Triple Flag Precious Metals Corp. Common Shares

Hello and welcome to Triple Flag Precious Metals Q1 2026 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 at that time, just press star followed by the number one on your telephone keypad. And if you would like to withdraw your question, just press star one again. Thank you. Now I would like to turn the call over to Sheldon Vonderkoy, 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 of 2026 results. With me on the call this morning are Ivan Bari, our Chief Financial Officer, and James Dendel, 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 $0.55 US. 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 North Parks, which was not previously included in Evolution's Life of Mine plan. Triple Flag will receive guaranteed minimum deliveries from E44 over seven 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 tons per annum, all of which position North Parks as a clear growth asset for Triple Flag. Then 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-based 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 tons per annum, with a further potential growth to 4 million tons 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 three years. And last, Arthur's feasibility work. permitting submission, and drilling is underway on what Angle Gold 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 Ivan 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 chart, 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% mid-year. We will continue to assess the rate pace of further increases against the broader growth in capital deployment opportunities. In addition to our dividend, we have an active NCID, and as always, we'll buy back shares in the open market on an opportunistic basis. We have a pristine balance sheet and exit of 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 a creative growth opportunity 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.