Triple Flag Precious Metals (TFPM) 35th BMO Global Metals, Mining & Critical Minerals Conference summary

Company overview and portfolio performance

• Operates over 230 royalties and streams, with a market cap near $8 billion and ranking as the fourth-largest streaming company by GEOs.

• Portfolio has grown to 239 assets since 2016, all sourced by the current management, with significant embedded growth expected to reach 140,000–150,000 GEOs by 2030.

• Cash flow per share and NAV per share have consistently increased since IPO in 2021, reflecting robust asset performance and favorable gold and silver prices.

• Shareholder value has quadrupled since inception, with $2.8 billion deployed and a current NAV of $3.7 billion.

• Management and insiders maintain significant ownership, aligning interests with shareholders.

Asset diversification and jurisdictional focus

• Largest asset, Northparkes, accounts for 25% of NAV, with the remainder diversified across multiple assets, each under 10%.

• High concentration in Australia, followed by North America and mining-friendly jurisdictions in Latin America.

• Focus remains on gold and silver, with some copper exposure, and a strategy centered on stable, mining-friendly regions.

Growth outlook and development projects

• GEO production expected to rise from 95,000–105,000 in 2026 to 140,000–150,000 by 2030, a 45% increase.

• Key growth assets include Arthur (Nevada), Kemess (Canada), Hope Bay (Canada), and Northparkes (Australia), all in Tier One jurisdictions.

• Recent development projects, such as Arcata, Koné, Eskay Creek, and Era Dorada, have outperformed expectations, with some advancing ahead of schedule.

• Northparkes is undergoing significant expansion, including the E22 block cave and studies to increase throughput, with guaranteed gold deliveries secured.