Hello, and welcome to Triple Flag Precious Metals Corp. Q1 2026 Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. If you would like to ask a question at that time, press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to Sheldon Vanderkooy. Sheldon, please go ahead. Thank you.

Good morning, everyone, and thank you for joining us to discuss Triple Flag Precious Metals Corp.’s first quarter 2026 results. With me on the call this morning are Eban Bari, our chief financial officer, and James Dendle, our chief operating officer. Triple Flag Precious Metals Corp. is off to a record start in 2026, with Q1 representing the strongest quarter in the company's history across every key metric. This includes over 30 thousand GEOs, $129 million of adjusted EBITDA, and operating cash flow per share of $0.55. These are all quarterly records. The Q1 result is a straightforward demonstration of the model working as intended: high-margin, top-line exposure to higher gold and silver prices translating into per share cash flow growth of 67% year over year. On the transaction front, we kicked off 2026 by unlocking the high-grade E44 gold deposit at North Parks, which was not previously included in Evolution’s life of mine plan. Triple Flag Precious Metals Corp. will receive guaranteed minimum deliveries from E44 over seven years starting in 2030, which aligns with Evolution’s approved plans for a block cave at E22 and a potential mill expansion to 10 million tons per annum, all of which position North Parks as a clear growth asset for Triple Flag Precious Metals Corp. Then in March, we acquired a 3% gross revenue royalty on the Gunnison copper project in Arizona for $23 million. James will walk you through the details. This is an asset that fits precisely within our strategy of highly accretive transactions for projects in mining-friendly jurisdictions, in this case, the United States. For our existing portfolio, our assets are performing ahead of our expectations. Hope Bay’s construction decision is expected later this month, with a production profile of at least 400 thousand ounces per year. The mill at Beta Hunt has been approved for expansion to 2.6 million tons per annum with further potential growth to 4 million tons per annum. Kone’s oxide circuit remains on track for production later this year. Fosterville is planning a 65% throughput increase that will boost production over the next three years. And Last Arthur’s feasibility work, permitting submission, and drilling are underway on what AngloGold sees as a world-class deposit that will continue to grow for decades to come. Our first quarter performance, as well as the underlying achievements made by the assets within our portfolio, have us on track to deliver our 2026 guidance and our 2030 outlook of 140 to 150 thousand GEOs. I will now turn it over to Eban to discuss our financial results for Q1 2026.

Thank you, Sheldon. As Sheldon highlighted, Q1 was a record quarter on every line item. Adjusted earnings were up, adjusted EBITDA was up 82%, and most importantly, cash flow per share was up 67% year over year. Operating cash flow per share is the metric that most directly compounds shareholder value over time. This strong cash flow generation continues to support all of our capital allocation priorities, given our high-margin business, including shareholder returns and external growth opportunities. We aim to pay a progressively growing dividend that is sustainable across all metal prices, and we have increased our dividend every year since IPO by about 5% mid-year. We will continue to assess the right pace of further increases against the broader growth and capital deployment opportunity set. In addition to our dividend, we have an active NCIB and, as always, will buy back shares in the open market on an opportunistic basis. We have a pristine balance sheet and exited the quarter with $144 million of cash, no debt, and over $1 billion of liquidity available. This gives us meaningful flexibility to continue executing on accretive growth opportunities while funding our progressive dividend and buying back shares when warranted. With that, I will turn it over to James to walk you through Hope Bay, Gunnison, and our growth expectations beyond 2030.

Thanks, Eban. We hold a 1% NSR royalty on Hope Bay, which is one of the most exciting development assets in our portfolio. We expect a meaningful development in the next several weeks. The asset is an 80-kilometer greenstone belt in Nunavut, with over 90 regional exploration targets identified across the property. Our royalty covers well over 1 thousand square kilometers. AMECO’s unparalleled operating capabilities are essential in ensuring the successful development and operation for projects at this scale and remoteness. A technical evaluation update and a construction decision are expected by Agnico in May, which will highlight the 6 thousand tonnes per day operation with the potential to be a 400 thousand to 425 thousand ounce per year gold producer. Hope Bay’s exploration potential is also significant in areas such as Patch 7 and Madrid, but also at the geological potential to support a multi-decade district across the broader 80-kilometer belt. As Sheldon mentioned, in late March we completed the acquisition of a third-party 3% gross revenue royalty on the Gunnison copper project in Arizona for $23 million, which is strongly accretive on a per share basis. There are a few things that we particularly like about this transaction. First, it is an existing royalty on a large-scale U.S. copper project that is designed to be mined and processed using conventional methods. The updated PEA released in February supports approximately 125 million pounds of annual copper cathode production, totaling roughly 3.2 billion pounds over a 21-year life of mine. Second, the location is genuinely top tier. The project sits on a combination of private and state land in Arizona, which we expect to help streamline permitting, with on-site power, rail, and water infrastructure already in place. Domestic U.S. copper production is a strategic priority in the current environment, and Gunnison is positioned to deliver into this need. Finally, I want to discuss the growth that our portfolio is expected to deliver beyond 2030. Outside of our formal outlook, Arthur, Kemess, Hope Bay, and North Parks represent world-class, long-life assets located in the most established mining jurisdictions. They provide substantial growth potential beyond our 2030 outlook. At Arthur, a pre-feasibility study was released in February to drive the commencement of permitting in 2027. The current mine plan has been described by Anglo as the top of the iceberg, and they further noted that Arthur is a marquee asset that will anchor the portfolio into the 2050s. We are very excited about the development trajectory and potential of this tier-one gold asset. At Kemess, Triple Flag Precious Metals Corp. holds a 100% silver stream. The January 2026 PEA supports a large-scale copper-gold-silver operation reaching production by 2031, leveraging existing brownfield infrastructure and permits from previous mining operations. Notably, the PEA mine plan represents only 47% of the total indicated and inferred resource tonnes, providing further upside potential for subsequent economic studies. Hope Bay I have already covered, but its place in this discussion is worth noting: a potential 400 thousand to 425 thousand ounce per year producer with district-scale exploration upside along the 80-kilometer belt and a construction decision expected this month. Finally, North Parks is Triple Flag Precious Metals Corp.’s largest asset. Numerous growth projects have been recently approved, which will unlock value from a world-class copper-gold district, including the E22 block cave, the E44 gold open pit with minimum guaranteed deliveries, and, most importantly, a potential mill expansion to at least 10 million tons per annum, which is currently being studied over the next year. We believe that the mill expansion is the optimal path forward to unlock value from not only the 575 million tons of current measured and indicated resource inventory, but other prospective and underexplored targets that could materially add to the potential production profile associated with the improved scale and processing optionality at North Parks. Taken together, these four assets are diversified across long-life, district-scale systems in Nevada, British Columbia, Nunavut, and Australia. They are all operated by high-quality counterparties and represent the foundation for further organic growth beyond 2030. I will now pass back to Sheldon for closing remarks.

Thank you, James. We had a record start to the year, and we are positioned to achieve our 2026 guidance. We saw record growth in operating cash flow per share and delivered transactions that will benefit our shareholders for decades to come. Beyond 2030, Triple Flag Precious Metals Corp. shareholders can expect significant additional GEO growth from long-life, district-scale assets, including at North Parks, Arthur, Kemess, and Hope Bay. Overall, Triple Flag Precious Metals Corp. is exceptionally well positioned to deliver long-term organic value to our shareholders from a diverse portfolio of producing and development assets. Our balance sheet remains pristine. We are debt free with over $140 million in cash and over $1 billion in available credit, providing us with substantial financial flexibility to continue pursuing accretive growth opportunities for the benefit of our shareholders. That concludes our prepared remarks. Operator, please open the floor to questions.

We will now open the call for questions. If you would like to ask a question at this time, simply press star followed by the number one on your telephone keypad. Your first question comes from the line of Sam Overwater with Scotiabank. Sam, please go ahead.

Good morning, everyone, and congratulations on another great quarter. Could you please walk us through an M&A and transaction outlook update—specifically the size of transactions that Triple Flag Precious Metals Corp. commonly engages, the mine life stage, the commodity, and any more information. Thank you.

Certainly, Sam. I will take that. First of all, I am very pleased that we deployed over $100 million in Q1 on very good terms. There continue to be many opportunities, and I am confident we will manage to do more in 2026. With regard to what we are looking at, it is mostly precious, mostly good jurisdictions, and a range of sizes—certainly in that $100 million to sub-$500 million range—again, generally good jurisdictions that would be attractive for our shareholders.

Great, thank you. Just one more tag-on: What is the transactional outlook in Australia? Has Triple Flag Precious Metals Corp. been engaging any opportunities there?

We really like Australia. It is our single highest country concentration. We are active in Australia. We are also active in many other jurisdictions around the world.

Great. Thank you. That is all from me.

Again, if you would like to ask a question, press star followed by the number one on your telephone keypad. Our next question comes from the line of Brian MacArthur with Raymond James. Brian, please go ahead.

Good morning. My question relates to the buyback on the Gunnison agreement, and there are two parts to it. The royalty part, I think, is clear to me. But can you just go through—I thought there was a $65 million stream expansion payment. Now you are talking about a termination for $35 million. Can you update me on exactly what is left and how the stream is working these days, please?

Certainly, Brian. I will take that. The royalty buy-down option is pretty straightforward. To set the context, we wanted to provide a pathway, on a change of control, to have a lower royalty burden on the property, which we think could unlock value for all parties, and it is at an attractive price for Triple Flag Precious Metals Corp. With respect to the stream, we have an option to fund an additional $65 million and effectively almost double the stream rate. Instead of us funding $65 million to double the stream rate, they would pay $35 million to us in order to cancel that option on our part. I do not think anyone values our expansion option right now, so $35 million would be a nice win for Triple Flag Precious Metals Corp.

Right, so you would just get $35 million for that option, but the 3.5%, the 16.5%, that all stays in place. There is no change in step-downs or adjustments or anything. It is a pure payout of the option.

Exactly. It is not a reduction in our current stream at all.

Okay. Thanks very much, Sheldon. That is very clear.

Your next question comes from the line of an analyst with Bank of America. Please go ahead.

Hi, thanks for taking my question. I just had a question on the buyback program, which has been underutilized to date. Perhaps you could comment on why there has been little activity there relative to other companies with buyback programs, and what the outlook is going forward.

Yes, thanks. We have always been opportunistic with respect to the NCIB and have shown a willingness to deploy on that from time to time. All I would say is we view our shares as being undervalued. Maybe I will stop there.

Noted. Thank you very much.

There are no further questions at this time. I will now turn the call back over to Sheldon Vanderkooy for closing remarks.

Thank you, everyone. I really appreciate your attendance. It has been a fantastic start to the year, and I think it is going to be a fantastic finish to the year as well. I appreciate your time.

This concludes today’s call. You may now disconnect.

Thank you. Take care.