Triple Flag Precious Metals Corp. Common Shares

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. To withdraw your question, simply press star one again. I would now like to turn the conference over to Sheldon Vanderquay. 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, Ibn Bari, and our Chief Operating Officer, James Dendel. 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 $0.39 US. 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 five investments. In H1, we announced our investments in the Trey Krabatis 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 Anglegold Ashanti. And most recently, we have acquired a royalty package on Pan-Americans 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 Ivan 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 guide. These strong volumes in Q3 were delivered in the backdrop of strong precious metals prices, which reached a record quarterly average of nearly $3,500 per ounce for gold, and nearly $40 per ounce per 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 zero 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 a billion dollars provides us with the capital to continue deploying dollars into creative 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 5.75 cents U.S. per share. TripFlag 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. North Parks and Cerro Lindo continue to be two largest contributors to revenues in the third quarter, with North Parks achieving another record quarter due to continued processing of higher open-pay grades from stockpiled ore. Triple flag sales mix remains 100% derived from precious metals, including nearly three quarters 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.