Triple Flag Precious Metals (TFPM) BMO 34th Global Metals, Mining & Critical Minerals Conference summary

Financial performance and strategy

• Achieved record production, gold prices, and cash flow in 2024, with increased dividends and share buybacks driving higher cash flow per share.

• Maintains a debt-free balance sheet and over $700 million in available debt capacity for future growth.

• Management and board hold over $75 million in shares, aligning interests with shareholders.

• Plans to grow dividends annually and reinvest cash flows to enhance shareholder value.

• Cash flow per share is prioritized as the key performance metric, with active share repurchases to reduce dilution.

Portfolio composition and growth

• Portfolio consists of 236 diversified assets, with the largest country exposure in Australia and a focus on precious metals.

• Northparkes is the cornerstone asset, representing 26% of NAV, with decades of mine life and strong reserve replacement.

• Silver accounted for 36% of revenue in the last year, providing significant upside potential.

• Embedded growth expected from both producing and development assets, with several projects advancing in 2024.

• Exploration projects and future acquisitions offer additional growth opportunities.

Investment performance and capital deployment

• Since 2016, deployed nearly $2.5 billion, receiving over $1.1 billion back, with most investments made since 2020.

• Achieved a 14% cash flow yield on $1.7 billion of shareholder capital, with robust unlevered returns.

• Recent acquisitions include a lithium royalty (Tres Quebradas) and a gold stream in Côte d'Ivoire, both expected to provide long-term returns.

• Remains committed to an 80-90% precious metals focus despite selective diversification.

• Valuation remains modest relative to peers, with potential for re-rating as growth and performance are recognized.