An anonymous director reports

PANAMA UPDATE

Franco-Nevada Corp.'s partner, First Quantum Minerals Ltd., has issued an update regarding the various government of Panama bills and unconstitutionality challenges in respect of Law 406, the law that approved the revised concession contract for the Cobre Panama mine. First Quantum has also advised that production at the mine remains uninterrupted at this time, while protests (including certain blockades) have caused disruptions on site as well as shortages in certain supplies.

For more detailed information, please refer to First Quantum's press release dated Nov. 3, 2023.

We seek Safe Harbor.