Triple Flag Precious Metals Corp. · TSX:TFPM
Triple Flag Precious Metals — Merger or Acquisition (November 2022)
31 slides from Triple Flag Precious Metals's merger presentation, Nov 10, 2022
Slide 1: Triple Flag Combines with Maverix
BUILDING THE NEXT SENIOR STREAMING AND ROYALTY COMPANY TRIPLE FLAG COMBINES WITH MAVERIX November 10, 2022 Corporate Presentation November 10, 2022 TSX:TFPM | NYSE:TFPM
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS This presentation does not constitute an offer to sell or a solicitation of an offer to purchase any security in any jurisdiction Cautionary Note Regarding Forward-Looking Information and Statements: This presentation contains “forward-looking information” within the meaning of
Slide 3: Transaction Highlights
BUILDING THE NEXT SENIOR STREAMER TRANSACTION HIGHLIGHTS Triple Flag and Maverix: building the next senior streaming and royalty company Strategic and Synergistic Quality, Pure Play Portfolio Greater scale, diversification and organic GEOs growth, Top-tier assets with leading operators, located
Slide 4: Greater Scale
BUILDING THE NEXT SENIOR STREAMER GREATER SCALE The high-growth emerging senior streaming company US$2.2B 115-120 koz $152M 228 Assets 2022E GEOs LTM Operating Cash Flow 29 Paying Assets Market Cap 1 Pro Forma Basis Pro Forma Basis 2 Streams and Royalties PRO FORMA COMBINATION | ENHANCED SCALE 1) Pr
Slide 5: Complementary Track Records
BUILDING THE NEXT SENIOR STREAMER COMPLEMENTARY TRACK RECORDS 80 assets | 15 paying assets 148 assets | 14 paying assets >90% of NAV producing 1 >50% of NAV producing 1 92% precious metals revenue (Q3/22) 2 100% precious metals revenue (Q2/22) 4 Cornerstone, long-life producing assets
Slide 6: Building the Next Senior Streamer
BUILDING THE NEXT SENIOR STREAMER BUILDING THE NEXT SENIOR STREAMER Robust pro forma company and portfolio Robust growth and balance sheet firepower for continued shareholder value creation Pure play precious metals streams and royalties Accretive transaction based on NAVPS and CFPS 1 +140 koz
Slide 7: Transaction Structure
BUILDING THE NEXT SENIOR STREAMER TRANSACTION STRUCTURE Expected closing in Q1 2023 Triple Flag and Maverix to combine via a Plan of Arrangement Unanimous approvals of both Triple Flag and Maverix Boards Transaction Overview Elliott Investment Management L.P., together with officers and direct
Slide 8: Portfolio Overview
8BUILDING THE NEXT SENIOR STREAMER PORTFOLIO OVERVIEW Diversified portfolio of streams and royalties in top-tier jurisdictions Portfolio of 228 Assets Streams and royalties 29 Paying Assets Streams and royalties Strong Development and Exploration Pipeline TSX:TFPM | NYSE:TFPM 8
Slide 9: Pure Play Precious Metals
BUILDING THE NEXT SENIOR STREAMER PURE PLAY PRECIOUS METALS High-quality diversification Asset Commodity Geography Consensus NAV Consensus NAV Consensus NAV Cornerstone assets with diversified 93% Precious 82% Americas production and Metals and Australia development Northparkes 24% Gold 75% North Am
Slide 10: Leading Operators and Partnerships
BUILDING THE NEXT SENIOR STREAMER LEADING OPERATORS AND PARTNERSHIPS Combined portfolios provide exposure to leading group of operators Long-term partnership approach focused on synergistic deals and value beyond capital Disciplined growth with proven dealmaking track record Mining backgrounds with
Slide 11: Diversified Production
BUILDING THE NEXT SENIOR STREAMER DIVERSIFIED PRODUCTION Combined portfolio with cornerstone assets and diversified production Northparkes Cerro Lindo RBPlat Fosterville Young-Davidson Buritica Au/Ag Ag Au Au Au Ag Beta Hunt Camino Rojo La Colorada Dargues ATO Auramet Au Au Au Au Au/Ag Au 29 paying
Slide 12: Robust Long-Term Production Outlook
BUILDING THE NEXT SENIOR STREAMER ROBUST LONG-TERM PRODUCTION OUTLOOK High-quality, sustainable production profile Gold Equivalent Ounces (koz) 1,2 +140 GEOs koz 115-120 GEOs koz 84 100+ Assets in Various Stages of Development 63 42 33 34 Denotes TFPM Standalone 2017A 2018A 2019A 2020A 2021A 2022E 2
Slide 13: Robust Project Pipeline
ROBUST PROJECT PIPELINE Multiple projects in the execution and feasibility study phase Pre-Feasibility / Preliminary Economic Execution Resources Feasibility Assessment Camino Rojo Koné Converse Golden Eagle Beta Hunt Expansion Polo Sur McCoy-Cove Juby Hope Bay South Railroad Fenn-Gib Monument Bay S
Slide 14: Significant Long-Term Optionality
BUILDING THE NEXT SENIOR STREAMER SIGNIFICANT LONG-TERM OPTIONALITY 3rd largest streaming and royalty company by number of assets 415 Number of Assets 250 228 186 168 148 80 Pro 36 Forma FNV SSL Pro Forma RGLD OR MMX TFPM WPM Long-term optionality from development and exploration assets Source: Corp
Slide 15: Attractive Valuation
BUILDING THE NEXT SENIOR STREAMER ATTRACTIVE VALUATION Significant rerate potential as a new, high-growth senior streamer P/NAV P/CF2023E Dividend Yield 2.19x 1.8% 1 24.5x 1.7% 1.66x 1.63x 20.0x 1.4% 1.3% 1.1% 16.1x 1.16x 1.0% 1.01x 14.0x 0.93x 13.1x 12.2x FNV RGLD WPM OR TFPM SSL FNV WPM OR RGLD SS
Slide 16: Catalysts
CATALYSTS Near-term organic growth… NEAR-TERM ASSET CATALYSTS Northparkes E26 Lift 1 North Block Cave commenced production in 2022 Buritica Expanding throughput from 3,000 to 4,000 tpd Camino Rojo Construction complete, operations reaching steady state RBPlat Styldrift to reach steady-state run rate
Slide 17: Supportive Shareholder Base
BUILDING THE NEXT SENIOR STREAMER SUPPORTIVE SHAREHOLDER BASE Enhanced shareholder base and trading liquidity Other 20% Board and Dual-listed on TSX and NYSE Management 5% TFPM: 77% Robust institutional and strategic MMX: 23% 64% ownership 4% Leading management ownership Both TFPM and MMX te
Slide 18: Sustainability
BUILDING THE NEXT SENIOR STREAMER SUSTAINABILITY Superior ESG practices are core • Combination of TFPM and MMX furthers our commitment to ESG – It is our goal to continue to be leaders in this space, and we are continually seeking opportunities to integrate sustainability • Climate commitment and pe
Slide 19: Experienced Board
BUILDING THE NEXT SENIOR STREAMER EXPERIENCED BOARD Diverse capabilities, with deep mining and investing backgrounds and networks Dawn Whittaker Susan Allen Sir Michael L. Davis Director & Chair Director & Committee Chair 1 Director & Committee Chair 2 Timothy Baker Geoff Burns Mark Cicirelli Peter
Slide 20: Building the Next Senior Streamer
BUILDING THE NEXT SENIOR STREAMER STRATEGIC AND QUALITY, PURE PLAY SYNERGISTIC PORTFOLIO BROADENED POSITIONED FOR SHAREHOLDER BASE PREMIUM VALUATION Eskay Creek TSX:TFPM | NYSE:TFPM 20
Slide 21: Appendix
Buritica Appendix TSX:TFPM | NYSE:TFPM 21
Slide 22: Portfolio Overview
APPENDIX PORTFOLIO OVERVIEW # Project Operator Country Terms 1 Altan Tsagaan Ovoo Steppe Gold Mongolia 25% Au / 50% Ag stream; 17% ongoing payment1 2 Auramet Stream Auramet Capital Partners USA Fixed 5,000 oz Au/yr; ongoing payment equal to 16% of spot Au price 3 Beta Hunt Karora Resources Australia
Slide 23: Portfolio Overview (Cont'd)
APPENDIX PORTFOLIO OVERVIEW (CONT’D) # Project Operator Country Terms 26 Omolon Hub Polymetal International Russia 2.50% GRR 27 Pumpkin Hollow UG Nevada Copper USA 97.5% Au / Ag stream; 5% ongoing payment on UG mine1 28 RBPlat PGM Operations Royal Bafokeng Platinum South Africa 70% Au stream; 5% ong
Slide 24: Portfolio Overview (Cont'd)
APPENDIX PORTFOLIO OVERVIEW (CONT’D) # Project Operator Country Terms 51 Gemfield Centerra Gold USA 5.00% NSR1 52 GJ Project Newcrest Mining Canada 0.49% NSR on Northern Block; 0.98% NSR on remaining claims 53 Hasbrouck-Three Hills West Vault Mining USA 1.25% NSR 54 Hope Bay Agnico Eagle Canada 1.00
Slide 25: Portfolio Overview (Cont'd)
APPENDIX PORTFOLIO OVERVIEW (CONT’D) # Project Operator Country Terms 76 Silvertip Coeur Mining Canada 2.50% NSR 77 South Railroad Orla Mining USA 2.00% NSR 78 Tamarack Talon Metals USA 1.85% NSR 79 Tres Cruces Anacortes Mining Peru 1.50% NSR 80 64North Resolution Minerals USA 1.00% NSR 81 Abbie Lak
Slide 26: Portfolio Overview (Cont'd)
APPENDIX PORTFOLIO OVERVIEW (CONT’D) # Project Operator Country Terms 101 Candelaria Silver One Resources USA US$1M production payment 102 Caniapiscau Osisko Baie-James Canada 1.00% NSR 103 Capricorn Visible Gold Mines Canada C$0.50M upon completion of bankable feasibility report 104 Caribou-Estrees
Slide 27: Portfolio Overview (Cont'd)
APPENDIX PORTFOLIO OVERVIEW (CONT’D) # Project Operator Country Terms 126 Eskay Creek Area Eskay Mining Canada 0.50% NSR 127 Eva Cobar (Coronation Hill) UAU Australia 0.95% NSR 128 Fenn-Gib Mayfair Gold Canada 1.00% NSR on 50% of project 129 Fenn-Gib Mayfair Gold Canada 1.00% NSR on 50% of project 1
Slide 28: Portfolio Overview (Cont'd)
APPENDIX PORTFOLIO OVERVIEW (CONT’D) # Project Operator Country Terms 151 Kliyul Centerra Gold Canada 0.50% NSR 152 Korokaha Montage Gold Cote d'Ivoire 2.00% NSR 153 Kraaipan Greenstone One Bullion Botswana 0.25% NSR 154 La Promesa Solitario Zinc Peru 2.00% NSR 155 La Violeta Grupo Minero Mexico 2.5
Slide 29: Portfolio Overview (Cont'd)
APPENDIX PORTFOLIO OVERVIEW (CONT’D) # Project Operator Country Terms 176 Mountain View Millennial Precious Metals USA 1.50% NSR 177 Musgrave Power Minerals Australia 1.50% NSR 178 Mystery Lake Vale Canada Canada 0.35% NSR 179 Nangodi Shandong Gold Mining Ghana 1.00% NSR 180 Niñobamba Minera Rio Pla
Slide 30: Portfolio Overview (Cont'd)
APPENDIX PORTFOLIO OVERVIEW (CONT’D) # Project Operator Country Terms 201 Rock Creek Western States Minerals USA 0.50% NSR 202 Rosebud Rosebud Exploration USA 3.00% NSR 203 Santa Rosa Newmont Mexico 3.00% NSR 204 Scotia Gold Minotaur Gold Solutions Australia A$1.20/t1 205 Sierra Blanca Austral Gold
Slide 31: Portfolio Overview (Cont'd)
APPENDIX PORTFOLIO OVERVIEW (CONT’D) # Project Operator Country Terms 226 Churchill (Limestone) Nevada Cement USA 2.50% NSR + $0.15/ton limestone 227 Relief Canyon (Limestone) Nevada Cement USA $0.25/ton limestone 228 Tungsten Read Leaf Resources USA 2.00% Gross Sales 1) Stream percentages or royalt
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