Operator

Hello, and welcome to Triple Flag Precious Metals Q1 2026 Conference Call. [Operator Instructions] Now I would like to turn the call over to Sheldon Vanderkooy, Chief Executive Officer. Sheldon, please go ahead.

Sheldon Vanderkooy
CEO & Director

Thank you. Good morning, everyone, and thank you for joining us to discuss Triple Flag's First Quarter 2026 results. With me on the call this morning are Eban Bari, our Chief Financial Officer; and James Dendle, our Chief Operating Officer. Triple Flag is off to a record start in 2026, with Q1 representing the strongest quarter in the company's history across every key metric. This includes over 30,000 GEOs, $129 million of adjusted EBITDA and operating cash flow per share of USD 0.55. These are all quarterly records.

The Q1 result is a straightforward demonstration of the model working as intended, high-margin top line exposure to higher gold and silver prices translating into per share cash flow growth of 67% year-over-year. On the transaction front, we kicked off 2026 by unlocking the high-grade E44 gold deposit at Northparkes, which was not previously included in Evolution's life of mine plan. Triple Flag will receive guaranteed minimum deliveries from E44 over 7 years starting in 2030, which aligns with Evolution's approved plans for a block cave at E22 and a potential mill expansion to 10 million tonnes per annum, all of which position Northparkes as a clear growth asset for Triple Flag. And in March, we acquired a 3% gross revenue royalty on the Gunnison Copper project