Triple Flag Precious Metals (TFPM) Status update summary

Portfolio and asset updates

• 2026 gold equivalent ounce guidance is 95,000–105,000, rising to 140,000–150,000 by 2030, reflecting portfolio growth and asset ramp-ups.

• Guidance for 2024 is lower due to a step down in the Cerro Lindo silver stream after surpassing its milestone, and depletion of high-grade ounces at Northparkes.

• Portfolio includes 239 assets (34 producing), with strong diversification across Americas and Australia, and 92% of NAV in precious metals.

• Major assets include Northparkes, Cerro Lindo, Buriticá, Arthur, and Hope Bay, each showing significant resource growth and exploration upside.

• Recent asset developments include Northparkes expansion, Arthur’s maiden reserve, and Hope Bay’s exploration success.

Financial performance and capital allocation

• Operating cash flow exceeded $300 million in 2024, with strong free cash flow and a debt-free balance sheet.

• Share capital invested stands at $1.8 billion, with consensus NAV at $4.5 billion and market cap over $6.7 billion.

• Annualized dividend is $0.23 per share, increased every year since 2021 IPO.

• $1 billion in available liquidity supports opportunistic acquisitions and portfolio growth.

• Recent transactions include an $80 million investment in Northparkes’ E44 deposit and a royalty acquisition on Minera Florida.

Asset-specific highlights

• Northparkes: Expansion to 10–15 Mtpa studied, E22 block cave sanctioned, E44 deposit added, and significant exploration potential remains.

• Arthur: 1% royalty on a tier-one gold asset with a 5 Moz maiden reserve, major exploration upside, and permitting process to begin in 2027.

• Hope Bay: Royalty covers entire 80 km greenstone belt, resource at Patch Seven up 126% YoY, production targeted for 2030.

• Buriticá: Stream has grown annually under Zijin, with ongoing resource expansion and a 1,400 sq km land package.

• Kemess: Silver stream in place, PEA published for open pit/underground transition, PFS expected by early 2027.