An anonymous director reports

COBRE PANAMA ADDITIONAL OPERATIONS UPDATE AND REVISED FRANCO-NEVADA GUIDANCE

Franco-Nevada Corp. partner First Quantum Minerals Ltd. has issued an update on the following in respect of the Cobre Panama mine (in U.S. dollars unless otherwise noted):

• First Quantum's subsidiary, Minera Panama SA (MPSA), has further ramped down operations at Cobre Panama to one remaining ore processing train.
• Continuing illegal blockades of small boats at the Punta Rincon port continue to prevent the delivery of supplies that are necessary to operate the on-site power plant. Without shipments arriving at the Punta Rincon port, MPSA expects to run out of supplies for the power plant during the week commencing Nov. 20, 2023.
• If the illegal actions continue to prevent the delivery of supplies necessary to operate the power plant, MPSA will ramp down the remaining processing train this week and temporarily halt production.
• With respect to the unconstitutionality challenges of Law 406 that have been admitted by the Supreme Court of Panama, the Secretary General of the Supreme Court of Panama has stated that plenary sessions of the court will sit from Nov. 24, 2023, and remain in session until a ruling is delivered in the shortest possible time frame.
• MPSA, in accordance with its contractual obligations to the Republic of Panama, made a tax and royalty payment on Nov. 16, 2023, of $567-million for the period from December, 2021, to October, 2023.

For more detailed information, please refer to First Quantum's press release dated Nov. 20, 2023.

Given the recent curtailment of operations at Cobre Panama and the risk of further disruptions at the mine, Franco-Nevada is adjusting its guidance for 2023. Franco-Nevada's original guidance was 490,000 to 530,000 precious metal GEOs (gold equivalent ounces) and 640,000 to 700,000 total GEOs. Franco-Nevada is revising its guidance to 480,000 to 500,000 precious metal GEOs and 620,000 to 640,000 total GEOs. The revised guidance assumes the following prices for the remainder of the year when reflecting revenue earned from gold, silver, platinum, palladium, iron ore, and oil and gas commodities to GEOs: $1,925 per ounce gold, $22.50per ounce silver, $900 per ounce platinum, $1,100 per ounce palladium, $115 per tonne iron (62 per cent) CFR China, $85 per barrel WTI (West Texas Intermediate) oil and $2.75 per thousand cubic feet Henry Hub natural gas.

We seek Safe Harbor.