Thank you for standing by. At this time, I would like to welcome everyone to the Triple Flag and Maverix combination conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, again, press star one. Thank you. Shaun Usmar, Founder, Chief Executive Officer of Triple Flag, you may begin your conference. Thank you, Cheryl, and good morning, everyone. With me on the call is Sheldon Vanderkooy, our CFO, James Dendle, our Vice President of Evaluations and Investor Relations. We're truly pleased to be joined today by our Co-Founder and CEO of Maverix, Dan O'Flaherty, as well as the President of Maverix, Ryan McIntyre. As you would have seen this morning, we're very pleased to announce a milestone transaction combining our two companies. In a moment, I'll walk you through the details of the combination, but I wanted to start by speaking to the compelling rationale for the transaction. This combination creates the leading gold-focused emerging senior precious metal streaming and royalty company with a world-class portfolio and a clear pathway to becoming the next senior. While we have built our companies differently, Triple Flag, mostly through the acquisition of larger scale streams, and Maverix through the portfolio acquisitions from major operators, both companies share similar values. We are management teams that put shareholders first. This is apparent given our peer-leading management ownership and our strong track record of value creation since founding both our companies in 2016. Both companies are at the size and scale where a combination is logical and compelling for all stakeholders. The strong endorsement of the transaction by Triple Flag's largest shareholder, Elliott Management, and Maverix's leading shareholders and insiders, including Newmont, Pan American Silver, and Kinross, is unambiguous evidence of this statement. This transaction unites Triple Flag's scale, strong cash flow, our embedded organic growth, and access to capital with Maverix's significant portfolio diversification, compelling organic growth profile, and strong exploration and development asset pipeline. It combines our two companies in an accretive manner with tangible synergies which benefit both sets of shareholders, and together, significantly broadens institutional ownership. The pro forma portfolio has scale with 228 assets and an ideal mix of producing, development, and exploration assets owned by responsible operators, a pure-play focus on precious metal streams and royalties, strong access to capital, robust cash flow generation, enhanced trading liquidity, and improved index eligibility. Furthermore, there are a number of catalysts on the horizon that we believe will add meaningful value as we continue to grow our combined business. We are really excited about what this transaction will deliver. Before we begin, I'll pass it over to Dan. Thank you, Shaun, and good morning, everyone. We are delighted to be on the call with all of you this morning to speak about this compelling and exciting transaction for Maverix shareholders who are soon to become Triple Flag shareholders. Maverix shareholders will benefit from an initial premium and continued leverage to our high quality and extensive portfolio of producing and development stage royalties while gaining exposure to Triple Flag's asset base, which includes several cornerstone long-lived assets that generate significant cash flow with an excellent management team. As Shaun highlighted, the portfolios are highly complementary to one another. We believe that there are significant potential for enhanced trading liquidity, which will unlock access to new investors in the royalty and streaming sector for Triple Flag and further upside related to potential index inclusion. We are excited to participate in this important value creation proposition. We like the fact that Maverix will have a meaningful impact on the combined company, and that Maverix shareholders will be meaningful shareholders of Triple Flag going forward. Maverix provides tangible growth to Triple Flag's solid portfolio while maintaining the focus on precious metal streams for the pro forma company. The transaction received unanimous support from the Maverix board of directors, has the support of our largest shareholders, and we have voting support agreements from Newmont, Pan American, and all the directors and officers of Maverix. We believe the industrial logic behind this unique combination is extremely robust for Maverix shareholders and Triple Flag shareholders. Truly what we believe is a win-win transaction. With that, I will turn it over to Shaun. Thanks, Dan. Turning to the presentation, page two details the cautionary statements, particularly in relation to the forward-looking information and statements that will be made. Moving to page three, we see this as a strategic and synergistic combination that adds significant scale, immediate GEOs, and diversification with a compelling growth outlook. Furthermore, in a market where scale and liquidity are key attributes in the minds of investors, this transaction delivers a combined company with a broader shareholder base, enhanced market presence, and index eligibility, backstopped by several cornerstone institutional and strategic shareholders. The combined portfolio is a high-quality, pure-play precious metal portfolio with 93% of net asset value from gold and silver. Underpinned by good assets owned and operated by responsible companies, with 64% of our combined net asset value in Australia and North America, and 18% in Latin America. We strongly believe the combined company compares well to the senior streamers on many metrics, and is better positioned to compete and grow along with a compelling re-rate opportunity for both our sets of shareholders. Turning to slide four. This transaction creates the world's leading gold-focused emerging senior streaming and royalty company. We emerge with a market cap of around $2.3 billion, 2022 GEO production of 115,000-120,000 ounces, robust cash flow generation in excess of $150 million, and 228 assets, of which 29 are paying. Turning to the next page. The portfolio and business synergies present a natural combination. Triple Flag on the left, 80 assets, over 90% precious metals with several large cornerstone producing assets, strong access to capital, a track record of value creation, and substantial management ownership. Similarly for Maverix's, 148 assets were largely acquired through several well-timed acquisitions of royalty portfolios from senior mining companies. Their 99% precious metals focused, a diversified portfolio with strong organic growth, and importantly, a very similar track record of value creation and strong management ownership. One of the most compelling aspects of Maverix's is their combination of substantial cash flowing assets with near and medium and longer term growth optionality across their portfolio. Their pipeline has assets with real development potential and the ability to add value in the future. Beta Hunt and Camino Rojo are great examples of assets that were ascribed only modest value upon acquisition, but now represent meaningful contributions to cash flow and net asset value. On the next slide, we believe that this transaction is expected to be accretive on both a NAV per share and a cash flow per share basis, and we see tangible synergies for both sets of shareholders to realize. Furthermore, we believe that the quality of the portfolio, meaningful growth, diversification, and resilience of their cash flows will represent an attractive value proposition, particularly when coupled with a broadened shareholder base, enhanced trading liquidity, and the potential for index inclusion. With significant management and board ownership, Triple Flag will continue to be the team that puts our shareholders first. On page seven, we set out the transaction structure. Some of the key points we wanted to highlight are that we have received voting and support agreements, as Dan had mentioned earlier, from 87% of Triple Flag shareholders and 52% of Maverix shareholders, which importantly means that we do not see any major impediments to close. Triple Flag shareholder, Elliott Investment Management L.P., and Maverix shareholders, Newmont Corporation, Pan American Silver, and Kinross Gold Corporation all are supportive of the combination. The pro forma company will be led by myself, Shaun Usmar, and our board will be updated for the addition of two Maverix's directors in Geoff Burns and another Maverix's director, which we'll announce on closing of the transaction. We have a great candidate pool. We expect the transaction to close in January 2023. We will also announce any management appointments from the Maverix's team that we have earmarked for the enlarged business on closing. Turning to the assets. Here we show a map of our pro forma asset base, which is truly global in nature, strong in paying assets, and runs deep in organic growth. We want to point out the significant asset concentration in the Americas and Australia, which we believe is compelling in a climate where geopolitical risk is at the forefront of many investors' minds. The portfolio geography is complementary and appropriately balanced to good mining jurisdictions. On page nine, you'll see that our combined business is very well diversified. While Northparkes remains a significant proportion of our net asset value, you can see no other asset represents more than 10%, and the combined portfolio has a significant number of assets contributing to the value of the combined portfolio. It compares favorably to any of our peers in the sector, including the seniors. The pro forma business is 93% precious metals focused and highly concentrated in good mining jurisdictions, with 82% of consensus net asset value from assets located in the Americas and Australia. There are also no significant equity positions in the combined business with the associated high risk characteristics that can detract from the business model. Both businesses have remained really disciplined in producing a pure, precious metal streaming and royalty portfolio. We believe that from a portfolio quality, diversification, and risk perspective, pro forma Triple Flag compares well with any of our peers. On page 10, careful, responsible, and high integrity operators are important to the success and the performance of a streaming and royalty model. Our vision has always been to forge long-term partnerships with great operators, which we believe can provide value to Triple Flag, the operators, and their stakeholders. We're executives with mining backgrounds and a global network that helps us source deals and to fully understand the challenges and decisions that our mining partners face. We believe this perspective is part of the success we've enjoyed in building Triple Flag. Our proven capital allocation and discipline are critical principles in our deal-making, principles that have led us towards the transaction we're announcing today. Analyzing a combination with Maverix relative to other opportunities we've seen this past year, and the conclusion was clear. Maverix represented the most compelling opportunity from both a quality, strategic fit, and value standpoint, and Maverix felt the same about us. Turning to some of the key producing assets. Our pro forma production base is still dominated by some of Triple Flag's larger assets, but with improved diversification of production from Beta Hunt, La Colorada, the recently commissioned Camino Rojo, and Auramet, along with the cumulative contribution of several smaller paying assets. Together, we have 29 paying assets in the portfolio. Our assets will continue to comprise a combination of by-product precious metal streams, primary gold and silver streams, as well as gold royalties. Our modest share of non-precious assets are focused mostly on nickel, copper, and some small diamond exposure. Looking ahead, we are forecasting a meaningful growth on our journey to senior status. The combination builds on Triple Flag's 27% compounded annual growth rate in GEOs over the past six years, increasing from 83,000 GEOs in 2021 to conservatively an average of over 140,000 over the next five years, before factoring in the additional organic growth potential from the significant portfolio of exploration and development stage assets. Triple Flag's portfolio includes embedded growth from increased GEOs from established assets such as Northparkes, Hobby Plat, Buriticá, and ATO, as well as newly developed mines such as Pumpkin Hollow, alongside a portfolio of exploration and development stage assets. Maverix's portfolio provides growth from expansions at Beta Hunt, Camino Rojo, and Hope Bay, as well as from a large number of royalties, many of which are at the advanced stages of technical study and development as the next slide sets out. This slide highlights the true depth of our development pipeline and where that growth is coming from. We have nine assets at various stages of execution and another 14 in the feasibility stage. Many of these projects represent significant areas of growth for respected operators and royalties on leading development projects that are expected to be built over the next few years. On the next slide, you'll see the benchmarks our asset base relative to our peers. The number of royalties represents land exposure on and around existing mines and projects, as well as geologically prospective areas. The critical part of this optionality is the probability of cash flow generation associated with these assets. In this regard, what I appreciate about our combined portfolio is the demonstrated ability for assets to migrate through the project life cycle to generate meaningful cash flow. We believe there are a number of exploration discoveries on royalties to come. As you've seen on the previous slide, we view our pro forma portfolio as world-class, and on this page, you can see the significant opportunity for both sets of shareholders. As the underlying fundamental metrics highlight, we should be trading materially higher, and we believe we are significantly undervalued. This is a clean, high quality, high margin, long life growth-oriented combined portfolio with the highest dividend yield in the sector and ample financial capacity to compete for new deals. It's not complicated by material illiquid junior mining equity positions, nor significant future obligations to deliver the organic growth in the portfolio, and it has modest financial leverage on closing with strong cash generation. Additionally, we structured this transaction with both sets of shareholders in mind, and it is accretive for both NAV per share and cash flow per share, compounding the attractiveness of our valuation. We firmly believe that we are a strong candidate to re-rate in the near future. On slide 16, going forward, we see a number of catalysts to further drive value beyond this transaction, as highlighted on this slide. We have a number of assets steadily progressing, and you should see numerous positive developments from our assets in the quarters to come. Additionally, and as I mentioned earlier, Triple Flag is not currently in any of the major gold indices, and the potential for index inclusion is another positive catalyst for our shareholders to look forward to. On the next slide, we highlight our supportive shareholder base. This transaction dilutes Elliott from 83% - 64% pro forma, with the issuance of an additional 47 million Triple Flag shares. They remain staunch supporters of Triple Flag and we're excited about the potential of combining our two companies. We believe the merits of this transaction are further enhanced when coupled with a broadened shareholder base, enhanced trading liquidity, and the potential for index inclusion. We also welcome some of the world's leading precious metal companies as shareholders in Newmont, Pan American Silver, and Kinross. They have been foundational and supportive shareholders of Maverix for years and were unanimous in their support for this transaction and the enhanced platform it offers the combined business. We're grateful for their support, and we look forward to their ongoing partnership and ownership. On slide 18, the focus of this slide is our sustainability practices. It is at the heart of how we operate, and in our many discussions with Dan, Ryan, and Jeff, it was clear how important it was for them as well. We are focused on our climate commitment, investing in communities and sector developments, and ensuring diversity in our board and management team. We have also identified the approximate carbon footprint to the Maverix portfolio during our extensive due diligence activities over the past six months, and we will be working over the next year to ensure our ongoing commitment to carbon neutrality is maintained. On the next slide, our updated board continues to be led by Dawn Whittaker, with the additions of Geoff Burns, the former CEO and co-founder of Pan American Silver and a co-founder and Chair of Maverix. We'll announce an additional Maverix director as part of the enlarged Triple Flag board on closing, as we have a difficult decision to make between some experienced and very qualified candidates who've put themselves forward for the role. Their sector experience and the global networks will be incredibly valuable as we continue our journey to becoming the next senior streamer. In closing, we believe this transaction is compelling and unlocks potential of both Triple Flag and Maverix, creating the world's leading gold-focused emerging senior streaming and royalty company. We believe that the transaction is both synergistic and accretive to NAV per share and cash flow per share, while maintaining our focus on pure-play precious metal streams and royalties. Both sets of shareholders will benefit from our enhanced scale, our leading dividend, diversification, and growth outlook. Furthermore, we believe that having a broadened shareholder base enhances the market presence, enhances the potential for index inclusion over time and the ability to re-rate to senior peer multiples. Thank you for taking the time to listen to our announcement, and we appreciate your continued trust and support. I'll now pass it back to the operator, Cheryl, and open the line for questions. Thank you. To ask a question, please press star one. Your first question is from Lawson Winder of Bank of America Securities. Please go ahead. Your line is open. Hi. Good morning, guys. Congratulations, Shaun and team. We'd like to start off with a little bit of background on the acquisition process. Was this a competitive bidding process? Lawson, good morning and thanks. Great to chat to you. Look, I think firstly, no, it wasn't a bank-led competitive process, but I think the reality is, you know, there's only so many potential fits in the sector. You know, I think at any given time, and I can't speak on behalf of Maverix, but people are always looking at possibilities, and I view this candidly as like a big make versus buy decision. We've grown our portfolio, as Maverix has, organically. I think these equity capital markets, if you look at the values that we've seen some transactions trading at recently, including development transactions. For both sets of shareholders here and teams to do deals that are around 1x NAV, and provide the platform that we do, we just haven't seen this opportunity, certainly since our existence. You know, that really, I think, is a journey that we started exploring over a year ago together. There's been a lot of very detailed work and cut and trust, and I think we've tried to arrive at a deal that we feel is priced at a level that will be set to trade well and will work for both sets of shareholders. Dan and Ryan, I don't know if you have anything you'd wish to add to that. Well, just briefly, at Maverix, we're constantly evaluating all potential opportunities in the precious metals royalty and streaming sector, and by far, this combination was the most compelling potential to create value. No, in turn to directly answer your question, this made the most sense in creating value for a combined company going forward. Excellent. Shaun, you will continue as CEO, the board will change somewhat. What are other implications for the management team as a combined company? Will there be any other additions? Look, the short answer is, with the enhanced scale, there's definitely gonna be some additions. You know, we're in discussions with some members of the management team at Maverix, which we'd look to sort of conclude and announce. You know, at some point, certainly on closing, we would look to see and make sure that we've got the right composition to deal with this. You know, Lawson, that one of the benefits of this business model is it is pretty scalable. You know, we have identified synergies and areas of just absolute overlap and you know, it will continue to be headquartered in Toronto. Okay. Thanks for those comments. You mentioned that there'd be very little future funding commitments in order to drive the organic growth. Could you maybe provide an idea of what the total future funding commitments are in the current Maverix portfolio? Um- Oh, Ryan. Yeah, I don't know. Ryan Mac- Yeah. Ryan McIntyre, our President, would you like to address that? Sure. There really aren't many. We have a few contingent payments. We acquired a portfolio from Newmont a couple of years ago, and basically $3.5 million contingent payments there if things progress accelerated way beyond what we were thinking at the time. Then there's a part in the transaction that we just completed with Barrick on the Eskay Creek royalty, where we have a $6 million obligation if permitting at Eskay Creek is achieved over the next six years. That is- A relatively de minimis, the total of around $20 million. Well, $21 million to be specific. Correct. Yep. Yeah. Lawson, with our cash position, the minimal debts on the Maverix balance sheets, you know, I think we see it as emerging with very little debt and over $600 million of liquidity. It would be kind of less than half a year's worth of debt, net debt that we'd be looking at. Plenty of firepower. Okay, great perspective. Then sort of in a similar vein, with relation to capital return, I mean, this deal will quite conceivably give Triple Flag the flexibility to materially increase the dividend. What are your thoughts on that now, Shaun? Yeah, we won't preempt that right now. I think, look, we already pay, if you look at those charts, the highest of yield. The highest and best use of capital is always to continue to grow, you know, in a valuable way. At the same time, you know, every member on this call are large shareholders, and our teams are large shareholders. We understand it's important to pay meaningful dividends to our shareholders. To put it in context, with our dividend yield, the Maverix shareholders, you know, alone would get about a 40% increase in their dividend through this combination, just by maintaining the sort of same dividend policy that we've got to date. From a cash point of view, that's only an incremental about $1.7 million a year, so super easy to service. Excellent. Thank you for your comments and your feedback on this call, and best of luck. Thank you. Again, to ask a question, please press star one. There are no further questions at this time. I will now turn the call over to Shaun Usmar for closing remarks. Sorry, operator, I believe according to the screen, we've got Tanya who has a question. I wonder if we could field that. Oh, Tanya Jakusconek of Scotiabank, please go ahead. Oh, great. Good morning. Sorry, been a busy morning. I just wanted to say congratulations on your deal. Thanks. Ask the team. I'm interested in the inclusion in the index at GDXJ. Have you had any discussions at all, or will you be able to have any discussions on whether, you know, any indications that this is a possibility? We've talked about it in the past for a while, but now that you're, you know, much bigger in size, where do we stand on this? Or what indications Yeah. Tanya Jakusconek. Yeah, look, thanks. We've obviously done a lot of analysis on that. I'll ask Sheldon to comment for us on this. Great. Yeah. Hi, Tanya. I mean, I think this directionally is a positive for index inclusion. But there's a lot of discretion on the indices, and so we don't wanna get ahead of ourselves. It's not a certainty it'll happen, and to some degree, it'll be discretion. We haven't actually spoken with the index providers yet, of course, but we have looked at all their guidance. I think it's a possibility it happens on the close, but there's also a possibility it doesn't happen on the close. I think this sets us up very well and advances our index inclusion story. Okay. You know, you're thinking maybe if, you know, if it could happen on the close or thereafter, which the close, I think you said, was January? Yeah. That's right. It also might be after that. I don't wanna get out ahead of everything, but this is undoubtedly a positive towards index inclusion. It puts us that much closer. Okay. Just maybe, you know, you talked about some of the synergy, $7 million a year. I mean, I guess that's coming mainly from, you know, head office. Just trying to get a little understanding on those synergies. Yeah, we're quite confident on the synergies. The streaming royalty model scales really well. If you look at like, you know, Maverix H1 financial statements, they have a run rate. They recorded just a little over $5 million of operating expenses. If you scale that up or annualize that's $10 million. When we look at what we'd need to add, 'cause we will need to add because there's a lot of additional assets and there's some additional monitoring. We can see $7 million of synergies. If you think about that's intuitively it makes sense because, you know, first of all, it's head office combination. There's headcount redundancies. Then there's also things like there's only one set of financial statements between the two companies. There's only one general annual general meeting. There's only one set of listing fees. There's one audit. Directors and officers insurance is a major expense item for both companies. When you start going through that list, you get to $7 million quite comfortably. Yeah. No, I just was trying to see what the biggest bucket was. Yeah. Yeah. That's fine. No, appreciate it. The biggest bucket is payroll. Yeah. Okay, great. Thank you so much. Congratulations. Yeah. Thanks so much, Tanya. Sure. I think that is probably the last question. Operator, any other questions or can we close? There are no further questions at this time. Shaun Usmar, please go ahead with your closing remarks. Thank you. I just wanna thank you all for for joining us today. As you can gather from hopefully the both the information and the tone of both teams, we're really excited about this moment. It's really a massive transaction for both our organizations. I think just on a personal note, as someone who's built Triple Flag over the last six and a half years with an amazing team, you know, just a huge respect and gratitude to Dan, Ryan, Jeff, and their team for entrusting us with this and being part of this. We're honored, and I think we're really excited about this. We're available for any follow-up questions and you know, we look forward to growing the future of this business together. Thank you. This concludes today's conference call. Thank you for your participation. You may now disconnect.