Triple Flag Precious Metals Corp. · TSX:TFPM
Triple Flag Precious Metals — Investor Presentation (March 2025)
35 slides from Triple Flag Precious Metals's investor presentation, March 2025
Slide 1: Corporate Presentation March 2025
CORPORATE PRESENTATION March 2025 March 2025 TRIPLE FLAG PRECIOUS METALS
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: Triple Flag Overview
OVERVIEW TRIPLE FLAG OVERVIEW Track record, continued organic growth and capital to grow value Leading Sustainability $3.4B 105-115 koz 135-145 koz Ratings 2025E GEOs 2029E GEOs Market Cap 1 Guidance 2 Outlook 2 Leading Insider 236 Assets $0.22/sh ~$736M Ownership and Alignment 30 Producing Assets A
Slide 4: Proven Business Model Summary
OVERVIEW PROVEN BUSINESS MODEL SUMMARY Free Cash Flow Generation No capital expenditure exposure Diversification Large portfolio diversified by jurisdiction, operator, underlying commodity Providing investors high- Optionality upside, low-risk exposure Price leverage, new discoveries, reserve replac
Slide 5: Gold
OVERVIEW GOLD Is a proven asset hedging fiat currency debasement and financial risks U.S. M2 Money Supply, Total Debt and Gold Price $40,000 $4,000 M2 Money Supply $35,000 U.S. Government Total Debt Outstanding Spot Gold $3,500 $36 trillion Total U.S. Government Debt Outstanding 1 $30,000 $3,000 $22
Slide 6: Growth and Track Record
GROWTH AND TRACK RECORD TRIPLE FLAG PRECIOUS METALS 6
Slide 7: GEOs Growth and Track Record
GROWTH AND TRACK RECORD GEOs Growth and Track Record 135-145 GEOs koz 105-115 2029E Outlook GEOs koz 135 – 145 koz GEOs 113 100+ Assets in Various Stages of Development 105 + Northparkes E48 SLC Gold Equivalent Ounces (koz) + ATO Phase II production 84 85 + Gunnison / JCM (Nuton copper production) +
Slide 8: Strong Cash Flow
GROWTH AND TRACK RECORD STRONG CASH FLOW Operating Cash Flow and Net Earnings and Gross Profit Margin and Free Cash Flow 1 Adjusted EBITDA 2 Asset Margin 3 (US$M) (US$M) (% of revenue) $220 92% 91% 91% 90% 92% 89% 87% 91% $214 $159 $154 $123 $118 57% 58% 55% $96 50% $120 $118 44% $56 $55 $48 $46 $32
Slide 9: Capital Allocation Driving Value Creation
GROWTH AND TRACK RECORD CAPITAL ALLOCATION Driving Value Creation Triple Flag Portfolio 2016 - 2024 Investment and Returns All figures in US$M $2.5B Total Capital Deployment Since 2016 Investment $2,460 $270M Annual Average Return $1,147 $2,725 $3,872 $3,872 Capital Deployment 2016-2024 Cash Flow to
Slide 10: Capital Allocation Successful Track Record
GROWTH AND TRACK RECORD CAPITAL ALLOCATION Successful Track Record All figures in US$M Investment $550 Investment $250 Northparkes Cerro Lindo 2020 Investment 2016 Investment Return $141 $719 $860 Return $318 $168 $486 Cash Flow Cash Flow Analyst NAV Analyst NAV to Q4/24 to Q4/24 Investment $100 Inv
Slide 11: Asset Portfolio
ASSET PORTFOLIO TRIPLE FLAG PRECIOUS METALS 11
Slide 12: Pure Play Precious Metals
ASSET PORTFOLIO PURE PLAY PRECIOUS METALS Asset Commodity Geography Consensus NAV Consensus NAV Consensus NAV Cornerstone assets with diversified 92% Precious 76% Americas production and Metals and Australia development Northparkes 26% Gold 77% Australia 31% Impala Bafokeng 9% Silver 15% North Ameri
Slide 13: Portfolio Overview
ASSET PORTFOLIO PORTFOLIO OVERVIEW Diversified portfolio of streams and royalties in top-tier jurisdictions 236 TOTAL ASSETS 30 PRODUCING 45 DEVELOPMENT 161 EXPLORATION / OTHER Asset count as of February 28, 2025 TRIPLE FLAG PRECIOUS METALS 13
Slide 14: Diversified Production
ASSET PORTFOLIO DIVERSIFIED PRODUCTION Northparkes Cerro Lindo Impala Bafokeng Fosterville Young-Davidson Buritica Australia Peru South Africa Australia Canada Colombia Au/Ag Stream Cu Mine Ag Stream Zn/Pb/Cu Mine Au Stream PGM Mine Au Royalty Au Mine Au Royalty Au Mine Ag Stream Au Mine Beta Hunt C
Slide 15: Leading Operators and Partnerships
ASSET PORTFOLIO LEADING OPERATORS AND PARTNERSHIPS Long-term partnership approach focused on synergistic deals Leveraging our mining backgrounds with deep experience and global networks across the industry TRIPLE FLAG PRECIOUS METALS 15
Slide 16: Growth Pipeline
ASSET PORTFOLIO GROWTH PIPELINE Robust growth profile from expansions, development projects, and long-term exploration Northparkes Mining of high gold grade E31, E48 SLC and E22 deposits Beta Hunt Increasing mining capacity to 2 Mtpa of ore EXPANSIONS FROM EXISTING PRODUCING ASSETS ATO Phase II Expa
Slide 17: Growth Pipeline
ASSET PORTFOLIO GROWTH PIPELINE Selected development and exploration assets PRIMARY TIMELINE TO PRODUCTION TIMELINE TO PRODUCTION ASSET OPERATOR METAL 2025 - 2030 2030+ Hope Bay Gold 1.0% NSR Eskay Creek Gold 0.5% NSR Koné Gold 2.0% NSR Tamarack Nickel, Copper, 2.11% NSR Cobalt Hope Bay Tres Quebrad
Slide 18: Arcata and Azuca Stream Acquisition
ARCATA AND AZUCA STREAM ACQUISITION TRIPLE FLAG PRECIOUS METALS 18
Slide 19: Sierra Sun
ARCATA AND AZUCA SIERRA SUN Arcata and Azuca Arcata: Restart (production in H2 2025) Azuca: Greenfield asset High-quality restart with proven Stream Terms Peruvian operator $35M upfront deposit 5% silver and gold stream (no step-down) 10% ongoing payment All mining and exploration licenses 5-6 koz G
Slide 20: Arcata Azuca
ARCATA AND AZUCA ARCATA 89 Moz AgEq Resource 35.9 Moz AgEq M&I (2,138 kt at 523 g/t AgEq) 1 52.8 Moz AgEq Inferred (3,533 kt at 465 g/t AgEq) 1 High density vein district offering robust exploration upside H2 2025 Expected production Arcata Overview Past operating underground silver/gold mine AZUCA
Slide 21: Northparkes Cornerstone Asset
NORTHPARKES CORNERSTONE ASSET TRIPLE FLAG PRECIOUS METALS 21
Slide 22: Northparkes
NORTHPARKES NORTHPARKES Stream Terms 54% gold stream and 80% silver stream 10% ongoing payment Long-life copper-gold mine with significant 27 koz GEOs 2024A GEOs exploration upside Long-life Asset Operations commenced in 1994 Evolution Mining acquired Northparkes in 2023 Long history of reserve repl
Slide 23: Northparkes Mine Plan Overview
NORTHPARKES NORTHPARKES Mine Plan Overview High-grade E31 open pits contributing through 2025 Development of the E48 SLC (0.41 g/t Au grade 1) commenced in July 2024 First production from E22 (reserve grade of 0.37 g/t Au) is expected in +2029 with studies currently underway Source: Evolution Mining
Slide 24: Northparkes Milled Gold Grades
NORTHPARKES NORTHPARKES Milled Gold Grades (g/t) 0.43 2024 gold grades 0.34 benefiting from E31 0.31 open pits 0.28 0.17 0.16 0.13 2021 2022 2023 Q1 Q2 Q3 Q4 2024 2024 2024 2024 Source: Evolution Mining TRIPLE FLAG PRECIOUS METALS 24
Slide 25: Northparkes District Potential
NORTHPARKES NORTHPARKES District Potential Regional Geology Mining Lease 26 km2 mining lease +1,000 km2 stream area in prospective gold/copper belt Underexplored with limited drilling below 100 metres Source: Evolution Mining TRIPLE FLAG PRECIOUS METALS 25
Slide 26: Sustainability Leadership
SUSTAINABILITY LEADERSHIP TRIPLE FLAG PRECIOUS METALS 26
Slide 27: Top Sustainability Rankings
SUSTAINABILITY LEADERSHIP TOP SUSTAINABILITY RANKINGS Contributing to a responsible and sustainable mining sector Copyright ©2025 Sustainalytics. All rights reserved TRIPLE FLAG PRECIOUS METALS 27
Slide 28: Summary
SUMMARY TRIPLE FLAG PRECIOUS METALS 28
Slide 29: Triple Flag Investment Case
SUMMARY TRIPLE FLAG Investment Case SUMMARY Robust and Growing Cash Flow Per Share Increasing dividend, executing share buybacks and reinvesting in accretive acquisitions to drive compounding growth Diversified Portfolio Provides Top-tier Precious Metals Exposure Anchored by Northparkes and Cerro Li
Slide 30: Appendix
APPENDIX TRIPLE FLAG PRECIOUS METALS 30
Slide 31: Growth Pipeline
APPENDIX GROWTH PIPELINE Selected development and exploration assets ASSET LOCATION OVERVIEW Agnico Eagle is undertaking a 110,000 meter drill program in 2025 to support a larger production scenario and expects to report results from Hope Bay Nunavut this evaluation in the first half of 2026. In con
Slide 32: Leadership Team
APPENDIX LEADERSHIP TEAM Deep experience and networks in senior executive, commercial, sustainability, and technical roles Sheldon Vanderkooy James Dendle Eban Bari Fraser Cunningham Warren Beil Katy Board John Cash Leshan Daniel Chief Executive Officer Chief Operating Officer Chief Financial Office
Slide 33: Experienced Board
APPENDIX 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 Sheldon
Slide 34: Non-IFRS Measures
APPENDIX NON-IFRS MEASURES Gold Equivalent Ounces (“GEOs”) GEOs are a non-IFRS measure that is based on stream and related interests as well as royalty interests and calculated on a quarterly basis by dividing all revenue from such interests for the quarter by the average gold price during such quar
Slide 35: Reconciliation to IFRS Measures
APPENDIX RECONCILIATION TO IFRS MEASURES Gold Equivalent Ounces (“GEOs”) Adjusted EBITDA 2024 Three months ended Year ended ($ thousands, except average gold price and GEOs Year ended December 31 December 31 information) Q4 Q3 Q2 Q1 December 31 ($ thousands) 2024 2023 2024 2023 Revenue 74,213 73,669
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