Triple Flag Announces Strong Revenue in Q3 2026 and First Deliveries from Ravenswood

Triple Flag Precious Metals Corp. (TFPM) released a preliminary quarterly revenue and GEO sales update for the third quarter of 2026, reporting revenue of US$106.7 million on 25,030 gold equivalent ounces (GEOs) sold. The sales mix included 16,519 GEOs of gold for US$70.4 million, 7,530 GEOs of silver for US$32.1 million, and 981 GEOs of copper and other metals for US$4.2 million.

The company stated it is on track to achieve sales between the midpoint and high end of its recently increased guidance for 2026 of 100,000 to 110,000 GEOs. This reaffirms the range set on June 11, 2026, which was raised from 95,000–105,000.

Several portfolio developments were disclosed, including the first quarter of deliveries from the Ravenswood gold stream in Australia. Evolution Mining’s mill expansion study at Northparkes now contemplates 10–11 Mtpa against a current run-rate of approximately 7.5 Mtpa, utilizing a 575 Mt measured and indicated resource base. Additionally, the first gold pour at Koné was declared ahead of schedule, and commercial production was achieved at the Johnson Camp Mine. Drilling at the Tamarack Vault Zone returned 46.4 m at 54.78% CuEq, with a feasibility study expected in Q4 2026.

Full Q3 2026 financials will be released on November 3, 2026, followed by a call on November 4, 2026. The release explicitly cautions that Q3 sales and associated costs are subject to final review and may vary significantly. Consequently, details regarding cost of sales, depletion, margins, cash flow, dividends, buybacks, balance sheet, leverage, and net debt are not included in this preliminary update.

While revenue was up 14.1% year over year, it fell 17.4% quarter over quarter and 27.4% below the Q1 2026 record. Volume, rather than price, was the primary factor in the quarterly decline.

Triple Flag Precious Metals Corp. (TFPM) released preliminary revenue and volume data for the third quarter, alongside updates on third-party operator milestones. The company reported Q3 sales of 25,030 GEOs for US$106.7 million. Key developments include confirmation that the Ravenswood operation has begun delivering, a widened 10–11 Mtpa study scope for Northparkes, the Koné pour occurring ahead of schedule, the start of commercial production at Johnson Camp, and assay results from the Tamarack Vault Zone.

The company reaffirmed its 100,000–110,000 GEO guidance range, which was originally set on June 11, 2026, and reiterated during the Q2 release and call. The timing of the first Ravenswood delivery, previously telegraphed in June, the E48 ramp-up, and the Steppe fixed delivery schedule remain consistent with prior disclosures.

Revenue increased 14.1% year over year, rising from US$93.5 million in Q3 2025 to US$106.7 million. However, revenue decreased 17.4% quarter over quarter from US$129.2 million and fell 27.4% compared to the Q1 2026 record of US$147.0 million. GEO volumes declined 7.4% year over year from 27,037 and dropped 12.7% quarter over quarter from 28,674. This marks the weakest GEO quarter of 2026 and the first year-over-year decline in GEO volumes since at least Q3 2025.

The decline is attributed to previously disclosed factors, including the Cerro Lindo silver stream stepping down from 65% to 25% in April 2026, which represents a permanent reduction in economics rather than a temporary outage. Northparkes is currently working through the E48 sub-level cave ramp-up, with H1 2026 Northparkes GEOs down 35% year over year. Additionally, Q1 and Q2 results included timing flatters, such as Steppe arrears in Q1 and a late Q1 Impala delivery landing in Q2.

The implied realised price, calculated as revenue divided by GEOs sold, was US$4,263 per GEO in Q3 2026, up from US$3,458 in Q3 2025 (+23.3%). This compares to US$4,506 in Q2 2026 and US$4,873 in Q1 2026. Both the gold line (US$70.4 million / 16,519 = ~US$4,262 per oz) and the silver line (US$32.1 million / 7,530 = ~US$4,263 per GEO) show the same ~23% year-over-year gain and the same sequential decline. This data is not fully reconcilable with the H1 2026 MD&A reference to an average realised gold price of US$4,506/oz; the sequential price trend should be treated as indicative, not definitive.

Triple Flag Precious Metals Corp. (TFPM) is a pure-play precious metals streaming and royalty company listed on the TSX and NYSE. The company does not own, develop, or operate mines; instead, it holds financial interests in operator-run assets, transferring capital, operating, and jurisdictional risk to the operators.

According to the latest release, Triple Flag’s portfolio comprises 242 assets, consisting of 17 streams and 225 royalties, primarily from the Americas and Australia. This includes 36 producing mines and 206 development and exploration stage projects. However, an inconsistency exists within the company’s materials: the investor presentation states there were 237 total assets as at June 30, 2026, split into 156 producing assets, 50 development-stage assets, and 31 exploration-stage assets. This producing count cannot be reconciled with the 36 producing mines disclosed in every Triple Flag release, including this one. Consequently, the presentation's asset-stage breakdown is treated as unreliable.

The company’s primary commodities are gold and silver, with secondary exposures to copper, zinc, lithium, nickel, and cobalt. Examples of these secondary exposures include the 0.5% gross revenue lithium royalty at Tres Quebradas, the Gunnison copper royalty, and copper and other revenue of US$4.2 million this quarter.

Named producing assets include Northparkes, Ravenswood, Beta Hunt, Fosterville, Agbaou/Bonikro, and Impala Bafokeng in Australia and Africa; Cerro Lindo, Buriticá, Arcata, Minera Florida, Tres Quebradas, and Era Dorada in Latin America; and Young-Davidson, Florida Canyon, Eagle River, Johnson Camp/Gunnison, El Mochito, and ATO in North America and other regions.

The development pipeline is driving the 2030 outlook of 150,000–160,000 GEOs. Key projects include:

• Hope Bay (5.8 moz M&I at 5.63 g/t, first production expected 2030, 400–435 koz per year over 11 years)
• Northparkes E22 and E44 (2030)
• Goldfield, Era Dorada, South Railroad and Ana Paula (2028)
• Queensway (first pour targeted end-2027)
• Eskay Creek (restart Q2 2027)
• Kemess (2031)
• Arthur (permitting from 2027)
• Prieska (option on an US$80 million gold/silver stream)

Management includes CEO Sheldon Vanderkooy, who is the founder and joined in 2016; COO James Dendle; CFO Eban Bari; and Managing Director of TF International Fraser Cunningham. The board is chaired by Dawn Whittaker. Founder and substantial-owner equity of approximately US$120 million is disclosed.

Regarding ESG metrics, which are sourced from the presentation rather than this release, Triple Flag holds a Sustainalytics negligible risk score of 7.3, ranked 1st of 102 in precious metals, and an MSCI AA rating. The company has an SBTi-validated target to halve Scope 1 and 2 emissions by 2030.