Exhibit 4.5


 


 





 


Unaudited Condensed Interim Consolidated Financial
Statements of


Triple Flag Precious Metals Corp.


 


For the three and six months ended June 30,
2022 and 2021


 


(Expressed in United States Dollars)






    


     


    




 





Triple Flag Precious Metals Corp.


Notes to the Condensed Interim Consolidated Financial Statements (unaudited)


 


For the three and six months ended June 30, 2022 and 2021


(Expressed in thousands of United
States dollars, unless otherwise indicated, except share and per share information)


 


1. Nature of operations


 


Triple Flag Precious Metals Corp. (“TF
Precious Metals”) was incorporated on October 10, 2019 under the Canada Business Corporations Act. TF Precious
Metals is domiciled in Canada and the address of its registered office is 161 Bay Street, Suite 4535, Toronto, Ontario, M5J 2S1,
Canada.


 


The condensed interim consolidated financial
statements of TF Precious Metals for the three and six months ended June 30, 2022 and 2021 comprise TF Precious Metals and its wholly
owned subsidiaries (together the “Company” or “Triple Flag”).


 


The Company is a gold-focused streaming and royalty
company. Its revenues are generated from a diversified portfolio of properties in Australia, Canada, Colombia, Mongolia, Peru, South
Africa and the United States.


 


2. Basis of presentation


 


These condensed interim consolidated financial
statements of TF Precious Metals and its subsidiaries have been prepared in accordance with International Financial Reporting Standards
as issued by the International Accounting Standards Board (“IFRS”), applicable to the preparation of interim financial
statements, including International Accounting Standard (“IAS”) 34, Interim Financial Reporting.


 


These condensed interim consolidated
financial statements should be read in conjunction with TF Precious Metals’ most recently issued audited financial statements for
the years ended December 31, 2021 and 2020 (“2021 Annual Financial Statements”), which include information necessary
or useful to understanding the Company’s business and financial statement presentation. In particular, the Company’s significant
accounting policies were presented in Note 3 to the 2021 Annual Financial Statements and have been consistently applied in the preparation
of these condensed interim consolidated financial statements. Certain comparative figures have been reclassified to conform to current
year presentation. There were no new accounting standards effective January 1, 2022 that were applicable to the Company as at June 30,
2022. These condensed interim consolidated financial statements were authorized for issuance by the Board of Directors of TF Precious
Metals on August 9, 2022.


 


3. Critical accounting estimates and judgments


 


The judgments, estimates, assumptions and risks
discussed here reflect updates from the 2021 Annual Financial Statements. For judgments, estimates, assumptions and risks related to
other areas not discussed in these condensed interim consolidated financial statements, please refer to Note 4 to the 2021 Annual Financial
Statements.


 


COVID-19 Pandemic


 


The coronavirus (‘‘COVID-19’’)
was characterized as a global pandemic by the World Health Organization on March 11, 2020, and developed rapidly, with a significant
number of cases. Several operating and development projects in the mining industry were impacted and continue to be impacted due to the
COVID-19 pandemic, and the duration and full financial impact of COVID-19 are not known at this time.


 


COVID-19 and efforts to contain it continue to
have an effect on commodity prices and capital markets and if the operation or development of a mining project in which the Company holds
a stream or royalty interest and from which it receives or expects to receive significant revenue is suspended and remains suspended
for an extended period of time, it may have a material adverse impact on the Company’s profitability, results of operations, and
financial condition. As at June 30, 2022, no mines or development projects in which the Company holds streams or royalties had suspended
operations due to COVID-19. We continue to monitor the impact of the COVID-19 pandemic and the emergence of any variation of the virus.


 






    2


     


    

 








Triple Flag Precious Metals Corp.


Notes to the Condensed Interim Consolidated Financial Statements (unaudited)


 


For the three and six months ended June 30, 2022 and 2021


(Expressed in thousands of United
States dollars, unless otherwise indicated, except share and per share information)


  


The Company delivered $56,299 in operating cash
flow for the six months ended June 30, 2022. At June 30, 2022, the Company had $74,431 in cash and $600,000 available for drawing
under the Credit Facility (including the accordion), providing the Company with sufficient liquidity to manage through this period of
uncertainty.





 


Management exercised significant judgment in
determining the impact of COVID-19 on the Company’s consolidated financial statements, including with respect to financial risks,
liquidity, the assessment of going concern, life of mine estimates, impairment triggers and carrying values of the Company’s mineral
interests and amounts receivable (largely, royalties receivable). Management concluded that there was no material impact from COVID-19
on its financial results at this time.


 


Impairment


 


As at June 30, 2022, the Company identified
indicators of impairment for Pumpkin Hollow and Gunnison mineral interests. As a result, the Company performed an impairment assessment,
and concluded that there is no impairment or reversal of impairment required.


 


4. Key Developments


 


		a.	Stornoway Restructuring



 


On April 29, 2022, Stornoway Diamonds (Canada)
Inc. (“Stornoway”), the Renard Streamers (including TF R&S Canada Limited, a subsidiary of Triple Flag) and the
secured creditors of Stornoway (including TF R&S Canada Limited) completed amendments to the Renard stream and secured debt of Stornoway. Key
components of the agreements are as follows:

 

		·	The amounts outstanding under the Stornoway Working Capital
Facility were fully repaid on April 29, 2022 (Stornoway repaid C$1,493 to Triple Flag);



		·	The Stornoway Working Capital Facility (the “Facility”)
remains available to be drawn by Stornoway up to an amount of C$20,000 in total (C$2,600 attributable to Triple Flag). The maturity
date of the Facility has been extended to December 31, 2025;



		·	Stream payments will be required in a given quarter if:








		-	Stornoway satisfies certain minimum cash thresholds, and






		-	No amounts are outstanding under the Working Capital Facility;








		·	In the event that Stornoway does not satisfy minimum cash thresholds
at the end of a given quarter, the Renard Streamers will be required to resume reinvesting all or a portion of their net proceeds under
the Renard stream into the Stornoway Bridge Financing Facility (the “Bridge”); and



		·	The maturity date of the Bridge and other loans has been extended
to December 31, 2025, subject to further extension of the maturity of the Bridge to December 2028 in certain events. Certain
amounts outstanding under the Bridge are subject to early repayment at the end of each year to the extent that Stornoway then satisfies
certain excess cash thresholds.





 


For the three months ended June 30, 2022,
stream payments have resumed as a result of Stornoway satisfying the minimum cash threshold and having no amounts outstanding under the
Working Capital Facility.


 


		b.	Acquisition of Sofia NSR Royalty



 


On
March 7, 2022, the Company entered into a royalty purchase agreement with a third party to acquire a 1% net smelter returns (“NSR”)
royalty over the Sofia Project (“Sofia”), located in Chile, for $5,000. The transaction closed on May 3, 2022.
Concurrent with the royalty purchase agreement, the Company also acquired 2 million common shares of 2673502 Ontario Inc., a company
with a 96% interest in AndeX Minerals, which in turn owns 100% of Sofia, for C$3,000 and received a right of first refusal over an additional
1% NSR royalty covering Sofia. Transaction costs incurred of $192 were capitalized.


 






    3


     


    

 








Triple Flag Precious Metals Corp.


Notes to the Condensed Interim Consolidated Financial Statements (unaudited)


 


For the three and six months ended June 30, 2022 and 2021


(Expressed in thousands of United
States dollars, unless otherwise indicated, except share and per share information)


 


		c.	Talon Royalty Buydown



 


On
February 15, 2022, Talon Nickel (USA) LLC (“Talon”) exercised its right to reduce the royalty rate under
the Tamarack royalty agreement from 3.5% to 1.85% of Talon’s interest in the Tamarack Project in exchange for a payment of $4,500,
resulting in a gain of $2,099. Triple Flag acquired its royalty on the Tamarack Project for $5,000 in March 2019.


 


		d.	Beaufor Royalty



 


On
February 4, 2022, the Company entered into a royalty purchase agreement with a third party to acquire a 2% NSR royalty (with a milestone-based
stepdown to 1%) on the Beaufor mine for C$6,750. In connection with this transaction, the Company entered into a binding agreement with
Monarch Mining Corporation (“Monarch”), the operator of the Beaufor mine, to provide Monarch with additional
funding of C$4,500 in consideration for increasing the royalty rate to 2.75% and eliminating the stepdown. Both transactions were funded
on February 14, 2022.


 


		e.	Gunnison Stream Amendment



 


On
December 22, 2021, the Company and Excelsior Mining Corp., including its subsidiaries (“Excelsior”), agreed
to an amendment of the Stream Agreement between the Company and Excelsior, thereby helping facilitate certain transactions. Pursuant
to the amendment, the Company and Excelsior agreed to remove Excelsior’s buydown option and concurrently agreed to re-price Triple
Flag’s 3.5 million common share purchase warrants to C$0.54 per common share (from the prior exercise price of C$1.50 per common
share). This amendment was reflected in our results for the year ended December 31, 2021.


 


		f.	Acquisition of Chilean Royalty Portfolio



 


On December 21, 2021, the Company entered
into an agreement with Azufres Atacama SCM to acquire 2% NSR royalties on each of the Aster 2, Aster 3 and Helada properties that are
proximal to Gold Fields Limited’s (“Gold Fields”) Salares Norte project in Chile for $4,900. These properties
cover prospective exploration ground that Gold Fields has been exploring. The Salares Norte project is currently under construction with
anticipated first production in 2023. The royalties include buydown provisions that would reduce the amount of each NSR royalty from
2% to 1%. The amount to be received by the Company if the buydown provisions are exercised would be $2,000 for the Aster 2 royalty and
$4,000 for each of the Aster 3 and Helada royalties. The acquisition of the royalties has been recorded as mineral interests. Transaction
costs incurred of $98 were capitalized.


 


		g.	Normal Course Issuer Bid and Automatic
                                            Share Purchase Plan



 


In October 2021, the Company established
a normal course issuer bid (“NCIB”). Under the NCIB, the Company may acquire up to 2,000,000 of its common shares
from time to time in accordance with the NCIB procedures of the TSX. Repurchases under the NCIB are authorized until October 13,
2022. Daily purchases will be limited to 8,218 common shares, representing 25% of the average daily trading volume of the common shares
on the TSX for the period from May 20, 2021 to October 5, 2021, being 32,872 common shares, except where purchases are made
in accordance with the “block purchase exemption” of the TSX rules. All common shares that are repurchased by the Company
under the NCIB will be cancelled. For the three and six months ended June 30, 2022, the Company had purchased 8,218 and 26,808 of
its common shares under the NCIB, respectively, which have been cancelled (three months ended December 31, 2021: 155,978 shares).


 


In December 2021, in connection with the
NCIB, the Company entered into an automatic share purchase plan (“ASPP”) with the designated broker responsible for
the NCIB. The ASPP is intended to allow for the purchase of its common shares under the NCIB at times when the Company would ordinarily
not be permitted to purchase its common shares due to regulatory restrictions and customary self-imposed blackout periods. Pursuant to
the ASPP, prior to entering into a blackout period, the Company may instruct the designated broker to make purchases under the NCIB in
accordance with the terms of the ASPP. Such purchases will be made by the designated broker in its sole discretion based on parameters
established by us prior to the blackout period in accordance with the rules of the TSX, applicable securities laws and the terms
of the ASPP. The ASPP was implemented effective as of January 1, 2022.


 






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Triple Flag Precious Metals Corp.


Notes to the Condensed Interim Consolidated Financial Statements (unaudited)


 


For the three and six months ended June 30, 2022 and 2021


(Expressed in thousands of United
States dollars, unless otherwise indicated, except share and per share information)


 


		h.	Dividend Reinvestment Plan



 


In
October 2021, Triple Flag announced that it had implemented a Dividend Reinvestment Plan (the “DRIP”).
Participation in the DRIP is optional and will not affect shareholders’ cash dividends, unless they elect to participate in the
DRIP. At the Company’s discretion, reinvestment will be made by acquiring common shares from the open market or issuing shares
from Treasury. The plan is effective for dividends declared by the Company, beginning with dividends declared November 2021.


 


		i.	Initial
                                            Public Offering



 


TF
Precious Metals closed its initial public offering (“IPO”) on May 26, 2021. TF Precious Metals sold an
aggregate of 19,230,770 treasury common shares at an offering price of $13.00 per share. On June 29, 2021, the underwriters of the
IPO exercised an over-allotment option granted to purchase a further 1,058,553 treasury common shares at the initial offering price of
$13.00 per share. The common shares are listed on the Toronto Stock Exchange in both Canadian and U.S. dollars under the symbols TSX:
TFPM and TSX: TFPM.U, respectively. Total proceeds from the IPO, net of underwriter fees and various issue costs, were $245,115.


 


		j.	IAMGOLD
                                            Royalty Portfolio Purchase



 


On January 12, 2021, the Company entered
into an agreement (the “IAMGOLD Agreement”) to purchase a royalty portfolio from IAMGOLD Corporation and certain of
its subsidiaries (together, “IAMGOLD”). On March 26, 2021, the Company and IAMGOLD entered into an amendment
agreement to the IAMGOLD Agreement pursuant to which the Company agreed to acquire a royalty portfolio consisting of 34 royalties on
various exploration and development properties for an aggregate acquisition price of $45,667. The acquisition of 33 royalties for $35,667
closed effective March 26, 2021. The acquisition of the remaining royalty, Antofagasta’s Polo Sur project located in Chile,
closed on April 16, 2021, following satisfaction of certain corporate actions in Chile. Transaction costs incurred of $393 were
capitalized at the acquisition date.


 


5. Amounts receivable and prepayments


 


	As at	 	June 30,
    2022	 	 	December 31,
    2021	 
	Royalties receivable	 	$	7,201	 	 	$	6,313	 
	Other receivables	 	 	1,037	 	 	 	-	 
	Prepayments	 	 	282	 	 	 	637	 
	Sales tax recoverable	 	 	159	 	 	 	74	 
	Total amounts receivable and prepayments	 	$	8,679	 	 	$	7,024	 




 


Royalties receivable represent amounts that are
generally collected within 45 days of quarter-end. Included in other receivables were stream payments of $693, which have been received
subsequent to quarter-end. Prepayments largely represent various insurance programs that are in place.


 






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Triple Flag Precious Metals Corp.


Notes to the Condensed Interim Consolidated Financial Statements (unaudited)


 


For the three and six months ended June 30, 2022 and 2021


(Expressed in thousands of United
States dollars, unless otherwise indicated, except share and per share information)


 


6. Loans receivable


 


	As at	 	June 30,
    2022	 	 	December 31,
    2021	 
	Bridge
    Financing - Stornoway Diamonds1	 	$	10,645	 	 	$	8,561	 
	Working
    Capital Facility - Stornoway Diamonds2	 	 	-	 	 	 	1,127	 
	Total loans receivable	 	$	10,645	 	 	$	9,688	 



 


		1	Represents
                                            a receivable under a bridge financing facility provided by certain secured lenders, including
                                            the Company, in June 2019 to Stornoway and certain of its subsidiaries. The loan bears
                                            interest at 8.25% per annum, which is calculated and compounded monthly and is capitalized
                                            until repayment. The increase in the loan balance during the six months ended June 30,
                                            2022 represents additional funding and interest accrued on the loan. The loan has been extended
                                            to December 31, 2025 and has been reclassified to non-current. Refer to Note 4 for additional
                                            detail.






		2	Represents
                                            working capital financing initially provided to Stornoway in 2019. The loan was fully repaid
                                            on April 29, 2022.



 


7. Investments


 


	As at	 	June 30,
    2022	 	 	December 31,
    2021	 
	Equity
    investment and warrants in Excelsior Mining Corp.1	 	$	1,927	 	 	$	4,571	 
	Equity
    investment and warrants in Nevada Copper Corp.2	 	 	503	 	 	 	1,389	 
	Equity investment and warrants in Steppe Gold Ltd.	 	 	491	 	 	 	604	 
	Equity investment in GoldSpot Discoveries Corp.	 	 	-	 	 	 	4,711	 
	Equity investment in Talon Metals Corp.	 	 	-	 	 	 	2,397	 
	Other
    equity investments3	 	 	2,357	 	 	 	-	 
	Total investments	 	$	5,278	 	 	$	13,672	 



 


		1	Includes
                                            13.8 million Excelsior common shares and 3.5 million common share purchase warrants of Excelsior
                                            Mining Corp.






		2	Includes
                                            2.5 million common shares and 1.5 million common share purchase warrants of Nevada Copper
                                            Corp.






		3	Includes
                                            equity investments in private entities.



 


Investments comprise equity interests and warrants
in publicly traded and private companies and have been recorded at fair value. The change in fair value reported in the consolidated
statements of income for the three months ended June 30, 2022 was $3,834 loss (2021: $2,595 gain) and for the six months ended June 30,
2022 was $4,492 loss (2021: $1,901 loss). The fair value of the public equity investments is classified as level 1 of the fair value
hierarchy because the main valuation inputs used are quoted prices in active markets, the fair value of the warrants is classified as
level 2 because one or more of the significant inputs are based on observable market data, and the fair value of the private equity investments
is classified as level 3 of the fair value hierarchy because the relevant observable inputs are not available. Refer to Note 12 for additional
details.


 


8. Mineral interests


 


	As at	 	June 30,
    2022	 	 	December 31,
    2021	 
	Streaming
    Interests1	 	$	1,014,491	 	 	$	1,032,585	 
	Royalty
    Interests2	 	 	199,318	 	 	 	192,648	 
	Total mineral interests	 	$	1,213,809	 	 	$	1,225,233	 



 


		1	Reflects
                                            addition of $354 for Nevada Copper Stream funding and depletion of $18,448.






		2	Reflects
                                            addition of $14,208 related to the Beaufor and Sofia royalty acquisitions, disposal of $2,401
                                            related to the Talon Royalty Buydown and depletion of $5,137.



 






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Triple Flag Precious Metals Corp.


Notes to the Condensed Interim Consolidated Financial Statements (unaudited)


 


For the three and six months ended June 30, 2022 and 2021


(Expressed in thousands of United
States dollars, unless otherwise indicated, except share and per share information)


 


9. Other assets


 


	As at	 	June 30,
    2022	 	 	December 31,
    2021	 
	Deferred
    charges – Credit Facility1	 	$	1,263	 	 	$	1,805	 
	Right-of-use
    asset2	 	 	804	 	 	 	929	 
	Leasehold improvements	 	 	307	 	 	 	354	 
	Furniture and fixtures	 	 	45	 	 	 	58	 
	Intangible asset	 	 	-	 	 	 	5	 
	Total other assets	 	$	2,419	 	 	$	3,151	 



 


		1	Represents
                                            costs associated with issuance and amendment of the Credit Facility. These costs are being
                                            amortized as a component of interest over the life of the Credit Facility.






		2	Represents
                                            the asset that was recognized upon adoption of IFRS 16. It relates to a 7-year lease entered
                                            into by the Company for a term which commenced on October 1, 2018 and is being amortized
                                            over the remaining life of the lease.



 


10. Long-term debt


 


Revolving Credit Facility


 


The Company currently has a credit facility of
$500,000, with an uncommitted accordion of up to $100,000 for a total availability of up to $600,000, maturing on August 30, 2023
(the “Credit Facility”).


 


The Credit Facility is to be used for general
corporate purposes and investments in the mineral industry, including the acquisition of mineral interests and other assets. The Credit
Facility is secured by the Company’s assets, present and future (including mineral interests and other assets).


 


Advances under the Credit Facility can be drawn
as follows:


 


		·	Base rate loans with interest payable monthly at the greater
of: (a) the aggregate of (i) the Federal Funds Effective Rate and (ii) 1/2 of 1.0% per annum and (b) the Base Rate
Canada, plus between 0.75% and 1.75% per annum (December 31, 2021: 0.75% and 1.75% per annum) depending upon the Company’s
leverage ratio; or



		·	LIBOR loans for periods of 1, 2, 3 or 6 months with interest
payable at a rate of LIBOR, plus between 1.75% and 2.75% per annum (December 31, 2021: 1.75% and 2.75% per annum), depending on
the Company’s leverage ratio.





 


As
at June 30, 2022, the Credit Facility remains undrawn. Finance costs, net for the three months ended June 30, 2022 were
$442 (2021: $2,059) and for the six months ended June 30, 2022 were $979 (2021: $4,577), including interest charges, the impact
of the pay-fixed receive-float interest rate swap and standby fees. Standby fees range from 0.39% to 0.62% per annum (2021: 0.39% to
0.62% per annum) depending on the Company’s leverage ratio even if no amounts are outstanding under the Credit Facility. The Credit
Facility includes covenants that require the Company to maintain certain financial ratios, including the Company’s leverage ratios.
As at June 30, 2022, all such ratios and requirements were met.


 


On April 30, 2020, the Company entered into
a pay-fixed receive-float interest rate swap to hedge the LIBOR rate on $150,000 of the Credit Facility. The swap was terminated on May 28,
2021. Refer to Note 12 for additional details.


 






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Triple Flag Precious Metals Corp.


Notes to the Condensed Interim Consolidated Financial Statements (unaudited)


 


For the three and six months ended June 30, 2022 and 2021


(Expressed in thousands of United
States dollars, unless otherwise indicated, except share and per share information)


 


11. Operating Expenses by Nature1


 


	 	 	For the three
    months ended June 30	 	 	For the six
    months ended June 30	 
	 	 	2022	 	 	2021	 	 	2022	 	 	2021	 
	Employee
    costs2,3	 	$	2,721	 	 	$	1,270	 	 	$	5,430	 	 	$	2,960	 
	Office, insurance and other expenses	 	 	883	 	 	 	483	 	 	 	1,778	 	 	 	489	 
	Professional
    services3	 	 	776	 	 	 	414	 	 	 	1,298	 	 	 	677	 
	Amortization	 	 	92	 	 	 	99	 	 	 	189	 	 	 	199	 
	Total	 	$	4,472	 	 	$	2,266	 	 	$	8,695	 	 	$	4,325	 



 


		1	Includes
                                            general administration costs and business development costs.






		2	Includes
                                            share-based compensation expense of $1,230 for the three months ended June 30, 2022
                                            (2021: $347) and $2,566 for the six months ended June 30, 2022 (2021: $347).






		3	Certain
                                            employee costs have been presented within business development costs from general administration
                                            costs due to their nature.



 


12. Financial instruments


 


The Company’s financial instruments include
cash and cash equivalents, amounts receivable (excluding sales taxes and prepayments), investments and loans receivable, amounts payable
and other liabilities and lease obligations.


 


The Company applies all of the requirements of
IFRS 9 for its financial instruments. The approach in IFRS 9 is based on how an entity manages its financial instruments and the contractual
cash flow characteristics of the financial asset. IFRS 9 introduced a single expected credit loss impairment model, which is based on
changes in debt or credit quality since initial recognition.


 


IFRS 9 applies an expected credit loss model
to evaluate financial assets for impairment. The Company’s financial assets which are subject to credit risk include cash and cash
equivalents, amounts receivable (excluding sales taxes and prepayments) and loans receivable. The amounts receivable (excluding sales
taxes and prepayments) are carried at amortized cost and had a carrying value of $8,238 as at June 30, 2022 (December 31, 2021:
$6,313). Considering the current turnover and credit risk associated with the amounts receivable (excluding sales taxes and prepayments)
and loans receivable, the application of the expected credit loss model did not have a significant impact on the Company’s financial
assets, because the Company determined that the expected credit losses on its financial assets were nominal.


 


To provide an indication about the reliability
of the inputs used in determining fair value, the Company classifies its financial instruments into the three levels prescribed under
the accounting standards. The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure
fair value. Refer to Note 7 for additional details on investments that are measured at fair value.


 


The carrying value of amounts receivable (excluding
sales taxes and prepayments), cash and cash equivalents, investments, loans receivable, amounts payable and other liabilities, and long-term
debt approximate their fair value. Financial assets and financial liabilities as at June 30, 2022 and December 31, 2021 were
as follows:


 


	As at June 30, 2022	 	FVTPL	 	 	Financial
    Assets
 at amortized cost	 	 	Financial
    Liabilities
 at amortized cost	 
	Cash and cash equivalents	 	$	-	 	 	$	74,431	 	 	$	-	 
	Amounts receivable (excluding sales taxes and prepayments)	 	 	-	 	 	 	8,238	 	 	 	-	 
	Investments	 	 	5,278	 	 	 	-	 	 	 	-	 
	Loans receivable	 	 	-	 	 	 	10,645	 	 	 	-	 
	Amounts payable and other liabilities	 	 	-	 	 	 	-	 	 	 	4,311	 
	Total	 	$	5,278	 	 	$	93,314	 	 	$	4,311	 






 






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Triple Flag Precious Metals Corp.


Notes to the Condensed Interim Consolidated Financial Statements (unaudited)


 


For the three and six months ended June 30, 2022 and 2021


(Expressed in thousands of United
States dollars, unless otherwise indicated, except share and per share information)


 





	As at December 31, 2021	 	FVTPL	 	 	Financial
    Assets at amortized cost	 	 	Financial
    Liabilities at amortized cost	 
	Cash and cash equivalents	 	$	-	 	 	$	40,672	 	 	$	-	 
	Amounts receivable (excluding sales taxes and prepayments)	 	 	-	 	 	 	6,313	 	 	 	-	 
	Investments	 	 	13,672	 	 	 	-	 	 	 	-	 
	Loans receivable	 	 	-	 	 	 	9,688	 	 	 	-	 
	Amounts payable and other liabilities	 	 	-	 	 	 	-	 	 	 	3,866	 
	Total	 	$	13,672	 	 	$	56,673	 	 	$	3,866	 


 


Derivative Financial Instruments


 


On
April 30, 2020, the Company entered into a pay-fixed receive-float interest rate swap (the “swap”) to hedge the
LIBOR rate on $150,000 of its Credit Facility. The swap had been designated as a cash flow hedge, as it converted the floating rate debt
to fixed. Through the swap, interest on $150,000 of the balance outstanding under the facility was fixed at 0.315% plus the applicable
margin, depending on the Company’s leverage ratio. On May 28, 2021, the Company paid $297 to terminate the swap, in conjunction
with partial repayment of the Credit Facility. As a result, the Company discontinued hedge accounting and released a loss of $297 ($218
loss net of tax) from AOCI.


 


13.
Earnings per share - basic and diluted


 


	 	 	For the three
    months ended June 30	 
	 	 	2022	 	 	2021	 
	 	 	Basic	 	 	Diluted	 	 	Basic	 	 	Diluted	 
	Net earnings	 	$	10,922	 	 	$	10,922	 	 	$	18,339	 	 	$	18,339	 
	Weighted average shares outstanding	 	 	156,013,993	 	 	 	156,044,014	 	 	 	143,534,434	 	 	 	143,534,434	 
	Earnings per share	 	$	0.07	 	 	$	0.07	 	 	$	0.13	 	 	$	0.13	 



 


	 	 	For the six
    months ended June 30	 
	 	 	2022	 	 	2021	 
	 	 	Basic	 	 	Diluted	 	 	Basic	 	 	Diluted	 
	Net earnings	 	$	26,811	 	 	$	26,811	 	 	$	27,018	 	 	$	27,018	 
	Weighted average shares outstanding	 	 	156,020,615	 	 	 	156,034,617	 	 	 	139,739,993	 	 	 	139,739,993	 
	Earnings per share	 	$	0.17	 	 	$	0.17	 	 	$	0.19	 	 	$	0.19	 



 


14. Share Capital


 


The Company is authorized to issue an unlimited
number of common and preferred shares. At June 30, 2022, the share capital comprises 156,009,929 common shares with no par value.


 


For the three months ended June 30, 2022,
the Company purchased 8,218 of its common shares under the NCIB for $106. For the six months ended June 30, 2022, the Company purchased
26,808 of its common shares under the NCIB for $331.


 


In December 2021, in connection with the
NCIB, the Company entered into an ASPP with the designated broker responsible for the NCIB. The ASPP is intended to allow for the purchase
of its common shares under the NCIB at times when the Company would ordinarily not be permitted to purchase its common shares due to
regulatory restrictions and customary self-imposed blackout periods.


 






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Triple Flag Precious Metals Corp.


Notes to the Condensed Interim Consolidated Financial Statements (unaudited)


 


For the three and six months ended June 30, 2022 and 2021


(Expressed in thousands of United
States dollars, unless otherwise indicated, except share and per share information)


 


Dividends





 


For
the three and six months ended June 30, 2022, we declared and paid dividends in United States dollars totaling $7,411 and $14,822,
respectively (2021: nil). For the three and six months ended June 30, 2022, no shares were issued from treasury for participation
in the DRIP.


 


15. Revenue


 


Revenue is comprised of the following:


 


	 	 	For the three
    months ended June 30	 	 	For the six
    months ended June 30	 
	 	 	2022	 	 	2021	 	 	2022	 	 	2021	 
	Streaming Interests	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	     Silver	 	$	12,564	 	 	$	18,254	 	 	$	28,554	 	 	$	36,472	 
	     Gold	 	 	13,679	 	 	 	13,606	 	 	 	24,663	 	 	 	21,689	 
	     Other1	 	 	2,514	 	 	 	1,707	 	 	 	5,091	 	 	 	3,023	 
	Royalty Interests	 	 	7,733	 	 	 	7,372	 	 	 	15,937	 	 	 	15,121	 
	Total revenues	 	$	36,490	 	 	$	40,939	 	 	$	74,245	 	 	$	76,305	 



 


		1	Refers
                                            to copper and diamonds.



 


Stream and royalty interest revenues were mainly
earned from the following mineral interests:


 


	 	 	For the three
    months ended June 30	 	 	For the six
    months ended June 30	 
	 	 	2022	 	 	2021	 	 	2022	 	 	2021	 
	Streaming Interests	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cerro Lindo	 	$	10,049	 	 	$	14,373	 	 	$	22,402	 	 	$	30,294	 
	Northparkes	 	 	6,340	 	 	 	8,562	 	 	 	13,210	 	 	 	12,393	 
	RBPlat	 	 	3,377	 	 	 	3,699	 	 	 	7,609	 	 	 	7,850	 
	Altan Tsagaan Ovoo	 	 	4,846	 	 	 	2,714	 	 	 	5,616	 	 	 	3,151	 
	Renard	 	 	2,287	 	 	 	1,473	 	 	 	4,630	 	 	 	2,789	 
	Buriticá	 	 	1,125	 	 	 	2,185	 	 	 	3,635	 	 	 	3,719	 
	Other1	 	 	733	 	 	 	561	 	 	 	1,206	 	 	 	988	 
	 	 	$	28,757	 	 	$	33,567	 	 	$	58,308	 	 	$	61,184	 
	Royalty Interests	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Fosterville	 	$	4,517	 	 	$	4,123	 	 	$	8,587	 	 	$	8,335	 
	Young-Davidson	 	 	1,411	 	 	 	1,311	 	 	 	2,936	 	 	 	2,515	 
	Dargues	 	 	872	 	 	 	750	 	 	 	2,272	 	 	 	1,777	 
	Other2	 	 	933	 	 	 	1,188	 	 	 	2,142	 	 	 	2,494	 
	 	 	$	7,733	 	 	$	7,372	 	 	$	15,937	 	 	$	15,121	 
	Total revenues	 	$	36,490	 	 	$	40,939	 	 	$	74,245	 	 	$	76,305	 



 


		1	Includes
                                            revenue from Gunnison and Pumpkin Hollow.






		2	Includes
                                            revenue from Eagle River, Hemlo, Henty and Stawell.



 






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Triple Flag Precious Metals Corp.


Notes to the Condensed Interim Consolidated Financial Statements (unaudited)


 


For the three and six months ended June 30, 2022 and 2021


(Expressed in thousands of United
States dollars, unless otherwise indicated, except share and per share information)


 


16. Segment disclosure


 


The Company’s business is organized into
one single operating segment, consisting of acquiring and managing precious metal and other high-quality streams and royalties. The Company’s
chief operating decision-maker, the CEO, makes capital allocation decisions, reviews operating results and assesses performance.


 


Geographic revenues from the sale of metals and
diamonds received or acquired from streams and royalties is determined by the location of the mining operations giving rise to the stream
or royalty interest.


 


For the three and six months ended June 30,
2022 and 2021, stream and royalty revenues were mainly earned from the following jurisdictions:


 


Revenue by Geography


 


	 	 	For the three
    months ended June 30	 	 	For the six
    months ended June 30	 
	 	 	2022	 	 	2021	 	 	2022	 	 	2021	 
	Australia1	 	$	12,338	 	 	$	14,222	 	 	$	25,630	 	 	$	24,206	 
	Peru2	 	 	10,049	 	 	 	14,373	 	 	 	22,402	 	 	 	30,294	 
	Canada3	 	 	4,022	 	 	 	3,185	 	 	 	8,147	 	 	 	6,097	 
	South
    Africa2	 	 	3,377	 	 	 	3,699	 	 	 	7,609	 	 	 	7,850	 
	Mongolia2	 	 	4,846	 	 	 	2,714	 	 	 	5,616	 	 	 	3,151	 
	Colombia2	 	 	1,125	 	 	 	2,185	 	 	 	3,635	 	 	 	3,719	 
	United
    States2	 	 	733	 	 	 	561	 	 	 	1,206	 	 	 	988	 
	Total revenues	 	$	36,490	 	 	$	40,939	 	 	$	74,245	 	 	$	76,305	 



 


		1	Includes
                                            revenue from streams for the three months ended June 30, 2022 of $6,340 (2021: $8,562)
                                            and six months ended June 30, 2022 of $13,210 (2021: $12,393), revenue from royalties
                                            for the three months ended June 30, 2022 of $5,998 (2021: $5,660) and six months ended
                                            June 30, 2022 of $12,420 (2021: $11,813).






		2	All
                                            revenue from streams.






		3	Includes
                                            revenue from streams for the three months ended June 30, 2022 of $2,287 (2021: $1,473)
                                            and six months ended June 30, 2022 of $4,630 (2021: $2,789), revenue from royalties
                                            for the three months ended June 30, 2022 of $1,735 (2021: $1,712) and six months ended
                                            June 30, 2022 of $3,517 (2021: $3,308).



 


17. Subsequent events


 


Quarterly Dividend Increase


 


Subsequent to the quarter-end, the Company’s
Board of Directors declared a 5% increase to the quarterly dividend of US$0.0475 per common share to US$0.05 per common share that will
be paid on September 15, 2022 to the shareholders of record at the close of business on August 31, 2022.


 






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