CERRO LINDO SILVER STREAMCORNERSTONE ASSET

December 2016

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Cerro Lindo Silver StreamLargest Underground Polymetallic Mine in Peru

Cerro Lindo is a Zn/Cu/Pb/Ag VMS deposit,

wholly-owned and operated by Milpo, a subsidiary

of Votorantim Metais Holding

Cerro Lindo is one of the ten largest zinc

mines in the world

Largest Peruvian underground mine through a

successful history of low-cost staged

expansions

Excellent track record of reserve

replacement and life extension

Low-cost, long-life mine

Modern, best-in-class operation including use

of seawater through a desalination plant and dry-

stack tailings disposal

Strong labor/community relations

Excellent potential for life extension and

expansions through continued exploration Cerro Lindo Processing Plant

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Cerro Lindo Silver StreamAttributes to Triple Flag

Cornerstone stream providing immediate cash flow

– Low second quartile cash cost – US$0.51/lb Zn in 2015

– Annual average silver streamed of 1.7 to 2.2 Moz

– Largest underground polymetallic mine in Peru - a mining-friendly jurisdiction

Foundational

Asset

Strong Partners

and

Counterparties

Optionality

Ideal long-term partners

– Milpo is a proven local operator with track record of capacity expansions

– More than 67 years of operations in Peru and, since 2010, a partnership with

Votorantim Metais Holding, the largest non-ferrous metals company in Brazil

– Votorantim Group is a 98-year-old leading, highly successful multi-

generational private Brazilian conglomerate

– Conservative capital structures and low leverage

– Growth strategy to expand production

Robust geological, exploration and expansion potential

– VMS deposit with attractive exploration potential

– Track record of reserve replenishment

– Increasing exploration spend

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Cerro Lindo Silver StreamTransaction Overview

Key Stream Terms

Upfront Payment US$250 million

Ongoing

Payment10% of spot silver

Stream Rate65% of payable silver until 19.5Moz delivered, 25% of payable silver

thereafter

Reference Silver Payable silver in concentrate from Cerro Lindo Stream Area1

Future

Optionality

Triple Flag has a right of first refusal over any future streams on Cerro

Lindo Area of Interest2

Desalination Plant

(1) Stream Area includes the entire existing Cerro Lindo mine and infrastructure, all located south of the Topará river.

(2) Triple Flag has a ROFR over any future streams on the Stream Area including any future developments north of the Topará river.

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Cerro Lindo Silver StreamMilpo’s Flagship Mine

(1) Silver reports to copper and lead concentrates

Located ~240km from Lima in the District of Chavin

(at 1,820masl)

Sub-level open stope mining

18 ktpd flotation producing Zn, Cu and Pb

concentrates, with current expansion to 20 ktpd (1)

Staged growth strategy with commissioning in 2007

at 5 ktpd and three subsequent expansions to

current capacity of 18 ktpd in 2014

Milpo’s flagship asset, comprising 65% of segment

revenue in Q1 – Q3 2016.

First mine in Peru to use desalinated seawater –

piping water 60 km from the Pacific Ocean to the

mine

Award-winning dry-stack tailings facility with ample

remaining capacity

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Cerro Lindo Silver StreamTrack Record of Production Capacity Expansion

Milpo has an excellent track record of

increasing production capacity incrementally

without impacting the existing operations,

resulting in steadily increasing production.

Currently expanding to 20 ktpd.

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2012 2013 2014 2015

Annual Treated Ore (Mt) 3.8 5.4 5.9 6.8

Pro

du

cti

on

Zinc (kt) 108 155 167 177

Copper (kt) 28 34 39 39

Lead (kt) 8 13 14 15

Silver (Moz) 1.9 2.7 2.8 3.3

Cash Cost (US$/t ROM) $29.3 $29.2 $32.5 $28.2

Cerro Lindo Silver StreamExcellent Operating Track Record

Milpo has a remarkable operating history

Milpo has increased reserves each year despite depletion

33

43

30

46

2008 Reserves

Replacement

Depletion

'09 - '15

2015

Reserve Replacement (Mt)Operating History

+13Mt

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Cerro Lindo Silver StreamLow Second Quartile Mine Cash Costs in 2015

Consistently low cash costs and well-placed amongst zinc peers on the cash cost curve

Source : Wood Mackenzie and Milpo(1) Represents C1 cash costs which reflect direct cash costs of producing metal incorporating mining, processing and offsite realization costs having made

appropriate allowance for the co-product revenue streams.

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Cerro Lindo Silver StreamThank You

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Cerro Lindo Silver StreamThank You