Message FNV: TSX | NYSE from our CEO Making Responsible Investments ESG Ratings Due Diligence Process Franco-Nevada As a royalty and stream company, we do not operate mining or energy projects and do not exercise control over such operations. It follows that the most critical time for assessing and mitigating risks, including ESG risks, relating to an asset is at the outset prior to entering into the royalty and stream agreement. Our team uses a multi-disciplinary approach when evaluating potential transactions. Our team consists of professionals with experience and expertise in the fields of Making Responsible geology, mining, metallurgy, engineering, energy, finance and law. ESG issues relate to a number of these disciplines and our experience in evaluating and structuring Investments royalty and stream transactions has given us significant exposure to and experience in addressing such issues. The due diligence process will vary in each case as necessary or appropriate in the circumstances, all applied on a risk-adjusted basis and varying based on the Guiding Principles jurisdiction, type of mineral, and whether the project is an exploration, advanced or producing project, among other things. The due diligence generally conducted by our team includes, but is not limited to, the following: • identifying the risks to the environment and communities and the social impact of the project Operators • analysis of the environmental, social and governance programs and policies put in place by operators and the effectiveness of same • analysis of the plans and prospects for the operator and project going forward Approach to • review of operator’s tailings management and the project’s water supply and the operator’s water Climate Change management plans • determining whether the operators are committed to, and in compliance with, the World Gold Council Responsible Gold Mining Principles (“RGMPs”), to the extent applicable • country and political risk analysis where the project is located Contributions • site visits to the project with our consultants, as appropriate • extensive engagement with the operator’s management team • review of the general conditions of the jurisdiction in which the project is located, including local government and local community relations Employees • review of the historical record of the operator and the specific project • review of the climate-related impact of the project Governance During the due diligence process, Board members are very active in the review of potential investments including providing technical, political, financial, ESG and other expertise. Following the completion of due diligence, if management proposes to proceed with a transaction in excess of a threshold amount, it must first seek Board approval, whereupon the Board will conduct a comprehensive review of the due diligence done by About this the company, including an assessment of the risks with the potential investment that have been identified by ESG Report management, including ESG-related risks. Below this threshold amount, management has discretion to proceed with an investment but must report the transaction to the Board in order to refresh its executive Antapaccay site visit by Franco-Nevada personnel authority before being able to proceed with another investment. Appendices 9