Mr. Sheldon Vanderkooy reports

TRIPLE FLAG INCREASES 2026 GEOS GUIDANCE AND ANNOUNCES STEPPE GOLD AGREEMENT

Triple Flag Precious Metals Corp.'s wholly owned subsidiary, Triple Flag International Ltd., has entered into a settlement agreement with Steppe Gold Ltd. and its related entities, pursuant to which Steppe has delivered to Triple Flag all gold and silver stream obligations in arrears under its stream agreement and has delivered all gold prepay ounces in arrears. Additionally, the settlement agreement provides that the Steppe Gold stream agreement has been amended to provide for fixed cumulative deliveries totalling 34,770 ounces of gold over the 10-year period starting in third quarter 2026 and ending in fourth quarter 2036, following which Triple Flag will be entitled to gold deliveries equal to 1.5 per cent of the prior quarter's gold production from the Ato mine, subject to a 500-gold-ounce quarterly cap. Unless otherwise indicated, all amounts are expressed in U.S. dollars.

"We are pleased to announce a settlement agreement with Steppe, in which Triple Flag has received all obligations in arrears. Looking ahead, we have secured fixed gold deliveries over the next 10 years from Steppe that are guaranteed, as well as long-term exposure to gold production from the Ato mine," commented Sheldon Vanderkooy, chief executive officer of Triple Flag.

"Triple Flag's portfolio achieved strong operating performance year to date, including record GEOs and operating cash flow per share in the first quarter. With the receipt of gold and silver deliveries on settlement of the dispute with Steppe, as well as the fixed gold deliveries to be received in the second half of the year, we are increasing our 2026 GEOs guidance to 100,000 to 110,000 GEOs from 95,000 to 105,000 GEOs.

"I congratulate and thank the Steppe team for their achievements with Ato, success with their Boroo and Ulaanbulag operating mines, and support for a path forward on our partnership."

Key terms of settlement agreement:

• On signing, Triple Flag received delivery of 1,650 ounces of gold in full satisfaction of the outstanding deliveries under the gold prepay agreement with Steppe.
• On signing, Triple Flag received delivery of 500 ounces of gold as a stream amendment fee.
• On signing, Triple Flag received delivery of 1,946 ounces of gold and 15,618 ounces of silver, representing full delivery of all arrears from the Steppe Gold stream agreement. There was no continuing payment associated with these deliveries.
• For the period commencing in Q3 2026 and ending in Q4 2036, Triple Flag and Steppe have agreed to a schedule of quarterly fixed gold deliveries totalling 34,770 ounces of gold. There are no continuing payments associated with these fixed gold deliveries.
• Starting in first quarter 2037, Triple Flag will be entitled to receive delivery of gold equal to 1.5 per cent of the previous quarter's gold production from the Ato mine, subject to a maximum of 500 gold ounces per quarter. There are no continuing payments associated with these deliveries, and there are no step-downs or buydown provisions on this delivery rate.
• Obligations under the settlement agreement remain secured by the Ato mine and remain subject to a parent guarantee by Steppe. As part of the settlement agreement, Steppe Gold's wholly owned subsidiary Boroo Gold LLC has provided an additional corporate guarantee of the fixed gold deliveries. Boroo Gold owns and operates the Boroo and Ulaanbulag open-pit gold mines in Mongolia. Steppe's gold production guidance for 2026 is 68,000 ounces of gold.

About Triple Flag Precious Metals Corp.

Triple Flag is a precious metal streaming and royalty company. It 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, a qualified person under National Instrument 43-101, has reviewed and approved the written scientific and technical disclosures contained in this press release.

We seek Safe Harbor.