Triple Flag Precious Metals Corp. Common Shares

Thank you for standing by. My name is Danica and I will be your conference operator today. At this time, I would like to welcome everyone to the Triple Flag Precious Metals Q1 2025 conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to the CEO, Sheldon van der Kooij. Please go ahead.

Thank you, Danica. Good morning, everyone, and thank you for joining us to discuss Triple Flag's first quarter of 2025 results. Today, I am joined by our Chief Financial Officer, Ibn Bari, and our Chief Operating Officer, James Engel. Triple Flag achieves strong GEOs and record financial results to start the year. Sales of nearly 29,000 GEOs resulted in record EBITDA of $71 million US during the first quarter of 2025, with record operating cash flow of $66 million. This strong performance has positioned us well to not only achieve our 2025 GEO guidance of 105 to 115,000 ounces, but demonstrates our ability to directly realize higher cash flows in a rising gold and silver price environment. To further grow our business, Triple Flag has also maintained a solid pace of acquisitions over the last four months, including our proposed acquisition of Origin Royalties. This transaction, announced on April 22nd, will result in Triple Flag owning a 1% NSR royalty on the expanded Silicon Gold project in Nevada. Expanded Silicon is a top tier gold asset located in a premier jurisdiction that is operated by one of the world's most successful producers, Angle Gold Ashanti. The asset has a track record of rapid growth and has unparalleled exploration potential. We look forward to the completion of this transaction in the third quarter of this year. Earlier in March, we were pleased to announce the Tuckian acquisition of 5% silver and gold streams on the Arcata and Azuca mines in Peru for $35 million. The returns generated by this transaction are exceptionally robust and our regular development updates with the operator management team are positive. Arcata is on track to deliver first production in the near term. Turning to our cornerstone asset, North Parks continued to deliver record results during the quarter. driven by the processing of higher-grade open-pit ore. As expected, mining of these pits is now depleted and we continue to expect the processing of this stockpiled ore through 2025. Looking further ahead, the next stage of high-grade gold ore from North Parks is also advancing to production. Access to the first sublevel at E48 is now substantially complete and commissioning is expected in the second half of 2025. Finally, we are proud to highlight our top industry ranking by Morningstar Sustainalytics, which we achieved during the first quarter. This ranking is a testament to the commitment of our team and mining partners to ESG. I'll now turn it over to Iban to discuss our financials for the first quarter of 2025.

Thank you, Sheldon. Business delivered strong volumes amidst the backdrop of record precious metals prices, as well as continuing strong margins. The single most important metric we focus on is operating cash flow per share, which has increased by 74% year over year. We view a progressively growing dividend as a core part of our capital allocation strategy. Our dividend has been maintained at 21 cents U.S. on an annualized basis. I'm proud that we have increased our dividend every year since our IPO. and will continue to assess the potential for further increases going forward. We also remained active on our share buybacks during the first quarter, buying back approximately 490,000 shares in the open market at a price of $23.55 Canadian. Opportunistic share buybacks remain a core part of our shareholder return strategy. Lastly, I'd like to comment on our balance sheet. We exited the quarter with zero debt, A clean balance sheet, robust operating cash flows, and liquidity available under our credit facility of a billion dollars gives us the capital to continue to deploy dollars into accretive opportunities to drive future growth for the business benefit of shareholders. Moving ahead, we continue to highlight three key aspects of our investment thesis, namely top-tier assets, precious metals focus, and a portfolio which is predominantly centered in Australia and the Americas. As Sheldon noted earlier, North Parks had a great quarter due to higher open pick rates representing a significant portion of our revenue for the period. Our overall revenue is derived 100% from precious metals, which is roughly three quarters from gold. This pure play exposure ranks amongst the highest in the sector precious metals and offers investors exposure to many favorable tailwinds for both gold and silver. Finally, our portfolio is predominantly located in mining-friendly jurisdictions, a key criteria as we look to expand our portfolio through acquisition. I will now turn it over to James to discuss Xpandit's Silicon Gold project.