Triple Flag Precious Metals Corp. Q1 FY2026 earnings call

• Q1 2026 was a record quarter with all key metrics at quarterly records, including over 30,000 GEOs, $129 million adjusted EBITDA, and $0.55 US operating cash flow per share. • Kicked off 2026 by unlocking high-grade E44 gold deposit at North Parks with guaranteed minimum deliveries over seven years. • In March, acquired a 3% gross revenue royalty on the Gunnison Copper Project in Arizona for $23 million. • Existing portfolio assets performing ahead: Hope-based construction decision later this month, Beta Hunt mill approved for expansion, Kone's oxide circuit on track, Fosterville planning throughput increase, Arthur's feasibility work underway. • Arthur, Acumet, Hope Bay, and North Parks represent world-class long-line assets with growth potential beyond 2030.

Triple Flag had a record Q1 2026 with over 30,000 GEOs, $129 million of adjusted EBITDA, and operating cash flow per share of $0.55 US. Key product segments: Unlocked high-grade E44 gold deposit at North Parks with guaranteed minimum deliveries over seven years starting in 2030; acquired a 3% gross revenue royalty on the Gunnison Copper Project in Arizona for $23 million; existing portfolio assets performing ahead of expectations with Hope-based construction decision later this month, Beta Hunt mill approved for expansion, Kone's oxide circuit on track, Fosterville planning throughput increase, and Arthur's feasibility work underway. Revenue contribution details not explicitly provided in absolute terms with percentages but key segments are highlighted as above.

• Q1 performance has Triple Flag on track to deliver 2026 guidance and 2030 outlook of 140,000 to 150,000 GEOs. • Expectations for assets like Hope Bay with construction decision later this month, Beta Hunt mill expansion, etc. • Growth potential beyond 2030 from assets like Arthur, Acumet, Hope Bay, and North Parks.

Q: Please walk us through an M&A and transaction outlook update specifically besides the transactions that Triple Flag commonly engages, the mine life stage, the commodity, and any more information.

A: Sheldon said there continue to be many opportunities, mostly in precious metals, good jurisdictions, range of sizes from 100 million to sub 500 million.

Q: Has Triple Flag been engaging any opportunities in Australia?

A: Sheldon said they really like Australia, it's their single highest country concentration, and they are active in Australia and many other jurisdictions.

Q: Question relates to the buyback options on the Gunnison agreement, two parts: royalty part and stream expansion payment.

A: Sheldon explained the royalty buy-down option, and about the $65 million stream expansion option where they could get $35 million for canceling the option.

Q: Question on the buyback program, which has been underutilized to date. What's the reason and outlook?

A: Sheldon said they've always been opportunistic with the NCIB, view shares as undervalued, and willing to deploy on that from time to time.