An anonymous director reports

FRANCO-NEVADA PROVIDES UPDATES ON COBRE PANAMA, TIMING OF RELEASE OF 2013 RESULTS AND 2014 OUTLOOK

Franco-Nevada Corp. has provided the following updates.

Cobre Panama project

In August, 2012, Franco-Nevada announced a $1-billion precious metals stream financing with Inmet Mining Corp. for the Cobre Panama project. Under the terms of that agreement, Franco-Nevada committed to finance up to $1-billion after an initial $1-billion had been spent by Inmet. In December, 2012, Inmet updated its mine plan to incorporate additional reserves. In March, 2013, Inmet was acquired by First Quantum Minerals Ltd. First Quantum has provided a further update on the Cobre Panama project with the following highlights from a Franco-Nevada perspective:

• Larger project: The revised project will have installed capacity approximately 17 per cent higher than the Inmet plan.
• Revised development time frame: First concentrate production is now expected in the fourth quarter of 2017.
• Comparable capital cost: Capital is now estimated at $6.4-billion including $1,465-million incurred at Nov. 30, 2013.

Additional details about the revised Cobre Panama project is available in First Quantum's disclosure. Franco-Nevada has not yet started to contribute to the project as First Quantum was revising its mine plans. First Quantum has also requested changes to the existing security and reporting requirements under the stream agreement. Franco-Nevada will consider changes to achieve a mutually beneficial outcome.

2013 results and 2014 outlook

Franco-Nevada intends to release fourth quarter and full year 2013 results after market close on Wednesday, March 19, 2014. A conference call and presentation are planned for the following morning on Thursday, March 20, 2014, at 10 a.m. Eastern Time to discuss the results as well as provide Franco-Nevada's 2014 outlook. Interested investors are invited to participate as follows.

Conference call

Toll-free number:  888-231-8191

International:  647-427-7450

Title:  Franco-Nevada 2013 results and 2014 outlook

Conference call replay

A recording will be available until March 27, 2014, at the following numbers.

Toll-free number:  855-859-2056

International number:  416-849-0833

Passcode:  51386489

Webcast

A live audio webcast will be accessible at the company's website.

To coincide with the 2013 results, Franco-Nevada will also have available its new 2014 asset handbook.

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