Triple Flag Precious Metals (TFPM) investor relations material

Business overview and growth outlook

• Founded in 2016, now the fourth largest streaming and royalty company in precious metals, with 237 assets, 30 producing, and 2025 sales guidance of 105,000–115,000 gold-equivalent ounces, rising to 135,000–145,000 by 2029 from existing assets.

• Portfolio growth is driven by expansions at existing mines, new development projects, and exploration, with significant contributions expected from Northparkes, Beta Hunt, Arcata/Azuca, and Koné.

• Dividend has increased annually since IPO, currently at $0.23/share, supported by robust free cash flow and $1 billion in available liquidity for new investments.

• Business model ensures fixed margins, low overhead, and high scalability, with a headcount of just 18 and the ability to double asset value without increasing staff.

• Focus remains on precious metals (91% of value), with opportunistic investments in copper, nickel, and lithium for diversification and value.

Portfolio strategy and asset management

• Diversification is achieved by operator, commodity, and jurisdiction, with largest exposures in Australia and North America, and smaller, high-optional investments in riskier jurisdictions.

• Major assets include Northparkes (Australia), Cerro Lindo (Peru), Beta Hunt (Australia), and Young-Davidson (Canada), each offering long mine lives and significant exploration upside.

• Recent acquisitions: 1% royalty on Arthur (Nevada) for under $250M, 0.5% royalty on Tres Quebradas lithium mine (Argentina) for just under $30M, and a 5% silver stream on Arcata/Azuca (Peru) for $35M.

• Asset selection prioritizes free cash flow, near-mine exploration upside, and robust operators, with a disciplined approach to capital deployment and risk management.

• M&A is approached with caution; synergies are real only if cost savings and asset quality are clear, as seen in the Mavericks acquisition.

Culture, governance, and shareholder alignment

• Leadership and team have backgrounds in large mining companies, with a culture focused on value, downside protection, transparency, and fair dealing.

• Elliott Management owns 63–64% of shares, has never sold, and is intensely value-focused, with management and insiders holding $115M in shares.

• Management is highly aligned with shareholders, prioritizing free cash flow per share and only pursuing deals that are accretive to share value.

• Dividend growth, reinvestment, and robust cash flows are central goals, with a focus on long-term precious metals exposure and credible operators.

• The company maintains a nimble, agile, and transparent culture, with detailed due diligence and open communication with partners and stakeholders.