Triple Flag Precious Metals - Q3 2022 Results Summary

• Triple Flag reported sales of over 19,500 gold equivalent ounces in Q3 2022, resulting in a revenue of $33.8 million, an operating cash flow of $25.4 million, and adjusted net earnings of nine cents per share.
• The company faced sales delays due to extended quotational periods and other constraints, but expects full-year 2022 gold equivalent ounce sales to meet the low end of their guidance range at 88,000.
• Triple Flag began trading on the New York Stock Exchange under the ticker "TFPM" and celebrated this milestone by ringing the opening bell on October 21st.
• Investments were made in various mining projects, including funding $30 million for the restart of the Pumpkin Hollow copper mine and increasing its royalty in the project.
• The company's corporate development pipeline is strong, with over $750 million in available liquidity to drive shareholder value through new investments, as they continue their strategy of growth through the acquisition of precious metals streams and royalties.

Triple Flag Precious Metals Reports Steady Q3 2022 Results Despite Challenging Market Conditions

Triple Flag Precious Metals Corp. (TSX/NYSE: TFPM) announced its third quarter 2022 financial results in a video conference call with CFO Sheldon Vanderkooy on November 10, 2022. Despite turbulent economic conditions, the company delivered steady operating and financial performance in line with expectations. Triple Flag remains well-positioned to navigate market volatility thanks to the resiliency of its business model.

Q3 Financial Highlights

• Revenue of $33.8 million
• Operating cash flow of $25.4 million
• Adjusted net earnings of $0.09 per share

Gold Equivalent Ounce Sales Impacted by Extended Quotational Periods

In Q3 2022, Triple Flag sold 19,500 Gold Equivalent Ounces (GEO) for revenue of $33.8 million. This result was broadly in line with the company's expectations. However, metal sales trended lower quarter-over-quarter due to several factors:

• Extended quotation periods at the Cerro Lindo mine in Peru caused delayed sales.
• Transport constraints at the Northparkes mine in Australia pushed a shipment from Q3 into Q4.
• The mines in Peru also saw sales delays from Q3 to Q4.

Triple Flag expects to meet the low end of its full-year 2022 GEO guidance of 88,000 GEOs. The company anticipates its assets will deliver higher GEO sales in Q4 2022.

Resilient Business Model in Volatile Market Conditions

Current economic conditions are posing difficulties, with both inflationary pressures and a slowing global economy. In this environment, Triple Flag's business model and asset portfolio stand out:

• Asset margins remain strong at 90%
• Diversified asset base of 15 producing mines, nearly 90% in the lowest half of the cost curve
• Major mining partners well-positioned to handle inflation and price volatility

Triple Flag's royalties and streams provide leverage to rising commodity prices while avoiding many cost inflation risks miners face. The company's diversification provides protection, with assets across jurisdictions and commodities. Overall, Triple Flag is poised to deliver reliable growth despite market turbulence.

NYSE Listing Expands Investor Reach

In October 2022, Triple Flag expanded its investor base by listing on the New York Stock Exchange under its existing ticker, TFPM. This supplements the company's existing Toronto Stock Exchange listing. Triple Flag rang the opening bell at the NYSE on October 21, marking an important milestone in the company's growth. The NYSE listing widens access and boosts liquidity for USA-based precious metals investors.

Asset Updates: Advancing Growth Projects Despite Headwinds

Triple Flag funded $30 million in Q3 2022 to support Nevada Copper's restart of the Pumpkin Hollow copper mine. In exchange, the company increased its net smelter return royalty from 0.7% to 2% on the open pit project. This funding is an important step toward restarting copper production at Pumpkin Hollow amid rising U.S. demand.

Orion Minerals arranged initial funding for the Prieska Copper-Zinc Project in South Africa, a condition for Triple Flag’s $80 million gold and silver stream investment. Triple Flag awaits a feasible mine plan before releasing the stream funding.

The Northparkes mine achieved record mill throughput during Q3 as the E26 Lift 1 North ramp-up progressed ahead of schedule. Young-Davidson is on track to meet 2022 guidance of 185,000-200,000 ounces. Fosterville saw exceptional exploration results, with over 200,000 meters of drilling planned for 2022. Higher grade ore at Fosterville could drive a strong Q4 for the mine.

Continued Deal Flow Anticipated

Triple Flag's corporate development pipeline remains robust despite market volatility. The company is evaluating many potential royalty and stream investment opportunities as debt and equity options face increasing uncertainty. Triple Flag's available liquidity tops $750 million, providing capital to pursue accretive deals on quality assets operated by solid mining companies.

Steady Strategy Focused on Reliable Growth

Triple Flag maintains its strategy of disciplined, accretive growth by acquiring precious metals royalties and streams. The company's resilient business model and strong asset portfolio position it to navigate market challenges while steadily advancing its growth plans. Triple Flag remains committed to generating reliably attractive returns for shareholders over the long term.

The Investment Thesis for Triple Flag Precious Metals

Diversified Portfolio Provides Stability

Triple Flag's diversified portfolio of 15 producing assets across various jurisdictions and commodities helps reduce risk through diversification. This provides more stable returns compared to investing in a single mine or commodity. The portfolio's geographic and operational diversity acts as a hedge against volatility.

Leverage to Rising Commodity Prices

The company's royalties and streams offer leverage to increase precious metals prices. As commodity prices rise, Triple Flag stands to benefit without taking on the inflationary cost pressures miners face. This allows investors to gain upside exposure to metals prices.

Strong Cash Flow Generation

Triple Flag has a track record of steady operating cash flow generation due to its portfolio diversity and high-margin royalty business model. With over 90% operating margins, the company converts revenue into cash flow efficiently. Reliable cash flow allows Triple Flag to fund growth and pay dividends.

Disciplined Growth Strategy

Management has proven disciplined in deploying capital into accretive deals on quality assets operated by reputable mining companies. This prudent approach reduces risk while steadily expanding royalty exposure as new mines come online.

Strong Balance Sheet

With over $750 million in liquidity and minimal debt, Triple Flag has a robust balance sheet. This provides the capacity to fund further acquisitions and weather any market downturns. The company's financial strength brings confidence to investors.

Triple Flag Precious Metal's diversified portfolio, upside exposure to commodities, reliable cash flow generation, disciplined growth strategy and strong balance sheet make it an attractive investment at a time of market instability. The company is well-positioned to deliver steady returns over the long term.