Ladies and gentlemen, thank you for standing by. My name is Angela and I will be your conference operator today. At this time, I would like to welcome everyone to the Triple Flag Precious Metals 2nd Quarter 2026 conference call. I'd like to remind everyone that this call is being recorded and that all lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. if you would like to ask a question during this time simply press star followed by the number one in your telephone keypad to raise your hand and enter the queue if you would like to enjoy your question press star one again thank you i would now like to turn the call over to mr sheldon van der koe chief executive officer and director please go ahead thank you angela thank you for joining us to discuss triple flag second quarter of 2026 results with me on the call this morning are iban barry our chief financial officer and james dendl our chief operating officer this quarter marks a milestone for our company triple flag is entering its second decade and

we are doing so with the strongest organic growth profile in our history and a clear track record of compounding shareholder value h1 was the strongest six months in the history of our company q2 was another strong order we sold nearly 29 000 geos we generated 117 million of adjusted evita and we delivered operating cash flow per share of 54 cents up from 38 cents in q2 of last year this represents 42 growth in cash flow per share with our high margin top line exposure to gold and silver prices translating directly into per share cash flow. June was a milestone month for Triple Flag. In the span of two weeks, we announced three important developments. First, we reached the settlement agreement with Step Gold that fully resolves all our outstanding disputes. We received all obligations and arrears on signing, and we have secured guaranteed fixed gold deliveries over the next 10 years, along with long-term exposure to production from the ATO mine we initially invested 28 million in step and have already received over 60 million dollars of returns to date in addition to the over 34 000 ounces of gold to be delivered over the next 10 years second we announced and closed the acquisition of a 440 million dollar gold stream on the ravenswood gold mine in queensland australia this is a cornerstone addition to our portfolio that delivers immediate cash flow from a large-scale, long-life, low-cost operation with first deliveries received in July of this year. And third, on the strength of these two developments, we increased our 2026 GEO guidance to 100,000 to 110,000 ounces and raised our 2030 outlook to 150,000 to 160,000 GEOs. Q2 was also a fantastic order for demonstrating the organic growth driven by mine development and mine life extension in may ignico eagle announced a positive construction decision at hope bay a milestone that we have pointed to for several quarters and one that firmly anchors our growth beyond 2030 outlook at north parks the e48 sub-level cave is ramping up and its growth plans continue to advance including a mill expansion study to 10 million tons per annum and at arthur feasibility work and drilling are underway on a world-class greenfield deposit following the pre-fees released earlier this year finally an important part of our capital allocation strategy remains returns to shareholders we are pleased to announce our fifth consecutive annual increase of our dividend since we listed in 2021 which now equates to an annualized dividend of 24 cents per share. Additionally, we repurchased 20 million dollars of shares in the open market during the quarter, taking advantage of the opportunity presented by the markets. I will now turn it over to Evanne to discuss our financial results for Q2 2026.

Thank you, Sheldon. As Sheldon highlighted, we have a very strong quarter, with portfolio producing 28.7 thousand GEOs, resulting in the first half of nearly 59 thousand GEOs. This puts triple flag on track to achieve our increased 2026 guidance. Across the chart, adjusted ETS were up 63 percent, adjusted EBITDA was up 54 percent, and most importantly, cash flow per share was up 42 percent year over year. Operating cash flow per share is the metric that most directly compounds to shareholders over time and our strong margins ensure that higher metal prices flow directly through to our shareholders. This strong cash flow generation continues to support all our capital allocation priorities. We view a progressively growing dividend as core part of our capital allocation strategy and one that's sustainable across all Our dividend has now been increased to $0.24 on an annualized basis, up 4% from prior dividends. I'm proud that we've increased our dividend every year since our IPO. On buybacks, we have said that we view our shares as being undervalued. And we acted on that V this quarter, repurchasing $20 million worth of shares in the open market. The NCIB remains an active part of our shareholder return strategy, and we will continue to be opportunistic. Lastly, I would like to comment on our balance sheet. Despite deploying $440 billion on Ravenswood acquisition, $20 million on share buybacks and our normal course dividend, we exited the quarter with over $1.1 billion of available liquidity. We funded Ravenswood with cash on hand and drawings from our revolving credit facility And given cash-generating power of our business, with over $100 million worth of operating cash flow this quarter alone, we expect to repay this facility rapidly during 2027 based on current development. breath overall a strong balance sheet robust operating cash flows and total liquidity over 1.1 billion dollars gives us the capital to continue deploying dollars into creative opportunities to drive future growth for the benefit of our shareholders with that i will turn it over to james to walk you through raisinswood hope bay and our roof pipeline Thank you Yvonne.

Starting with Ravenswood, we hold a 5.5% gold streak. The mines is Queensland's largest gold mine and a top 10 Australian gold mine by all reserves. There are several attributes, particularly like this transactions. First, this is a producing proven operation. Ravenswood has been in continuous production since 1987 and has produced a formally announced the goal of the discovery. Upstream generates cash flow immediately with the first deliveries having commenced in Q3. Second, the asset offers a track of scale, combined life and costs. The expansion completed in 2023 supports growth in annual production to more than 200,000 ounces with the operation ramping towards that level by 2028, while sitting in the lower half of the global cost curve. Third, the mineral endowment is extensive and the exploration is compelling. Since 2020, roughly 800,000 ounces of reserve additions outpaced 600,000 ounces of depletion with multiple in-pit and near mine targets adjacent to the Buck Reef West and Southfield known pits turning to hope bay we hold a one percent nsr royalty on this agneco eagle project in none of us in late may agneco eagle announced positive construction decision the accompanying study contemplates 6 000 tons a day underground operation producing 400 to 435 000 pounds of gold per year over an initial 11 year life mine first production is expected in 2030 What makes Hope Bay particularly exciting is what the initial plan leaves out. The 11-year mine life incorporates only about half of the declared mineral resource, 55% of the measured and indicated, and 48% of the inferred. Beyond that, Agnico has over 90 regional targets across a highly respected 80-kilometre greenstone belt with 700,000 metres of drilling planned over the next five years. This includes growing up at the Boston Deposit, which is not included in the PEA and is located 50 kilometers south of the Madrid Deposit. Boat Bay has the potential to develop into a multi-decade district-scale mining camp, and Agnico's decades of proven Arctic operating experience and established logistics routes make them the ideal operator to realize its potential. Finally, I've also discussed some of the assets that will drive further growth beyond our 2030 outlook. This should provide a clear view to our shareholders of what will become core paying assets as a triple flag. Arthur, KMS, Hope Bay and North parts of world class belong like assets located in established mining jurisdictions. At Arthur, a pre-feasibility study was released in that are reforming the basis of permitting to commit to 2027. The current nine-year life of mine is the beginning of a much longer life. Anglo Gold has described the study as top of the iceberg, noting that Arthur is a marquee asset that will anchor Anglo Gold's portfolio in the 2050s. A Chem S triple flag holds a 100% silver streak. The 2026 PEA supports a large-scale copper-gold-silver operation, reaching production by 2031, leveraging existing brownfield infrastructure and permits from previous mining operations. The PEA mine plan represents only 47% of the total resource tons, providing upsides for further answers to be included in an upcoming PFS in mid-2027. As I mentioned, we expect to obey to commence production in 2030 with a ramp-up thereafter. And finally, North Park's is Cripple Flower's largest asset. Numerous growth projects have recently been approved by Evolution, which will unlock value from world-class copper and gold and diamonds that include the E22 block cave, the E44 gold open pit with minimum delivery guarantees, and most importantly, a potential mill expansion to at least 10 million tonnes per hour, the latter two of which are currently being studied over the next year. We believe that the mill expansion is the optimal path to unlock value from not only the 625 million tonnes of total current resources, but other prospective underexplored targets that could materially add to the production profile, an increased scale and processing optionality. Taken together, these four assets are diversified across long-life district-scale systems in Nevada, British Columbia, Nunavut, and Australia. And they were all operated by high-quality counterparties, representing the foundation for further organic growth beyond 2030. I'll now pass it back to Sheldon. Thank you, James.

Our business model generates shareholder value through reinvesting our robust cash flows into accretive additions to the portfolio. In the past 18 months, since the start of 2025, we have deployed over $900 million into new high-quality streams and royalties. Trey Corbatus, Arcata and Azuka, Arthur, Manera, Florida, the Johnson Camp and Gunnison Royalties, the North Park E44 stream, and now Ravenswood. These are all high-quality assets operated by high-quality operating teams. The bulk of this capital has been deployed in Australia and the United States. We have deployed on attractive returns for our shareholders. Triple Flag shareholders will benefit from these portfolio additions for decades to come. I'd like to close by stepping back and looking at what Triple Flag has created over its first decade, a portfolio of 242 streams and royalties, 36 of them producing, with peer-leading exposure to Australia. We remain firmly focused on generating shareholder value. We have increased our GEO production every year since our 2016 founding. We have increased our dividend every year since our 2021 IPO. We are active buyers of our own shares, and management and the board remain founders and substantial owners of the company. Looking forward, the picture is even stronger. We had a strong first half with robust growth and operating cash flow per share, and we delivered $550 million of transactions that will benefit our shareholders for decades to come. Our increased guidance calls for 100,000 to 110,000 GEOs this year, growing to 150,000 to 160,000 GEOs in 2030 from a de-risk pipeline that James just walked you through. And finally, we have over $1.1 billion of available liquidity to continue pursuing accretive opportunities over the remainder of the year and beyond. That concludes our prepared remarks. Operator, please open the floor to questions.

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 1 on your telephone keypad to raise your hand and enter the queue. If you would like to withdraw your question, simply press star 1 again. If you are pulled upon to ask your question and are listening by a loud speaker on your device. Please pick up your handset and ensure that your phone is not on mute when asking your question. And your first question comes from the line of Cosmos 2 with CIBC. Your line is now open.

Hi, thanks, Sheldon, Yvonne, and James, and congrats on a, you know, strong first half. Maybe my first question is on north parks um james you kind of touched on it but uh the ye 44 development study uh is expected by the end of june 2027. uh you know still some time away but is there any kind of progress or any kind of update at least on that study that you can provide to us yeah because i obviously can't get too far ahead on the studies but i think it's important to highlight there's a number of things tapping at North Parks.

Evolution has recently approved a course particle flotation project and de-bottleneck in the processing plant that opened up capacity. And then the two big milestones or developments in conjunction with that are one, the development of E22 Block A, which is the next kind of frontier of mining at North Parks, in conjunction with the extension of the mill. and the you know base expansion of the mill is 10 million tons but you know it could be higher than that and that's precisely what evolution study at the moment so that that works on going and there's been capital allocated towards those studies so we look forward to see the results of that next year and then e44 is relatively straightforward from study point of view it's a you know a reasonably well defined it that really requires you know all mining and then

treatment in conjunction with the other all feeds so the study under that is is quite straightforward so um you know i think that the focal point for us will be seeing you know how big of an expansion is done at the mill uh next year great that's uh that's great to hear uh maybe you know sticking with australia ravenswood uh good to see you know the first monthly delivery was received in july 2026. so can i take it that i guess q3 is going to be a normal sort of quarter or is there still some kind of ramp up factors that you know we should be aware of and as you mentioned during the acquisition presentation a normal quarter will be 2300 to 3300 uh you know geos per quarter so again is it q3 going to be a normal quarter or is there any factors that we should still consider yeah look it will be ramping up because you know were capital projects going on to open up the starsfield lowland pits and then that scales up um towards 200 000 ads plus run rates up in 2028 um you know during during that period it'll be relatively normal but there's a ranking profile for that asset okay uh maybe switching gears a little bit uh cereal lindo uh it's been a great uh you know asset for triple flag but now there's been a step down that uh happened in april uh you know sarah linda is one of your larger um silver uh you know streams uh i guess my question is you know without sort of coming down and and a bit of a you know decrease in silver at least contribution wise uh are you still happy uh sheldon with your you know gold silver copper and and other mix as it stands today yeah thanks Thanks, Kaz.

Bottom line is we are happy. We're a precious metals company, and we're always looking for high-quality gold, high-quality silver exposure, and we think we have that in spades. We long anticipated the Sierra Lindo step down, and as you pointed out, hitting the step down is a sign of success, and Sierra Lindo remains a very substantial asset for Triple Flag going forward. It's still going to be one of our largest contributors. There are no further step downs after this uh you know sarah lindo's even looking at putting new capital into into that project so that's great we benefit from that and in terms of silver exposure over the longer term i mean we have sarah lindo we have veridica uh we actually got quite a bit of silver out of north parks that's fantastic we have things like our kata and azuda which are silver and you know we've highlighted chemess as well you know and so that's silver exposure as well so um there's still a lot of a lot of silver in the portfolio great and that may be one last question uh you you know, likely for EBEND, but going through your income statement, I noticed that taxes were fairly low, slightly over a million dollars.

G&A was also fairly low, 3.8 million, whereas first half totaled, you know, closer to 10 So, you know, a decrease from Q1. So I guess, you know, EBEND, what's a sustainable rate here? Is this representative of what we can expect for the remainder of the year?

Well, thanks for the question. Our G&A largely was impacted by marked market on our share price, has a pretty significant impact on the DSUs, RSUs, and so forth. Our run rate is, you know, essentially based on what we've guided to the market, which is about 30 to 32. So on a quarterly basis, we expect, assuming all things being equal, we expect $7, $8 million worth of G&A for the quarter. With respect to tax being lower, it's a combination of tax benefits due to the share price decreases, but you get a benefit as well as marked market on some of our prepays. So these are recoveries, essentially, but cash taxes remain pretty consistent.

Yeah, it's kind of funny, you know, talking about the benefits because the share price decreased. So for you, I hope that you pay more taxes because that means the share price is going up. But again, those are all the questions I have. Thanks for answering all my questions. And congrats, again, on a very strong first half.

Thanks, Klaus.

Your next question comes from the line of Josh Wolfson with RBC Capital Markets. Your line is now open.

Yeah, thank you very much. Just sort of two quick ones. The first question is on Preska. It sounds like the operator there is moving forward towards construction commencement. How should we think about the stream option? I guess also when could we expect that to be exercised, if it's exercised? and what would be the timelines for funding?

Josh, I can answer that. It's worth just remembering that when we entered into the stream transaction, the development plan was the deeper part of the ore body. There's an upper zone and a deeper zone, and the deeper zone is the lion's share of the economics, probably over 95% of the value. So the stream was predicated on getting the deeper zone into production. the company has subsequently reorientated the development of the assets, doing it in a more of a staged manner, which actually is a very appropriate way of developing an asset for a developing company. So all that to say, we still have the right, but not obligation to fund the stream. The asset looks great. Glencore has come in with a very considerable financing to get them off the ground. But our focus is still on the deeps. So when the company moves towards an investment decision on the deeps, which we expect to be next year, we'll look to do our evaluation and presumably invest the stream at that time. But all the signs we have at the moment are great. The economics of our stream are very robust. And I think, you know, having a supportive capital provider alongside us from Glencore is a good endorsement of the project. and that provides ample capital to get the project up and running and fully develop deep-send as well.

Okay, thanks. And then, Therese Kvipbradas, I know it's a pretty small contributor today. The release talks about phase two. Is there any goalposts that can be provided in terms of what production could look like when it's expanded?

Yeah, there's been numerous expansion options there, Josh. you know, the phase two essentially doubles, but there's an opportunity to triple it from current levels. It is not being fully determined as to how large the production rate goes. There are opportunities to take it even beyond the tripling of current levels. You know, our investment case predicated on the mine running, you know, at the current nameplate of about 20,000 tons. So, you know, anything beyond that is a great upside for us. Great. Those are all my questions.

Thanks, John.

The next question comes from the line of Fahad Sariq with Jeffries. Your line is now open.

Hi. Thanks for taking my questions. I wanted to come back to Ravenswood. In the second half of the year, can you just remind us if that's factored into the 2026 guidance? And I think I may have missed this, but is it fair to assume the low end of the quarterly deliveries at 2,300 ounces per quarter in the third and fourth quarter of this year? Thanks.

Hi, it's Sheldon. I'll answer that. So we've updated our guidance to say we're looking at the top half of our updated guidance. So the top half of that 100 to 110, and that does include the Ravenswood stream as well.

Okay, got it. And then maybe just switching gears, one for Eben. On the balance sheet, I noticed the cash balance obviously came down just because of the transaction and the buybacks. But can you just remind us, like, minimum cash balance that the company typically targets going forward?

Yeah. Thanks. We generally, we're a business that we don't really need a whole lot of money to maintain the business. We generally try and limit how much cash we own in the balance sheet, just given we've got a facility that's wrong. So So for us, about $10, $15 million is probably about the right number.

Okay, sounds good. That's it for me. Thank you, Brian.

Your next question comes from the line of Tanya Jokuzkonek with Causa Bank. Your line is now open.

Oh, great. Good morning, everybody. Thank you so much for taking my questions. Maybe just to finish off on the outlook for the second half of the year, just a Sierra Lindo step down. So that's occurring. We've got then Ravenswood production starting to contribute. How should we think the rest of the year with respect to Q3 and Q4? Originally, it had been that the first half was supposed to be higher than the second half. But how should I be thinking about the second half in Q3 and Q4?

Yeah. Hi, Tanya. This is Sheldon. You know, obviously you have our, you know, H1 to date and we have our full year guidance and so, you know, if you're looking for the split between Q3 and Q4, there's no real big differences we're seeing between the quarters, but again, we don't give quarterly guidance, so it's really the annual guidance and working towards that annual figure we give in the market.

No, it's just more with Q3 and Q4, like if there's not that much difference, that's fair enough. um maybe my next question if i could was to come back to james when you talked about those four key assets beyond 2030 you know you can quickly do the math on you know hope a and and arthur gold and see that contribution so as you think about beyond 2030 you've got that 150 to 160 000 geos are we looking with the remaining two getting closer to 200 000 like is it something in the 20,000 to 50,000-ounce range that these additional announcers will contribute.

Yeah, I mean, obviously, Tanya, in defining the outlook, we're focused on the assets that we think have a clear line of sight contributing in that timeframe. Of course, there are other development stage projects that are earlier at study level and need a few things to happen before they could contribute but they certainly have studies that could show contributions that were built you know above the the island range but you know we're always reluctant to include those in our outlook until we gain confidence um you know i think one of the other big variables is uh is north parks there's a lot of potential to add incremental gold to north parks particularly given the increased processing capacity and the way that evolution is looking at gold only mineralization of that property um you know of course beyond the 44 we don't have a great underside on that right now because there's still work to be done but like i think e44 will certainly continue far beyond the minimum deliveries the life of that pit is likely you know at least double or triple the minimum delivery quantum and i'm very confident there are further gold discoveries to be made. So I think I'd be looking for some unexpected additions to that profile. And then, of course, as we see projects become more solid from our permitting and capital provision perspective, we'll add those to the profile too. And we'd expect that to stack on top of the numbers we've shared.

Yeah, I'm just really interested, James, in these four? Like, what could these four contribute?

Well, yeah, I mean, you could put the studies together, Tanya, and I think that there's probably quite a bit more that Arthur could contribute beyond the PFS. You know, I think Hope Bay has a great deal of potential over and above the 400 to 435,000. I think in the mid 2030s, that could be a much bigger number. But, you know, I think MS could go for longer, but the annual outputs are probably, you know, fairly fixed by the study. But I really think it's Arthur and Topey that have the greatest potential to grow annual production above the numbers we have in front of us today.

Yeah, that's about 15,000 GEOs. I don't know what the other two would contribute. Sorry, I was just trying to. So greater than 15,000. um okay my my next question then comes back to just um maybe even how are we handling um just how should i think about the capital returns um from uh for from your share buyback versus your dividend um you know you you you bought back that this is a 20 million this quarter Should I be thinking that, you know, if we were to stay in this share price range that you will continue the share buyback?

Thanks for the question. You know, we just raised our dividend, and NCIV is part of our broader capital allocation strategy, and we look at that along with deals that we're working towards and going down the pipeline. So we'll be active on the market opportunistically and we'll step in when we see value. So that's pretty much it. We've got a program in place and we'll exercise discretion as we see that.

Okay. And I guess my final question then is just on the transaction environment. Maybe just kind of review if anything in that has changed. We talked about it last quarter. It was in the 100 to 500 million range. It was mainly in asset bills and maybe some third party royalty transactions. So where are we on this now? Has anything changed? Has the structure of some of the deals changed? Anything for us to be aware of?

Hi, Tanya. Sheldon, I'll take that one. Really, it's remarkably the same. And you've seen, you know, how much we've managed to deploy over the last 18 months. And I would say the pipeline right now seems as robust as it's ever been. that transaction range that you cited i think is still pretty accurate that 100 to 500 but you know we've all we're also seeing some transactions that would even be uh be larger than that um also comments on jurisdictions i'd say generally uh what we're seeing uh are jurisdictions that shareholders would generally be uh be comfortable with um so anyway we're uh we're still active the corp dev team is uh is uh is busy and um you know we're going to see what we do and sheldon are they mainly in gold or are you seeing some silver transactions as well you know it's really a mix of of metals uh you know including like you know i'd say predominantly gold uh you know there's some silver as well um there's probably some uh some non-precious that might be attractive as well but the bulk of what we're looking at really falls into that precious metals again right down the fairway of what our shareholders uh really are looking for feldon you said non-precious as well is that something like you're looking at beyond gold and silver and non-precious yeah i mean like when we have a long list of things we look at um and there are some there are some non-precious and we've done that before right like tricorbatis has been a fantastic investment for us um you know and so we'll look at that on a very opportunistic basis we're never going to take the portfolio away from being like a 90 percent gold

and silver portfolio okay all right thank you so much for taking my questions and good luck thanks honey again if you would like to ask a question please press star one in your telephone keypad to raise your hand and enter the queue and your next question comes from the line of Brian MacArthur with Raymond James. Your line is now open.

Good morning, and thank you for taking my questions. Most of them have been answered. But can I just ask about Impala? I mean, you got $10.5 million this quarter. I'm not as familiar with that asset, but it's ramped, you know, it's changed over the last number of years. But that's like up significant versus any other time period. And, you know, gold prices down over Q1. Is that a normal run rate going forward? Has something changed there or was there a catch up or how should I think about that going forward?

Brian, thanks. I'll take that question. So typically Impala has been pretty consistent on a quarter over quarter. I think what you're probably seeing this quarter is one of the last deliveries slipped into Q2 from On Q1, that's probably why Q2 is a little bit higher than the park orders. But typically, they're pretty consistent in terms of quantum of the deliveries.

More generally, though, Brian, you can expect to see slightly higher deliveries coming out of the steel drifts mining area in the next year or two. The companies will be very public about increasing the output of that mine, not hugely.

There is an optic for the current level. expected right but if i was sort of just to look at so divide by two over the six months and have a bit of a ramp and adjust for the gold price is how i could think about it yeah reasonable great thanks very much thanks brian that concludes our question and answer session i will now turn the conference back over to mr sheldon sheldon van der kooy for closing remarks Thank you, Angela.

And thanks everyone for dialing in to our call. We've had a very strong start to the year, and we're looking forward to continuing the performance over the back half of the year. Thank you all for attending. Bye.

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