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TRIPLE FLAG PRECIOUS METALS TSX TFPM | NYSE TFPM CORPORATE PRESENTATION FEBRUARY 2026 February 2026
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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 TRIPLE FLAG OVERVIEW Track record, continued organic growth and capital to grow value 3 All figures in US$ unless otherwise noted 1) Based on share price as at February 19, 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 $7.6B Market Cap 1 95-105 koz 2026E GEOs Guidance 2 $0.23/sh Annualized Dividend per Share OVERVIEW
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TRIPLE FLAG PRECIOUS METALS - $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000 - $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 $45,000 1971 1976 1981 1986 1991 1996 2001 2006 2011 2016 2021 2026 Spot Gold (US$/oz) M2 Money Supply and US Total Debt (US$B) M2 Money Supply U.S. Government Total Debt Outstanding Spot Gold GOLD Proven asset hedging fiat currency debasement and financial risks 4 Source: Bloomberg, Federal Reserve Bank of St. Louis 1) U.S. government total outstanding debt as of January 30, 2026 2) U.S. M2 Money Supply as of January 30, 2026 OVERVIEW U.S. M2 Money Supply, Total Debt and Gold Price Governments print money. Governments can’t print gold. $39 trillion Total U.S. Government Debt Outstanding 1 $22 trillion M2 Money Supply 2 In 2025, total U.S. Government Debt rose by more than $2 trillion
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TRIPLE FLAG PRECIOUS METALS 5 GROWTH AND TRACK RECORD
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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 6 GROWTH AND TRACK RECORD ROBUST GEOs GROWTH 2026E Guidance 95-105 koz GEOs 140-150 koz GEOs
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TRIPLE FLAG PRECIOUS METALS NAVPS Analyst Consensus 1 US$/sh CFPS US$/sh Operating Cash Flow US$M PER SHARE VALUE CREATION SINCE IPO 7 GROWTH AND TRACK RECORD $118 $154 $214 $313 2022 2023 2024 2025 $0.76 $0.77 $1.06 $1.54 2022 2023 2024 2025 Track record of CFPS and NAVPS growth 1) Source: S&P CapIQ. Average analyst consensus Net Asset Value per Share (NAVPS) $10.36 $10.70 $12.84 $20.00 $22.87 2022 2023 2024 2025 Current2025 Dec 31 2024 Dec 31 2023 Dec 31 2022 Dec 31 Current2025202420232022 2025202420232022
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TRIPLE FLAG PRECIOUS METALS $2,807 $1,461 $3,776 Investment Return $5,236 Note: Cash Flow to Q4/25 represents Revenue less Cost of sales less Taxes plus Proceeds on disposition of mineral interests from September 30, 2016 to December 31, 2025. Analyst NAV based on consensus estimates CAPITAL ALLOCATION Driving Value Creation 8 $5,236 Cash Flow to Q4/25 Asset Cash Flow Analyst NAV Royalty and Stream Assets $2.8B Total Capital Deployment Since 2016 $280M Annual Average Capital Deployment 2016-2025 Triple Flag Portfolio 2016 – Q4 2025 Investment and Returns All figures in US$M GROWTH AND TRACK RECORD
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TRIPLE FLAG PRECIOUS METALS $53 $40 $80 Investment Return $121 $100 $146 $193 Investment Return $339 $550 $240 $926 Investment Return $1,166 $250 $402 $176 Investment Return $578 $145 $80 $335 Investment Return $415 $75 $110 $65 Investment Return $174 CAPITAL ALLOCATION Successful Track Record 9 GROWTH AND TRACK RECORD Cerro Lindo 2016 Investment Northparkes 2020 Investment Young- Davidson 2018 Investment Fosterville 2018 Investment Buritica 2019 Investment 1 Impala Bafokeng 2020 Investment All figures in US$M Analyst NAV Analyst NAV Analyst NAV Cash Flow to Q4/25 Analyst NAV Analyst NAV Analyst NAV Cash Flow to Q4/25 Cash Flow to Q4/25 Cash Flow to Q4/25 Cash Flow to Q4/25 Cash Flow to Q4/25 Note: Cash Flow to Q4/25 represents Revenue less Cost of sales plus Proceeds on disposition of mineral interests from September 30, 2016 to December 31, 2025. 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
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TRIPLE FLAG PRECIOUS METALS 10 ASSET PORTFOLIO
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TRIPLE FLAG PRECIOUS METALS PURE PLAY PRECIOUS METALS 11 Source: Analyst research 1) Triple Flag stream and royalty commodity exposure 2) Mine primary commodity exposure ASSET PORTFOLIO Commodity 1 Consensus NAV Geography Consensus NAV Asset Consensus NAV Australia 29% North America 27% Latin America 21% Rest of World 23% Northparkes 25% Impala Bafokeng 9% Buritica 5% Cerro Lindo 5% Arthur 4% Remaining 234 Assets 52% Cornerstone assets with diversified production and development 92% Precious Metals 77% Americas and Australia Primary Commodity 2 Consensus NAV Gold 44% Silver 6% Copper 36% Other 15% 80% Gold and Copper Gold 79% Silver 13% Copper 7% Other 1%
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TRIPLE FLAG PRECIOUS METALS PORTFOLIO OVERVIEW Diversified portfolio of streams and royalties in top-tier jurisdictions 12 Asset count as of February 18, 2026 239 TOTAL ASSETS 34 PRODUCING 50 DEVELOPMENT 155 EXPLORATION / OTHER ASSET PORTFOLIO
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TRIPLE FLAG PRECIOUS METALS DIVERSIFIED PRODUCTION 13 Northparkes Australia Cerro Lindo Peru Au/Ag Stream Ag Stream Au Stream Au Royalty Au Royalty Ag Stream Impala Bafokeng South Africa Fosterville Australia Young-Davidson Canada Buritica Colombia Beta Hunt Australia Camino Rojo Mexico La Colorada Mexico Stawell Australia Bonikro Cote d’Ivoire Kensington USA Au Royalty Au Royalty Au Stream Au Royalty Au Stream Au Royalty Cu Mine Zn/Pb/Cu Mine PGM Mine Au Mine Au Mine Au Mine Au MineAu Mine Au Mine Ag Mine Au Mine Au Mine ASSET PORTFOLIO Evolution Mining Nexa Implats Agnico Eagle Alamos Gold Zijin Gold Westgold Orla Mining Pan American Silver Stawell Gold Mines Allied Gold Coeur Mining
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TRIPLE FLAG PRECIOUS METALS LEADING OPERATORS AND PARTNERSHIPS 14 Leveraging our mining backgrounds with deep experience and global networks across the industry Long-term partnership approach focused on synergistic deals ASSET PORTFOLIO
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TRIPLE FLAG PRECIOUS METALS GROWTH CATALYSTS 15 ASSET PORTFOLIO 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 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 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
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TRIPLE FLAG PRECIOUS METALS GROWTH BEYOND 2030 16 • 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 ASSET PORTFOLIO 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 Permitting commencing in 2027 E22 and E44 deposits expected to ramp up beyond 2030PFS expected in 2027 Construction decision expected in May 2026 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 17 NORTHPARKES CORNERSTONE ASSET
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TRIPLE FLAG PRECIOUS METALS 1) Shown on a 100%-basis. Refer to Evolution Mining’s Annual Mineral Resource and Ore Reserve statement as at 31 December 2024. Evolution Mining own 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 550Mt at 0.19 g/t Au and 0.51% Cu in M&I 1 50Mt at 0.16 g/t Au and 0.46% Cu in Inferred 1 Significant Exploration Upside Near-mine and district-scale upside across +1,000 km2 NORTHPARKES 18TRIPLE FLAG PRECIOUS METALS 54% GOLD | 80% SILVER STREAM NSW, AUSTRALIA
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TRIPLE FLAG PRECIOUS METALS NORTHPARKES 19 NORTHPARKES 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 NORTHPARKES 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 +1,000 KM 2 STREAM AREA NORTHPARKES LAND PACKAGE TRIPLE FLAG PRECIOUS METALS 20
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TRIPLE FLAG PRECIOUS METALS NORTHPARKES E22 21 NORTHPARKES 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 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 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 mi llion. If Evolution so elects, Triple Flag will remain entitled to deliveries from E44 based solely on actual gold and silver productio n 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.evolutionmining.com. E44 Gold Deposit mineral resources are unchanged as of December 31, 2024 from December 31, 2023 22 NORTHPARKES Source: Evolution Mining
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TRIPLE FLAG PRECIOUS METALS 23 ARTHUR GOLD PROJECT TIER 1 GROWTH ASSET
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TRIPLE FLAG PRECIOUS METALS 24 ARTHUR TRIPLE FLAG PRECIOUS METALS 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 Expected to anchor the portfolio into the 2050s Straight-forward, heap leach and CIL project 1.0% NSR ROYALTY NEVADA “Marquee asset that will anchor the portfolio into the 2050s” AngloGold Ashanti
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TRIPLE FLAG PRECIOUS METALS Arthur Gold Project PotentialMerlin Mineral Reserve Pit Source: AngloGold Ashanti ARTHUR 25 Source: AngloGold Ashanti plc 2025 results presentation TRIPLE FLAG PRECIOUS METALS ARTHUR “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
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TRIPLE FLAG PRECIOUS METALS 26 SUMMARY
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TRIPLE FLAG PRECIOUS METALS SUMMARY 27 TRIPLE FLAG Investment Case SUMMARY Diversified Portfolio Provides Top-tier Precious Metals Exposure Anchored by Northparkes, Cerro Lindo, Buritica, Impala Bafokeng and Arthur ~80% portfolio exposure to Australia and the Americas by consensus NAV Growing Cash Flow per Share and NAV Per Share Strong track record of growth Strong capital allocation track record High-Quality, Organic Growth Premier projects and expansions, including Arthur, Koné, Eskay Creek, Beta Hunt, Hope Bay Strong Balance Sheet Debt free and $1.0B in available capital for accretive acquisitions Alignment with Shareholders Substantial insider ownership of ~$140M 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
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TRIPLE FLAG PRECIOUS METALS 28 APPENDIX
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TRIPLE FLAG PRECIOUS METALS SUMMARY 29 PROVEN BUSINESS MODEL Free Cash Flow Generation No direct capital expenditure exposure Diversification Large portfolio diversified by jurisdiction, operator, underlying commodity Optionality Price leverage, new discoveries, reserve replacement, expansions Consistent High Margins Streams and royalties not directly exposed to inflation Scalable & Low Overhead Growth and increased diversification without increasing overhead Providing investors high- upside, low-risk exposure to precious metals APPENDIX
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TRIPLE FLAG PRECIOUS METALS Goldfield Centerra Gold GROWTH PIPELINE Robust growth profile from expansions, development projects, and long-term exploration 30 1) 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) Hope Bay Agnico Eagle Eskay Creek Skeena Gold + Silver Tamarack Talon Metals Koné Montage Gold Northparkes Mining of high gold grade E48 SLC and E22 deposits Impala Bafokeng Styldrift ramping to nameplate 230 kt per monthATO Phase II Expansion: 12-year fresh rock mine expansion Beta Hunt Increasing mining capacity to 2 Mtpa Kemess Centerra Gold South Railroad Orla Mining Queensway New Found Gold Fenn-Gib Mayfair Gold Era Dorada Aura Minerals Polo Sur Antofagasta Buffalo Valley SSR Mining Bullfrog AngloGold Ashanti Cove i-80 Gold Arcata and 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 ~$1.0B Available Liquidity 1 Robust deal environment APPENDIX Arthur AngloGold Ashanti
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TRIPLE FLAG PRECIOUS METALS GROWTH PIPELINE 31 APPENDIX 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 2.11% 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 HOPE BAY ARTHUR
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TRIPLE FLAG PRECIOUS METALS GROWTH PIPELINE 32 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 license for the project was received in January 2026 and early works has begun. Aura expects commercial production to begin in the fourth quarter of 2027 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 A technical evaluation on the potential for a gold production profile of 400-425koz per year remains on track to be completed in Q2 2026, together with a potential construction decision. Operating at 6,000 tpd, Hope Bay is currently envisioned to have Patch 7, Doris and Madrid North Naartok as mining fronts, at a scale similar to Agnico Eagle's Meliadine mine in Nunavut. Production would commence in 2030. Tamarack 2.11% 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 has 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 APPENDIX 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 LEADERSHIP TEAM 33 APPENDIX 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 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 Chartered Accountant and CFA
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TRIPLE FLAG PRECIOUS METALS Timothy Baker Director & Committee Chair 2 Sheldon Vanderkooy Director & Chief Executive Officer Mark Cicirelli Director Susan Allen Director & Committee Chair 1 Dawn Whittaker Director & Chair EXPERIENCED BOARD 34 Peter O’Hagan Director & Committee Chair 3 1) Chair of the Audit & Risk Committee 2) Chair of the Governance & Sustainability Committee 3) Chair of the Compensation & Talent Committee Blake Rhodes Director Geoff Burns Director Elizabeth Wademan Director APPENDIX
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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. 35 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 $10.3 million (2024: nil) to settle a review of past transactions between the Company and Evolution, the operator of the Northparkes mine. APPENDIX 36 Three months ended December 31, Year ended December 31, ($ 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
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TRIPLE FLAG PRECIOUS METALS RECONCILIATION TO IFRS MEASURES APPENDIX 37 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 Revenue $ 40,990 43,042 59,148 112,588 150,421 151,885 204,024 268,991 Less: Cost of sales 38,335 41,805 46,954 62,490 67,168 64,881 101,948 113,781 Gross profit 2,655 1,237 12,194 50,098 83,253 87,004 102,076 155,210 Gross profit margin 6% 3% 21% 44% 55% 57% 50% 58% Gross profit $ 2,655 1,237 12,194 50,098 83,253 87,004 102,076 155,210 Add: Depletion 33,898 36,330 41,602 53,231 53,672 50,085 65,108 75,554 Add: Non-cash cost of sales related to prepaid gold interests and other – – – – – 836 15,972 16,919 36,553 37,567 53,796 103,329 136,925 137,925 183,156 247,683 Revenue 40,990 43,042 59,148 112,588 150,421 151,885 204,024 268,991 Asset margin 89% 87% 91% 92% 91% 91% 90% 92% Year Ended December 31 ($ thousands) 2017 2018 2019 2020 2021 2022 2023 2024 Net earnings (loss) $ (29,004) (32) (13,753) 55,565 45,527 55,086 36,282 (23,084) Finance costs, net (1) 2,351 8,378 9,860 5,673 1,413 4,122 5,073 Income tax expense 216 3,413 3,851 6,595 6,436 4,789 107 10,314 Depletion and amortization 33,994 37,215 42,511 53,630 54,071 50,460 65,477 75,900 Impairment charges and expected credit losses 26,517 – 32,142 7,864 – 3,600 36,830 148,034 Loss (gain) on disposal of mineral interests – (14,947) (26,364) (30,926) – (2,099) 1,000 – IPO readiness costs – – 3,416 – 670 – – – Loss on derivatives – – – – 297 – – – Foreign currency translation (gains) loss 70 121 17 16 25 352 218 (181) (Increase) decrease in fair value of investments and prepaid gold interests – 6,249 (1,939) (6,447) 10,786 4,066 (1,467) (12,775) Non-cash cost of sales related to prepaid gold interests and other – – – – – 836 15,972 16,919 Adjusted EBITDA $ 31,792 34,370 48,259 96,157 123,485 118,503 158,541 220,200 Free Cash Flow Year Ended December 31 ($ thousands) 2017 2018 2019 2020 2021 2022 2023 2024 Operating cash flow $ 27,133 27,922 39,717 84,377 120,015 118,376 154,138 213,503 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