Triple Flag Precious Metals Corp. · TSX:TFPM
Triple Flag Precious Metals — Investor Presentation (January 2026)
38 slides from Triple Flag Precious Metals's investor presentation, January 2026
Slide 1: Corporate Presentation January 2026
CORPORATE PRESENTATION JANUARY 2026 TSX TFPM | NYSE TFPM January 2026 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 $7.5B 113 koz 135-145 koz Ratings 2029E GEOs Market Cap 1 2025A GEOs Outlook 2 Leading Insider 239 Assets $0.23/sh ~$1.0B Ownership and Alignment 33 Producing Assets Annualized Divid
Slide 4: Gold
OVERVIEW GOLD Proven asset hedging fiat currency debasement and financial risks U.S. M2 Money Supply, Total Debt and Gold Price $45,000 $4,500 M2 Money Supply $40,000 U.S. Government Total Debt Outstanding Spot Gold $4,000 $38 trillion Total U.S. Government Debt Outstanding 1 $35,000 $3,500 In 2025,
Slide 5: Growth and Track Record
GROWTH AND TRACK RECORD TRIPLE FLAG PRECIOUS METALS 5
Slide 6: Robust GEOs Growth
GROWTH AND TRACK RECORD ROBUST GEOs GROWTH 135-145 GEOs koz Growth Meaningful GEOs growth beyond 2029 from Arthur, Kemess and advanced 113 development projects 113 Arthur 100+ Assets in Various Stages of Development 105 Gold Equivalent Ounces (koz) 84 85 63 Koné 42 33 34 2017A 2018A 2019A 2020A 2021
Slide 7: Per Share Value Creation
GROWTH AND TRACK RECORD PER SHARE VALUE Operating CFPS US$/sh NAVPS Analyst Consensus 1 Cash Flow CREATION US$M US$/sh SINCE IPO $287 $20.00 $1.42 $214 $1.06 Track record of CFPS $12.84 and NAVPS growth $154 $0.76 $0.77 $10.36 $10.70 $118 2022 2023 2024 LTM 2022 2023 2024 LTM 2022 2023 2024 2025 Not
Slide 8: Capital Allocation Driving Value Creation
GROWTH AND TRACK RECORD CAPITAL ALLOCATION Driving Value Creation Triple Flag Portfolio 2016 – Q3 2025 Investment and Returns All figures in US$M $2.8B Total Capital Deployment Since 2016 Investment $2,807 $280M Annual Average Return $1,390 $3,776 $5,166 $5,166 Capital Deployment 2016-2025 Cash Flow
Slide 9: Capital Allocation Successful Track Record
GROWTH AND TRACK RECORD CAPITAL ALLOCATION Successful Track Record All figures in US$M Investment $550 Investment $250 Northparkes Cerro Lindo 2020 Investment 2016 Investment Return $226 $926 $1,152 Return $366 $176 $542 Cash Flow Cash Flow Analyst NAV Analyst NAV to Q3/25 to Q3/25 Investment $100 I
Slide 10: Asset Portfolio
ASSET PORTFOLIO TRIPLE FLAG PRECIOUS METALS 10
Slide 11: Pure Play Precious Metals
ASSET PORTFOLIO PURE PLAY PRECIOUS METALS Asset Commodity 1 Primary Commodity 2 Geography Consensus NAV Consensus NAV Consensus NAV Consensus NAV Cornerstone assets with diversified 92% Precious 80% Gold and 77% Americas production and Metals Copper and Australia development Northparkes 25% Gold 79%
Slide 12: Portfolio Overview
ASSET PORTFOLIO PORTFOLIO OVERVIEW Diversified portfolio of streams and royalties in top-tier jurisdictions 239 TOTAL ASSETS 33 PRODUCING 51 DEVELOPMENT 155 EXPLORATION / OTHER Asset count as of December 31, 2025 TRIPLE FLAG PRECIOUS METALS 12
Slide 13: 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 Evolution M
Slide 14: 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 14
Slide 15: Growth Pipeline
ASSET PORTFOLIO GROWTH PIPELINE Robust growth profile from expansions, development projects, and long-term exploration EXPANSIONS Northparkes Mining of high gold grade E48 SLC and E22 deposits Beta Hunt Increasing mining capacity to 2 Mtpa FROM EXISTING PRODUCING ASSETS ATO Phase II Expansion: 12-ye
Slide 16: Northparkes
NORTHPARKES CORNERSTONE ASSET TRIPLE FLAG PRECIOUS METALS 16
Slide 17: Northparkes
NORTHPARKES 54% GOLD | 80% SILVER STREAM NSW, AUSTRALIA Long-life Asset in Australia 30+ year history of reserve replacement across multiple porphyry systems Well-Capitalized Infrastructure 7.6 Mtpa mill capacity; permitted to 8.5 Mtpa Multiple active and planned production sources Large 600 Mt Reso
Slide 18: Northparkes Mine Plan Overview
NORTHPARKES NORTHPARKES Mine plan overview Production from the E48 SLC (0.39 g/t Au grade 1) ramping-up First production from E22 (reserve grade of 0.37 g/t Au 2) is expected in +2029 with studies currently underway Source: Evolution Mining 1) E48 sub level cave pre-feasibility study 2) Previously d
Slide 19: 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 19
Slide 20: Arthur Gold Project
ARTHUR GOLD PROJECT TIER 1 GROWTH ASSET TRIPLE FLAG PRECIOUS METALS 20
Slide 21: Arthur
ARTHUR 1.0% NSR ROYALTY NEVADA Tier 1 Asset Cornerstone Silicon and Merlin deposits in Nevada North America’s largest new gold discovery Rapid Resource Growth Rapid resource growth to +16 Moz 1 Drilling began in 2018 and initial mineral resource estimate declared in 2021 Significant Exploration Upsi
Slide 22: Arthur Contained Gold Growth
ARTHUR ARTHUR Initial discovery in 2018 Contained Gold (Moz) Initial resource in 2021 Merlin 16 Moz resource in 2024 Merlin 12.1 Moz Inferred 2 9.1 Moz Inferred Silicon 0.8 Moz Inferred Silicon 0.8 Moz Inferred Silicon 0.8 Moz Inferred 1 Silicon Silicon Silicon Silicon 3.4 Moz 3.4 Moz 3.4 Moz 3.4 Mo
Slide 23: Arthur 2026-2027 Drilling Objectives
ARTHUR ARTHUR 2026-2027 drilling objectives 1.0% NSR Significant upside potential from one of the largest Expand on known mineralized structures between Silicon and Merlin Test Silicon parallel structures 74 km2 royalty coverage covering Merlin and Silicon greenfields discoveries of the century in
Slide 24: Hope Bay
HOPE BAY TIER 1 GROWTH ASSET TRIPLE FLAG PRECIOUS METALS 24
Slide 25: Hope Bay
HOPE BAY 1.0% NSR ROYALTY NUNAVUT Cornerstone Growth Asset 80 km greenstone belt hosts three gold deposits (Doris, Madrid and Boston) Over 90 regional exploration targets Potential 400 koz Gold Producer Upgrading mill to 6,000 tpd with site preparedness underway Project update expected in H1 2026 Si
Slide 26: Hope Bay Continued Exploration Success at Madrid
HOPE BAY HOPE BAY Continued exploration success at Madrid Results continue to demonstrate continuity within the known zones and support the potential for mineral resource expansion at depth and along strike Source: Agnico Eagle TRIPLE FLAG PRECIOUS METALS 26
Slide 27: Summary
SUMMARY TRIPLE FLAG PRECIOUS METALS 27
Slide 28: Triple Flag Investment Case
SUMMARY SUMMARY TRIPLE FLAG Investment Case Diversified Portfolio Provides Top-tier Precious Metals Exposure Anchored by Northparkes, Cerro Lindo, Buritica, Impala Bafokeng and Arthur ~80% portfolio exposure to Australia and the Americas by consensus NAV Growing Cash Flow per Share and NAV Per Share
Slide 29: Appendix
APPENDIX TRIPLE FLAG PRECIOUS METALS 29
Slide 30: Proven Business Model
APPENDIX SUMMARY PROVEN BUSINESS MODEL Free Cash Flow Generation No direct 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
Slide 31: Growth Pipeline
APPENDIX GROWTH PIPELINE PRIMARY TIMELINE TO PRODUCTION TIMELINE TO PRODUCTION ASSET OPERATOR METAL 2026 - 2030 2030+ Hope Bay Gold 1.0% NSR Goldfield Gold 5.0% NSR (Gemfield) Eskay Creek Gold 0.5% NSR Koné Gold 2.0% NSR Era Dorada Gold 1.0% NSR HOPE BAY Queensway Gold 0.2-0.5% NSR Tamarack Nickel,
Slide 32: Growth Pipeline Asset Location Overview
APPENDIX GROWTH PIPELINE ASSET LOCATION OVERVIEW Agnico Eagle undertook a 110,000 meter drill program in 2025 to support a potential 400 koz per year production scenario and expects to Hope Bay Nunavut report results from this evaluation in the first half of 2026. In consideration of the logistics o
Slide 33: Arthur District Evolution
APPENDIX ARTHUR Cortez Goldstrike Cumulative Production and Cumulative Production and Total Total Resource since 1995 Resource since 1987 60 District Evolution 50 Potential for Growth 40 Cumulative Production and Total Resource 30 (Moz) Arthur 20 10 – -10 -5 0 5 10 15 20 25 30 Years Goldstrike and C
Slide 34: Leadership Team
APPENDIX LEADERSHIP TEAM Sheldon Vanderkooy James Dendle Eban Bari Fraser Cunningham Warren Beil John Cash David Lee Chief Executive Officer Chief Operating Officer Chief Financial Officer Managing Director VP & General Counsel Senior Advisor, VP, Investor Relations TF International Mining Engineeri
Slide 35: Experienced Board
APPENDIX EXPERIENCED BOARD 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 Vanderkooy Elizabeth Wademan Director & Committee Chair 3 Director Director &
Slide 36: Non-IFRS Measures
APPENDIX NON-IFRS MEASURES Free Cash Flow Free cash flow is a non-IFRS measure that deducts acquisition of other assets (excluding acquisition of investments and prepaid gold interests or mineral interests) from operating cash flow. Management believes this to be a useful indicator of our ability to
Slide 37: Reconciliation to IFRS Measures
APPENDIX RECONCILIATION TO IFRS MEASURES Adjusted EBITDA Gross Profit Margin and Asset Margin Three months ended Nine months ended Three months ended Nine months ended September 30 September 30 September 30 September 30 ($ thousands except Gross profit margin and Asset margin) 2025 2024 2025 2024 ($
Slide 38: Reconciliation to IFRS Measures
APPENDIX RECONCILIATION TO IFRS MEASURES Adjusted EBITDA Year Ended December 31 ($ thousands) 2017 2018 2019 2020 2021 2022 2023 2024 Net earnings (loss) $ (29,004) (32) (13,753) 55,565 45,527 55,086 36,282 (23,084) Finance costs, net (1) 2,351 8,378 9,860 5,673 1,413 4,122 5,073 Income tax expense
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