Q4 2025 Triple Flag Precious Metals Corp Earnings Call [BACKUP]

February 19, 2026

Sheldon Vanderkooy: which I am pleased to hear to see. Last, and most significantly, is our flagship asset, Northparkes, located in Australia, which is clearly positioned as a significant growth asset for Triple Flag. I want to congratulate Lawrie Conway and the Evolution team for all the success they have had at Northparkes since they have acquired Northparkes. It is truly impressive. A week ago, Evolution released a significant update on Northparkes, which has three related catalysts for Triple Flag. First, Evolution approved the development of the E22 Block Cave. E22 has very attractive gold grades for Triple Flag, and block cave development is the value-maximizing approach for both Evolution and Triple Flag. Second, Evolution has announced that it is studying expanding Northparkes from the current 7.6 million tons per annum to 10 million tons per annum, or potentially more.

Sheldon Vanderkooy: There is tremendous demand for copper, and Northparkes has a very large resource, so the potential value creation of an expansion is clear. This could be very beneficial to the Triple Flag stream. And last, Evolution has identified a very attractive gold-only deposit on the property, named E44. We had constructive discussions with Lawrie and Kieran and their team, and together we came to an agreement that will allow for the development of E44, which was previously not included in Evolution's life of mine plan at Northparkes. As part of that agreement, Triple Flag will receive guaranteed minimum deliveries from E44, starting in 2030. Northparkes is a by-product stream, so the potential to also benefit from primary gold deposits is a fantastic bonus for Triple Flag and its shareholders.

Sheldon Vanderkooy: All of these factors together clearly position Northparkes as a growth asset for Triple Flag for the next decade to come. I'd also like to touch on our capital deployment in 2025. Triple Flag invested over $350 million in value accretive deals. This included the Arcata restart and ramp up in Peru, the Arthur Oxide project in Nevada, the Johnson Camp Mine that is ramping up in Arizona, and the Minera Florida producing mine in Chile. These transactions provide current and growing cash flow, or in the case of Arthur, represent exposure to a premier development project with a clear path to production and further exploration upside. Importantly, all of these assets are also located in mining-friendly jurisdictions. Overall, Triple Flag is exceptionally well-positioned to deliver long-term and organic value for our shareholders from a diversified portfolio of producing and development assets across premier mining jurisdictions.

Sheldon Vanderkooy: I will now turn it over to Eban to discuss our financial results for 2025.

Eban Bari: Thank you, Sheldon. As you can see on this slide, 2025 was a record year across all financial metrics, driven by strong GEOs and record precious metals prices. As Sheldon noted, these record prices have since been broken by new records, with spot gold and silver well above even the Q4 average. Operating cash flow per share, the single most important metric we focus on as management, increased 45% to $1.54 per share. This metric best reflects the underlying operating performance of our core streaming and royalty business. This strong cash flow generation continued to support all of our capital allocation priorities, given our high margin business, including shareholder returns, and external growth opportunities.

Eban Bari: On shareholder returns, we paid out nearly $46 million in dividends to shareholders in 2025, which reflected a progressive 5% dividend increase in the middle of the year, our fourth consecutive increase since our IPO. In addition to our dividend, we were active and accretive on our share buyback during the year. In 2025, we bought back $9 million of our shares in open market at approximately $17.39 per share. We expect to remain active on our NCIB opportunistically going forward. On external growth front, as Sheldon mentioned, we reinvested over $350 million into new streams and royalties in 2025. Arcata, Arthur, Johnson Camp Mine, and Minera Florida all provide either immediate or near to medium-term cash flow, significant exploration potential, and exposure to premier mining jurisdictions with strong operators.

At our flagship asset North parks located in Australia, which is clearly positioned as a significant growth asset for triple flag.

I want to congratulate Lawrie Conway and the evolution team for all the success. They have had at north parks since they have acquired north parks. It is truly impressive.

Week ago evolution released a significant update on North Park, which has three related catalysts for triple flag.

Eban Bari: I'm pleased to highlight that even with this level of capital deployment and as a result of our strong cash flow generation, Triple Flag is debt-free at year-end, with more than $70 million in cash and $1 billion available on our credit facility. We remain well positioned to deploying capital into transactions that are accretive, fit with our strategy, and deliver value throughout the cycle. Moving forward to 2026 guidance. As Sheldon noted, we expect GEOs of between 95,000 and 105,000 ounces for the year. We expect these GEOs to be all derived from gold and silver and reflect a conservative gold to silver price ratio of 72 for the whole year, with a lower ratio assumed in the first half.

First evolution approved the development of the <unk> 22 block Cave E 22 has very attractive gold grades for Triple flag and block Cave development is the value maximizing approach for both evolution and triple flag.

Second evolution has announced that it is studying expanding north parks from the current $7 6 million tonnes per annum to 10 million tons per annum or potentially more.

There is tremendous demand for copper and north parks is a very large resource so the potential value creation of an expansion is clear this could be very beneficial to the triple flag stream and.

And last evolution has identified a very attractive gold only deposit on the property named <unk> 44.

We had constructive discussions with Lori and Kieran and their team and together we came to an agreement that will allow for the development of <unk> 44, which was previously not included in evolutions life of mine plan at North parks.

Eban Bari: Depletion is expected to be between $65 million and $75 million, slightly lower than 2025, reflecting the sales mix we expect in 2026. G&A costs are expected to be between $30 million and $32 million, consistent with our actual expenses in 2025, that reflect the impact of Triple Flag's strong share price increase throughout the year on share-based compensation expense. Finally, our Australian cash tax rate for our Australian royalties will be approximately 25%, consistent with prior year actuals. I will now pass it on to James to discuss our asset portfolio.

As part of that agreement Triple cycle received guaranteed minimum deliveries from <unk> 44, starting in 2030.

North parks as a byproduct stream so the potential to also benefit from primary gold deposits is a fantastic bonus for triple flag and its shareholders.

Although these factors together clearly position north parks as a growth asset for triple flag for the next decades to come.

I'd also like to touch on our capital deployment in 2025.

Triple flag invested over $350 million and value accretive deals.

This included the Arcata restart and ramp up in Peru, The Arthur oxide project in Nevada that Johnson can't mine that is ramping up in Arizona, and the Minera, Florida producing mine in Chile.

James Lill: Thank you, Eban. Triple Flag has achieved a consistent track record, delivering long-term GEOs growth since our first full year of operation in 2017. Beyond the guidance we have set for 2026, we see further organic growth to 140 to 150 thousand GEOs in 2030. Midpoint to midpoint, this represents annual growth of 45% from 2026 guidance, which I'll discuss further on the following slide. Our long-term organic growth outlook of 100 to 150 thousand GEOs in 2030 is robust and reflects the achievement of several de-risking milestones delivered by our operators over the past 12 months. We are seeing meaningful progress across the portfolio, supported not only by structured commodity price environments, but also by favorable permitting regimes across the jurisdictions to which we have exposure.

These transactions provide current and growing cash flow or in the case of Arthur represent exposure to a premier development project with a clear path to production and further exploration upside and.

Accordingly, all of these assets are also located in mining friendly jurisdictions.

Overall triple flag is exceptionally well positioned to deliver long term and organic value for our shareholders from a diversified portfolio of producing and development assets across premier mining jurisdictions.

I will now turn it over to <unk> to discuss our financial results for 2025.

Thank you Sheldon.

As you can see on this slide 2025 was a record year across all financial metrics.

And by strong Geos and record precious metals prices.

As Sheldon noted these record prices.

It's been broken by New records with Goldman <unk>, well above even the Q4 average.

James Lill: Arcata, Kone, Eskay Creek, Aridorada, Goldfield, South Railroad, and Delamar are a few examples of the many assets in our portfolio that are advancing rapidly toward production or steady state ramp-up over the medium term. Touching on only a few of them, we were exceptionally pleased to see, in 2025, the Eskay Creek project in British Columbia receive full permits in less than one year after submission. Ora Minerals receive a construction license for Aridorada within one year of its acquisition, and Centerra's renewed focus on the Goldfield project as a straightforward heap leach operation in Nevada. Beyond 2030, our portfolio is expected to deliver further GEOs growth from Arthur, Kemess, Hope Bay, as well as the growth initiatives at Northparkes, which I'll discuss in the following slides.

Operating cash flow per share the single most important metric we focus on as management increased 45% to $1 54 per share.

This metric best reflects the underlying operating performance of our core streaming and royalty business.

This strong cash flow generation continue to support all of our capital allocation priorities.

Given our high margin business, including shareholder returns.

External growth opportunity.

On shareholder returns, we paid out nearly $46 million in dividends to shareholders in 2025.

Which reflected a progressive 5% dividend increase in the middle of the year, our fourth consecutive increase since our IPO.

In addition to our dividend.

Active and accretive on our share buyback.

During the year in 2025.

James Lill: Beyond 2030, Arthur, Kemess, Hope Bay, and Northparkes represent world-class long-life assets located in the most stable and established mining jurisdictions. They provide substantial growth potential beyond our 2030 outlook and demonstrate the quality of Triple Flag's portfolio. At Arthur, we see the imminent release of a pre-feasibility study by AngloGold as an important catalyst in providing greater insights on the potential of this district scale system, starting with the Merlin Silicon deposit, a straightforward oxide open pit project. Arthur will be a cornerstone asset for Triple Flag in the 2030s. At Kemess, Triple Flag holds a 100% silver stream. The January 2026 preliminary economic assessment supports a large scale copper-gold-silver operation, reaching production by 2031, leveraging existing brownfield infrastructure and permits from the previous mining operation.

Back $9 million of our shares in open market at approximately $17 39 per share.

We expect to remain active on our NPI be opportunistically going forward.

On external growth front as Sheldon mentioned, we invested over $350 million into new streams and royalties in 2025.

Qatar Arthur downturn mine and Minera, Florida, all provide either immediate or near to medium term cash flow significant exploration potential and exposure to premier mining jurisdictions with strong operators.

I'm pleased to highlight that even with this level of capital deployment and as a result of our strong cash generation Triple flag is debt free at year end with more than $70 million in cash and $1 billion.

Available on our credit facility.

James Lill: Notably, the PEA mine plan only represents 47% of the total indicated and inferred resources, providing potential upside for future answers to be included in subsequent economic studies. At PFS, the Kemess is expected in 2027. At Hope Bay, our 1% NSR royalty covers a district-scale gold system on an asset operated by Agnico Eagle, the premier Canadian Arctic underground miner. In their year-end results from last week, Agnico noted that annual gold production is expected to be 400 to 425 thousand ounces, with a potential construction decision in May 2026 and a potential restart in 2030. I'll go into more detail on Northparkes on the next page. Northparkes is Triple Flag's largest asset. It's an established, high-quality copper-gold operation in Australia, operated by Evolution Mining.

We remain well positioned to deploying capital into transactions that are accretive.

Our strategy and deliver value.

<unk>.

Moving forward to 2026th Sky.

As Sheldon noted, we expect Geos of between 95000 and 105000 ounces for the year.

We expect <unk> to be all derived from Golden silver and reflect a conservative gold to silver ratio of 72 for the whole year with a lower ratio assumed in the first half.

Depletion is expected to be between $65 million and $75 million.

Slightly lower than <unk>.

2025%, reflecting the sales mix, we expect in 2026.

G&A costs are expected to be between 30% and $32 million consistent with our actual expenses in 2025 that reflect the impact of triple flags strong share price increase throughout the year on share based compensation expense.

James Lill: Numerous growth projects have recently been approved, as Sheldon referred to, which unlock the value in this world-class copper-gold endowment. Currently, the E48 sub-level cave is ramping up and supports near-term gold production growth. Over the medium term, the E22 ore body will be advanced as a block cave, a large, low-cost operation with initial production by 2030. During this timeframe, the E44 gold dominant deposit will also be advanced production. This is an ore body not previously included in Evolution's life of mine plans. Minimum guaranteed deliveries will commence in 2030 for a period of 7 years, with potential for meaningful life extensions beyond this initial period. Finally, and perhaps most importantly, is the potential for mill expansion to at least 10 million tons per annum, which is currently being studied over the next year.

Finally, our Australian cash tax rate for Australian royalties will be approximately 25% consistent with prior year actuals.

I will now pass it onto James to discuss our asset portfolio.

Thank you Ben.

<unk> achieved a consistent track record delivering long term growth.

Our first full year of operation in 2017.

Beyond the guidance, we've set for 2026, we see further organic growth to 140 to 150000 Geos in 2013.

Midpoint to midpoint this represents earnings growth of 45%.

2026 guidance, which I'll discuss.

On the following slide.

James Lill: We believe that this potential expansion is the optimal path forward to unlock the value from not only the 550 million tons of current measured and indicated resources, but other prospective and underexplored targets that could materially add to the expected production profile with the improved scale and processing optionality. These growth projects demonstrate that Northparkes is not a static asset. It's a dynamic, world-class mining operation with lots of embedded optionality that will drive value for decades to come. I'll now pass back to Sheldon for closing remarks.

Our long term organic growth outlook of 100 to 150000 Geos in 2013 is robust and reflects the achievement of several derisking milestones delivered by our operators over the past 12 months.

We are seeing meaningful progress across the portfolio supported not only by structure of commodity price environment, but also by favorable pivoting regimes across the jurisdictions to which we have exposure.

Our cancer Kona SK Creek Eldorado Goldfield Saks Railroad in del Mar are a few examples of the many assets in our portfolio.

Eban Bari: Thank you, James. After delivering record performance in 2025, Triple Flag is in an exceptionally strong position as we look ahead to 2026 and beyond.

Sheldon Vanderkooy: Thank you, James. After delivering record performance in 2025, Triple Flag is in an exceptionally strong position as we look ahead to 2026 and beyond.

Advancing rapidly towards production or steady state ramp up over the medium term.

Sheldon Vanderkooy: ... We have a clear and de-risked pathway to robust growth of 140,000 to 150,000 GEOs in 2030. Our project pipeline progressed very well in 2025 and now in 2026. Beyond 2030, Triple Flag shareholders can expect significant additional GEO growth from long-life district-scale assets, including at Northparkes, Arthur, Kemess, and Hope Bay, all from projects with clear line of sight to production, a top-tier operator, and located in Australia, Canada, or the United States. Northparkes is our cornerstone asset and is clearly positioned as a growth asset over the next decade. On the deal front, we deployed over $350 million in 2025 across multiple accretive transactions, demonstrating our ability to source and execute on high-quality opportunities that deliver compounding per share growth from good assets, good regions, and good operators. Our balance sheet remains pristine.

Touching on only a few of them we were exceptionally pleased to see in 2025, the SK Creek project in British Columbia received full pivots in less than one year after submission.

Or a minerals receive a construction license for Erith errata within one year of its acquisition and <unk> renewed focus on the Goldfield project is a straightforward heap leach operation in Nevada.

Beyond 2030, our portfolio is expected to deliver further <unk> growth from Asa cannot hope Bay as well as the growth initiatives at North Park, which I'll discuss in the following slides.

Beyond 2030.

Asa Cemex Hope Bay, North Pax represent World class long life assets located in the most stable and established mining jurisdictions. They provide substantial growth potential beyond 2030 outlook and demonstrate the quality of triple <unk> portfolio.

Sheldon Vanderkooy: We exited 2025 debt-free and with over $1 billion in total liquidity, providing us with substantial financial flexibility to continue pursuing accretive growth opportunities, as well as to allocate capital to progressively growing returns to shareholders. That concludes our prepared remarks. Operator, please open the floor to questions.

At <unk>, we see the imminent release of the pre feasibility study by Anglogold as an important catalyst in providing greater insights on the potential of this district scale system, starting with the Midland Silicon deposits straightforward upside open pit projects.

Also will be a cornerstone asset for triple flag in the 2000 cities.

Operator: Thank you. We will now begin the question and answer session. If you have dialed in and would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star one again. If you are called upon to ask your question and are listening via speakerphone on your device, please pick up your handset to ensure that your phone is not on mute when asking your question. Again, press star one to join the queue. Our first question comes from the line of Cosmos Chiu with CIBC. Your line is open.

<unk> Triple flag holds a 100% silver screen the.

The January 2026, preliminary economic assessment supports a large scale copper gold silver operation, reaching production by 2031, leveraging existing brownfield infrastructure and permits from the previous mining operation.

Notably the Pega mine plan only represents 47% of the total indicated and inferred resources, providing potential upside few chances to be included in subsequent economic studies.

The <unk> is expected in 2027.

Cosmos Chiu: Thanks, Sheldon, Eban, and James. Maybe my first question is at Northparkes. Great to see that you're investing more money into Northparkes at the E44 deposit. I guess my question is, are there more opportunities like that in terms of, you know, something similar to E44, gold-rich, something that would not be in the mine plan unless there's a partner coming in and helping to put up some of the CapEx? And then, maybe if you can also talk about geological setting, 'cause it must be a very, you know, clear variety of different geological settings here if there are copper-rich deposits and gold-rich deposits. I'm just trying to figure out where some of these gold-rich deposits came from.

I hope they are 1% NFL royalty clubs a district scale gold system on an asset operated by Agnico Eagle the premiere Canadian optic underground miner.

In our year end results from last week Agnieszka noted the annual gold production is expected to be 400 to 425000 ounces with a potential construction. This isn't decision in may 2026, and a potential restart in 2030.

I will go into more detail on no thoughts on the next page.

North Pax is triple flag largest asset it's an established high quality copper gold operation in Australia operated by evolution mining.

Numerous growth projects have recently been approved that Sheldon refits.

Sheldon Vanderkooy: Yeah. Thanks, Cosmos. This is Sheldon. I'll start and then pass it over to James. Historically, the Northparkes property, you know, had gold deposits, kind of shallow surface gold deposits, and was very interesting. Now, of course, when we came in and did the stream, we really did the stream as a byproduct stream, you know, which works. We get about 60% of the gold revenue that Evolution gets from Northparkes, and that works if the primary revenue is the copper. But if it's gold only, we had to come to the table with Lawrie and the team and work something out.

Which unlock the value from this world class copper gold and diamonds.

Currently the 48 sub level cave is ramping up and supports near term gold production growth.

Over the medium term to 'twenty two ore body will be advances a block cave, a large low cost operation with initial production by 2030.

During this time frame the 44 gold dominant deposits will also be advanced production. This is nobody not previously included in evolution is life of mine plans.

Minimum guarantee deliveries will commence in 2030 for a period of seven years with potential for a meaningful life extensions beyond this initial period.

Sheldon Vanderkooy: But this is really exciting for us because the idea of getting, you know, a gold-only deposit there and us also having access to that was really key. There's nothing else right now on the horizon, but is there a potential there? Well, I'll let James speak to that, but there have been, you know, gold-dominant deposits on that property in the past.

Finally, and perhaps most importantly is the potential for mill expansion to at least at least 10 million tonnes per annum, which is currently being studied over the next year.

We believe that this potential expansion is the optimal path forward to unlock the value from not only the 550 million tons of current measured and indicated resources.

James Lill: Yeah, and Sheldon, it's James. As Sheldon noted, the first mining at Northparkes was actually, as you probably remember, in the mid-1990s, as a gold project, and it was actually first explored with shallow holes for gold mineralization. So there is a history there, but it very clearly transitioned to a copper deposit for the last, you know, 25 years or so. So when you think about it geologically, yes, the gold is clearly associated with the copper, and it's a very prospective region. And I think what we've seen with Evolution is exactly what we hoped when they acquired the asset. They think very expansively, and very creatively about how to maximize value from operations.

Other prospective and under explored targets that could materially add to the expected production profile with the improved scale and purchasing optionality.

These growth projects demonstrate the North park is not a static asset.

It's a dynamic world class mining operation with lots of embedded optionality.

That will drive value for decades to come I'll now pass back to Sheldon for closing remarks.

Thank you James.

After delivering record performance in 2025 Triple flag is in an exceptionally strong position as we look ahead to 2026 and beyond.

James Lill: I think that's been a big part of their success with assets like Eskay Creek, and they're applying the same approach to Northparkes, which is to say, you know, there's a large resource, let's look at expanding capacity, and then with that expanded capacity, what else can we do with it? Which has caused them to really look at the gold deposits in a way that wasn't done in the past. And the short answer is, you know, E44 was, is the most known.

We have a clear and derisked pathway to robust growth of 140 to 150000 Geos in 2030 our project.

Our pipeline progress very well in 2025 and now in 2026.

Beyond 2030, Triple flag shareholders can expect significant additional GE growth from long life district scale assets, including at North Parks, Arthur <unk> and Hope Bay.

Cosmos Chiu: Mm-hmm.

James Lill: But there are a large number of targets across the property that are, that are sort of known from some of the historical work but have not been tested and defined in a, in a systematic manner, which I think really speaks to the, the opportunity to find more of this type of mineralization, which, with the expanded mill capacity, Evolution can take advantage of.

All from projects with clear line of sight to production a top tier operator, and located in Australia, Canada or the United States.

North parks is our cornerstone asset and is clearly positioned as a growth asset over the next decade.

On the deal front, we deployed over $350 million in 2025 across multiple accretive transactions, demonstrating our ability to source and execute on high quality opportunities that deliver compounding per share growth from good assets good regions and good operators.

Cosmos Chiu: Great. That's, that's great to hear, James. And then, maybe my next question is, you know, taking a step back here. In the royalties and, streaming, industry, we've now seen, recently some billion-dollar deals or even multi-billion-dollar deals. I know, Sheldon, you mentioned that you deployed about $300 million last year. But in terms of these billion-dollar deals, multi-billion-dollar deals, is that, something that, Triple Flag could be interested in, could be competitive in? Or, you know, is that slightly too large for you at this point in time?

Our balance sheet remains pristine, we exited 2025 debt free and with over $1 billion in total liquidity, providing us with substantial financial flexibility to continue pursuing accretive growth opportunities as well as to allocate capital to progressively growing returns to shareholders.

That concludes our prepared remarks, operator, please open the floor to questions.

Thank you we will now begin the question and answer session.

Sheldon Vanderkooy: Hi, Cos. We've always said that, like, our sweet spot is really in the $200 to 500 million range, and I don't think that changes. When you look back, you know, Triple Flag actually is coming up on our 10th anniversary, and over the last 10 years, the vast majority of the capital deployment in the sector has been in, you know, that strike zone. So I feel really good about that. You know, there was a large deal done earlier this week, and $4.3 billion is too big for Triple Flag. I think that's okay. But there's plenty out there, I think, that we can grow and deploy on. And again, our relative to our size, I think we definitely have an ability to grow.

If you have dialed in and we would like to ask a question. Please press star one on your telephone keypad to raise your hand and join the queue. If you will.

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I wanted to join the queue.

Our first question comes from the line of Cosmos <unk> with CIBC. Your line is open.

Thanks, Sheldon <unk> James.

Sheldon Vanderkooy: Because when you, when you look at the size of Triple Flag and $350 million of deployment, that's meaningful. So if we do a $400 million deal, that is, that moves the needle for Triple Flag, and I think that'll do very well by our shareholders.

Maybe my first question is at North Park Great.

Great to see that you're investing more money into north parks.

At <unk> 44 deposit I guess my question is are there more opportunities like that in terms of.

Cosmos Chiu: Great. And then maybe one last question. As you talk about the different growth opportunities within your portfolio, I guess one asset you did not mention was Pumpkin Hollow. I know there's a bit of history behind it, but now it seems like Pumpkin Hollow has a new owner, Kintera, and they seem to have, you know, be able to raise a lot of capital. So, you know, Pumpkin Hollow, once again, is this something that we should start talking about? Is this something that we should start getting excited about, or is it still too early at this point in time?

Something similar to <unk> 44, gold rich something that would not be in the mine plan unless theres a partner coming in and helping to put up some of the Capex and then maybe if you can also talk about your geological setting because it must be very.

Clear a variety of different geological settings.

If there are copper rich deposits and gold, which deposits I'm just trying to figure out where some of these gold rich deposits came from.

Yes. Thanks Cosmos. This is Sheldon I'll start and then pass it over to James.

Sheldon Vanderkooy: Yeah. So we retain a royalty on the Pumpkin Hollow open pit, and that actually, I think, looks like a really nice royalty because that is copper in the United States, and we're, we're a royalty, and we're on title, and that, you know, survived all the processes that went on there. So I am quite keen to see what Kintera is doing there, and that represents some very nice copper exposure from the United States for Triple Flag shareholders. Triple Flag will not be investing any more money in Pumpkin Hollow. I can, I'll say that clearly.

So historically, the North Park property.

Had gold deposits kind of shallow surface gold deposits was very interesting of course, when we came in and did the stream. We really did the stream as a byproduct stream.

Which work because we get about 60% of the gold revenue that evolution gets shrunk from North Park and that works at the primary revenue was the copper, but for but if its gold only.

Under the table with with with Lori and the team and work something out but this is really exciting for us because the idea of getting a gold only deposit there and US also having access to that was that was really key.

Cosmos Chiu: Great. Thanks again, Sheldon, James, and Yvette. Those are all the questions I have. Thank you.

Sheldon Vanderkooy: Thanks, guys.

Operator: Our next question comes from the line of Tanya Jakusconek with Scotiabank. Your line is open.

Theres nothing else right now on the horizon, but is there a potential there I'll, let jamie speak to that but there have been gold dominant deposits on that property in the past.

Tanya Jakusconek: Oh, great. Good morning, everybody. Can you hear me?

Sheldon Vanderkooy: I can. Hi, Tanya.

Tanya Jakusconek: Oh, good morning. Hello. I have a couple of questions, if I could. Start with a very easy one. You know, I know that you use a very different ratio. I just, you know, just kind of want to assume, like a flat gold price, flat silver price, et cetera. Can you give us just an idea of how the year is going to look like, from a quarterly perspective? You know, we have some step downs, we have other things happening. So I'm just trying to understand how we should think first half, second half, et cetera.

Yes.

This is James.

Sheldon noted the first mining at North Park is actually as you probably remember the mid Ninety's as a gold project and it was actually first explored with shallow holes for Goldman organization. So there is a history that but very clearly transitions with copper deposit for the last 25 years.

So.

When you think about it geologically you asked it.

Our oldest clearly associated with the capa and its very prospective region.

I think what we're seeing with evolution is exactly what we hoped when they acquired the asset.

Sheldon Vanderkooy: Yeah. Hi, Tanya. We give our annual guidance. We're not going to break it down by the quarters. And yeah, and you've kind of correctly identified the one factor, which is the Cerro Lindo step down will occur sometime in the Q2, we believe, but can't give any more quarterly guidance over and above that.

Very expensive Lee.

Very creatively about how to maximize value from operations I think that's been a big part of our success with assets like Henry and they're applying the same approach in North Park, which is to say theres a lot of resource.

Let's look at expanding capacity and then with that expanded capacity what else can we do with it which is really look at the Gulf deposits in a way that wasn't part of the past.

Tanya Jakusconek: Okay. What about the capital returns? I think those are. You know, you focus on the dividend, and you like, the fact that you progressively increase that dividend. How should we be thinking about it for mid-year?

Short answer is <unk> 44, which is the most node.

But they're all at a.

A large number of targets across the property.

Sheldon Vanderkooy: Yeah, I think nothing's changed on our philosophy on capital allocation. So, you know, as you cited, we, we have a progressively increasing dividend. We've increased it every year since we've been public. I see no reason why we would change that. I think it's very, it goes over very well with, with shareholders. So that's the dividend. And then, you know, we're looking to deploy, capital into accretive opportunities for shareholders. It's, it's really that simple.

Sure.

It's sort of $9 from some of the historical work, but have not been tested as defined.

In a systematic manner, which I think really speaks to the opportunity to find more of this.

The mineralization, which with the expanded mill capacity evolution to take upon Joe.

Great that's great to hear James and then maybe my next question is.

Tanya Jakusconek: Okay. And in terms of the opportunities, I think you mentioned the $200 to 500 million range being your sweet spot, and we're seeing some bigger deals. So, I have a couple of questions on this front. The first thing is, I've noted two people shopping in their own closet, ourselves and Wheaton. Are there any other things to do in shopping in your own closet? Any other opportunities on assets you own?

I'll step back here and the royalties and just streaming industry. We've now seen recently some billion dollar deals or even multibillion dollar deals.

I know you mentioned that you deployed about $300 million last year.

But in terms of these billion dollar deals multibillion dollar deals is that something that triple flag could be interested in could be competitive in or is that slightly too large for you at this point in time.

Sheldon Vanderkooy: That's an analogy I haven't heard before. I like it. You know, I guess we just-

Tanya Jakusconek: I shop in my closet all the time, by the way, Sheldon.

Sheldon Vanderkooy: You know, it's natural when you have a relationship with a party or you already have a position in a property, that those are the things you look to. And, you know, with Northparkes, that was obviously a natural for us. And, would we be looking for other opportunities like that? Yeah, perhaps. But these things are. They're never done till they're done, and I don't want to start front-running anything. But, you know, we try to engage closely with all of our partners.

So as we've always said that like our sweet spot is really in.

$200 million to $500 million range, and I don't think that that changes when you look back triples, like actually is coming up on our 10th anniversary over the last 10 years that the vast majority of the capital deployment in the sector has been in that strike zone. So I feel really good about that.

There is a large deal done earlier this week and $4 3 billion is too big for Triple flag I think that's okay, but often there's plenty out there I think that we can grow and deploy on and again our relative to our size I think we have we definitely have an ability to grow because when you. When you look at the size of the triple flag and $350 million of deployment.

Tanya Jakusconek: In terms of opportunities that are out there, would you say most of them now are focused on asset builds, or are they royalty portfolios still available? We saw one last night as well. Anything, any color on opportunities that are out there?

That's meaningful so if we do a $400 million deal that is that moves the needle for triple flag and I think that'll do very well by our shareholders.

Sheldon Vanderkooy: You know, it's gonna be the same answer as has been received by, I think, everyone for the last little while. There's a variety. You know, there's third-party assets that are coming up for sale. There's people looking for financing for various things, you know, and that can be development, or that could be other reasons. I wouldn't say there's any, like, one big thematic out there, and it's kind of our job, you know, to look at the opportunity set and try to generate some of our opportunity set as well. So I wouldn't say there is any kind of one sort of theme that I'm seeing out there.

Great.

And then maybe one last question as you talk about the different growth opportunities within your portfolio I guess, one asset you did not mention was pumpkin hollow.

As a bit of history behind it.

But now it seems like pumpkin hollow onto a new owner.

Tara.

And they seem to have been.

Are you able to raise a lot of capital.

Pumpkin Hollow once again is this something that we should start talking about there's something that we should start getting excited about or is it still too early at this point in time.

Sheldon Vanderkooy: The opportunity set looks pretty robust to me, and I think we've seen, you know, not just ourselves, but other people deploy, you know, I think that bodes well for the sector as a whole.

Yes, so we retain a royalty on the pumpkin hollow open pit and.

That actually I think looks like a really nice royalty because that is copper in the United States and we are a royalty and where on title and that's her survived all the processes that went on there. So I am quite keen to see what <unk> is doing there and that represents some very nice copper exposure from the United States for Triple flag shareholders.

Tanya Jakusconek: Okay. And then we've seen some very big silver opportunities. Are there any smaller ones that fit that, $200 to 500 million range that you're seeing out there?

Sheldon Vanderkooy: ... Yeah, and again, I wouldn't consider 200 to 500 to be small for a company of Triple Flag size. That'd be quite meaningful. There's silver opportunities. There's also gold opportunities out there. You know, I think our focus is always probably gold first, silver second. But, you know, we like precious metals and, you know, if it's a good silver asset or a good gold asset, we really wanna be on good assets with good operators.

Triple flag will not be investing any more money and pumpkin hollow I can I'll say early.

Great. Thanks, again, Sheldon James that you bet those are all the questions. Thank you. Thanks guys.

Okay.

Our next question comes from the line of Pan JAK, whose connect with Scotiabank. Your line is open.

Tanya Jakusconek: Yeah. When I meant the smallest silver opportunities, that was relative to the $4.3 billion. So it was a relative.

Great. Good morning, everybody can you hear me.

I can hi, Tanya.

Sheldon Vanderkooy: Yeah, most things are small relative to $4.3 billion. Yeah.

Hello.

Hmm.

Tanya Jakusconek: Okay. All right. No worries. I'll leave the room for someone else to ask questions. Thank you for taking my question.

A couple of questions if I could start with a very easy one.

Okay.

I know that you use a very different ratio.

Sheldon Vanderkooy: Thanks, Sonia.

Operator: Next question comes from the line of Brian MacArthur with Raymond James. Your line is open.

I guess, just kind of wanted to assume flat.

Blackball pie flat cell supply.

Brian MacArthur: Good morning, and thank you for taking my question. Could you just give us an update on ATO and maybe what you assume, if you assumed any contribution this year? And then as you go out to 2030, what you're thinking, i.e., expansion or baseline? If you just give us an update on that, that would be great. Thank you.

Can you give us just an idea of how the.

Yes, im going to look like from a quality perspective.

We have some step downs, we have other things happening. So I'm just trying to understand how should we think first half second half et cetera.

Yes, Hi, Tanya we give our annual guidance, we're not going to break it down by quarters end.

Sheldon Vanderkooy: Yeah. Hi, Brian, it's Sheldon. I'll answer that one. Look, ATO is in litigation. We've been quite upfront with the market on that. We feel very confident in our position. And, you know, that process is kinda going to the court, so I can't say too much. But what I will say, and I think this is really pertinent, I'm glad you asked the question. We took it out of our 2026 guidance, and we took it out of the 2030 five-year as well. So that doesn't reflect our confidence and our position, but rather we just wanted to remove it as a potential distraction for investors to have to get a handle on.

And you've kind of correctly identified the one factor, which is the Cerro lindo step down will occur sometime in the second quarter, we believe but I can't give any more quarterly guidance over and above that.

Okay.

What about capital returns I think those that are you focused on the dividend. Then you liked the fact that you have rapidly increased that dividend how should we be thinking about it for midyear.

Yes, I think nothing's changed on our philosophy on capital allocation. So as you cited we have a progressively increasing dividend we've increased it every year since being public I see no reason why we would change that I think is very it goes over very well with our with shareholders.

Sheldon Vanderkooy: So when you look at those figures we put out for 2026 and for 2030, there's 0 contribution from ATO in there, and ATO is only upside, not downside, relative to those figures.

That's the dividend and then we're looking to deploy capital into accretive opportunities for shareholders. That's it's really that simple.

Brian MacArthur: Great. Thanks very much, Sheldon. Very clear.

Okay and in terms of the opportunities I think you mentioned that 200 $500 million range being your sweet spot.

Sheldon Vanderkooy: Thanks, Brian.

Operator: That concludes the question and answer session. I would like to turn the call back over to our CEO, Sheldon Vanderkooy.

You're seeing some bigger deals.

Questions on this front. The first thing is I have noticed that typical cross shopping in their own closet.

Sheldon Vanderkooy: Thank you very much. Really appreciated speaking with everyone and looking forward to a great 2026. Bye.

We can are there any other things to do in shopping in your own claw back any other opportunities on assets.

Operator: Ladies and gentlemen, that concludes today's call. Thank you all for joining in. You may now disconnect.

As an analogy I havent heard before I like it.

We just found that all the time Oh by the way.

It is.

Natural when you have a relationship with a party or you already have a position in a property that that that those are the things you look to and with North Park that was obviously a natural for us and we'll be looking for other opportunities like that yet perhaps with these things theyre never done until they're done and I don't want to start front running anything but.

We try to engage closely with our with all of our partners.

And then in terms of opportunities that are out there would you say most of them now are focused on asset sales or are they royalty portfolio cattle available. We won last night as well.

Any color on the opportunities that are out there.

It's going to be the same answer.

<unk> has been received by I think everyone for the last little while.

There's a variety.

Theres third party assets that are come up for sale, there's people looking for financing for various things and that can be development.

Or that could be other reasons.

I wouldn't say, there's any like one big thematic out there and it's kind of our job.

Just to look at the opportunity set and try to generate some of our opportunity set as well.

So I wouldn't say there is any kind of one sort of theme that I am seeing out there the opportunity set looks pretty robust to me and I think we've seen not just ourselves, but other people deploy.

I think that bodes well for the sector as a whole.

And then we've seen some very big scale of our opportunities are there any smaller ones that sets that $200 million to $500 million range.

Hanging out there.

Yes, and again I wouldn't consider two to 500 to be small for a company of our triple flag sized that'd be quite meaningful there.

Silver opportunities was also gold opportunities out there.

I think.

Our focus is always probably gold <unk> silver second.

But we like precious metals and.

It's a good silver asset or a good old assets, we really want to be on good assets with good operators.

Yeah, I think taken when I met the smallest of the opportunity.

Relative to the $4 3 billion that's valid.

Yes, most things are small relative to $4 3 billion.

Alright, I'll leave that for someone else to ask questions. Thank you for taking my question.

Thanks Tanya.

Next question comes from the line of Brian Macarthur with Raymond James Your line is open.

Good morning, and thank you for taking my question.

Could you just give us an update on <unk> and maybe what you would if you assumed any contribution this year and then as you go out to 2030, what Youre thinking expansion. Our baseline. If you can just give us an update on that would be great. Thank you.

Yes, Hi, Bryan Sheldon I'll answer that one.

I think look the Ato is in is in litigation.

Quite upfront with the market on that we feel very confident in our position.

And that process is kind of going through the court. So I can't say too much but what I will say I think this is really pertinent I'm glad you asked the question. We took it out of our 2026 guidance and we took it out of the 2035 year as well so if that doesn't reflect our confidence in our position, but rather we just wanted to remove it as a potential.

Traction for investors to have to to get a handle on so when you look at those figures we put out for 2026 and for 2030, there's zero contribution from Ato and Theyre. An ACO is is only upside not downside relative to those figures.

Great. Thanks, very much Sheldon very clear.

Thanks, Brian.

That concludes the question and answer session I would like to turn the call back over to our CEO Sheldon <unk>.

Thank you very much really appreciate it speaking with everyone and looking forward to a.

Right 2026.

Ladies and gentlemen that concludes today's call. Thank you all for joining and you may now disconnect.

Okay.

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