EARLY WARNING REPORT REGARDING THE AMENDMENT AND RESTATEMENT OF MARGIN LOAN AGREEMENTS SECURED BY SHARES OF TRIPLE FLAG PRECIOUS METALS CORP. BY ELLIOTT INVESTMENT MANAGEMENT L.P.

TORONTO, Nov. 6, 2026 /CNW/ --

Item 1 - Security and Reporting Issuer

This press release relates to common shares (the "Shares") of Triple Flag Precious Metals Corp. (the "Issuer").

The Issuer's address is:

Triple Flag Precious Metals Corp.
TD Canada Trust Tower
161 Bay Street, Suite 4535
Toronto, ON M5J 2S1

Item 2 - Identity of the Acquiror

This press release is filed on behalf of Elliott Investment Management L.P. ("Elliott Investment Management"), the investment manager of Elliott Associates, L.P. ("Elliott Associates") and Elliott International, L.P. ("Elliott International"). A majority of the limited partnership interests of Elliott International are held by Elliott International Limited ("EIL"). Elliott Investment Management directly or indirectly has direction and control over all of the Shares held by the Acquiror (as defined below).

This press release is also filed on behalf of European Investments Holding Company S.à r.l. ("EIHC"), the sole shareholder of Triple Flag Mining Aggregator S.à r.l. ("TFM Aggregator"). EIHC is majority-owned by Elliott International, and directly or indirectly has beneficial ownership of all of the Shares held by TFM Aggregator.

Elliott Investment Management, Elliott International, EIL, Elliott Associates, EIHC, and TFM Aggregator are collectively referred to as the "Acquiror".

The address of the Acquiror is as follows:

c/o Elliott Investment Management L.P.
360 S. Rosemary Ave. 18th floor
West Palm Beach, FL
33401 USA

Amendment and Restatement of Margin Loan Agreements

As previously disclosed in a prior press release, Elliott Investment Management, in its capacity as investment manager on behalf of Elliott International and Elliott Associates, as applicable, entered into (i) a Margin Loan Agreement (the "Elliott International Margin Loan Agreement") and a Pledge and Security Agreement (the "Elliott International Pledge Agreement"), each dated March 31, 2026, with Elliott International, as borrower, TFM Aggregator, as pledgor, JPMorgan Chase Bank, N.A., as lender, administrative agent and calculation agent ("JPM"), and the other lenders identified therein (collectively, the "Lenders") and (ii) a separate Margin Loan Agreement (the "Elliott Associates Margin Loan Agreement") and a separate Pledge and Security Agreement (the "Elliott Associates Pledge Agreement"), each dated March 31, 2026, with Elliott Associates, as borrower, TFM Aggregator, as pledgor, JPM and the Lenders. The Elliott International Margin Loan Agreement and the Elliott Associates Margin Loan Agreement are referred to collectively as the "Margin Loan Agreements," and the Elliott International Pledge Agreement and the Elliott Associates Pledge Agreement are referred to collectively as the "Pledge Agreements." Pursuant to the Margin Loan Agreements, as originally entered into, (i) Elliott International borrowed an aggregate principal amount of US$204 million secured by a first priority security interest in and lien on an aggregate of 15,558,267 Shares and (ii) Elliott Associates borrowed an aggregate principal amount of US$96 million secured by a first priority security interest in and lien on an aggregate of 7,321,538 Shares (collectively, the "Pledged Securities").

On November 6, 2026, Elliott Investment Management, in its capacity as investment manager on behalf of Elliott International and Elliott Associates, as applicable, entered into amended and restated versions of the Elliott International Margin Loan Agreement and the Elliott Associates Margin Loan Agreement (collectively, the "Amended and Restated Margin Loan Agreements") with the Lenders, pursuant to which (i) the aggregate principal amount under the Elliott International Margin Loan Agreement was increased from US$204 million to US$884 million and (ii) the aggregate principal amount under the Elliott Associates Margin Loan Agreement was increased from US$96 million to US$416 million, representing an increase in the aggregate principal amount under the Margin Loan Agreements from US$300 million to US$1.3 billion.

In connection with the Amended and Restated Margin Loan Agreements, TFM Aggregator entered into amended and restated versions of the Pledge Agreements (the "Amended and Restated Pledge Agreements"), pursuant to which TFM Aggregator pledged an additional 110,361,730 Shares as collateral to secure the obligations of Elliott International and Elliott Associates thereunder, such that an aggregate of 133,241,535 Shares now constitute Pledged Securities under the Amended and Restated Pledge Agreements.

The Amended and Restated Margin Loan Agreements and the Amended and Restated Pledge Agreements contemplate that additional lenders may become parties thereto from time to time and that further technical amendments may be entered into to accommodate these additional lenders. In connection with the admission of any additional lenders, a proportionate number of the existing Pledged Securities may be allocated to collateral accounts established for the additional lenders in accordance with their respective commitments under the Amended and Restated Margin Loan Agreements. Each additional lender would be granted a security interest in the Pledged Securities, subject to the terms of the applicable Amended and Restated Pledge Agreement, including limitations on the exercise of rights and remedies with respect to Pledged Securities held in collateral accounts allocated to other lenders.

The Amended and Restated Margin Loan Agreements also provide for an extension of the maturity date of the facilities to March 31, 2028.

Except as described in this press release, the material terms of the Margin Loan Agreements and the Pledge Agreements previously disclosed remain substantially unchanged.

Item 3 - Interest in Securities of the Reporting Issuer

Before and after entering into the Amended and Restated Margin Loan Agreements, the Acquiror continues to beneficially own, and have control and direction over, 133,241,535 Shares representing approximately 64.8% of the Issuer's issued and outstanding Shares (based upon 205,685,460 Shares outstanding as of November 3, 2026 as disclosed in the Issuer's management's discussion & analysis of financial condition and results of operations for the three and nine months ended September 30, 2026).

Item 4 - Consideration Paid

Not applicable.

Item 5 - Purpose of the Transaction

State the purpose or purposes of the acquiror and any joint actors for the acquisition or disposition of securities of the reporting issuer.

Describe any plans or future intentions which the acquiror and any joint actors may have which relate to or would result in any of the following:

(a)	the acquisition of additional securities of the reporting issuer, or the disposition of securities of the reporting issuer;
(b)	a corporate transaction, such as a merger, reorganization or liquidation, involving the reporting issuer or any of its subsidiaries;
(c)	a sale or transfer of a material amount of the assets of the reporting issuer or any of its subsidiaries;
(d)	a change in the board of directors or management of the reporting issuer, including any plans or intentions to change the number or term of directors or to fill any existing vacancy on the board;
(e)	a material change in the present capitalization or dividend policy of the reporting issuer;
(f)	a material change in the reporting issuer's business or corporate structure;
(g)	a change in the reporting issuer's charter, bylaws or similar instruments or another action which might impede the acquisition of control of the reporting issuer by any person or company;
(h)	a class of securities of the reporting issuer being delisted from, or ceasing to be authorized to be quoted on, a marketplace;
(i)	the issuer ceasing to be a reporting issuer in any jurisdiction of Canada;
(j)	a solicitation of proxies from securityholders;
(k)	an action similar to any of those enumerated above.

As of the date of this press release, the Acquiror does not have any specific current plan or future intention to acquire or dispose of securities of the Issuer. The Acquiror may or may not purchase or sell securities of the Issuer in the future on the open market or in private transactions in the ordinary course, and may or may not adopt an automatic trading plan for such purpose, depending on market conditions and other factors material to the Acquiror's investment decision. 

As of the date of this press release, the Acquiror does not have any specific current plan or future intention to participate in a transaction or other material change relating to the Issuer, but may decide to do so in the event that a firm proposal for a transaction or other material change is advanced by the Issuer, or any other party, on terms satisfactory to the Acquiror.

Item 8 - Exemption

If the acquiror relies on an exemption from requirements in securities legislation applicable to formal bids for the transaction, state the exemption being relied on and describe the facts supporting that reliance.

Not applicable.

For further details or to obtain a copy of the early warning report filed in connection with the above, please visit www.sedarplus.caor contact:

ELLIOTT MANAGEMENT CORPORATION

Jeffrey Blum

Tel: [phone]

Email: [e-mail]

SOURCE Elliott Investment Management L.P.