FRANCO-NEVADA (FNV $41.24, rated Neutral, Price Target of $44 up from $43) PRETIUM BRUCEJACK 1.2% ROYALTY VERY ENCOURAGING; “DEAL FLOW” MAY SHIFT TO KEEPING MINES OPEN AS NEW MINES DRY UP; MOSTLY OFFSETTING CHANGES TO FNV UNDERLYING DYNAMICS. 5/22/2013

FRANCO-NEVADA (FNV $41.24, rated Neutral, Price Target of $44 up from $43)
PRETIUM BRUCEJACK 1.2% ROYALTY VERY ENCOURAGING; “DEAL FLOW”
MAY SHIFT TO KEEPING MINES OPEN AS NEW MINES DRY UP; MOSTLY
OFFSETTING CHANGES TO FNV UNDERLYING DYNAMICS. 5/22/2013