An anonymous director reports

DEVELOPMENTS IN PANAMA

Franco-Nevada Corp.'s partner, First Quantum Minerals Ltd., has provided a further update in respect of recent comments made by the president of Panama, Laurentino Cortizo, regarding a transition process for the closure of the Cobre Panama mine.

For more detailed information, please refer to First Quantum's news release dated Dec. 1, 2023.

Franco-Nevada also reports that, on Nov. 23, 2023, the company notified the Ministry of Commerce and Industry of Panama of its intent to initiate arbitration to enforce its rights under international law pursuant to the Canada-Panama free-trade agreement. Similar to the notice filed by First Quantum on Nov. 14, 2023, the company's notice facilitates consultations between the government of Panama and the company under the free-trade agreement in order to avoid the need to file any such arbitration.

We seek Safe Harbor.