• Franco-Nevada has indicated that Cobre Panama site activities have restarted, with Panama allowing stockpile processing while authorities review whether to approve a broader mine restart that could lift output from about 550,000 GEOs to nearly 750,000 GEOs over five years.
• Management has flagged that a full Cobre Panama restart could support production toward 1 million GEOs annually. This would materially reshape Franco-Nevada’s volume mix and its reliance on this single asset.
• We will now look at how Franco-Nevada’s investment narrative could shift if Cobre Panama’s potential restart drives higher royalty volumes.

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