Triple Flag and Evolution to Unlock the Gold-Dominant E44 Deposit at Northparkes, Underpinned by Guaranteed Gold and Silver Deliveries

On February 10, 2026, Triple Flag (TFPM) announced a strategic stream amendment with Evolution Mining to fund the development of the E44 gold-dominant open pit deposit at the Northparkes mine in Australia. TFPM will provide US$84.3 million in Q4 2026. In exchange, TFPM will receive 20% of payable gold and 30% of payable silver from the E44 deposit, with ongoing payments set at 10% of spot prices.

Crucially, the deal includes guaranteed minimum deliveries of 45,052 ounces of gold and 446,200 ounces of silver between 2030 and 2037. If a construction decision is not made by year-end 2029, Evolution is obligated to pay TFPM US$102.5 million in cash, providing a built-in internal rate of return (IRR) regardless of the mining outcome. Evolution also approved the development of the E22 gold-rich block cave and is studying a mill expansion to 10 Mtpa.

This is a material positive development that secures the long-term cash-flow profile of TFPM's cornerstone asset. - De-risking the Asset: The inclusion of guaranteed minimum deliveries and a $102.5 million "break fee" effectively shields TFPM from the risk of development delays or resource underperformance. - Portfolio Concentration: Northparkes and Cerro Lindo are TFPM's two largest revenue drivers. With Cerro Lindo scheduled for a stream step-down (from 65% to 25% silver) in 2026, the expansion and extension of Northparkes is vital to maintain the company’s growth trajectory. - Growth Guidance: This deal supports TFPM's long-term outlook of reaching 135,000–145,000 GEOs by 2029-2030. - Cost of Capital: Funding the $84.3 million in Q4 2026 is well within TFPM's current liquidity profile (nearly $1 billion in available credit).

Triple Flag is the fourth-largest precious metals streaming and royalty company. Its business model involves providing upfront capital to miners in exchange for long-term rights to production at a fixed cost, providing high margins and limited exposure to inflationary operating costs. - Flagship Project: Northparkes (Australia), operated by Evolution Mining. TFPM holds a 54% gold stream and 80% silver stream. - Secondary Core Asset: Cerro Lindo (Peru), operated by Nexa Resources, providing a 65% silver stream (stepping down to 25% in 2026). - Development Flagship: The Arthur Gold Project (formerly Expanded Silicon) in Nevada, operated by AngloGold Ashanti, where TFPM holds a 1% NSR royalty.