TSX TFPM | NYSE TFPM CORPORATE PRESENTATION MARCH 2026 TRIPLE FLAG PRECIOUS METALS March 2026 CAUTIONARY STATEMENTS This presentation does not constitute an offer to sell or a solicitation of an offer to purchase any security in any jurisdiction Information contained or referenced in this presentation or in the documents referenced herein concerning the properties, technical information and operations of Triple Flag has been prepared in accordance with requirements and standards under Canadian securities la ...

Core Insights - The analyst has over a decade of experience researching various industries, including commodities like oil, natural gas, gold, and copper, as well as technology companies such as Google and Nokia, and emerging market stocks [1] Group 1: Company Focus - The analyst has a particular interest in covering metals and mining stocks, while also being comfortable with other sectors such as consumer discretionary, consumer staples, REITs, and utilities [1]

Core Viewpoint - Centerra Gold Inc. (CGAU) and Triple Flag Precious Metals (TFPM) are both strong candidates for value investors, but CGAU appears to be the more attractive option based on valuation metrics [1][7]. Valuation Metrics - CGAU has a forward P/E ratio of 10.83, significantly lower than TFPM's forward P/E of 27.61, indicating that CGAU may be undervalued [5]. - The PEG ratio for CGAU is 0.94, suggesting a favorable growth outlook relative to its price, while TFPM's PEG ratio is 2.00, indicating a higher valuation relative to expected growth [5]. - CGAU's P/B ratio stands at 1.82, compared to TFPM's P/B of 3.91, further supporting the notion that CGAU is a better value investment [6]. Earnings Outlook - Both CGAU and TFPM currently hold a Zacks Rank of 1 (Strong Buy), reflecting a positive earnings outlook due to favorable analyst estimate revisions [3].

Core Insights - Triple Flag Precious Metals (TFPM) shows potential as a strong investment due to significant upward revisions in earnings estimates [1][3] - Analysts are increasingly optimistic about the company's earnings prospects, which is expected to positively influence its stock price [2][10] Earnings Estimate Revisions - Current-quarter earnings estimate is projected at $0.41 per share, reflecting a +105.0% change from the previous year [7] - Over the last 30 days, one estimate has increased with no negative revisions, leading to a 13.89% rise in the Zacks Consensus Estimate [7] - For the full year, the earnings estimate stands at $1.40 per share, indicating a +38.6% change from the prior year [8] - Four estimates have been revised upward in the past month, resulting in a 16.63% increase in the consensus estimate for the current year [8][9] Zacks Rank and Performance - Triple Flag currently holds a Zacks Rank 1 (Strong Buy), indicating strong agreement among analysts on the positive earnings revisions [10] - The Zacks Rank system has a proven track record, with Zacks 1 Ranked stocks averaging a +25% annual return since 2008 [3] - Stocks with Zacks Rank 1 and 2 are shown to significantly outperform the S&P 500 [10] Stock Performance - The stock has gained 16.6% over the past four weeks, driven by favorable estimate revisions [11] - The positive earnings growth outlook suggests further potential for stock price appreciation [11]

Triple Flag Precious Metals Corp. (NYSE:TFPM) is one of the 10 Best Stocks to Buy According to Elliott Investment Management. Stifel Raises Triple Flag Precious Metals (TFPM) Target, Maintains Buy On February 10, 2026, Triple Flag Precious Metals Corp. (NYSE:TFPM) saw its price target from Stifel raised from C$58 to C$65. The firm’s analyst, Ingrid Rico, maintained a Buy rating on the stock. Prior to this, on February 4, 2026, CIBC kept an Outperformer rating on the stock and raised its price target from ...

Company Overview - Triple Flag Precious Metals is a leading precious metals streaming and royalty company headquartered in Toronto, Canada, leveraging a scalable, asset-light model to provide diversified exposure to gold and silver production without the operational risks of traditional mining [5] - The company has a broad portfolio of 78 assets, including 9 streams and 69 royalties, providing significant exposure to the global precious metals sector [5][7] - As of February 12, 2026, the market capitalization of Triple Flag Precious Metals is $7.38 billion, with a revenue of $388.70 million and a net income of $240.00 million [4] Recent Transaction - On February 13, 2026, Global Strategic Management Inc disclosed a new position in Triple Flag Precious Metals by acquiring 323,309 shares for an estimated $10.73 million based on quarterly average pricing [1][2] - This acquisition represents 8.95% of Global Strategic Management Inc's 13F reportable assets under management as of December 31, 2025 [3] Stock Performance - As of February 12, 2026, shares of Triple Flag Precious Metals were priced at $34.60, reflecting a 102.0% increase over the past year, with an alpha of 89.08 percentage points versus the S&P 500 [3] - The stock has advanced by 139% over the last year and is up 24% since January 1, 2026, indicating strong performance correlated to the price of precious metals [9]

Summary of Triple Flag Precious Metals Conference Call Company Overview - **Company Name**: Triple Flag Precious Metals (NYSE: TFPM) - **Market Capitalization**: Approximately $7.6 billion, recently around $8 billion due to performance [2] - **Business Model**: Precious metals streaming and royalty company with over 230 royalties and streams [1] Key Financial Metrics - **Production Guidance**: Expected to produce 95,000-105,000 ounces in 2026, with a long-term target of 140,000-150,000 ounces by 2030 [2][3] - **Dividend Growth**: Initial dividend of $0.19 per share in 2021, increased to $0.23 per share; cash flow distribution to shareholders expected to decrease from over 20% in 2021 to less than 10% [4] - **Cash Position**: Over $70 million in cash at year-end, with $1 billion in available credit [5] Portfolio and Asset Overview - **Asset Count**: Portfolio consists of 239 assets, all sourced by the management team since 2016 [3] - **Key Assets**: - **Northparkes**: Major asset with a 25% weighting in the portfolio; a copper mine with gold by-product, operated by Evolution Mining [6] - **Geographic Focus**: High concentration in Australia, followed by North America and Latin America [7][8] Market Insights - **Gold as a Monetary Asset**: Emphasis on gold's strength compared to the US dollar; significant US dollar debt of $39 trillion [10] - **Investment Philosophy**: Focus on generating cash flow and reinvesting into further streams and royalties to create shareholder value [11] Growth Catalysts - **Future Projects**: Exciting growth assets expected to contribute beyond 2030, including the Arturo Project and Kemess [19][31] - **Northparkes Developments**: Approval of E22 block cave and potential capacity increase from 7.6 million tons per annum to over 10 million tons [24][26] - **E44 Deposit**: New gold-only deposit identified at Northparkes, with a revenue-sharing agreement that benefits both Triple Flag and Evolution [27][30] Recent Developments - **Talon Metals and Tamarack Project**: Positive developments in the Tamarack nickel project, with involvement from the Lundin Group [36][37] - **Deal Structuring in Rising Metals Price Environment**: No significant changes in deal terms; negotiations remain specific and tailored to individual circumstances [38][39] Conclusion - **Long-term Strategy**: Triple Flag aims to continue generating cash flow and reinvesting in high-quality assets to drive shareholder value, with a strong focus on gold and silver exposure [34]

Core Insights - Triple Flag Precious Metals Corp. is well-positioned for growth with a strong portfolio of assets and a clear pathway to increase production significantly by 2030, targeting 140,000 to 150,000 GEOs, which represents a 45% growth from 2026 guidance [2][14][15] Group 1: Asset Development and Growth Potential - Hope Bay in Northern Canada is progressing towards a construction decision expected in May 2026, while Kemess in British Columbia has a positive PEA targeting production in 2031 [1][18] - Northparks in Australia is highlighted as a flagship asset with significant growth potential, including the development of the E22 block cave and expansion plans to increase capacity from 7.6 million tons per annum to 10 million tons or more [5][20][21] - The E44 gold-only deposit at Northparks will begin guaranteed minimum deliveries starting in 2030, enhancing the asset's value [6][20] Group 2: Financial Performance - In 2025, Triple Flag achieved record production of 113,000 GEOs, resulting in a cash flow per share of $1.54, a 45% increase from 2024 [4][10] - The company paid out nearly $46 million in dividends in 2025, reflecting a progressive 5% increase, marking the fourth consecutive annual increase since its IPO [11][12] - The company remains debt-free with over $70 million in cash and $1 billion available on its credit facility, providing substantial financial flexibility for future investments [12][23] Group 3: Strategic Investments - In 2025, Triple Flag invested over $350 million in various projects, including Arcata, Arthur, Johnson Camp Mine, and Minera Florida, which are expected to provide immediate or near-term cash flow [7][12] - The company focuses on opportunities in mining-friendly jurisdictions, ensuring a diversified portfolio that supports long-term growth [8][12] Group 4: Future Outlook - The company anticipates continued growth beyond 2030 from assets like Arthur, Kemess, and Hope Bay, all located in stable mining jurisdictions [22][23] - The strategic focus remains on sourcing and executing high-quality opportunities that deliver compounding per-share growth, with a preference for investments in the $200 million to $500 million range [33][41]

Triple Flag Precious Metals (NYSE:TFPM) Q4 2025 Earnings call February 19, 2026 09:00 AM ET Company ParticipantsCosmos Chiu - Executive Director of Precious Metals Equity ResearchEban Bari - CFOJames Dendle - COOSheldon Vanderkooy - CEOConference Call ParticipantsBrian MacArthur - Managing Director and Equity AnalystTanya Jakusconek - Managing Director and Senior Equity AnalystOperatorLadies and gentlemen, thank you for standing by. My name is Desiree, and I will be your conference operator today. At this t ...

Financial Data and Key Metrics Changes - Triple Flag achieved record production of 113,000 GEOs in 2025, marking the ninth consecutive year-over-year increase, with cash flow per share rising 45% to $1.54 [2][9] - Operating cash flow per share increased significantly, reflecting strong performance in the core streaming and royalty business [9][10] - The company paid out nearly $46 million in dividends in 2025, representing a progressive 5% increase [10] Business Line Data and Key Metrics Changes - The average gold price in Q4 was $4,135 per ounce, with current spot prices just under $5,000 per ounce, indicating a favorable pricing environment for the company [3] - The guidance for 2026 is set at 95,000-105,000 GEOs, reflecting mine sequencing and planned adjustments in stream rates [3][11] Market Data and Key Metrics Changes - The company expects a conservative gold-to-silver price ratio of 72 for 2026, with a lower ratio assumed in the first half of the year [11] - The Australian cash tax rate for royalties is expected to remain around 25%, consistent with prior year actuals [12] Company Strategy and Development Direction - Triple Flag is focused on long-term growth, projecting production to reach 140,000-150,000 GEOs by 2030, driven by multiple assets advancing through various stages [4][14] - The company is strategically positioned in premier mining jurisdictions, including Australia, the United States, and Canada, with significant growth potential from key assets like Northparkes, Arthur, and Kemess [5][16][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong position for 2026 and beyond, highlighting a clear pathway to robust growth [20][22] - The company remains debt-free with over $70 million in cash and $1 billion available on its credit facility, providing substantial financial flexibility [11][22] Other Important Information - Triple Flag invested over $350 million in value-accretive deals in 2025, including projects in Peru, Nevada, Arizona, and Chile [7][10] - The company has a royalty on the Pumpkin Hollow open pit, which is expected to provide copper exposure without further investment from Triple Flag [35] Q&A Session Summary Question: Opportunities at Northparkes - Management confirmed that there are potential opportunities for gold-rich deposits at Northparkes, with E44 being a notable example [24][25][28] Question: Interest in Larger Deals - Management stated that their sweet spot for investments remains in the $200-500 million range, indicating that larger deals are not currently a focus [31][32][33] Question: Update on ATO - Management clarified that ATO is currently in litigation and has been removed from 2026 and 2030 guidance, indicating it is considered upside only [56][57]