Cobre Panama Additional Operations Update and Revised Franco-Nevada Guidance

(in U.S. dollars unless otherwise noted)

Franco-Nevada Corporation (" Franco- Nevada ") (TSX: FNV) (NYSE: FNV) notes that its partner, First Quantum Minerals Ltd. (" First Quantum "), has issued an update reporting the following in respect of the Cobre Panama mine (" Cobre Panama "):

  • First Quantum's subsidiary, Minera Panama S.A. (" MPSA "), has further ramped down operations at Cobre Panama to one remaining ore processing train
  • Ongoing 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 November 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 November 24, 2023 and remain in session until a ruling is delivered in the shortest possible timeframe
  • MPSA, in accordance with its contractual obligations to the Republic of Panama , made a tax and royalty payment on November 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 November 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 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, oil and gas commodities to GEOs: $1,925 /oz Au, $22.50 /oz Ag, $900 /oz Pt, $1,100 /oz Pd, $115 /tonne Fe 62% CFR China, $85 /bbl WTI oil, and $2.75 /mcf Henry Hub natural gas.

For more information, please go to our website at www.franco-nevada.com

Forward- Looking Statements

This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, respectively, which may include, but are not limited to, statements with respect to Franco-Nevada's revised GEO guidance for 2023, MPSA's approach to operations, the effect of continued blockades on Cobre Panama and the constitutionality challenges to Law 406. The outcome of these matters could have a material adverse impact on the revenue Franco-Nevada derives from its streaming arrangements relating to Cobre Panama and on Franco-Nevada's results of operations and financial condition. There can be no assurance that such forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance. Accordingly, investors should not place undue reliance on forward-looking statements due to the inherent uncertainty therein.

For additional information with respect to risks, uncertainties and assumptions relating to Franco-Nevada's business and assets, please refer to Franco-Nevada's most recent Annual Information Form filed with the Canadian securities regulatory authorities on www.sedarplus.com and Franco-Nevada's most recent Annual Report filed on Form 40-F filed with the SEC on www.sec.gov . The forward-looking statements herein are made as of the date of this press release only and Franco-Nevada does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law.

Cision View original content: https://www.prnewswire.com/news-releases/cobre-panama-additional-operations-update-and-revised-franco-nevada-guidance-301993409.html

SOURCE Franco-Nevada Corporation

Cision View original content: http://www.newswire.ca/en/releases/archive/November2023/20/c2724.html

News Provided by Canada Newswire via QuoteMedia

FNV:CA
The Conversation (0)
Closeup of detailed map highlighting Finland in pink, surrounded by Sweden, Norway and Estonia in different colors.

Agnico Eagle Plans Three Way Consolidation to Forge Massive Finnish Gold Hub

Agnico Eagle Mines (TSX:AEM,NYSE:AEM) is rolling up Northern Finland’s gold belt in a sweep of three deals, simultaneously acquiring Rupert Resources (TSXV:RUP,OTCQX:RUPRF), Aurion Resources (TSXV:AU,OTCQX:AIRRF) and a B2Gold (TSX:BTO,NYSEAMERICAN:BTG) joint venture stake.The interconnected... Keep Reading...
Gold bar stands over a background of green and silver circuit boards.

Has Gold Production Peaked?

Gold has soared in recent years, climbing from around US$1,300 per ounce in 2016 to over US$5,200 in 2026.The price rise is due to a wide variety factors, including central banks adding to their reserves because of gold's status as a monetary asset, and retail investors seeking its safe-haven... Keep Reading...
Sarama Provides Corporate Update

Sarama Provides Corporate Update

Sarama Resources Ltd. (“Sarama” or the “Company”) (TSX-V: SWA, ASX: SRR) is pleased to provide a corporate update on matters pertaining to its arbitration claim (“Claim”), Western Australian gold assets, and the acquisition of copper-gold exploration tenements in New South Wales, Australia.... Keep Reading...
RUA GOLD Submits Fast-Track Referral Application for Auld Creek Project in the Reefton Goldfield, New Zealand

RUA GOLD Submits Fast-Track Referral Application for Auld Creek Project in the Reefton Goldfield, New Zealand

Rua Gold Inc. (TSX: RUA,OTC:NZAUF) (NZX: RGI) (OTCQX: NZAUF) (FSE: X9R) ("Rua Gold" or the "Company") is pleased to announce the submission of its Fast-Track Referral application for the Auld Creek Project in the Reefton Goldfield, marking a key milestone in the Company's transition from... Keep Reading...
Minerals in gold, silver, and copper colors with text reading: "5 Top Canadian Mining Stocks This Week."

Top 5 Canadian Mining Stocks This Week: Tincorp Metals Pops 128 Percent

Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian news impacting the resource sector.On Monday (April 13), professional services firm EY released a report on BC's mining sector.... Keep Reading...
Gold and silver bars with a green arrow, text reads: "Weekly Editor's Picks."

Editor's Picks: Gold Breaks US$4,800, Silver Passes US$82 as Hormuz Opens

The gold price had ups and downs this week, but overall moved higher, spending a decent amount of time above the US$4,800 per ounce level and even approaching US$4,900.Silver also fared well, breaking through US$82 per ounce.Prices for both precious metals have taken hits since the Iran war... Keep Reading...

Interactive Chart

Latest Press Releases

Related News