Triple Flag Precious Metals Aktie

Thank you for standing by. My name is Angela, and I will be your conference operator today. At this time, I would like to welcome everyone to the Triple Flag Announces USD 440 million gold stream on the Ravenswood Gold Mine and increases 2030 outlook. [Operator Instructions] I would now like to turn the call over to Sheldon Vanderkooy, CEO. Please go ahead.

Thank you, Angela. Thank you all for joining this call to discuss our acquisition of a gold stream on the Ravenswood Gold Mine in Australia. My name is Sheldon Vanderkooy, CEO of Triple Flag Precious Metals. Joining me on the call today is James Dendle, our Chief Operating Officer; and Fraser Cunningham, the Managing Director of Triple Flag International. This morning, Triple Flag announced the acquisition of a gold stream on the producing Ravenswood Mine in Queensland, Australia for upfront cash consideration of USD 440 million.

Fraser and I will spend a few minutes walking through the acquisition rationale and transaction structure before passing it over to James, who will give you more details on the mine and the exciting exploration potential we see at Ravenswood. Turning to Slide 4. Ravenswood is a fantastic addition to the Triple Flag portfolio. Triple Flag is a long-term compound growth business model. Our diversified portfolio produces significant gold-linked cash flows, which we then reallocate into additional investments to drive compound per share growth over time.

When we reallocate our capital, we are looking for good mines in good jurisdictions with good operators, and we are seeking returns that are beneficial to our shareholders. Ravenswood stands out on all of these factors. We are extremely excited to bring such a high-quality, growing and long-life asset into our portfolio that will benefit Triple Flag shareholders for decades to come; and we have done so on terms that are clearly accretive for Triple Flag shareholders. This stream adds immediate cash flow from a large-scale, long-life, and low-cost operation located in Australia.

Ravenswood is Queensland's largest gold mine and one of the 10 largest gold mines in Australia. It has approximately 2.8 million ounces in contained gold reserves. The mine has been in continuous operation since 1987 with historical production of more than 4 million ounces of gold. The owners of Ravenswood, EMR Capital and Golden Energy & Resources, otherwise known as GEAR, have extensive global mining experience. Since acquiring Ravenswood in 2020, they have invested over AUD 830 million to expand the asset and secure its future as a long-life operation.

This capital program included investments in the processing plant, tailings capacity, mining fleet, pit development, and infrastructure upgrades. With these investments, Ravenswood is ramping up to more than 200,000 ounces per annum and at costs within the lower half of the global gold cost curve. As mentioned, Ravenswood has an extensive mineral endowment, but perhaps most excitingly, we also see significant exploration upside. Ravenswood has a strong history of reserve replacement, and EMR and GEAR have renewed their focus on exploration this year following several years where they were focused primarily on the operations. Since 2020, reserves grew by a growth of 800,000 ounces of gold, which exceeded depletion of 600,000 ounces.

As James will explain in more detail later, there are multiple in-pit and near-mine targets adjacent to the current Buckreef West and Sarsfield-Nolans pits that present a significant opportunity to extend the mine life over a large prospective land package of more than 1,800 square kilometers. Ravenswood is exactly the type of exposure that our shareholders look to us for. It is gold, it is in Australia. It is a traditional stream agreement with top-line revenue exposure without exposure to operating cost inflation or the capital cost calls. We have exposure to a large land package that presents exploration upside with no further capital required from Triple Flag.

I'll now pass it on to Fraser, who will talk through how we secured this transaction and the key elements of our stream.

Thanks, Sheldon. We approached EMR and GEAR over a year ago with the concept of relooking at their capital structure with stream financing. By originating the idea and engaging with them early, we had the unique advantage of participating in very detailed diligence for an extended period of time. Our ability to view firsthand the progress made in resolving challenges and advancing the mine's ramp-up has been unique compared to any of our past transactions. We visited the mine multiple times and have great connectivity with the site team, including regular dialogue on monthly progress.

We will start with a 5.5% stream rate on gold produced from Ravenswood at 10% of the spot gold price, with step-downs in ongoing payment updates as various milestones are achieved as detailed on the slide. Additionally, buy-down options on the stream rate upon a change-of-control transaction or on a discretionary basis are a part of the agreement. Should they be exercised, they will provide consideration that generates high returns for Triple Flag shareholders. The stream also benefits from target quarterly gold deliveries starting in the third quarter of 2026 through to the second quarter of 2028.

Over this period, these target cumulative quarterly gold deliveries totaled 22,928 ounces of gold and will result in quarterly deliveries of approximately 2,300 ounces to 3,300 ounces of gold, subject to a quarterly cap of 8% of actual production during each quarter. In terms of security, the stream will have second-ranking security, including a mortgage over the tenements, subject to regulatory FIRB approval. Finally, the $440 million transaction is expected to be funded from available capital, including cash on hand of $144 million as of March 31, 2026, as well as our undrawn credit facility, and is expected to close by the end of June. After funding this transaction, we will still have access to over $1 billion of liquidity with our credit facility and accordion facility.

I'll now pass it over to James to provide more details on the asset.

Thanks, Fraser. Turning to Slide 6, you can see an overview of the ratings with MIM. Ravenswood is a large-scale open-pit gold mine with a long history of operation and deep roots in the local community. The mine is located 130 kilometers south of Townsville in Queensland, Australia and has produced more than 4 million ounces of gold from historical mining operations. To provide some context on the asset ownership history, Bond mining began at Ravenswood in 1987 and continued through operators such as Carpentaria, Xstrata, and Resolute.

From 2004 to 2020, Resolute mined and processed 40 million tonnes of ore and produced more than 1.9 million ounces of gold under its ownership. Driven by a strategic focus on African assets, Resolute sold Ravenswood to EMR Capital and GEAR in 2020, both natural resource operators and investors. Current mining operations at Ravenswood are focused on open-pit mining at the Buckreef West, Sarsfield, Nolans deposits, utilizing conventional hard-rock-open-pit mining methods, benefiting from a low life-of-mine stripping ratio of around 1.4x.

High-grade ore from Sarsfield, Nolans deposit is planned to drive production growth to 2,000 ounces by 2028. Ore is processed through an 8.6 million-tonne-per-annum conventional crush, grind, CIL circuit to produce gold dore. Notably, the flow sheet incorporates a well-established and demonstrated gravity beneficiation circuit to uplift the mill head grade by around 30% versus the ore reserve grade. Finally, the operation benefits from well-established infrastructure, including water supply by a 20-kilometer pipeline, grid power supply of the 20 MVA via transmission lines.

Near-term upgrades to the power infrastructure will enable diesel generators to be decommissioned, representing a further structural positive to Ravenswood's operating cost profile in the future. Turning to Slide 7. As Sheldon mentioned earlier, there remains significant upside potential within the immediately adjacent to the existing open pits, presenting significant opportunity to extend mine life at Ravenswood. In addition to the two main open-pit deposits having significant in-pit exploration potential through the conversion of mineralized material resource and reserve, there is also mineralization outside the existing life-of-mine pit site.

Notably, the life-of-mine pit design is based on a USD 1,760 per ounce optimized pit shell. Deeper drilling has also been encouraging. Recent assays have returned wide, high-grade, continuous zones of mineralization, which we believe will support production far beyond the current life-of-mine plan. Finally, looking at the regional exploration potential, this slide shows the long-term exploration prospects within the 1,800 square kilometer land package.

The district hosts a pipeline of identified exploration opportunities within trucking distance from current operations, including Mt Success, Mingela, Trieste, and Helena. This combination of in-pit opportunity, near-mine extensions, and regional prospectivity provides Ravenswood with multiple avenues for incremental value creation beyond the current reserve and resource base, setting the asset up well to provide returns to Triple Flag shareholders for decades to come.

With that, I'll turn the call back to Sheldon.

Thank you, James. Turning to Slide 9. I'd like to highlight Triple Flag's significant and unique Australian presence. Australia is a Tier-1 mining jurisdiction with a well-established mining sector offering investors stability and certainty. The addition of Ravenswood builds on Triple Flag's already significant Australian presence, providing our shareholders with a distinct advantage from further cash flow sourced from this leading jurisdiction.

We now have 31 assets in Australia, including 10 producing assets. Australia is Triple Flag's single largest country concentration. This includes our Cornerstone Northparkes asset, our substantial investment in Ravenswood and also Beta Hunt, Fosterville, and others. In total, these streams and royalty assets comprise a coverage area of over 6,500 square kilometers and a total attributable reserve of 530,000 GEOs. Turning now to Slide 10, I'd like to conclude by updating our long-term growth outlook. Triple Flag has a fantastic record of growth. We started Triple Flag in 2016 and have just celebrated our 10th anniversary.

We have increased our GEO production for every year of Triple Flag's existence. Yesterday, we announced an increase to our 2026 guidance together with the collection of all arrears owed by Steppe Gold. The portfolio is performing very well in 2026. We reported record GEOs in Q1, and the portfolio has continued to perform strongly as we approach the end of June. Resolution of the Steppe Gold matter enabled us to increase our 2026 guidance independent of our Ravenswood addition.

With the addition of Ravenswood, we are very well positioned for 2026. Ravenswood is a long-life asset with a ramping profile. When we layer on Ravenswood into our existing long-term outlook, we are proud to announce an increase in the long-term outlook to 150,000 to 160,000 GEOs by 2030. A significant increase from the 140,000 to 150,000 GEOs previously. The Triple Flag development portfolio has had very positive developments in the first 6 months of 2026.

AngloGold Ashanti announced a strongly positive initial reserve on the Arthur project. Agnico Eagle has announced a construction decision on Hope Bay. Montage Gold is progressing development of Kone towards first production later this year. Centerra has announced further development progress at Goldfield and updated its 43-101 (sic) [ NI 43-101 ] for Kemess. Most significantly, Northparkes is studying an expansion -- to consider an expansion to over 10 million tonnes per annum.

Triple Flag remains focused on driving compounding, per-share growth. We are going to increase our dividend every year and drive compound growth by reinvesting in additional streams and royalties on attractive terms for our shareholders. Ravenswood is exactly the type of investment we are looking to allocate our capital to. I'd like to close by noting the scale of this investment. Triple Flag is 1/9 the market cap of Wheaton Precious. Adding an asset like Ravenswood is meaningful to us and moves the needle for Triple Flag.

We are still in June and year-to-date, we have already announced $550 million of transactions. All of this deployment was in Australia and the United States. In the past 18 months from 2025 and the first 6 months of 2026, we have announced $900 million of transactions, again, squarely focused on the assets and jurisdictions our shareholders want exposure to. Thank you for your time, and we appreciate your continued trust and support for Triple Flag.

I'll now pass it back to the operator and open the line for questions. Thank you.

[Operator Instructions] Your first question comes from the line of Brian MacArthur with Raymond James.

It has to do with the buydowns. First of all, if you just conceptually talk about why they -- how they came about? And then a few detailed questions. Just on the change-of-control one, if it happens within the first 2 or 3 years when you have the fixed deliverables, do they get trimmed at the same rate? Or is that an independent agreement? The second question is after 48 months, as I read it, then there is no -- the change-of-control option goes away and nothing changes after that.

And the third question is, if the 15% buydown occurs when the change of control is happening at the same time, I assume it's the owner on the date that 67,000 ounces gets hit makes the decision within those 30 days of how it works. Sorry, it's just there's a lot of stacked stuff here.

Yes. Thanks, Brian. It's Sheldon. I'll take this. Really, when you look at those buydowns, it really comes down to the negotiation between the parties. So the other side wanted to have the flexibility that if someone came in and bought the mine that there would be an ability to have a lower stream rate on that. And it was something that we found acceptable given the rates of return that are inherent in that.

One of the things that I want to focus on here, too, is our exposure. You'll see the buydowns just be based on like a certain return on the money. We wanted to keep gold exposure for those buydowns. So there's actually -- it's actually denominated in ounces of gold times the gold price at that time. So if the gold price is strong up until that point, we'll actually benefit from that with an increase in the rate of return. And there's also basically a floor-dollar amount.

So, the IRR implied on those buydowns, no matter what happens with the gold price, is always going to be attractive to us. In terms of the change of control, I think you asked whether it was just the 4 years, and that is right, that's confirmed. So there's kind of a 4-year window. The change of control happens outside of that, and that option has just expired and hasn't gone forward. And then I think the last one was who exercises the milestone-based buydown or not. It's whoever is controlling the property at that time.

And sorry, just the other one, just if the Control Changes in the first period when you have the fixed deliveries, do they get adjusted by the 25%? Or do you just still get them because you're trying to like get a guaranteed return in a certain period of time?

Yes, yes. The mechanism is that it would all work its way through proportionately.

[Operator Instructions] There are no further questions. That concludes our question-and-answer session. I will now turn the call back over to Sheldon Vanderkooy for closing remarks.

Thanks, everyone. I appreciate people for dialing in. I appreciate the question, Brian. We're really proud of this addition to our portfolio, and we look forward to benefiting from this for decades to come. Thank you all. Bye.

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

Hello, and welcome to the Annual Meeting of Shareholders of Triple Flag Precious Metals Corp. Please note that today's meeting is being recorded. If you participate in today's meeting and disclose personal information, you will be deemed to consent to the recording, transfer and use of the same. If you disclose personal information of another person in today's meeting, you will be deemed to represent and warrant to Computershare and the company that you first obtained all required consents for the disclosure. [Operator Instructions]. It is now my pleasure to turn this meeting over to Dawn Whittaker.

Thank you. Good morning, and welcome to the Annual General Meeting of Triple Flag Precious Metals Corp. I'm Dawn Whittaker, a Director of the company and Chair of the Board of Directors. We look forward to this meeting and the opportunity it provides to speak with our shareholders. Joining me this morning via webcast are Sheldon Vanderkooy, our Chief Executive Officer; Eban Bari, our Chief Financial Officer; James Dendle, our Chief Operating Officer; Warren Gill, our Vice President and General Counsel; and David Lee, our Vice President, Investor Relations.

The nominee directors, auditors and other members of the Triple Flag management team are also attending remotely, either by teleconference or webcast. I would now like to call to order the Annual Meeting of Shareholders of Triple Flag Precious Metals Corp. I will begin today's meeting by outlining how voting and questions may be addressed in this virtual format. The majority of shareholders have submitted their proxies or voting instructions in advance of the meeting. Voting during today's meeting will be conducted through this online platform. When we're ready to table an item of business for a vote, you will see voting options appear on your screen. If you voted in advance of the meeting and do not wish to revoke your previously submitted proxy, then you do not least do anything. The scrutineers will tabulate all of the votes cast during the meeting, and we will report on the results of each resolution towards the end of the meeting.

To submit a question, click on the Q&A messaging icon to the right of the online platform window. When submitting a question, please identify whether it relates to a motion being considered as part of the formal business of the meeting or whether it's general in nature. We will address questions directly related to a particular motion at the appropriate time of the meeting and save general questions until the end of the meeting.

Please note that if you're logged into the virtual meeting as a guest, you will not be able to ask a question. Only registered shareholders and duly registered proxy holders may do so. Lauren will read the questions aloud when requested, and either I or a member of the management team will respond. We will make every effort to answer all of your questions today during the Q&A period. However, in the interest of time, we will limit that portion of the meeting to 30 minutes, and we'll address any unanswered questions in the timely manner afterwards.

I'll now proceed with the formal part of the meeting. I ask Warren Tak as Secretary of the meeting. Computershare Investor Services Inc. is acting as scrutineer of the meeting by way of its representatives, Louis Walleurray. Only shareholders of record of closeness on March 17, 2026, where their proxies are entitled to take part in and vote at this meeting. To make the best use of our time, certain shareholders have been asked to move and second the motions, which are called for in the notice of meeting. A copy of the notice of meeting and proof of its mailing have been filed by the company. The scrutineer's report indicates that a quorum is present.

I now declare that this annual meeting has been properly called and is duly constituted for the transaction of business for which it has been called. Within agenda will consist of the presentation of the company's 2025 annual financial statements, followed by 3 resolutions: first, to elect the Board of Directors for next year; second, to appoint the company's external auditor for fiscal 2026 and to authorize the directors to fix the auditor's remuneration; and third, to consider an advisory resolution on the company's approach to executive compensation.

On behalf of those speaking today, I would like to note that today's remarks may include forward-looking statements. Details regarding forward-looking statements can be found in the company's annual information form and other public documents. Actual results could differ materially from the forecast, projections and conclusions in the forward-looking statements made today. I should also note that during the meeting, we may pause from time to time to review messages from wars. Thank you for your patience as we do so.

I'd now like to place before the meeting the consolidated financial statements of the company, together with the notes and the auditor's report to the shareholders for the year ended December 31, 2025. These are included in the annual report, which we retrieved from the triple flag precious metals or website or SEDAR or are there any questions or comments submitted in connection with the financial statements?

No Dawn, and we do not receive any questions on our financial statements.

Thank you, Warren. We'll now move to the nomination of our election of Directors. Our management information circular contains details biography setting out the valuable qualifications and diverse backgrounds of our director nominees proposed. 9 directors are to be elected. I'm pleased to report that based on proxies received by the scrutineer in advance of the meeting, each director nominee received votes in favor of at least 94% of the votes cast. We will now consider the election of directors. I declare the polls open on all resolutions.

Warren, are there any questions or comments made in connection with the nomination and election of directors?

No, Dawn, you're not receiving any questions related to this item.

Thank you. We are pleased to have a nomination for the election of directors.

My name is Diana, and I'm a shareholder. Chair. I nominate the following persons for election as directors of the company to hold office until the next Annual Meeting of the Shareholders or until their successors are duly elected or appointed. Dawn Whittaker, Susan Allen, Patrick Merrin, Christopher Clive, Jeff Burt, Mark Cicirelli, Blake Rhodes, Sheldon Vanderkooy, Elizabeth Wademan.

My name is Steve Bristo. I'm a shareholder. Madam share, I second the motion.

Thank you, Himani, Steve. Triple Flag bylaws require the nominations of directors by shareholders be received by the directors at least 30 days in advance of the meeting in order to be valid. As no nominations other than those set forth in the management information circular and included for election at this meeting were received prior to the deadline, the nominations are closed. As this is an uncontested election, the Centro the Canada Business Corporations Act, shareholders will vote for or against nominee for election to the Board. PAUSE In short, any nominee who does not receive a majority of the votes cast for their election will not be elected.

But because certain nominees for election. To the Board are incumbent directors, an incumbent director who has not so elected may continue in office until the earlier of the 90th day after election or the day on which his or her success is appointed or elected. On the side by the groupers that there are very few votes cast by proxy and retested the director nominees I'm advised by the scrutineer that very few votes cast by proxy in respect of the director nominees were voted against such nominees.

The number of votes in favor and against for each individual director nominee may be obtained from the scrutineer. You have now proved the motion for the election of directors. I ask shareholders or their appointees to cast their votes through the online portal. As a reminder, if you have already voted or sent in your proxy, there's no need to do anything unless you wish to change your vote. We'll now move to the next item of business, the appointment of the officer or are there any questions or comments submitted in connection with the appointment of the auditor?

No, Dawn, we have not received any questions related to this item.

I'll now entertain a motion for the appointment of the auditor of the company and the authorization of the directors to fix the auditor's remuneration. My name is Ivan Bari, and I'm a shareholder. PAUSE.

I'm sure. I know that Pricewater has Cooper's LLP, the inline potions of the company until the next Annual Meeting of the Shareholders of the company and that the directors be authorized to fix the and years remuneration for the 26 fiscal year.

My name is Steve Bristow and I am a shareholder. Madam Chair, I second the motion.

Thank you, Live and Steve. If you have not already done so, I ask shareholders that are appointed to cast their vote the online portal. The next item of business is the advisory resolution regarding the company's approach to executive compensation. The resolution is more fully described on Page 22 of the company's management information circular. Warren, are there any questions or comments submitted in connection with this advisory resolution.

No, Dawn, we receive any questions related to.

Thanks, Glen. I'll now entertain a motion to approve on an advisory basis the company's approach to executive compensation.

My name is Ivan Varian I'm a shareholder. I can share. I note that the advisory resolution regarding the company's approach to secular compensation as more fully described on Page 2 management, information and circular being great.

My name is Steve Bristow I'm a shareholder, Adam Shar. I second the motion.

Thank you. If you've not already done so, I ask shareholders or their appointees to cast their votes to the online portal. This brings us to the end of the voting on the items of business before the meeting, and I therefore declare the poll closed. We've received the voting results from the scrutineer on the 3 items of business. On the election of directors, the voting results show that each director nominee received votes in favor from at least 94% of the votes cast. Accordingly, I.

Declare that the proposed director nominees have been duly elected to hold of this until the next Annual Meeting of Shareholders or until they resign or their successors are duly elected or appointed. On the appointment of auditors, the voting results show that over 99% of the votes cast were in favor of the appointment of Pricewaterhouse Super LLP as auditor of the company. I declare that PricewaterhouseCoopers LLP is appointed as auditor of the company and that the directors are authorized to fix the auditor's remuneration. On the advisory vote of the company's approach to executive compensation approximately 98% of the votes were cast in favor of the company's approach to executive compensation. I declare this motion to be passed.

The final voting results will be available after the meeting posted on the company's SEDAR profile at www.sedars.ca. If there's no further business and I have a motion to terminate the meeting.

My name is Ibara I'm a shareholder. Madam Chair, I move that the meeting terminated.

My name is Steve Bristow, and I'm a shareholder. Adam Chair, I second the motion.

Thank you, both. I now declare the meeting terminated. On behalf of the company, I would like to thank you for taking the time to join us online or over the phone. I wish all the best to you and your face.

Thank you for attending today's meeting. The meeting has concluded, and you may now disconnect.

Hello, and welcome to Triple Flag Precious Metals Q1 2026 Conference Call. [Operator Instructions] Now I would like to turn the call over to Sheldon Vanderkooy, Chief Executive Officer. Sheldon, please go ahead.

Thank you. Good morning, everyone, and thank you for joining us to discuss Triple Flag's First Quarter 2026 results. With me on the call this morning are Eban Bari, our Chief Financial Officer; and James Dendle, our Chief Operating Officer. Triple Flag is off to a record start in 2026, with Q1 representing the strongest quarter in the company's history across every key metric. This includes over 30,000 GEOs, $129 million of adjusted EBITDA and operating cash flow per share of USD 0.55. These are all quarterly records.

The Q1 result is a straightforward demonstration of the model working as intended, high-margin top line exposure to higher gold and silver prices translating into per share cash flow growth of 67% year-over-year. On the transaction front, we kicked off 2026 by unlocking the high-grade E44 gold deposit at Northparkes, which was not previously included in Evolution's life of mine plan. Triple Flag will receive guaranteed minimum deliveries from E44 over 7 years starting in 2030, which aligns with Evolution's approved plans for a block cave at E22 and a potential mill expansion to 10 million tonnes per annum, all of which position Northparkes as a clear growth asset for Triple Flag. And in March, we acquired a 3% gross revenue royalty on the Gunnison Copper project in Arizona for $23 million. James will walk you through the details, but this is an asset that fits precisely within our strategy of highly accretive transactions for projects in mining-friendly jurisdictions, in this case, the United States.

For our existing portfolio, our assets are performing ahead of our expectations. Hope Bay's construction decision is expected later this month with a production profile of at least 400,000 ounces per year. The mill at Beta Hunt has been approved for expansion to 2.6 million tonnes per annum with a further potential growth to 4 million tonnes per annum. Kone's oxide circuit remains on track for production later this year. Fosterville is planning a 65% throughput increase that will boost production over the next 3 years.

And last, Arthur's feasibility work, permitting submission and drilling is underway on what AngloGold sees as a world-class deposit that will continue to grow for decades to come. Our first quarter performance as well as the underlying achievements made by the assets within our portfolio have us on track to deliver our 2026 guidance and our 2030 outlook of 140,000 to 150,000 GEOs.

I will now turn it over to Eban to discuss our financial results for Q1 2026.

Thank you, Sheldon. As Sheldon highlighted, Q1 was a record quarter on every line item on this with adjusted earnings up 125%, adjusted EBITDA up 82% and most importantly, cash flow per share up 67% year-over-year. Operating cash flow per share is the metric that most directly compounds shareholder value over time. This strong cash flow generation continues to support all of our capital allocation priorities given our high-margin business, including shareholder returns and external growth opportunities. We aim to pay a progressively growing dividend that's sustainable across all metal prices, and we have increased our dividend every year since our IPO by about 5% midyear. We will continue to assess the right pace of further increases against the broader growth and capital deployment opportunities.

In addition to our dividend, we have an active NCIB and as always, we'll buy back shares in the open market on an opportunistic basis. We have a pristine balance sheet and exited the quarter with $144 million worth of cash, no debt and over $1 billion of liquidity available. This gives us meaningful flexibility to continue executing on accretive growth opportunities while funding our progressive dividend and to buy back shares when warranted.

With that, I will turn it over to James to walk you through Hope Bay, Gunnison and our growth expectations beyond 2030.

Thanks, Ivan. We hold a 1% NSR royalty on Hope Bay, which is one of the most exciting development assets in our portfolio, and we expect a meaningful development in the next several weeks. The asset is an 80-kilometer Greenstone Belt is almost in 90 regional exploration targets identified across the property. Our royalty covers well over 1,000 square kilometers. Agnico's unparalleled Arctic operating capabilities are essential in ensuring the successful development and operation of a project of this scale and remoteness. A technical evaluation update and a construction decision is expected by Agnico in May, which will highlight 6,000 tonnes per day operation with the potential to be a 400,000 to 425,000 ounces per year gold producer.

Hope Bay's exploration potential is also significant in areas such as Patch 7 of Madrid, but also has the geological potential to support a multi-decade district across the broader 80 kilometers of belt. As Sheldon mentioned, in late March, we completed the acquisition of a third-party 3% gross revenue royalty on the Gunnison Copper project in Arizona for $23 million, which is strongly increasing on a per share basis. There are a few things that we particularly like about this transaction. First, it is an existing royalty on a large-scale U.S. copper project that is designed to be mined and processed using conventional methods. The updated PEA, released in February this year, supports approximately 125 million pounds of annual copper cathode production, totaling roughly 3.2 billion pounds over a 21-year life of mine.

Second, the location is genuinely top-tier. The project sits on a combination of private and state land in Arizona, which we expect to help streamline the permitting with on-site power, rail, and water infrastructure already in place. Domestic U.S. copper production is a strategic priority in the current environment, and Gunnison is positioned to deliver into this need. And finally, I want to discuss the growth that our portfolio is expected to deliver beyond 2030 outside of our formal outlook. Arthur, Kemess, Hope Bay, and Northparkes represent world-class long-life assets located in the most established mining jurisdictions. They provide substantial growth potential beyond our 2030 outlook.

At Arthur, a pre-feasibility study was released in February to drive the commencement and permitting in 2027. The current mine plan has been described by Anglo as the top of the iceberg, and they further noted that Arthur is a marquee asset that will anchor the portfolio into the 2050s. We’re very excited about the development trajectory and potential of this tier 1 gold asset. At Kemess, Triple Flag holds a 100% silver stream. The January 2026 PEA supports a large-scale copper-gold-silver operation, reaching production by 2031, leveraging existing brownfield infrastructure and permits from previous mining operations. Notably, the PEA mine plan only represents 47% of the total indicated and inferred resource tonnes, providing further upside potential for subsequent economic studies. Hope Bay I’ve already covered, but its place in this slide is worth noting.

A potential 400,000 to 425,000 ounces per year producer with district scale exploration upside along the 80-kilometer belt and a construction decision expected this month. And finally, Northparkes is Triple Flag’s largest asset. Numerous growth projects have been recently approved, which will unlock value from a world-class copper gold endowment, including the E22 block cave, the E-44 gold open pit with minimum guaranteed deliveries, and most importantly, a potential mill expansion to at least 10 million tonnes, which is currently being studied over the next year. We believe that the mill expansion is the optimal path forward to unlock value from not only the 575 million tonnes of current measured indicator resource inventory, but other prospective and underexplored targets that could potentially and materially add to the potential production profile associated with the improved scale and processing optionality at Northparkes.

Taken together, these 4 assets are diversified across long-life district-scale systems in Nevada, British Columbia, Nunavut, and Australia. They’re all operated by high-quality counterparties and represent the foundation for further organic growth beyond 2030.

On that, I pass back to Sheldon for closing remarks.

Thank you, James. We had a record start to the year, and we are positioned to achieve our 2026 guidance. We saw record growth in operating cash flow per share and delivered transactions that will benefit our shareholders for decades to come. Beyond 2030, Triple Flag shareholders can expect significant additional GEO growth from long-life district-scale assets, including at Northparkes, Arthur, Kemess, and Hope Bay. Overall, Triple Flag is exceptionally well-positioned to deliver long-term organic value to our shareholders from a diverse portfolio of producing and developing assets.

Our balance sheet remains pristine. We are debt-free with over $140 million in cash and over $1 billion in available credit, providing us with substantial financial flexibility to continue pursuing accretive growth opportunities for the benefit of our shareholders.

That concludes our prepared remarks. Operator, please open the floor to questions.

[Operator Instructions] And your first question comes from the line of Sam Overwater with Scotiabank.

Congratulations on another great quarter. Could you please walk us through an M&A and transaction outlook update, specifically the size of transactions that Triple Flag commonly engages, the mine life stage, the commodity, and any more information?

Yes, certainly, Sam, I'll take that. This is Sheldon. First of all, I'm just really pleased that we deployed $100 million plus in Q1 on very good terms. There continue to be many opportunities, and I'm confident we'll manage to do more in 2026. With regards to what we're looking at, like it's mostly precious, mostly good jurisdictions, a range of sizes, certainly in that $100 million to sub-$500 million range. And again, generally good jurisdictions that would be attractive for our shareholders.

Great. Just one more tag on. What's the transaction outlook in Australia? Has Triple Flag been engaging any opportunities there?

We really like Australia, of course. It’s our single highest country concentration. We are active in Australia. We’re also active in many other jurisdictions around the world.

[Operator Instructions] Our next question comes from the line of Brian MacArthur with Raymond James.

My question relates to the buyback options on the Gunnison agreement. And there's 2 parts of it. The royalty part, I think, is clear to me. So can you just go through -- I thought there was a $65 million stream expansion payment. Now you're talking about a termination for $35 million. Can you just update me exactly what's left and how the stream is working these days, please?

Yes, certainly, Brian, this is Sheldon. I'll take that. So the royalty buy-down option is pretty straightforward. Really what we wanted to do, to set the context is, we wanted to provide a pathway for a potential on a change of control to have a lower royalty burden on the property, which we think could unlock value for all parties. It’s at an attractive price for Triple Flag. With respect to the stream, we have an option to fund an additional $65 million. And effectively, it’s almost double the stream rate.

What this would do is instead of us funding $65 million to double the stream rate, they would pay $35 million to us in order to cancel that option on our part. I don’t think anyone values our expansion option right now, so I think $35 million would be a pretty nice win for Triple Flag.

Right. So you just get $35 million for that option, but the 3.5% to 16.5%, that all stays in place. There's no change in step-downs or adjustments or payout of the option.

Exactly. It's not a reduction in our current stream at all.

And your next question comes from the line of Adam Morski with Bank of America.

I got a question on the buyback program, which has been underutilized to date. Perhaps you could comment on why there's been little activity there relative to other companies with buyback programs and what the outlook is going forward?

Yes. Thanks, Adam. We’ve always been opportunistic with respect to the NCIB and we’ve been shown a willingness to deploy on that from time to time. All I would say is we do view our shares as being undervalued, and maybe I’ll stop there, but noted.

There's no further question at this time. I will now turn the call back over to Sheldon Vanderkooy for closing remarks. Sheldon?

Yes. Thank you, everyone. I really appreciate your attendance. It's been a fantastic start to the year, and I think it's going to be a fantastic finish to the year as well. So I appreciate all your time.

This concludes today's call. You may now disconnect. And we are all clear, everyone. Great call. Thank you so much.

Thank you too.

Ladies and gentlemen, thank you for standing by. My name is Desiree, and I will be your conference operator today. At this time, I would like to welcome everyone to the Triple Flag Precious Metals Fourth Quarter 2025 Conference Call.

[Operator Instructions]

I would now like to turn the conference over to Sheldon Vanderkooy, CEO. You may begin.

Thank you, Desiree. Good morning, everyone, and thank you for joining us to discuss Triple Flag's Fourth Quarter and Full Year 2025 results.

Today, I'm joined by our Chief Financial Officer, Eban Bari; and Chief Operating Officer, James Dendle. Triple Flag had an outstanding year in 2025 and is extremely well positioned in 2026. We finished the year strong in Q4, resulting in record performance for full year 2025. We achieved record production of 113,000 GEOs. This was in the upper half of our guidance range and is the ninth consecutive year-over-year increase. Higher production and higher gold prices translated into record cash flow. Cash flow per share was $1.54 per share, a 45% increase from 2024. The model is working as it is intended, directly translating higher gold prices into rising cash flow per share. We continue to benefit from rising prices in 2026. In Q4, the average gold price was $4,135 an ounce, well below current spot prices of just under $5,000 per ounce.

Moving ahead to 2026, our guidance range is 95,000 to 105,000 GEOs, which reflects the well-understood mine sequencing at Northparkes. It also reflects the planned step down in the Cerro Lindo stream rate following the successful delivery of 19.5 million ounces of silver since we acquired the stream in 2016. That was Triple Flag's first investment. We continue to see a long life ahead for Cerro Lindo with strong exploration potential as well as exposure to the silver price going forward.

Our portfolio has significant embedded growth. Our 2030 outlook is that production in 2030 will grow to between 140,000 to 150,000 GEOs. This is approximately a 45% growth from the midpoint of our 2026 guidance. This is driven by multiple assets advancing through construction, permitting and study stages, including Arcata, Kone, Eskay Creek, Era Dorada, and Goldfield. Importantly, it is not dependent on any one large project.

Looking beyond 2030, we have meaningful GEO growth potential from a number of large-scale assets located in the best jurisdictions, Australia, the United States and Canada. First, Hope Bay is located in Northern Canada and Agnico has stated that it is progressing towards a construction decision, which is expected in May of 2026. Second, Centerra released a positive PEA on Kemess targeting potential production in 2031. Kemess is located in British Columbia. Third is the Arthur project in Nevada, where AngloGold is expected to imminently release a pre-feasibility study, which I am quite eager to see. Last and most significantly is our flagship asset, Northparkes, located in Australia, which is clearly positioned as a significant growth asset for Triple Flag.

I want to congratulate Lawrie Conway and the Evolution team for all the success they have had at Northparkes since they have acquired Northparkes. It is truly impressive. A week ago, Evolution released a significant update on Northparkes, which has 3 related catalysts for Triple Flag. First, Evolution approved the development of the E22 block cave. E22 has very attractive gold grades for Triple Flag and block cave development is the value-maximizing approach for both Evolution and Triple Flag.

Second, Evolution has announced that it is studying expanding Northparkes from the current 7.6 million tonnes per annum to 10 million tonnes per annum or potentially more. There is tremendous demand for copper, and Northparkes is a very large resource. So the potential value creation of an expansion is clear. This could be very beneficial to the Triple Flag stream. And last, Evolution has identified a very attractive gold-only deposit on the property named E44. We had constructive discussions with Lawrie and Kirron and their team. And together, we came to an agreement that will allow for the development of E44, which was previously not included in Evolution's life of mine plan at Northparkes. As part of that agreement, Triple Flag will receive guaranteed minimum deliveries from E44 starting in 2030. Northparkes is a byproduct stream, so the potential to also benefit from primary gold deposits is a fantastic bonus for Triple Flag and its shareholders. All of these factors together clearly position Northparkes as a growth asset for Triple Flag for the next decade to come.

I'd also like to touch on our capital deployment in 2025. Triple Flag invested over $350 million in value-accretive deals. This included the Arcata restart and ramp-up in Peru, the Arthur Oxide project in Nevada, the Johnson Camp mine that is ramping up in Arizona and the Minera Florida producing mine in Chile. These transactions provide current and growing cash flow or in the case of Arthur, represent exposure to a premier development project with a clear path to production and further exploration upside. Importantly, all of these assets are also located in mining-friendly jurisdictions. Overall, Triple Flag is exceptionally well positioned to deliver long-term and organic value for our shareholders from a diversified portfolio of producing and development assets across premier mining jurisdictions.

I will now turn it over to Eban to discuss our financial results for 2025.

Thank you, Sheldon. As you can see on this slide, 2025 was a record year across all financial metrics, driven by strong GEOs and record precious metals prices. As Sheldon noted, these record prices have since been broken by new records with spot, gold and silver well above even the Q4 average. Operating cash flow per share, the single most important metric we focus on as management, increased 45% to $1.54 per share. This metric best reflects the underlying operating performance of our core streaming and royalty business. This strong cash flow generation continued to support all of our capital allocation priorities given our high-margin business, including shareholder returns and external growth opportunities. On shareholder returns, we paid out nearly $46 million in dividends to shareholders in 2025, which reflected a progressive 5% dividend increase in the middle of the year, our fourth consecutive increase since our IPO.

In addition to our dividend, we were active and accretive on our share buyback during the year. In 2025, we bought back USD 9 million of our shares in open market at approximately $17.39 per share. We expect to remain active on our NCIB opportunistically going forward. On external growth front, as Sheldon mentioned, we reinvested over $350 million into new streams and royalties in 2025. Arcata, Arthur, Johnson Camp Mine and Minera Florida all provide either immediate or near to medium-term cash flow, significant exploration potential and exposure to premier mining jurisdictions with strong operators.

I'm pleased to highlight that even with this level of capital deployment and as a result of our strong cash generation, Triple Flag is debt-free at year-end with more than $70 million in cash and $1 billion available on our credit facility. We remain well positioned to deploying capital into transactions that are accretive, fit with our strategy and deliver value throughout the cycle.

Moving forward to 2026 guidance. As Sheldon noted, we expect GEOs of between 95,000 and 105,000 ounces for the year. We expect these GEOs to be all derived from gold and silver and reflect a conservative gold to silver price ratio of $72 for the whole year with a lower ratio assumed in the first half. Depletion is expected to be between $65 million and $75 million, slightly lower than 2025, reflecting the sales mix we expect in 2026.

G&A costs are expected to be between $30 million and $32 million, consistent with our actual expenses in 2025 that reflect the impact of Triple Flag's strong share price increase throughout the year on share-based compensation expense. Finally, our Australian cash tax rate for Australian royalties will be approximately 25%, consistent with prior year actuals.

I will now pass it on to James to discuss our asset portfolio.

Thank you, Evan. Triple Flag has achieved a consistent track record delivering long-term GEOs growth since our first full year of operation in 2017. Beyond the guidance we have set for 2026, we see further organic growth to 140,000 to 150,000 GEOs in 2030. Midpoint to midpoint, this represents ounce growth of 45% from 2026 guidance, which I'll discuss further on the following slide.

Our long-term organic growth outlook of 100,000 to 150,000 GEOs in 2030 is robust and reflects the achievement of several derisking milestones delivered by our operators over the past 12 months. We are seeing meaningful progress across the portfolio, supported not only by constructive commodity price environment but also by favorable permitting regimes across the jurisdictions to which we have exposure.

Arcata, Kone, Eskay Creek, Era Dorada, Goldfield, South Railroad, and DeLamar are a few examples of the many assets in our portfolio that are advancing rapidly towards production or steady-state ramp-up over the medium term. Touching on only a few of them, we were exceptionally pleased to see in 2025, the Eskay Creek project in British Columbia received full permits in less than 1 year after submission. Aura Minerals received a construction license for E Dorada within 1 year of its acquisition and Centerra's renewed focus on the Gold Field project as a straightforward heap leach operation in Nevada.

Beyond 2030, our portfolio is expected to deliver further GEO's growth from Arthur, Kemess, Hope Bay as well as the growth initiatives at Northparkes, which I'll discuss in the following slides. Beyond 2030, Arthur, Kemess, Hope Bay and Northparkes represent world-class, long-life assets located in the most stable and established mining jurisdictions. They provide substantial growth potential beyond our 2030 outlook and demonstrate the quality of Triple Flag's portfolio.

At Arthur, we see the imminent release of a pre-feasibility study by AngloGold as an important catalyst in providing greater insights on the potential of this district scale system, starting with the Merlin silicon deposit as straightforward oxide open pit projects. Arthur will be a cornerstone asset for Triple Flag in the 2030s. At Kemess, Triple Flag holds a 100% silver stream. The January 2026 preliminary economic assessment supports a large-scale copper gold, silver operation reaching production by 2031, leveraging existing brownfield infrastructure and permits from the previous mining operation.

Notably, the PEA mine plan only represents 47% of the total indicated and inferred resources, providing potential upside for future ounces to be included in subsequent economic studies. At PFS, the Kemess is expected in 2027. At Hope Bay, our 1% NSR royalty covers a district scale gold system on an asset operated by Agnico Eagle, the premier Canadian Arctic underground miner. In their year-end results from last week, Agnico noted that annual gold production is expected to be 400,000 to 425,000 ounces with a potential construction decision in May 2026 and a potential restart in 2030.

I'll go into more detail on Northparkes on the next page. Northparkes is Triple Flag's largest asset. It's an established high-quality copper gold operation in Australia operated by Evolution Mining. Numerous growth projects have recently been approved that Sheldon referred to, which unlock the value from this world-class copper gold endowment. Currently, the E48 sublevel cave is ramping up and supports near-term gold production growth. Over the medium term, the E22 ore body will be advanced as a block cave, a large, low-cost operation with initial production by 2030. During this time frame, the E44 gold dominant deposit will also be advanced production. This is an ore body not previously included in Evolution's life of mine plans. Minimum guaranteed deliveries will commence in 2030 for a period of 7 years with potential for meaningful life extensions beyond this initial period.

Finally, and perhaps most importantly, is the potential for mill expansion to at least 10 million tonnes per annum, which is currently being studied over the next year. We believe that this potential expansion is the optimal path forward to unlock the value from not only the 550 million tonnes of current measured and indicated resources but other prospective and underexplored targets that could materially add to the expected production profile with the improved scale and processing optionality. These growth projects demonstrate that Northparkes is not a static asset. It's a dynamic world-class mining operation with lots of embedded optionality that will drive value for decades to come.

I'll now pass back to Sheldon for closing remarks.

Thank you, James. After delivering record performance in 2025, Triple Flag is in an exceptionally strong position as we look ahead to 2026 and beyond. We have a clear and derisked pathway to robust growth of 140,000 to 150,000 GEOs in 2030. Our project pipeline progressed very well in 2025 and now in 2026. Beyond 2030, Triple Flag shareholders can expect significant additional GEO growth from long-life district scale assets, including at Northparkes, Arthur, Kemess and Hope Bay, all from projects with clear line of sight to production, a top-tier operator and located in Australia, Canada or the United States.

Northparkes is our cornerstone asset and is clearly positioned as a growth asset over the next decade. On the deal front, we deployed over $350 million in 2025 across multiple accretive transactions, demonstrating our ability to source and execute on high-quality opportunities that deliver compounding per share growth from good assets, good regions and good operators. Our balance sheet remains pristine. We exited 2025 debt-free and with over $1 billion in total liquidity, providing us with substantial financial flexibility to continue pursuing accretive growth opportunities as well as to allocate capital to progressively growing returns to shareholders.

That concludes our prepared remarks. Operator, please open the floor to questions.

[Operator Instructions] The first question comes from the line of Cosmos Chiu with CIBC.

Maybe my first question is at Northparkes. Great to see that you're investing more money into Northparkes at the E44 deposit. I guess my question is, are there more opportunities like that in terms of something similar to E44 gold-rich, something that would not be in the mine plan unless there's a partner coming in and hoping to put up some of the CapEx? And then maybe if you can also talk about the geological setting because it must be a very clear variety of different geological settings if there are copper-rich deposits and gold-rich deposits. I'm just trying to figure out where some of these gold-rich deposits came from.

Yes. Thanks, Cosmos. This is Sheldon. I'll start and then pass it over to James. So historically, the Northparkes property had gold deposits, kind of shallow surface gold deposits and it was very interesting. Now of course, when we came in and did the stream, we really did the stream as a byproduct stream, which works because we get about 60% of the gold revenue that Evolution gets from Northparkes. And that works if the primary revenue is the copper. But for -- but if it's gold only, we had to come to the table with Lawrie and the team and work something out. But this is really exciting for us because the idea of getting a gold-only deposit there and us also having access to that was really key.

There's nothing else right now on the horizon but is there a potential there? Well, I'll let James speak to that but there have been gold dominant deposits on that property in the past.

Yes. And Cosmos, it's James. As Sheldon noted, the first mining at Northparkes is actually, as you probably remember, in the mid-90s as a gold project, and it was actually first explored with shallow holes for gold mineralization. So there is a history there, but it's very clearly transitioned to a copper deposit for the last 25 years or so. So when you think about it geologically, yes, the gold is clearly associated with the copper, and it's a very prospective region. And I think what we're seeing with Evolution is exactly what we hoped when they acquired the asset. They think very expansively and very creatively about how to maximize value from operations. And I think that's been a big part of their success with assets like Ernest Henry. And they're applying the same approach to Northparkes, which is to say there's a large resource, let's look at expanding capacity. And then with that expanding capacity, what else can we do with it, which has caused them to really look at the gold deposits in a way that wasn't done in the past.

And the short answer is E44 is the most known but there are a large number of targets across the property that are sort of known from some of the historical work that have not been tested and defined in a systematic manner, which I think really speaks to the opportunity to find more of this type of mineralization, which with the expanded mill capacity Evolution to take advantage of.

Great. That's great to hear, James. And then maybe my next question is taking a step back here. In the royalties and streaming industry, we've now seen recently some billion-dollar deals or even multibillion-dollar deals. I know, Sheldon, you mentioned that you deployed about $300 million last year. But in terms of these $1 billion-dollar deals, multibillion-dollar deals, is that something that Triple Flag could be interested in, could be competitive in? Or is that slightly too large for you at this point in time?

We've always said that like our sweet spot is really in the $200 million to $500 million range. And I don't think that, that changes. And when you look back, Triple Flag actually is coming up on our 10th anniversary. And over the last 10 years, the vast majority of the capital deployment in the sector has been in that strike zone. So I feel really good about that. There was a large deal done earlier this week, and $4.3 billion is too big for Triple Flag. I think that's okay. But there's plenty out there, I think, that we can grow and deploy on.

And again, our -- relative to our size, I think we have -- we definitely have an ability to grow because when you look at the size of Triple Flag and $350 million of deployment, that's meaningful. So if we do a $400 million deal, that is -- that moves the needle for Triple Flag, and I think that will be very well by our shareholders.

Great. And then maybe one last question. As you talk about the different growth opportunities within your portfolio, I guess one asset you did not mention was Pumpkin Hollow. I know there's a bit of history behind it. But now it seems like Pumpkin Hollow has a new owner, Kinterra, and they seem to have be able to raise a lot of capital. So Pumpkin Hollow once again, is this something that we should start talking about? Is there something that we should start getting excited about? Or is it still too early at this point in time?

Yes. So we retain a royalty on the Pumpkin Hollow open pit. And that actually, I think, looks like a really nice royalty because that is copper in the United States, and we're a royalty and we're on title and that survived all the processes that went on there. So I am quite keen to see what Kinterra is doing there, and that represents some very nice copper exposure from the United States for Triple Flag shareholders. Triple Flag will not be investing any more money in Pumpkin Hollow. I can -- I'll say that clearly.

Our next question comes from the line of Tanya Jakusconek with Scotiabank.

I have a couple of questions, if I could, start with a very easy one. Can I know that you use a very different ratio. I just kind of want to assume like a flat gold price, flat silver price, et cetera. Can you give us just an idea of how the year is going to look like from a quarterly perspective? We have some step downs. We have other things happening. So I'm just trying to understand how should we think first half, second half, et cetera?

Yes. Tanya, we give our annual guidance. We're not going to break it down by the quarters. And you've kind of correctly identified the one factor, which is the Cerro Lindo step-down will occur sometime in the second quarter, we believe but I can't give any more quarterly guidance over and above that.

Okay. What about the capital returns? I think those are -- you focus on the dividend and you like the fact that you progressively increase that dividend. How should we be thinking about it for midyear?

Yes. I think nothing's changed on our philosophy on capital allocation. So as you cited, we have a progressively increasing dividend. We've increased it every year since we've been public. I see no reason why we would change that. I think it's very -- it goes over very well with shareholders. So that's the dividend. And then we're looking to deploy capital into accretive opportunities for shareholders. It's really that simple.

Okay. And in terms of the opportunities, I think you mentioned that $200 million to $500 million range being your sweet spot and see some bigger deals. So I have a couple of questions on this front. The first thing is I've noticed that 2 people shopping in their own closets [indiscernible] and Wheaton. Are there any other things to do in shopping in your own closet? Any other opportunities on assets you own?

That's an analogy. I haven't heard before. I like it. I guess we just...

Let all the time, by the way, Sheldon.

It's natural when you have a relationship with a party or you already have a position in a property that those are the things you look to. And with Northparkes, that was obviously a natural for us. And would be looking for other opportunities like that? Yes, perhaps. But these things are -- they're never done until they're done, and I don't want to start front-running anything, but we try to engage closely with all of our partners.

And in terms of opportunities that are out there, would you say most of them now are focused on asset builds? Or are the royalty portfolios still available? We saw one last night as well, anything -- any color on opportunities that are out there?

It's going to be the same answer as has been received by, I think, everyone for the last little while. There's a variety. There's third-party assets that are coming up for sale. There's people looking for financing for various things, and that can be development or that could be other reasons. It's -- I wouldn't say there's any like one big thematic out there. And it's kind of our job to look at the opportunity set and try to generate some of our opportunity set as well. So I wouldn't say there is any kind of one sort of theme that I'm seeing out there. The opportunity set looks pretty robust to me. And I think we've seen not just ourselves but other people deploy. I think that bodes well for the sector as a whole.

Okay. And then we've seen some very big silver opportunities. Are there any smaller ones that fit that $200 million to $500 million range that you're seeing out there?

Yes. And again, I wouldn't consider $200 million to $500 million to be small for a company of Triple Flag size. That would be quite meaningful. There's silver opportunities. There's also gold opportunities out there. I think our focus is always probably gold first, silver, second but we like precious metals. And if it's a good silver asset or a good gold asset, we really want to be on good assets with good operators.

Yes. When I meant the smaller silver opportunities, that was relative to the $4.3 billion. So relative to...

Yes, most things are small relative to $4.3 billion.

Next question comes from the line of Brian MacArthur with Raymond James.

Could you just give us an update on ATO and maybe what you -- if you assumed any contribution this year? And then as you go out to 2030, what you're thinking, i.e., expansion or baseline, if you could just give us an update on that, that would be great.

Brian, it's Sheldon. I'll answer that one. Like look, ATO is in litigation. We've been quite upfront with the market on that. We feel very confident in our position. And that process is kind of going through the court. So I can't say too much. But what I will say, and I think this is really pertinent and I'm glad you asked the question, we took it out of our 2026 guidance, and we took it out of the 2030 5-year as well. So that doesn't reflect our confidence in our position but rather, we just want to remove it as a potential distraction for investors to have to get a handle on. So when you look at those figures we put out for 2026 and for 2030, there's 0 contribution from ATO in there, and ATO is only upside, not downside relative to those figures.

That concludes the question-and-answer session. I would like to turn the call back over to our CEO, Sheldon Vanderkooy.

Thank you very much. Really appreciated speaking with everyone and looking forward to a great 2026. Bye.

Ladies and gentlemen, that concludes today's call. Thank you all for joining in. You may now disconnect.

Good morning, and thank you for standing by. My name is John, and I will be your conference operator today. At this time, I would like to welcome everyone to the Triple Flag Precious Metals Third Quarter 2025 Conference Call. [Operator Instructions] I would now like to turn the conference over to Sheldon Vanderkooy, CEO. Please go ahead.

Thanks, John. Good morning, everyone, and thank you for joining us to discuss Triple Flag's third quarter results. Today, I am joined by our CFO, Eban Bari; and our Chief Operating Officer, James Dendle. 2025 has been an exceptional year so far, and Triple Flag has achieved another record quarter in Q3. We recorded 27,000 GEOs in the quarter, which drove record adjusted EBITDA of $79 million and record operating cash flow per share of USD 0.39.

Shareholders are directly benefiting from the higher gold prices through higher cash flow per share. We should continue to benefit in Q4 and beyond as well as current gold prices are well in excess of the average gold price realized in Q3. We expect to achieve 2025 GEOs between the midpoint and the high end of our 2025 guidance range. I am very pleased with the additions we have made to the portfolio year-to-date.

Year-to-date, Triple Flag has now deployed over $350 million of capital over 5 investments. In H1, we announced our investments in the Tres Quebradas lithium mine in Argentina, the Arcata silver mine in Peru and an additional interest in the Johnson Camp copper mine in Arizona, all of which have now started production either in line or ahead of our investment case.

Early in the third quarter, we completed our acquisition of a 1% NSR royalty on the Arthur project in Nevada operated by AngloGold Ashanti. And most recently, we have acquired a royalty package on Pan American's producing Minera Florida gold mine in Chile for $23 million. James will provide further details on Minera Florida later in the presentation. This is exactly the sort of royalty that drives shareholder value over time in the royalty sector as we have open-ended exposure to top line revenues and resource expansion over time.

Together, our investments year-to-date are providing near-term increasing cash flows as well as longer-dated optionality. They are also located in the right jurisdictions. The bulk of the value is in the Western United States and the remainder is in Chile, Peru and Argentina. I will now hand over to Eban to discuss our financials for the third quarter of 2025.

Thank you, Sheldon. As noted by Sheldon, we had an excellent third quarter with just over 27,000 GEOs. This puts Triple Flag on track to achieve between the midpoint and high end of our 2025 GEOs guidance. These strong volumes in Q3 were delivered in the backdrop of strong metal -- precious metals prices, which reached a record quarterly average of nearly $3,500 per ounce for gold and nearly $40 per ounce for silver.

Accordingly, we are pleased to highlight that operating cash flow per share, the single most important metric we focus on as a company, has increased by over 25% year-over-year. Lastly, I'd like to comment on our balance sheet. We exited the quarter with essentially 0 net debt despite deploying significant capital during the third quarter for the acquisition of the Arthur Gold royalty and the Minera Florida royalty. Today, we're in a net cash position.

Overall, strong balance sheet, record operating cash flow and total liquidity available of nearly $1 billion provides us with the capital to continue deploying dollars into accretive opportunities to drive future growth for our shareholders. It also allows us to continue returning superior returns to shareholders, and we're pleased to declare a quarterly cash dividend of USD 0.0575 per share.

Triple Flag remains focused on top-tier precious metals assets with revenue that's nearly 90% sourced from mining-friendly jurisdictions in both Australia and the Americas. Northparkes and Cerro Lindo continue to be 2 largest contributors to revenues in the third quarter with Northparkes achieving another record quarter due to continued processing of higher open pit grades from stockpiled ore.

Triple Flag sales mix remains 100% derived from precious metals, including nearly 3/4 from gold. We do not expect this to materially change, and this will continue to provide investors with exposure to the strong gold and silver price environment. I will now turn it over to James to discuss the producing Minera Florida gold mine in Chile.

Thank you, Eban. Minera Florida is located approximately 75 kilometers southwest of Santiago in Chile and is owned and operated by Pan American Silver. It's an underground mine that produces gold and silver ore with the zinc concentrate byproduct. During the third quarter, we were pleased to acquire a package of 3 net smelter return royalties on Minera Florida, ranging from 0.8% to 1.5% for a total cash consideration of $23 million from a third party.

Minera Florida has a long history of consistent performance, continuous operation and reserve replacement and has produced over 2.5 million ounces of gold and 14 million ounces of silver since commissioning in 1986. The mine has always operated with a relatively short reserve life. Over the last 20 years, the mine has had approximately 0.5 million ounces of gold in reserves at any one time, which equates to about 4 to 5 years of visible reserve life.

Historic annual production at Minera Florida has ranged between 75,000 and 100,000 ounces of gold per annum. Driven by mill expansion potential to increase the nameplate capacity, Triple Flag expects GEOs for Minera Florida to increase to approximately 1,000 ounces by 2028. The exploration potential of this mine is significant. And given Minera Florida's impressive track record of reserve replacement since 1986, we see this asset continuing to perform for decades to come. I'll pass it back to Sheldon for closing remarks.

Thank you, James. In closing, Triple Flag is performing very well and is positioned to continue this performance going forward. Our shareholders are benefiting from our strong current production and the increase in gold prices, which are translating into record cash flows per share. I am very pleased at our success in reinvesting those cash flows in further streams and royalties, which will benefit our shareholders for decades to come. There are a number of near-term catalysts across our portfolio. First, Johnson Camp mine, Tres Quebradas and Arcata have all recently started production and will continue to ramp up into 2026.

Second, on the project front, economic studies for Arthur and Hope Bay are on track for completion in the first half of 2026, and we look forward to ongoing exploration updates on the Fletcher zone from Beta Hunt. And finally, the Koné project continues to make good progress, targeting production in 2027. That concludes our presentation. Operator, please open the floor to questions.

[Operator Instructions] Our first question comes from the line of Fahad Tariq with Jefferies.

Just on the deal pipeline, maybe talk a little bit more about how the Minera Florida transaction was sourced. Was this -- I mean, it was a third-party royalty from a family. Just curious if there was any sort of process? Or was this a relationship that was like preexisting? Any more color there would be helpful.

Yes, I can take this. Yes, it was, I think, a fairly concentrated process. We developed a bit of a report with family over the course of negotiating the deal. And that was good because we actually were able to undertake a site visit. And very often, as you know, with these third-party royalty sales, you can't do that, whereas we actually have a team down in Chile earlier on in the year, spending a couple of days at site. So we had access to Pan American Silver in this instance and the whole mine sales team.

Okay. Great. Yes, that's helpful. And then maybe just switching gears to the ATO stream. It looks like there was an international arbitration that was started in early October. Can you maybe just give us an update on how the discussions are going with Step Gold? And what's Triple Flag's expectation for a potential resolution?

Fahad, it's Sheldon. I'll take this one. We tried to be really transparent in the press release and give everyone like direction on the legal proceedings we've started. I'm a little limited in what I can say, but I can provide some background and direction to you in the market.

First of all, I'm going to start by saying we're just extremely confident in our legal position. We're owed about USD 10 million. STEP's market cap is a little over CAD 500 million. They have production, they have cash flow. They clearly have the ability to pay. We are in dialogue with Steppe's controlling shareholder. There is no doubt in my mind that they are building Phase 2.

And the last thing I'd note is we're going to land in the top half of our guidance range even if we don't receive a single ounce from Steppe Gold here to the end of the year. I really can't go any further into how this is going to get resolved, but we are in discussions, and we are very confident in our legal position.

Okay. And then just -- sorry, just maybe a follow-up, if you can answer this part. You're in discussions with the largest shareholders. Are you in discussions directly with Steppe Gold?

I would take the largest shareholder as being in discussions with Steppe Gold.

Your next question comes from the line of Sam Overwater with Scotiabank.

I just had a question on the transaction opportunities. I think the last time we spoke, you guys were evaluating opportunities between $100 million and $300 million. I just wanted a little bit more color on that. Like what geographies and jurisdictions are these opportunities in? What are the structures of these deals, debt equity stream, et cetera? Is there any royalty opportunities -- and then on top of that, too, like what are the -- a lot of the purposes on the transactions in terms of asset sales, construction funding, et cetera?

Yes. Thanks, Sam. I appreciate that. Yes, the opportunity set, I think, still is squarely in the $100 million to $300 million. Obviously, we've done deals that are smaller than that. We'll look at those. There are larger ones as well. It's probably instructive to look at what we've done already year-to-date. We've done $350 million of deals year-to-date. It's a pretty good mix of smaller royalties than we had the larger Arthur transaction, which is actually a corporate transaction, which is just another way to find good assets at reasonable prices for our portfolio.

The opportunity set, it's a real mix. I mean, it's streams, it's royalties. I would say it's concentrated in jurisdictions that investors will be very happy with, I would say, like the Americas traditional mining jurisdictions. And the use of proceeds or what's driving it, it really runs the gamut. I think you kind of summed it up pretty well. It's -- people need money for various things, and that creates the opportunity for companies like ours to step in with financing.

Great. And then just on top of that as well, corporate transactions. How are you guys assessing corporate transactions relative to sort of other opportunities in the current landscape? Is there anything you're currently considering?

Yes. I mean I don't view a big distinction between corporate transactions and other transactions. I mean we acquired that Arthur royalty. It was via an acquisition of Origin and then a spinout. The Maverix acquisition was a way to acquire a great portfolio at a reasonable price. So we're always looking for ways to add good assets to our portfolio at returns that are attractive and accretive to shareholder value.

Great. And then lastly, does Triple Flag currently have like an equity portfolio to sell? Are you considering any sales in an equity portfolio or anything like that?

No.

Your next question comes from the line of Brian MacArthur from Raymond James.

I just wondered if you can comment a little bit on Prieska and what's going on there. I mean there's a statement Orion looks like they've signed a term sheet with Glencore. But what actually needs to happen there for you to move that forward post -- other than the South African regulatory approvals?

Brian, it's James. I'll pick that up. So as you'll recall, Prieska was always contemplated as a single integrated project comprising 2 zones, what they refer to as the Uppers, which is the upper remnant areas of the historical mine and the Deeps, which is the sort of untouched sulfide ore body. The Deeps is of great interest to us because it hosts the precious metals. It also has the exploration upside and it's the part of the ore body we're most focused on.

The company through looking to stage their capital expenditures has disaggregated the project to the Uppers, which they'll develop first and the Deeps that they'll develop progressively thereafter. There is a dewatering component to that. And as you noted, they've received, I think, a very supportive nonbinding letter of intent from Glencore, which they're working through at the moment.

So that is all very positive. Given our primary economic interest is in the Deeps, we will be evaluating the right but not obligation to fund the stream into the Deeps when they actually are at the stage to make a final investment decision on that project. So we expect the company to make an investment decision on the upper this year and an investment decision on the Deeps next year. So as a reminder, we have no obligation to fund the stream, but we like the asset. So it's a funding decision for Triple Flag in 2026.

But just to be clear, so can you -- I mean, do they develop the upper, if you think of it that way with the money they have and you just get the option to wait and then just come in on the lower? Or do you have to execute once they make a decision to do the upper, if I want to look at it that way. That's what I'm trying to figure out is when you're I get it, you've got -- you have the option to do it or not do it, but I don't know if there's a drop dead part of the contract that makes you decide or whether you can wait and see how the second part goes if you see what I'm saying?

Yes, we can wait until the second part is ready to go. The nice thing is that the company will be progressing with the dewatering of the Deeps while mining the Uppers, so that they continue to derisk and develop the project whilst we get the opportunity to wait to make the investment decision on the Deeps.

So there's no drop debt in that sense. We just have the opportunity to wait a little longer. You'll recall we have a small royalty on the project as a whole. So when the upper start producing, obviously, the royalty will pay because that applies to both zones.

Your next question comes from the line of Derick Ma with TD Cowen.

On the El Mochito stream disposal, you got a fair amount of consideration to perhaps a win-win situation for both parties. But could you discuss how the situation arose and how you evaluate these types of situations versus retaining optionality in the portfolio?

Yes. Sure, Derick. It's Sheldon. I'll speak to that. El Mochito, it's a fairly small mine. It's based in Honduras. We acquired as part of the Maverix portfolio. It was undercapitalized and they were having difficulty servicing the stream as part of their operations.

Eventually, what we did, and we're close to the operator. They're a private company, and we were looking for ways to get additional capital that was not our capital into that project so they could be in a position to start paying out on the stream. Basically, I think this is a win-win-win situation where we found the outside capital, they're bringing that in, and then we're structuring ourselves to come out on these terms. It's good value for us, and I think it allows them to move forward without the stream in place.

Okay. And how do you kind of evaluate these type of situations versus retaining optionality when you look across your portfolio when other opportunities come up like this?

I mean every situation is different. I think -- I put it this way, I'm very happy with the structure of this -- and the way this is being resolved. It's getting us good value out. It allows them to go on. Generally, we're not looking at selling streams, but this is essentially a structured sale of a stream, but it's really based on an asset-by-asset basis.

[Operator Instructions] Our next question comes from the line of Cosmos Chiu with CIBC.

Maybe my first question is on Minera Florida. James, you mentioned that you were on site. My understanding is that this past quarter or this past year, there's been some issues in terms of negative grade reconciliation, unplanned mine sequencing into lower-grade ore zones. I think you mentioned that as much as well in your guidance.

You said, I think Minera Florida long term was capable of doing 75,000 to 100,000 ounces. This past year, 78,000 to 90,000. So the top end is lower. So I guess my question is, James, how much of that have you factored in into your valuation? And is it just really a one-off and it's really going to bounce back? Or how do you look at it?

Yes, Carl, good question. The valuation and the production assumptions over a short period of time, of course, you consider what's actually happening on the short term as a guide for the long term. But the interesting thing is, as you know, about Minera Florida is there's a very long history of operations here. So we actually had access to the full history of production records that gave us great confidence in the forecast.

And at the end of the day, quarterly variance in a gold mine is not a new thing. So for sure, there's quarterly variance on-month scale that exists, and I'm sure it will occur in the future. But in the long term, we think the mine will operate in accordance to how it's operated historically, which is in the range we stated.

Maybe switching gears a little bit, bigger picture. Sheldon, as you mentioned, you reiterated in your release as well, 2029 guidance outlook. Outlook is you're still looking for 135,000 to 145,000 ounces GEOs. That's a very good increase from what level you're at today. Could you maybe summarize for us what goes into that thinking? What needs to come on for you to hit that growth into 2029?

Yes, sure. Carlos, I can take that. We've got a few assets ramping up. There's some new assets, too. Sheldon mentioned the Arcata silver mine, that has literally shipped concentrate for the first time this week. That will be ramping up into 2026. There are other assets, obviously adding Minera Florida is a small addition, 3Q, Johnson Camp all ramping up.

Montage is building Koné, which will be additive to that outlook. But there's also -- we expect production increases from some of the operating mines. We expect after a lower year next year from Northparkes that to start building back up again. We expect increased volumes from [indiscernible], although incremental. Same with Beta Hunt, Westgold has been very public with an expansion to Beta Hunt 2 million tonnes per annum, which is on track. So all of those additions build up to the outlook number. So there isn't one specific asset that drives that increase. It's actually nicely diversified across a large suite of well-positioned assets.

Great. And then maybe one last question, the 2025 GEOs. The gold/silver ratio you've used is 85:1 in terms of the calculation of GEOs converting silver into gold. I just want to confirm, silver has actually outperformed a little bit compared to gold into 2025. That benefits Triple Flag. Am I correct in the sense that I think there's a good percentage of your revenue actually coming from silver. That's number one.

Number two, it also benefits your GEO calculation, if I'm not mistaken, if you can confirm that as well. And then third, when do you consider, I guess, changing that ratio? Or I guess, it's not too late in 2025, it's not needed in 2025, but how do you consider that into 2026?

Carl, it's Sheldon. I'll take that. 85: 1, that's pretty close to what it is right now. Obviously, it's volatile. It moves around. It's been various places during the year. I think year-to-date, and you're right, obviously, as the silver price is stronger relative to gold price, that helps GEOs and the opposite when the opposite occurs. The year as a whole, we've actually had a bit of a headwind on the average silver price because of just the timing of when the silver price ran.

And I think that's come across in ourselves and all our peers. We always make an allowance for that. We're pretty conservative when trying to set our guidance. And so we just accommodated that within our production. Right now, it's coming in line. And in terms of assessing it, I mean, we just -- every time we put out a new guidance or anything like that, we look at what the current gold/silver ratio is and make sure we're not too far out of line and that is properly conservative. Obviously, when we do our 2026 guidance, we'll look at what the conditions are at that time and react accordingly.

Yes. Sounds like a good plan. And I guess the important part, Sleldon, as you mentioned, is that you're now aiming for the top end of guidance for 2024.

That's right. silver prices all the way through.

Congrats on the solid Q3.

At this time, we have no further questions. I will now turn the call over to Sheldon Vanderkooy for closing remarks.

Yes. Thanks, everyone. Q3 was another good quarter, and we're actually having just a great year in 2025. Really appreciate the support from all of our investors. Thank you all. Bye.

Ladies and gentlemen, this concludes today's conference call. You may now disconnect your lines. We thank you for your participation. Have a pleasant day.

Thank you for standing by. My name is Kathleen, and I will be your conference operator today. At this time, I would like to welcome everyone to the Triple Flag Precious Metals Second Quarter 2025 Conference Call. [Operator Instructions] And now I would like to turn the call over to Sheldon Vanderkooy, CEO. Please go ahead.

Thank you, Kathleen. Good morning, everyone, and thank you for joining us to discuss Triple Flag's Second quarter of 2025 results. Today, I'm joined by our CFO, Eban Bari. Triple Flag achieved another record quarter in Q2. Sales of nearly 29,000 GEOs drove record adjusted EBITDA of $76 million and most importantly, record operating cash flow of USD 0.38 per share. Given our strong margins that consistently exceed 90%, these record results demonstrate Triple Flag's ability to realize higher per share cash flows in today's strong gold and silver price environment. This strong performance has also positioned us well to deliver our 2025 guidance of 105,000 to 115,000 ounces over the balance of the year. On the deal front, we have maintained a solid pace of accretive acquisitions during the first half of 2025. Most of these transactions have focused on tuck-in investments into near-term production starts, including the Tres Quebradas lithium mine in Argentina, the Arcata and Azuca silver mines in Peru as well as the newly announced additional 1.5% gross revenue royalty on the Johnson Camp copper mine in Arizona.

All of these 3 acquisitions are expected to deliver first revenue in the second half of this year. Notably, we also completed our acquisition of a 1% NSR royalty on the world-class Arthur Gold project located in Nevada, formerly known as the expanded Silicon project. Operated by AngloGold Ashanti, this project offers exceptional long-term growth potential, underpinned by a rapidly expanding resource base and significant exploration upside. This asset represents tremendous value for our shareholders, and I would like to thank the Triple Flag and Origin teams for their hard work and dedication in completing this transaction.

We are very excited about the Arthur project. AngloGold's CEO made quite positive statements about Arthur last week, and I think that our shareholders are really going to benefit from our exposure to this project in the future. Turning back to organic growth. The most powerful and value-driving aspect of the royalty and streaming model is the free carried optionality that Triple Flag has on our assets as our operators continue to search for new exploration discoveries, replace reserves and expand their assets. Triple Flag has 4.75% exposure to Westgold's Beta Hunt mine in Australia. In Q2, Westgold declared a maiden resource for the Fletcher zone of 2.3 million ounces.

This nearly doubles the total resource base at Beta Hunt with significant exploration potential at depth and along strike. Westgold's rapid progress from the announcement of the initial discovery target at the Fletcher Zone last September to the declaration of a maiden resource in June is a testament to the quality and embedded value within our portfolio. I'll touch more on the Fletcher Zone later on in the presentation. Finally, an important pillar of our capital allocation strategy remains returns to shareholders. We are pleased to announce our fourth consecutive annual increase of our dividend since we listed in 2021. I will now ask Eban to discuss our financials for the second quarter of 2025.

Thank you, Sheldon. As noted, we had a very strong second quarter with portfolio producing nearly 29,000 GEOs, resulting in a record first half of over 57,000 GEOs. This puts Triple Flag right on track to achieve our 2025 sales guidance. These strong volumes were delivered amid the backdrop of record precious metals prices as well as continuing strong margins. Accordingly, we're pleased to highlight that operating cash flow per share, the single most important metric we focus on as a company, has increased by over 50% year-over-year to a new quarterly record. We view a progressively growing dividend as a core part of our capital allocation strategy.

Our dividend has been increased to USD 0.23 on an annualized basis, up 5% from prior dividend. I'm proud that we have increased our dividend every year since our IPO. Lastly, I'd like to comment on our balance sheet. We exited the quarter with 0 debt. And even with the capital deployed early in Q3 for the Arthur royalty, we expect to be in net cash position by the end of Q3 at current metal prices. Overall, a clean and strong balance sheet, robust operating cash flows and total liquidity available of nearly $1 billion gives us the capital to continue to deploy dollars into accretive opportunities to drive future growth for the benefit of shareholders.

Moving ahead, we highlight 3 key aspects of our investment thesis that remain unchanged, namely top-tier assets, precious metals focus and a portfolio which is predominantly centered in Australia and the Americas. Northparkes and Cerro Lindo continue to be the 2 largest contributors to revenues. Northparkes had a record quarter due to processing of higher open pit grades from stockpiled ore, while Cerro Lindo received a strong benefit from the rapid rise in silver prices towards the end of the quarter.

Overall, revenues derived 100% from precious metals with roughly 2/3 from gold. This pure-play exposure ranks amongst the highest in the sector and offers investors exposure to the many favorable tailwinds for both gold and silver. Finally, our portfolio is predominantly located in mining-friendly jurisdiction. A key criteria, we look to expand our portfolio through acquisitions. In Q2, 90% of our revenue was derived from assets in Australia and the Americas. I will now turn it over to Sheldon to discuss Beta Hunt and the new maiden resource at the Fletcher Zone.

Thank you, Eban. Beta Hunt is an underground gold mine located in Western Australia and operated by Westgold. We have several gold royalty interests on the asset, including a 3.25% on gross revenue and a 1.5% NSR. These royalties were acquired through our acquisition of Maverix Metals in early 2023 and last quarter represented our third largest source of revenue. The positive news flow from this asset has been meaningful over the past year. In addition to exploration success currently anchored by the Fletcher Zone maiden resource, Westgold is advancing an expansion project for the asset to achieve consistent mine throughput of 2 million tonnes per annum. With the declaration of a maiden resource of 2.3 million ounces at Fletcher Zone that nearly doubles the previous resource base at Beta Hunt, there is also now scope for further expansion potential above 2 million tonnes per annum.

This is particularly important as the Fletcher Zone is located only 50 meters from the Western Flank system, which is currently the main source of ore at Beta Hunt. This maiden resource was achieved from only 1 kilometer of a known 2-kilometer strike, highlighting the potential for upside at Beta Hunt. The resource is also open at depth. Given the significant discovery, we look forward to seeing how the Fletcher Zone will ultimately be optimized within an expanded Beta Hunt operation by Westgold. Several catalysts are upcoming, which should provide a preview of the near-term future, including a 3-year company-wide outlook in September and an initial reserve for the Fletcher Zone in Westgold's fiscal year 2026.

To close, I'd like to state that we had a strong first half in 2025 and are well positioned to achieve 2025 guidance over the remainder of the year. We saw robust growth in operating cash flow per share and delivered both tuck-in and large-scale transactions that will benefit our shareholders for decades to come. Triple Flag has a strong track record of GEO growth, and we look forward to seeing the delivery of several catalysts across our portfolio. These include the commencement of production at Johnson Camp Mine, Arcata and Tres Quebradas as well as development progress with the E48 sublevel cave at Northparkes and at the Koné, Hope Bay and Arthur projects. I'd also like to specifically call out some positive news announced by our operators yesterday.

Centerra announced that it will rapidly advance its Nevada Gold Field project. Triple Flag holds a 5% royalty on the Gemfield deposit, which accounts for approximately 80% of Gold Field production. Talon Metals also announced very interesting drill results on its Minnesota Tamarack project. These results are within our royalty coverage. Looking ahead, our transaction pipeline remains very robust, and we are excited by the significant opportunity ahead for our business to deliver further value. Kathleen, please open the floor to questions.

[Operator Instructions] Your first question comes from the line of Josh Wolfson of RBC Capital Markets.

First question is just on Gunnison. The royalty additional purchase here looks to be done at a very attractive price, sub 3x cash flow based on what the company's guidance is. I'm just wondering from the overall royalty, what should we be expecting as a steady-state production that Triple Flag is estimating?

Thanks, Josh. Yes. So the Johnson Camp royalty, it's not a large amount in total. As you pointed out, it's a fairly small purchase price we have on that. I don't believe we're going to be giving any like asset-specific guidance on that, but it's a little bit of incremental copper exposure. We think it's quite attractive. And I think as you noted, in addition to this, we picked up an additional 1.5%. We already held 1.5% and the Johnson Camp mine is also subject to the stream area so we'll benefit in that way. But we're not giving asset-by-asset guidance.

Okay. Got it. And then on ATO and some of the additional disclosures here. I guess, first, what would be the process here for Triple Flag to enforce their security on the stream? And then as a follow-up, how does that affect the operators' credit situation and their -- I guess, their current restructuring process?

Yes. Thanks, Josh. I just want to set the context for the Steppe Gold disclosure that we had. The current amount of the arrears that Steppe owes us is circa USD 8 million. So it's not a tremendous amount of money. And Steppe actually has over CAD 300 million market cap. So I believe that they are able to pay. Historically, we've had a very good relationship with the Steppe Gold management team. We actually made our initial investment in Steppe in 2017. Our initial investment was $28 million. To date, we have realized over $50 million in cash flows from that investment. So it's been really lucrative for us.

In '23 -- sorry, in July of '25 -- sorry, '24, I'm getting mistaken up here. Boroo acquired a controlling interest in Steppe Gold, and the relationship changed. So Boroo is a private mining company. It's based in Singapore. They're quite a successful group. They acquired the Lagunas Norte asset from Barrick in '21, and they've done very well with that. And they acquired Steppe in order to get access to the Phase 2 development at ATO. Boroo was well aware that the stream was in place when they acquired their interest in Steppe. Parties related to Boroo approached us and asked us about buying out our interest. We were not interested in that.

And the Phase 1 oxides at ATR are coming to an end, and Steppe is targeting Phase 2 production in 2026 and 2027, and that's based on their public disclosure. We didn't agree to the delivery halt. We do have a parent guarantee from Steppe Gold. They are a producing gold company. According to their public disclosure, they've called for over 74,000 ounces of production in 2025. And there's value in the Phase 2 project.

To me, it's very clear there's value in Phase 2. The price of gold has increased significantly since Boroo acquired its interest in Steppe. So I don't want to talk about the specifics of how things might be enforced. I feel very comfortable with our position. We are in dialogue with Steppe. They understand our position very clearly, and I really can't say anymore as it's a legal dispute.

Got it. And then maybe one last question on that. Is there any ability to quantify, I guess, what Triple Flag's assumed production from this asset is maybe in 2025 within the current guidance?

Yes. Again, I don't give asset-by-asset guidance, but I guess I'll say this, I feel very comfortable with our guidance for 2025. And even if we don't get a single ounce from ATO, I'm still comfortable with our guidance for 2025.

Your next question comes from the line of Fahad Tariq of Jefferies.

Maybe just looking ahead to 2026, it looks like production is declining mainly due to Northparkes, the high-grade stockpiles deplete by the end of this year from E31. And then you also have a step down in the stream rate at Cerro Lindo. Can you just maybe walk through -- I know you don't want to do asset-by-asset guidance, but maybe just at a high level, where could potential offsets come from to get to offset some of the lower production at Northparkes and Cerro Lindo?

Yes. Fahad, as you noted, like we'll get a better picture on where Northparkes is coming in as the year goes on. Evolution Mining has a June 30 year-end. And so we will solidify what we're seeing from 2026 as we get further into this year. And as you point out, Cerro Lindo does have a step down coming, which is really a testament to the success of that investment and it's still going to be quite a successful asset for us going forward. In terms of offsets, I mean, it's quite a robust portfolio profile going forward. I mean one of the things I'd point to is the Arcata mine should be coming on stream later this year. We also have the Johnson Camp mine coming online this year. We'll see some production from that existing portfolio, we are also seeing step-ups in production at a few other sources as well. But as you kind of correctly pointed out and I said before, I don't want to get into any asset-by-asset specific guidance too much.

Okay. I appreciate that. And then maybe just second question and last one for me. On kind of deal flow and kind of what's in the pipe -- what you're seeing out there effectively, it looks like there's -- you've done a couple of smaller deals on non-precious metals. There was the Arthur Gold that was a bit larger. Maybe talk through what you're seeing in the deal pipeline and just thoughts philosophically on even corporate M&A.

Yes. I'm going to give you an answer, I think, which is pretty similar to what everyone else is saying, which is it's a really full pipeline. We continue to be active looking at many opportunities. It's a real mix of larger and smaller opportunities. I think our sweet spot remains in the $100 million to $300 million range, and we're definitely looking some that fall even at the higher end of that range. We are looking at some opportunities that are below that range as well. If we see a chance to add value, we'll certainly take advantage of that.

The pipeline right now is really focused on good jurisdictions that I think our shareholders would really like. I don't know what color I can give you really beyond that. You did ask about like corporate consolidation. In theory, I think, in general, I'm quite in favor of consolidation and corporate M&A opportunities. We had a very successful experience with the Maverix Metals acquisition. I talked about Beta Hunt on the presentation. That was a Maverix asset. Hope Bay has done really well. Kensington has done well. Koné has done really well out of that. So I think there's tremendous opportunity for value there. So in general, we think that there is attractive opportunities.

Your next question comes from the line of Tanya Jakusconek of Scotiabank.

Some have been already asked so I'll just refine a few other points I need a clarification on. Just on your pipeline, the $100 million to $300 million range, I'm assuming it's all precious metals that lithium one was just an offset. Would that be correct?

Yes. Tanya, yes, predominantly, the pipeline is full of precious metals opportunity. And you're right, lithium was very much an opportunistic investments where we thought we had a very attractive opportunity. So we're not focused on lithium or battery metals.

Okay. And would you say your $100 million to $300 million, is that mainly development? Or are you looking at more nearer stage production portfolio, let's say?

Again, it's a mix. There's actually probably a good number of actual producing opportunities in there.

Okay. And would I assume also that the -- any streams that you're looking at would also involve equity investments and/or debt participation as well?

No, I wouldn't assume that at all. I think that's really specific opportunity by opportunity sort of thing. We've been quite clear. We prefer to focus our investment dollars on streams and royalties. I think that's what our investors are looking for. We are open to it kind of in fairly small proportions on an as-needed basis, but that's certainly not our focus.

Okay. And then my last question on this is the safe jurisdictions that you've talked about. Some of the other opportunities we've seen lately have been in Africa. Is it safe to assume that you're still focusing on the Americas and Australia?

Yes. Definitely, the focus is Americas and Australia. Africa, I think you have to distinguish between different jurisdictions, but the bulk of the pipeline is actually Americas and Australia.

[Operator Instructions] And there are no further questions at this time. I will now turn the conference back over to Sheldon Vanderkooy for closing remarks.

Yes. Thank you, Kathleen, and thank you, everyone, for joining us. We feel like we had a really great quarter, and we're looking forward for the balance of the year. Thank you all. Bye.

Ladies and gentlemen, that concludes today's call. Thank you, everyone, for joining. You may now disconnect.