Triple Flag Precious Metals Corp. Q4 FY2025 earnings call

• 2025 was a record year driven by strong GEOs and high gold prices. Cash flow per share was $1.54 per share, a 45% increase from 2024. - 2026 guidance is 95,000 - 105,000 GEOs. - 2030 outlook is 140,000 - 150,000 GEOs with multiple assets advancing. - Deployed over $350,000,000 in 2025 in value - accretive deals including Arcata, Arthur, Johnson Camp Mine, and Minera Florida. - Northparks has growth projects like E22 block cave, potential mill expansion, and E44 deposit. - Eskay Creek got full permits in less than a year, Aura Minerals got construction license for Era Dorado within a year of acquisition, and Centerra renewed focus on Goldfield.

2025 was a record year with record production of 113,000 GEOs (ninth consecutive year - over - year increase), record cash flow, and cash flow per share of $1.54 per share (a 45% increase from 2024). In 2026, guidance range is 95,000 to 105,000 GEOs. 2030 outlook is production between 140,000 to 150,000 GEOs (approx 45% growth from midpoint of 2026 guidance). Assets like Arcata, Kone, Eskay Creek, Era Dorado, Goldfield are advancing. Northparks is a key asset with growth projects like E22 block cave, potential mill expansion, and E44 gold - dominant deposit.

• 2026 guidance: GEOs range 95,000 - 105,000. Depletion expected $65,000,000 - $75,000,000. G&A costs expected $30,000,000 - $32,000,000. Australian cash tax rate for Australian royalties approx 25%. - 2030 outlook: Production between 140,000 - 150,000 GEOs, ~45% growth from midpoint of 2026 guidance. - Beyond 2030: Growth potential from assets like Arthur, Kemess, Hope Bay, and Northparks growth initiatives.

• ATO is in litigation, which was removed from 2026 and 2030 guidance as a potential distraction.

Q: At Northparks, about more opportunities like E44 and geological setting.

A: Historically Northparks had gold deposits, E44 is a gold - dominant deposit not in initial mine plan, there are historical gold - dominant deposits on the property and potential for more with mill expansion.

Q: Interest in billion - dollar deals.

A: Sweet spot is $200,000,000 - $500,000,000, and $350,000,000 deployment in 2025 is meaningful.

Q: Pumpkin Hollow.

A: Retain royalty on Pumpkin Hollow, no further investment.

Q: Quarterly guidance and capital returns.

A: Don't break down 2026 guidance by quarters, dividend has been progressively increased and will continue.

Q: Update on ATO.

A: ATO is in litigation, removed from 2026 and 2030 guidance as a distraction, only upside relative to those figures.