Triple Flag Announces Record Operating Cash Flow per Share in Q3 2025

Executive Summary

• Triple Flag Precious Metals Corp. reported strong financial results for the third quarter of 2025, with revenue increasing 26.8% year-over-year to $93.5 million and net earnings doubling to $61.9 million ($0.30 per share).
• The company declared a quarterly cash dividend of US$0.0575 per common share, payable on December 15, 2025, to shareholders of record on December 1, 2025.
• Management highlighted significant capital deployment of over $350 million in 2025, including acquisitions in Chile, Argentina, Peru, and the US, while maintaining a strong balance sheet in a net-cash position.

Key Details

• Q3 2025 Financial Performance:
  • Revenue: $93.5 million (vs. $73.7 million in Q3 2024).
  • Net Earnings: $61.9 million ($0.30 per share) vs. $29.6 million ($0.15 per share) in Q3 2024.
  • Adjusted Net Earnings: $49.3 million ($0.24 per share) vs. $28.3 million ($0.14 per share) in Q3 2024.
  • Operating Cash Flow: $81.4 million ($0.39 per share) vs. $61.8 million ($0.31 per share) in Q3 2024.
  • Adjusted EBITDA: $78.5 million vs. $61.7 million in Q3 2024.
  • Asset Margin: 93% vs. 92% in Q3 2024.
• Production Metrics:
  • Gold Equivalent Ounces (GEOs) Sold: 27,037 GEOs (19,664 gold, 7,373 silver) vs. 29,773 GEOs in Q3 2024.
  • Gold Revenue: $67.97 million.
  • Silver Revenue: $25.48 million.
• Dividend Declaration:
  • Declared dividend of $0.0575 per common share.
  • Payment Date: December 15, 2025.
  • Record Date: December 1, 2025.
• Acquisitions & Capital Deployment:
  • Total capital deployed in 2025 exceeds $350 million.
  • Minera Florida (Chile): Acquired 0.8% - 1.5% NSR royalties from Pan American Silver for $23 million. The mine produced over 2.5 million oz Au and 14 million oz Ag since 1986. As of June 30, 2025, reserves total 2.6 million tonnes grading 3.20 g/t Au and 19 g/t Ag. 2025 production guidance is 78-90k oz Au and 0.45M oz Ag.
  • Arthur Project (Nevada): Acquired a 1.0% NSR royalty on the AngloGold Ashanti-operated project. Pre-feasibility study expected early 2026; 45km drilled in H1 2025 for $24.1M.
  • Tres Quebradas (Argentina): Acquired 0.5% GR lithium royalty; first production announced in Sept 2025.
  • Arcata (Peru): Acquired 5% silver and gold streams; restart expected Q4 2025.
  • Johnson Camp Mine (Arizona): Acquired additional copper royalty; first copper sales announced in Sept 2025.
• 2025 Guidance & Outlook:
  • GEOs Sales Guidance: 105,000 to 115,000 ounces. Management expects to achieve sales between the midpoint and high end of this range.
  • General Administration Costs: Expected to exceed the top end of the $25 million guidance due to non-cash mark-to-market adjustments for stock-based compensation.
  • 2029 Outlook: Unchanged at 135,000 to 145,000 GEOs.
• Portfolio Updates (Selected):
  • Northparkes (Australia): Record Q3 sales of 10,617 GEOs. E48 SLC production started H2 2025.
  • Beta Hunt (Australia): Expansion project advancing; steady-state productivity expected H1 2026.
  • Fosterville (Australia): Operator expects 140k-160k oz Au annually for 2025-2027.
  • Cerro Lindo (Mexico): 65% silver stream; step-down to 25% expected starting 2026.
  • Buriticá (Colombia): Steady operations despite illegal mining presence; spun off into Zijin Gold International.
  • Tres Quebradas (Argentina): Phase 2 expansion could increase capacity by 40,000 tonnes LCE.
  • Ana Paula (Peru): PEA expected Q4 2025; production expected 2028.
  • Young-Davidson (Canada): Revised 2025 guidance to 160k-165k oz Au (down from 175k-190k).
  • Florida Canyon (USA): Drilling testing oxide mine life extension; preliminary estimates of 34-56M tonnes at 0.11-0.25 g/t Au from waste dumps.
  • Kensington (USA): Increased 2025 guidance to 98,500-108,500 oz Au.
  • Sleeping Giant (Canada): First gold pour reported; operator exercised 0.5% royalty buydown for $2M.
  • Hope Bay (Canada): $97M investment program for redevelopment; internal evaluation for 400k oz/yr scenario on track for H1 2026.
  • ATO (Ghana): Steppe Gold remains in default; Triple Flag filed for arbitration in Oct 2025 requesting specific performance for 1,139 oz Au and 8,332 oz Ag.
  • Prieska (South Africa): Signed non-binding term sheet with Glencore for $200-250M offtake financing; Triple Flag has option to acquire gold/silver stream for $80M.

Notable Quotes

• “2025 has been an exceptional year for Triple Flag to date, during which we executed on several accretive acquisitions, the portfolio performed strongly, and we generated record operating cash flow per share in the third quarter and year to date. I am very pleased that we now expect to achieve sales between the midpoint and high end of GEOs guidance for 2025,” commented Sheldon Vanderkooy, CEO.
• “Capital deployment in the third quarter was significant, starting with the acquisition of a 1.0% NSR royalty on the world-class Arthur gold project... We also acquired a royalty package on Pan American Silver’s producing Minera Florida gold mine in Chile for $23 million...”
• “Triple Flag has a strong balance sheet in a current net-cash position with an acquisition pipeline that remains strong and active.”