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• **A Real Estate Investment Trust (REIT) for gold and silver mines.** (TFPM, like a REIT, provides diversified exposure to an asset class without the operational headaches of managing the underlying assets, instead receiving a "rent" in the form of future metal production.)
• **Like Prologis, but for future gold and silver production rather than industrial real estate.** (Similar to how Prologis owns logistics properties and collects rent, TFPM owns rights to future metal production from mines and collects metal, providing asset-light exposure to a critical industry.)
• **A 'toll booth operator' for precious metals mines, providing upfront capital in exchange for a percentage of the gold and silver that passes through.** (TFPM funds mining companies and then takes a predetermined "toll" in the form of actual metal from their future production, without owning or operating the mine itself.)

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• Precious Metals Streams: Financial agreements where Triple Flag provides upfront capital to mining companies in exchange for the right to purchase a fixed percentage of future metal production at a pre-determined, low price.
• Precious Metals Royalties: Financial agreements where Triple Flag receives a percentage of the gross or net revenue or production from a mining operation, typically without any ongoing capital or operating costs.

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Triple Flag Precious Metals Corp. (TFPM) operates as a streaming and royalty company. Its business model involves providing upfront financing to mining companies in exchange for a percentage of future production (a "stream") or royalty payments. TFPM then receives physical precious metals (primarily gold, silver, and platinum group metals) from these mining partners.

TFPM subsequently sells these refined precious metals into the global commodity market. Given the nature of this market, TFPM does not typically have "major customers" in the traditional sense of long-term, disclosed contractual relationships with specific end-users for the bulk of its sales. Instead, it sells its metal to institutional buyers who operate within the highly liquid global precious metals market.

The primary categories of companies that purchase significant quantities of refined precious metals from producers and streamers like TFPM are:

• Bullion Banks: Large financial institutions that act as market makers, traders, and custodians of physical precious metals. They facilitate transactions for various clients, including producers, investors, and industrial users.
• Major Refiners and Dealers: Companies that process unrefined precious metals into investment-grade products and distribute them globally to a diverse customer base, including mints, industrial fabricators, and other financial institutions.

While TFPM does not publicly disclose specific names of its direct buyers due to the dynamic and liquid nature of the commodity market, the metal it receives is typically sold to major participants within these categories. Examples of such prominent public companies that operate as major buyers and market participants in the precious metals industry include:

• JPMorgan Chase & Co. (NYSE: JPM)
• HSBC Holdings plc (NYSE: HSBC)
• UBS Group AG (NYSE: UBS)
• Asahi Holdings, Inc. (TYO: 5269) - operates Asahi Refining, a major global refiner.
• Rajesh Exports Ltd. (BOM: 531500) - owns Valcambi, one of the world's largest precious metal refiners.

It is important to note that these companies are examples of the types of entities that typically purchase and deal in large volumes of precious metals in the open market, rather than being exclusive or named direct customers of TFPM.

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• Zijin Mining Group Co., Ltd. (HKEX: 2899)
• Nexa Resources S.A. (NYSE: NEXA)
• CMOC Group Limited (HKEX: 3993)
• Agnico Eagle Mines Limited (NYSE: AEM)
• Barrick Gold Corporation (NYSE: GOLD)

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Sheldon Vanderkooy, Chief Executive Officer and Director

Sheldon Vanderkooy is a founding member of the Triple Flag management team with over 25 years of experience in the mining sector. Prior to his transition to CEO in 2024, he served as Triple Flag's CFO from 2019 to 2024 and as General Counsel from 2019 to 2023. Before joining Triple Flag, Mr. Vanderkooy was Assistant General Counsel at First Quantum Minerals Ltd. and Senior Director, Legal Affairs at Inmet Mining Corporation. He was also a corporate partner at Blake, Cassels & Graydon LLP, where he began his legal career practicing tax law. Before attending law school, Mr. Vanderkooy was a Chartered Accountant at Ernst & Young LLP.

Eban Bari, Chief Financial Officer

Eban Bari joined Triple Flag in 2018. He is a finance professional with over twenty years of experience across various complex multinational organizations. Prior to Triple Flag, he spent nine years at Barrick Gold, serving most recently as Senior Director, Financial Reporting, overseeing 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.

James Dendle, Chief Operating Officer

James Dendle is a geologist with more than 10 years of global experience in both the private sector and consultancy services. He has a broad background in estimating and auditing resources and reserves, multi-disciplinary due diligence, and technical studies. Mr. Dendle joined Triple Flag in 2017, having advised the company in a technical capacity since its inception. Previously, he was a Senior Consultant at SRK Consulting (UK) Limited, working globally on a wide range of operating mines, development, and exploration projects across predominantly base and precious metals.

Warren Beil, Vice President and General Counsel

Warren Beil serves as Vice President and General Counsel for Triple Flag Precious Metals.

Steve Botts, Vice President, Sustainability

Steve Botts is Vice President, Sustainability for Triple Flag Precious Metals, where he leads the company's sustainability initiatives, focusing on investment due diligence and ongoing portfolio monitoring. He is a senior mining executive and consultant with over 35 years of international experience, having led complex mining operations and projects across the Americas. As President of Santa Barbara Consultants, he advised clients on sustainability strategy, permitting, and project development.

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The key risks to Triple Flag Precious Metals' business are:

1. Precious Metal Price Volatility: As a precious metals streaming and royalty company, Triple Flag Precious Metals' financial performance is heavily exposed to the fluctuations and volatility in the market prices of gold and silver. Changes in these commodity prices directly impact the company's revenue and profitability.
2. Operational Risks at Underlying Mines: Triple Flag Precious Metals derives its revenue from stream and royalty interests in various mining properties, meaning it does not own or operate the mines directly. This business model inherently limits its control over the operational aspects of these properties. Risks include potential disruptions from illegal mining activities (as observed at the Buritica asset), uncertainties regarding the restart of assets (such as El Machito), and other operational interruptions at the third-party-operated mines that could impact production and, consequently, Triple Flag's cash flow.
3. Industry Competition: The precious metals streaming and royalty sector is highly competitive. Triple Flag Precious Metals faces significant competition from larger and more established companies, such as Franco-Nevada and Wheaton Precious Metals, which can exert pricing pressure and influence market dynamics.

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Triple Flag Precious Metals (TFPM) operates as a precious metals streaming and royalty company, with its main products being exposure to gold and silver through financing agreements with mining operators. The company provides upfront capital in exchange for a percentage of future gold or silver production or royalty payments.

The addressable markets for their main products, gold and silver, are as follows:

• Global Gold Market: The global gold market was valued at approximately USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030, demonstrating a compound annual growth rate (CAGR) of 6.51% from 2025 to 2030.
• Global Silver Market: The global silver market size was valued at approximately USD 87.12 billion in 2024 and is projected to grow to USD 95.20 billion in 2025 and further to USD 202.07 billion by 2033, exhibiting a CAGR of 9.86% during the forecast period (2025-2033).

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Triple Flag Precious Metals (TFPM) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market conditions:

1. Accretive Acquisitions and Portfolio Expansion: Triple Flag has been actively pursuing and completing accretive acquisitions, deploying significant capital into new investments. In 2025, these investments included the Tres Quebradas lithium mine, Arcata and Azuca silver mines, an additional interest in the Johnson Camp copper mine, a 1% Net Smelter Return (NSR) royalty on the Arthur Gold project, and a royalty package on the Minera Florida gold mine. Many of these new assets have recently started production or are expected to deliver first revenue, directly contributing to revenue growth.
2. Increased Gold Equivalent Ounces (GEOs) from Existing and New Assets: The company has consistently reported record Gold Equivalent Ounces (GEOs) and projects continued growth in its sales guidance. Triple Flag has reaffirmed its 2025 sales guidance of 105,000 to 115,000 GEOs and targets a significant increase to 135,000-145,000 GEOs by 2029. This growth is anticipated from existing key assets like Northparkes, as well as new production commencements at assets such as the Johnson Camp Mine, Tres Quebradas, and Arcata, alongside development progress at projects like Koné and Arthur.
3. Favorable Precious Metals Price Environment: Triple Flag's revenue benefits significantly from strong precious metals prices, particularly for gold and silver. The company's management has highlighted that shareholders are directly benefiting from higher gold prices, which are translating into record cash flows per share. Record quarterly average prices for gold and silver were noted in Q3 2025. The streaming and royalty model insulates Triple Flag from inflationary cost pressures, allowing higher prices to directly result in more cash flow.
4. Exploration and Development Upside on Royalty and Stream Assets: The inherent optionality within Triple Flag's diversified portfolio provides long-term growth potential through exploration success and development on its existing royalty and stream assets. For example, the Arthur Gold project is noted for its "exceptional long-term growth potential, underpinned by a rapidly expanding resource base and significant exploration upside." Similarly, progress at Westgold's Beta Hunt mine has nearly doubled its resource base, and the Minera Florida mine has a history of consistent performance and reserve replacement, with ongoing exploration potential and plans for mill expansion.

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Share Repurchases

• Triple Flag bought back $9 million of common shares under its normal course issuer bid in 2024.
• As of November 2023, the company extended its share buyback program for one year, authorizing the purchase of 10.08 million securities.
• By the end of Q1 2024, approximately 0.5 million shares were repurchased under this program.

Share Issuance

• Triple Flag Precious Metals went public with an IPO in 2021.
• As of November 11, 2025, the company had 206,561,506 outstanding shares.

Outbound Investments

• Year-to-date in 2025, Triple Flag has deployed over $350 million of capital across five investments.
• In the first half of 2025, investments included the Tres Quebradas lithium mine in Argentina, the Arcata Silver Mine in Peru, and an additional interest in the Johnson Camp Copper Mine in Arizona.
• In Q3 2025, the company acquired a 1% NSR royalty on the Arthur Project in Nevada and a royalty package on Pan American Silver's Minera Florida gold mine in Chile for $23 million.

Capital Expenditures

• In 2023, Triple Flag's free cash flow was identical to its operating cash flow, indicating an absence of direct capital expenditures for the company.