An anonymous director reports

COBRE PANAMA CONCESSION CONTRACT UPDATE

Franco-Nevada Corp. noted the Oct. 29, announcement by President Laurentino Cortizo of the Panamanian government's intention to hold a popular consultation on Dec. 17, concerning Law 406 that recently approved the revised contract for the Cobre Panama mine.

Franco-Nevada has been in communication with its partner, First Quantum Minerals Ltd., which had advised that it has contacted the government in order to understand the details in respect of the popular consultation. First Quantum has also noted the comments by the electoral commission of Panama regarding legal and logistic considerations in respect of the popular consultation, and the unconstitutionality challenges that have been brought against Law 406, of which two have been admitted to be heard by the Supreme Court of Justice in Panama.

For more detailed information, please refer to First Quantum's press release dated Oct. 31, 2023.

We seek Safe Harbor.