Triple Flag (TFPM) Q4 2025 Earnings Transcript

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Date

Thursday, Feb. 19, 2026 at 9 a.m. ET

Call participants

• Chief Executive Officer — Sheldon Vanderkooy
• Chief Financial Officer — Eban Bari
• Chief Operating Officer — James Dendle

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Takeaways

• Record GEOs production -- Delivered 113,000 gold equivalent ounces (GEOs), in the upper half of guidance and the ninth consecutive annual increase.
• Cash flow per share -- Achieved $1.54 per share, up 45% from 2024, directly supported by higher production and commodity prices.
• Dividend growth -- Paid nearly $46,000,000 in dividends, reflecting a 5% midyear increase and the fourth consecutive annual increase since IPO.
• Share buyback activity -- Repurchased $9,000,000 of shares at about $17.39 per share in 2025, with continued NCIB activity expected opportunistically.
• 2026 production guidance -- Guidance set at 95,000-105,000 GEOs, based on Northparks mine sequencing and a planned Cerro Lindo stream step-down.
• Long-term growth outlook -- 2030 production targeted at 140,000-150,000 GEOs, a 45% CAGR from the midpoint of 2026 guidance, driven by multiple advancing assets.
• Capital deployment -- Invested over $350,000,000 in 2025 into Arcata, Arthur, Johnson Camp Mine, and Minera Florida, all providing immediate or near-term cash flow or substantial growth exposure.
• Balance sheet strength -- Ended 2025 debt-free, with more than $70,000,000 in cash and $1,000,000,000 available on the credit facility.
• Depletion and expenses guidance -- 2026 depletion expected at $65,000,000-$75,000,000; G&A costs projected between $30,000,000 and $32,000,000, with an approximately 25% cash tax rate for Australian royalties.
• Northparks asset developments -- Recent Evolution Mining update includes E22 block cave approval, a mill expansion study from 7.6 million to 10 million tons per annum, and agreement for E44 gold-only deposit with guaranteed minimum deliveries from 2030 for seven years.
• ATO contribution exclusion -- Management removed ATO contributions from both 2026 and 2030 guidance due to ongoing litigation, presenting potential upside but no downside to guidance figures.
• Capital allocation strategy -- CEO Vanderkooy said, "our sweet spot is really in the $200,000,000 to $500,000,000 range," emphasizing focus on deals within this range; company considers $4,300,000,000 transactions too large.
• Asset diversification -- Portfolio includes 78 assets with growth expected from upcoming projects: Arcata, Kone, Eskay Creek, Era Dorado, Goldfield, Arthur, Kemess, Hope Bay, and Northparks.
• Cerro Lindo stream update -- The stream rate will step down after reaching 19,500,000 silver ounces delivered since 2016, with ongoing exposure to silver and exploration upside.
• Shareholder return philosophy -- CEO Vanderkooy stated the company maintains a "progressive, increasing dividend," with no plan to change its approach.

Summary

Triple Flag Precious Metals (NYSE:TFPM) reported record fiscal results, highlighted by a ninth consecutive year of GEOs growth and a 45% increase in cash flow per share. Management’s guidance for 2026 projects slightly lower production, reflecting mine sequencing and Cerro Lindo stream adjustments, but outlines a 2030 target of 140,000-150,000 GEOs. Recent Evolution Mining developments at Northparks introduce new value drivers, including block cave approval, possible mill expansion, and guaranteed gold deliveries from E44. Capital returns remain a priority, with rising dividends and active buybacks, while a debt-free balance sheet provides over $1,000,000,000 in liquidity for future accretive growth. The company indicated all long-term guidance excludes ATO, which remains in litigation and may provide future upside.

• Production guidance assumes all GEOs from gold and silver, applying a 72:1 gold-to-silver ratio for 2026 and lower in the first half, as stated by Eban Bari.
• The guidance excludes ATO royalty contributions to eliminate investor uncertainty during ongoing legal proceedings, as explained by management.
• Evolution Mining’s mill expansion study at Northparks could increase throughput above 10,000,000 tons per annum, potentially improving long-term output and optionality.
• Guaranteed minimum gold deliveries from Northparks’ E44 deposit will begin in 2030, lasting seven years and possibly extending further.
• Arcata, Arthur, Johnson Camp Mine, and Minera Florida deals in 2025 were structured to deliver both immediate cash flow and medium-term growth potential while maintaining geographic diversification.

Industry glossary

• GEO (Gold Equivalent Ounce): A standardized measure aggregating gold, silver, and other precious metals’ production by converting non-gold volumes to an equivalent gold amount using prevailing price ratios.
• NCIB (Normal Course Issuer Bid): A share repurchase program under which a company can buy back its own shares in the open market up to a specified limit.
• NSR (Net Smelter Return) Royalty: A royalty paid to the holder based on a percentage of the gross revenue from mineral sales, less certain costs.
• Block cave: An underground mining method that allows for large-scale, low-cost extraction of ore by collapsing a block of ore underground.
• PEA (Preliminary Economic Assessment): An initial technical and financial analysis of the potential viability of a mining project, less detailed than a prefeasibility or feasibility study.
• PFS (Pre-Feasibility Study): A comprehensive study that assesses the technical and economic viability of a mining project and is used to support decision-making for project advancement.

Full Conference Call Transcript

Sheldon Vanderkooy: Good morning, everyone, and thank you for joining us to discuss Triple Flag Precious Metals Corp.’s fourth quarter and full-year 2025 results. Today, I am joined by our Chief Financial Officer, Eban Bari, and Chief Operating Officer, James Dendle. Triple Flag Precious Metals Corp. 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 Northparks. It also reflects the planned step-down in the Cerro Lindo stream rate following a successful delivery of 19,500,000 ounces of silver since we acquired the stream in 2016. That was Triple Flag Precious Metals Corp.’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. It is driven by multiple assets advancing through construction, permitting, and study stages, including Arcata, Kone, Eskay Creek, Era Dorado, 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 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; 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, Northparks, located in Australia and which is clearly positioned as a significant growth asset for Triple Flag Precious Metals Corp. I want to congratulate Laurie Conway and the Evolution team for all the success they have had at Northparks since they acquired Northparks.

It is truly impressive. A week ago, Evolution released a significant update on Northparks, which has three related catalysts for Triple Flag Precious Metals Corp. First, Evolution approved the development of the E22 block cave. E22 has very attractive gold grades for Triple Flag Precious Metals Corp., and block cave development is the value-maximizing approach for both Evolution and Triple Flag Precious Metals Corp. Second, Evolution has announced that it is studying expanding Northparks from the current 7,600,000 tons per annum to 10,000,000 tons per annum or potentially more. There is tremendous demand for copper and Northparks is a very large resource, so the potential value creation of an expansion is clear.

This could be very beneficial to the Triple Flag Precious Metals Corp. stream. And last, Evolution has identified a very attractive gold-only deposit on the property named E44. We had constructive discussions with Laurie and Kieran 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 Northparks. As part of that agreement, Triple Flag Precious Metals Corp. will receive guaranteed minimum deliveries from E44 starting in 2030. Northparks is a byproduct stream, so the potential to also benefit from primary gold deposits is a fantastic bonus for Triple Flag Precious Metals Corp. and its shareholders.

Although these factors together clearly position Northparks as a growth asset for Triple Flag Precious Metals Corp. for the next decade to come. I would also like to touch on our capital deployment in 2025. Triple Flag Precious Metals Corp. invested over $350,000,000 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.

Sheldon Vanderkooy: Overall, Triple Flag Precious Metals Corp. 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.

Operator: Thank you, Sheldon.

Eban Bari: 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 $46,000,000 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 $9,000,000 US of our shares in the open market at approximately $17.39 per share. We expect to remain active on our NCIB opportunistically going forward. On the external growth front, as Sheldon mentioned, we reinvested over $350,000,000 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 am pleased to highlight that even with this level of capital deployment, and as a result of our strong cash flow generation, Triple Flag Precious Metals Corp. is debt-free at year-end with more than $70,000,000 in cash, and $1,000,000,000 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 a cycle. Moving forward to 2026 guidance, as Sheldon noted, 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 $65,000,000 and $75,000,000, slightly lower than 2025, reflecting the sales mix we expect in 2026. G&A costs are expected to be between $30,000,000 and $32,000,000, consistent with our actual expenses in 2025 that reflect the impact of Triple Flag Precious Metals Corp.’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 actual.

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

Operator: Thank you, Eban.

James Dendle: Triple Flag Precious Metals Corp. 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.

Cosmos Chiu: Midpoint to midpoint, this represents annual growth of 45% from 2026 guidance, which I will 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 de-risking milestones delivered by our operators over the past twelve months. We are seeing meaningful progress across the portfolio, supported not only by a constructive commodity price environment, but also by favorable permitting regimes across the jurisdictions to which we have exposure. Arcata, Kone, Eskay Creek, Eredorado, 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 receive full permits in less than one year after submission, Aura Minerals receive a construction license for Era Dorado within one year of its acquisition, and Centerra’s renewed focus on the Goldfield project as a straightforward heap leach operation in Nevada. Beyond 2030, our portfolio is expected to deliver further GEOs growth from Arthur, Kemess, Hope Bay, as well as the growth initiatives at Northparks, which I will discuss in the following slides. Beyond 2030, Arthur, Kemess, Hope Bay, and Northparks 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 Precious Metals Corp.’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 and Silicon deposits as straightforward oxide open pit projects. Arthur will be a cornerstone asset for Triple Flag Precious Metals Corp. in the 2030s.

Operator: Akimas,

Cosmos Chiu: Triple Flag Precious Metals Corp. 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. A PFS at Kemess is expected in 2027. At Hope Bay, our 1% NSR royalty covers a 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 will go into more detail on Northparks on the next page. Northparks is Triple Flag Precious Metals Corp.’s largest asset. It is 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 in 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 to 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 seven 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 10,000,000 tons 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 Northparks is not a static asset. It is a dynamic, world-class mining operation with lots of embedded optionality that will drive value for decades to come. I will now pass back to Sheldon for closing remarks.

Sheldon Vanderkooy: Thank you, James. After delivering record performance in 2025, Triple Flag Precious Metals Corp. is in an exceptionally strong position as we look ahead to 2026 and beyond. We have a clear and de-risked pathway to robust growth, 140,000 to 150,000 GEOs in 2030. Our project pipeline progressed very well in 2025 and now in 2026. Beyond 2030, Triple Flag Precious Metals Corp. shareholders can expect significant additional GEO growth from long-life, district-scale assets, including at Northparks, 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.

Northparks is our cornerstone asset and is clearly positioned as a growth asset over the next decade. On the deal front, we deployed over $350,000,000 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 $1,000,000,000 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: Thank you.

Operator: We will now begin the question-and-answer session. If you have dialed in and would like to ask a question, please press 1 on your telephone keypad to raise your hand and join the queue. If you are called upon to ask your question and are listening on speakerphone on your device, please pick up your handset to ensure that your phone is not on mute when asking your question. Again, press 1 to join the queue. Our first question comes from the line of Cosmos Chiu with CIBC. Your line is open.

Cosmos Chiu: Thanks, Sheldon, Eban, and James. Maybe my first question is at Northparks. Great to see that you are investing more money into Northparks at the E44 deposit.

Joshua Mark Wolfson: I guess my question is, are there more opportunities like that in terms of, you know, something similar to E44, gold-rich? Something that would not be in the mine plan unless there is a partner coming in and helping 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, you know, clear variety of different geological settings here. If there are copper-rich deposits and gold-rich deposits, I am just trying to figure out where some of these gold-rich deposits came from.

Sheldon Vanderkooy: Yeah. Thanks, Cosmos. This is Sheldon. I will start and then pass it over to James. So historically, the Northparks property, you know, had gold deposits, kind of shallow surface gold deposits. It was very interesting. Now, of course, when we came in and did the stream, we really did the stream as a byproduct stream, you know, which works. We get about 60% of the gold revenue that Evolution gets from Northparks. So that works if the primary revenue is the copper. But if it is gold-only, we had to come to the table with Laurie and the team and work something out.

But this is really exciting for us because the idea of getting, you know, a gold-only deposit there and us also having access to that was really key. There is nothing else right now on the horizon, but is there potential there? Well, I will let James speak to that. But there have been, you know, gold-dominant deposits on that property in the past.

Joshua Mark Wolfson: Yeah. And Cosmos, it is James.

Cosmos Chiu: As Sheldon noted, the first mining at Northparks is actually, as you probably remember, the mid-1990s as a gold project, and it was actually first explored with shallow ore for gold mineralization. So there is a history there, but it very clearly transitions to a copper deposit for the last, you know, twenty-five years or so.

Operator: So

Joshua Mark Wolfson: you think about it geologically, yes, that

Cosmos Chiu: gold is clearly associated with copper. And it is a very prospective region. And I think what we are 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. I think that has been a big part of their success with assets like Ernest Henry. And they are applying the same approach to Northparks, which is to say, you know, there is a lot of resource. Let us look at expanding capacity.

And then with that expanded capacity, what else can we do with it, which has caused them to really look at the gold deposits in a way that was not done in the past? And the short answer is, you know, E44 is the most known.

Joshua Mark Wolfson: Mhmm. But there are a large number of targets across the property

Cosmos Chiu: that are sort of known from some of the historical work but 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 can take advantage of.

Joshua Mark Wolfson: Great. That is great to hear, James. And then maybe my next question is, you know, taking a step back here. In the royalties and streaming industry, we have now seen recently

Operator: some

Joshua Mark Wolfson: billion-dollar deals or even multibillion-dollar deals. I know, Sheldon, you mentioned that you deployed about $300,000,000 last year. But in terms of these billion-dollar deals, multibillion-dollar deals, is that something that Triple Flag Precious Metals Corp. could be interested in, could be competitive in? Or, you know, is that slightly too large for you at this point in time?

Sheldon Vanderkooy: Hi, Cosmos. We have always said that our sweet spot is really in the $200,000,000 to $500,000,000 range, and I do not think that changes. And when you look back, you know, Triple Flag Precious Metals Corp. actually is coming up on our tenth anniversary. Over the last ten years, the vast majority of the capital deployment in the sector has been in that strike zone. So I feel really good about that. You know, there was a large deal done earlier this week, and $4,300,000,000 is too big for Triple Flag Precious Metals Corp. I think that is okay. But there is plenty out there I think that we can grow and deploy on.

And, again, relative to our size, I think we definitely have an ability to grow because when you look at the size of Triple Flag Precious Metals Corp. and $350,000,000 of deployment, that is meaningful. So if we do a $400,000,000 deal, that moves the needle for Triple Flag Precious Metals Corp., and I think that will do very well by our shareholders.

Joshua Mark Wolfson: 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 is a bit of history behind it. But now it seems like Pumpkin Hollow has a new owner, Kintera, and they seem to have, you know, be able to raise a lot of capital. So, you know, 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?

Sheldon Vanderkooy: Yeah. 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 are a royalty and we are on title, and that has survived all the processes that went on there. So I am quite keen to see what Kintera is doing there, and that represents some very nice copper exposure from the United States for Triple Flag Precious Metals Corp. shareholders. Triple Flag Precious Metals Corp. will not be investing any more money in Pumpkin Hollow. I can say that clearly.

Joshua Mark Wolfson: Great. Again, Sheldon, James, and Eban. Those are all the questions I have. Thank you. Thanks, guys.

Operator: Our next

Operator: question comes from the line of Tanya M. Jakusconek with Scotiabank. Your line is open.

Operator: Oh, great. Good morning, everybody. Can you hear me?

Sheldon Vanderkooy: I can. Hi, Tanya.

Operator: Oh, good morning. Hello. I have a couple of questions if I could. Start with a very easy one. Can you know, I know that you use a very different ratio. I just, you know, just kind of want to assume, like, a flat gold price, flat silver price, etcetera. Can you give us just an idea how the year is going to look like from a quarterly perspective? You know, we have some step-downs. We have other things happening. So I am just trying to understand how should we think first half, second half, etcetera.

Sheldon Vanderkooy: Yes. Hi, Tanya. We give our annual guidance. We are not breaking it down by the quarters. And you have kind of correctly identified the one factor, which is the Cerro Lindo step-down will occur sometime in the second quarter, I believe, but I cannot give any more quarterly guidance over and above that.

Operator: Okay.

Operator: What about the capital returns? I think those are, you know, you focus on the dividend and you like the fact that you progressively increased that dividend. How should we be thinking about it for midyear?

Sheldon Vanderkooy: Yes. I think nothing has changed on our philosophy on capital allocation. So as you cited, we have a progressive, increasing dividend. We have increased it every year since being public. I see no reason why we would change that. I think it goes over very well with shareholders. So that is the dividend. And then, you know, we are looking to deploy capital into accretive opportunities for shareholders. It is really that simple.

Operator: Okay. And in terms of the opportunities, I think you mentioned that $200,000,000 to $500,000,000 range being your sweet spot and seeing some bigger deals. So I have a couple of questions on this front. The first thing is I have noticed two people shopping in their own closet. It is Osisko and Wheaton. Are there any other things to do in shopping in your own closet? Any other opportunities on assets you own?

Sheldon Vanderkooy: That is an analogy I have not heard before. I like it. You know, I guess that we just posit it all the time.

Operator: By the way, Sheldon.

Sheldon Vanderkooy: You know what? It is 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, you know, with Northparks, that was obviously a natural for us. And would we look here for other opportunities like that? Yeah. Perhaps. But these things are never done till they are done, and I do not want to start front-running anything. But, you know, we try to engage closely with all of our partners.

Operator: And in terms of opportunities that are out there, would you say most of them now are focused on asset builds, or are there royalty portfolios still available? We saw one last night as well. Any color on opportunities that are out there?

Sheldon Vanderkooy: You know, it is going to be the same answers as has been received by, I think, everyone for the last little while. There is a variety. You know, there are third-party assets that are coming up for sale. There are people looking for financing for various things, you know, and that can be development or that could be other reasons. I would not say there is any one big thematic out there, and it is kind of our job just to look at the opportunity set and try to generate some of our opportunity set as well. So I would not say there is any one sort of theme that I am seeing out there.

The opportunity set looks pretty robust to me, and I think we have seen, you know, not just ourselves, but other people deploy. You know, I think that bodes well for the sector as a whole.

Operator: Okay. And then we have seen some very big silver opportunities. Are there any smaller ones that fit that $200,000,000 to $500,000,000 range that you are seeing out there?

Sheldon Vanderkooy: Yeah. And, again, I would not consider $200,000,000 to $500,000,000 to be small for a company of Triple Flag Precious Metals Corp.’s size. That would be quite meaningful. There is still a variety of opportunities. There are also gold opportunities out there. You know, I think our focus is always probably gold first, silver second. But, you know, we like precious metals. If it is a good silver asset or a good gold asset, we really want to be on good assets with good operators.

Operator: Yeah. I take it. When I meant the smaller silver opportunities, that was relative to the $4,300,000,000. So it was a relative—

Sheldon Vanderkooy: Yeah. Most things are small relative to $4,300,000,000.

Operator: Yeah.

Sheldon Vanderkooy: Okay.

Operator: Alright. No worries. I will leave the room for someone else to ask questions. Thank you for taking my questions.

Joshua Mark Wolfson: Thanks, Tanya.

Operator: Next question comes from the line of Brian MacArthur with Raymond James. Your line is open.

Joshua Mark Wolfson: Good morning, and thank you for taking my question.

Sheldon Vanderkooy: Could you just give us an update on ATO and maybe if you assumed any contribution this year, and then as you go out to 2030, what you are thinking, i.e., expansion or baseline? If you just give us an update on that, that would be great. Thank you. Yeah. Hi, Brian. It is Sheldon. I will answer that one. Look, ATO is in litigation. We have been quite upfront with the market on that. We feel very confident in our position. And, you know, that process is going to the court, so I cannot say too much. But what I will say, and I think this is really pertinent, I am glad you asked the question.

We took it out of our 2026 guidance, and we took it out of the 2030 figure as well. So that does not 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 is zero contribution from ATO in there, and ATO is only upside, not downside, relative to those figures.

Joshua Mark Wolfson: Great. Thanks very much, Sheldon. Very clear. Thanks, Brian.

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

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

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

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