Triple Flag Delivers Record Earnings Per Share and Operating Cash Flow Per Share Growth in 2025

Executive Summary

• Triple Flag Precious Metals Corp. reported fourth quarter and full-year 2025 financial results, showing significant growth in revenue and profitability compared to the prior year.
• The company declared a quarterly cash dividend of US$0.0575 per common share, payable on March 16, 2026.
• Triple Flag announced a strategic agreement with Evolution Mining to fund $84.3 million for the development of the E44 gold deposit at Northparkes, securing guaranteed minimum deliveries of gold and silver from 2030 to 2037.

Key Details

• Q4 2025 Financials:
  • Revenue: $118.9 million (vs. $74.2 million in Q4 2024).
  • Gold Equivalent Ounces (GEOs): 28,757 (vs. 27,864 in Q4 2024).
  • Operating Cash Flow: $89.5 million ($0.43 per share) (vs. $63.5 million / $0.32 per share in Q4 2024).
  • Net Earnings: $76.8 million ($0.37 per share) (vs. $41.3 million / $0.20 per share in Q4 2024).
  • Adjusted Net Earnings: $67.6 million ($0.33 per share) (vs. $36.3 million / $0.18 per share in Q4 2024).
  • Adjusted EBITDA: $101.0 million (vs. $63.0 million in Q4 2024).
• Full Year 2025 Financials:
  • Revenue: $388.7 million (vs. $269.0 million in FY2024).
  • GEOs: 113,237 (vs. 112,623 in FY2024).
  • Operating Cash Flow: $312.8 million ($1.54 per share) (vs. $213.5 million / $1.06 per share in FY2024).
  • Net Earnings: $240.0 million ($1.18 per share) (vs. Loss of $23.1 million / -$0.11 per share in FY2024).
  • Adjusted Net Earnings: $205.5 million ($1.01 per share) (vs. $109.6 million / $0.54 per share in FY2024).
  • Adjusted EBITDA: $325.0 million (vs. $220.2 million in FY2024).
• Dividend Declaration:
  • Board approved a quarterly cash dividend of $0.0575 per common share.
  • Payable on March 16, 2026, to shareholders of record at the close of business on March 2, 2026.
• Northparkes E44 Agreement:
  • Triple Flag International agreed to fund $84.3 million in Q4 2026 for the development of the E44 gold-dominant open pit deposit.
  • Evolution committed to guaranteed minimum deliveries of 45,052 ounces of gold and 446,200 ounces of silver over the 2030–2037 period.
  • Triple Flag is entitled to purchase 20% of payable gold and 30% of payable silver from E44 for an ongoing payment of 10% of the spot gold and silver price per ounce.
  • Evolution also announced approval for the E22 block cave development and a mill expansion study to increase processing capacity to 10 Mtpa.
• Share Buyback Activity:
  • NCIB renewed in Q4 2025, authorizing purchase of up to 10,328,075 common shares (5% of issued/outstanding).
  • Since renewal, 29,700 shares were bought back in the open market for $1.0 million.
• 2026 Guidance:
  • Expected stream sales and royalty revenue: 95,000 to 105,000 GEOs.
  • Depletion: $65 million to $75 million.
  • General Administration Costs: $30 million to $32 million.
  • Australian Cash Tax Rate: ~25%.
• 2030 GEOs Outlook:
  • Reiterated 135,000 to 145,000 GEOs in 2029.
  • Updated 2030 outlook to 140,000 to 150,000 GEOs, driven by Northparkes ramp-up, Arcata, Azuca, Johnson Camp, Koné, Eskay Creek, Goldfield, Era Dorada, South Railroad, Prieska, DeLamar, and Cove.
• Portfolio Updates (Selected):
  • Northparkes: Transitioned to E48 sub-level cave production in Q3 2025; Q4 sales were 3,867 GEOs.
  • Beta Hunt: Expansion to 2 Mtpa throughput expected by H1 2026; Fletcher Zone exploration ongoing.
  • Fosterville: Agnico Eagle updated outlook to 140k-160k oz gold in 2026/2027, rising to 170k-190k oz steady-state by 2028.
  • Cerro Lindo: 18.9 million ounces of silver delivered to date; stream rate expected to step down from 65% to 25% in Q2 2026.
  • Era Dorada: Construction license received; mining expected to commence May 2026, commercial production October 2027.
  • Eskay Creek: Permitting completed; mining expected to restart Q2 2027.
  • South Railroad: Feasibility study updated; board approved construction subject to permits; record of decision expected mid-2026.
  • Hope Bay: Technical evaluation for 400k-425k oz/year production profile expected Q2 2026; construction decision expected May 2026.
  • Kemess: Centerra released PEA for 267,000 GEOs over 15-year life; PFS expected 2027.
  • Prieska: Orion signed $250 million binding offtake financing with Glencore; first phase production expected end of Q1 2027. Triple Flag has option to acquire stream for $80 million.
  • ATO: Steppe Gold subsidiary in default; Triple Flag pursuing legal enforcement.

Notable Quotes

• “2025 marked another milestone year for Triple Flag, as we continued to build on our track record of delivering record GEOs performance, higher cash flow per share, and value-accretive capital deployment, with over $350 million deployed in 2025,” commented Sheldon Vanderkooy, CEO.
• “We carried this momentum into 2026 by unlocking the high-grade E44 gold deposit at Northparkes with Evolution... Northparkes is clearly positioned to be a significant growth asset for our shareholders.”