Franco-Nevada provides update on corporate activities

Franco-Nevada has acquired a 2.25% net smelter return royalty from Lake Shore Gold Corp. on the Timmins West Complex in Ontario for $35M. Franco-Nevada has added to its working interest in the Weyburn Unit in southeast Saskatchewan for approximately C$55M. Franco-Nevada has increased its royalty on Navigator Resources Limited's Bronzewing mine in Western Australia from 1% to 2% for A$4.5M. All three acquisitions are on producing assets that are expected to contribute cash flow in 1Q12.