Mr. Sandip Rana reports

FRANCO-NEVADA DECLARES DIVIDEND INCREASE AND PROVIDES DETAILS FOR UPCOMING RELEASE OF YEAR-END 2023 RESULTS

Franco-Nevada Corp.'s board of directors has raised its quarterly dividend and declared a quarterly dividend of 36 U.S. cents per share, payable on March 28, 2024, to shareholders of record on March 14, 2024. The increased dividend will be effective for the full 2024 fiscal year. This is a 5.88-per-cent increase from the previous 34-U.S.-cent-per-share quarterly dividend and marks the 17th consecutive annual increase for Franco-Nevada shareholders. Canadian investors in Franco-Nevada's IPO (initial public offering) in December, 2007, are now receiving an effective 12.1-per-cent yield on their cost base.

(in U.S. dollars unless otherwise stated)

Cobre Panama update

Cobre Panama currently remains in a phase of preservation and safe maintenance with production halted. As a result of the current suspension of operations, the company is conducting an impairment analysis, the details of which will be disclosed in its 2023 year-end financial statements.

Details for upcoming release of 2023 year-end results

Franco-Nevada will release its 2023 year-end results as follows.

2023 results release:  March 5 after market close

Conference call and webcast:  March 6 at 10 a.m. ET

Dial-in numbers:  toll-free at 1-888-390-0546 and international at 416-764-8688

By accessing a conference call link, participants may join the conference call by phone without operator assistance. Participants will receive an automated callback after entering their name and phone number.

A webcast will be available on the company's website.

Replay (available until March 13):  toll-free at 1-888-390-0541 and international at 416-764-8677, passcode 380736 followed by the pound key

Details for dividend declaration and dividend reinvestment plan

The dividend has been declared in U.S. dollars and the Canadian-dollar equivalent will be determined based on the daily average rate posted by the Bank of Canada on the record date. Under Canadian tax legislation, Canadian resident individuals who receive eligible dividends are entitled to an enhanced gross-up and dividend tax credit on such dividends.

The company has a dividend reinvestment plan (DRIP), which allows shareholders of Franco-Nevada to reinvest dividends to purchase additional common shares at the average market price, as defined in the DRIP, subject to a discount from the average market price in the case of treasury acquisitions. The company will issue additional common shares through treasury at a 1-per-cent discount to the average market price. The company may, from time to time, in its discretion, change or eliminate the discount applicable to treasury acquisitions or direct that such common shares be purchased in market acquisitions at the prevailing market price, any of which would be publicly announced. Participation in the DRIP is optional. The DRIP and enrolment forms are available on the company's website. Canadian and U.S. registered shareholders may also enroll in the DRIP on-line through the plan agent's self-service Web portal. Canadian and U.S. beneficial shareholders should contact their financial intermediary to arrange enrolment. Non-Canadian and non-U.S. shareholders may potentially participate in the DRIP, subject to the satisfaction of certain conditions. Non-Canadian and non-U.S. shareholders should contact the company to determine whether they satisfy the necessary conditions to participate in the DRIP.

Franco-Nevada is the leading gold-focused royalty and streaming company with the largest and most diversified portfolio of cash-flow-producing assets. Its business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation. Franco-Nevada is debt-free and uses its free cash flow to expand its portfolio and pay dividends. It trades under the symbol FNV on both the Toronto Stock Exchange and the New York Stock Exchange.

We seek Safe Harbor.