Mr. Sandip Rana reports

COBRE PANAMA UPDATE

Franco-Nevada Corp. notes that its partner, First Quantum Minerals Ltd., has provided an update in respect of the submission of the report by the Panamanian Ministerial Commission in relation to Cobre Panama. As reported by First Quantum, the Panamanian Ministerial Commission recommends as the first of its 17 recommendations:

• The authorizing of formal opening of negotiations with Cobre Panama/First Quantum to assess the feasibility of a new agreement that would allow the pending international arbitrations to be brought to an end and establish the conditions for a project to be put into operation that can achieve an orderly closure, at no cost to the nation and with no possibility of extension, while giving absolute priority to the nation's environmental, social and economic interests, ensuring full transparency, and complying with the Supreme Court of Justice ruling and seeking the benefit of all Panamanians.

For more detailed information, please refer to First Quantum's news release dated Sept. 30, 2026.

A copy of the Panamanian Ministerial Commission's report can be found at its website with a direct link to the report.

We seek Safe Harbor.