Triple Flag Precious Metals Aktie

Hello, everyone. Thank you for joining us, and welcome to the Triple Flag Precious Metals Third Quarter 2026 Conference Call. [Operator Instructions]

I will now hand the conference over to Sheldon Vanderkooy, CEO. Sheldon, please go ahead.

Thank you, Khan. Good morning, everyone. I'm Sheldon Vanderkooy, CEO of Triple Flag. Thank you for joining us to discuss Triple Flag's third quarter 2026 results. With me on the call this morning are Eban Bari, our Chief Financial Officer; and James Dendle, our Chief Operating Officer.

Q3 was another strong quarter of cash flow per share growth for Triple Flag. Our business delivered 25,000 GEOs in Q3, which keeps us on track to deliver in the top half of our increased guidance range of 100,000 to 110,000 GEOs. Operating cash flow per share is the metric that most directly compounds to shareholders over time. We are pleased to announce Q3 cash flow per share of $0.45, representing growth of 15% from $0.39 in Q3 of last year.

This quarter demonstrates how Triple Flag creates value over time. From our founding, our approach has been to use rigorous due diligence to identify high-quality assets early, often when they are in the hands of junior or midcap operators and before the value is obvious. We then benefit as that quality is surfaced over time. The success of this approach has been demonstrated by our investing track record.

We acquired our Northparkes stream in 2020. At that time, Northparkes was a 7.5 million tonne per annum mine operated by CMOC. Northparkes was not well-known or understood by the market at that time, and the scale of the resource base was not well appreciated. Now, Northparkes is operated by Evolution with a much higher profile in the market. Evolution is now studying an expansion to 10 million to 11 million tonnes per annum to unlock further value from its large 630 million tonne resource base. The potential that we identified in 2020 is now becoming apparent to the market.

Another example is our royalty on the Koné mine. We acquired this royalty as part of the Maverix acquisition in 2023 at a very low value. The market ascribed de minimis value to this royalty on acquisition. Koné poured its first gold in September, ahead of schedule, and is on track to achieve commercial production in Q4 this year. This is an asset that will benefit our shareholders for years to come.

Another Maverix asset is our Hope Bay royalty. When we acquired the Hope Bay royalty in 2023, the value of that land package was not well-appreciated by the market. But we have been tracking that asset for years and were very pleased to gain this exposure. Agnico is now constructing Hope Bay and calling for first production in 2030. This is a cornerstone district-scale royalty that will benefit our shareholders for years to come.

Another example is Polo Sur. We acquired our Polo Sur royalty in 2021 for less than $10 million. We liked the large resource that was owned by Antofagasta and the proximity to the Centinela operation. Antofagasta is now evaluating the inclusion of Polo Sur oxide material in the near-term mine plan at the Centinela operation in Chile, as we anticipated back in 2021. The value is now being surfaced.

My final example is our exposure to the Marigold Complex in Nevada. We own 2 royalties on Buffalo Valley totaling 3.35% and a 5% royalty on the Converse property. We acquired our initial interest in Buffalo Valley in 2021 and we acquired our initial Converse interest in 2023, each at very low valuations. James will discuss in more detail, but SSR Mining's acquisition of the Converse project and incorporation of Buffalo Valley and Converse into the Marigold mine plan catalyzes the value we identified years ago.

And finally, an important part of our capital allocation strategy remains returns to shareholders. The strong underlying portfolio performance is not reflected in the market price for our shares, and we see clear value in buying back our shares on the market. In Q3, we repurchased a further $20 million of shares during the quarter on top of the $20 million repurchased in Q2.

I will now turn it over to Eban to discuss our financial results for Q3 2026.

Thank you, Sheldon. As Sheldon highlighted, Q3 was another strong quarter, with the portfolio delivering 25,000 GEOs. Revenue of $107 million was up 14% year-over-year. Adjusted EBITDA of $94 million was up 22%. And most importantly, operating cash flow per share of $0.45 was up 15%.

Triple Flag remains focused on top-tier precious metals assets, with revenue that is more than 80% sourced from mining-friendly jurisdictions in both Australia and the Americas. Our revenue mix was strongly diversified with Northparkes and Cerro Lindo serving as 2 largest contributors in Q3, and Ravenswood in its first full quarter of deliveries already at 6%. Triple Flag sales mix remains nearly fully derived from precious metals, with 2/3 from gold. And we do not expect this to materially change going forward as we exit 2026 and enter 2027.

On capital allocation, we view a progressively growing dividend sustainable across all metal prices as a core part of our shareholder return strategy. And we have increased our dividend every year since our IPO. On buybacks, we continue to act on the discount value of our shares, repurchasing a further $20 million in open market during the quarter. Our NCIB remains an active part of our shareholder return strategy, and we will continue to be opportunistic.

Lastly, I'd like to comment on our balance sheet. During the quarter, we repaid $50 million of drawings on our revolving credit facility, exiting the quarter with $185 million drawn, $20 million worth of cash and over $1.1 billion of available liquidity. We're on track with our expectation to repay this facility during 2027 at current metal prices.

Overall, a strong balance sheet, robust operating cash flows and total liquidity over $1.1 billion gives us the capital to continue deploying dollars into accretive opportunities to drive future growth for the benefit of our shareholders.

With that, I will turn it over to James to walk you through Northparkes and the Marigold Complex.

Thanks, Eban. Starting with Northparkes, which is both our largest asset and our largest growth asset. Four distinct positive developments are underway. First, the E48 sublevel cave is ramping up through 2026 and 2027, supporting near-term growth.

Second, development of the E22 block cave has commenced. This deposit will be a long-lived, low-cost bulk underground operation with production expected in 2030. E22, together with a new decline and upgrades to the material handling infrastructure, will support an underground mining capacity of 11 million tonnes per annum, representing a greater than 50% increase from the current capacity.

Third, the E44 deposit continues to advance, a gold-dominant deposit that was not part of the original mine plan. Minimum guaranteed deliveries to Triple Flag will commence in 2030, and should increase substantially by 2031 and beyond. A study for this deposit is expected to be completed by the end of June 2027.

And fourth, Evolution is advancing a mill expansion study of 10 million to 11 million tonnes per annum to unlock and accelerate processing the Northparkes' total resource base of more than 630 million tonnes, including inferred resources. This mill expansion study is also expected to be completed by mid-2027.

It's worth remembering where this asset was when we acquired our gold and silver stream in 2020 with a nameplate of 7.5 million tonnes per annum. The investment by Evolution as the new operator is now surfacing the value of the substantial resource base, to the direct benefit of Triple Flag shareholders.

Turning to the Marigold Complex in Nevada, we are exceptionally pleased to see SSR lay out a clear path to production for the Buffalo Valley and Converse royalty assets in our portfolio. At Buffalo Valley, we hold a combined 3.35% NSR, while at Converse, we hold a 5% NSR. Both of these assets will be advanced as extensions of the Marigold heap leach complex in Nevada, which has operated continuously since 1989 and has produced over 5 million ounces of gold.

In October, 2 things happened. SSR published an updated technical report for Marigold, which set out a 20-year life of mine plan with an increased 4.6 million ounce reserve, including a mine plan in Buffalo Valley and the standalone heap leach. First production from Buffalo Valley is expected in 2029 with reserves of 0.67 million ounces supporting an initial 5-year operation.

Concurrently, SSR announced an all-cash agreement to acquire Roxmore Resources. Its flagship asset is the Converse gold project. Converse hosts over 2 million ounces of indicated resource and 3 million ounces of inferred resource, and is closely located at only 6 kilometers from the Marigold Complex. SSR has cited additional growth and conversion potential through future resource development and exploration drilling.

Converse will now benefit from SSR's permitting, development and operating expertise, and follows Buffalo Valley and SSR's development sequence at Marigold. First gold is expected in 2033 at an annual production of 150,000 to 170,000 ounces of gold over more than 10 years.

These are royalties that were acquired at a very modest valuation and today sit at proven long-running Nevada heap leach complex with a committed senior operator and a published path to production at no incremental cost to Triple Flag. That is free carried optionality of the royalty model that is core to our value proposition: identify quality assets early through rigorous diligence and allow the value to be progressively surfaced at no additional cost.

I will now pass it back to Sheldon.

Thank you, James. In my opening remarks, I highlighted several examples where Triple Flag identified value early and is now reaping the rewards. This is ultimately reflected in the returns we realized over time. Scotiabank recently published research comparing what companies in our sector paid for their streams and royalties against what those investments are worth today. The results are set out in the slide.

At the time we announced our investments, the Street ascribed an average IRR of 4.9%. Now with the benefit of hindsight, Scotiabank ascribes a realized IRR of 12.8%. This 12.8% IRR leads our peer group, which is a testament to our team's ability to deploy capital to the benefit of Triple Flag shareholders.

We achieved this through an exceptionally disciplined process. Our underwriting is built on rigorous technical due diligence, the bedrock of the Triple Flag approach. We identify high-quality assets early to create a Tier 1 portfolio at a reasonable price. And the returns then compound to the benefit of shareholders as that quality and potential is revealed over time.

In closing, the Triple Flag model will not change. Our portfolio is performing very well. We are on track for the top half of our 2026 guidance. Our 2030 outlook of 150,000 to 160,000 GEOs represents peer-leading growth of approximately 50%. Our growth beyond 2030 is meaningful, anchored by Northparkes, Hope Bay, Koné and Arthur, all great assets in Tier 1 jurisdictions.

Our growth profile now also features Buffalo Valley, Converse and Polo Sur, assets operated by Tier 1 operators and located in Nevada and Chile. This is exactly the type of royalty exposure that we want to build shareholder value on. Going forward, we will continue to drive growing cash flow per share and growing NAV per share for the benefit of Triple Flag shareholders.

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

[Operator Instructions] Our first question is from Delvin Xie with Scotiabank.

Congrats on the quarter. First would be G&A, and what would you expect to be the run rate of G&A per quarter? It's a bit lower than we expected, so I just want to know, like will the Q3 be that reasonable run rate?

Yes. I'll take that question. Our G&A is largely driven by volatility of our share price on stock-based compensation. You would have seen in 2025, as share price increased, our G&A increased at the same time. In 2026, with share price performance, our G&A, we saw a decrease and a flat G&A profile.

So what we actually can't do is predict what our share price will be in Q4. So we left our G&A guidance unchanged. At the same time, we expect G&A to increase that share price performance over the back half of this quarter.

Okay. And then the NCIB, I believe it's expiring pretty soon, so I assume you renew your NCIB. And then would you favor buyback over dividends, one versus another right now?

Yes, I'll take that, Delvin. It's Sheldon here. Yes, you can -- the NCIB, we've always renewed that. So you can expect that to be renewed kind of in the ordinary course, so no surprises there.

And in terms of NCIB versus dividends, I mean, we've been pretty clear -- very clear. Our dividend increases every year, we just increased it recently. So that's what we do. And then we're much more opportunistic on the NCIB, but you'll see that we've been much more aggressive on NCIB repurchases this year.

Right. Absolutely. And turning to Q4, if I back out the number from your midpoint to high end of guidance versus 9 months, so Q4 will be similar to Q3, and is that a reasonable assumption, cost of sales be somewhat lower or similar to this quarter, Q3?

Can you repeat your question, please? I'm not sure I followed...

Roughly the Q4 expectation will be like similar to Q3 if I back out the number, like the GEOs?

If you're asking for -- it's David on the line. If you're asking for our Q4 GEOs, I mean, I think our guidance for the year is to be in the mid to the top half of our increased guidance range, so between 105,000 to 110,000 GEOs. So I would look to have a forecast within that range for Q4. Cost of sales, I think you mentioned, would follow that GEO forecast that you're going to assume for that period, noting that a large part of our cost of sales can be impacted by the noncash component that will fluctuate with the metal price. So it should be tied to your metal price assumptions for the quarter as well.

Absolutely. Last one for me. The deal environment, is $100 million to $500 million deal still the primary range and predominantly will be precious metals focused?

Yes, I can address those, it's James. Yes, I mean, there's certainly a decent number of deals in that range. We've also seen compelling opportunities that are both larger and smaller. And it's fair to say that almost all of the transactions we're looking at are either gold and silver. In the past, we've seen opportunities outside gold and silver, but it's very active on the precious side at the moment.

Your next question comes from the line of Jack Baxter with Bloomberg Intelligence.

If I just start on Northparkes, so it appears the capacity upgrades and additional ore sources that you cited in the slides, they're moving closer to reality. I just wanted to get some clarification on which of those catalysts are embedded in the 2030 growth outlook, if any, or perhaps post-2030. Can you give any more detail on that, please?

Yes, Jack, it's James. I can address that. So Evolution has been quite clear with their stated intent for developing Northparkes, and there's additional capital projects, which is not quite as material, but is related to the processing plant, so debottlenecking, 3 million tonnes, and installing coarse particle flotation and regrind.

So we are strongly of the view that each of the projects mentioned will be -- will go ahead at Northparkes. And then, of course, they will have their own timing profile. So as we mentioned, E22 starting in 2030, then of course, ramp up to that. So we reflect all of them, but of course, not all of them are within the 2030 time line. With these material increases in E22, [ that'd be over there in 2030s ].

Understood. And on Ravenswood, as we shift into a full quarter of contribution and then towards steady state for production at that asset, what would you regard as a reasonable normalized run rate for deliveries for Triple Flag heading into '27?

I mean, Jack, we're not going to provide asset-by-asset guidance, we never do. And we're also not going to provide 2027 guidance in November 2026. So the ramp-up to plus 200,000 ounces a year will take a couple of years at Ravenswood, which is what we've discussed previously. So we'll reflect that in our 2027 guidance when we put it out next year.

Sure. It's worth a shot. And maybe finally, on deals, how are you comparing the prospective return on new streams and royalties against buying back your own stock? Just curious as to whether the hurdle rate on new transactions has moved higher with pricing.

Jack, Sheldon. I'll take that. The best use of shareholder capital is always -- what's always driven the most value is when we find good royalty and streaming opportunities. So we're always looking for that. And I'm really pleased with what we've done this past year. I mean we deployed $550 million, and we're active on several files. So we're certainly not sitting on our hands. Last year, we did $350 million, and that was a good year as well.

With regards to the buyback, we have the financial capacity to take advantage of that opportunity. And so we come in, of course, when we see just a really clear value on where the shares are in the market. So we're not in a situation right now where we have to do either/or. And we're finding good opportunities to deploy capital, and then we're also finding there's available capital to do some buybacks as well. And this is all in the context of what the cash flow generation is, which is robust, and the debt levels of the company, which are modest.

Okay. So nothing has changed in terms of how you're assessing these deals. You're not chasing a higher IRRs, all steady goes?

We tend to be very consistent with what we do, and that's measured over years, if not the full decade.

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

On the 2030 guidance, which I know hasn't changed, can you maybe talk about any assets that you think between now and then could provide upside or incremental production that is not captured in that guidance?

Fahad, what I'd say is -- this is Sheldon, that 2030 number, we are highly confident in. And there's certainly upside there. I'm actually not going to go asset by asset, but there is certainly -- if you go through the public disclosure of all the operators of our portfolio, you'd get to a figure quite a bit higher than what's in our 2030 figure that we put out. But that is a number that we just feel very confident in. There is certainly upside there, but I'm not going to flag individual assets.

What I want to do is like mining projects, it's easier for them to be a little slower and a little quicker. And we just want to have a high degree of credibility to the market as they see that coming on. As one of the other questions alluded to too, there's a lot of growth in the portfolio even beyond 2030. So our growth profile is really good.

Okay. Great. And then just one more for me. In terms of the liquidity that's available, it's quite substantial now and the balance sheet is in a really good position, do you anticipate that Triple Flag would participate in some of these larger transactions that are being, I guess, expected in the industry, like discussions of maybe $1 billion royalty or stream 1 per year for the next 5 years? These are the types of transaction, deal pipeline that some of your larger peers are talking about. Is that something that Triple Flag would look to participate in? Or is that not the right kind of size?

We are looking for any opportunity to drive shareholder value. And so we would look at larger transactions as well. We're always going to be prudent when we look at leverage levels, but we look at larger transactions as well as midsized ones.

And the pipeline is very robust. I know our peers are talking about that same pipeline. It's both larger transactions, midsize transactions and smaller transactions. So really the criteria is what drives value for Triple Flag.

Your next question comes from the line of Lawson Winder with Bank of America.

Great quarter. I understand your reluctance to go asset by asset sort of off the cuff, but maybe I'll just do that a little bit myself and ask some specific questions about some more important assets. So with Northparkes, could you just clarify for us what exactly is built into that long-term 2030 assumption in terms of the processing capacity in terms of 1 million tonnes per annum?

Yes, Lawson. I can address that. And so the capital projects set out in the presentation, in addition to the coarse flotation and regrind, are all included. The big one though is Evolution discussed a range of processing scales. Our current working assumption that is reflecting the 2030, if they take it up to the 10 million to 11 million tonne range, of course, that's been well telegraphed to the market. That's what's in the 2030, yes.

Okay. And then just thinking about some of the other assets, so Polo Sur, my understanding is that, that probably wouldn't be included in 2030? Can you confirm that that would be upside should Antofagasta go ahead and incorporate oxides into the circuit?

Yes, that would be a benefit to us.

And then the other asset that I guess I'd be curious about is Prieska. So the Uppers Phase is now financed towards production. But Triple Flag has the option to exercise the $80 million stream. I mean what's your thinking on that currently? Or what are your trigger points to either move forward with that or decline?

Good question, Lawson. So I'd just clarify that Glencore's financing actually provides for not only the development of the upper part of the mine, which is those project, but also much of the early works on the deeps, which is our main economic interest. So the Glencore financing is now available to Orion. They're in the process of drawing that and will start the works required to develop the upper levels.

Stream has the right, but not obligation to fund the $80 million. And the triggering point on that is upon satisfactory completion of a detailed feasibility study that's appropriately engineered, and a capital program that's fully financed inclusive of our stream. So we'd expect to be making that decision late in 2027, would draw then in 2028, is the current schedule that we've been provided by Orion, the operator.

Perfect. And then just on the M&A pipeline, I think it's an interesting discussion point given your enormous gross margins and the theoretical capability of this business to take on substantial debt in the short term in order to complete larger transactions. Sheldon, I appreciate the comments about wanting to be conservative with the balance sheet. But I mean, can you give us a range of trailing net leverage multiples with which the company might be comfortable on a short-term basis in order to complete a larger transaction?

Sure, Lawson. I think if you're at 2x EBITDA, you're in a zone of safety there. And I think the market is comfortable with that. And quite frankly, the cash flow generation of a portfolio like this, that that could be fine. And so when you start to run those numbers, that actually allows us to look for quite large transactions that really move the needle for a company of Triple Flag's size and add even more growth to what's already embedded organic growth in the firm. So again, we'll be looking for ways to add shareholder value. That's really the criteria.

Yes, that's very sensible. And then just one, maybe final question, on capital allocation. I mean you've indicated a preference to be, I think, opportunistic with the buyback. But nevertheless, the last 3 quarters have indicated that a bit of a stable buyback implementation despite some significant share price volatility. I mean I just want to put a finer point on this. Do you mean to say that the buyback approach could change heading into Q4 and into 2027? Or should we expect something in the range of what we've now seen for a couple of quarters?

Yes, really I'd expect probably steady course as opposed to any change. There's never really been any change to our approach. We just -- when we see dislocation in value and it gets to a certain point, we step in a little bit more aggressively, and we've done that in the last couple of quarters.

Part of it is just the value we're seeing generated by the portfolio organically, like we just highlighted a number of projects that are, I think, a little bit below the market's radar screen. And there's real value being created there and being surfaced there.

Your next question comes from the line of Fanming Zeng with Stifel.

Congrats on the quarter. So I know this might be preliminary, but when you roll the 5-year outlook, Hope Bay, Koné and E44 are going to come into the window. So how does the updated outlook going to look like in terms of direction? And which assets matters most and how comfortable you are on the development time line of the key assets?

Yes. As I stated earlier, like we are very comfortable with our stated like 2030 outlook range. And when we come into February, of course, we'll give 2027 guidance and we'll also update that 5-year view. And so we'll give a 2031 view.

That's a process we're going to go through. Obviously, we'll make sure it's something we're 100% comfortable with. Directionally, it would be higher than what we have for 2030. So again, we'll put out that 2031 outlook in February, and I don't want to start jumping on going asset by asset and what the deltas are. But portfolio doesn't stop at 2030. It continues to build.

There are no further questions at this time. I will now turn the call back to Sheldon Vanderkooy for closing remarks.

Thank you, Khan. Thanks, everyone, for joining the call. Have a great rest of your day. Bye.

This concludes today's call. Thank you for attending. You may now disconnect.

Ladies and gentlemen, 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 Precious Metals Second Quarter 2026 Conference Call. I'd like to remind everyone that this call is being recorded. [Operator Instructions] I would now like to turn the call over to Mr. Sheldon Vanderkooy, Chief Executive Officer and Director. Please go ahead.

Thank you, Angela. Thank you for joining us to discuss Triple Flag's Second quarter 2026 results. With me on the call this morning are Eban Bari, our Chief Financial Officer; and James Dendle, our Chief Operating Officer.

This quarter marks a milestone for our company. Triple Flag is entering its second decade, and we are doing so with the strongest organic growth profile in our history and a clear track record of compounding shareholder value. H1 was the strongest 6 months in the history of our company. Q2 was another strong quarter. We sold nearly 29,000 GEOs. We generated $117 million of adjusted EBITDA, and we delivered operating cash flow per share of $0.54, up from $0.38 in Q2 of last year. This represents 42% growth in cash flow per share with our high-margin top line exposure to gold and silver prices translating directly into per share cash flow.

June was a milestone month for Triple Flag. In the span of two weeks, we announced three important developments. First, we reached a settlement agreement with Steppe Gold that fully resolves all our outstanding disputes. We received all obligations and arrears on signing, and we have secured guaranteed fixed gold deliveries over the next 10 years, along with long-term exposure to production from the ATO mine. We initially invested $28 million in Steppe and have already received over $60 million of returns to date in addition to the over 34,000 ounces of gold to be delivered over the next 10 years.

Second, we announced and closed the acquisition of a $440 million gold stream on the Ravenswood Gold Mine in Queensland, Australia. This is a cornerstone addition to our portfolio that delivers immediate cash flow from a large-scale, long-life, low-cost operation with first deliveries received in July of this year. And third, on the strength of these two developments, we increased our 2026 GEO guidance to 100,000 to 110,000 ounces and raised our 2030 outlook to 150,000 to 160,000 GEOs.

Q2 was also a fantastic quarter for demonstrating the organic growth driven by mine development and mine life extension. In May, Agnico Eagle announced a positive construction decision at Hope Bay, a milestone that we have pointed to for several quarters and one that firmly anchors our growth beyond 2030 outlook. At Northparkes, the E48 sublevel cave is ramping up and its growth plans continue to advance, including a mill expansion study to 10 million tonnes per annum. And at Arthur, feasibility work and drilling are underway on a world-class greenfield deposit following the pre-feas released earlier this year.

Finally, an important part of our capital allocation strategy remains returns to shareholders. We are pleased to announce our fifth consecutive annual increase of our dividend since we listed in 2021, which now equates to an annualized dividend of $0.24 per share. Additionally, we repurchased $20 million of shares in the open market during the quarter, taking advantage of the opportunity presented by the market. I will now turn it over to Eban to discuss our financial results for Q2 2026.

Thank you, Sheldon. As Sheldon highlighted, we had a very strong quarter with portfolio producing 28,700 GEOs, resulting in the first half of nearly 59,000 GEOs. This puts Triple Flag on track to achieve our increased 2026 guidance. Across the chart, adjusted EPS were up 63%, adjusted EBITDA was up 54% and most importantly, cash flow per share was up 42% year-over-year.

Operating cash flow per share is the metric that most directly compounds to shareholders over time, and our strong margins ensure that higher metal prices flow directly through to our shareholders. This strong cash flow generation continues to support all our capital allocation priorities. We view a progressively growing dividend as a core part of our capital allocation strategy and one that's sustainable across all metal prices.

Our dividend has now been increased to $0.24 on an annualized basis, up 4% from prior dividend. I'm proud that we've increased our dividend every year since our IPO. On buybacks, we have said that we view our shares as being undervalued. And we acted on that view this quarter, repurchasing $20 million worth of shares in the open market. The NCIB remains an active part of our shareholder return strategy, and we will continue to be opportunistic.

Lastly, I would like to comment on our balance sheet. Despite deploying $440 million on Ravenswood acquisition, $20 million on share buybacks and our normal course dividend, we exited the quarter with over $1.1 billion of available liquidity. We funded Ravenswood with cash on hand and drawings from our revolving credit facility. And given cash-generating power of our business with over $100 million worth of operating cash flow this quarter alone, we expect to repay this facility rapidly during 2027 based on current metal prices.

Overall, a strong balance sheet, robust operating cash flows and total liquidity of $1.1 billion gives us the capital to continue deploying dollars into accretive opportunities to drive future growth for the benefit of our shareholders. With that, I will turn it over to James to walk you through Ravenswood, Hope Bay and our growth pipeline.

Thank you, Eban. Starting with Ravenswood, where we hold a 5.5% gold stream. The mine is Queensland's largest gold mine and a top 10 Australian gold mine by ore reserves. There are several attributes we particularly like about this transaction. First, this is a producing proven operation. Ravenswood has been in continuous production since 1987 and has produced a 4 million ounces gold since discovery. Stream generates cash flow immediately with first deliveries having commenced in Q3.

Second, the asset offers attractive scale and mine life and costs. The expansion completed in 2023 supports growth in annual production to more than 200,000 ounces with the operation ramping towards that level by 2028, while sitting in the lower half of the global cost curve. Third, the mineral endowment is extensive, and the exploration is compelling. Since 2020, roughly 800,000 ounces of reserve additions outpaced 600,000 ounces of depletion with multiple in-pit and near-mine targets adjacent to the Buck Reef West and Sarsfield known pits.

Turning to Hope Bay. We hold a 1% NSR royalty on this Agnico Eagle project in Nunavut. In late May, Agnico Eagle announced a positive construction decision. The accompanying study contemplates 6,000 tonnes per day underground operation, producing 400,000 to 435,000 ounces of gold per year over an initial 11-year life of mine. First production is expected in 2030. What makes Hope Bay particularly exciting is what the initial plan leaves us.

The 11-year mine life incorporates nearly about half of the declared mineral resource, 55% of the measured and indicated, and 48% of the inferred. Beyond that, Agnico has over 90 regional targets across a highly prospective 80-kilometer Greenstone belt with 700,000 meters of drilling planned over the next 5 years. This includes drilling up the Boston deposit, which is not included in the PEA and is located 50 kilometers south of Madrid deposit. Hope Bay has the potential to develop into a multi-decade district scale mining camp and Agnico's decades of proven Arctic operating experience and established logistics routes make them the ideal operator to realize its potential.

Finally, I want to discuss some of the assets that will drive further growth beyond our 2030 outlook. This should provide a clear view to our shareholders of what will become core paying assets to Triple Flag. Arthur, Kemess, Hope Bay, and Northparkes are world-class long-life assets located in established mining jurisdictions. At Arthur, a pre-feasibility study was released in February, forming the basis of permitting to commence in 2027. The current 9-year life of mine is the beginning of a much longer life. AngloGold has described the study as tip of the iceberg, noting that Arthur is a marquee asset that will anchor AngloGold's portfolio in the 2050s.

At Kemess, Triple Flag holds a 100% silver stream. The 2026 PEA supports a large-scale copper gold, silver operation, reaching production by 2031, leveraging existing brownfield infrastructure and permits from previous mining operations. The PEA mine plan represents only 47% of the total resource tonnes, providing upside for further ounces to be included in an upcoming PFS in mid-2027. As I mentioned, we expect Hope Bay to commence production in 2030 with a ramp-up thereafter.

And finally, Northparkes is Triple Flag's largest asset. Numerous growth projects have recently been approved by Evolution, which will unlock value for a world-class copper and gold endowment that include the E22 block cave, the E44 gold open pit with minimum delivery guarantees and most importantly, a potential mill expansion to at least 10 million tonnes per annum, the latter two of which are currently being studied over the next year.

We believe that the mill expansion is the optimal path to unlock value from not only the 625 million tonnes of total current resources, but other prospective underexplored targets that could materially add to the production profile with increased scale and processing optionality. Taken together, these 4 assets are diversified across long-life district scale systems in Nevada, British Columbia, Nunavut and Australia, and they are all operated by high-quality counterparties, representing the foundation for further organic growth beyond 2030. I'll now pass it back to Sheldon.

Thank you, James. Our business model generates shareholder value through reinvesting our robust cash flows into accretive additions to the portfolio. In the past 18 months, since the start of 2025, we have deployed over $900 million into new high-quality streams and royalties, Tres Quebradas, Arcata and Azuca, Arthur, Minera Florida, the Johnson Camp and Gunnison royalties, the Northparkes E44 stream, and now Ravenswood. These are all high-quality assets operated by high-quality operating teams.

The bulk of this capital has been deployed in Australia and the United States, and be deployed on attractive returns for our shareholders. Triple Flag shareholders will benefit from these portfolio additions for decades to come. I'd like to close by stepping back and looking at what Triple Flag has created over its first decade, a portfolio of 242 streams and royalties, 36 of them producing with a peer-leading exposure to Australia.

We remain firmly focused on generating shareholder value. We have increased our GEO production every year since our 2016 founding. We have increased our dividend every year since our 2021 IPO. We are active buyers of our own shares and management and the Board remain founders and substantial owners of the company. Looking forward, the picture is even stronger. We had a strong first half with robust growth in operating cash flow per share, and we delivered $550 million of transactions that will benefit our shareholders for decades to come.

Our increased guidance calls for 100,000 to 110,000 GEOs this year, growing to 150,000 to 160,000 GEOs in 2030 from a derisked pipeline that James just walked you through. And finally, we have over $1.1 billion of available liquidity to continue pursuing accretive opportunities over the remainder of the year and beyond. That concludes our prepared remarks. Operator, please open the floor to questions.

Your first question comes from the line of Cosmos Chiu with CIBC.

Sheldon, Eban and James, congrats on a strong first half. Maybe my first question is on Northparkes. James, you kind of touched on it, but the E44 development study is expected by the end of June 2027. Still some time away, but is there any kind of progress or any kind of update at least on that study that you can provide to us?

Yes. Cosmos, I obviously can't get too far ahead on the studies, but I think it's important to highlight that there's a number of things happening at Northparkes. Evolution has recently approved coarse particle flotation project and debottlenecking in the processing plant that opened up capacity. And then the two big milestones or developments in conjunction with that, one, the development of the E22 blockade, which is the next kind of frontier of mining at Northparkes in conjunction with the expansion of the mill.

And the base expansion of the mill is 10 million tonnes, but it could be higher than that, and that's precisely what Evolution is studying at the moment. So that work is ongoing and there's been capital allocated towards those studies. So we look forward to seeing the results of that next year. And then E44 is relatively straightforward from a study point of view. It's a reasonably well-defined open pit that really requires ore mining and then treatment in conjunction with the other ore feeds. So the study under that is quite straightforward. So I think the focal point for us will be seeing how big of an expansion is done at the mill next year.

Maybe sticking with Australia, Ravenswood, good to see the first monthly delivery was received in July 2026. So can I take it that, I guess, Q3 is going to be a normal sort of quarter? Or is there still some kind of ramp-up factors that we should be aware of? And as you mentioned during the acquisition presentation, a normal quarter will be 2,300 to 3,300 GEOs per quarter. So again, is it Q3 going to be a normal quarter? Or is there any factors that we should still consider?

Yes. Look, it will be ramping up because there are capital projects going on to open up the Southfield open pits. And then that scales up towards the 200,000 ounce-plus run rate up 2028. During that period, it will be relatively normal, but there's a ramping profile for that asset.

Okay. Maybe switching gears a little bit. Cerro Lindo, it's been a great asset for Triple Flag. But now there's been a step down that happened in April. Cerro Lindo is one of your larger silver streams. I guess my question is, with that sort of coming down and a bit of a decrease in silver, at least contribution-wise, are you still happy, Sheldon, with your gold, silver, copper and other mix as it stands today?

Yes. Thanks, Cos. Bottom line is we are happy. Like we're a precious metals company, and we're always looking for high-quality gold, high-quality silver exposure, and we think we have that in spades. We long anticipated the Cerro Lindo step down. And as you pointed out, hitting the step down is a sign of success. And Cerro Lindo remains a very substantial asset for Triple Flag going forward. It's still going to be one of our largest contributors. There are no further step downs after this. Cerro Lindo is even looking at putting new capital into that project. So that's great. We benefit from that.

And in terms of silver exposure over the longer term, I mean, we have Cerro Lindo, we have Buritica. We actually got quite a bit of silver out of Northparkes. That's fantastic. We have things like Arcata and Azuca, which are silver, and we've highlighted Kemess as well. And so that's silver exposure as well. So there's still a lot of silver in the portfolio.

Great. And then maybe one last question. likely for Eban. But going through your income statement, I noticed that taxes were fairly low, slightly over $1 million. G&A was also fairly low, $3.8 million, whereas first half totaled closer to $10 million, so a decrease from Q1. So I guess, Eban, what's a sustainable rate here? Is this representative of what we can expect for the remainder of the year?

Thanks for the question. Our G&A largely was impacted by mark-to-market on our share price. Has a pretty significant impact on the DSUs, RSUs and so forth. Our run rate is essentially it's based on what we had guided to the market, which is about $30 million to $32 million. So on a quarterly basis, we expect -- assuming all things being equal, we expect $7 million to $8 million worth of G&A for the quarter. With respect to tax being lower, it's a combination of tax benefits due to the share price decreases, but you get a benefit as well as mark-to-market on some of our prepays. So these are recoveries essentially, but cash taxes remain pretty consistent.

Yes. It's kind of funny, Eban, talking about the benefits because the share price decreased. So for you, I hope that you pay more taxes because that means the share price is going up. Congrats again on a very strong first half.

Your next question comes from the line of Josh Wolfson with RBC Capital Markets.

Just sort of 2 quick ones. First question is on Prieska. It sounds like the operator there is moving forward towards construction commencement. How should we think about the stream option? I guess, also when could we expect that to be exercised if it's exercised? And what would be the time lines for funding?

Yes, Josh, I can answer that. It's worth just remembering that when we entered into the stream transaction, the development plan was the deeper part of the ore body, there's an upper zone and a deeper zone. And the deeper zone is the lion's share of the economics, probably over 95% of the value. So the stream is predicated on getting the deeper zone into production. The company has subsequently reorientated the development of the asset to do it in a more of a staged manner, which actually is a very appropriate way of developing an asset for a development company.

So all that to say, we still have the right but not obligation to fund stream. And the asset looks great. Glencore has come in with a very considerable financing to get them off the ground. But our focus is still on the deeps. So when the company moves towards an investment decision on the deeps, which we expect to be next year, we'll look to do our valuation and presumably invest the stream at that time. But all the sites we have at the moment are great. The economics for our stream are very robust. And I think having a supportive capital provider alongside us in Glencore is a good endorsement of the project and provides ample capital to get the project up and running and fully develop the deep zone as well.

Okay. And then Tres Quebradas, I know it's a pretty small contributor today. The release talks about Phase 2. Is there any goalpost that can be provided in terms of what production could look like when it's expanded?

Yes, there's been numerous expansion options there, Josh. The Phase 2 essentially doubles, but there's an opportunity to triple it from current levels. It has not been fully determined as to how large the production rate goes. There are options to take it even beyond the tripling of current levels. In our investment case is predicated on the mine running at the current nameplate of about 20,000 tonnes. So anything beyond that is great upside for us.

The next question comes from the line of Fahad Tariq with Jefferies. .

I wanted to come back to Ravenswood. In the second half of the year, can you just remind us if that's factored into the 2026 guidance? Or -- and I think I may have missed this, but is it fair to assume the low end of the quarterly deliveries at 2,300 ounces per quarter, in the third and fourth quarter of this year?

Fahad, it's Sheldon. I'll answer that. So we've updated our guidance to say we're looking at the top half of our updated guidance. So the top half of that $100 million to $110 million, and that does include the Ravenswood stream as well.

Okay. Got it. And then maybe just switching gears, one for Eban. On the balance sheet, I noticed the cash balance obviously came down just because of the transaction and the buybacks. But can you just remind us like minimum cash balance that the company typically targets going forward?

Yes, thanks. We generally -- we're a business that we don't really need a whole lot of money to maintain the business. So we generally try and limit how much cash we have on the balance sheet, just given we've got a facility that's drawn. So for us, about $10 million, $15 million is probably about the right number.

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

Maybe just to finish off on the outlook for the second half of the year. Just Cerro Lindo step down, so that's occurring. We've got then Ravenswood production starting to contribute. How should we think the rest of the year with respect to Q3 and Q4? Originally, it had been that the first half was supposed to be higher than the second half. But how should I be thinking about the second half in Q3 and Q4?

Tanya, this is Sheldon. Obviously, you have our H1 to date, and we have our full year guidance. And so if you're looking for the split between Q3 and Q4, there's no real big differences we're seeing between the quarters. But again, we don't give quarterly guidance. So it's really the annual guidance and working towards that annual figure we've given the market.

No, it's just more with Q3 and Q4, like there's not that much difference, that's fair enough. Maybe my next question, if I could, was to come back to James when you talked about those 4 key assets beyond 2030. You can quickly do the math on Hope Bay and Arthur Gold and see that contribution. So as you think about beyond 2030, you've got the 150,000 to 160,000 GEOs. Are we looking with the remaining 2 getting closer to 200,000? Like is it something in the 20,000 to 50,000 ounce range that these additional ounces will contribute.

Yes. I mean, obviously, Tanya, defining the outlook. We're focused on the assets that we think have a clear line of sight to contributing in that time frame. Of course, there are other development stage projects that are earlier and at study level and need a few things to happen before they could contribute. But they certainly have studies that could show contributions that build above the outlook range. But we're always reluctant to include those in our outlook until we gain confidence.

I think one of the other big variables is Northparkes. There's a lot of potential to add incremental gold to Northparkes, particularly given the increased processing capacity and the way that Evolution is looking at gold-only mineralization of that property. Of course, beyond E44, we don't have a great line of sight on that right now because there's still work to be done. But look, I think E44 will certainly continue far beyond the minimum deliveries.

The life of that pit is likely at least double or triple the minimum delivery quantum. And I'm very confident there are further gold discoveries to be made. So I think I'd be looking to North Park is sort of unexpected additions to that profile. And then, of course, as we see projects become more solid from a permitting and capital provision perspective, we'll add those to profile too, and we'd expect that to stack on top of the numbers we've shared.

Yes. It's just really interested, James in these 4 -- like what could these 4 contribute?

Well, yes, I mean, you could put the studies together, Tanya, I think there's probably quite a bit more that Arthur could contribute beyond the PFS. I think Hope has a great deal of potential over and above the 400,000 to 435,000 ounces. I think in the mid-2030s, that could be a much bigger number. I think Kemess go for longer, but the annual outputs are probably fairly fixed by the study. But I really think it's Arthur and Hope Bay that have the greatest potential to grow annual production above the numbers we have in front of us today.

Yes, that's about 15,000 GEOs. I don't know what the other 2 would contribute. Sorry. I was just trying to -- so greater than 15,000 GEOs. Okay. My next question then comes back to just maybe, Eban, how are we handling -- just how should I think about the capital returns from your share buyback versus your dividend? You bought back $20 million this quarter. Should I be thinking that if we were to stay in this share price range that you will continue the share buyback?

Thanks for the question. We raised our -- we just raised our dividend and NCIB as part of our broader capital allocation strategy, and we look at that along with deals that we're working towards and going down the pipeline. So we'll be active on the market opportunistically, and we'll step in when we see value. So that's pretty much it. We've got a program in place, and we'll exercise discretion as we see fit.

And I guess my final question then is just on the transaction environment. And maybe just kind of review if anything in that has changed. We talked about it last quarter. It was in the $100 million to $500 million range. It was mainly in asset builds and maybe some third-party royalty transactions. So where are we on this now? Has anything changed? Has the structure of some of the deals changed? Anything for us to be aware of?

Tanya, it's Sheldon. I'll take that one. Really, it's remarkably the same. And you've seen how much we managed to deploy over the last 18 months. And I would say the pipeline right now seems as robust as it's ever been. That transaction range that you cited, I think, is still pretty accurate, that $100 million to $500 million, but we're also seeing some transactions that would even be larger than that. also comment on jurisdictions. I'd say generally, what we're seeing are jurisdictions that shareholders would generally be comfortable with. So anyway, we're still active. The corp dev team is busy, and we're going to see what we can do.

And Sheldon, are they mainly in gold? Or are you seeing some silver transactions as well? .

It's really a mix of metals, including like, I'd say, predominantly gold, there's some silver as well. There's probably some non-precious that might be attractive as well. But the bulk of what we're looking at really falls into that precious metals, again, right down the fairway of what our shareholders really are looking for.

Sheldon, you said non-precious as well. Is that something like you're looking at beyond gold and silver and non-precious?

Yes. I mean, like we have a long list of things we look at, and there are some non-precious. And we've done that before, right? Like Tres Quebradas has been a fantastic investment for us. And so we'll look at that on a very opportunistic basis. We're never going to take the portfolio away from being like a 90% gold and silver portfolio.

And your next question comes from the line of Brian MacArthur with Raymond James.

Most of them have been answered. But can I just ask about Impala. I mean you got $10.5 million this quarter. I'm not as familiar with that asset, but it's ramped -- it's changed over the last number of years. But that's like up significant versus any other time period and the gold price is down over Q1. Is that a normal run rate going forward? Has something changed there? Or was there a catch-up? Or how should I think about that going forward?

Brian, thanks. I'll take that question. So typically, Impala has been pretty consistent on a quarter-over-quarter. I think what you're probably seeing this quarter is one of the last deliveries slipped into Q2 from Q1. That's probably why Q2 is a little bit higher than the prior quarters. But typically, they're pretty consistent in terms of quantum of deliveries.

More generally though -- Brian, there is -- you can expect to see slightly higher deliveries coming out of the Styldrift mining area in the next year or two. The company has been very public about increasing output of that mine, not hugely, but there is an uptick from the current levels expected.

Right. But if I would start just to look at it, so divide by 2 over the 6 months and have a bit of a ramp and adjust for the gold price, is how I should think about it?

Yes. That's reasonable perspective.

That concludes our question-and-answer session. I will now turn the conference back over to Mr. Sheldon Vanderkooy for closing remarks.

Thank you, Angela. And thanks, everyone, for dialing in to our call. We've had a very strong start to the year, and we're looking forward to continuing the performance over the back half of the year. Thank you all for attending.

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

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.