K2 Gold Corporation · TSXV:KTO
K2 Gold — Merger or Acquisition (March 2026)
22 slides from K2 Gold's merger presentation, Mar 26, 2026
Slide 1: Expanded Silicon 1% NSR Gold Royalty Acquisition
EXPANDED SILICON 1% NSR GOLD ROYALTY ACQUISITION April 2025 TSX:TFPM | NYSE:TFPM April 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 Qualified Person James Lill, Director, Mining for Triple Flag Precious Metals and a “qualified person” under NI 43-101 has reviewed and approved the
Slide 3: Presenters
Presenters Sheldon Vanderkooy James Dendle John Cash Paddy Nicol Marco Locascio CEO and Director COO Senior Advisor, President, CEO and Director VP Corporate Development Mining Engineering TRIPLE FLAG PRECIOUS METALS 3
Slide 4: Acquisition of NSR royalty on an emerging Tier 1 gold asset and strategic investment
Acquisition of NSR royalty on an Delivering significant value crystallization emerging Tier 1 gold asset and strategic and further value in Orogen Spinco investment in Orogen Spinco TRIPLE FLAG PRECIOUS METALS 4
Slide 5: Transaction Overview Summary
Transaction Overview SUMMARY Triple Flag Precious Metals Corporation (“Triple Flag”) to acquire 100% of the common shares of Orogen Royalties Inc. (“Orogen”) Proposed Transaction Triple Flag to retain 1.0% NSR gold royalty on the flagship Expanded Silicon project in Nevada operated by AngloGold
Slide 6: Expanded Silicon Acquisition
EXPANDED SILICON ACQUISITION TRIPLE FLAG PRECIOUS METALS 6
Slide 7: Tier 1 Asset: 16.3 Moz Total Resource
Tier 1 Asset 16.3 Moz Total Resource 1 Cornerstone Silicon and Merlin deposits in Nevada 3.4 Moz Indicated at Silicon North America’s largest new gold discovery 0.8 Moz Inferred at Silicon 12.1 Moz Inferred at Merlin Rapid Resource Growth ▲ 23% Rapid resource growth to +16 Moz 1 Drilling began only
Slide 8: 1.0% NSR Gold Royalty Coverage
1.0% NSR Gold royalty Life of mine with no step-downs, buydowns, or caps Silicon 74 km2 4.2 Moz Indicated and Inferred 1 Royalty coverage Covering the cornerstone Merlin and Silicon deposits Merlin High Grade 12.1 Moz Inferred 1 Core at Merlin expected to drive strong early production profile Oxide
Slide 9: Growing Resource, Tier 1 Scale
Growing Resource Tier 1 Scale Expanded Silicon Project December 31, 2024 Resource as Disclosed by AngloGold Ashanti Tonnes Grade Contained Gold Deposit Category (millions) (g/t) (Moz) Silicon Indicated 121 0.87 3.4 Inferred 36 0.70 0.8 Total Silicon 1 158 0.83 4.2 Merlin 2 Inferred 355 1.06 12.1 Tot
Slide 10: Contained Gold (Moz)
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 Moz Indicated In
Slide 11: Cortez Goldstrike District Evolution
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) Expanded Silicon 20 10 – -10 -5 0 5 10 15 20 25 30 Years Goldstrike and Cortez
Slide 12: Exploration Upside
Exploration Upside TRIPLE FLAG PRECIOUS METALS 12
Slide 13: Merlin Deposit
Merlin Deposit Epithermal gold deposit with drilling continuing to define a high-grade, world-class orebody Significant intercepts from the heart of the orebody including: 144.5 m @ 10.53 g/t Au 1 Inferred resource at Merlin of 355 million tonnes grading 1.06 g/t Au 2 Updated resource at Mer
Slide 14: Triple Flag GEOs: Robust Long-term Growth
Triple Flag GEOs Robust Long-term Growth 135-145 GEOs koz Growth Meaningful GEOs growth beyond 2029 from Expanded Silicon 105-115 GEOs koz 113 Expanded Silicon 100+ Assets in Various Stages of Development 105 Gold Equivalent Ounces (koz) 84 85 63 Koné 42 33 34 2017A 2018A 2019A 2020A 2021A 2022A 202
Slide 15: Spinco
SPINCO TRIPLE FLAG PRECIOUS METALS 15
Slide 16: Orogen Spinco: Same Team, Assets, and Business
Orogen Spinco Same Team, Assets, and Business 28 HIGH-POTENTIAL ROYALTIES SIGNIFICANT CASH POSITION Pro Forma Financial Snapshot 07 OPTION CASH FLOW FROM AGREEMENTS ERMITAÑO ROYALTY Market Cap 1 C$88M 1 Share Price 1,2 C$1.48 04 EXPLORATION NO DEBT Working Capital 3 C$15-20M ALLIANCES Shares Outstan
Slide 17: Orogen Spinco: Proven Model for Value Creation
Orogen Spinco Proven Model for Value Creation HWY 37, BC Partner- Kingfisher Metals Innovative Funded Geoscience Exploration MPD South, BC Kodiak Copper Organic Maggie Creek, NV Royalty Nevada Gold Mines Generation Spring Peak, NV Headwater Gold Profitable Retained Ermitaño, MX Deal Terms Royalty Fi
Slide 18: Orogen Spinco: Ermitaño Royalty
Orogen Spinco Ermitaño Royalty Vein Intersection Producing Mine Navidad Vein Inferred Resource Winter Vein Advanced Exploration Target Early-Stage Exploration Target Approximate Mine Location Orogen (Ermitaño) 2.0% NSR Royalty Orogen (Cumobabi) 1.5% NSR Royalty $9.00 $7.90 $7.00 $5.95 Royalty $5.00
Slide 19: Orogen Spinco: Catalysts for 2025
Orogen Spinco Catalysts for 2025 01 ERMITAÑO AND NAVIDAD ROYALTY 02 PARTNER-FUNDED EXPLORATION 03 GENERATIVE EXPLORATION • Inferred resources increased • Six partner-funded drill • Partner-funded greenfield by 260% from only a portion programs forecasted for gold, copper and zinc of the Navidad vein
Slide 20: Summary
SUMMARY TRIPLE FLAG PRECIOUS METALS 20
Slide 21: Demonstrated Value, Attractive Premium, Same Team Same Assets
Demonstrated Value Transaction crystallizes value from Orogen’s grassroots discovery of Silicon Attractive Premium 38% based on April 17 closing prices and 32% based on the 20-day VWAP of both companies Same Team, Same Assets, Same Business Full suite of assets, including Ermitaño, and proven genera
Slide 22: Tier 1 Gold Asset in Nevada, Rapid Growth, Exploration Potential
Tier 1 Gold Asset in Nevada North America’s largest new gold discovery Track Record of Rapid Growth Resource growth trajectory to 16 Moz since discovery in 2018 Significant Exploration Potential Mineralization not currently contained in the Merlin resource plus extensions and numerous targets Tier 1