Corporate Update - December 2025

TSX TFPM | NYSE TFPM

CORPORATE PRESENTATION DECEMBER 2025

December 2025

TRIPLE FLAG OVERVIEW

Track record, continued organic growth and capital to grow value

135-145 koz

2029E GEOs

Outlook 2

$7.0B

Market Cap 1

105-115 koz

2025E GEOs

Guidance 2

Leading Sustainability Ratings

239 Assets

33 Producing Assets

Streams and Royalties 3

~$1.0B

Available Liquidity 4

$0.23/sh

Annualized Dividend

per Share

Leading Insider Ownership and Alignment

Management and Board are founders and substantial owners at ~$135M 1

All figures in US$ unless otherwise noted

1. Based on share price as at December 1, 2025

2. GEOs 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 determined based on the London Bullion Market Association ("LBMA") PM fix. For periods longer than one quarter, GEOs are summed for each quarter in the period

3. Asset count as of October 31, 2025

4. Available liquidity represents $9M cash and cash equivalents as at September 30, 2025, plus a $1.0B revolving credit facility ($700M with an additional uncommitted accordion of up to $300M), of which $13M was drawn as at September 30, 2025

PROVEN BUSINESS MODEL Free Cash Flow Generation

No direct capital expenditure exposure

Diversification

Large portfolio diversified by jurisdiction, operator, underlying commodity

Optionality

Price leverage, new discoveries, reserve replacement, expansions

Consistent High Margins

Streams and royalties not directly exposed to inflation

Scalable & Low Overhead

Growth and increased diversification without increasing overhead

Providing investors high-upside, low-risk exposure to precious metals

GOLD

Is a proven asset hedging fiat currency debasement and financial risks

U.S. M2 Money Supply, Total Debt and Gold Price

$45,000

$40,000

$35,000

M2 Money Supply and US Total Debt (US$B)

$30,000

$4,500

M2 Money Supply

U.S. Government Total Debt Outstanding Spot Gold

$4,000

$3,500

$3,000

$38 trillion

Total U.S. Government Debt Outstanding 1

$22 trillion

M2 Money Supply 2

Spot Gold (US$/oz)

$25,000 $2,500

$20,000

$15,000

$10,000

$2,000

$1,500

$1,000

Governments print money. Governments can't print gold.

$5,000 $500

- -

1971 1976 1981 1986 1991 1996 2001 2006 2011 2016 2021

Source: Bloomberg, Federal Reserve Bank of St. Louis

1. U.S. government total outstanding debt as of October 31, 2025

2. U.S. M2 Money Supply as of October 31, 2025

GROWTH AND TRACK RECORD ROBUST GEOs GROWTH

135-145

GEOs koz

113

105-115

GEOs koz

105

84

85

63

42

33

34

Growth

Meaningful GEOs growth beyond 2029

100+ Assets in Various Stages of Development

from Arthur

Gold Equivalent Ounces (koz)

2017A 2018A 2019A 2020A 2021A 2022A 2023A 2024A

2025E

2025E

Guidance

2029E

2029E

Outlook

Growth

Growth

Note: 2025E Guidance and 2029E GEOs outlook on stream and royalty interests are based on publicly available forecasts of the owners or operators of properties on which we have stream and royalty interests. When publicly available forecasts on properties are not available, we obtain internal forecasts from the owners or operators, or use our own best estimate. We conduct our own independent analysis of this information to reflect our expectations based on an operator's historical performance and track record of replenishing Mineral Reserves and the operator's publicly disclosed guidance on future production, the conversion of Mineral Resources to Mineral Reserves, timing risk adjustments, drill results, our view on opportunities for mine plan optimization and other factors. We may also make allowances for the risk of uneven stream deliveries to factor in the potential for timing differences risking the attainment of public guidance ranges. In estimating 2025E Guidance and 2029E Outlook GEOs we used $2,600/oz Au, $30.50/oz Ag and $4.00/lb Cu

STRONG CASH FLOW

Operating Cash Flow and

Free Cash Flow 1

(US$M)

$214

$154

$120 $118

$84

$40

$27 $28

$287

Net Earnings and Adjusted EBITDA 2 (US$M)

$220

$159

$123 $119

$96

$32

$34

$48

($0)

($29)

($14)

($23)

$288

Gross Profit Margin and

Asset Margin 3

89% 87% 91% 92% 91% 91% 90% 92% 92%

(% of revenue)

Adjusted EBITDA Net Earnings Asset Margin Gross Profit Margin

Notes: For a discussion of Free Cash Flow, Adjusted EBITDA, Gross Profit Margin and Asset Margin and for a reconciliation to the most directly comparable measure calculated and presented in accordance with IFRS, see Appendix. LTM represents the 12 months ended September 30, 2025

1. 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. In 2019, acquisition of other assets was $505k and Free Cash Flow was $39M

2. Adjusted EBITDA is a non-IFRS financial measure, which excludes the following from net earnings: income tax expense; finance costs, net; depletion and amortization; impairment charges, write-downs, and reversals, including expected credit losses; gain/loss on sale or disposition of assets/mineral interests; foreign currency translation gains/losses; increase/decrease in fair value of financial assets; non-cash cost of sales related to prepaid gold interests; and non-recurring charges

3. Gross profit margin is a supplementary financial measure which we define as gross profit divided by revenue. Asset margin is a non-IFRS financial measure which we define by taking gross profit and adding back depletion and non-cash cost of sales related to prepaid gold interests and other and dividing by revenue

CAPITAL ALLOCATION Driving Value Creation

Triple Flag Portfolio

2016 - Q3 2025 Investment and Returns

$2.8B

Total Capital Deployment Since 2016

$280M

Annual Average Capital Deployment 2016-2025

Investment

Return

All figures in US$M

Cash Flow to Q3/25

Asset Cash Flow

$5,166

Analyst NAV

Royalty and Stream Assets

$5,166

Note: Cash Flow to Q3/25 represents Revenue less Cost of sales less Taxes plus Proceeds on disposition of mineral interests from September 30, 2016 to September 30, 2025. Analyst NAV based on consensus estimates

CAPITAL ALLOCATION Successful Track Record

All figures in US$M

Northparkes

2020 Investment

Investment

Return

$926

$1,152

Cerro Lindo

2016 Investment

Investment

Return

$176

$542

Cash Flow to Q3/25

Analyst NAV

Cash Flow to Q3/25

Analyst NAV

Buritica

2019 Investment 1

Investment

Return

Cash Flow to Q3/25

Analyst NAV

$332

Impala Bafokeng

2020 Investment

Investment

Return

Cash Flow to Q3/25

Analyst NAV

$410

Young-Davidson

2018 Investment

Investment

Return $118

Fosterville

2018 Investment

Investment

Return

$171

Cash Flow to Q3/25

Analyst NAV

Cash Flow to Q3/25

Analyst NAV

Note: Cash Flow to Q3/25 represents Revenue less Cost of sales plus Proceeds on disposition of mineral interests from September 30, 2016 to September 30, 2025. Analyst NAV based on consensus estimates

1. Buritica cash flow includes proceeds on disposition of mineral interests ($78M gold stream buyback in 2020) following which TFPM retained a 100% silver stream on Buritica