Triple Flag Delivers Record Earnings Per Share and Operating Cash Flow Per Share Growth in 2025

Triple Flag Delivers Record Earnings Per

Share and Operating Cash Flow Per Share

Growth in 2025

TORONTO--(BUSINESS WIRE)--February 18, 2026--Triple Flag Precious Metals Corp. (with

its subsidiaries, “Triple Flag” or the “Company”) (TSX: TFPM, NYSE: TFPM) announced its

results for the fourth quarter and full year of 2025 and declared a dividend of US$0.0575 per

common share to be paid on March 16, 2026. All amounts are expressed in US dollars, unless

otherwise indicated.

“2025 marked another milestone year for Triple Flag, as we continued to build on our track

record of delivering record GEOs performance, higher cash flow per share, and value-accretive

capital deployment, with over $350 million deployed in 2025,” commented Sheldon

Vanderkooy, CEO.

“We carried this momentum into 2026 by unlocking the high-grade E44 gold deposit at

Northparkes with Evolution. Triple Flag will receive guaranteed minimum deliveries from E44,

representing material upside from a deposit that was previously not included in the life-of-mine

plan at Northparkes and has significant exploration potential. Together with Evolution’s

announcement of the E22 block cave approval and potential expansion to 10 Mtpa of processing

capacity, Northparkes is clearly positioned to be a significant growth asset for our shareholders.

Our long-term organic growth outlook of 140,000 to 150,000 GEOs by 2030 is robust and

reflects the achievement of several de-risking milestones delivered by our operators over the past

twelve months. Arcata, Koné, Eskay Creek, Era Dorada, Goldfield, South Railroad, and

DeLamar are a few examples of the many assets in our portfolio that are now ramping up or

advancing rapidly down the path to production over the medium term.

Beyond 2030, our current portfolio is expected to deliver further GEOs growth from Arthur,

Kemess, Hope Bay, as well as the growth initiatives at Northparkes. Notably, all of these assets

are located in mining-friendly jurisdictions across the United States, Canada and Australia. We

look forward to the near-term release of economic studies for both Arthur and Hope Bay from

AngloGold Ashanti and Agnico Eagle, respectively, which we believe will highlight strong

production profiles, long lives and a clear line of sight to production.

Triple Flag is debt-free with over $1 billion of available liquidity and industry-leading exposure

to the strong gold and silver price environment. We will continue our disciplined approach

through 2026 to reinvesting the cash flow generated by our business into accretive transactions

to drive compounding, per-share growth.”

Q4 2025 and Full Year 2025 Financial Highlights

Q4 2025 Q4 2024 FY2025 FY2024

Revenue $118.9 million $74.2 million $388.7 million $269.0 million

Gold Equivalent Ounces

(“GEOs”)1 28,757 27,864 113,237 112,623

Operating Cash Flow (per

share)

$89.5 million

($0.43)

$63.5 million

($0.32)

$312.8 million

($1.54)

$213.5 million

($1.06)

Net Earnings (Loss) (per share) $76.8 million

($0.37)

$41.3 million

($0.20)

$240.0 million

($1.18)

($23.1 million) (-

$0.11)

Adjusted Net Earnings2 (per

share)

$67.6 million

($0.33)

$36.3 million

($0.18)

$205.5 million

($1.01)

$109.6 million

($0.54)

Adjusted EBITDA3 $101.0 million $63.0 million $325.0 million $220.2 million

GEOs by Commodity, Revenue by Commodity, and Financial Highlights Summary Table

Three Months Ended December 31 Year Ended December 31

($ thousands except GEOs,

Asset Margin and per share

numbers)

2025 2024 2025 2024

GEOs1

Gold 11,780 17,483 72,766 71,761

Silver 16,977 10,381 40,471 40,862

Total 28,757 27,864 113,237 112,623

Revenue

Gold 48,712 46,564 243,003 171,265

Silver 70,204 27,649 145,701 97,726

Total 118,916 74,213 388,704 268,991

Net Earnings (Loss) 76,832 41,280 240,005 (23,084)

Net Earnings (Loss) per Share 0.37 0.20 1.18 (0.11)

Adjusted Net Earnings2 67,561 36,252 205,465 109,607

Adjusted Net Earnings per

Share2 0.33 0.18 1.01 0.54

Operating Cash Flow 89,497 63,473 312,832 213,503

Operating Cash Flow per Share 0.43 0.32 1.54 1.06

Adjusted EBITDA3 101,000 62,980 325,014 220,200

Asset Margin4 94% 92% 93% 92%

Corporate Updates

 Triple Flag and Evolution to Unlock the Gold-Dominant E44 Deposit at

Northparkes, Underpinned by Guaranteed Gold and Silver Deliveries; Potential

Mill Expansion to 10 Mtpa. On February 10, 2026, Triple Flag announced that its

wholly owned subsidiary, Triple Flag International Ltd. (“Triple Flag International”), has

agreed with Evolution Mining Limited (“Evolution”) to fund $84.3 million in the fourth

quarter of 2026 for the development of the new gold-dominant E44 open pit deposit (the

“E44 Gold Deposit”) at Northparkes, with Evolution committing to guaranteed minimum

deliveries of 45,052 ounces of gold and 446,200 ounces of silver over the 2030 to 2037

period from the E44 Gold Deposit. Triple Flag also congratulated Evolution on its

announcement that it has approved the block cave development of the gold-rich E22

deposit at Northparkes, as well as the commencement of a mill expansion study to

evaluate the viability of increasing processing capacity to 10 million tonnes per annum

(“Mtpa”) or more from 7.5 Mtpa currently.

The E44 Gold Deposit is a gold-dominant deposit located approximately 21 kilometers

away from current mill infrastructure and mining areas. Pursuant to the E44 agreement,

Triple Flag International is entitled to purchase 20% of payable gold and 30% of payable

silver from the E44 Gold Deposit for an ongoing payment of 10% of the spot gold and

silver price for each ounce delivered (the “E44 Stream”).

Triple Flag International has an existing 54% gold and 80% silver stream at Northparkes

for an ongoing payment of 10% of the spot gold and silver price for each ounce delivered

(the “Existing Stream”). The Existing Stream is unaffected, other than with respect to the

E44 Gold Deposit.

Refer to the February 10, 2026, press release on our website, Triple Flag and Evolution

to Unlock the Gold-Dominant E44 Deposit at Northparkes, Underpinned by Guaranteed

Gold and Silver Deliveries, for further details.

 Quarterly Dividend Declared: Triple Flag’s Board of Directors approved the

declaration of a quarterly cash dividend of $0.0575 per common share that will be paid

on March 16, 2026, to shareholders of record at the close of business on March 2, 2026.

 Share Buyback Activity: Triple Flag renewed its normal course issuer bid (“NCIB”)

during the fourth quarter of 2025 in accordance with a disciplined capital allocation

strategy focused on balance sheet management, returns to shareholders and accretive

growth opportunities. During the period from November 17, 2025, to November 16,

2026, Triple Flag is authorized to purchase up to 10,328,075 of its common shares

(representing 5% of the Company’s issued and outstanding common shares at the time of

the NCIB renewal). Since the NCIB renewal, Triple Flag bought back 29,700 shares in

the open market for $1.0 million.

2026 Guidance

In 2026, we expect stream sales and royalty revenue of 95,000 to 105,000 GEOs.

2026 guidance is based on public forecasts and disclosures by the owners and operators of our

assets and our assessment thereof. Key assumptions include:

 The expected mine sequencing at Northparkes. High-grade gold production at the

operation has transitioned from the E31 and E31N open pits to the E48 sub-level cave

(“SLC”), which started production in the third quarter of 2025 and is expected to ramp up

through 2026.

 A step-down in the stream rate from 65% to 25% at Cerro Lindo starting in the second

quarter, following the cumulative delivery of 19.5 million ounces of silver since we

acquired the stream in 2016.

 The ramp-up of the Arcata silver and gold mine, which commenced production in the

fourth quarter of 2025.

 2026 Guidance1

GEOs Sales2 95,000 to 105,000 GEOs

Depletion $65 million to $75 million

General Administration Costs $30 million to $32 million

Australian Cash Tax Rate3 ~25%

1 Assumed gold-to-silver price ratio of 64x in the first quarter, 70x in the second quarter, 75x in the third quarter and

80x in the fourth quarter.

2 Refer to Endnote 1.

3 Australian Cash Taxes are payable for Triple Flag’s Australian royalty interests, specifically Fosterville, Beta

Hunt, Stawell, and Henty.

2030 GEOs Outlook and Beyond

We reiterate our previous outlook of 135,000 to 145,000 GEOs in 2029.

We now expect our current portfolio to deliver 140,000 to 150,000 GEOs in 2030, representing a

significant organic increase over current levels, mainly driven by the following assumptions as

well as our assessment of operator guidance. The GEOs expected in the 2030 outlook is derived

from mines that are currently in production, or well advanced down the economic study,

permitting, or construction path.

 Northparkes – The ramp-up of the E48 sub-level cave as described above.

 Ramp-up of producing and development-stage assets – In the medium to long term,

revenue from Arcata and Azuca (Sierra Sun Precious Metals S.A.C.), Johnson Camp

Mine (Gunnison Copper Corp.), Koné (Montage Gold Corp.), Eskay Creek (Skeena

Resources Limited), Goldfield (Centerra Gold Inc.), Ana Paula (Heliostar Metals Ltd.),

Era Dorada (Aura Minerals Inc.), South Railroad (Orla Mining Ltd.), Tres Quebradas

(Zijin Mining Group Co., Ltd.), Prieska (Orion Minerals Limited), DeLamar (Integra

Resources Corp.), and Cove (i-80 Gold Corp.).

 An assumed gold-to-silver price ratio of 85x.

Significant organic growth beyond the 2030 outlook is driven by:

 The high-grade E44 gold project, high-grade E22 copper-gold project, as well as a

potential 10 Mtpa mill expansion at Northparkes in Australia (Evolution)

 The Arthur open pit gold oxide project in Nevada (AngloGold Ashanti plc)

 The Kemess open pit and underground, copper-gold-silver project in British Columbia

(Centerra Gold Inc.)

 The Hope Bay underground gold project in Nunavut (Agnico Eagle Mines Limited)

Quarterly Portfolio Updates

Australia:

 Northparkes (54% gold stream and 80% silver stream): Sales from Northparkes in Q4

2025 were 3,867 GEOs.

High-grade gold production at the operation has transitioned from the E31 and E31N

open pits to the E48 SLC, which started production in the third quarter of 2025 and is

expected to ramp up through 2026.

As described above, refer to the February 10, 2026, press release on our website, Triple

Flag and Evolution to Unlock the Gold-Dominant E44 Deposit at Northparkes,

Underpinned by Guaranteed Gold and Silver Deliveries, for further details on the recent

transaction.

 Beta Hunt (3.25% GR and 1.5% NSR gold royalties): Royalties from Beta Hunt in Q4

2025 equated to 1,073 GEOs.

The expansion project to achieve consistent mine throughput at Beta Hunt of 2 million

tonnes per annum is expected to be completed by the end of the first half of 2026. Recent

capital investment on upgrades to primary ventilation, mine pumping and water supply

has enabled increased mining development and improved operational flexibility.

Following the declaration of a maiden resource for the Fletcher Zone in June 2025, which

effectively doubled the previous Beta Hunt resource, exploration and definition drilling to

determine its potential scale is ongoing before its integration into a life of mine plan. The

Fletcher Zone is a significant discovery at Beta Hunt that is interpreted to represent a new

gold mineralized structure parallel to the Western Flanks deposit of the mine and is

located 50 meters to the west. Western Flanks is currently the primary source of gold ore

for Beta Hunt.

 Fosterville (2.0% NSR gold royalty): Royalties from Fosterville in Q4 2025 equated to

807 GEOs. In February 2026, Agnico Eagle Mines Limited (“Agnico Eagle”) released an

updated three-year outlook. The operator now expects Fosterville to produce between

140,000 to 160,000 ounces of gold in each of 2026 and 2027. Notably, production is now

expected to further increase to a new steady-state of 170,000 to 190,000 in 2028 and

remain at that level through the early 2030s, following the completion of mining and

processing initiatives that will drive a 65% boost in throughput to 3,300 tpd.

These initiatives at Fosterville include stope-cycle optimization, an increase in

development rates to sustain 12 kilometers of annual development, upgrades to

ventilation infrastructure, new tailings cells and upgrades to the grinding circuit.

 Henty (3.0% GR gold royalty): Royalties from Henty in Q4 2025 equated to 207 GEOs.

In May 2025, Kaiser Reef Limited (“Kaiser Reef”) acquired the Henty underground gold

mine in Tasmania from Catalyst Metals Limited. Kaiser Reef’s cornerstone asset is Henty

and, since acquiring the asset, the operator has focused on mill throughput expansion

initiatives and mine life extension drilling. A near-term focus for Kaiser Reef is to

increase annual gold production rates at Henty to 35,000 ounces by the end of its 2027

fiscal year from approximately 28,000 ounces currently. Exploration drilling is ongoing

with two rigs.

Latin America:

 Cerro Lindo (65% silver stream): Sales from Cerro Lindo in Q4 2025 were 9,319 GEOs.

Under the stream agreement with Nexa Resources S.A. (“Nexa”), we receive 65% of

payable silver from Cerro Lindo until 19.5 million ounces have been delivered, and 25%

thereafter. As of December 31, 2025, 18.9 million ounces of silver have been delivered

since inception under the stream agreement with Nexa. We continue to expect a step-

down in the stream rate from 65% to 25% starting in the second quarter of 2026.

 Buriticá (100% silver stream, fixed ratio to gold): Sales from Buriticá in Q4 2025 were

1,816 GEOs.

Despite the ongoing presence of illegal miners, Buriticá has been able to maintain overall

steady operations. The operator continues to engage closely with the surrounding

community on illegal mining with support from national institutions, including the

National Police of Colombia.

 Camino Rojo (2.0% NSR gold royalty on oxides): Royalties from Camino Rojo in Q4

2025 equated to 549 GEOs. Orla Mining Ltd. (“Orla”) announced that Camino Rojo

produced 96,764 ounces of gold in 2025, in line with updated guidance of 95,000 to

105,000 ounces.

Preliminary operator guidance for 2026 at Camino Rojo is 110,000 to 120,000 ounces of

gold as mining has returned to the main part of the deposit. Due to grade sequencing,

production is expected to be weighted towards the second half of the year.

 Arcata (5% silver and gold streams): The Arcata silver and gold mine in Peru was re-

started during the fourth quarter of 2025, in line with operator guidance. Sierra Sun

Precious Metals S.A.C., the operator, intends to restart Arcata in multiple phases to

generate cash flow for an ongoing ramp-up to steady state. Triple Flag continues to

expect GEOs from Arcata to rise over the course of this ramp-up to approximately 5 to 6

thousand GEOs per year by 2028.

 Era Dorada (1.0% NSR gold and silver royalty): In the fourth quarter of 2025, Aura

Minerals Inc. (“Aura”) released a feasibility study for its 100%-owned Era Dorada

underground gold project in Guatemala. Over a nearly 17-year mine life, Era Dorada is

designed to produce 104,000 ounces of gold per year. In January 2026, Aura announced

that it has received the construction license for Era Dorada and has now commenced

early works.

Mining at Era Dorada is expected to commence in May 2026, with commercial

production from the plant slated to begin in October 2027.

 Ana Paula (2.0% NSR gold and silver royalty): In November 2025, Heliostar Metals

Ltd. (“Heliostar”) released a preliminary economic assessment (“PEA”) on the 100%-

owned, high-grade Ana Paula underground gold project in Mexico. Over a nine-year

mine life, Ana Paula is designed to produce 101,000 ounces of gold per year.

Next steps for Ana Paula include a permit amendment submission in Q1 2026, decline

development to enable the extraction of a bulk sample and the completion of a feasibility

study in advance of a construction decision by the first half of 2027. First gold production

is targeted for 2028.

Heliostar expects to finance the construction of Ana Paula from the free cash flow

generated by its two operating mines (La Colorada and San Agustin) as well as a project

financing facility.

North America:

 Young-Davidson (1.5% NSR gold royalty): Royalties from Young-Davidson in Q4 2025

equated to 541 GEOs.

In January 2026, Alamos Gold Inc. (“Alamos”) released three-year production guidance

of 155,000 to 175,000 ounces of gold for each of 2026, 2027 and 2028.

 Florida Canyon (3.0% NSR gold royalty): Royalties from Florida Canyon in Q4 2025

equated to 391 GEOs.

Integra Resources Corp. (“Integra”) expects to provide a mineral reserve and resource

update as well as a revised life-of-mine plan for Florida Canyon in the first half of 2026.

These updates are expected to reflect the results of a 16,000 meter drill program designed

to support oxide mine life extension at Florida Canyon.

 Eagle River (0.5% NSR gold royalty): Royalties from Eagle River in Q4 2025 equated to

120 GEOs.

In January 2026, Wesdome Gold Mines Ltd. introduced 2026 gold production guidance

for Eagle River of 105,000 to 115,000 ounces.

 Gunnison and Johnson Camp Mine (3.5% to 16.5% copper stream and 3.0% GR

copper royalty): On May 15, 2024, Nuton LLC, a Rio Tinto venture, announced that it

elected to proceed to Stage 2 of a two-stage work program on the use of copper heap

leach technologies for primary sulphide mineralization at Gunnison Copper Corp.’s

100%-owned Johnson Camp Mine (“JCM”) in Arizona.

Triple Flag owns a 3.0% GR royalty on JCM, which is also within the coverage area of

the Company’s separate oxide copper stream on the Gunnison property.

In September 2025, the operator announced first copper sales from JCM, in line with

their market guidance. Subsequently in December 2025, the operator announced first

copper production from Nuton technology at JCM. JCM’s annual nameplate capacity is

25 million pounds of copper cathode.

 Eskay Creek (0.5% NSR gold and silver royalty): In February 2026, Skeena Resources

Limited completed the permitting process for the fully financed Eskay Creek gold and

silver project in British Columbia. Mining operations are expected to re-start in the

second quarter of 2027. Significant infrastructure is already in place at Eskay Creek,

including a permitted tailings facility and all-weather access road.

Based on a November 2023 feasibility study, Eskay Creek is expected to produce

324,000 ounces of gold equivalent annually over a 12-year life.

 Queensway (0.2% to 0.5% NSR gold royalty): The Queensway open pit and

underground gold project is located in Newfoundland, Canada and is operated by New

Found Gold Corp. (“New Found”). In November 2025, New Found completed the

previously announced acquisition of Maritime Resources Corp., which has a mill located

180 kilometers away to potentially process ore from Queensway.

Subject to the completion of permitting, New Found expects first gold in the second half

of 2027 from open pit operations at Queensway.

 South Railroad (2.0% NSR gold and silver royalty, partial coverage): In August 2025,

Orla announced that the Notice of Intent (“NOI”) for the 100%-owned South Railroad

heap leach project in Nevada was published, which formally initiated the federal

permitting process under the National Environmental Policy Act (“NEPA”). As a FAST-

41 Covered Project in accordance with NEPA, Orla continues to expect a record of

decision for South Railroad by mid-2026, with targeted first gold production in 2028.

In January 2026, Orla released an updated feasibility study for South Railroad and board

approval to start project construction, subject to the receipt of all permits. Over a 10-year

mine life, the updated feasibility study highlights an average annual gold production

profile of approximately 104,000 ounces. Drilling is ongoing, with significant exploration

potential across the land package including high-grade oxide mineralization at the Dark

Star pit.

 Goldfield (5.0% NSR gold royalty on the Gemfield deposit): Centerra Gold Inc.

(“Centerra”) has reiterated the first production timeline of late 2028 for the 100%-owned

Goldfield heap leach project in Nevada.

Over an approximately seven-year life, Goldfield is expected to produce an average of

over 100,000 ounces of gold per year from 2029 to 2032, followed by production of

47,000 ounces of gold in 2033 and 29,000 ounces of gold in 2034.

Triple Flag’s royalty coverage at Goldfield is on the Gemfield deposit of the project,

which represents approximately 80% of the project’s overall life of mine production.

Centerra has existing permits for Gemfield, which will require minor amendments based

on the current project design. A Modified Plan of Operations for Gemfield was submitted

in August 2025.

 DeLamar (2.5% NSR gold and silver royalty, partial coverage): In December 2025,

Integra released an updated feasibility study for the 100%-owned DeLamar gold and

silver heap leach project in Idaho. Over a 10-year mine life, the project is designed to

produce 106,000 gold equivalent ounces per year.

An NOI for DeLamar is expected to be published in the second quarter of 2026, followed

by a record of decision in the third quarter of 2027. DeLamar has been selected as a

FAST-41 Covered Project in accordance with NEPA.