TRIPLE FLAG PRECIOUS MET Business Summary

Triple Flag Precious Metals (TFPM) utilizes a streaming and royalty business model to generate high-margin revenue by providing non-dilutive capital to mining companies in exchange for long-term production rights or revenue percentages. The company’s primary business segments are concentrated in gold and silver, which accounted for 100% of its 2026 production guidance, with core cash-flowing assets including the Northparkes copper-gold mine, Cerro Lindo, and Fosterville. As of early 2026, the company reported record 2025 sales of US$388.7 million and is executing a growth strategy to reach 140,000–150,000 gold equivalent ounces by 2030. TFPM competes directly with Franco-Nevada, Wheaton Precious Metals, Royal Gold, and Osisko Gold Royalties, occupying a dominant position in the intermediate tier of the market characterized by a leaner cost structure and a more aggressive acquisition pipeline than its larger-cap peers. Founded in 2016 by former Barrick Gold executive Shaun Usmar with cornerstone backing from Elliott Investment Management, Triple Flag is currently led by CEO Sheldon Vanderkooy, a founding member who transitioned from the CFO role in late 2024. The executive suite includes Chief Financial Officer Eban Bari, who brings extensive financial reporting expertise from Barrick Gold and Loblaw, and Chief Operating Officer James Dendle, a geologist previously with SRK Consulting who oversees technical due diligence. The company’s strategic direction is overseen by Independent Chair Dawn Whittaker, a prominent capital markets lawyer and former partner at Norton Rose Fulbright. Elliott Investment Management remains a significant institutional shareholder, providing a stable capital foundation for the firm’s ongoing expansion into Tier-1 mining jurisdictions.