Thank you for standing by. My name is Angela, and I will be your conference operator today. At this time, I would like to welcome everyone to the Triple Flag Announces $440 million gold stream on the Ravenswood Gold Mine and Increases 2030 Outlook. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question- and- answer session. If you would like to ask a question during this time, simply press star followed by the number one in your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to Sheldon Vanderkooy, CEO. Please go ahead. Thank you, Angela. Thank you all for joining this call to discuss our acquisition of a gold stream on the Ravenswood Gold Mine in Australia. My name is Sheldon Vanderkooy, CEO of Triple Flag Precious Metals. Joining me on the call today is James Dendle, our Chief Operating Officer, and Fraser Cunningham, the Managing Director of Triple Flag International. This morning, Triple Flag announced the acquisition of a gold stream on the producing Ravenswood Mine in Queensland, Australia, for upfront cash consideration of $440 million. Fraser and I will spend a few minutes walking through the acquisition rationale and transaction structure before passing it over to James, who will give you more details on the mine and the exciting exploration potential we see at Ravenswood. Turning to slide four. Ravenswood is a fantastic addition to the Triple Flag portfolio. Triple Flag is a long-term compound growth business model. Our diversified portfolio produces significant gold link cash flows, which we then reallocate into additional investments to drive compound per share growth over time. We reallocate our capital, we are looking for good mines in good jurisdictions with good operators, and we are seeking returns that are beneficial to our shareholders. Ravenswood stands out on all of these factors. We are extremely excited to bring such a high-quality, growing, and long life asset into our portfolio that will benefit Triple Flag shareholders for decades to come, and we have done so on terms that are clearly accretive for Triple Flag shareholders. This stream adds immediate cash flow from a large-scale, long life, and low-cost operation located in Australia. Ravenswood is Queensland's largest gold mine and one of the 10 largest gold mines in Australia. It has approximately 2.8 million ounces in contained gold reserves. The mine has been in continuous operation since 1987 with historical production of more than 4 million ounces of gold. The owners of Ravenswood, EMR Capital and Golden Energy and Resources, otherwise known as GEAR, have extensive global mining experience. Since acquiring Ravenswood in 2020, they have invested over AUD 830 million to expand the asset and secure its future as a long life operation. This capital program included investments in a processing plant, tailings capacity, mining fleet, pit development, and infrastructure upgrades. With these investments, Ravenswood is ramping up to more than 200,000 oz per annum and at cost within the lower half of the global gold cost curve. Ravenswood has an extensive mineral endowment, but perhaps most excitingly, we also see significant exploration upside. Ravenswood has a strong history of reserve replacement. EMR and GEAR have renewed their focus on exploration this year, following several years where they were focused primarily on the operations. Since 2020, reserves grew by a growth of 800,000 oz of gold, which exceeded depletion of 600,000 oz. As James will explain in more detail later, there are multiple in-pit and near mine targets adjacent to the current Buck Reef West and Sarsfield-Nolans pits that present a significant opportunity to extend the mine life over a large prospective land package of more than 1,800 sq km. Ravenswood is exactly the type of exposure that our shareholders look to us for. It is gold, it is in Australia, it is a traditional stream agreement with top-line revenue exposure without exposure to operating cost inflation or to capital cost pulse. We have exposure to a large land package that presents exploration upside with no further capital required from Triple Flag. I'll now pass it on to Fraser, who will talk through how we secured this transaction and the key elements of our stream. Thanks, Sheldon. We approached EMR and GEAR over a year ago with the concept of relooking at their capital structure with stream financing. By originating the idea and engaging with them early, we had the unique advantage of participating in very detailed diligence for an extended period of time. Our ability to view firsthand the progress made in resolving challenges and advancing the mine's ramp-up has been unique compared to any of our past transactions. We visited the mine multiple times and have great connectivity with the site team, including regular dialogue on monthly progress. We will start with a 5.5% stream rate on gold produced from Ravenswood at 10% of the spot gold price, with step downs and ongoing payment updates as various milestones are achieved as detailed on the slide. Additionally, buy down options on the stream rate upon a change of control transaction or on a discretionary basis are a part of the agreement. Should they be exercised, they will provide consideration that generates high returns for Triple Flag shareholders. The stream also benefits from target quarterly gold deliveries starting in the third quarter of 2026 through to the second quarter of 2028. Over this period, these target cumulative quarterly gold deliveries total 22,928 oz of gold and will result in quarterly deliveries of approximately 2,300 oz to 3,300 oz of gold, subject to a quarterly cap of 8% of actual production during each quarter. In terms of security, the stream will have second-ranking security, including a mortgage over the tenements subject to regulatory deferred approval. The $440 million transaction is expected to be funded from available capital, including cash on hand of $144 million as of March 31, 2026, as well as our undrawn credit facility, and is expected to close by the end of June. After funding this transaction, we will still have access to over $1 billion of liquidity with our credit facility and accordion facility. I'll now pass it over to James to provide more details on the asset. Thanks, Fraser. Turning to slide six, you can see an overview of the Ravenswood Mine. Ravenswood is a large-scale open pit gold mine with a long history of operation and deep roots to the local community. The mine is located 130 km south of Townsville in Queensland, Australia, and has produced more than 4 million ounces of gold from historical and modern mining operations. Providing context on the asset's ownership history, modern mining began at Ravenswood in 1987 and continued through operators such as Carpentaria, Xstrata, and Resolute. From 2004 to 2020, Resolute mined and processed 40 million tonnes of ore and produced more than 1.9 million ounces of gold under its ownership. Driven by a strategic focus on African assets, Resolute sold Ravenswood to EMR Capital and GEAR in 2020, both natural resource operators and investors. Current mining operations at Ravenswood are focused on open pit mining at the Buck Reef West, Sarsfield, and Nolans deposits, utilizing conventional hard rock open pit mining methods, benefiting from a low life of mine stripping ratio of around 1.4 x. High-grade ore from the Ore is processed through an 8.6 million tonne per annum conventional crush grind CIL circuit to produce gold doré. Notably, the flow sheet incorporates a well-established and demonstrated gravity beneficiation circuit to uplift the mill head grade by around 30% versus the ore reserve grade. The operation benefits from a well-established infrastructure, including water supply via a 20 km pipeline, grid power supply at the 20 MVA via transmission lines. Near-term upgrades to the power infrastructure will enable diesel generators to be decommissioned, representing a further structural positive to Ravenswood's operating cost profile in the future. Turning to slide seven. As Sheldon mentioned earlier, there remains significant upside potential within the immediately adjacent to the existing open pits, presenting significant opportunity to extend mine life at Ravenswood. In addition to the two main open pit deposits, having significant in-pit exploration potential through the conversion of mineralized materials resource and reserve, there is also mineralization outside the existing life of mine pit design. Notably, the life of mine pit design was based on a $1,760 per ounce optimized pit shell. Deep drilling has also been encouraging. Recent assays have returned wide, high-grade, continuous zones of mineralization, which we believe will support production far beyond the current life of mine plan. Finally, looking at the regional exploration potential, this slide shows the long-term exploration prospects within the 1,800 sq km land package. The district hosts a pipeline of identified exploration opportunities within trucking distance from current operations, including Mount Success, Mindila, Trieste, and Helena. This combination of in-pit opportunity, near mine extensions, and regional prospectivity provides Ravenswood with multiple avenues for incremental value creation beyond the current reserve and resource base, setting the asset up well to provide returns to Triple Flag shareholders for decades to come. With that, I'll turn the call back to Sheldon. Thank you, James. Turning to slide nine, I'd like to highlight Triple Flag's significant and unique Australian presence. Australia is a Tier 1 mining jurisdiction with a well-established mining sector offering investors stability and certainty. The addition of Ravenswood builds on Triple Flag's already significant Australian presence, providing our shareholders with a distinct advantage from further cash flow sourced from this leading jurisdiction. We now have 31 assets in Australia, including 10 producing assets. Australia is Triple Flag's single largest country concentration. This includes our cornerstone Northparkes asset, our substantial investment in Ravenswood, and also Beta Hunt, Fosterville, and others. In total, these streams and royalty assets comprise a coverage area of over 6,500 sq km and a total attributable reserve of 530,000 GEOs. Turning now to slide 10, I'd like to conclude by updating our long-term growth outlook. Triple Flag has a fantastic record of growth. We started Triple Flag in 2016 and have just celebrated our 10th Anniversary. We have increased our GEO production for every year of Triple Flag's existence. Yesterday, we announced an increase to our 2026 guidance, together with collection of all the arrears owed by Steppe Gold. The portfolio is performing very well in 2026. We reported record GEOs in Q1, and the portfolio has continued to perform strongly as we approach the end of June. Resolution of the Steppe Gold matter enabled us to increase our 2026 guidance, independent of our Ravenswood addition. With the addition of Ravenswood, we are very well positioned for 2026. Ravenswood is a long life asset with a ramping profile. When we layer on Ravenswood into our existing long-term outlook, we are proud to announce an increase in the long-term outlook to 150,000 GEOs-160,000 GEOs by 2030. A significant increase from the 140,000 GEOs-150,000 GEOs previously. The Triple Flag development portfolio has had very positive developments in the first six months of 2026. AngloGold Ashanti announced a strongly positive initial reserve on the Arthur project. Agnico Eagle has announced construction decision on Hope Bay. Montage Gold is progressing development of Koné towards first production later this year. Centerra has announced further development progress at Goldfield and updated its 43-101 for Kemess. Most significantly, Northparkes is studying an expansion to consider an expansion to over 10 million tons per annum. Triple Flag remains focused on driving compounding per share growth. We are going to increase our dividend every year and drive compound growth by reinvesting in additional streams and royalties on attractive terms for our shareholders. Ravenswood is exactly the type of investment we are looking to allocate our capital to. I'd like to close by noting the scale of this investment. Triple Flag is 1/9 the market cap of Wheaton Precious. Adding an asset like Ravenswood is meaningful to us and moves the needle for Triple Flag. We are still in June, and year- to- date, we have already announced $550 million of transactions. All of this deployment was in Australia and the United States. In the past 18 months, from 2025 and the first six months of 2026, we have announced $900 million of transactions. Again, squarely focused on the assets and jurisdictions our shareholders want exposure to. Thank you for your time, and we appreciate your continued trust and support for Triple Flag. I'll now pass it back to the operator and open the line for questions. Thank you. Thank you. We will now begin the question- and- answer session. If you have dialed in and would like to ask a question, please press star one in your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star one again. If you're called upon to ask your question and are listening by a loudspeaker on your device, please pick up your handset and ensure that your phone is not on mute when asking your question. Your first question comes from the line of Brian MacArthur with Raymond James. Your line is now open. Good morning, and thank you for taking my question. It has to do with the buy downs. First of all, can you just conceptually talk about how they came about? Then a few detailed questions. Just on the change of control one, if it happens within the first two or three years when you have the fixed deliverables, do they get trimmed at the same rate, or is that an independent agreement? The second question is, after 48 months, as I read it, then there is no, the change of control option goes away, nothing changes after that. The third question is, if the 15% buy down occurs when the change of control is happening at the same time, I assume it's the owner on the date that 67,000 oz gets hit, makes the decision within those 30 days, of how it works. Sorry, it's just there's a lot of stacked stuff here. Yeah. Thanks, Brian. It's Sheldon. I'll take this. When you look at those buy downs, it really comes down to the negotiation between the parties. The other side wanted to have the flexibility that if someone came in and bought the mine, that there'd be an ability to have a lower stream rate on that. It was something that we found acceptable given the rates of return that inherent in that. One of the things that I want to focus on here too is our exposure. Sometimes you'll see the buy downs just be based on a certain return on the money. We wanted to keep gold exposure for those buy downs. It's actually denominated in ounces of gold times the gold price at that time. If the gold price is strong, up until that point, we'll actually benefit from that with an increase in the rate of return. There's also basically a floor dollar amount. The IRR implied on those buy downs, no matter what happens with the gold price, is always going to be attractive to us. In terms of the change of control, I think you asked whether it was just the four years, and that is right. That's confirmed. There's kind of a four-year window. If the change of control happens outside of that option has just expired and hasn't gone forward. I think the last one was who exercises the milestone based buy down or not. It's whoever's controlling the property at that time. Sorry, just the other one, just if the control changes in the first period when you have these fixed deliveries, do they get adjusted by the 25% or do you just still get them because you're trying to get a guaranteed return in a certain period of time? Yeah. The mechanism is that would all work its way through proportionately. Great. Thank you very much, Sheldon. Thanks, Brian. If you would like to ask a question, please press star one in your telephone keypad to raise your hand and join the queue. There are no further questions. That concludes our question- and- answer session. I will now turn the call back over to Sheldon Vanderkooy for closing remarks. Thanks, everyone. I appreciate people for dialing in. I appreciate the question, Brian. We are really proud of this addition to our portfolio, and we look forward to benefiting from this for decades to come. Thank you all. Bye. Ladies and gentlemen, that concludes today's call. Thank you all for joining.