The Globe and Mail reports in its Thursday, Dec. 11, edition that RBC Capital Markets analyst Josh Wolfson has upgraded Franco-Nevada to "outperform" from "sector perform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Wolfson jacked his share target up by $25 to $250 (all figures U.S.). Analysts on average target the shares at $42.39. Mr. Wolfson says in a note: "Cobre Panama remains a key upcoming catalyst. In November, 2023, the Cobre Panama mine in Panama was shut down, following widespread protests in country, impacting 20 per cent of Franco-Nevada's production. Following the election of a new president in May, 2024, discussions with Panama over the reopening of the mine are now scheduled to occur in early 2026. Ultimately, the pathway to production remains contingent on both congress and the population of Panama approving the project, which is uncertain. However, Franco-Nevada in our view continues to reflect less than 50-per-cent probability of this restart occurring, which we view as supportive to shares. Operator First Quantum has historically outlined a six to nine month period to achieve 80 per cent of capacity, once a restart occurs."