Steppe Agreement; 2026 GEO Guidance Increased

Research evidence excerpt

Steppe Agreement; 2026 GEO Guidance Increased

June 11, 2026 | 11:10 ET~

Triple Flag Precious Metals

TFPM-TSX Rating Price: Jun-10 Target ↓ Total Rtn Metals & Mining

Market Perform $37.49 $57.00 53%

Rene Cartier, CPA, CA, CBV, CFA Analyst

rene.cartier@bmo.com (416) 359-5011

Nicholas Pantis Associate

Steppe Agreement; 2026 GEO Guidance Increased nicholas.pantis@bmo.com (437) 992-5042

Legal Entity: BMO Nesbitt Burns Inc.

2YR Price Volume Chart

Bottom Line: 60

Triple Flag announced it entered into a settlement agreement with Steppe Gold where 50

ounces in arrears under the stream and prepayment were delivered. Moreover, the 40

stream agreement has been amended to provide fixed cumulative deliveries for a ten- 3 30

year period, and with a delivery rate thereafter. While we view the transaction as NAV 2

20 1dilutive, the asset was underperforming expectations, and the amendments should

provide improved investor sentiment and help lift an overhang. On the back of the 10 Dec Jun Dec Jun 0

announcement, Triple Flag increased its 2026 GEO guidance, although our estimates LHS: Price (C$) / RHS: Volume (mm) Source: FactSet

were already there. Company Data in C$

Dividend $0.24 Shares O/S (mm) 206.6

Key Points

Yield 0.9% Market Cap (mm) $7,745

Triple Flag announced it entered into a settlement agreement with Steppe Gold. Under NAV 22.50 P/NAV 1.2x

the terms, Steppe Gold has delivered all gold and silver stream obligations in arrears BMO Estimates in $

under its stream agreement, and has also delivered all gold prepay ounces in arrears (FY-Dec.) 2025A 2026E 2027E

as well. With the settlement, the stream agreement has been amended to provide

Revenue $389 $508↑ $516↓

for fixed cumulative deliveries totaling 34,770 ounces of gold over a ten-year period