See Small. Think Big.

NORTHPARKES GOLD & STREAM July 12, 2020

See Small. Think Big. NORTHPARKES STREAM NORTHPARKES STREAM See Small. Think Big. Established, long-life block-cave and surface mine in , Australia

The Stream The Mine • US$550M: 54% of payable gold, 80% of • Strong safety and ESG performance payable silver • Established 25 year operating history, producing • 10% ongoing payment copper, gold and silver • Annual average production of 22,000 GEO’s • 1st quartile cash cost curve • Life of mine and covers 100% of 1,000km2 • Substantial current resources and reserves exploration and licenses • Strong history of reserve replacement, with • Stream-rate steps down beyond reserve life significant exploration potential

2 NORTHPARKES STREAM NORTHPARKES ASSET OVERVIEW See Small. Think Big. Established, long-life block-cave and surface mine in Australia

• Location: central west NSW, Australia. Approximately 380 km west of Sydney and 27 km north-west of the town of Parkes

• History: discovered in 1976, with first mining commencing in 1993 and production in 1994. acquired an 80% interest in Northparkes in 2000, through its acquisition of North Limited. CMOC acquired 80% from Rio Tinto in 2013 for US$820M

• Geology: porphyry copper; each deposit is centered on a multiphase cluster of quartz monzonite porphyry intrusions

• Mining: highly mechanized and efficient block caving and sub-level caving (“SLC”), with campaign based open-pit mining

• Processing: 6.4 Mtpa conventional flotation plant that includes surface crusher, stockpiles, active grinding mills, froth flotation, filtration and thickening (undergoing expansion to 7.6 Mtpa) Deposit Type Porphyry

• Infrastructure & Logistics: Primary Commodity Copper – Concentrate product is trucked 13 km and then railed to Port Kembla for shipping to customers in Japan and China By-product Commodity Gold | Silver – Three active Tailings Storage Facilities (combination of upstream, centerline and Cost Curve Position 1st quartile (Wood Mackenzie) (1) downstream construction) – Significant electrical and water infrastructure between Parkes and Northparkes Jurisdiction New South Wales, Australia

Mine Life: Multi-decade life of mine CMOC Mining Services Pty Limited - CMOC • Ownership (80%) (Operator) | Sumitomo (20%) • Revenue Mix: Copper ~80% | Gold ~18% | Silver ~2% History In production since 1994 • 2019A Cash Costs: $1.15/lb Cu (1)

1) Source: Wood Mackenzie (C1 + Sustaining Capex) 3 NORTHPARKES STREAM STREAM RATIONALE See Small. Think Big.

1st half cash cost curve - competitive costs driven by an efficient mining method (1) Mine has been operating since 1993 High-quality operating mine Safe, efficient automated underground copper mining Strong site management (many former Rio Tinto employees who have been at Northparkes for +10 years)

Large Ore Reserve and a long history of converting Resources to Reserves Resource to Reserve conversion Northparkes commenced production in 1994, with a Reserve of 68Mt; 25 years later, the Reserve is 133Mt with an additional 483Mt of Resource

In 2019, CMOC and Sumitomo announced approval of a new block cave (E26L1N) and throughput expansion project, a Capital investment combined investment of over $300M – full benefits are expected to start to show in late 2020

Significant exploration potential on a large 1,060km2 land position Exploration Under-explored with limited drilling below 200m on the mining licenses Significant potential for buried porphyry deposits

Safety and ESG performance Within Australia, Northparkes is viewed as the standard for ESG practices

CMOC is an international mineral resources company and has rapidly grown to a $12B market cap global producer (2) Partnership Proven operator with a diversified, expanding global footprint

Mining jurisdiction Low-risk, stable producing asset in NSW, Australia – a top-tier mining jurisdiction

1) Cash costs based on Wood Mackenzie 2) Market cap in US$ billion as at July 10, 2020 4 NORTHPARKES STREAM STREAM TERMS See Small. Think Big. Long-life partnership with Northparkes and CMOC

Gold Stream Rate (1,2) 54%

Silver Stream Rate (1,3) 80%

Ongoing Payment 10%

Fixed 93% Au Payability Fixed 90% Ag

Stream Area 1,060km2 - Covers all mining licences and all exploration licences

Deposit US$550M

Right of first refusal over any future streaming, royalty or other similar agreement to participate in ROFR minerals extracted from the Stream Area (which encompasses all of the Northparkes properties)

Effective Date July 1, 2020

Northparkes is owned and operated by China Molybdenum Co., Ltd (CMOC) in a Joint Venture comprising CMOC (80%) and SC Mineral Resources Pty Ltd. (13.3%) and Sumitomo Metal Mining Oceania Pty Limited (6.7%)

1) Stream rates on based on 100% of production from the Northparkes JV 2) Gold stepdown: after 630,000 ounces have been delivered to Triple Flag Bermuda, the gold stream rate will reduce to 27.0% of payable gold production thereafter (33.75% of CMOC’s attributable 80% interest) 5 3) Silver stepdown: after 9,000,000 ounces have been delivered to Triple Flag Bermuda, the silver stream rate will reduce to 40.0% of payable silver production (50.0% of CMOC’s attributable 80% interest) NORTHPARKES STREAM NORTHPARKES ENHANCES PORTFOLIO See Small. Think Big. Stream enhances the portfolio on all attributes… Highlights for Triple Flag

•1 Cornerstone Australian asset

•2 Partnership with a proven operator

•3 Enhances production profile and mine life

•4 Increases gold exposure ATO Gold and Silver Stream Young-Davidson Gold Royalty •5 Further diversifies portfolio Pumpkin Hollow Gold and Silver Stream Gunnison Copper Stream •6 Provides immediate production / deliveries

•7 Increases attributable Reserve and Resources Buriticá Gold and Silver Stream •8 Creates further exploration optionality

Cerro Lindo Silver Stream

RBPlat PGM Operations Gold Stream Northparkes Gold and Silver Stream Fosterville Gold Royalty

The Northparkes Stream is an anchor asset forecasted to provide +20koz GEOs annually over a multi-decade mine life (1)

1) Average annual GEOs based on LT price of $1,500/oz Au and $17.50/oz Ag 6 NORTHPARKES STREAM HIGH-QUALITY OPERATING MINE See Small. Think Big. World-class automation, productivities and established operations

• Ore is currently mined from the upper lifts of two block caves, E48 and E26 – Ore is crushed underground and transported to surface via a combination of underground conveyors and a hoisting shaft • Production flexibility is enhanced by substantial surface stockpiles and smaller shallow open-pit operations • In 2015, Northparkes achieved a milestone when its E48 Lift 1 block cave mine became the first underground mine in the world to achieve full automation – Six autonomous Sandvik LH514 loaders operate 500 metres below the surface, tramming ore from the draw bells and dropping 11- to 12-tonne loads in the ROM bin for crushing – LHDs operate autonomously for 80% of their cycle time and rest of the operation cycle is tele-operated – Operators working in the control room on the surface assume control only when loading

Sandvik loader underground Sandvik’s workshop Northparkes control room

7 NORTHPARKES STREAM HIGH-QUALITY OPERATING MINE See Small. Think Big. Conventional process flowsheet, established infrastructure, logistics and sales

• Plant includes surface crusher, stockpiles, active grinding mills, froth flotation area and concentrate storage – Comminution process consists of two parallel grinding modules and a single line flotation plant consisting of a SAG, ball and tertiary mills • Mill expansion project to increase throughput to 7.6Mtpa from 6.4Mtpa underway – Expansion involves construction of new secondary and tertiary crushing building – Completion of Phase 1 in targeted in December 2020 and phase 2 (hoisting system upgrade) in December 2021 • Produces high-quality copper concentrates – With consistent gold and silver by-product credits • Efficient access to port for access to customers in China and Japan – Concentrate transported by road freight and rail to Port Kembla, located south of Sydney • Power is provided by state grid • Excellent local infrastructure and connections, supported by the nearby town of Parkes • Centre-line and upstream tailings storage – Extensively reviewed by expert panel, fully compliant with local regulations and acknowledged for several leading practices Process Plant

8 NORTHPARKES STREAM HIGH-QUALITY OPERATING MINE See Small. Think Big. First quartile cash costs supported by efficient block caving mining method

Wood Mackenzie 2019 Composite Copper C1 Cash + Sustaining Capex Cost Curve

$4.00 Q1 Q2 Q3 Q4

$3.50

$3.00 Candelaria $2.66

$2.50 Sierra Gorda $2.66 Antapaccay $2.00 Andacollo $1.81 Las Bambas Escondida $1.60 $1.49 $1.40 $1.50 $1.15 Chuquicamata Salobo Collahuasi $1.68

C1 + Sust Capex (US$/lb) $0.90 $1.00 $1.48 Antamina $1.05 $0.50

– – 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000

Paid Metal (Mlbs)

Source: Wood Mackenzie 9 NORTHPARKES STREAM HIGH-QUALITY OPERATING MINE See Small. Think Big. Long-term robust cost position

Wood Mackenzie – Northparkes Percentile Position on 2019A to 2030E Cost Curves

100%

75%

50% Percentile (%) 25%

0% 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

C1 Cash Cost C1 + Sustaining Capex Total Cash + Capex

Long-term robust cost position in the first and second quartile

Source: Wood Mackenzie 10 NORTHPARKES STREAM GEOLOGY See Small. Think Big. Multiple porphyry copper deposits

• Northparkes deposits are typical porphyry copper systems in that the mineralisation and alteration are zoned around quartz monzonite Indicative >0.5% porphyries Cu grade shell

• Copper-gold mineralisation is typically disseminated

• Porphyries form elongate, pipe-like geometries, with a diameter of 50-100m and vertical extent of 1,000m or more

• Bornite hosts the majority of copper mineralization, with majority of gold occurring as inclusions in bornite. Chalcopyrite is the dominant copper mineral on the outer regions of the bornite-rich cores

• Deposits tend to occur as structurally (1) controlled clusters Schematic geological section

1) Schematic section from Pacey et al, 2019 (The Anatomy of an Alkalic Porphyry Cu-Au System: Geology and Alteration at Northparkes Mines, New South Wales, Australia, Economic Geology, v. 114, no. 3, pp. 441–472) 11 NORTHPARKES STREAM PROSPECTIVE STREAM AREA See Small. Think Big. Stream Area: 1,060km2 Mining Licences: 26km2 Stream Area covers all exploration and All reserves and resources are proximal to the existing mining licenses operation and within the 26km2 mining licence footprint • Potential for near-mine exploration – ‘blind’ deposits

• Prospects across exploration properties E48, E26 and GRP Lifts

E22

Dots denote prospects Stockpile

E48 E28NE E31N

E28 E31S

GRP314

Cross-section E26

20km

12 NORTHPARKES STREAM RESERVE REPLACEMENT See Small. Think Big.

Historical Copper Reserves and Cumulative Production Historical Gold Reserves and Cumulative Production (Since 2001, 100%-basis) (Since 2001, 100%-basis)

Rio Tinto Ownership CMOC Ownership Rio Tinto Ownership CMOC Ownership

1,000 1,500

800 1,000 600

400 500 200

– – 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Gold (koz) Gold Copper (kt) Copper (200) (500) (400)

(600) (1,000)

(800) (1,500) (1,000) Copper Reserves Cumulative Copper Production Gold Reserves Cumulative Gold Production

Long history of reserve replacement and mine life extension, with +800kt of copper and +1Moz of gold produced since 2001

Source: Company disclosure 13 NORTHPARKES STREAM MULTI-DECADE MINE LIFE See Small. Think Big. Robust Reserve, engineered resources and significant resource inventory

E48, E26, E22, E31, GRP314, E44 E37, E7, E6, E44, Bordeen, Nash's Hill Hopetown, E20W, E20, Phonebox, Cooks Myalls, Veedas, E28 Prospects Known

… with significant resources and potential for additional discovery from known prospects

Note: Based on Reserves and Resources (100%) as of December 31, 2019 and run-rate throughput of 7.6Mtpa 14 NORTHPARKES STREAM SAFETY AND ESG See Small. Think Big. Leading ESG practices in Australia

• Strong ESG platform and dedication to community involvement • Triple Flag to commit A$50,000 annually towards scholarships and community Initiatives • Excellent community relationships – Stable labour force with ~98% coming from local area – Important contributor to the local agricultural economy and farming operations Zeroharm Our journey towards Zero Harm Operations is a relentless focus across our entire sphere of operation: our people, our community, our environment and our equipment. We believe this approach is why we have been successful for over two decades, and sets us up for further decades to come. Our vision for our business is for A century of mining together.

15 NORTHPARKES STREAM PROVEN OPERATOR See Small. Think Big. CMOC is a global miner that has grown through M&A

• Global base metals producer with mines in China, Australia, DRC and Brazil – Focused on mining, smelting, and processing of moly, tungsten, copper, cobalt, niobium and phosphate – Headquartered in Beijing with offices in London, Shanghai and Phoenix • CMOC is one of China’s leading base metals producers – US$12.4B market cap; generating revenue and EBITDA of US$9.8B and US$0.6B, respectively, in 2019 (1,2) – Controlling shareholder is Cathay Fortune Corporation (25%) • Principal mining assets include: (i) Tenke Fungurume in the DRC, (ii) niobium and phosphate mines in Brazil, (iii) three molybdenum and tungsten mines in China, and (iv) Northparkes in Australia • Since 2013 CMOC has completed ~US$7 billion of M&A to transform the portfolio, including: – Northparkes from Rio Tinto for $820M – Tenke Fungurume from Freeport and Lundin for $3.8B – Niobium and phosphate business from Anglo American for $1.5B – Metals trading business from Louis Dreyfus for $495M (3) • More information on CMOC can be found at https://en.cmoc.com/

Note: Market data as at July 10, 2020 1) Listed on the Stock Exchange of Hong Kong in 2007 and the Shanghai Stock Exchange in 2012 2) Includes contribution from trading business 16 3) Purchase price for 100% of IXM. Acquisition closed in July 2019 NORTHPARKES STREAM Note: Pro Forma Forecast GEOs based on $1,700/oz Au and $17.50/oz Ag 1) Counterparty Enterprise Value as at July 10, 2020; Source: CapIQ TRANSFORMATIVE See Small. Think Big. Increasing GEO Diversification and Gold Exposure Counterparty Asset Commodity Country Enterprise Value (1) Private / Diamond Canada, Other 13% Other 22% 10% USA 18% >$10B 31%

Gold 42% South Cerro Lindo America 48% 2019A 48%

Silver 48% Australia $1B-$5B Fosterville 33% 56% 29%

Canada, Private / Other 13% Diamond 2% Rest of USA 8% Other 7% Cerro Lindo World 23% 30% $100-$500M RBPlat 9% 15% >$10B 35%

Silver 34% Australia $500-$1,000M 2020E 35% 8% ATO 14% Gold 64% South $1B-$5B Buritica 4% Fosterville America 35% Northparkes 19% 34% 10% Private / Cerro Lindo Copper 3% Rest of Canada, Other 4% Other 20% 17% World 21% USA 16% $100-$500M Silver 28% 24% Fosterville >$10B 42% 2021E RBPlat 9% 11% South $500-$1,000M America Australia ATO 12% Gold 70% 9% 28% 35% Northparkes Buritica 10% 20% $1B-$5B 21% Private / Cerro Lindo Rest of Copper 7% Canada, Other 3% 18% World 18% Other 25% USA 22% $100-$500M 27% >$10B 40% Fosterville 2022E 11% Silver 27% RBPlat 9% South Gold 66% America $500-$1,000M 28% 9% ATO 9% Northparkes Australia 18% 32% Buritica 11% $1B-$5B 21% 17 See Small. Think Big.

Appendix

Northparkes Mine APPENDIX MULTI-DECADE MINE LIFE See Small. Think Big.

Mine sequence by ore source

Source Tonnes (Mt) Gold (Moz) Silver (Moz)

E26 (1) 97.19 0.44 5.51 E26

E48 24.11 0.09 1.18 E48

E22 41.74 0.52 3.30 E22

Stockpiles 8.16 0.06 0.58 Stockpile Stockpile

O/P 1.62 0.06 0.05 O/P

GRP314 31.57 0.14 1.85 GRP314

Resource 411.88 2.75 24.61 Resource

LoM averages – gold: LoM averages – silver: • Processing recovery: 77% • Processing recovery: 82% • Payability (fixed): 93% • Payability (fixed): 90%

Multi-decade mine life underpinned by well-defined mine plan

Note: Based on Reserves and Resources (100%) as of December 31, 2019 1) E26 comprises 57.2Mt of Ore Reserve, the remaining balance comprises Mineral Resources 19 APPENDIX MINERAL RESERVES & MINERAL RESOURCES See Small. Think Big. Ore Reserves Mining Area Proven Ore Reserves Probable Ore Reserves Total Ore Reserves Tonnage Copper Gold Silver Tonnage Copper Gold Silver Tonnage Copper Gold Silver Copper Gold Silver (Mt) (% Cu) (g/t Au) (g/t Ag) (Mt) (% Cu) (g/t Au) (g/t Ag) (Mt) (% Cu) (g/t Au) (g/t Ag) (Mt Cu) (Moz Au) (Moz Ag) Stockpiles Oxide Stockpiles ------Sulphide 8.16 0.39 0.24 2.21 - - - - 8.16 0.39 0.24 2.21 0.03 0.06 0.58 Total Stockpiles 8.16 0.39 0.24 2.21 - - - - 8.16 0.39 0.24 2.21 0.03 0.06 0.58 Open Cut E3I N Sulphide 0.74 0.38 1.04 0.89 - - - - 0.74 0.38 1.04 0.89 - 0.02 0.02 E3I N Oxide 0.88 0.39 1.26 1.01 - - - - 0.88 0.39 1.26 1.01 - 0.04 0.03 Total Open Cut 1.62 0.39 1.16 0.96 - - - - 1.62 0.39 1.16 0.96 0.01 0.06 0.05 Underground E22 - - - - 41.74 0.53 0.39 2.46 41.74 0.53 0.39 2.46 0.22 0.52 3.30 E26 5.32 0.79 0.25 1.31 51.89 0.62 0.10 1.70 57.20 0.64 0.12 1.66 0.36 0.22 3.06 E48 9.02 0.49 0.13 1.69 15.09 0.43 0.11 1.42 24.11 0.45 0.12 1.52 0.11 0.09 1.18 Total Underground 14.34 0.60 0.17 1.55 108.71 0.56 0.21 1.95 123.05 0.56 0.21 1.91 0.69 0.83 7.54 NPM Total 24.12 0.52 0.26 1.73 108.71 0.56 0.21 1.95 132.83 0.55 0.22 1.91 0.73 0.95 8.17 Mineral Resources Mining Area Cut-off Grade Measured Indicated Inferred Total Mineral Resource Tonnage Copper Gold Silver Tonnage Copper Gold Silver Tonnage Copper Gold Silver Tonnage Copper Gold Silver Copper Gold Silver (Mt) (% Cu) (g/t Au) (g/t Ag) (Mt) (% Cu) (g/t Au) (g/t Ag) (Mt) (% Cu) (g/t Au) (g/t Ag) (Mt) (% Cu) (g/t Au) (g/t Ag) (Mt Cu) (Moz Au) (Moz Ag) E22 0.35%eCu 10.20 0.43 0.29 2.06 4.82 0.37 0.19 1.52 0.36 0.35 0.19 1.31 15.39 0.41 0.26 1.87 0.06 0.13 0.93 E48L1 0.36%Cu 1.69 0.39 0.11 1.20 ------1.69 0.39 0.11 1.20 0.01 0.01 0.07 E48L2 0.40%Cu 90.20 0.54 0.25 1.91 67.40 0.51 0.17 1.77 - - - - 157.60 0.53 0.22 1.85 0.84 1.11 9.37 E26L2 Residual 0.56% Cu - - - - 11.50 0.78 0.15 2.07 - - - - 11.48 0.78 0.15 2.07 0.09 0.06 0.76 E26L3 0.40%Cu 111.80 0.62 0.15 1.82 49.80 0.53 0.12 1.54 - - - - 161.60 0.59 0.15 1.74 0.95 0.78 9.04 GRP314L1 0.40%Cu ------45.20 0.58 0.13 1.77 45.20 0.58 0.13 1.77 0.26 0.19 2.57 GRP314L2 0.40%Cu ------81.30 0.55 0.19 1.64 81.30 0.55 0.19 1.64 0.45 0.50 4.29 E44 - Sulphide 0.5g/tAu 4.30 - 1.40 9.80 1.40 - 1.00 5.80 - - 0.90 6.20 5.77 0.03 1.27 8.80 0.00 0.24 1.63 E44- Oxide 0.5g/tAu 0.70 - 1.00 5.80 0.70 - 0.90 3.70 0.10 - 0.80 2.30 1.40 0.03 0.94 4.65 0.00 0.04 0.21 E31 – Sulphide 0.50%eCu 0.63 0.33 0.57 1.38 0.18 0.39 0.37 1.45 0.00 0.6 2 0.49 2.17 0.81 0.35 0.53 1.40 0.00 0.01 0.04 E31 – Oxide 0.50%eCu 0.97 0.28 0.65 0.85 0.25 0.43 0.37 1.70 0.01 0.41 0.27 1.6 0 1.22 0.31 0.59 1.03 0.00 0.02 0.04 NPM Total 220.50 0.56 0.23 2.03 135.98 0.53 0.16 1.76 126.97 0.56 0.17 1.69 483.45 0.55 0.20 1.86 2.66 3.11 28.91

1) Mineral Resource and Ore Reserves are as at December 31, 2019 and are reported in accordance with the terms and guidelines of The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the‘JORC Code’ or ‘the Code’) 2012 edition 2) Mineral Resource are exclusive of (in addition to) those Mineral Resources which have been converted to Ore Reserves. 20 3) Mineral Resource and Ore Reserves are reported on a 100% basis (i.e. non-attributable).