Thank you. Good morning, everyone, and thank you for joining us to discuss Triple Flag's first-quarter 2026 results.

With me on the call this morning are Eban Bari, our Chief Financial Officer, and James Dendle, our Chief Operating Officer. Triple Flag is off to a record start in 2026, with Q1 representing the strongest quarter in the company's history across every key metric.

This includes over 30,000 GEOs, $129 million of adjusted EBITDA, and operating cash flow per share of 55 cents US. These are all quarterly records.

The Q1 results is a straightforward demonstration of the model working as intended: high margin, top-line exposure to higher gold and silver prices, translating into per-share cash flow growth of 67% year-over-year. On the transaction front, we kicked off 2026 by unlocking the high-grade E44 gold deposit at Northparkes, which was not previously included in Evolution's life-of-mine plan.

Triple Flag will receive guaranteed minimum deliveries from E44 over 7 years starting in 2030, which aligns with Evolution's approved plans for a block cave at E22 and a potential mill expansion to 10 million tonnes per annum, all of which position Northparkes as a clear growth asset for Triple Flag. Then in March, we acquired a 3% gross revenue royalty on the Gunnison copper project in Arizona for $23 million.

James will walk you through the details, but this is an asset that fits precisely within our strategy of highly accretive transactions for projects in mining-friendly jurisdictions, in this case, the United States. For our existing portfolio, our assets are performing ahead of our expectations.

Hope Bay's construction decision is expected later this month with a production profile of at least 400,000 ounces per year. The mill at Beta Hunt has been approved for expansion to 2.6 million tonnes per annum, with a further potential growth to 4 million tonnes per annum.

Koné's oxide circuit remains on track for production later this year. Fosterville is planning a 65% throughput increase that will boost production over the next 3 years.

Last, Arthur's feasibility work, permitting submission, and drilling is underway on what AngloGold sees as a world-class deposit that will continue to grow for decades to come. Our first-quarter performance, as well as the underlying achievements made by the assets within our portfolio, have us on track to deliver our 2026 guidance and our 2030 outlook of 140 to 150,000 GEOs.

I will now turn it over to Eban to discuss our financial results for Q1 2026.

Thank you, Sheldon. As Sheldon highlighted, Q1 was a record quarter on every line item on this chart, with adjusted earnings up 125%, adjusted EBITDA up 82%, and most importantly, cash flow per share up 67% year-over-year.

Operating cash flow per share is the metric that most directly compounds shareholder value over time. This strong cash flow generation continues to support all of our capital allocation priorities, given our high-margin business, including shareholder returns and external growth opportunities.

We aim to pay a progressively growing dividend that's sustainable across all metal prices, and we have increased our dividend every year since our IPO by about 5% mid-year. We will continue to assess the rate, pace of further increases against the broader growth and capital deployment opportunity set.

In addition to our dividend, we have an active NCIB, and as always, will buy back shares in the open market on an opportunistic basis. We have a pristine balance sheet as we exited the quarter with $144 million worth of cash, no debt, and over $1 billion of liquidity available.

This gives us meaningful flexibility to continue executing on accretive growth opportunities while funding our progressive dividend and to buy back shares when warranted. With that, I will turn it over to James to walk you through Hope Bay, Gunnison, and our growth expectations beyond 2030.

Thanks, Eban. We hold a 1% NSR royalty on Hope Bay, which is one of the most exciting development assets in our portfolio.

We expect meaningful developments in the next several weeks. The asset is an 80-kilometer greenstone belt in Nunavut, with over 90 regional exploration targets identified across the property.

Our royalty covers well over 1,000 square kilometers. Agnico's unparalleled Arctic operating capabilities are essential in ensuring the successful development and operation of a project of this scale and remoteness.

A technical evaluation update and construction decision is expected by Agnico in May, which will highlight a 6,000-tonne-per-day operation with the potential to be a 400 to 425,000-ounce-per-year gold producer. Hope Bay's exploration potential is also significant in areas such as Patch 7 and Madrid, but also has the geological potential to support a multi-decade district across the broader 80-kilometer belt.

As Sheldon mentioned, in late March, we completed the acquisition of a third-party 3% gross revenue royalty on the Gunnison copper project in Arizona for $23 million, which is strongly accretive on a per-share basis. There are a few things we particularly like about this transaction.

First, it is an existing royalty on a large-scale US copper project that is designed to be mined and processed using conventional methods. The updated PEA released in February this year supports approximately 125 million pounds of annual copper cathode production, totaling roughly 3.2 billion pounds over a 21-year life of mine.

Second, the location is genuinely top tier. The project sits on a combination of private and state land in Arizona, which we expect to help streamline the permitting, with on-site power, rail, and water infrastructure already in place.

Domestic US copper production is a strategic priority in the current environment, and Gunnison is positioned to deliver into this need. Finally, I want to discuss the growth that our portfolio is expected to deliver beyond 2030, outside of our formal outlook.

Arthur, Kemess, Hope Bay, and Northparkes represent world-class, long-life assets located in the most established mining jurisdictions. They provide substantial growth potential beyond our 2030 outlook.

At Arthur, a pre-feasibility study was released in February to drive the commencement of permitting in 2027. The current mine plan has been described by Anglo as the top of the iceberg, and they further noted that Arthur is a marquee asset that will anchor the portfolio into the 2050s.

We're very excited about the development trajectory and potential of this tier-one gold asset. At Kemess, Triple Flag holds a 100% silver stream.

The January 2026 PEA supports a large-scale copper-gold-silver operation reaching production by 2031, leveraging existing brownfield infrastructure and permits from previous mining operations. Notably, the PEA mine plan only represents 47% of the total indicated and inferred resource tonnes, providing further upside potential for subsequent economic studies.

Hope Bay, I've already covered, but its place on this slide is worth noting: a potential 400 to 425,000-ounce-per-year producer with district-scale exploration upside along the 80-kilometer belt and a construction decision expected this month. Finally, Northparkes is Triple Flag's largest asset.

Numerous growth projects have been recently approved, which will unlock value from world-class copper-gold endowments, including the E22 block cave, the E44 gold open pit with minimum guaranteed deliveries, and most importantly, a potential mill expansion to at least 10 million tonnes, which is currently being studied over the next year. We believe that the mill expansion is the optimal path forward to unlock value from not only the 575 million tonnes of current measured and indicated resource inventory, but other prospective and under-explored targets that can potentially materially add to the potential production profile associated with improved scale and processing optionality at Northparkes.

Taken together, these 4 assets are diversified across long-life, district-scale systems in Nevada, British Columbia, Nunavut, and Australia. They're all operated by high-quality counterparties and represent the foundation for further organic growth beyond 2030.

I'll now pass back to Sheldon for closing remarks.

Thank you, James. We had a record start to the year, and we are positioned to achieve our 2026 guidance.

We saw record growth in operating cash flow per share and delivered transactions that will benefit our shareholders for decades to come. Beyond 2030, Triple Flag shareholders can expect significant additional GEO growth from long-life, district-scale assets, including at Northparkes, Arthur, Kemess, and Hope Bay.

Overall, Triple Flag is exceptionally well positioned to deliver long-term organic value to our shareholders from a diverse portfolio of producing and development assets. Our balance sheet remains pristine.

We are debt-free with over $140 million in cash and over $1 billion in available credit, providing us with substantial financial flexibility to continue pursuing accretive growth opportunities for the benefit of our shareholders. That concludes our prepared remarks.

Operator, please open the floor to questions.

Good morning, everyone, and congratulations on another great quarter. Could you please walk us through an M&A and transaction outlook update, specifically the size of transactions that Triple Flag commonly engages, the mine life stage, the commodity, and any more information?

Thank you.

Certainly, Sam. I'll take that.

This is Sheldon. I'm just really pleased that we deployed $100 million-plus in Q1 on very good terms.

There continue to be many opportunities, and I'm confident we'll manage to do more in 2026. With regards to what we're looking at, it's mostly precious, mostly good jurisdictions, a range of sizes, certainly in that $100 million to sub-$500 million range.

Again, generally good jurisdictions that would be attractive for our shareholders.

Great. Thank you.

Just one more tag-on. What's the transaction outlook in Australia?

Has Triple Flag been engaging in any opportunities there?

We really like Australia, of course. It's our single highest country concentration.

We are active in Australia. We're also active in many other jurisdictions around the world.

Great. Thank you.

That's all for me.

Thank you. Again, if you would like to ask a question, just press star followed by the number 1 on your telephone keypad.

Good morning. My question relates to the buyback options on the Gunnison agreement.

There's two parts of it. The royalty part, I think, is clear to me.

Can you just go through, I thought there was a $65 million stream expansion payment, now you're talking about a termination for 35. Can you just update me exactly what's left and how the stream's working these days, please?

Certainly, Brian. This is Sheldon.

I'll take that. The royalty buydown option is pretty straightforward.

Really what we wanted to do to set context is, we wanted to provide a pathway for a potential, on a change of control, to have a lower royalty burden on the property, which we think could unlock value for all parties, and it's at an attractive price for Triple Flag. With respect to the stream, we have an option to fund an additional $65 million and effectively, it's almost double the stream rate.

What this would do is, instead of us funding $65 million to double the stream rate, they would pay $35 million to us in order to cancel that option on our part. I don't think anyone values our expansion option right now, I think $35 million would be a pretty nice win for Triple Flag.

Right. That you'd just get 35 for that option, but the 3.5%, the net percent, the 16.5%, that all stays in place.

There's no change in step-downs or adjustments or anything, it's just pure payout of the option. Okay.

Great.

Exactly. It's not a reduction in our current stream at all.

Thanks very much, Sheldon. That's very clear.

Thanks, Brian.

Hi, thanks for taking my question. I had a question on the buyback program, which has been underutilized to date.

Perhaps you could comment on why there's been little activity there relative to other companies with buyback programs, and what the outlook is going forward.

Thanks, Adam. We've always been opportunistic with respect to the NCIB, and we've shown a willingness to deploy on that from time to time.

All I would say is we do view our shares as being undervalued, and maybe I'll stop there, but noted.

Thank you very much.

Thank you, everyone. Really appreciate your attendance.

It's been a fantastic start to the year, and I think it's going to be a fantastic finish to the year as well. Appreciate all your time.

Thank you. Take care.