Mr. Sheldon Vanderkooy reports

TRIPLE FLAG ANNOUNCES US$440 MILLION GOLD STREAM ON THE RAVENSWOOD GOLD MINE AND INCREASES 2030 OUTLOOK

Triple Flag Precious Metals Corp.'s wholly owned subsidiary, Triple Flag International Ltd., has entered into an agreement to acquire a gold stream on the producing Ravenswood gold mine in Queensland, Australia, for upfront cash consideration of $440-million (U.S.). Unless otherwise indicated, all amounts are expressed in U.S. dollars.

"Triple Flag is very pleased to enter into an agreement to acquire a gold stream on the Ravenswood open-pit gold mine in Australia," commented Sheldon Vanderkooy, chief executive officer. "The Ravenswood stream adds immediate cash flow from a large-scale, long-life operation located in a top-tier mining jurisdiction and is underpinned by two years of target gold deliveries. The Ravenswood gold mine is one of the 10 largest gold mines in Australia by ore reserves, with a long history of continuous operation and historical production of more than four million ounces of gold. EMR and GEAR have extensive global mining experience and have invested over $830-million (Australian) into the growth and future of the asset, which is expected to produce more than 200,000 ounces of gold per annum at steady state. In-pit and near-mine exploration upside also presents a significant opportunity to extend the mine life at Ravenswood gold across a large and prospective land package.

"The Ravenswood gold stream is a cornerstone addition to our substantial Australian presence, which includes Northparkes, Beta Hunt and Fosterville. First delivery under the Ravenswood gold stream will commence in the third quarter of 2026. The portfolio continues to perform strongly and, with the addition of Ravenswood, we have increased our 2030 outlook to 150,000 to 160,000 GEOs (i), from 140,000 to 150,000 GEOs."

Key terms and transaction highlights:

• Immediate cash flow and enhanced gold exposure from Queensland's largest gold mine, underpinned by target gold deliveries for two years:
  • With the recent $830-million (Australian) investment complete and the asset capitalized to continue its ramp-up, annual production at the Ravenswood mine is expected to be over 200,000 ounces of gold by 2028. Ravenswood mine produced 134,000 ounces of gold in 2025. As per the Wood Mackenzie total cash and sustaining capital gold cost curve estimate for 2026 (ii), the life-of-mine average cost at the Ravenswood mine ranks in the first half of the cost curve.
  • Triple Flag has the right to purchase 5.50 per cent of payable gold from the Ravenswood mine under the stream. The stream rate steps down to 3.75 per cent after 194,200 ounces of gold has been delivered and then to 2.50 per cent after 253,000 ounces of gold has been delivered.
  • Triple Flag will make continuing payments of 10 per cent of the spot gold price for each ounce delivered until 194,200 ounces has been delivered and 20 per cent of the spot gold price thereafter.
  • The stream is subject to target cumulative quarterly gold deliveries starting in the third quarter of 2026 through to the second quarter of 2028, inclusive. Over this period, these target cumulative quarterly gold deliveries total 22,928 ounces and will result in quarterly deliveries of approximately 2,300 to 3,300 ounces of gold, subject to a quarterly cap of 8 per cent of actual production during each quarter.
  • The stream rate is subject to a 25-per-cent buydown option that is exercisable upon a change of control transaction for the Ravenswood mine occurring within 48 months of the closing of the stream in exchange for consideration that is dependent on the gold price and when the buydown is exercised (iii).
  • The stream rate is subject to a separate, one-time 15-per-cent discretionary buydown option after 67,030 ounces of gold is delivered within a 30-day window in exchange for consideration set at the greater of: (a) 33,060 ounces multiplied by the spot gold price at the time, capped at approximately $198.7-million; or (b) $92.4-million.
  • The obligations and interests under the stream will be secured and registered in favour of Triple Flag following Foreign Investment Review Board (FIRB) approval.
  • Triple Flag holds a right of first offer on new streams and royalties on the Ravenswood mine.
• Extensive mineral endowment with significant exploration potential and a long history of operation:
  • The Ravenswood mine is one of the 10 largest gold mines in Australia by ore reserves. Current proved and probable ore reserves are 147 million tonnes at 0.61 gram per tonne (g/t) gold (Au) containing 2.8 million ounces of gold. Measured and indicated resources (inclusive) are 205 million tonnes at 0.55 g/t Au containing 3.6 million ounces of gold. Inferred resources are 66 million tonnes at 0.49 g/t Au containing 1.0 million ounces of gold (iv).
  • More than four million ounces of gold have been produced at the Ravenswood mine since its discovery. Current mining operations at the Ravenswood mine are focused on open-pit mining at the Buck Reef West and Sarsfield-Nolans deposits, which also have significant in-pit exploration potential. Prospective targets at depth in Sarsfield-Nolans include the Nolans fault, A4, Keel and Buck Reef fault. In addition, deeper drilling has intersected wide and higher-grade zones of potential underground mineralization with known structures demonstrating continuity, particularly in areas of intersection with other structures.
  • The stream covers all existing mining and exploration licences of the Ravenswood mine over a large and prospective land package of more than 1,800 square kilometres (km). Long-term exploration prospects within the land package include Mingela, Mt Success, Trieste and Helena.
• An established operator that has invested into the growth and future of the asset:
  • Ravenswood is jointly owned by EMR Capital and Golden Energy and Resources Pte. Ltd. (GEAR). EMR Capital is the operator of the Ravenswood gold joint venture. Stream proceeds for Ravenswood will be used for debt reduction.
  • Since acquiring Ravenswood gold in 2020, EMR Capital and GEAR have invested over $830-million (Australian) ($570-million) to expand the asset and secure its future as a long-life operation. The capital program included investments in the processing plant, tailings capacity, mining fleet, pit development and infrastructure upgrades. The operation currently has an 8.6-million-tonne-per-annum mill, a secure water supply and a long history of social licence with the local communities. Processing is based on a conventional carbon-in-leach circuit with beneficiation that improves milled head grade by approximately 30 per cent versus ore reserve grade. Recovered gold is poured into dore. Triple Flag assumes a life-of-mine average recovery of approximately 90 per cent.
  • EMR Capital and GEAR have experienced exploration success following their acquisition of Ravenswood gold. Proved and probable gold reserves grew by approximately 800,000 ounces since 2020, outpacing mining depletion of 600,000 ounces over the same period.
  • EMR Capital is a global resources private equity fund founded in 2011. EMR Capital has owned and operated numerous mining projects globally, and has exited multiple investments, including the Martabe gold-silver mine. In addition to Ravenswood gold mine, EMR Capital's other current investments in Australia include Australian Securities Exchange-listed 29Metals (the 100-per-cent owner of the polymetallic Golden Grove mine in Western Australia and Capricorn copper mine in Queensland) and the Kestrel metallurgical coal mine (divestiture expected to be completed by early in the fourth quarter of 2026 to Yancoal). EMR Capital is a highly experienced mining operator with decades of experience and a history of successful operational improvements.
  • GEAR is a leading APAC-focused (Asia-Pacific) resources company that is part of the Sinar Mas Group, one of Indonesia's largest conglomerates. GEAR has significant experience in the natural resources sector, as well as Australia, having invested over $5-billion (Australian) in the country since 2017. GEAR is the majority shareholder of ASX-listed Stanmore Resources, as well as GM3, which owns the Illawarra metallurgical coal assets.

Asset background

The Ravenswood mine is a large-scale, open-pit gold mine located in Queensland, Australia, and has produced more than four million ounces of gold from historical and modern mining operations. The Ravenswood mine is located 130 kilometres south of Townsville by road.

Gold was first discovered at Ravenswood in 1868. MIM Holdings Ltd. subsidiary Carpentaria Gold Pty. Ltd. began modern mining at Ravenswood in 1987 and subsequently consolidated the land position comprising the Ravenswood mine today during its ownership. Xstrata PLC acquired Carpentaria Gold through its acquisition of MIM in 2003 and then subsequently sold Carpentaria Gold to Resolute Mining Ltd. in 2004. Resolute mined and processed 40 million tonnes of ore and produced more than 1.9 million ounces of gold under its ownership. Driven by its strategic focus on Africa-based assets, Resolute sold the assets of the Ravenswood mine to EMR Capital and GEAR in 2020.

Key considerations

Closing is expected in June, 2026.

The transaction is expected to be financed from available capital, including cash on hand of $144-million as of March 31, 2026, as well as the company's $1-billion credit facility plus a $300-million accordion facility.

Advisers

CIBC Capital Markets acted as financial adviser to Triple Flag. Torys LLP and Allens acted as legal advisers to Triple Flag.

Conference call details

A conference call and live webcast presentation will be held today, starting at 10:30 a.m. ET (7:30 a.m. PT), to discuss this transaction. The live webcast can be accessed by visiting the events and presentations page on the company's website. An archived version of the webcast will be available on the website for one year following the webcast.

Dial-in details:  toll-free (United States and Canada) at 1-888-596-4144; international at 1-647-495-7514

Conference ID:  7656762, followed by pound key

Replay (until June 26, 2026):  toll-free (U.S. and Canada) at 1-800-770-2030; international at 1-647-362-9199

Conference ID:  7656762, followed by pound key

About Triple Flag Precious Metals Corp.

Triple Flag is a precious metals streaming and royalty company. The company offers investors exposure to gold and silver from a total of 241 assets, consisting of 16 streams and 225 royalties, primarily from the Americas and Australia. These streams and royalties are tied to mining assets at various stages of the mine life cycle, including 34 producing mines and 207 development- and exploration-stage projects. Triple Flag is listed on the Toronto Stock Exchange and New York Stock Exchange, under the ticker TFPM.

Qualified person

James Lill, director, mining, for Triple Flag Precious Metals and a qualified person under National Instrument 43-101, has reviewed and approved the written scientific and technical disclosures contained in this news release.

(i) Based on an unchanged gold-to-silver price ratio assumption of 85 times.

(ii) Wood Mackenzie Ltd., data set: Q1 (first quarter) 2026.

(iii) If the change of control buydown option is exercised before the 12-month anniversary of the closing of the stream, then the greater of: (a) 31,060 ounces of gold multiplied by the gold spot price on the date that is two days prior to the date of the delivery of the notice of a change of control buydown option exercise capped at a maximum amount of $150,885,000; and (b) $118.8-million. If the change of control buydown option is exercised between the 12- and 24-month anniversaries of the closing of the stream, then the greater of: (a) 35,650 ounces of gold multiplied by the gold spot price on the date that is two days prior to the date of the delivery of the notice of a change of control buydown option exercise capped at a maximum amount of $181.65-million; and (b) $126.2-million. If the change of control buydown option is exercised between the 24-month and 36-month anniversaries of the closing of the stream, then the greater of: (a) 41,180 ounces of gold multiplied by the gold spot price on the date that is two days prior to the date of the delivery of the notice of a change of control buydown option exercise capped at a maximum amount of $226,275,000; and (b) $133,500,000. If the change of control buydown option is exercised between the 36-month and 48-month anniversaries of the closing of the stream, then the greater of: (a) 47,530 ounces of gold multiplied by the gold spot price on the date that is two days prior to the date of the delivery of the notice of a change of control buydown option exercise capped at a maximum amount of $274,155,000; and (b) $140.9-million.

(iv) Mineral resources and ore reserves as of the Aug. 31, 2024, JORC-compliant estimate.

We seek Safe Harbor.