Triple Flag Precious Metals Corp. · TSX:TFPM

Triple Flag Precious Metals — Investor Presentation (March 2023)

33 slides from Triple Flag Precious Metals's investor presentation, March 2023

  1. Slide 1: Building the Next Senior Streaming and Royalty Company

    BUILDING THE NEXT SENIOR STREAMING AND ROYALTY COMPANY March 2023 Corporate Presentation March 2023 TSX:TFPM | NYSE:TFPM

  2. 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

  3. Slide 3: Building the Next Senior Streamer

    BUILDING THE NEXT SENIOR STREAMER BUILDING THE NEXT SENIOR STREAMER Track record, continued organic growth and firepower to grow value Leading ESG Ratings $2.7B 100-115 koz +140 koz 2023E GEOs 5 Year Average Outlook 2 Market Cap 1 Guidance 2 (2024E – 2028E) 229 Assets 1.5% +$600M 29 Paying Assets St

  4. Slide 4: Triple Flag

    BUILDING THE NEXT SENIOR STREAMER TRIPLE FLAG Delivering value to our shareholders, partners and communities  Streaming and royalty business  Gold focused and high margin  229 assets including 29 paying assets  Predominantly in Australia, North America and South America  High-quality, diversifi

  5. Slide 5: Strong Financials

    BUILDING THE NEXT SENIOR STREAMER STRONG FINANCIALS Operating Cash Flow Free Cash Flow 1 Net Earnings and Gross Profit Margin and (US$M) (US$M) Adjusted EBITDA 2 Asset Margin 3 (US$M) (% of revenue) $120 $118 $120 $118 $123 92% 91% 91% $118 89% 87% 91% $96 $84 $84 57% $56 $55 55% $48 $46 44% $32 $34

  6. Slide 6: Consistent High Margins

    BUILDING THE NEXT SENIOR STREAMER CONSISTENT HIGH MARGINS Inflation resistant business with 91% asset margin realized in Q4 2022 Margin 1 Cash Cost/GEO and Asset Margin/GEO (US$/oz) (US$/GEO) $1,909 $1,874 $1,877 $1,871 $1,794 $1,816 $1,790 $1,795 $1,711 $1,729 $1,726 << Average Gold Price High marg

  7. Slide 7: Asset Portfolio

    Asset Portfolio TSX:TFPM | NYSE:TFPM 7

  8. Slide 8: Portfolio Overview

    8ASSET PORTFOLIO PORTFOLIO OVERVIEW Diversified portfolio of streams and royalties in top-tier jurisdictions Portfolio of 229 Assets Streams and royalties 29 Paying Assets Streams and royalties Strong Development and Exploration Pipeline TSX:TFPM | NYSE:TFPM 8

  9. Slide 9: Pure Play Precious Metals

    ASSET PORTFOLIO PURE PLAY PRECIOUS METALS High-quality diversification Asset Commodity Geography Consensus NAV Consensus NAV Consensus NAV Cornerstone assets with diversified 94% Precious 79% Americas production and Metals and Australia development Northparkes 24% Gold 74% Australia 32% RBPlat 9% Si

  10. Slide 10: Diversified Production

    ASSET PORTFOLIO DIVERSIFIED PRODUCTION 29 paying assets across diversified portfolio 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 Au Note: Denotes primary stream and/or royalty expos

  11. Slide 11: Growth and Track Record

    Growth and Track Record TSX:TFPM | NYSE:TFPM 11

  12. Slide 12: Growth and Track Record

    GROWTH AND TRACK RECORD GROWTH AND TRACK RECORD High-quality, sustainable GEOs production profile Gold Equivalent Ounces (koz) +140 GEOs koz 100-115 GEOs koz 84 85 100+ Assets in Various Stages of Development 63 42 33 34 2017A 2018A 2019A 2020A 2021A 2022A 2023E 5 Year Avg 5 Year Growth Growth 2024E

  13. Slide 13: Key Asset Catalysts

    CATALYSTS KEY ASSET CATALYSTS Organic growth… Northparkes Mining of high gold grade E31N and E22 deposits Cerro Lindo Increased silver production to +4 Moz in 2025 1 Buritica Expanding throughput from 3,000 to 4,000 tpd Camino Rojo Construction complete, operations reaching steady state RBPlat Styld

  14. Slide 14: 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

  15. Slide 15: Robust Value Creation

    GROWTH AND TRACK RECORD ROBUST VALUE CREATION High return on cornerstone producing assets All figures in US$M Investment $250 Investment $75 Cerro Lindo Fosterville 2016 Investment Return $213 $192 $405 2018 Investment Return $79 $68 $147 Cash Flow to Q4/22 Analyst NAV Cash Flow to Q4/22 Analyst NAV

  16. Slide 16: ESG Leadership

    ESG Leadership TSX:TFPM | NYSE:TFPM 16

  17. Slide 17: Sustainability

    ESG LEADERSHIP SUSTAINABILITY Superior ESG practices are core  Inaugural ESG Risk Rating of 9.2 from Sustainalytics 1  Ranked 4th of 114 companies in the global precious metals sector  Ranked top 1% of over 15,500 rated companies globally  Climate commitment and performance  Achieving carbon ne

  18. Slide 18: Top ESG Rankings

    ESG LEADERSHIP TOP ESG RANKINGS Contributing to a responsible and sustainable mining sector Copyright ©2022 Sustainalytics. All rights reserved TSX:TFPM | NYSE:TFPM 18

  19. Slide 19: Business Model

    Business Model TSX:TFPM | NYSE:TFPM 19

  20. Slide 20: Proven Business Model

    BUSINESS MODEL PROVEN BUSINESS MODEL Providing investors high-upside, low-risk exposure to precious metals EXPOSURE TO: Precious Metals Price Leverage Exploration and Expansion Upside NO DIRECT EXPOSURE TO: HIGH UPSIDE Reserve Replacement LOW RISK Margin Compression New Investments Capex and Opex In

  21. Slide 21: Leading Operators and Partnerships

    BUSINESS MODEL LEADING OPERATORS AND PARTNERSHIPS Exposure to leading group of operators Long-term partnership approach focused on synergistic deals and value beyond capital Mining backgrounds with deep experience and global networks across the industry TSX:TFPM | NYSE:TFPM 21

  22. Slide 22: Our Approach

    BUSINESS MODEL OUR APPROACH What sets Triple Flag apart Partnership Approach Mining Backgrounds ESG Focus on synergistic deals and partnerships | Deep experience and global networks in all Rigorous due diligence | Investment alongside Value beyond capital aspects of the mining industry partners to e

  23. Slide 23: Leadership Team

    BUSINESS MODEL LEADERSHIP TEAM Deep experience and networks in senior executive, commercial, ESG and accounting mining roles Shaun Usmar Sheldon James Dendle Eban Bari Warren Beil Katy Board John Cash Leshan Daniel Chief Executive Officer Vanderkooy SVP, Corporate VP, Finance General Counsel VP, Tal

  24. Slide 24: Experienced Board

    BUSINESS MODEL EXPERIENCED BOARD Diverse capabilities with deep mining and investing backgrounds and networks Dawn Whittaker Susan Allen Timothy Baker Geoff Burns Mark Cicirelli Director & Chair Director & Committee Chair 1 Director & Committee Chair 2 Director Director Peter O’Hagan Blake Rhodes Sh

  25. Slide 25: Summary

    Summary TSX:TFPM | NYSE:TFPM 25

  26. Slide 26: Corporate Summary

    SUMMARY CORPORATE SUMMARY Building the next senior streamer $ thousands, except GEOs, per share metrics, asset margin and cash costs per GEO 2022 2021 Corporate Overview 1,2  Shares Outstanding: 200.8 million 3 Gold Equivalent Ounces (GEOs) 84,571 83,602 Revenue $151,885 $150,421  Dividend: US$0.2

  27. Slide 27: Shareholder Base

    SUMMARY SHAREHOLDER BASE Enhanced shareholder base and trading liquidity  Dual listed on TSX and NYSE  Robust institutional and strategic ownership  Leading insider ownership  Management and Board are founders and substantial owners  Index inclusion / rebalancing  Triple Flag has replaced Mave

  28. Slide 28: Building the Next Senior Streamer

    BUILDING THE NEXT SENIOR STREAMER DISCIPLINED AND GOLD DIVERSIFIED, QUALITY, FOCUSED PURE PLAY PORTFOLIO ROBUST CASH FLOW AND POSITIONED FOR EMBEDDED GROWTH PREMIUM VALUATION Eskay Creek TSX:TFPM | NYSE:TFPM 28

  29. Slide 29: Appendix

    Appendix TSX:TFPM | NYSE:TFPM 29

  30. Slide 30: 2023E Guidance

    APPENDIX 2023E GUIDANCE GEOs and additional 2023E guidance 2023E Guidance Gold Equivalent Ounces (GEOs) 1 100 – 115 koz Depletion $65 – 71M G&A (Cash) $16 – 17M G&A (Non-cash) ~$5M Australian tax rate 2 ~25% Figures in US$M unless otherwise noted 1) 2023E outlook on stream and royalty interests is b

  31. Slide 31: Extensive Analyst Coverage

    APPENDIX EXTENSIVE ANALYST COVERAGE High-quality coverage with significant upside to analyst target prices Rating 12 Month Target Price BMO Capital Markets BUY C$21.00 US$15.52 BofA Securities BUY C$22.00 US$16.75 Canaccord Genuity HOLD C$20.00 US$14.79 CIBC Capital Markets HOLD C$22.50 US$16.64 Cre

  32. Slide 32: Non-IFRS Measures

    APPENDIX NON-IFRS MEASURES Gold Equivalent Ounces (“GEOs”) GEOs are a non-IFRS measure and are based on stream and royalty interests and are calculated on a quarterly basis by dividing all revenue from such interests for the quarter by the average gold price during such quarter. The gold price is de

  33. Slide 33: Reconciliation to IFRS Measures

    APPENDIX RECONCILIATION TO IFRS MEASURES Gold Equivalent Ounces (“GEOs”) Free Cash Flow Three months ended Year ended December 31 December 31 2022 ($ thousands) 2022 2021 2022 2021 ($ thousands, except average gold Year ended Operating cash flow $36,721 $28,997 $118,376 $120,015 price and GEOs infor

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