Summary of the Conference Call for Triple Flag Precious Metals (NYSE:TFPM) Company Overview - **Triple Flag Precious Metals** was formed in 2016 and operates in the royalty and streaming model, focusing on generating shareholder value through strategic asset acquisitions [doc id='23']. - The current market cap is approximately **$8 billion**, with **$1.8 billion** of shareholder capital invested, resulting in over **4x** returns [doc id='23']. Key Financial Metrics - **Annual GEO Production Guidance for 2025**: 105,000-115,000 ounces, with actual production reported at **113,000 ounces**, near the top end of the range [doc id='24']. - Projected production growth to **135,000-145,000 ounces** by 2029, driven by existing portfolio assets [doc id='25']. - The company has consistently increased its dividend since going public and is currently **debt-free** with available capacity for new investments [doc id='26']. Market and Industry Insights - The gold market is experiencing significant price appreciation, with gold prices reaching **$5,000** and silver at **$100** [doc id='3']. - The royalty and streaming sector has seen record corporate acquisitions, with **$9 billion** in transactions in 2025, nearly three times the volume from 2023 to 2024 [doc id='10']. - The company emphasizes the importance of operating in **tier one jurisdictions** (Canada, Australia, and the U.S.) to mitigate risks associated with nationalism and expropriation [doc id='6']. Strategic Differentiators - **Geographic Focus**: 80% of cash flow comes from tier one jurisdictions, providing stability and insulation from geopolitical risks [doc id='6']. - **Cash Margin**: The company boasts a **97% cash margin**, benefiting from rising gold and silver prices [doc id='7']. - **Growth Profile**: Anticipated **40% growth** over the next five years without contingent capital requirements [doc id='8']. Recent Developments and Acquisitions - The acquisition of **Orogen Royalties** included a **1% royalty on the Arthur Project** in Nevada, operated by AngloGold Ashanti, which is expected to be a tier one mine [doc id='53']. - The company is focused on maintaining a disciplined approach to capital allocation, ensuring that any acquisitions are accretive to shareholders [doc id='12']. Challenges and Market Positioning - Despite strong performance, the royalty and streaming companies underperformed compared to the gold index in 2025, with Triple Flag up **98%** compared to the gold index's **141%** increase [doc id='34']. - The management argues that while royalty companies may not provide the same short-term leverage as high-cost operators, they offer a high-margin, consistent dividend model with long-term growth potential [doc id='35']. Future Outlook - The company expects continued volatility in the commodities market, driven by macroeconomic factors and geopolitical events, which may create opportunities for growth [doc id='42']. - There is a strong desire to deploy capital into new assets while maintaining a focus on risk management and shareholder value [doc id='62']. Conclusion - Triple Flag Precious Metals is well-positioned in the precious metals sector with a strong growth outlook, disciplined capital allocation strategy, and a focus on high-margin, low-risk assets in stable jurisdictions. The company aims to leverage its existing portfolio for future growth while navigating the challenges of the current market environment.

Summary of the Conference Call Industry Overview - The conference is the 29th Annual CIBC Western Institutional Investor Conference, focusing on the royalty and streaming sector within the precious metals industry [1][2] - The current market environment is characterized by significant appreciation in commodity prices, with gold reaching $5,000 and silver at $100 [3] Company Highlights OR Royalties - OR Royalties is a relatively new entrant in the royalty and streaming space, established over 11 years ago, with a cornerstone asset at Canadian Malartic, one of the most profitable mines globally [4][5] - The company has a market cap exceeding $8 billion and achieved cash flow per share guidance for 2024, with a 40% growth expected over the next five years [5][8] - 80% of OR Royalties' net asset value (NAV) and cash flow comes from Tier One jurisdictions: Canada, Australia, and the U.S., providing stability amid rising nationalism and potential expropriation risks in other regions [6][7] - The company maintains a 97% cash margin due to its royalty-centric model, which benefits shareholders in a rising gold and silver environment [7] - OR Royalties participated in approximately 10% of the aggregate deal volume in the royalty and streaming market, totaling around $3 billion in 2023-2024 [11] - The company remains disciplined in capital allocation, focusing on secured deals and avoiding unsecured transactions, which constituted 26% of the market in 2025 [12][13] Royal Gold - Royal Gold experienced substantial growth in 2025, highlighted by a $3.5 billion acquisition of Sandstorm and Horizon Copper, enhancing portfolio diversification and growth prospects [18] - The company has reduced its debt by $400 million since October and is rationalizing non-core investments to improve financial health [20][21] - Royal Gold's strategy includes maintaining a strong operating asset portfolio and focusing on long-term projects with significant growth potential [19][20] - The company emphasizes the importance of security in investments, with a history of making secured investments [50][51] Triple Flag Precious Metals - Triple Flag was formed in 2016 and has a market cap of approximately $8 billion, with a strong track record of increasing annual gold production [23][24] - The company achieved 113,000 ounces of gold production in 2025, near the top end of its guidance range, and expects production to grow to 135-145,000 ounces by 2029 [24][25] - Triple Flag focuses on a diversified portfolio, with 239 assets, of which only 33 are cash-flowing, indicating significant upside potential [25] - The company has consistently increased its dividend since going public and is debt-free, with available capacity for new investments [26][31] Market Dynamics - The royalty and streaming companies underperformed compared to the gold index in 2025, with Royal Gold up 67%, OR Royalties up 71%, and Triple Flag up 98%, while the gold index rose 141% [33] - The panelists discussed the need for better education of investors regarding the value proposition of royalty and streaming companies, particularly in a bullish commodity price environment [34][39] - The discussion highlighted the importance of long-term performance and the unique risk profile of royalty companies compared to operators and explorers [41][43] Investment Strategies - The panelists emphasized the importance of disciplined capital allocation and the need to avoid unsecured deals, focusing on investments that are accretive to shareholders [12][13][63] - There was a discussion on the potential for holding gold bullion as a strategic asset, with varying opinions on its desirability compared to deploying capital into new investments [68][72] - The panelists acknowledged the competitive landscape, with Tether entering the royalty space, but expressed confidence in their established business models and the value they provide to shareholders [84][86] Conclusion - The conference provided insights into the current state of the royalty and streaming sector, highlighting the growth potential and strategic approaches of OR Royalties, Royal Gold, and Triple Flag Precious Metals in a dynamic market environment.

Core Viewpoint - Evolve Royalties Ltd. has successfully completed its business combination and will commence trading on the Canadian Securities Exchange (CSE) under the ticker symbol "EVR" on December 17, 2025 [2][3]. Company Overview - Evolve Royalties Ltd. is a newly formed entity focused on the copper royalty and base and battery metals sector, aiming to build a diversified portfolio of royalties and streams from high-margin mining assets [4]. - The company has a total of 46,529,423 Evolve Shares issued and outstanding following the business combination and share consolidation [4]. Business Combination Details - The business combination involved Evolve Strategic Element Royalties Ltd. and included a share consolidation of Voyageur Minerals Explorers Corp. on a 4 to 1 basis, along with a name change to Evolve Royalties Ltd. [4]. - Holders of subscription receipts from Evolve Strategic Element Royalties Ltd. will receive 0.285 Evolve Shares for each subscription receipt held, with a cost base of $2.81 per share [5]. Shareholder Information - Shareholders of Voyageur who hold shares through brokers or banks will automatically receive their new Evolve Shares, while registered shareholders must submit a letter of transmittal to receive their shares [6][7]. Portfolio Highlights - Evolve's portfolio includes royalties from significant mining operations, such as a net profit interest in Teck Resources Limited's Highland Valley Copper Operation and various NSR royalties on copper and other metals from Hudbay Minerals Inc. and Foran Mining Corporation [11].

Core Viewpoint - Voyageur Mineral Explorers Corp. and Evolve Strategic Element Royalties Ltd. have received conditional approval from the Canadian Securities Exchange for their business combination, marking a significant step towards establishing Evolve as a key player in the copper royalty sector [1][2]. Company Overview - Voyageur is a Canadian junior mineral exploration company focused on mineral properties in Northwest Manitoba and Northeast Saskatchewan, owning royalties in the Flin Flon greenstone belt [11]. - Evolve is a private strategic metals royalty company aiming to apply the royalty and streaming model to emerging strategic mines, with a focus on low-carbon and digital economy assets [12]. Business Combination Details - The business combination will result in Voyageur changing its name to Evolve Royalties Ltd., with shares expected to trade under the symbol "EVR" upon final approval [2][3]. - The completion of the business combination is contingent upon meeting specific conditions set by the CSE, including the finalization of the business combination and the name change [2][3]. Board of Directors Announcement - Upon closing of the business combination, Mathieu Gignac and Elif Lévesque will join the Board of Directors, enhancing the board's expertise alongside existing members Joseph de la Plante, Vincent Metcalfe, and Fraser Laschinger [4]. Leadership Profiles - Joseph de la Plante has over 15 years of experience in the mining sector, previously serving as Chief Investment Officer of Nomad Royalty Company Ltd. and playing a key role in the development of Osisko Gold Royalties Ltd. [5]. - Vincent Metcalfe has over 20 years of experience in M&A and capital raising, previously serving as CEO of Nomad Royalty Company Ltd. [6]. - Elif Lévesque, a Chartered Professional Accountant, has over 25 years of experience in finance and was previously CFO of Nomad Royalty Company Ltd. [7][8]. - Mathieu Gignac has over 25 years of experience in the mining industry, known for his project management expertise in significant mining projects [9]. - Fraser Laschinger has over 15 years of experience in capital markets and was a co-founder of Mineral Streams Inc., which was acquired by AuRico Metals Inc. [10]. Royalty Portfolio - Evolve's royalty portfolio includes a 0.51% net profit interest on Teck Resources Limited's Highland Valley Copper Operation, a 5% NSR royalty on copper from Hudbay Minerals Inc.'s Copper Mountain Mine, and a 2% NSR royalty on the Sal de Los Angeles Lithium Brine Project in Argentina [13].

Core Viewpoint - Empress Royalty Corp. reported record revenue for the third quarter of 2025, demonstrating strong year-over-year growth and effective execution of its business model [1][2]. Financial Performance - Total revenue for the nine months ended September 30, 2025, was US$10.8 million, nearly double that of 2024 [6]. - Gross profit for the same period was US$7.4 million, with positive operating cash flow of US$5.2 million [6]. - Net income increased significantly to US$3.0 million from US$0.5 million in the same period of 2024 [6]. - Adjusted EBITDA for the nine-month period was US$7.1 million [6]. - For the three months ended September 30, 2025, royalty and stream revenue was US$4.2 million, with net income of US$1.4 million [6]. Strategic Focus - The company emphasizes disciplined capital allocation aimed at long-term value creation through its producing royalty and streaming investments [4]. - Empress Royalty is committed to building shareholder value, supported by increased production and solid gold and silver prices [2][5].

Core Insights - Versamet Royalties Corporation has welcomed Tether Investments and the Lundin Family as new cornerstone shareholders, each acquiring approximately 12.7% of the company's common shares [1][2]. Shareholder Acquisition - Tether acquired 11,827,273 common shares, while the Lundins acquired 11,827,272 common shares, both representing around 12.7% of the total issued and outstanding shares [2]. - The shares were purchased from Royal Gold, Inc., which sold its entire holding of 23,654,545 common shares [3]. Investment Agreements - Versamet entered into separate Investor Rights Agreements with Tether and the Lundins, allowing each to nominate one director to the company, contingent on maintaining the ownership threshold [4]. Company Growth and Future Plans - CEO Dan O'Flaherty expressed enthusiasm about the partnership, highlighting the financial strength and strategic capabilities of Tether and the Lundins as beneficial for Versamet's growth [5]. - The company is at a pivotal moment as it advances its U.S. and TSX mainboard listings, with an asset portfolio expected to generate over 20,000 GEOs in 2026 [5]. Company Overview - Versamet Royalties Corporation is an emerging mid-tier precious metals royalty and streaming company focused on creating long-term per share value through high-quality asset acquisitions [6].

Core Viewpoint - Evolve Strategic Element Royalties Inc. has increased its private placement offering to approximately $37.5 million due to strong investor demand, up from the initial $20 million [1][2]. Group 1: Evolve Offering Details - The Evolve Offering is being managed by a syndicate of agents led by Canaccord Genuity Corp. and Stifel Nicolaus Canada Inc. [2] - The net proceeds from the Offering will be used for new growth investments, working capital, and general corporate purposes related to the business combination of Voyageur and Evolve [3]. - The completion of the Offering is subject to various closing conditions, including shareholder approval and conditional approval from the Canadian Securities Exchange [3][10]. Group 2: Corporate Agreements and Amendments - Voyageur has agreed to increase the break fee by $262,500 if its board changes its recommendation regarding the business combination [4]. - Northfield Capital Corp., Voyageur's largest shareholder, has amended its voting support agreement to restrict termination in the context of a superior proposal unless certain value thresholds are met [4]. Group 3: Company Profiles - Evolve is a private strategic metals royalty company focused on securing premium assets in the low-carbon and digital economy [5]. - Voyageur is a Canadian junior mineral exploration company with a focus on mineral properties in Northwest Manitoba and Northeast Saskatchewan, owning royalties in the Flin Flon greenstone belt [5].

Financial Data and Key Metrics Changes - Triple Flag achieved record sales of nearly 29,000 GEOs in Q2 2025, resulting in record adjusted EBITDA of CAD 76 million and operating cash flow of CAD 0.38 per share [3][4] - Operating cash flow per share increased by over 50% year over year, marking a new quarterly record [9] - The company exited the quarter with zero debt and expects to maintain a net cash position by the end of Q3 2025 [10][11] Business Line Data and Key Metrics Changes - North Park and Cerro Lindo remain the two largest contributors to revenue, with North Park achieving a record quarter due to higher open pit grades from stockpiled ore [11][12] - Revenues were derived 100% from precious metals, with approximately two-thirds from gold, indicating a strong focus on gold and silver exposure [12] Market Data and Key Metrics Changes - The company reported strong performance amid record precious metals prices, benefiting from high margins that consistently exceed 90% [4][9] - Approximately 90% of revenue was derived from assets located in Australia and The Americas, highlighting the company's focus on mining-friendly jurisdictions [12] Company Strategy and Development Direction - The company is focused on accretive acquisitions, with recent transactions including the Tre Corvadis Lithia mine in Argentina and additional royalties on the Johnson Camp copper mine in Arizona [4][5] - The acquisition of a 1% NSR royalty on the Arthur Gold project in Nevada is expected to provide long-term growth potential [5] - The investment thesis remains centered on top-tier assets, a focus on precious metals, and a predominantly North American and Australian portfolio [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2025 guidance of 105,000 to 115,000 ounces, supported by strong operating cash flows and a robust transaction pipeline [4][16] - The company anticipates several catalysts, including the commencement of production at multiple mines and ongoing exploration successes [16][18] Other Important Information - The company announced a 5% increase in its annual dividend to CAD 0.02, marking the fourth consecutive annual increase since its IPO [10] - The company maintains a strong balance sheet with total liquidity available of nearly CAD 1 billion, allowing for continued investment in growth opportunities [11] Q&A Session Summary Question: What should be expected as steady state production from the Johnson Camp royalty? - Management indicated that the Johnson Camp royalty is a small purchase and did not provide specific asset guidance [20][21] Question: Can you walk through potential offsets for declining production in 2026? - Management noted that while North Park's high-grade stockpiles will deplete, production from the Arcata mine and Johnson Camp mine is expected to come online, providing potential offsets [33][35] Question: What is the current deal pipeline looking like? - Management stated that the pipeline is full, with a mix of larger and smaller opportunities, predominantly in the $100 million to $300 million range, focusing on precious metals [39][40] Question: Is the focus still on safe jurisdictions like The Americas and Australia? - Management confirmed that the focus remains on The Americas and Australia, with limited interest in opportunities in Africa [47][48]

Financial Data and Key Metrics Changes - Triple Flag achieved record adjusted EBITDA of CAD76 million in Q2 2025, with operating cash flow of CAD0.38 per share, reflecting strong margins exceeding 90% [3][4] - Operating cash flow per share increased by over 50% year over year, marking a new quarterly record [8] - The company exited the quarter with zero debt and expects to maintain a net cash position by the end of Q3 2025 [10][11] Business Line Data and Key Metrics Changes - The portfolio produced nearly 29,000 GEOs in Q2, contributing to a record first half of over 57,000 GEOs, aligning with the 2025 sales guidance of 105,000 to 115,000 ounces [8][11] - North Park and Cerro Lindo remain the largest revenue contributors, with North Park achieving a record quarter due to higher open pit grades [11][12] Market Data and Key Metrics Changes - Revenues were derived 100% from precious metals, with approximately two-thirds from gold, positioning the company favorably within the sector [12] - The company noted a strong rise in silver prices benefiting Cerro Lindo towards the end of the quarter [11] Company Strategy and Development Direction - The company is focused on accretive acquisitions, including the recently completed acquisition of a 1% NSR royalty on the Arthur Gold project in Nevada, which is expected to provide long-term growth potential [5][6] - The capital allocation strategy emphasizes returns to shareholders, highlighted by a 5% increase in the annual dividend to CAD0.02 [9][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 guidance despite potential production declines from certain assets, citing a robust portfolio and upcoming production from new mines [16][36] - The company remains optimistic about the exploration potential at the Fletcher Zone, which nearly doubled the resource base at Beta Hunt [15][16] Other Important Information - The company maintains a strong balance sheet with total liquidity of nearly CAD1 billion, allowing for continued investment in growth opportunities [11] - The transaction pipeline is robust, with a focus on opportunities in safe jurisdictions, primarily in the Americas and Australia [40][49] Q&A Session Summary Question: What should we expect as steady state production from the Johnson Camp royalty? - Management indicated that while the Johnson Camp royalty is a small purchase, it provides incremental copper exposure, but no specific asset guidance will be provided [21][22] Question: What is the process for enforcing security on the stream with STEP Gold? - Management noted that the current arrears from STEP Gold are approximately USD8 million, and they have a good relationship with the management team, emphasizing confidence in their position [24][28] Question: How will production decline in 2026 be offset? - Management acknowledged potential declines but highlighted upcoming production from the Arcata mine and Johnson Camp mine as offsets, while refraining from specific asset guidance [34][36] Question: What is the current deal pipeline looking like? - Management described a full pipeline with a mix of larger and smaller opportunities, primarily in the CAD100 million to CAD300 million range, focusing on precious metals [38][40] Question: Is the focus still on safe jurisdictions? - Management confirmed that the focus remains on the Americas and Australia, with limited interest in opportunities in Africa [49]