Cobre Panama Audit Released - A Critical Step Toward a Potential Restart

Research evidence excerpt

Cobre Panama Audit Released - A Critical Step Toward a Potential Restart

Gold and Precious Minerals - Large-Cap Golds

Franco-Nevada Corp.

TD SECURITIES INC. - CANADA QUICK TAKE: COMPANY UPDATE

June 19, 2026

Price: $219.71 (06/18/2026) Cobre Panama Audit Released - A Critical

Price Target: $291.00 Step Toward a Potential Restart

BUY (1)

ESG SCORE: 61/100

Derick Ma, CFA, CPA, CA^ THE TD COWEN INSIGHT

416 308 3404

The positive findings could help facilitate formal negotiations between First Quantum and the

derick.ma@tdsecurities.com

Government of Panama, potentially supporting a restart decision in H2/26 at the earliest.

Dennis Zhang^

416 965 6012 The GoP published the CP audit earlier today, with no findings characterized as fatal flaws or

dennis.zhang@tdsecurities.com insurmountable issues, and indicating the project met most commitments and demonstrated

operational strength.

Key Data

Symbol NYSE: FNV

Impact: SLIGHTLY POSITIVE

Market Cap $42.4B

In our view, the positive findings could help facilitate formal negotiations between First

Quantum and the Government of Panama, potentially supporting a restart decision in H2/26

at the earliest.

We are encouraged by the completion of the environmental audit and view it as another

key step toward a potential restart, following the stockpile processing approval received in

April. The environmental audit does not determine whether the mine will reopen.

■The Panamanian government hosted an official presentation of the final comprehensive

audit of the Cobre Panama project, conducted by SGS, earlier today. The audit concluded

that there were no findings classified as fatal flaws or insurmountable issues, with results

indicating that the project met most of its commitments and demonstrated operational

strengths.