Here are 1-3 brief analogies to describe Triple Flag Precious Metals (TFPM):

• Think of TFPM as a Real Estate Investment Trust (REIT) for the mining industry – it owns a diverse portfolio of rights to future gold and silver production from various mines, similar to how a REIT owns income-generating properties without operating them.
• Imagine TFPM as a music publishing company for gold mines – it provides upfront capital to miners in exchange for a percentage of their future gold and silver production, much like a music publisher funds artists for a share of their song royalties.

• Precious Metals Streams: Financial agreements where the company provides an upfront payment to a mining operator in exchange for the right to purchase a percentage of future metal production at a pre-determined, usually low, price.
• Precious Metals Royalties: Financial agreements where the company provides an upfront payment to a mining operator in exchange for a percentage of future revenue, profit, or production from a mine.

Triple Flag Precious Metals (TFPM) operates as a gold-focused streaming and royalty company. Its business model involves two primary revenue streams:

• Royalties: TFPM provides upfront capital to mining companies in exchange for a percentage of the revenue or production from a mine. In this scenario, TFPM receives payments from the mining companies, but these mining companies are not TFPM's customers; rather, they are the source of TFPM's royalty revenue.
• Streams: TFPM provides upfront capital to mining companies in exchange for the right to purchase a fixed percentage of future metal production (primarily gold and silver) at a pre-agreed, typically low, fixed price. TFPM then takes physical delivery of these metals and sells them on the open market.

For its streaming business, where TFPM sells physical precious metals, its "customers" are typically other companies operating within the global precious metals market. Triple Flag Precious Metals generally sells into the commodity market and does not disclose specific major customer companies by name or symbol. Instead, its sales are directed to various participants in the precious metals supply chain. The major categories of customers that purchase gold and silver in the global market, and thus would be the ultimate buyers of metals from TFPM's streaming operations, include:

• Precious Metals Refiners: Companies that process and purify raw or semi-refined gold and silver into investment-grade bullion or other standardized forms.
• Bullion Dealers and Banks: Financial institutions and specialized dealers that trade large quantities of physical gold and silver, often serving as intermediaries for investors, central banks, or industrial users.
• Industrial Manufacturers: Companies that utilize gold and silver as raw materials in various manufacturing processes, such as in electronics, jewelry production, dentistry, and other high-tech applications.

Due to the nature of commodity markets, TFPM does not typically have specific, named major customer companies with publicly traded symbols that it sells to directly and exclusively in the way a conventional product-based business might.

• Equinox Gold Corp. (EQX)
• Zijin Mining Group Co., Ltd. (601899.SS, 2899.HK)
• CMOC Group Limited (603993.SS, 3993.HK)
• Nevada Copper Corp. (NCU)
• Argonaut Gold Inc. (AR)

Sheldon Vanderkooy, Chief Executive Officer and Director

Sheldon Vanderkooy was appointed CEO and Director of Triple Flag Precious Metals in September 2024. He is a founding member of Triple Flag, joining in 2016. Prior to his current role, he served as Triple Flag's Chief Financial Officer from 2019 to 2024 and General Counsel from 2019 to 2023. Mr. Vanderkooy played a key role in the company's growth, including its successful US$264 million initial public offering in 2021. Before joining Triple Flag, he held executive roles as Assistant General Counsel at First Quantum Minerals Ltd. and Senior Director, Legal Affairs at Inmet Mining Corporation. He also worked as a corporate partner at Blake, Cassels & Graydon LLP, specializing in mining mergers and acquisitions and financing transactions, and began his career practicing tax law at the same firm. Earlier in his career, he was a Chartered Accountant at Ernst & Young LLP.

Eban Bari, Chief Financial Officer

Eban Bari was promoted to Chief Financial Officer of Triple Flag Precious Metals, effective September 26, 2024. Before joining Triple Flag, he spent nine years at Barrick Gold, most recently as Senior Director, Financial Reporting, where he oversaw global reporting. His experience also includes internal reporting at Loblaw Companies Ltd., a controllership role at Bell Canada, and an external reporting role at Manulife Financial. Mr. Bari holds a CPA designation in both Canada and the United States (Illinois).

James Dendle, Chief Operating Officer

James Dendle was promoted to Chief Operating Officer of Triple Flag Precious Metals, effective September 26, 2024. He is a geologist with over 10 years of global experience in both the private sector and consultancy services. His background includes expertise in estimating and auditing resources and reserves, as well as multi-disciplinary due diligence and technical studies. Prior to joining Triple Flag, Mr. Dendle was a Senior Consultant at SRK Consulting (UK) Limited, working internationally on a diverse range of operating mines, development, and exploration projects, primarily in base and precious metals.

Steve Bristo, Finance Professional

Steve Bristo is a finance professional with over 15 years of experience in the mining and natural resources sector. He joined Triple Flag in 2016. Before his time at Triple Flag, he worked in Global Mining Research at RBC Capital Markets, where he was part of the equity research team covering base metals mining companies. He has also held roles at Merrill Lynch Canada and the Marquee Group. Mr. Bristo is a CFA charterholder.

Corey Dicker, Director, Legal

Corey Dicker serves as Director, Legal for Triple Flag Precious Metals, bringing multiple years of experience in corporate and securities law within the mining sector. His experience encompasses mergers and acquisitions, public offerings, private offerings, stock exchange listings, special purpose acquisition companies, and other capital markets transactions. Mr. Dicker began his private practice with the Vancouver office of Blake, Cassels & Graydon LLP, a national law firm.

Key Risks to Triple Flag Precious Metals (TFPM)

1. Commodity Price Volatility: As a gold-focused streaming and royalty company, Triple Flag Precious Metals' revenue and profitability are directly tied to the market prices of gold and silver. A significant drop in precious metal prices would decrease the value of the streams and royalties the company receives, negatively impacting its financial performance.
2. Reliance on Third-Party Operators and Production Declines: Triple Flag does not operate the mines from which it receives streams and royalties. Consequently, the company is reliant on the operational success and management of third-party mining companies. Risks include technical failures, environmental issues, or other operational disruptions at the mine sites, which could impact the delivery of precious metal streams. Furthermore, production and stream-rate declines at key underlying assets could challenge Triple Flag's growth trajectory and expected revenues.
3. Asset Concentration Risk: Despite maintaining a diversified portfolio, Triple Flag Precious Metals has some concentrated exposure to a handful of cornerstone assets. Prolonged underperformance, production declines, or other issues at these significant assets could disproportionately disrupt cash flows from individual streams or royalties, even within a broader portfolio.

For Triple Flag Precious Metals (TFPM), a company focused on acquiring and managing precious metals streams and royalties, the addressable markets are the global gold and silver mining industries.

• The global gold mining market was estimated at approximately USD 260.86 billion in 2024.
• The global silver mining market was valued at approximately USD 21.52 billion in 2024.

For Triple Flag Precious Metals (TFPM), several key drivers are expected to contribute to future revenue growth over the next 2-3 years:

1. Rising Precious Metal Prices: Triple Flag's business model as a streaming and royalty company is highly leveraged to commodity prices. The direct translation of higher gold and silver prices into increased cash flow and revenue is a significant driver. For example, the average gold price in Q4 2025 was $4,135 per ounce, which was noted to be well below current spot prices approaching $5,000 per ounce, indicating a potential tailwind for revenue in 2026 and beyond.
2. Strategic Acquisitions and Investments: The company actively pursues external growth opportunities by investing in new streams and royalties. In 2025 alone, Triple Flag deployed over $350 million into new streams and royalties, including projects like Arcata, Arthur, Johnson Camp Mine, and Minera Florida. These investments are designed to provide immediate or near-to-medium-term cash flow and significant exploration potential, contributing to the company's growth pipeline.
3. Growth from Existing Cornerstone Assets: Enhancements and developments at key existing assets are expected to drive future revenue. Northparkes is highlighted as a cornerstone growth asset, with new developments such as the E22 block cave approval and a mill expansion study aiming to increase throughput from 7.6 million to 10 million tons per annum. The recent funding of the E44 Gold Deposit also expands its Northparkes streaming.
4. Increased Gold Equivalent Ounces (GEOs) Production: While a short-term dip in Gold Equivalent Ounces (GEOs) is projected for 2026 (guidance of 95,000 to 105,000 GEOs) due to mine sequencing at Northparkes and a planned step-down in the Cerro Lindo stream rate, the long-term outlook indicates robust growth. Triple Flag has a clear pathway to achieve 140,000-150,000 GEOs by 2030, representing approximately 45% growth from the midpoint of its 2026 guidance. This growth is anticipated from multiple advancing assets, including Arcata, Kone, Eskay Creek, Era Dorada, and Goldfield.

Share Repurchases

• Triple Flag Precious Metals was authorized to repurchase up to 10,071,642 common shares, representing 5% of its issued and outstanding shares, under a normal course issuer bid (NCIB) from November 15, 2024, to November 14, 2025.
• Under a previous NCIB, the company was approved to repurchase up to 10,078,488 common shares between November 15, 2023, and November 14, 2024.
• Actual share repurchases amounted to approximately $8.9 million in 2024, $20.7 million in 2023, and $4.1 million in 2022.

Share Issuance

• No significant share issuances (outside of initial public offerings or large M&A that might involve share components) with specific dollar amounts were explicitly detailed in the provided information for the last 3-5 years.

Inbound Investments

• No specific large inbound investments by third parties into Triple Flag Precious Metals as a public company were identified in the provided information over the last 3-5 years. The company operates as a subsidiary of Triple Flag Mining Elliott and Management Co-Invest LP, which implies initial investment at its founding.

Outbound Investments

• In 2025, Triple Flag deployed over $350 million into new deals, including the E44 gold and silver stream at Northparkes.
• In 2022, the company entered into definitive agreements for an A$10 million gross revenue return and an US$80 million gold and silver stream on the Prieska Copper-Zinc Mine with Orion Minerals Ltd.

Capital Expenditures

• Triple Flag Precious Metals, as a streaming and royalty company, typically does not incur significant capital expenditures related to mine development as it does not own or operate the underlying properties.
• Reported capital expenditures were approximately $57.5 million in 2024, $190.9 million in 2023, and $52.3 million in 2022.