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TRIPLEFLAG PRECIOUS METALS TSX TFPM | NYSE TFPM TRACK RECORD OF COMPOUNDING SHAREHOLDER VALUE AUGUST 2026 INVESTOR PRESENTATION - AUGUST 2026
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TRIPLE FLAG PRECIOUS METALS 2 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”. 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.
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TRIPLE FLAG PRECIOUS METALS 3 10 YEARS OF VALUE CREATION Track record of accretive growth and strong returns to shareholders with capital to further grow value All figures in US$ unless otherwise noted 1) Based on share price as at August 5, 2026 2) Refer to “Cautionary Statements” for the calculation of GEOs. Refer to Triple Flag's disclosure regarding its 2026 GEOs guidance and 2030 GEOs outlook 3) Asset count as of June 30, 2026 4) Represents $15M cash as at June 30, 2026 plus $1.3B revolving credit facility ($1.0B with an additional uncommitted accordion of up to $0.3B) of which $235M was drawn as at June 30, 2026 Australia and Americas Focused Long-life producing assets in safe jurisdictions with peer- leading exposure to Australia Strong Organic Growth Profile ~50% growth in GEOs by 2030E from diversified asset base Solid Balance Sheet +$1B available liquidity for accretive growth opportunities Active Shareholder Returns Dividend increased annually since 2021 IPO, combined with active share buyback program Leading Insider Ownership Management and Board are founders and substantial owners at ~$120M, ensuring full shareholder alignment 1 $6.4B Market Cap 1 100-110 koz 2026E GEOs Guidance 2 150-160 koz 2030E GEOs Outlook 2 $0.24/sh Annualized Dividend Per Share $1.1B Available Liquidity 4 $15M Cash $1,065M Undrawn RCF 242 Assets 36 Producing Streams and Royalties 3
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TRIPLE FLAG PRECIOUS METALS 4 $10.36 $10.70 $12.84 $20.00 $23.64 2022 2023 2024 2025 Current $0.76 $0.77 $1.06 $1.54 $1.92 2022 2023 2024 2025 LTM $118 $154 $214 $313 $395 2022 2023 2024 2025 LTM PER SHARE VALUE CREATION SINCE IPO 1) Source: S&P CapIQ. Average analyst consensus Net Asset Value per Share (NAVPS) Track record of CFPS and NAVPS growth 2025 Dec 31 2024 Dec 31 2023 Dec 31 2022 Dec 31 Current2025202420232022 LTM June 30 2025202420232022 LTM June 30 NAVPS Analyst Consensus US$/sh 1 Operating Cash Flow US$M CFPS US$/sh
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TRIPLE FLAG PRECIOUS METALS 5 Source: S&P CapIQ. Market data as at August 5, 2026 RERATING TOWARDS THE SENIOR AVERAGE 1.86x 1.86x 1.34x 1.12x 1.32x P/NAV +40% Upside Potential 19.7x 17.8x 17.5x 12.1x 15.2x P/CF 2027E +30% Upside Potential 17.2x 16.5x 14.7x 11.2x 13.2x P/CF 2028E +30% Upside Potential
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TRIPLE FLAG PRECIOUS METALS 6 Note: Analyst asset NAV based on consensus estimates. Market data as at August 5, 2026 SHAREHOLDER VALUE CREATION Share Capital June 30, 2026 Asset NAV Consensus Market Cap August 2026 $1.9B Share Capital Capital allocation driving robust cash flow yield and NAV accretion $395M Operating Cash Flow LTM Cash generation underpinning long-term compounding value $265M Shareholder Returns Dividends and share buybacks since IPO $1.9B $5.3B $6.4B
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TRIPLE FLAG PRECIOUS METALS 7 SUCCESSFUL TRACK RECORD Cerro Lindo 2016 Investment Northparkes 2020 Investment Beta Hunt 2023 Investment Hope Bay 2023 Investment Buritica 2019 Investment 1 Impala Bafokeng 2020 Investment All figures in US$M Analyst NAV Analyst NAV Analyst NAV Cash Flow to Q2/26 Analyst NAV Analyst NAV Analyst NAV Cash Flow to Q2/26 Cash Flow to Q2/26 Cash Flow to Q2/26 Cash Flow to Q2/26 Note: Cash Flow to Q2/26 represents Revenue less Cost of sales plus Proceeds on disposition of mineral interests from September 30, 2016 to June 30, 2026. Analyst NAV based on consensus estimates 1) Buritica cash flow includes proceeds on disposition of mineral interests ($78M gold stream buyback in 2020) following which TFPM retained a 100% silver stream on Buritica $550 $291 $1,300 Investment Return $1,591 $100 $162 $289 Investment Return $450 $46 $50 $130 Investment Return $180 $250 $457 $217 Investment Return $674 $145 $96 $420 Investment Return $516 $27 $85 Investment Return $85
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TRIPLE FLAG PRECIOUS METALS 8 NORTHPARKES E44 20% GOLD | 30% SILVER STREAM New South Wales $84M | 2026 Investment ARTHUR 1.0% NSR GOLD ROYALTY Nevada $256M | 2025 Investment RAVENSWOOD 5.50% GOLD STREAM Queensland $440M | 2026 Investment TRES QUEBRADAS 0.5% GR LITHIUM ROYALTY Argentina $28M | 2025 Investment ARCATA/AZUCA 5.0% GOLD/SILVER STREAM Peru $35M | 2025 Investment JCM/GUNNISON 1.5% NSR | 3.0% GR CU ROYALTIES Arizona $27M | 2025/26 Investment MINERA FLORIDA 0.8-1.5% NSR AU/AG/ZN ROYALTIES Chile $23M | 2025 Investment Adding high-quality assets, driving accretive growth $900M CAPITAL DEPLOYED SINCE 2025
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TRIPLE FLAG PRECIOUS METALS 9 PURE PLAY PRECIOUS METALS Source: Analyst research Australia 36% North America 24% Latin America 20% Rest of World 20% Northparkes 25% Impala Bafokeng 8% Ravenswood 8% Buritica 5% Cerro Lindo 4% Remaining 237 Assets 50% Cornerstone assets with diversified production and development 94% Precious Metals 80% Americas and Australia Gold 47% Silver 5% Copper 35% Other 13% 82% Gold and Copper Gold 79% Silver 15% Copper 5% Other 1% Asset Consensus NAV Triple Flag Commodity Consensus NAV Mine Primary Commodity Consensus NAV Geography Consensus NAV
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TRIPLE FLAG PRECIOUS METALS 10 PORTFOLIO OVERVIEW Diversified portfolio of streams and royalties in top-tier jurisdictions Asset count as of June 30, 2026 242 TOTAL ASSETS 36 PRODUCING 50 DEVELOPMENT 156 EXPLORATION / OTHER
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TRIPLE FLAG PRECIOUS METALS 11 High-quality producing Australian assets LEADING PRESENCE IN AUSTRALIA Asset count as of June 30, 2026 1) E44 gold deposit has a 20% gold stream rate and 30% silver stream rate NORTHPARKES 54% GOLD | 80% SILVER STREAM 1 NEW SOUTH WALES RAVENSWOOD 5.50% GOLD STREAM QUEENSLAND BETA HUNT 3.25% GR ROYALTY | 1.5% NSR ROYALTY WESTERN AUSTRALIA FOSTERVILLE 2.0% NSR ROYALTY VICTORIA 31 TOTAL ASSETS 10 PRODUCING 3 DEVELOPMENT 18 EXPLORATION
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TRIPLE FLAG PRECIOUS METALS 12 LEADING OPERATORS AND PARTNERSHIPS Leveraging our mining backgrounds with deep experience and global networks across the industry Long-term partnership approach focused on synergistic deals
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TRIPLE FLAG PRECIOUS METALS 13 ARTHUR HOPE BAY NORTHPARKES 2017A 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025A 2026E 2030E 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 available 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 independent 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 adjustments, 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 risks and uncertainties, including changes in commodity prices and the ability of operators to attain the results set out in their forecasts. 2026E gu idance assumes an Au/Ag price ratio of 70x in H2 2026. 2030E outlook assumes an Au/Ag price ratio of 85x 2030E Outlook Growth Gold Equivalent Ounces (koz) 100+ Assets in Various Stages of Development ROBUST GEOs GROWTH 2026E Guidance 100-110 koz GEOs 150-160 koz GEOs
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TRIPLE FLAG PRECIOUS METALS 14 GROWTH CATALYSTS ASSET DEVELOPMENT UPDATE OPERATOR TIMELINE Northparkes E48 Production ramp-up of E48 sublevel cave 2026-2030E INCLUDED IN 5-YEAR OUTLOOK OF 150,000-160,000 GEOs 85x Au/Ag PRICE RATIO Ravenswood Production ramp-up from higher grade Sarsfield-Nolans pit Arcata Production ramp-up; operation restarted in Q4 2025 Koné 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 Prieska Glencore $250M offtake agreement signed; construction commencing on Upper Zone Arthur PFS released (February 2026); permitting to commence in 2027 +2030 LONG-TERM GEOs GROWTH Kemess PEA released (January 2026); initial production targeted in 2031 Hope Bay Construction decision announced (May 2026); initial production targeted in 2030 Northparkes E22 Initial production targeted end of Evolution’s FY2030 Northparkes E44 Initial production targeted in 2030/31 Multiple assets advancing across ramp-up, construction, permitting and study stages
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TRIPLE FLAG PRECIOUS METALS 15 GROWTH BEYOND 2030 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 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, 45 koz minimum deliveries over 2030-2037 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 • Construction decision announced May 2026 • 400-435 koz annual gold production over initial 11-year mine life (May 2026 PEA) • Initial mine life incorporates only half the declared mineral resource • Regional exploration across highly prospective 80 km greenstone belt Diversified across long-life district scale systems in Nevada, BC, Nunavut and Australia Permitting commencing in 2027 E22 and E44 deposits expected to ramp up beyond 2030PFS expected in 2027 Initial production expected in 2030 • 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 expected to produce for multiple decades
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TRIPLE FLAG PRECIOUS METALS 16 NORTHPARKES CORNERSTONE ASSET
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TRIPLE FLAG PRECIOUS METALS 17 1) Shown on a 100%-basis. Refer to Evolution Mining’s Annual Mineral Resource and Ore Reserve statement as at 31 December 2025. Evolution Mining owns 80% of the Northparkes JV Long-life Asset in Australia 30+ year history of reserve replacement across multiple porphyry systems Well-Capitalized Infrastructure 7.5 Mtpa mill capacity; studying expansion to +10 Mtpa Optimizing the long-term mine-to-mill configuration for a higher-capacity plant Large Resource Base 575 Mt at 0.19 g/t Au in M&I 1 58.75 Mt at 0.16 g/t Au in Inferred 1 Significant Exploration Upside Near-mine and district-scale upside across +1,000 km2 54% GOLD | 80% SILVER STREAM NSW, AUSTRALIA 17TRIPLE FLAG PRECIOUS METALS NORTHPARKES
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TRIPLE FLAG PRECIOUS METALS 18 NORTHPARKES FOUR VALUE CATALYSTS 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, 2025, published on May 1, 2026 www.evolutionmining.com for an attributable basis to Evolution. 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 575 Mt M&I resource 1
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TRIPLE FLAG PRECIOUS METALS 19 World-class mineral endowment PFS or concept studies to be advanced at MJH, GRP , E48 Lift 2 and E26 Lift 3 underground cave deposits, as well as E44, Major Tom and E51 open pit deposits E44 gold dominant deposit unlocked Gold dominant deposit within broader copper system 21 km from process plant with planned road development District-scale exploration pipeline Numerous mineral prospects across entire land package Pathway to develop additional gold rich deposits E44 Existing Operations NORTHPARKES LAND PACKAGE +1,000 km2 Stream Area
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TRIPLE FLAG PRECIOUS METALS 20 NORTHPARKES E22 Source: Evolution Mining E22 block cave approved (February 2026) – Key pillar of Northparkes’ long-term operating strategy A$680M (100%) capital investment over 5 years Long-life, low-cost bulk underground mining operation – Large E22 resource base supports potential mill expansion to +10 Mtpa Delivery de-risked through optimized access, ventilation and materials-handling design – Twin-decline configuration – Revised ventilation approach – Four tipping points increasing crusher productivity E22 initial production from end of FY2030
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TRIPLE FLAG PRECIOUS METALS 21 Evolution to advance the high-grade E44 gold open pit Material upside from a deposit previously not included in the LoMp – Amended stream terms support development of gold-rich E44 E44 stream terms – 20% of payable gold and 30% of payable silver – 10% ongoing payment – No step-downs associated with the E44 Stream 1 – $84M upfront payment to Evolution in Q4 2026 Minimum guaranteed deliveries – Minimum quarterly deliveries over 2030-2037 totaling 45 koz Au and 446 koz Ag 2 Current E44 gold resource of 0.38 Moz (M&I) – 8.7 Mt at 1.34 g/t Au containing 0.38 Moz (100%-basis) 3 Significant exploration potential – Drilling supports the continuation of mineralization at depth – Development of E44 establishes infrastructure in a highly prospective area for further drilling of surface gold and copper mineralization NORTHPARKES E44 1) Deliveries to Triple Flag made under the E44 Stream are excluded for the purpose of calculating the step -down milestones under the Existing Stream at Northparkes 2) Should a positive construction decision for the E44 Gold Deposit not be made by December 31, 2029, Evolution may (but is not required to) elect to terminate its cumulative minimum delivery obligations under the E44 Stream for a cash payment of $102.5 million. If Evolution so elects, Triple Flag will remain entitled to deliveries from E44 based s olely on actual gold and silver production from the E44 Gold Deposit 3) “Annual Mineral Resources and Ore Reserves Statement” as at December 31, 2023, published on February 14, 2024 on www.evolutio nmining.com. E44 Gold Deposit mineral resources are unchanged as of December 31, 2025 from December 31, 2023 Source: Evolution Mining
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TRIPLE FLAG PRECIOUS METALS 22 RAVENSWOOD CORNERSTONE AUSTRALIAN GOLD STREAM
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TRIPLE FLAG PRECIOUS METALS 23 1) Represents total proven and probable mineral reserves 2) Per Wood Mackenzie Q1 2026 gold mines cost curve for 2026, on a total cash cost plus sustaining capital basis 3) Mineral Resources and Ore Reserves as of August 31, 2024 Queensland’s Largest Gold Mine Top 10 Australian gold mine by Ore Reserves (2.8 Moz contained gold 1) Continuous production since 1987 with over 4 Moz of gold produced since discovery Attractive Scale, Long-Life, and Low-Cost Expansion completed in 2023 supports multi-decade annual production in excess of 200 koz Over US$570M (A$830M) expansion capital invested since 2020 under EMR and GEAR ownership Low-cost operation positioned in the lower half of the Wood Mackenzie global gold cost curve 2 Extensive Mineral Endowment 2P Reserves: 147 Mt at 0.61 g/t Au containing 2.8 Moz of gold 1 M&I Resources (inclusive): 205 Mt at 0.55 g/t Au containing 3.6 Moz of gold 3 Inferred Resources: 66 Mt at 0.49 g/t Au containing 1.0 Moz of gold 3 Significant Exploration Upside Since 2020, ~800 koz of P&P additions outpaced ~600 koz of depletion Multiple in-pit and near-mine targets adjacent to Buck Reef West and Sarsfield-Nolans pits Large and prospective +1,800 km2 land package 5.50% GOLD STREAM QUEENSLAND, AUSTRALIA 23TRIPLE FLAG PRECIOUS METALS RAVENSWOOD
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TRIPLE FLAG PRECIOUS METALS 24 3 A’ A 2 1 2025 LOM PIT DESIGN 1 5 m at 5.27 g/t Au from 208 m 2 11 m at 5.20 g/t Au from 232 m 3 12 m at 2.39 g/t Au from 364 m Select Drill Results 0 300 Meters 275o >0.7 g/t Au Mineralization outside 2025 LoMp >0.3 g/t Au Mineralization outside 2025 LoMp Upside potential Multiple open-pit targets offer strong near- term pathway to materially extend mine life Pit design based on Whittle pit optimization at A$2,500/oz gold RAVENSWOOD Large resource base with significant mineralization outside pit designs
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TRIPLE FLAG PRECIOUS METALS 25 RAVENSWOOD 1) Subject to FIRB approval Purchaser Triple Flag International Ltd. Seller Ravenswood Gold Pty Ltd. Stream Deposit US$440M Gold Stream Rates 5.50% until 194.2 koz delivered 3.75% until 253.0 koz delivered 2.50% thereafter Ongoing Payment 10% of the spot price until 194.2 koz delivered 20% thereafter Target Deliveries Target cumulative gold deliveries total 22,928 ounces from Q3 2026 through Q2 2028, with quarterly deliveries of ~2,300 to 3,300 ounces, subject to a quarterly cap of 8% of actual production Security Second-ranking security which includes a mortgage over the tenements 1 Buydowns 25% buydown option upon a change of control transaction occurring within 48 months of the closing date of the stream 15% discretionary buydown option exercisable within a period of 30 days after 67.03 koz of gold is delivered under the stream ROFO Right of first offer on new streams or royalties STREAM TERMS +1,800 km2 Stream Area
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TRIPLE FLAG PRECIOUS METALS 26 ARTHUR GOLD PROJECT TIER 1 GROWTH ASSET
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TRIPLE FLAG PRECIOUS METALS 27 ARTHUR Tier 1 Asset Cornerstone Silicon and Merlin deposits in Nevada The largest greenfields discovery of the century in the US Expected to produce for multiple decades The Path to Production PFS is the beginning of a longer life Average annual gold production of 500 koz over initial 9-year life Permitting to commence in 2027; Feasibility Study to be completed in Q4 2027 Significant Exploration Upside Clear geological connection between Merlin and Silicon Open to the west at Merlin, and down-dip and to the north at Silicon Marquee Asset for Tier 1 Operator Merlin and Silicon represent the epicenter of AngloGold’s Beatty District complex Straight-forward, heap leach and CIL project 1.0% NSR ROYALTY NEVADA “Marquee asset that will anchor the portfolio into the 2050s” AngloGold Ashanti 27TRIPLE FLAG PRECIOUS METALS
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TRIPLE FLAG PRECIOUS METALS 28 Source: AngloGold Ashanti ARTHUR Source: AngloGold Ashanti plc 2025 results presentation “First time mineral reserve of 4.9 Moz is just the top of the iceberg” Alberto Calderon, AngloGold Ashanti “And every time we drill, we find more resources” Marcelo Godoy, AngloGold Ashanti • Large scale, continuous gold system with broadly disseminated mineralization and high-grade vein systems with mineralized thicknesses of ~150 meters • Extensive mineralized footprint (~2.7 km × 1.3 km) • Priority targets include: the connection between the Merlin & Silicon deposits, expansion of Merlin to the west, and extension of Silicon down dip and to the north Arthur Gold Project PotentialMerlin Mineral Reserve Pit
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TRIPLE FLAG PRECIOUS METALS 29 HOPE BAY TIER 1 GROWTH ASSET
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TRIPLE FLAG PRECIOUS METALS 30 HOPE BAY Cornerstone Growth Asset Large-scale resource: 5.8 Moz (5.63 g/t) M&I and 3.3 Moz (5.97 g/t) Inferred 1 Highly prospective 80 km greenstone belt with substantial upside 400-435 koz Annual Production Study update (PEA) and construction decision announced in May 2026 Total gold production of 4.5 Moz over 11-year initial mine life 2 Initial 11-year plan includes 55% of M&I and 48% of Inferred 2 Significant Exploration Upside Potential to evolve into a multi-decade, district-scale mining camp Over 90 regional targets with 700,000 metres drilling planned over 5 years Proven Arctic Experience Agnico is a proven Arctic operator with decades of experience Established logistics routes 1.0% NSR ROYALTY NUNAVUT 1) Hope Bay mineral resources as at May 19, 2026 2) 2026 Study (PEA) results announced May 19, 2026 30TRIPLE FLAG PRECIOUS METALS
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TRIPLE FLAG PRECIOUS METALS 31 Advancing key construction milestones to initial production in 2030 HOPE BAY Source: Agnico Eagle. Hope Bay construction decision and 2026 Study (PEA) results announced May 19, 2026 6,000 tpd process plant Startup plan contemplates three mining fronts (Doris at the Doris deposit; and Madrid and Patch 7 at the Madrid deposit) Project de-risked and execution ready Detailed engineering ~67% complete (June 2026) Significant infrastructure upgrades completed and key underground access points advanced DORIS SITE LAYOUT
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TRIPLE FLAG PRECIOUS METALS 32 Source: Agnico Eagle. Hope Bay construction decision and 2026 Study (PEA) results announced May 19, 2026 HOPE BAY 80 km greenstone belt Highly prospective corridor between Madrid and Boston District-scale with multi-decade camp potential Significant untapped potential Limited regional exploration and shallow drilling historically
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TRIPLE FLAG PRECIOUS METALS 33 SUMMARY
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TRIPLE FLAG PRECIOUS METALS 34 SUMMARYINVESTMENT CASE Diversified Portfolio Provides Top-tier Precious Metals Exposure Anchored by Northparkes, Ravenswood, Cerro Lindo, Buritica, Impala Bafokeng, Arthur ~80% portfolio exposure to Australia and the Americas by consensus NAV High-Quality, Organic Growth Premier projects and expansions, including Arthur, Koné, Eskay Creek, Beta Hunt, Hope Bay, Ravenswood, Northparkes Growing Cash Flow Per Share and NAV Per Share Strong track record of growth. Strong capital allocation track record Strong Balance Sheet $1.1B in available credit facility for accretive acquisitions 1 Alignment with Shareholders Substantial insider ownership of ~$120M 2 Simple Goal: Generate Compound Growth for our Shareholders Grow dividend and reinvest robust cash flows in additional streams and royalties on assets with high-quality geology, operators and jurisdictions 1) Represents $15M cash as at June 30, 2026 plus $1.3B revolving credit facility ($1.0B with an additional uncommitted accordion of up to $0.3B) of which $235M was drawn as at June 30, 2026 2) Based on share price as at August 5, 2026
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TRIPLE FLAG PRECIOUS METALS 35 APPENDIX
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TRIPLE FLAG PRECIOUS METALS 36 Goldfield Centerra Gold GROWTH PIPELINE Robust growth profile from expansions, development projects, and long-term exploration 1) Represents $15M cash as at June 30, 2026 plus $1.3B revolving credit facility ($1.0B with an additional uncommitted accordion of up to $0.3B) of which $235M was drawn as at June 30, 2026 Hope Bay Agnico Eagle Eskay Creek Skeena Gold + Silver Tamarack Talon Metals Koné Montage Gold Northparkes E48 SLC, E22 and E44, Mill Expansion Fosterville Increasing throughput by ~65% to 3,300 tpdArcata Restarted mine ramping-up Beta Hunt Increasing mining capacity to 2 Mtpa Kemess Centerra Gold South Railroad Equinox Gold Queensway New Found Gold Fenn-Gib Mayfair Gold Era Dorada Aura Minerals Polo Sur Antofagasta Buffalo Valley SSR Mining Bullfrog AngloGold Ashanti Converse Roxmore Azuca Sierra Sun DeLamar Integra Resources EXPANSIONS FROM EXISTING PRODUCING ASSETS DEVELOPMENT & EXPLORATION SUITE OF ADVANCED DEVELOPMENT PROJECTS AND LONG-TERM OPTIONALITY Romero GoldQuest ACQUISITIONS SIGNIFICANT CAPITAL AVAILABLE $1.1B Available Liquidity 1 Robust deal environment Arthur AngloGold Ashanti
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TRIPLE FLAG PRECIOUS METALS 37 GROWTH PIPELINE ASSET Goldfield 5.0% NSR (Gemfield) Gold Eskay Creek 0.5% NSR Gold Koné 2.0% NSR Gold Era Dorada 1.0% NSR Gold Queensway 0.2-0.5% NSR Gold Hope Bay 1.0% NSR Gold Tamarack 1.71% NSR Nickel, Copper, Cobalt Fenn-Gib 1.0-2.5% NSR Gold Arthur 1.0% NSR Gold Kemess 100% Silver Stream Gold, Copper Polo Sur 1.0% NSR Copper TIMELINE TO PRODUCTION 2026 - 2030 TIMELINE TO PRODUCTION 2030+OPERATOR PRIMARY METAL Note: Indicated timeline to production is based on operators’ guidance, public forecasts and other disclosure by the operator s and our assessment thereof, or our own best estimate ARTHUR HOPE BAY
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TRIPLE FLAG PRECIOUS METALS 38 GROWTH PIPELINE ASSET Goldfield 5.0% NSR (Gemfield) Nevada Centerra expects first production in late 2028 from its 100%-owned Goldfield heap leach project in Nevada. Triple Flag’s royalty coverage at Goldfield applies to the Gemfield deposit, which represents approximately 80% of the project’s total life-of-mine production. Centerra anticipates a seven-year mine life, with average annual production of over 100 koz between 2029 and 2032 Eskay Creek 0.5% NSR B.C. DFS was released in November 2023, which highlighted annual gold equivalent production of 324 koz over a 12-year life. Eskay Creek is fully permitted and financed to production. Mining operations are expected to re-start in the second quarter of 2027. Significant infrastructure is already in place at Eskay Creek, including a permitted tailings facility and all-weather access road. Koné 2.0% NSR Cote d’Ivoire Advanced development stage asset currently designed to produce 3.57 Moz Au over a 16-year mine life including +300 koz annually over the first 8 years. The project is fully permitted and financed to production. First gold pour from the oxide circuit is expected in Q4 2026 Era Dorada 1.0% NSR Guatemala A feasibility study was released in December 2025, which highlighted an underground gold mine with an average annual production profile of 104 koz and a 17 year mine life. A construction licence for the project was received in January 2026 and early works has begun. Aura expects production to begin in the first half of 2028 Queensway 0.2-0.5% NSR Newfoundland The 100%-owned Queensway gold project is an open pit and underground project located in Newfoundland, Canada. A PEA released in July 2025 highlighted a phased project design expected to produce 1.5 Moz of gold over a 15-year life Hope Bay 1.0% NSR Nunavut In May 2026, Agnico Eagle announced a positive construction decision for Hope Bay. Operating at 6,000 tpd, the operation is expected to produce 400-435 koz Au annually over an initial 11-year mine life, with Patch 7, Doris and Madrid as mining fronts. There is substantial upside from infill and expansion drilling as well as regional exploration across the highly prospective 80 km greenstone belt Tamarack 1.71% NSR Minnesota High-grade nickel sulphide project with district scale potential and a significant resource base. The US Department of War and the Department of Energy have provided grant funding of $21M and $115M, respectively. In January 2026, Talon completed the acquisition of the producing Eagle nickel mine in Michigan from Lundin Mining Corp., which now owns 19.9% of Talon Fenn-Gib 1.0-2.5% NSR Ontario A PFS was released in January 2026, which highlighted average annual gold production of 64 koz over a 14-year life with commercial production expected within five years. Notably, the PFS mine plan only covers ~24% of the total indicated resource at Fenn-Gib, providing longer-term growth optionality Arthur 1.0% NSR Nevada The world-class Arthur oxide gold project is located in Nevada and operated by a top-tier producer in AngloGold Ashanti. Arthur represents the epicenter of AngloGold’s Beatty District complex, offering exceptional long-term growth potential, underpinned by a rapidly expanding resource base and significant exploration upside. A PFS was released in Q1 2026 and permitting is expected to commence in 2027 Kemess 100% Silver Stream B.C. In January 2026, Centerra released a PEA that focused on an open pit and long-hole stoping operation producing 267 koz AuEq over a 15- year LoM. Kemess represents a potential second cornerstone asset for Centerra in BC after Mount Milligan. Next steps include the completion of a PFS in 2027, and potential production in late 2031. Significant infrastructure is already in place, including a 50,000 tpd mill Polo Sur 1.0% NSR Chile Polo Sur is a porphyry copper deposit that is 100%-owned by Antofagasta with a significant resource base and located 35 km from their Centinela operation. A feasibility study for the project is ongoing LOCATION OVERVIEW Refer to the Technical and Third-Party Information and Forward-Looking Information and Statements Disclosure Notes in this presentation as well as the respective operator and owner’s disclosures for information regarding the above assets HOPE BAY ARTHUR
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TRIPLE FLAG PRECIOUS METALS 39 SUSTAINABILITY In 2025, our Sustainalytics ESG Risk Rating ranked 1st of 102 in the precious metals industry and 39th of over 14,224 companies globally — an inaugural Global Top 50 placement — with a risk score of 7.3 (negligible risk) Triple Flag joined the World Gold Council in 2022 and supports the Responsible Gold Mining Principles, collaborating to advance responsible investment and globally recognized best practices in gold mining Triple Flag holds an ‘AA’ ESG Rating, recognizing us as a leader in ESG management – a rating we maintained through 2025. Corporate governance is our strongest area, where MSCI places us in its highest range relative to peers, reflecting governance practices well aligned with investor interests. Community relations is a further area of relative strength In the second quarter of 2025, our near-term target to reduce all Scope 1 and Scope 2 emissions by 50% by 2030 (2018 base year) was validated by the Science Based Targets initiative (SBTi) In 2025, we participated in the United Nations Global Compact (UNGC) Sustainability Report Peer Review Group and remain a member of the UNGC Canada Network, reporting our Communication on Progress annually To contribute to the social, environmental, and economic well-being of our communities of interest by supporting responsible and sustainable investments across our portfolio ~$465k In 2025, Triple Flag invested ~$465k across community programs linked to our portfolio – supporting scholarships in South Africa and Australia, clean water infrastructure in Peru, and educational partnerships from Alaska to Ontario
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TRIPLE FLAG PRECIOUS METALS 40 LEADERSHIP TEAM Sheldon Vanderkooy Chief Executive Officer Founding member of the Triple Flag management team in 2016, with more than 25 years of experience in the mining sector Former Assistant General Counsel at First Quantum Former Senior Director, Legal Affairs at Inmet Mining Former Partner at Blake, Cassels & Graydon LLP Former Chartered Accountant, Ernst & Young LLP James Dendle Chief Operating Officer Chartered Geologist with over 10 years of broad experience estimating and auditing resources and reserves, multi- disciplinary due diligence and technical studies Former Senior Consultant at SRK Consulting Eban Bari Chief Financial Officer Over 20 years of financial reporting experience across complex multi- national organizations Former Senior Director, Financial Reporting at Barrick Gold Corporation CPA designation in Canada and in the U.S. John Cash Senior Advisor, Mining Engineering Technical mining professional with 35+ years of mining experience Former Senior Mining Consultant at Hatch Former Vice President, LOM Planning & Growth for Barrick Gold Corporation Fraser Cunningham Managing Director TF International Joined Triple Flag International in 2024 after having advised the company on numerous transactions, including the 2020 acquisition of Northparkes and the 2021 IPO Over 15 years of capital markets experience working in investment banking as a Managing Director at Bank of America and Scotiabank with a focus on base and precious metals companies Warren Beil VP & General Counsel Over 15 years of experience in capital markets, securities law and regulatory compliance and advising companies in the mining and natural resource sectors Former General Counsel to Maverix Metals Inc. Began career in private practice with Blake, Cassels & Graydon LLP, and a former senior associate with Gowling WLG LLP David Lee VP, Investor Relations Over 10 years of experience in investor relations and finance Former Director, Investor Relations at Barrick Gold Corporation Began career in equity research with National Bank Financial and Desjardins Capital Markets
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TRIPLE FLAG PRECIOUS METALS 41 EXPERIENCED BOARD Sheldon Vanderkooy Director & Chief Executive Officer Mark Cicirelli Director Susan Allen Director & Committee Chair 1 Dawn Whittaker Director & Chair Patrick Merrin Director 1) Chair of the Audit & Risk Committee 2) Chair of the Governance & Sustainability Committee 3) Chair of the Compensation & Talent Committee Blake Rhodes Director & Committee Chair 3 Geoff Burns Director & Committee Chair 2 Elizabeth Wademan Director Christopher McCleave Director
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TRIPLE FLAG PRECIOUS METALS 42 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.
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TRIPLE FLAG PRECIOUS METALS 43 RECONCILIATION TO IFRS MEASURES Adjusted Net Earnings Adjusted EBITDA Free Cash Flow Gross Profit Margin and Asset Margin Three months ended June 30, ($ thousands, except share and per share information) 2026 2025 Net earnings $ 156,300 $ 55,736 Impairment reversal - (2,500) Gain on disposition of mineral interests¹ (79,459) - Foreign currency translation loss 186 64 Decrease (increase) in fair value of investments, prepaid gold interests and other 6,071 (6,916) Income tax effect (2,658) 1,551 Adjusted net earnings $ 80,440 $ 47,935 Weighted average shares outstanding – basic 206,295,928 200,834,984 Net earnings per share $ 0.76 $ 0.28 Adjusted net earnings per share $ 0.39 $ 0.24 Three months ended June 30, ($ thousands) 2026 2025 Net earnings $ 156,300 $ 55,736 Finance costs, net 110 901 Income tax expense 1,090 4,584 Depletion and amortization 16,402 20,761 Impairment reversal - (2,500) Non-cash cost of sales related to prepaid gold interests and other 16,484 3,536 Gain on disposition of mineral interests (79,459) - Foreign currency translation loss (gain) 186 64 Decrease (increase) in fair value of investments, prepaid gold interests and other 6,071 (6,916) Adjusted EBITDA $ 117,184 $ 76,166 Three months ended June 30, ($ thousands except Gross profit margin and Asset margin) 2026 2025 Revenue $ 129,211 $ 94,087 Less: Cost of sales (40,965) (31,751) Gross profit 88,246 62,336 Gross profit margin 68% 66% Gross profit $ 88,246 $ 62,336 Add: Depletion 16,335 20,677 Add: Non-cash cost of sales related to prepaid gold interests and other 16,484 3,536 121,065 86,549 Revenue 129,211 94,087 Asset margin 94% 92% Three months ended June 30, ($ thousands) 2026 2025 Operating cash flow $ 111,248 $ 76,114 Acquisition of other assets — — Free cash flow $ 111,248 $ 76,114 1) As a result of the settlement agreement with Steppe, the original stream was derecognized and a corresponding financial asset of $96.5 million was recognized
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TRIPLE FLAG PRECIOUS METALS 44 RECONCILIATION TO IFRS MEASURES Adjusted EBITDA Gross Profit Margin and Asset Margin Year Ended December 31 ($ thousands except Gross profit margin and Asset margin) 2017 2018 2019 2020 2021 2022 2023 2024 2025 Revenue $ 40,990 43,042 59,148 112,588 150,421 151,885 204,024 268,991 388,704 Less: Cost of sales 38,335 41,805 46,954 62,490 67,168 64,881 101,948 113,781 125,786 Gross profit 2,655 1,237 12,194 50,098 83,253 87,004 102,076 155,210 262,918 Gross profit margin 6% 3% 21% 44% 55% 57% 50% 58% 68% Gross profit $ 2,655 1,237 12,194 50,098 83,253 87,004 102,076 155,210 262,918 Add: Depletion 33,898 36,330 41,602 53,231 53,672 50,085 65,108 75,554 79,255 Add: Non-cash cost of sales related to prepaid gold interests and other – – – – – 836 15,972 16,919 19,149 36,553 37,567 53,796 103,329 136,925 137,925 183,156 247,683 361,322 Revenue 40,990 43,042 59,148 112,588 150,421 151,885 204,024 268,991 388,704 Asset margin 89% 87% 91% 92% 91% 91% 90% 92% 93% Year Ended December 31 ($ thousands) 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net earnings (loss) $ (29,004) (32) (13,753) 55,565 45,527 55,086 36,282 (23,084) 240,005 Finance costs, net (1) 2,351 8,378 9,860 5,673 1,413 4,122 5,073 3,459 Income tax expense (recovery) 216 3,413 3,851 6,595 6,436 4,789 107 10,314 29,353 Depletion and amortization 33,994 37,215 42,511 53,630 54,071 50,460 65,477 75,900 79,578 Impairment (reversal) charges and expected credit losses 26,517 – 32,142 7,864 – 3,600 36,830 148,034 (4,300) Loss (gain) on disposal of mineral interests – (14,947) (26,364) (30,926) – (2,099) 1,000 – (6,710) IPO readiness costs – – 3,416 – 670 – – – – Loss on derivatives – – – – 297 – – – – Foreign currency translation (gain) loss 70 121 17 16 25 352 218 (181) 414 (Increase) decrease in fair value of investments, prepaid gold interests and other – 6,249 (1,939) (6,447) 10,786 4,066 (1,467) (12,775) (46,233) Non-cash cost of sales related to prepaid gold interests and other – – – – – 836 15,972 16,919 19,149 Other non-recurring charges – – – – – – – – 10,299 Adjusted EBITDA $ 31,792 34,370 48,259 96,157 123,485 118,503 158,541 220,200 325,014 Free Cash Flow Year Ended December 31 ($ thousands) 2017 2018 2019 2020 2021 2022 2023 2024 2025 Operating cash flow $ 27,133 27,922 39,717 84,377 120,015 118,376 154,138 213,503 312,832 Acquisition of other assets (72) (227) (505) – – – – – – Free cash flow $ 27,061 27,695 39,212 84,377 120,015 118,376 154,138 213,503 312,832