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TRIPLE FLAG PRECIOUS METALS 2025 RESULTS RECORD PER SHARE GROWTH February 19, 2026 February 2026 TRIPLE FLAG PRECIOUS METALS TSX TFPM | NYSE TFPM
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TRIPLE FLAG PRECIOUS METALS CAUTIONARY STATEMENTS This presentation does not constitute an offer to sell or a solicitation of an offer to purchase any security in any jurisdiction Cautionary Note Regarding Forward-Looking Information and Statements: This presentation contains “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, respectively (collectively referred to herein as “forward-looking information”). Forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “outlook”, “forecasts”, “projection”, “prospects”, “strategy”, “intends”, “anticipates”, “believes”, or variations of such words and phrases or terminology which states that certain actions, events or results “may”, “could”, “would”, “might”, “will”, “will be taken”, “occur” or “be achieved”. Forward-looking information in this Presentation includes, but is not limited to, statements with respect to the Company’s annual and five-year guidance, operational and corporate developments for the Company; developments, outlook, upside and growth potential in respect of the Company’s portfolio of royalties and streams and related interests and those developments at certain of the mines, projects or properties that underlie the Company’s interests and our assessments of, and expectations for, future periods (including, but not limited to, the long-term production outlook for GEOs and our other guidance in this presentation); expectations with respect to the completion and timing of any report, guidance, study or other disclosure to be made by the operators of the mines, projects or properties that underlie the Company’s interests; and statements relating to ongoing discussions, negotiations and proceedings with Steppe Gold and the results of those discussions, negotiations and proceedings (including any legal enforcement). Our assessments of and expectations for future periods described in this presentation, including our future financial outlook and anticipated events or results, business, financial position, business strategy, growth plans, strategies, budgets, operations, financial results, taxes, dividend policy, plans and objectives, are considered forward-looking information. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding possible future events or circumstances. The forward-looking information included in this presentation is based on our opinions, estimates and assumptions considering our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances. The forward- looking information contained in this presentation is also based upon a number of assumptions, including the ongoing operation of the properties in which we hold a stream or royalty interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; and the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production. These assumptions include, but are not limited to, the following: assumptions in respect of current and future market conditions and the execution of our business strategies; that operations, or ramp-up where applicable, at properties in which we hold a royalty, stream or other interest continue without further interruption through the period; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated, intended or implied. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Forward-looking information is also subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such risks, uncertainties and other factors include, but are not limited to, those set forth under the caption “Risk Factors” in our most recently filed annual information form which is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. For clarity, mineral resources that are not mineral reserves do not have demonstrated economic viability and inferred resources are considered too geologically speculative for the application of economic considerations. Although we have attempted to identify important risk factors that could cause actual results or future events to differ materially from those contained in the forward-looking information, there may be other risk factors not presently known to us or that we presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this presentation represents our expectations as of the date of this presentation and is subject to change after such date. We disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities laws. All of the forward-looking information contained in this presentation is expressly qualified by the foregoing cautionary statements. Cautionary Statement to U.S. Investors Information contained or referenced in this presentation or in the documents referenced herein concerning the properties, technical information and operations of Triple Flag has been prepared in accordance with requirements and standards under Canadian securities laws, which differ from the requirements of the U.S. Securities and Exchange Commission (“SEC”) under subpart 1300 of Regulation S-K (“S-K 1300”). Because the Company is eligible for the Multijurisdictional Disclosure System adopted by the SEC and Canadian Securities Administrators, Triple Flag is not required to present disclosure regarding its mineral properties in compliance with S-K 1300. Accordingly, certain information contained in this presentation may not be comparable to similar information made public by U.S. companies subject to reporting and disclosure requirements of the SEC. Technical and Third-Party Information Triple Flag does not own, develop or mine the underlying properties on which it holds stream or royalty interests. As a royalty or stream holder, Triple Flag has limited, if any, access to properties included in its asset portfolio. As a result, Triple Flag is dependent on the owners or operators of the properties and their qualified persons to provide information to Triple Flag and on publicly available information to prepare disclosure pertaining to properties and operations on the properties on which Triple Flag holds stream, royalty, or other similar interests. Triple Flag generally has limited or no ability to independently verify such information. Although Triple Flag does not believe that such information is inaccurate or incomplete in any material respect, there can be no assurance that such third-party information is complete or accurate. Qualified Person James Lill, Director, Mining for Triple Flag, and a qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical disclosure in this presentation. Market and Industry Data Market and industry data presented throughout this presentation were obtained from third-party sources, industry reports and publications, websites and other publicly available information, as well as industry and other data prepared by us or on our behalf, on the basis of our knowledge of the markets in which we operate, including information provided by other industry participants. These third-party sources include Skarn Associates Limited, S&P Global Market Intelligence, SNL Metals & Mining Data and Wood Mackenzie Inc. Although we believe it to be reliable, Triple Flag has not independently verified any of the data from third-party sources referred to in this presentation, analyzed or verified the underlying studies or surveys relied upon or referred to by such sources, or ascertained the underlying market, economic and other assumptions relied upon by such sources. Market and industry data are subject to variations and cannot be verified due to limits on the availability and reliability of data inputs, the voluntary nature of the data gathering process and other limitations and uncertainties inherent in any statistical survey. Gold Equivalent Ounces (“GEOs”): GEOs are based on stream and royalty interests and are calculated on a quarterly basis by dividing all revenue from such interests for the quarter by the average gold price during such quarter. The gold price is determined based on the London Bullion Market Association (“LBMA”) PM fix. For periods longer than one quarter, GEOs are summed for each quarter in the period. Triple Flag uses this measure internally to evaluate its underlying operating performance across its stream and royalty portfolios for the reporting periods presented and to assist with the planning and forecasting of future operating results. Non-IFRS Measures This presentation makes reference to certain non-IFRS measures. These measures are not recognized measures under International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our financial information reported under IFRS and may be calculated differently by other companies. These non-IFRS measures, including adjusted net earnings, adjusted net earnings per share, free cash flow, adjusted EBITDA, and asset margin, are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Our management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation. See the Appendix to this presentation for a reconciliation of the foregoing non-IFRS measures to their most directly comparable measures calculated in accordance with IFRS. 2
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TRIPLE FLAG PRECIOUS METALS PRESENTERS Sheldon Vanderkooy, CEO 2025 RESULTS 3 Sheldon Vanderkooy CEO and Director James Dendle COO Eban Bari CFO
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TRIPLE FLAG PRECIOUS METALS TRIPLE FLAG 2025 Record 2025 GEOs and financial results 113 koz GEOs, achieved the upper half of guidance 1 $325M Adjusted EBITDA 2 $1.54 CFPS, up from $1.06 in 2024 2026E guidance of 95-105 koz 1 2030E GEOs outlook of 140-150 koz 1 Multiple assets advancing across construction, permitting and study stages Arcata, Kone, Eskay Creek, Era Dorada, Goldfield Further GEOs growth beyond 2030 from assets located in safe, mining-friendly jurisdictions Northparkes E22 block cave approved, E44 advancing, potential mill expansion to 10 Mtpa Hope Bay construction decision expected in May 2026 Kemess PEA released in 2026 Arthur PFS expected in Q1 2026 Growth at Northparkes Unlocked guaranteed minimum stream deliveries from a gold-dominant deposit previously not in LOM with significant exploration potential Potential mill expansion to 10 Mtpa would result in higher production profile, improved scale and processing optionality Over $350M of value-accretive deployment in 2025 (Arcata/Azuca, Arthur, JCM, Minera Florida) 1) GEOs are based on stream and related interests as well as royalty interests and are calculated on a quarterly basis by dividi ng all revenue from such interests for the quarter by the average gold price during that quarter. The gold price is determined b ased on the LBMA PM fix. For periods longer than one quarter, GEOs are summed for each quarter in the period 2) For a discussion of Adjusted EBITDA, which is a measure not presented in accordance with IFRS and for a reconciliation to the most directly comparable measure calculated and presented in accordance with IFRS, see the Appendix of this presentation Sheldon Vanderkooy, CEO 4 2025 RESULTS
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TRIPLE FLAG PRECIOUS METALS 2025 Financials $ thousands, except GEOs and per share metrics Q4 2025 Q4 2024 2025 2024 Gold Equivalent Ounces (GEOs) 1 28,757 27,864 113,237 112,623 Revenue $118,916 $74,213 $388,704 $268,991 Net Earnings (Loss) $76,832 $41,280 $240,005 ($23,084) Net Earnings (Loss) per Share $0.37 $0.20 $1.18 ($0.11) Adjusted Net Earnings 2 $67,561 36,252 $205,465 $109,607 Adjusted EPS 2 $0.33 $0.18 $1.01 $0.54 Adjusted EBITDA 2 $101,000 $62,980 $325,014 $220,200 Operating Cash Flow $89,497 $63,473 $312,832 $213,503 Operating Cash Flow per Share (Basic) $0.43 $0.32 $1.54 $1.06 Free Cash Flow 2 $89,497 $63,473 $312,832 $213,503 Dividends $11,877 $11,074 $45,845 $43,279 Eban Bari, CFO Year-over-year Adj. EBITDA up 48% CFPS 45% Debt-free Balance Sheet 2025 RESULTS 5 1) GEOs are based on stream and related interests as well as royalty interests and are calculated on a quarterly basis by dividi ng all revenue from such interests for the quarter by the average gold price during that quarter. The gold price is determined b ased on the LBMA PM fix. For periods longer than one quarter, GEOs are summed for each quarter in the period 2) For a discussion of Adjusted Net Earnings, Adjusted EPS, Adjusted EBITDA, and Free Cash Flow, which are measures not presented i n accordance with IFRS and for a reconciliation to the most directly comparable measure calculated and presented in accordance with IFRS, see the Appendix of this presentation
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TRIPLE FLAG PRECIOUS METALS 2026E GUIDANCE 2026E Guidance Gold Equivalent Ounces (GEOs) 1 95-105 koz Depletion $65-75M G&A $30-32M Australian Cash Tax Rate 3 ~25% 2025 RESULTS Eban Bari, CFO Figures in US$M unless otherwise noted 1) GEOs are calculated on a quarterly basis by dividing all revenue from such interests for the quarter by the average gold price d uring such quarter. The gold price is determined based on the LBMA PM fix. For periods longer than one quarter, GEOs are summed for each quarter in the period. 2) Assumed gold-to-silver price ratio of 64x in the first quarter, 70x in the second quarter, 75x in the third quarter and 80x in t he fourth quarter. 3) Australian Cash Taxes are payable for Triple Flag’s Australian royalty interests, specifically Fosterville, Beta Hunt, Stawel l, and Henty. 6 72x Au/Ag Price Ratio 2 Q1 64x | Q2 70x | Q3 75x | Q4 80x
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TRIPLE FLAG PRECIOUS METALS GOLDFIELD ARCATA KONE 32.7 34.3 42.4 63.1 83.6 84.6 105.1 112.6 113.2 2017A 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025A 2026E 2029E Growth Growth Meaningful GEOs growth beyond 2030 from Arthur, Northparkes, Kemess, Hope Bay and advanced development projects Note: 2026E guidance and 2030E outlook on stream and royalty interests is based on publicly available forecasts of the owners or operators of the underlying properties and/or operations on which we have stream and royalty interests. When publicly availab le forecasts on properties are not available, we obtain internal forecasts from the owners or operators or use our own best estimate. We conduct our own indepen dent analysis of this information to reflect our expectations based on an operator’s historical performance and track record of replenishing mineral reserves and their publicly disclosed guidance on future production, the conversion of mineral resources to mineral reserves, timing risk adj ustments, drill results, our view on opportunities for mine plan optimization and other factors. We may also make allowances for the risk of uneven stream deliveries, timing differences in the deliveries under our streams or the payment of our royalties, and the attainment of public guidance ranges for our counterparties. Achievement of the GEOs and the other metrics set forth in the guidance above is subject to risk s and uncertainties, including changes in commodity prices and the ability of operators to attain the results set out in their forecasts. 2026E guidance assumes an Au/Ag price ratio of 64x in Q1, 70x in Q2, 75x in Q3 and 80x in Q4. 2030E outlook assumes an Au/Ag price ratio of 85x 2030E Outlook Growth Gold Equivalent Ounces (koz) 100+ Assets in Various Stages of Development 7 2025 RESULTS ROBUST GEOs GROWTH 2026E Guidance 95-105 koz GEOs 140-150 koz GEOs James Dendle, COO
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TRIPLE FLAG PRECIOUS METALS GROWTH CATALYSTS 8 2025 RESULTS ASSET DEVELOPMENT UPDATE TIMELINE Arcata Production ramp-up; operation restarted in Q4 2025 2026-2030E INCLUDED IN 5-YEAR OUTLOOK OF 140,000-150,000 GEOs 85x Au/Ag PRICE RATIO Kone Construction on schedule; initial production targeted in Q4 2026 Eskay Creek Final permits received (February 2026); initial production targeted in 2027 Era Dorada Construction licence received (January 2026); early works commenced Goldfield Construction advancing; initial production targeted in 2028 South Railroad Updated FS released (January 2026); construction spend approved Ana Paula FS expected in H1 2027; initial production targeted in 2028 Cove FS expected in 2026; initial production targeted in 2029 Prieska Construction commencing on Upper Zone Arthur PFS expected in Q1 2026 +2030 LONG-TERM GEOs GROWTH Kemess PEA released (January 2026); initial production targeted in 2031 Hope Bay Study update and construction decision expected in May 2026 Northparkes E22 Initial production targeted end of Evolution’s FY2030 Northparkes E44 Initial production targeted in 2030/31 Multiple assets advancing across construction, permitting and study stages James Dendle, COO
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TRIPLE FLAG PRECIOUS METALS GROWTH BEYOND 2030 9 • Rapid resource growth since 2018 discovery • 2026/27 drilling to expand on known mineralized structures, test parallel structures and extensions of Merlin and Silicon • Emerging Tier 1 asset in Nevada 2025 RESULTS ARTHUR 1.0% NSR ROYALTY NEVADA, US NORTHPARKES 54% AU | 80% AG STREAM 2 NSW, AUSTRALIA KEMESS 100% AG STREAM 1 BC, CANADA HOPE BAY 1.0% NSR ROYALTY NUNAVUT, CANADA • E22 block cave approved • E44 gold deposit development advancing 3 • Studying mill expansion to +10 Mtpa alongside mining studies to unlock value from world-class endowment • January 2026 PEA supports large-scale Cu/Au/Ag restart in BC • Leveraging existing brownfield infrastructure and permits • Potential 2031 initial production • Continued exploration success at Madrid • Potential 400-425 koz annual gold production at 6 ktpd throughput • Potential 2030 initial production • District scale upside along 80 km belt Diversified across long-life district scale systems in Nevada, BC, Nunavut and Australia PFS expected Q1 2026 E22 and E44 deposits expected to ramp up beyond 2030PFS expected in 2027 Construction decision expected in May 2026 James Dendle, COO 1) Triple Flag funding commitment ($45M staged) upon construction decision 2) E44 gold deposit has a 20% gold stream rate and 30% silver stream rate 3) Includes guaranteed minimum deliveries of 45 koz gold and 446 koz silver over 2030 -2037 from E44
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TRIPLE FLAG PRECIOUS METALS NORTHPARKES 10 2025 RESULTS James Dendle, COO E48 SLC ramping up in 2026 Supports near-term production growth E22 block cave approved Long-life, low-cost bulk underground operation Initial cave production from end of Evolution’s FY2030 E44 surface deposit advancing Gold dominant deposit not previously in LOM Minimum guaranteed deliveries to Triple Flag commence in 2030 Expansion study for +10 Mtpa Assessing options to materially increase mill throughput Unlocking value from 550 Mt M&I resource 1 Numerous growth projects approved unlocking value from world-class copper/gold resource Source: Evolution Mining 1) On a 100% basis. Refer to the “Annual Mineral Resources and Ore Reserves Statement” as at December 31, 2024, published on June 6, 2025 www.evolutionmining.com for an attributable basis to Evolution.
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TRIPLE FLAG PRECIOUS METALS TRIPLE FLAG OVERVIEW Track record, continued organic growth and capital to grow value 11 All figures in US$ unless otherwise noted 1) Based on share price as at February 18, 2026 2) GEOs are based on stream and related interests as well as royalty interests and are calculated on a quarterly basis by dividi ng all revenue from such interests for the quarter by the average gold price during that quarter. The gold price is determined b ased on the LBMA PM fix. For periods longer than one quarter, GEOs are summed for each quarter in the period 3) Asset count as of February 18, 2026 4) Available liquidity represents $71M cash and cash equivalents as at December 31, 2025, plus a $1.0B revolving credit facility ($700M with an additional uncommitted accordion of up to $300M) Leading Sustainability Ratings Leading Insider Ownership and Alignment Management and Board are founders and substantial owners at ~$140M 1 239 Assets 34 Producing Assets Streams and Royalties 3 ~$1.0B Available Liquidity 4 140-150 koz 2030E GEOs Outlook 2 $7.4B Market Cap 1 95-105 koz 2026E GEOs Guidance $0.23/sh Annualized Dividend per Share 2025 RESULTS Sheldon Vanderkooy, CEO
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TRIPLE FLAG PRECIOUS METALS TSX:TFPM | NYSE:TFPMTRIPLE FLAG PRECIOUS METALS 12 Q&A Arthur
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TRIPLE FLAG PRECIOUS METALS NON-IFRS MEASURES Adjusted Net Earnings and Adjusted Net Earnings per Share Adjusted net earnings is a non IFRS financial measure, which excludes the following from net earnings: impairment charges, write-downs, and reversals, including expected credit losses; gain/loss on sale or disposition of assets/mineral interests; foreign currency translation gains/losses; increase/decrease in fair value of investments, prepaid gold interests and other; other non-recurring charges; and impact of income taxes on these items. Management uses this measure internally to evaluate our underlying operating performance for the reporting periods presented and to assist with the planning and forecasting of future operating results. Management believes that adjusted net earnings is a useful measure of our performance because impairment charges, write-downs, and reversals, including expected credit losses, gain/loss on sale or disposition of assets/mineral interests, foreign currency translation gains/losses, increase/decrease in fair value of investments, prepaid gold interests and other, and other non-recurring charges do not reflect the underlying operating performance of our core business and are not necessarily indicative of future operating results. The tax effect is also excluded by reconciling the amounts on a post-tax basis, consistent with net earnings. Management’s internal budgets and forecasts and public guidance do not reflect the types of items we adjust for. Consequently, the presentation of adjusted net earnings enables users to better understand the underlying operating performance of our core business through the eyes of management. Management periodically evaluates the components of adjusted net earnings based on an internal assessment of performance measures that are useful for evaluating the operating performance of our business and a review of the non-IFRS measures used by industry analysts and other streaming and royalty companies. Adjusted net earnings is intended to provide additional information only and does not have any standardized definition under IFRS Accounting Standards and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. The measures are not necessarily indicative of gross profit or operating cash flow as determined under IFRS Accounting Standards. Other companies may calculate these measures differently. Free Cash Flow Free cash flow is a non-IFRS measure that deducts acquisition of other assets (excluding acquisition of investments and prepaid gold interests or mineral interests) from operating cash flow. Management believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash. Free cash flow is intended to provide additional information only and does not have any standardized definition under IFRS Accounting Standards and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. The measure is not necessarily indicative of operating profit or operating cash flow as determined under IFRS Accounting Standards. Other companies may calculate this measure differently. Adjusted EBITDA Adjusted EBITDA is a non IFRS financial measure, which excludes the following from net earnings: income tax expense; finance costs, net; depletion and amortization; impairment charges and write-downs, and reversals, including expected credit losses; gain/loss on sale or disposition of assets/mineral interests; foreign currency translation gains/losses; increase/decrease in fair value of investments and prepaid gold interests and other; non-cash cost of sales related to prepaid gold interests and other; and other non recurring charges. Management believes that adjusted EBITDA is a valuable indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations and fund acquisitions. Management uses adjusted EBITDA for this purpose. Adjusted EBITDA is also frequently used by investors and analysts for valuation purposes, whereby adjusted EBITDA is multiplied by a factor or ‘‘multiple’’ that is based on an observed or inferred relationship between adjusted EBITDA and market values to determine the approximate total enterprise value of a company. In addition to excluding income tax expense, finance costs net, and depletion and amortization, adjusted EBITDA also removes the effect of impairment charges, write-downs, and reversals, including expected credit losses, gain/loss on sale or disposition of assets/mineral interests, foreign currency translation gains/losses, increase/decrease in fair value of investments, prepaid gold interests and other, non-cash cost of sales related to prepaid gold interests and other and other non-recurring charges.. We believe these items provide a greater level of consistency with the adjusting items included in our adjusted net earnings reconciliation, with the exception that these amounts are adjusted to remove any impact of income tax expense as they do not affect adjusted EBITDA. We believe this additional information will assist analysts, investors and our shareholders to better understand our ability to generate liquidity from operating cash flow, by excluding these amounts from the calculation as they are not indicative of the performance of our core business and not necessarily reflective of the underlying operating results for the periods presented. Adjusted EBITDA is intended to provide additional information to investors and analysts and does not have any standardized definition under IFRS Accounting Standards and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. Adjusted EBITDA is not necessarily indicative of operating profit or operating cash flow as determined under IFRS Accounting Standards. Other companies may calculate adjusted EBITDA differently. Gross Profit Margin and Asset Margin Gross profit margin is an IFRS Accounting Standards financial measure which we define as gross profit divided by revenue. Asset margin is a non-IFRS financial measure which we define by taking gross profit and adding back depletion and non-cash cost of sales related to prepaid gold interests and other and dividing by revenue. We use gross profit margin to assess the profitability of our metal sales and asset margin to evaluate our performance in increasing revenue and containing costs and to provide a useful comparison to our peers. Asset margin is intended to provide additional information only and does not have any standardized definition under IFRS Accounting Standards and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. 13 APPENDIX
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TRIPLE FLAG PRECIOUS METALS RECONCILIATION TO IFRS MEASURES Adjusted Net Earnings Adjusted EBITDA Free Cash Flow Gross Profit Margin and Asset Margin 1) Impairment reversals for the year ended December 31, 2025 are due to a reversal of impairment losses relating to previous impairments taken on the Elevation loan receivables, following a recovery under a formal CCAA process. Impairment charges and expected credit losses for the year ended December 31, 2024 are largely due to impairments taken on the Nevada Copper stream and related interests as well as impairments taken on the Elevation Gold stream and related interests. 2) During the quarter and year ended December 31, 2025, the Company incurred $10.3 million (2024: nil) to settle a review of past transactions between the Company and Evolution, the operator of the Northparkes mine. 1) Impairment reversals for the year ended December 31, 2025 are due to a reversal of impairment losses relating to previous impairments taken on the Elevation loan receivables, following a recovery under a formal CCAA process. Impairment charges and expected credit losses for the year ended December 31, 2024 are largely due to impairments taken on the Nevada Copper stream and related interests as well as impairments taken on the Elevation Gold stream and related interests. 2) During the quarter and year ended December 31, 2025, the Company incurred $10.3 million (2024: nil) to settle a review of past transactions between the Company and Evolution, the operator of the Northparkes mine. APPENDIX 14 Three months ended December 31, Year ended December 31, ($ thousands, except share and per share information) 2025 2024 2025 2024 Net earnings (loss) $ 76,832 $ 41,280 $ 240,005 $ (23,084) Impairment (reversal) charges and expected credit losses1 — — (4,300) 148,034 Gain on disposition of mineral interests (5,354) — (6,710) — Foreign currency translation (gain) loss (51) (76) 414 (181) Increase in fair value of investments, prepaid gold interests and other (20,687) (7,249) (46,233) (12,775) Other non-recurring charges2 10,299 — 10,299 — Income tax effect 6,522 2,297 11,990 (2,387) Adjusted net earnings $ 67,561 $ 36,252 $ 205,465 $ 109,607 Weighted average shares outstanding – basic 206,561,183 201,367,681 203,618,559 201,304,234 Weighted average shares outstanding – diluted 207,165,115 201,677,897 204,071,985 201,304,234 Net earnings per share - basic $ 0.37 $ 0.20 $ 1.18 $ (0.11) Net earnings per share - diluted 0.37 0.20 1.18 (0.11) Adjusted net earnings per share - basic and diluted $ 0.33 $ 0.18 $ 1.01 $ 0.54 Three months ended December 31, Year ended December 31, ($ thousands) 2025 2024 2025 2024 Net earnings (loss) $ 76,832 $ 41,280 $ 240,005 $ (23,084) Finance costs, net 575 901 3,459 5,073 Income tax expense 13,787 6,064 29,353 10,314 Depletion and amortization 19,468 19,271 79,578 75,900 Impairment (reversal) charges and expected credit losses1 — — (4,300) 148,034 Non-cash cost of sales related to prepaid gold interests and other 6,131 2,789 19,149 16,919 Gain on disposition of mineral interests (5,354) — (6,710) — Foreign currency translation (gain) loss (51) (76) 414 (181) Increase in fair value of investments, prepaid gold interests and other (20,687) (7,249) (46,233) (12,775) Other non-recurring charges2 10,299 — 10,299 — Adjusted EBITDA $ 101,000 $ 62,980 $ 325,014 $ 220,200 Three months ended December 31, Year ended December 31, ($ thousands except Gross profit margin and Asset margin) 2025 2024 2025 2024 Revenue $ 118,916 $ 74,213 $ 388,704 $ 268,991 Less: Cost of sales (32,327) (27,829) (125,786) (113,781) Gross profit 86,589 46,384 262,918 155,210 Gross profit margin 73% 63% 68% 58% Gross profit $ 86,589 $ 46,384 $ 262,918 $ 155,210 Add: Depletion 19,401 19,186 79,255 75,554 Add: Non-cash cost of sales related to prepaid gold interests and other 6,131 2,789 19,149 16,919 112,121 68,359 361,322 247,683 Revenue 118,916 74,213 388,704 268,991 Asset margin 94% 92% 93% 92% Three months ended December 31, Year ended December 31, ($ thousands) 2025 2024 2025 2024 Operating cash flow $ 89,497 $ 63,473 $ 312,832 $ 213,503 Acquisition of other assets - - - - Free cash flow $ 89,497 $ 63,473 $ 312,832 $ 213,503