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TRIPLEFLAG PRECIOUS METALS TSX TFPM | NYSE TFPM STRONG Q2 2026 RESULTS 5TH CONSECUTIVE ANNUAL DIVIDEND INCREASE August 6 , 2026 INVESTOR PRESENTATION - Q2 2026 RESULTS
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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 PRESENTERS Sheldon Vanderkooy CEO and Director James Dendle COO Eban Bari CFO
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TRIPLE FLAG PRECIOUS METALS 4 TRIPLE FLAG Q2 2026 Note: Refer to “Cautionary Statements” for the calculation of GEOs. Refer to Triple Flag's disclosure regarding its 2026 GEOs guidance and 2030 GEOs outlook 1) For a discussion of Adjusted EBITDA, which is a measure not presented in accordance with IFRS and for a reconciliation to the most directly comparable measure calculated and presented in accordance with IFRS, see the Appendix of this presentation Track record of compounding shareholder value – Entering 2nd decade with strongest organic growth profile in Triple Flag’s history Strong Q2 GEOs and financial results – 28.7 koz GEOs – $117M Adjusted EBITDA 1 – $0.54 CFPS, up from $0.38 in Q2 2025 Ravenswood $440M gold stream acquisition closed in June – Immediate cash flow from a large-scale, long-life operation located in Australia Robust GEOs growth from high-quality project pipeline – Northparkes E48 SLC ramping up and growth plans advancing – Hope Bay construction decision announced in May 2026 – Arthur feasibility study work and drilling underway on world-class greenfield deposit On track to achieve increased 2026 GEOs guidance of 100-110 koz – 2030 outlook increased to 150-160 koz Strong returns to shareholders – 5th consecutive annual dividend increase since IPO – $20M shares bought back in Q2
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TRIPLE FLAG PRECIOUS METALS 5 Q2 2026 FINANCIALS 1) Note: Refer to “Cautionary Statements” for the calculation of GEOs 2) For a discussion of Adjusted Net Earnings, Adjusted EPS, Adjusted EBITDA, and Free Cash Flow, which are measures not presented i n accordance with IFRS and for a reconciliation to the most directly comparable measure calculated and presented in accordance with IFRS, see the Appendix of this presentation $ thousands, except GEOs and per share metrics Q2 2026 Q2 2025 Gold Equivalent Ounces (GEOs) 1 28,674 28,682 Revenue $129,211 $94,087 Net Earnings $156,300 $55,736 Net Earnings per Share $0.76 $0.28 Adjusted Net Earnings 2 $80,440 $47,935 Adjusted EPS 2 $0.39 $0.24 Adjusted EBITDA 2 $117,184 $76,166 Operating Cash Flow $111,248 $76,114 Operating Cash Flow per Share $0.54 $0.38 Free Cash Flow 2 $111,248 $76,114 Dividends $11,845 $11,046 Adj. EPS up 63% Adj. EBITDA up 54% CFPS up 42%
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TRIPLE FLAG PRECIOUS METALS 6 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 6TRIPLE FLAG PRECIOUS METALS RAVENSWOOD
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TRIPLE FLAG PRECIOUS METALS 7 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 7TRIPLE FLAG PRECIOUS METALS
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TRIPLE FLAG PRECIOUS METALS 8 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 9 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 $900M CAPITAL DEPLOYED SINCE 2025
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TRIPLE FLAG PRECIOUS METALS 10 10 YEARS OF VALUE CREATION Track record of accretive growth and strong returns to shareholders with capital to further grow value All figures in US$ unless otherwise noted 1) Based on share price as at August 4, 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 ~$110M, ensuring full shareholder alignment 1 $6.2B 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 11 Q&A 11TRIPLE FLAG PRECIOUS METALS
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TRIPLE FLAG PRECIOUS METALS 12 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 13 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