Cobre Panama Operations Update

Franco-Nevada Corporation (" Franco- Nevada ") (TSX: FNV) (NYSE: FNV) notes that its partner, First Quantum Minerals Ltd. (" First Quantum "), has issued an update announcing that its subsidiary, Minera Panama S.A., has begun to reduce ore processing operations at the Cobre Panama mine by ramping down one ore processing train while two remain operational.  First Quantum has reported that an illegal blockade of small boats at the Punta Rincon port has affected delivery of supplies for the mine's on-site power generation plant which is necessary for full operations and has also hindered the loading of copper concentrate onto vessels.

For more detailed information, please refer to First Quantum's press release dated November 13, 2023 .

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 Minera Panama S.A.'s approach to operations and the effect of continued blockades on Cobre Panama. 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 and Franco-Nevada's most recent Annual Report filed on Form 40-F filed with the SEC on . 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 .

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