he Descr ipti on of Im plem entation; • Revie wing r el ev ant ev id en ce an d ot her documentat io n t o sup por t manag eme nt’s statem ents; • Inquirie s with re le va nt staff at the co rporat e level to understan d t he dat a colle ctio n and re po rting pr ocesses f or t he Desc ription of Im plem entation; and • Evaluatio n of t he ov era ll pres entat ion of the Descriptio n of I mpleme ntat ion in the Re por t to determin e wh eth er t he i nformatio n pr es ented is consi stent wit h our o verall k now le dge of, a nd experi en ce with, Franco -Neva da’s RGMP P olicy im plementat ion. The pr ocedu res pe rform ed in a lim ited as sura nce eng ageme nt vary in nature an d t iming f ro m, and ar e less in ex te nt than f or , a re as onabl e as suran ce e nga gement. Con seque ntly, the lev el of a ssuranc e obtaine d in a lim ited assurance eng age ment is subst antially lo wer t han t he assu ra nce t hat would ha ve been o btaine d had a reas onable a ssura nc e e nga gem ent been p er for me d.