Key Terms of Settlement Agreement

  • On signing, Triple Flag received delivery of 1,650 ounces of gold in full satisfaction of the outstanding deliveries under the gold prepay agreement with Steppe.
  • On signing, Triple Flag received delivery of 500 ounces of gold as a stream amendment fee.
  • On signing, Triple Flag received delivery of 1,946 ounces of gold and 15,618 ounces of silver, representing full delivery of all arrears from the Steppe Gold Stream Agreement. There was no ongoing payment associated with these deliveries.
  • For the period commencing in Q3 2026 and ending in Q4 2036, Triple Flag and Steppe have agreed to a schedule of quarterly fixed gold deliveries totaling 34,770 ounces of goldii ("Fixed Gold Deliveries"). There are no ongoing payments associated with these Fixed Gold Deliveries.
  • Starting in Q1 2037, Triple Flag will be entitled to receive delivery of gold equal to 1.5% of the previous quarter's gold production from the ATO mine, subject to a maximum of 500 gold ounces per quarter. There are no ongoing payments associated with these deliveries, and there are no step-downs or buydown provisions on this delivery rate.
  • Obligations under the settlement agreement remain secured by the ATO mine and remain subject to a parent guarantee by Steppe. As part of the settlement agreement, Steppe Gold's wholly owned subsidiary Boroo Gold LLC has provided an additional corporate guarantee of the Fixed Gold Deliveries. Boroo Gold LLC owns and operates the Boroo and Ulaanbulag open-pit gold mines in Mongolia. Steppe's gold production guidance for 2026 is 68,000 ounces of gold.