Australia

   -- Northparkes (54% gold stream and 80% silver stream): Sales from 
      Northparkes in Q3 2021 were 4,266 GEOs. In Q3 2021, Northparkes produced 
      7,667 tonnes of copper and 7,327 ounces of gold. Capital and expansion 
      projects continued to progress well. Northparkes has commenced the 
      development application process for the E44 deposit, which contains 
      favourable gold grades, approximately 13 km southwest of existing 
      operations. Northparkes proposes to mine E44 using open cut methods, with 
      the ore to supplement existing operations. Triple Flag, together with our 
      partners at Northparkes, is developing a virtual tour of Northparkes that 
      is planned to be held late this year, which will showcase this 
      world-class mining operation and management team. 
   -- Fosterville (2.0% NSR gold royalty): Royalties from Fosterville in Q3 
      2021 equated to 2,456 GEOs. Fosterville produced 134,772 ounces of gold 
      and sold 146,600 ounces in Q3 2021. Production for the quarter was 
      significantly above planned levels driven largely by continued grade 
      outperformance in the Swan Zone. Q3 year-to-date production at 
      Fosterville was 401,445 ounces of gold and, while Kirkland Lake Gold Ltd. 
      ("Kirkland") did not change its annual guidance of 400,000 -- 425,000 
      ounces for Fosterville, it did note it now expects full-year 2021 
      production to be 500,000 ounces or higher. In August, Kirkland announced 
      new high-grade, visible-gold-bearing intersections down-plunge of Swan 
      Zone, at Cygnet, and at Robbin's Hill associated with 197 underground and 
      58 surface holes of drilling since the December 31, 2020 Mineral 
      Resources and Reserve update. The results support Kirkland's view that 
      substantial potential exists to discover new high-grade mineralized areas 
      and extensions to grow reserves. The drilling down-plunge of Swan Zone in 
      Lower Phoenix has returned high-grade intersections with the same 
      mineralization that accounts for the ultra-high grades found in Swan 
      Zone. In early November, Kirkland updated the assay results reported in 
      August of one of its top drill holes down-plunge of Swan Zone located 500 
      metres away from deepest mineral reserves with actual gold grades that 
      were more than quadruple that originally reported (207 g/t over 2.6 m). 
      While Lower Phoenix is a key target area, favourable results were also 
      displayed at Cygnet, a parallel structure near Swan Zone. Results at 
      Robbin's Hill continue to confirm the size and scale of target areas, and 
      Kirkland expects Robbin's Hill to become the second mining operation to 
      feed the mill. Underground drilling at Robbin's Hill has also commenced. 
      Kirkland has budgeted $85 to $95 million for exploration at Fosterville 
      in 2021, with a total of 210,000 metres planned to be drilled. At the 
      time of announcement, Kirkland had nine underground and eight surface 
      diamond drill rigs operating at Fosterville. Triple Flag and its 
      investors are beneficiaries of this significant exploration spend by way 
      of Triple Flag's royalty interest in Fosterville. 
   -- Dargues (5.5% GR gold royalty): Royalties from Dargues in Q3 2021 equated 
      to 392 GEOs. Dargues produced 10,827 ounces of gold for the quarter ended 
      September 30, 2021, up 107% from the prior quarter as new stoping areas 
      were brought into production. Aurelia Metals Limited ("Aurelia") 
      previously provided a FY2022 (ending June 30, 2022) production outlook 
      for Dargues of 45,000 to 50,000 ounces of gold. In October, Aurelia 
      received final results from its Phase 1 infill and exploration drilling 
      program at Dargues. One intercept of 9.7 metres at 4.2 g/t Au represents 
      the deepest ore-grade gold mineralization identified at Dargues to date, 
      located approximately 80 metres down-plunge and to the east of the 
      current Mineral Resource envelope. 
   -- Henty (3.0% GR gold royalty): Royalties from Henty in Q3 2021 equated to 
      200 GEOs. Henty produced 6,775 ounces of gold for the quarter ended 
      September 30, 2021, putting it on track to reach its guidance of 25,000 
      ounces for calendar year 2021. Catalyst Metals Ltd. ("Catalyst") 
      announced in early October that it has increased Mineral Resources by 13% 
      as at June 30, 2021 compared to June 30, 2020, more than replacing the 
      gold mined in that year. Also in October, Catalyst announced it has three 
      diamond drill rigs operating underground and a surface rig testing new 
      concepts on a northern extension. Henty has not had an active resource 
      delineation program for quite some time with prior owners, and past 
      mining continued without the conversion of Resources to Reserves. 
      Catalyst is now focused on upgrading Resources to JORC-compliant Reserves 
      that will be reported at the end of the financial year. In the meantime, 
      Catalyst plans to keep production at current levels, until it can 
      identify new working areas. As it discovers new ore, it will look to 
      increase production. In November, Catalyst provided an update on 
      high-grade gold intersections encountered in underground drilling 
      targeting three key areas towards the top of the underground orebody -- 
      Zone 96, Intermediate Zone, and Sill Zone. Of 153 holes drilled, a 
      majority contained gold mineralization, 27 had intervals greater than 20 
      g/t Au metres, and very high gold grades were encountered in at least six 
      holes. The drilling is showing excellent high-grade zones beyond the 
      limits of the 2021 Mineral Resource Estimate model and in parallel 
      structures not previously tested. A surface exploration program is also 
      being conducted on Henty North, the northern extension of the Henty 
      Fault. Catalyst is in the process of mobilizing another underground drill 
      rig, bringing the total drill rigs to five. 

Latin America:

   -- Cerro Lindo (65% silver stream): Sales from Cerro Lindo in Q3 2021 were 
      7,502 GEOs, based on 579,878 ounces of silver sold. Nexa Resources S.A. 
      ("Nexa") announced with its Q3 2021 results that it is on track to meet 
      its production guidance, and cash costs are lower due to higher 
      by-product metal prices. After planned and unplanned maintenance 
      shutdowns in Q3 2021, mine throughput at Cerro Lindo has returned to 
      normal levels. In October, Nexa announced the results from its 
      exploration in Q3 2021. At Cerro Lindo, drilling was focused on Pucasalla 
      and near-mine underground ore body expansion at orebody 9 and 5B. 
      Drilling resulted in thick intersections that confirmed the continuity of 
      both orebody 9 (11.9 metres with 3.14% ZnEq; 9.5 metres with 3.69% ZnEq) 
      and orebody 5B (12.8 metres with 6.85% ZnEq; 9.7 metres with 3.12% ZnEq). 
      Drilling at Pucasalla, a new volcanogenic massive sulphide ("VMS") 
      deposit discovered 4.5 km to the northwest of Cerro Lindo, also confirmed 
      lateral extension of the mineralization. Pucasalla is outside of Triple 
      Flag's stream area, however, Triple Flag has a right of first refusal 
      over any stream-related financing and any discoveries that extend the 
      mine life of Cerro Lindo are beneficial to the stream. 
   -- Buriticá (100% silver stream): Sales from Buriticá in Q3 2021 
      were 1,142 GEOs, based on 85,821 ounces of silver sold. In Q3 2021, 
      Buriticá produced doré containing 49,742 ounces of gold and 
      68,436 ounces of silver. Zijin Mining Group Co., Ltd. ("Zijin") announced 
      that it received the production permit for its expansion to increase 
      processing capacity to 4,000 tonnes per day ("tpd") from 3,000 tpd. At 
      the time of announcement in August, civil engineering was 98% complete, 
      installation of steelwork was 68% complete, and equipment installation 
      was 23% complete. The expansion is expected to come online in the new 
      year. 
   -- Eastern Borosi (2.0% NSR gold and silver royalty): Calibre Mining Corp. 
      ("Calibre") announced in the quarter that it has made excellent progress 
      advancing Eastern Borosi, which will provide mill feed for the its 
      Libertad mill that is less than 50% utilized, ahead of schedule. Calibre 
      increased its drilling programs to include an additional 22 kilometres of 
      infill, geotechnical and hydrogeological drilling, in addition to the 
      planned resources expansion drilling around the high-grade open pit and 
      underground deposits at Eastern Borosi. It has now completed infill 
      drilling and is initiating resource expansion and discovery drilling, is 
      completing pre-feasibility study level engineering with technical studies 
      well underway and has acquired over 95% of the required surface rights. 
      Drilling has returned some of the best near-surface intercepts to date, 
      including 9.7 metres at 25 g/t gold and 3.1 metres at 39 g/t gold. An 
      updated Mineral Resource estimate is expected in Q1 2022. Permitting 
      applications for open pit and underground operations are also targeted 
      for Q1 2022, a year earlier than originally contemplated, and Calibre 
      anticipates it can continue growing the Guapinol and Riscos De Oro 
      deposits both on strike and down dip of known zones while also testing 
      new veins. Calibre has noted that with streamlined permitting in 
      Nicaragua, it can take as little as approximately 18 months from permit 
      application to first ore delivery.