Core Viewpoint - Investors interested in mining stocks, particularly gold, are evaluating Iamgold (IAG) and Triple Flag Precious Metals (TFPM) for potential undervaluation opportunities [1] Group 1: Company Overview - Both IAG and TFPM currently hold a Zacks Rank of 2 (Buy), indicating a positive earnings outlook supported by favorable analyst estimate revisions [3] - IAG has a forward P/E ratio of 9.40, while TFPM has a forward P/E of 26.91, suggesting IAG may be more undervalued [5] - IAG's PEG ratio is 0.33, indicating strong expected EPS growth relative to its price, whereas TFPM's PEG ratio is 1.05 [5] Group 2: Valuation Metrics - IAG has a P/B ratio of 1.10, which compares favorably to TFPM's P/B ratio of 2.37, indicating IAG's stock may be more attractively priced relative to its book value [6] - Based on various valuation metrics, IAG holds a Value grade of A, while TFPM has a Value grade of D, reinforcing the view that IAG is the superior value option at this time [6]

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In the 'long' context, investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.While many investors like to look for moment ...

Triple Flag Precious Metals (TFPM) closed the last trading session at $20.94, gaining 13.4% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $27.81 indicates a 32.8% upside potential.The average comprises 11 short-term price targets ranging from a low of $19 to a high of $36.50, with a standard deviation of $6.24. While the lowest estimate indicates a decline of 9.3% from the curren ...

Financial Data and Key Metrics Changes - The company reported record annual operating cash flow of $214 million for 2024, benefiting from a rising metal price environment and strong performance [4][11] - The average gold price in 2024 was less than $2,400 per ounce, which is $500 lower than spot prices, indicating potential for increased cash flows at higher prices [10][21] - The company paid out over $43 million in dividends in 2024, reflecting a 5% increase, marking the third consecutive increase since the IPO [12] Business Line Data and Key Metrics Changes - The company achieved record GEOs (Gold Equivalent Ounces) of 113,000 ounces in 2024, representing an eighth consecutive year of growth [4][5] - Cerro Lindo saw a 24% year-over-year increase in GEOs due to higher grades and improved plant efficiency [7] - Camino Rojo achieved record production of 137,000 ounces, exceeding initial guidance by 19% [8] Market Data and Key Metrics Changes - The company expects GEO guidance for 2025 to be between 105,000 and 115,000 ounces, primarily from precious metals [13] - The company has a compound annual growth rate of approximately 20% in GEOs since 2017, with further growth projected to 135,000 to 145,000 GEOs by 2029 [15] Company Strategy and Development Direction - The company plans to reinvest cash flows into streams and royalties, including the recent $28 million acquisition of the Tres Quebradas Royalty, which is expected to provide near-term cash flow [6][20] - The strategy focuses on acquiring quality assets in favorable regions and generating cash returns for shareholders [22][23] - The company maintains a debt-free balance sheet with over $700 million available for new transactions [22] Management's Comments on Operating Environment and Future Outlook - Management expressed a strong and positive outlook for 2025, emphasizing a growing cash flow per share profile and plans for continued dividend increases [21][56] - The company acknowledges ongoing challenges with illegal miners at the Buritica asset but remains optimistic about its future production and investment [36][37] Other Important Information - The company has a robust pipeline of opportunities, with a focus on transactions in the $100 million to $300 million range, primarily in precious metals [39][40] - The acquisition of the Tres Quebradas Royalty is seen as a counter-cyclical opportunity to expand exposure to a well-capitalized mining project [20] Q&A Session Summary Question: Inquiry about revenue from Bonaco and Agdal Stream - Management indicated that true-ups are a small contribution and do not provide asset-specific guidance [26][28] Question: Status of El Mochito asset - Management confirmed that deliveries have restarted and it is not critical for meeting future guidance [32][33] Question: Update on Buritica asset and illegal miners - Management stated that Zijin is effectively managing the situation, and the mine is currently producing [36][37] Question: Transaction sizes and focus areas - Management confirmed a mix of development and producing assets in the pipeline, with a focus on precious metals [47] Question: Corporate transactions and potential syndication - Management is open to syndication for larger transactions but prefers to avoid over-concentration in the portfolio [49][51] Question: Dividend policy and cash balance - Management indicated a progressive dividend policy with expectations for annual increases, while maintaining a low cash balance for operations [56][58]

Exhibit 99.2 Consolidated Financial Statements of Triple Flag Precious Metals Corp. For the years ended December 31, 2024 and 2023 (Expressed in United States Dollars) Management's Report on Internal Control Over Financial Reporting Triple Flag Precious Metals Corp.'s ("Triple Flag") management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in rules 13a-15(f) and 15d- 15(f) under the United States Securities Exchange Act of 1934, as amended. /s ...

Financial Data and Key Metrics Changes - Triple Flag achieved record sales of nearly 30,000 gold equivalent ounces (GEOs) in Q3 2024, positioning the company to meet its production guidance of 105,000 to 115,000 ounces for the year [4] - Operating cash flow per share increased over 70% compared to the prior period, driven by record production and gold prices [5][9] - The company exited the quarter with a small net debt position of only $11 million, demonstrating robust cash flows [10] Business Line Data and Key Metrics Changes - Cerro Lindo and Northparkes were the two largest contributors to Q3 GEOs, benefiting from higher year-over-year volumes and precious metal prices [11] - The portfolio has achieved several milestones, including increased production guidance from Orla Mining for Camino Rojo and successful exploration results from Westgold at Beta Hunt [6][7] Market Data and Key Metrics Changes - Approximately 80% of Triple Flag's revenues are derived from Australia and the Americas, with a significant portion of revenue exposure to silver at around 30% [11][12] - The company continues to benefit from a strong precious metals environment, with record performance across revenue, cash flow, and adjusted EBITDA over the last 12 months [13] Company Strategy and Development Direction - Triple Flag's growth profile remains strong, with expectations to produce between 135,000 to 145,000 GEOs by 2028 [7] - The company emphasizes asset diversification and maintaining a focus on precious metals, with a disciplined approach to capital allocation [10][13] - The management team is focused on adding additional assets to the portfolio, with nearly $690 million in available capital [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong pipeline of opportunities, with a focus on traditional royalties and streams rather than debt or equity [22][23] - The company is assessing geopolitical risks but remains centered in mining-friendly jurisdictions, primarily in Australia and Latin America [25][26] Other Important Information - Triple Flag was added to the S&P/TSX Composite Index, enhancing its exposure to a broader investor base and increasing liquidity [7] - The exploration success at Beta Hunt, particularly the discovery of the Fletcher Zone, could significantly expand the resource base without additional costs to shareholders [16][17] Q&A Session Summary Question: Opportunities in the current deal market given gold price volatility - Management confirmed a strong pipeline remains in play, with potential transactions in the $100 million to $300 million range [21][22] Question: Nature of potential transactions (royalties vs. debt/equity) - Management clarified that the focus is on traditional royalties and streams, avoiding debt and equity routes [23] Question: Geopolitical focus in future transactions - Management indicated that while there are opportunities in Latin America, the primary focus remains on mining-friendly jurisdictions like Australia [25][26] Question: Evolution of deal mechanics and counterparty expectations - Management noted that there have been no significant changes in deal mechanics, with the streaming model becoming more accepted over time [29][30] Question: Competition from gold prepay arrangements - Management believes gold prepay arrangements do not erode opportunities for streaming companies, as they offer different financing structures [31][32]

[Unaudited Condensed Interim Consolidated Financial Statements](index=1&type=section&id=Unaudited%20Condensed%20Interim%20Consolidated%20Financial%20Statements) [Condensed Interim Consolidated Balance Sheets](index=1&type=section&id=Condensed%20Interim%20Consolidated%20Balance%20Sheets) As of September 30, 2024, Triple Flag's total assets decreased to $1.77 billion from $1.89 billion at year-end 2023, primarily due to a reduction in mineral interests and loans receivable. Total liabilities also decreased, driven by a reduction in debt, while shareholders' equity declined from $1.81 billion to $1.71 billion, reflecting a net loss for the period Consolidated Balance Sheet Summary (as of Sep 30, 2024 vs. Dec 31, 2023) | Account | Sep 30, 2024 ($ thousands) | Dec 31, 2023 ($ thousands) | Change (%) | | :--- | :--- | :--- | :--- | | **Total Current Assets** | 63,249 | 57,038 | +10.9% | | **Total Non-current Assets** | 1,709,978 | 1,837,426 | -6.9% | | **TOTAL ASSETS** | **1,773,227** | **1,894,464** | **-6.4%** | | **Total Current Liabilities** | 19,880 | 17,315 | +14.8% | | **Total Non-current Liabilities** | 43,787 | 66,408 | -34.1% | | **TOTAL LIABILITIES** | **63,667** | **83,723** | **-24.0%** | | **TOTAL SHAREHOLDERS' EQUITY** | **1,709,560** | **1,810,741** | **-5.6%** | | **TOTAL LIABILITIES AND EQUITY** | **1,773,227** | **1,894,464** | **-6.4%** | [Condensed Interim Consolidated Statements of Income (Loss)](index=3&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Income%20%28Loss%29) For the third quarter of 2024, the company reported net earnings of $29.6 million, a significant turnaround from a $6.0 million loss in Q3 2023, driven by a 49% increase in revenue. However, for the nine months ended September 30, 2024, the company recorded a substantial net loss of $64.4 million, compared to net earnings of $26.5 million in the prior year period, primarily due to $148.0 million in impairment charges Income Statement Highlights (For the three and nine months ended Sep 30) | Metric ($ thousands, except EPS) | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | 73,669 | 49,425 | 194,778 | 152,285 | | **Gross Profit** | 36,663 | 25,809 | 108,826 | 75,629 | | **Operating Income (Loss)** | 30,668 | (7,703) | (59,376) | 28,906 | | **Impairment Charges** | 0 | 28,081 | 148,034 | 28,081 | | **Net Earnings (Loss)** | 29,649 | (6,041) | (64,364) | 26,527 | | **Diluted EPS** | $0.15 | $(0.03) | $(0.32) | $0.13 | [Condensed Interim Consolidated Statements of Cash Flows](index=4&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2024, cash flow from operations increased to $150.0 million from $116.5 million in the prior year. Net cash used in investing activities was $82.2 million, primarily for the acquisition of mineral interests. Financing activities resulted in a net cash outflow of $61.6 million, driven by debt repayments of $85.0 million and dividend payments of $32.2 million. The company's cash position increased by $6.2 million to end the period at $23.6 million Cash Flow Summary (For the nine months ended Sep 30) | Activity ($ thousands) | 2024 | 2023 | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | 150,030 | 116,494 | | **Net Cash used in Investing Activities** | (82,196) | (203,300) | | **Net Cash from (used in) Financing Activities** | (61,593) | 30,096 | | **Increase (Decrease) in Cash** | 6,223 | (56,755) | | **Cash at End of Period** | 23,602 | 14,343 | [Condensed Interim Consolidated Statements of Changes in Equity](index=5&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Changes%20in%20Equity) Shareholders' equity decreased from $1.81 billion at the start of 2024 to $1.71 billion at September 30, 2024. The decline was primarily driven by a net loss of $64.4 million and dividend payments of $32.2 million, partially offset by stock-based compensation and proceeds from stock option exercises. The company also repurchased common shares for $5.0 million under its NCIB program Equity Reconciliation (For the nine months ended Sep 30, 2024) | Item ($ thousands) | Amount | | :--- | :--- | | **Equity at Jan 1, 2024** | **1,810,741** | | Net Loss | (64,364) | | Dividends | (32,205) | | NCIB Share Purchase | (5,046) | | Stock-based compensation & option exercises | 434 | | **Equity at Sep 30, 2024** | **1,709,560** | [Notes to the Condensed Interim Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Interim%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of the company's accounting policies, significant developments, and breakdowns of key financial statement items. Major highlights include the acquisition of new gold streams, significant impairment charges on specific assets, changes in debt and equity structures, and detailed revenue analysis by asset and geography [Note 1: Nature of operations](index=6&type=section&id=1.%20Nature%20of%20operations) Triple Flag is a Canadian-domiciled precious-metals-focused streaming and royalty company. Its revenue is generated from a diversified portfolio of properties across ten countries, including Australia, Canada, and the United States - The company's core business is **acquiring and managing streaming and royalty interests** in the precious metals sector[7](index=7&type=chunk) - Operations are **geographically diversified** across Australia, Canada, Chile, Colombia, Cote d'Ivoire, Mexico, Mongolia, Peru, South Africa and the United States[7](index=7&type=chunk) [Note 3: Critical accounting estimates and judgments and newly enacted tax rules](index=6&type=section&id=3.%20Critical%20accounting%20estimates%20and%20judgments%20and%20newly%20enacted%20tax%20rules) The company identified impairment indicators for its interests in the Moss mine (Elevation Gold) and the Pumpkin Hollow project (Nevada Copper) as of June 30, 2024, leading to impairment charges. Additionally, newly enacted Canadian EIFEL tax rules, effective October 1, 2023, did not have a material impact on the company's financial results for the period - As of June 30, 2024, **impairment indicators were identified** for interests in the Moss mine and Pumpkin Hollow project, resulting in impairment charges[12](index=12&type=chunk) - Newly enacted Excessive Interest and Financing Expenses Limitation (EIFEL) rules had **no material impact** on the deductibility of interest and financing expenses for the period[13](index=13&type=chunk) [Note 4: Key developments](index=7&type=section&id=4.%20Key%20developments) During 2024, Triple Flag executed several key transactions. In August, it acquired 3% gold streams on the Agbaou and Bonikro mines for $53.0 million. In July, it acquired an additional 1.0% NSR royalty on the Tamarack project for $8.0 million. In March, it settled litigation with Coeur Mining regarding the Kensington royalty, receiving $6.75 million in Coeur shares and amending the royalty terms - Acquired **3% gold streams** on the Agbaou and Bonikro mines from Allied Gold Corp. for a total cash consideration of **$53.0 million** on August 14, 2024[14](index=14&type=chunk) - Acquired an additional **1.0% NSR royalty** on the Tamarack project for **$8.0 million** on July 5, 2024[17](index=17&type=chunk) - Settled litigation with Coeur Mining over the Kensington gold mine royalty, receiving **$6.75 million in Coeur shares** and amending the royalty rate effective January 1, 2024[18](index=18&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk) [Note 6: Loans receivable](index=8&type=section&id=6.%20Loans%20receivable) Net loans receivable decreased dramatically to $1.7 million as of September 30, 2024, from $28.0 million at year-end 2023. This reduction was due to the full impairment and write-off of loans to Nevada Copper and Elevation Gold, as there was no reasonable expectation of recovery Loans Receivable Breakdown ($ thousands) | Loan | Sep 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Convertible debenture – Excelsior | 1,746 | 1,638 | | Loan receivable – Elevation | — | 17,731 | | Promissory notes – Elevation | — | 6,490 | | Loan receivable – Nevada Copper | — | 11,840 | | **Net loans receivable** | **1,746** | **27,976** | - The company concluded there is **no reasonable expectation of recovery** for the Nevada Copper and Elevation loan receivables, resulting in impairment charges[24](index=24&type=chunk) [Note 8: Mineral interests](index=10&type=section&id=8.%20Mineral%20interests) The carrying value of mineral interests decreased to $1.67 billion from $1.77 billion at the start of the year. The decrease reflects depletion of $57.3 million and significant impairment charges of $107.0 million, which more than offset additions of $57.6 million from the acquisitions of the Agbaou and Bonikro streams and the additional Tamarack royalty Mineral Interests Roll-Forward (YTD Sep 30, 2024, $ thousands) | Item | Amount | | :--- | :--- | | **Carrying Value at Jan 1, 2024** | **1,773,053** | | Additions | 57,591 | | Depletion | (57,304) | | Impairment Charges | (107,046) | | Disposals | (366) | | **Carrying Value at Sep 30, 2024** | **1,665,928** | - Additions include the Agbaou stream (**$19.8M**), Bonikro stream (**$26.3M**), and Additional Tamarack Royalty (**$8.0M**)[30](index=30&type=chunk) - Impairment charges were primarily for the Nevada Copper stream (**$83.9M**) and the Elevation stream (**$18.7M**)[30](index=30&type=chunk) [Note 9: Impairment charges and expected credit losses](index=10&type=section&id=9.%20Impairment%20charges%20and%20expected%20credit%20losses) For the nine months ended September 30, 2024, the company recorded total impairment charges and expected credit losses of $148.0 million. This was driven by the full write-down of assets related to Nevada Copper ($104.1 million) and Elevation Gold ($40.1 million) after the operators filed for Chapter 11 bankruptcy and CCAA creditor protection, respectively Impairment Charges (For the nine months ended Sep 30, 2024, $ thousands) | Asset | Impairment Charge | | :--- | :--- | | **Nevada Copper (Mineral Interest)** | 83,920 | | **Nevada Copper (Loan Receivable)** | 20,197 | | **Elevation Gold (Mineral Interest)** | 18,688 | | **Elevation Gold (Loan Receivable)** | 21,380 | | Other | 4,438 | | **Total** | **148,034** | - The Nevada Copper impairment followed its Chapter 11 bankruptcy filing on June 10, 2024, leading to the conclusion of **no reasonable expectation of recovery** for the stream and loan[38](index=38&type=chunk)[40](index=40&type=chunk) - The Elevation Gold impairment followed its filing for CCAA creditor protection and cessation of mining, leading to a **full write-down** of the stream and loans[47](index=47&type=chunk)[49](index=49&type=chunk) [Note 10: Debt](index=14&type=section&id=10.%20Debt) The company significantly reduced its outstanding debt under its Revolving Credit Facility during the first nine months of 2024. The balance decreased from $57.0 million at year-end 2023 to $35.0 million as of September 30, 2024, after making net repayments of $22.0 million. The company remained in compliance with all financial covenants Debt Reconciliation (YTD Sep 30, 2024, $ thousands) | Item | Amount | | :--- | :--- | | **Debt at Jan 1, 2024** | **57,000** | | Drawdowns | 63,000 | | Repayments | (85,000) | | **Debt at Sep 30, 2024** | **35,000** | - The company was in **compliance with all financial ratios and requirements** under its Credit Facility as of September 30, 2024[53](index=53&type=chunk) [Note 13: Shareholders' equity](index=16&type=section&id=13.%20Shareholders%27%20equity) The company continued its capital return program, paying dividends totaling $32.2 million in the first nine months of 2024. Under its Normal Course Issuer Bid (NCIB), the company repurchased 375,800 common shares for $5.0 million. The NCIB allows for the purchase of up to 10.1 million shares until November 2024 - Paid dividends of **$32.2 million** for the nine months ended Sep 30, 2024, compared to **$30.7 million** in the prior year period[61](index=61&type=chunk) - Repurchased **375,800 common shares** for **$5.0 million** under the NCIB program during the first nine months of 2024[59](index=59&type=chunk) - The company renewed its NCIB in November 2023, authorizing the repurchase of up to **10,078,488 common shares** until November 14, 2024[58](index=58&type=chunk) [Note 15: Revenue](index=18&type=section&id=15.%20Revenue) Total revenue for the nine months ended September 30, 2024, increased by 28% to $194.8 million from $152.3 million in the prior year. The growth was driven by higher revenue from both stream interests (up 25% to $147.4 million) and royalty interests (up 32% to $46.0 million). Key contributors to revenue were the Cerro Lindo, Northparkes, and Impala Bafokeng streams, along with newly acquired streams at Bonikro and Agbaou Revenue by Type (For the nine months ended Sep 30, $ thousands) | Revenue Type | 2024 | 2023 | | :--- | :--- | :--- | | Gold Stream | 78,213 | 56,529 | | Silver Stream | 68,915 | 54,975 | | Royalty Interests | 45,997 | 34,744 | | Other | 1,653 | 6,037 | | **Total Revenues** | **194,778** | **152,285** | - The top three revenue-generating assets for the nine-month period were the Cerro Lindo (**$51.0M**), Northparkes (**$45.2M**), and Impala Bafokeng (**$9.9M**) streams[73](index=73&type=chunk) [Note 16: Segment disclosure](index=19&type=section&id=16.%20Segment%20disclosure) The company operates as a single operating segment focused on acquiring and managing streams and royalties. Geographically, Australia was the largest source of revenue for the first nine months of 2024, contributing $67.8 million (35% of total), followed by Peru with $51.5 million (26% of total) Revenue by Geography (For the nine months ended Sep 30, $ thousands) | Jurisdiction | 2024 | 2023 | | :--- | :--- | :--- | | Australia | 67,780 | 41,268 | | Peru | 51,544 | 32,852 | | United States | 20,718 | 18,676 | | Cote d'Ivoire | 10,364 | 1,699 | | Colombia | 9,955 | 8,646 | | South Africa | 9,881 | 9,185 | | Mongolia | 9,716 | 15,857 | | Mexico | 7,798 | 8,034 | | Canada | 6,936 | 11,631 | | Other | 86 | 4,437 | | **Total** | **194,778** | **152,285** | - The company's business is organized into a **single operating segment**: acquiring and managing precious metals streams and royalties[74](index=74&type=chunk)

Core Viewpoint - Triple Flag Precious Metals (TFPM) shows potential for significant upside, with a mean price target of $22.31 indicating a 31.1% increase from the current price of $17.02 [1] Price Targets - The average price target consists of 11 estimates ranging from $17.03 to $34, with a standard deviation of $5.36, indicating variability among analysts [2] - The lowest estimate suggests a minimal increase of 0.1%, while the highest estimate indicates a potential upside of 99.8% [2] - A low standard deviation suggests a strong agreement among analysts regarding the stock's price movement [7] Analyst Sentiment - Analysts exhibit growing optimism regarding TFPM's earnings prospects, as evidenced by upward revisions in earnings estimates [9] - The Zacks Consensus Estimate for the current year has risen by 3.1% over the past month, with two estimates increasing and no negative revisions [10] - TFPM holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors [11] Caution on Price Targets - While price targets are commonly referenced, they can mislead investors, as empirical research indicates they rarely predict actual stock price movements [5] - Analysts may set overly optimistic price targets due to business incentives, which can inflate expectations [6] - Investors should approach price targets with skepticism and not rely solely on them for investment decisions [8]

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Triple Flag Precious Metals (TFPM) , which belongs to the Zacks Mining - Gold industry, could be a great candidate to consider.This precious metals streaming and royalty company has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters o ...

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In the 'long' context, investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.Even though momentum is a popular stock char ...