Earnings release
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Triple Flag Announces Strong Q2 2026 Results and Increases Quarterly Dividend for the 5th Consecutive Year TORONTO -- ( BUSINESS WIRE ) -- August 5 , 2026 -- Triple Flag Precious Metals Corp. ( with its subsidiaries , “ Triple Flag " or the " Company " ) ( TSX : TFPM , NYSE : TFPM ) announced strong results for the second quarter of 2026 and declared a dividend of US $ 0.06 per common share to be paid on September 15 , 2026. Unless otherwise indicated , all amounts are expressed in US dollars . " Triple Flag Precious Metals was founded just over ten years ago in May 2016. I am immensely pleased with the quality of the business that we have built , starting with the Cerro Lindo silver stream which remains a cornerstone of our portfolio a decade later , and most recently our investment of $ 440 million for a 5.5 % gold stream on the Ravenswood Mine , adding immediate cash flow from one of Australia's largest mines . Over the past 10 years , we have developed a portfolio of 242 streams and royalties that delivers compounding cash flow per share and NAV per share for the benefit of our shareholders . Our Board has approved our fifth consecutive annual dividend increase , continuing our track record of increasing our dividend I every year since our 2021 IPO , " commented Sheldon Vanderkooy , CEO . " In the first six months of 2026 , we have announced $ 550 million in accretive transactions located in Australia and the United States , increased our 2026 guidance to 100,000 to 110,000 GEOs , realized record GEOs and cash flow , repurchased $ 20 million of shares in the open market and received positive project updates from future cornerstone assets such as Hope Bay ( Agnico Eagle ) , Arthur ( AngloGold Ashanti ) and Koné ( Montage Gold ) . With over $ 1 billion of available liquidity and a recently increased 2030 outlook of 150,000 to 160,000 GEOs , Triple Flag enters its second decade with more organic growth than at any point in our history . " Q2 2026 Financial Highlights Revenue Gold Equivalent Ounces ( " GEOS " ) Net Earnings ( per share ) Adjusted Net Earnings² ( per share ) Operating Cash Flow Operating Cash Flow per Share Adjusted EBITDA³ Asset Margin 4 GEOs Sold by Commodity and Revenue by Commodity GEOS¹ Gold Silver Copper and other Total Q2 2026 $ 129.2 million 28,674 $ 156.3 million ( $ 0.76 ) $ 80.4 million ( $ 0.39 ) $ 111.2 million $ 0.54 $ 117.2 million 94 % Q2 2025 $ 94.1 million 28,682 $ 55.7 million ( $ 0.28 ) $ 47.9 million ( $ 0.24 ) Three Months Ended June 30 2026 $ 76.1 million $ 0.38 $ 76.2 million 92 % 2025 18,181 19,309 9,846 9,304 647 69 28,674 28,682 Revenue ( $ thousands ) Gold Silver 81,928 63,333 44,371 30,520 Copper and other Total 2,912 234 129,211 94,087 Corporate Updates
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2026 GEOs Guidance and 2030 Outlook: Triple Flag expects to achieve sales between the midpoint and high end ofits recently increased guidance for 2026 of 100,000 to 110,000 GEOs. We now expect depletion expense in 2026 to range from $70 million to $80 million (from $65 million to $75 million),consistent with the increased GEOs guidance. Actual depletion expense in the first half of 2026 was $36.5 million. Our 2030 outlook was recently increased to 150,000 to 160,000 GEOs. Quarterly Dividend Increased for the 5th Consecutive Year: Triple Flag’s Board of Directors approved thedeclaration of a quarterly cash dividend of $0.06 per common share that will be paid on September 15, 2026, toshareholders of record at the close of business on August 31, 2026. Triple Flag’s forward annualized dividend is now US$0.24 per common share, a one cent increase from the previousannualized dividend of US$0.23 per common share. This represents the Company’s fifth consecutive annual increase ofthe quarterly dividend since its May 2021 initial public offering. $20 Million of Shares Repurchased in Q2 2026: Triple Flag renewed its normal course issuer bid (“NCIB”) duringthe fourth quarter of 2025 in accordance with a disciplined capital allocation strategy focused on balance sheetmanagement, returns to shareholders and accretive growth opportunities. During the period from November 17, 2025,to November 16, 2026, Triple Flag is authorized to purchase up to 10,328,075 of its common shares (representing 5%of the Company’s issued and outstanding common shares at the time of the NCIB renewal). In the second quarter of 2026, Triple Flag bought back 609,100 shares in the open market for $20 million. Acquisition of $440 Million Gold Stream on the Ravenswood Gold Mine: On June 25, 2026, Triple Flag announcedthat its wholly owned subsidiary, Triple Flag International Ltd. (“Triple Flag International”), completed the acquisitionof a 5.5% gold stream on the Ravenswood Gold Mine in Queensland, Australia with a 10% ongoing payment. The Ravenswood stream adds immediate cash flow from a large-scale, long-life operation located in a top-tier miningjurisdiction and is underpinned by two years of target gold deliveries. Ravenswood is one of the 10 largest gold minesin Australia by ore reserves, with a long history of continuous operation and historical production of more than 4million ounces of gold. The operators have extensive global mining experience and have invested over A$830 millioninto the growth and future of the asset, which is expected to produce more than 200 thousand ounces of gold per annumat steady state. In-pit and near-mine exploration upside also presents a significant opportunity to extend the mine life at Ravenswood across a large and prospective 1,800 km2 land package. The first monthly delivery under the Ravenswood gold stream was received in July 2026. Please refer to the June 12, 2026, press release on our website, Triple Flag Announces US$440 Million Gold Stream onthe Ravenswood Gold Mine and Increases 2030 Outlook, for further details on the recent transaction. Quarterly Portfolio Updates Australia: Northparkes (54% gold stream and 80% silver stream): Sales from Northparkes in Q2 2026 were 5,337 GEOs. Gold production from the E48 sub-level cave is continuing its ramp up through 2026. Development of the E22 block cave is ongoing following the completion of the first cut in the first quarter of 2026,with surface works underway to enable twin access between the E48 and E22 orebodies, which will optimize access,ventilation and materials handling. Evolution Mining Limited ("Evolution") continues to expect initial production fromthe E22 block cave by the end of its fiscal year 2030. The study on the 10.0 million tonnes per annum (“Mtpa”) mill expansion at Northparkes is on track for completion bythe end of Evolution’s fiscal year ending in June 2027. This study will also contemplate the mining of deposits such asMJH, Major Tom, E51, GRP, E48 Lift 2 and E26 Lift 3. The completion of this study is expected to drive reserve andresource growth at Northparkes. As previously announced, Triple Flag will invest $84.3 million in the fourth quarter of 2026 for the development of the
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gold-dominant E44 deposit at Northparkes. As E44 was previously not included in the life-of-mine plan, thisinvestment has unlocked significant incremental value for Triple Flag’s shareholders and is underpinned by guaranteedminimum deliveries of 45,052 ounces of gold and 446,200 ounces of silver over the 2030 to 2037 period. A study onthe development of E44 is expected to be completed by the end of June 2027. Beta Hunt (3.25% GR gold royalty and 1.5% NSR gold royalty): Royalties from Beta Hunt in Q2 2026 equated to1,031 GEOs. Westgold Resources Limited (“Westgold”) continues to advance the expansion project to achieve consistentunderground mining rates at Beta Hunt of 2.0 Mtpa. The current mining rate is approximately 1.7 Mtpa. Following theinstallation of a new ventilation system, Westgold expects the 2.0 Mtpa target to be achieved by the end of calendar2026. Following the declaration of a maiden resource for the Fletcher Zone in 2025, which effectively doubled the previousBeta Hunt resource, substantial exploration and definition drilling to determine its potential scale is ongoing before itsintegration into a life-of-mine plan. The Fletcher Zone is a significant discovery at Beta Hunt that is interpreted torepresent a new gold mineralized structure parallel to the Western Flanks deposit of the mine and is located 50 metersto the west. The Fletcher Zone is within Triple Flag’s royalty coverage area. The Western Flanks deposit is currently theprimary source of gold ore for Beta Hunt. The maiden resource remains open at depth and represents explorationdrilling from only approximately half of the known strike length. In March 2026, Westgold approved an expansion of the Higginsville mill to a nameplate capacity of 2.6 Mtpa (from 1.6Mtpa), which is expected to be completed during its fiscal year 2028. Notably, Westgold has assumed that the mainBeta Hunt operation will provide 2.0 Mtpa of feed to Higginsville, with the remaining balance from the Fletcher Zoneduring Westgold’s fiscal year 2029. The 2.6 Mtpa expansion flowsheet has been engineered to support future potentialgrowth to 4.0 Mtpa. Fosterville (2.0% NSR gold royalty): Royalties from Fosterville in Q2 2026 equated to 711 GEOs. In February 2026,Agnico Eagle Mines Limited (“Agnico Eagle”) released a three-year outlook for Fosterville. The operator expectsFosterville to produce between 140 to 160 thousand ounces of gold in each of 2026 and 2027. Notably, annualproduction is expected to further increase to a new steady-state of 160 to 190 thousand ounces in 2028 and remain atthat level through the early 2030s, following the completion of mining and processing initiatives that will drive a 65%boost in throughput to 3,300 tpd in 2028. During the second quarter of 2026, Agnico Eagle reported that work is ongoing to upgrade the grinding circuit atFosterville, including the installation of a new BIOX tank. Latin America: Cerro Lindo (25% silver stream): Sales from Cerro Lindo in Q2 2026 were 4,890 GEOs. The Cerro Lindo silver stream was Triple Flag’s first investment in 2016. Under the stream agreement with NexaResources S.A., we receive 65% of payable silver from Cerro Lindo until 19.5 million ounces have been delivered, and25% thereafter. The 19.5 million silver ounce delivery threshold was reached in April 2026. Buriticá (100% silver stream, fixed ratio to gold): Sales from Buriticá in Q2 2026 were 2,245 GEOs. Zijin Gold International Company Limited (“Zijin Gold”) continues to expect throughput at Buriticá to ramp up to5,000 tpd in 2028 – a material increase from current throughput of 4,000 tpd and Triple Flag’s initial investment basecase of 3,000 tpd. Zijin Gold expects 2026 gold production at Buriticá of 9.2 tonnes (approximately 300 thousandounces of gold). Despite the ongoing presence of illegal miners, Buriticá has been able to maintain overall steady operations. Theoperator continues to engage closely with the surrounding community on illegal mining with support from nationalinstitutions, including the National Police of Colombia. Camino Rojo (2.0% NSR gold royalty on oxides): Royalties from Camino Rojo in Q2 2026 equated to 514 GEOs. In May 2026, Orla Mining Ltd. (“Orla”) and Equinox Gold Corp. (“Equinox”) announced an at-market, all-sharemerger. The combination closed in July 2026.
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In June 2026, Orla reiterated its 2026 production guidance for Camino Rojo of 110 to 120 thousand ounces of goldfollowing an illegal work stoppage. This stoppage was related to bonus negotiations, which concluded with anapproved agreement in late June. Arcata (5% silver and gold streams): Sales from Arcata in Q2 2026 were 223 GEOs. The Arcata silver and gold minein Peru was re-started during the fourth quarter of 2025, in line with operator guidance. Sierra Sun Precious Metals S.A.C., the operator, intends to restart Arcata in multiple phases for a ramp-up to steadystate throughput of 2,500 tpd. The development of Arcata continues to progress well, with dewatering ongoing todeliver higher mining rates from the underground. Triple Flag continues to expect GEOs from Arcata to rise over thecourse of this ongoing ramp-up to approximately 5 to 6 thousand GEOs per year by 2028. Tres Quebradas (0.5% GR lithium royalty): Royalties from Tres Quebradas in Q2 2026 equated to 222 GEOs. In July 2026, the Government of Argentina announced the approval of the Phase 2 expansion at the Tres Quebradaslithium salar brine asset under the country's Incentive Regime for Large Investments ("RIGI"). The operator, ZijinMining Group Co., Ltd. ("Zijin Mining"), has committed $709 million of capital for the expansion. Phase 2 willincrease nameplate annual production capacity at Tres Quebradas by 40,000 tonnes of lithium carbonate equivalent("LCE"), to a total capacity of 60,000 to 80,000 tonnes of LCE per year. The approval of the Phase 2 expansion represents significant upside, as this growth potential was not previouslyunderwritten in Triple Flag’s investment case for this asset. We now expect steady-state GEOs from Phase 2 of TresQuebradas to commence in the early 2030s. Minera Florida (0.8 to 1.5% NSR gold royalty): Royalties from Minera Florida in Q2 2026 equated to 107 GEOs. PanAmerican Silver Corp.’s 2026 production guidance for Minera Florida is 66 to 71 thousand ounces of gold and 0.25million ounces of silver. Era Dorada (1.0% NSR gold and silver royalty): In July 2026, Aura Minerals Inc. (“Aura”) announced that the EraDorada underground gold project in Guatemala is now in full construction, following the approval of the project’sdevelopment by its Board of Directors in April. Over a nearly 17-year mine life, Era Dorada is designed to produce 104thousand ounces of gold per year. Aura expects Era Dorada to commence operations in the first half of 2028. Ana Paula (2.0% NSR gold and silver royalty): In June 2026, Heliostar Metals Ltd. (“Heliostar”) announcedadditional high-grade drill results from its 100%-owned Ana Paula project in Guerrero, Mexico. Highlight interceptsinclude 99.8 meters grading 10.9 g/t Au and 37 meters grading 6.95 g/t Au, supporting the conversion of Inferredresources ahead of a feasibility study targeted for the second quarter of 2027. The current Measured & Indicated resource grade at Ana Paula is 5.40 g/t Aui. Next steps for Ana Paula include a permit amendment submission (previously permitted as an open pit), continuedtechnical work to support the upcoming feasibility study, and project financing discussions. First gold production istargeted for late 2028. Heliostar expects to finance the construction of Ana Paula from the free cash flow generated byits two operating mines (La Colorada and San Agustin) alongside a project financing facility. North America: Johnson Camp Mine (3.5% to 16.5% copper stream on oxide material and 3.0% GR copper royalty): Sales androyalties from Johnson Camp Mine (“JCM”) in Q2 2026 were 424 GEOs. In May 2026, Gunnison Copper Corp. (“Gunnison Copper”) reported first quarter production of 2.1 million pounds ofcopper cathode at JCM, processed from run-of-mine oxide material as well as bioleaching of sulphide material underthe Rio Tinto Nuton process. Gunnison Copper continues to advance the ramp-up of JCM to annual nameplate capacity of 25 million pounds ofcopper cathode by the end of 2026. Young-Davidson (1.5% NSR gold royalty): Royalties from Young-Davidson in Q2 2026 equated to 379 GEOs. In June 2026, Alamos Gold Inc. ("Alamos") reported that Young-Davidson experienced two seismic events, one ofwhich occurred at an active mining front. Damaged infrastructure temporarily limited access to higher-grade stopes thathad been scheduled for mining in the second quarter and second half of 2026. Alamos expects underground mining
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rates at Young-Davidson to average approximately 5,000 tonnes per day for the remainder of the year, with miningsequence optimization and additional ground support planned for the second half of 2026 to support higher miningrates beyond 2026. In July 2026, Alamos released updated 2026 gold production guidance for Young-Davidson of 100 to 115 thousandounces. Three-year guidance is expected to be released in early 2027. Florida Canyon (3.0% NSR gold royalty): Royalties from Florida Canyon in Q2 2026 equated to 405 GEOs. In June 2026, Integra Resources Corp. ("Integra") released an updated life of mine plan for Florida Canyon, whichdelivered a 74% increase in Proven and Probable gold reserves. Average annual gold production has increased by 17%to approximately 82,000 ounces per year, with a reserve life now ending in 2033. The technical report also assumes anadditional two years of residual leaching, including gold production of over 20,000 ounces in 2034 and approximately7,500 ounces in 2035. Kensington (1.25% NSR gold royalty): Royalties from Kensington in Q2 2026 equated to 282 GEOs. Coeur Mining,Inc.’s 2026 production guidance for Kensington is 98 to 110 thousand ounces of gold. Eagle River Complex (0.5% NSR gold royalty): Royalties from Eagle River in Q2 2026 equated to 136 GEOs. In June2026, Wesdome Gold Mines Ltd. ("Wesdome") announced updated mineral reserves and resources, including reservegrowth of 39% at Eagle River. This update further extended Eagle River’s reserve life to 2033. Separately in June 2026, Wesdome reiterated guidance for Eagle River of 105 to 115 thousand ounces of gold in 2026and introduced guidance of 100 to 120 thousand ounces in each of 2027 and 2028. Queensway (0.2% to 0.5% NSR gold royalty): The Queensway open pit and underground gold project is located inNewfoundland, Canada, and is operated by New Found Gold Corp. (“New Found”). Following the completion of a C$220 million equity and debt financing package in April 2026, construction of open pitoperations at Queensway (“Phase 1”) is fully funded to production. Subject to the receipt of permits, New Foundcontinues to target first gold pour from Queensway by the end of 2027. Phase 1 is expected to produce approximately69,000 ounces of gold per year over four years based on a July 2025 preliminary economic assessment (“PEA”). Open pit ore from Queensway is expected to be processed at the Pine Cove mill, located 270 kilometers away by road.Conversion of Pine Cove to a 1,400 tpd gravity-CIL circuit is ongoing. Hope Bay (1.0% NSR gold royalty): In May 2026, Agnico Eagle announced a positive investment decision for theredevelopment of the Hope Bay underground gold project in Nunavut following the completion of a PEA. Based on a6,000 tpd processing facility, Hope Bay is expected to produce between 400 and 435 thousand ounces of gold per yearover an initial 11-year mine life, with production commencing in 2030 from the Patch 7, Doris and Madrid miningfronts. Notably, the PEA mine plan only incorporates approximately 55% of current Measured and Indicated resources andapproximately 48% of Inferred resources at Hope Bay, providing significant upside potential across the 80-kilometergreenstone belt from Doris to Boston. Exploration is ongoing, with Agnico Eagle planning to drill over 700,000 meters of surface and underground drillingand test more than 90 regional targets over the next five years. During the second quarter of 2026, exploration focusedon conversion drilling, which is expected to positively contribute to a pre-feasibility study expected to be completed atyear-end 2026. Highlight assays include 18.5 g/t Au over 11.3 meters and 13.7 g/t Au over 15.4 meters at Patch 7. Separately, Agnico Eagle commenced its first drill program at the Boston deposit since acquiring Hope Bay in 2021.Boston was not included in the May 2026 PEA and is located 50 kilometers south of Madrid. DeLamar (2.5% NSR gold and silver royalty, partial coverage): As a FAST-41 Covered Project in accordance with theNational Environmental Policy Act (“NEPA”), a Notice of Intent was published for the DeLamar gold and silver heapleach project in Idaho in May 2026 to commence the federal permitting process. A Record of Decision for DeLamarnow remains on track for publication in the third quarter of 2027. Integra expects project financing to be completed forDeLamar in 2027, with construction commencing in the third quarter of 2028.
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Further upside at DeLamar exists from the large sulphide resource currently not included in the 2025 feasibility study,as well as near-mine expansion opportunities. Converse (5.0% NSR gold and silver royalty, partial coverage): In April 2026, Roxmore Resources Inc. (“Roxmore”)released a PEA for its Converse heap leach gold project in Nevada, located on the Battle Mountain – Eureka trend.Over a 14-year mine life, Converse is designed to produce 246 thousand ounces of gold per annum. Converse is nearSSR Mining Inc.’s producing Marigold heap leach mine. To support a pre-feasibility study currently scheduled to be completed in the second half of 2027, a 30,000-meter infilland extension drilling program targeting both resource conversion and growth is ongoing. Tamarack (1.71% NSR nickel, copper and cobalt royalty): In July 2026, Talon Metals Corp. (“Talon”) announced thatthe Minnesota Department of Natural Resources has released scoping documents for public comment as part of theEnvironmental Impact Statement ("EIS") process for the Tamarack underground project. This represents a significantmilestone in the state-led environmental review process to ensure alignment across all stakeholders before a FinalScoping Decision is issued for Tamarack. A feasibility study for Tamarack is expected to be completed in the second half of 2026. Gunnison Copper Project (3.5% to 16.5% copper stream on oxide material and 3.0% GR copper royalty): In February2026, an updated preliminary economic assessment (“PEA”) was released for the Gunnison copper project based on aconventional open-pit, heap leach operation producing copper cathode. Over a 21-year mine life, the project isdesigned to produce 152 million pounds of copper per annum. Next steps include the delivery of a pre-feasibility study and the receipt of all key permits under a state-led process,which are expected to be completed in the first half of 2028. Subject to the completion of project financing, theoperator expects first copper production in 2032. Rest of World: Impala Bafokeng (70% gold stream): Sales from Impala Bafokeng in Q2 2026 were 2,322 GEOs. Development of theasset’s value driver, Styldrift, remains ongoing, with a steady ramp-up expected to deliver improved efficiencies. Agbaou (3.0% gold stream and 2.5% NSR gold royalty) and Bonikro (3.0% gold stream): Sales from our stream androyalty interests in Agbaou equated to 631 GEOs and 464 GEOs in Q2 2026, respectively. Sales from our streaminterest in Bonikro equated to 1,021 GEOs in Q2 2026. In June 2026, Allied Gold Corporation ("Allied") released an updated life-of-mine plan for Bonikro, which hasintegrated mining from satellite deposits such as Oumé and Hiré. Bonikro’s reserve mine life now extends to 2036 withaverage annual production of over 120,000 ounces of gold per year. Studies are also underway to increase Bonikromilling capacity to 3.0 to 3.2 Mtpa to increase processing flexibility and support ongoing exploration success. Separately, Allied disclosed in July 2026 that mineral reserves at Agbaou are expected to increase by more than 60%from year-end 2025, with the reserve mine life extended to 2030. Allied's strategic target for its Côte d'Ivoire complex is 200 thousand ounces of gold per year with a reserve mine life ofat least ten years. In July 2026, the previously announced arrangement between Allied and Zijin Gold was terminated. Instead, Zijin Goldhas agreed to invest $295 million into Allied for an approximately 9% interest in the company. Koné (2.0% NSR gold royalty, partial coverage): In June 2026, Montage Gold Corp. (“Montage”) maintainedpreviously announced timelines for Koné of production in late 2026 through the oxide circuit, with the hard rockcomminution circuit to be commissioned in the second quarter of 2027. Recent development updates include thesuccessful installation of all major mill components, oxide sizer completion, and advancement of civil works on thehard-rock comminution circuit. Construction remains on budget. In June 2026, Montage announced new high-grade satellite deposits at Koné, including a maiden resource for the PetitYao discovery, which is located 7 kilometers away from the processing plant and within the existing mining license.Current Measured and Indicated resources at Petit Yao total 2.1 million tonnes at 1.51 g/t Au containing 102 thousand ounces of gold, with Inferred resources of 9.5 million tonnes at 1.28 g/t Au containing 391 thousand ounces of goldii.
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The deposit remains open to the northwest and southeast, and at depth. Together with the main Koné deposit, Petit Yao is located within Triple Flag's royalty area of interest. Prieska (0.8% GR copper, zinc, gold and silver royalty): In February 2026, Orion Minerals Limited announced that ithas signed a binding agreement with Glencore plc for concentrate offtake financing of $250 million for the fullypermitted Prieska copper-zinc project in South Africa. Development of Prieska is currently based on a two-phasedevelopment approach, including the mining of a near-surface supergene sulphide zone to be accessed from an existingdecline, referred to as the Uppers Phase, followed by a second phase of deeper mining that leverages an existing mineshaft, referred to as the Deeps Phase. Collectively, the two phases are designed to produce total metal-in-concentrate of213 thousand tonnes of copper and 611 thousand tonnes of zinc over a 13-year mine life. Using the first tranche of theGlencore offtake financing, Orion expects to commence construction of the Uppers Phase in the second half of 2026,with production starting in 2027. Triple Flag has the right, but not the obligation, to acquire a fixed ratio gold and silver stream on Prieska for $80million, to be drawn down in tranches alongside other sources of funding during various stages of development.Among other events, this is conditional upon South African regulatory approvals, the mine development for the DeepsPhase being fully funded, and finalization of an executable mine plan to Triple Flag’s satisfaction. Enchi (2.0% NSR gold royalty, with 1.0% buydown for $3.5 million): In June 2026, Newcore Gold Ltd. (“Newcore”)released a pre-feasibility study for its Enchi open pit gold project in Ghana. Asante Gold Corporation’s Chirano goldmine is located 50 kilometers north of Enchi. Based on a conventional open pit operation with a 5.5 Mtpa mill, Enchi is designed to produce an average ofapproximately 104,000 ounces of gold per year over a nine-year mine life. Four rigs continue to turn at Enchi, focusedon expanding mineralization at depth. ATO (Fixed Deliveries): Sales from ATO in Q2 2026 were 3,938 GEOs. On June 11, 2026, Triple Flag announced an agreement with Steppe Gold Ltd. ("Steppe Gold") that resolved alloutstanding defaults under the ATO streaming and gold prepay agreements. Steppe Gold delivered all gold and silverstream obligations in arrears and all gold prepay ounces in arrears. The amended stream agreement provides for fixedcumulative deliveries totaling 34,770 ounces of gold, with no ongoing payments, over the period from Q3 2026through Q4 2036, followed thereafter by deliveries equal to 1.5% of the prior quarter's gold production from the ATOmine, subject to a 500-ounce quarterly cap. Obligations under the settlement agreement remain secured by the ATO mine and remain subject to a parent guaranteeby Steppe Gold. As part of the settlement agreement, Steppe Gold’s wholly owned subsidiary Boroo Gold LLC hasprovided an additional corporate guarantee of the fixed cumulative deliveries. Boroo Gold LLC owns and operates theBoroo and Ulaanbulag open-pit gold mines in Mongolia. Please refer to the June 11, 2026, press release on our website, Triple Flag Increases 2026 GEOs Guidance andAnnounces Steppe Gold Agreement, for further details. Conference Call Details A conference call and live webcast presentation will be held on August 6, 2026, starting at 9:00 a.m. ET (6:00 a.m. PT) todiscuss these results. The live webcast can be accessed by visiting the Events and Presentations page on the Company’swebsite at: www.tripleflagpm.com. An archived version of the webcast will be available on the website for one yearfollowing the webcast. Live Webcast: https://events.q4inc.com/attendee/956982780 Dial-In Details: Toll-Free (U.S. & Canada): +1 (888) 330-2384 International: +1 (647) 800-3739 Conference ID: 4548984, followed by # key Replay (Until August 20): Toll-Free (U.S. & Canada): +1 (800) 770-2030 International: +1 (647) 362-9199 Conference ID: 4548984, followed by # key
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About Triple Flag Precious Metals Corp. Triple Flag is a precious metals streaming and royalty company. We offer investors exposure to gold and silver from a total of242 assets, consisting of 17 streams and 225 royalties, primarily from the Americas and Australia. These streams androyalties are tied to mining assets at various stages of the mine life cycle, including 36 producing mines and 206 developmentand exploration stage projects and other assets. Triple Flag is listed on the Toronto Stock Exchange and New York StockExchange, under the ticker “TFPM”. Qualified Person James Lill, Director, Mining for Triple Flag Precious Metals and a “qualified person” under NI 43-101 has reviewed andapproved the written scientific and technical disclosures contained in this press release. Forward-Looking Information This news release 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 beidentified 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 news releaseincludes, but is not limited to, statements with respect to the Company’s annual and five-year guidance, operational andcorporate developments for the Company; developments, outlook, upside and growth potential in respect of the Company’sportfolio of royalties and streams and related interests and those developments at certain of the mines, projects or propertiesthat underlie the Company’s interests, strengths, characteristics; the payment of a dividend by the Company; the conduct ofthe conference call to discuss the financial results for the second quarter of 2026; our assessments of, and expectations for,future periods (including, but not limited to, the long-term production outlook for GEOs and other guidance); andexpectations with respect to the completion and timing of any report, guidance, study or other disclosure to be made by theoperators of the mines, projects or properties that underlie the Company’s interests. Our assessments of and expectations forfuture periods described in this news release, including our future financial outlook and anticipated events or results,business, financial position, business strategy, growth plans, strategies, budgets, operations, financial results, taxes, dividendpolicy, plans and objectives, are considered forward-looking information. In addition, any statements that refer toexpectations, intentions, projections or other characterizations of future events or circumstances contain forward-lookinginformation. Statements containing forward-looking information are not historical facts but instead represent management’sexpectations, estimates and projections regarding possible future events or circumstances. The forward-looking information included in this news release is based on our opinions, estimates and assumptionsconsidering our experience and perception of historical trends, current conditions and expected future developments, as wellas other factors that we currently believe are appropriate and reasonable in the circumstances. The forward-lookinginformation contained in this news release is also based upon a number of assumptions, including the ongoing operation ofthe properties in which we hold a stream, royalty or other similar interest by the owners or operators of such properties in amanner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators ofsuch underlying properties; and the accuracy of publicly disclosed expectations for the development of underlying propertiesthat are not yet in production. These assumptions include, but are not limited to, the following: assumptions in respect ofcurrent and future market conditions and the execution of our business strategies; that operations, or ramp-up whereapplicable, at properties in which we hold a royalty, stream or other interest continue without further interruption through theperiod; 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 theunderlying opinions, estimates and assumptions will prove to be correct. Forward-looking information is also subject toknown and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance orachievements 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” inour annual information form, which is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Forclarity, Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability and Inferred Resourcesare considered too geologically speculative for the application of economic considerations.
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Although we have attempted to identify important risk factors that could cause actual results or future events to differmaterially from those contained in the forward-looking information, there may be other risk factors not presently known to usor that we presently believe are not material that could also cause actual results or future events to differ materially fromthose expressed in such forward-looking information. There can be no assurance that such information will prove to beaccurate, 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. Theforward-looking information contained in this news release represents our expectations as of the date of this news release andis 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 applicablesecurities laws. All of the forward-looking information contained in this news release is expressly qualified by the foregoingcautionary statements. Cautionary Statement to U.S. Investors Information contained or referenced in this press release 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 underCanadian 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 DisclosureSystem adopted by the SEC and Canadian Securities Administrators, Triple Flag is not required to present disclosureregarding its mineral properties in compliance with S-K 1300. Accordingly, certain information contained in this press releasemay not be comparable to similar information made public by U.S. companies subject to reporting and disclosurerequirements 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 aroyalty or stream holder, Triple Flag has limited, if any, access to properties included in its asset portfolio. As a result, TripleFlag is dependent on the owners or operators of the properties and their qualified persons to provide information to TripleFlag and on publicly available information to prepare disclosure pertaining to properties and operations on the properties onwhich Triple Flag holds stream, royalty or other similar interests. Triple Flag generally has limited or no ability toindependently verify such information. Although Triple Flag does not believe that such information is inaccurate orincomplete in any material respect, there can be no assurance that such third-party information is complete or accurate. Endnotes Endnote 1: Gold Equivalent Ounces (“GEOs”) Three months ended June 30, ($ thousands, except average gold price and GEOs information) 2026 2025 Revenue 129,211 94,087 Average gold price per ounce 4,506 3,280 GEOs 28,674 28,682 GEOs are calculated on a quarterly basis by dividing all revenue from such interests for the quarter by the average gold priceduring such quarter. The gold price is determined based on the LBMA PM fix. For periods longer than one quarter, GEOs aresummed for each quarter in the period. Endnote 2: 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 disposal 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; andimpact of income taxes on these items. Management uses this measure internally to evaluate our underlying operating performance for the reporting periodspresented and to assist with the planning and forecasting of future operating results. Management believes that adjusted netearnings is a useful measure of our performance because impairment charges, write-downs, and reversals, including expected
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credit losses, gain/loss on sale or disposal 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 reflectthe underlying operating performance of our core business and are not necessarily indicative of future operating results. Thetax effect is also excluded by reconciling the amounts on a post-tax basis, consistent with net earnings. Management’sinternal budgets and forecasts and public guidance do not reflect the types of items we adjust for. Consequently, thepresentation of adjusted net earnings enables users to better understand the underlying operating performance of our corebusiness through the eyes of management. Management periodically evaluates the components of adjusted net earnings basedon an internal assessment of performance measures that are useful for evaluating the operating performance of our businessand a review of the non-IFRS measures used by industry analysts and other streaming and royalty companies. Adjusted netearnings is intended to provide additional information only and does not have any standardized definition under IFRSAccounting Standards and should not be considered in isolation or as a substitute for measures of performance prepared inaccordance with IFRS Accounting Standards. This measure is not necessarily indicative of gross profit or operating cash flowas determined under IFRS Accounting Standards. Other companies may calculate these measures differently. The followingtable reconciles adjusted net earnings to net earnings, the most directly comparable IFRS Accounting Standards measure. Reconciliation of Net Earnings to Adjusted Net Earnings 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 disposal 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 1. As a result of the settlement agreement with Steppe, the original stream was derecognized and a corresponding financial asset of $96.4 million was recognized Endnote 3: 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, write-downs, and reversals, including expected credit losses;gain/loss on sale or disposal 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; andother non-recurring charges. Management believes that adjusted EBITDA is a valuable indicator of our ability to generate liquidity by producing operatingcash flow to fund working capital needs, service debt obligations and fund acquisitions. Management uses adjusted EBITDAfor this purpose. Adjusted EBITDA is also frequently used by investors and analysts for valuation purposes, whereby adjustedEBITDA is multiplied by a factor or ‘‘multiple’’ that is based on an observed or inferred relationship between adjustedEBITDA 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 alsoremoves the effect of impairment charges, write-downs, and reversals, including expected credit losses, gain/loss on sale ordisposal 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-recurringcharges. We believe these items provide a greater level of consistency with the adjusting items included in our adjusted netearnings reconciliation, with the exception that these amounts are adjusted to remove any impact of income tax expense as
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they do not affect adjusted EBITDA. We believe this additional information will assist analysts, investors and ourshareholders to better understand our ability to generate liquidity from operating cash flow, by excluding these amounts fromthe calculation as they are not indicative of the performance of our core business and not necessarily reflective of theunderlying operating results for the periods presented. Adjusted EBITDA is intended to provide additional information to investors and analysts and does not have any standardizeddefinition under IFRS Accounting Standards and should not be considered in isolation or as a substitute for measures ofperformance prepared in accordance with IFRS Accounting Standards. Adjusted EBITDA is not necessarily indicative ofoperating profit or operating cash flow as determined under IFRS Accounting Standards. Other companies may calculateadjusted EBITDA differently. The following table reconciles adjusted EBITDA to net earnings, the most directly comparableIFRS Accounting Standards measure. Reconciliation of Net Earnings to Adjusted EBITDA 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 disposal of mineral interests (79,459) - Foreign currency translation loss 186 64 Decrease (increase) in fair value of investments, prepaid gold interests and other 6,071 (6,916) Adjusted EBITDA $ 117,184 $ 76,166 Endnote 4: 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 assessprofitability of our metal sales and asset margin to evaluate our performance in increasing revenue, containing costs andproviding a useful comparison to our peers. Asset margin is intended to provide additional information only and does nothave any standardized definition under IFRS Accounting Standards and should not be considered in isolation or as asubstitute for measures of performance prepared in accordance with IFRS Accounting Standards. The following tablereconciles asset margin to gross profit margin, the most directly comparable IFRS Accounting Standards measure: 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% _________________________ i Refer to Heliostar’s press release on November 6, 2025, “Heliostar Announces PEA for Ana Paula Underground with Strong Economics andSustainable Cash Generation”. ii Refer to Montage’s press release on June 15, 2026, “Montage Gold Grows Kone Higher Grade Satellite Resources to 1.7 Moz at 1.5 g/t Au Indicated and 0.8 Moz at 1.3 g/t Inferred”.
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Contacts Investor Relations:David LeeVice President, Investor RelationsTel: +1 (416) 304-9770Email: ir@tripleflagpm.com Media:Elfie Kent, CamarcoTel: +44 (0) 20 3757 4980Email: tripleflag@camarco.co.uk