Triple Flag Precious Metals Corp. press release

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

2026-02-18

TSX - Toronto Stock Exchange · Gold · Copper · Silver · Zinc · Lead · Platinum · Palladium · Rhodium · Lithium · Nickel · Canada · Corporate Finance

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

Triple Flag Precious Metals Corp. (with its subsidiaries, “Triple Flag” or the “Company”) (TSX: TFPM, NYSE: TFPM) announced its results for the fourth quarter and full year of 2025 and declared a dividend of US$0.0575 per common share to be paid on March 16, 2026. All amounts are expressed in US dollars, unless otherwise indicated.

“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. Triple Flag will receive guaranteed minimum deliveries from E44, representing material upside from a deposit that was previously not included in the life-of-mine plan at Northparkes and has significant exploration potential. Together with Evolution’s announcement of the E22 block cave approval and potential expansion to 10 Mtpa of processing capacity, Northparkes is clearly positioned to be a significant growth asset for our shareholders.

Our long-term organic growth outlook of 140,000 to 150,000 GEOs by 2030 is robust and reflects the achievement of several de-risking milestones delivered by our operators over the past twelve months. Arcata, Koné, Eskay Creek, Era Dorada, Goldfield, South Railroad, and DeLamar are a few examples of the many assets in our portfolio that are now ramping up or advancing rapidly down the path to production over the medium term.

Beyond 2030, our current portfolio is expected to deliver further GEOs growth from Arthur, Kemess, Hope Bay, as well as the growth initiatives at Northparkes. Notably, all of these assets are located in mining-friendly jurisdictions across the United States, Canada and Australia. We look forward to the near-term release of economic studies for both Arthur and Hope Bay from AngloGold Ashanti and Agnico Eagle, respectively, which we believe will highlight strong production profiles, long lives and a clear line of sight to production.

Triple Flag is debt-free with over $1 billion of available liquidity and industry-leading exposure to the strong gold and silver price environment. We will continue our disciplined approach through 2026 to reinvesting the cash flow generated by our business into accretive transactions to drive compounding, per-share growth.”

Q4 2025 and Full Year 2025 Financial Highlights

Q4 2025

Q4 2024

FY2025

FY2024

Revenue

$118.9 million

$74.2 million

$388.7 million

$269.0 million

Gold Equivalent Ounces (“GEOs”) 1

28,757

27,864

113,237

112,623

Operating Cash Flow (per share)

$89.5 million ($0.43)

$63.5 million ($0.32)

$312.8 million ($1.54)

$213.5 million ($1.06)

Net Earnings (Loss) (per share)

$76.8 million ($0.37)

$41.3 million ($0.20)

$240.0 million ($1.18)

($23.1 million) (-$0.11)

Adjusted Net Earnings 2 (per share)

$67.6 million ($0.33)

$36.3 million ($0.18)

$205.5 million ($1.01)

$109.6 million ($0.54)

Adjusted EBITDA 3

$101.0 million

$63.0 million

$325.0 million

$220.2 million

GEOs by Commodity, Revenue by Commodity, and Financial Highlights Summary Table

Three Months Ended December 31

Year Ended December 31

($ thousands except GEOs, Asset Margin and per share numbers)

2025

2024

2025

2024

GEOs 1

Gold

11,780

17,483

72,766

71,761

Silver

16,977

10,381

40,471

40,862

Total

28,757

27,864

113,237

112,623

Revenue

Gold

48,712

46,564

243,003

171,265

Silver

70,204

27,649

145,701

97,726

Total

118,916

74,213

388,704

268,991

Net Earnings (Loss)

76,832

41,280

240,005

(23,084)

Net Earnings (Loss) per Share

0.37

0.20

1.18

(0.11)

Adjusted Net Earnings 2

67,561

36,252

205,465

109,607

Adjusted Net Earnings per Share 2

0.33

0.18

1.01

0.54

Operating Cash Flow

89,497

63,473

312,832

213,503

Operating Cash Flow per Share

0.43

0.32

1.54

1.06

Adjusted EBITDA 3

101,000

62,980

325,014

220,200

Asset Margin 4

94%

92%

93%

92%

Corporate Updates

Triple Flag and Evolution to Unlock the Gold-Dominant E44 Deposit at Northparkes, Underpinned by Guaranteed Gold and Silver Deliveries; Potential Mill Expansion to 10 Mtpa. On February 10, 2026, Triple Flag announced that its wholly owned subsidiary, Triple Flag International Ltd. (“Triple Flag International”), has agreed with Evolution Mining Limited (“Evolution”) to fund $84.3 million in the fourth quarter of 2026 for the development of the new gold-dominant E44 open pit deposit (the “E44 Gold Deposit”) at Northparkes, with Evolution committing to guaranteed minimum deliveries of 45,052 ounces of gold and 446,200 ounces of silver over the 2030 to 2037 period from the E44 Gold Deposit. Triple Flag also congratulated Evolution on its announcement that it has approved the block cave development of the gold-rich E22 deposit at Northparkes, as well as the commencement of a mill expansion study to evaluate the viability of increasing processing capacity to 10 million tonnes per annum (“Mtpa”) or more from 7.5 Mtpa currently.

The E44 Gold Deposit is a gold-dominant deposit located approximately 21 kilometers away from current mill infrastructure and mining areas. Pursuant to the E44 agreement, Triple Flag International is entitled to purchase 20% of payable gold and 30% of payable silver from the E44 Gold Deposit for an ongoing payment of 10% of the spot gold and silver price for each ounce delivered (the “E44 Stream”).

Triple Flag International has an existing 54% gold and 80% silver stream at Northparkes for an ongoing payment of 10% of the spot gold and silver price for each ounce delivered (the “Existing Stream”). The Existing Stream is unaffected, other than with respect to the E44 Gold Deposit.

Refer to the February 10, 2026, press release on our website, Triple Flag and Evolution to Unlock the Gold-Dominant E44 Deposit at Northparkes, Underpinned by Guaranteed Gold and Silver Deliveries, for further details.

Quarterly Dividend Declared: Triple Flag’s Board of Directors approved the declaration of a quarterly cash dividend of $0.0575 per common share that will be paid on March 16, 2026, to shareholders of record at the close of business on March 2, 2026.

Share Buyback Activity: Triple Flag renewed its normal course issuer bid (“NCIB”) during the fourth quarter of 2025 in accordance with a disciplined capital allocation strategy focused on balance sheet management, returns to shareholders and accretive growth opportunities. During the period from November 17, 2025, to November 16, 2026, Triple Flag is authorized to purchase up to 10,328,075 of its common shares (representing 5% of the Company’s issued and outstanding common shares at the time of the NCIB renewal). Since the NCIB renewal, Triple Flag bought back 29,700 shares in the open market for $1.0 million.

2026 Guidance

In 2026, we expect stream sales and royalty revenue of 95,000 to 105,000 GEOs.

2026 guidance is based on public forecasts and disclosures by the owners and operators of our assets and our assessment thereof. Key assumptions include:

The expected mine sequencing at Northparkes. High-grade gold production at the operation has transitioned from the E31 and E31N open pits to the E48 sub-level cave (“SLC”), which started production in the third quarter of 2025 and is expected to ramp up through 2026.

A step-down in the stream rate from 65% to 25% at Cerro Lindo starting in the second quarter, following the cumulative delivery of 19.5 million ounces of silver since we acquired the stream in 2016.

The ramp-up of the Arcata silver and gold mine, which commenced production in the fourth quarter of 2025.

2026 Guidance 1

GEOs Sales 2

95,000 to 105,000 GEOs

Depletion

$65 million to $75 million

General Administration Costs

$30 million to $32 million

Australian Cash Tax Rate 3

~25%

1 Assumed gold-to-silver price ratio of 64x in the first quarter, 70x in the second quarter, 75x in the third quarter and 80x in the fourth quarter.

2 Refer to Endnote 1.

3 Australian Cash Taxes are payable for Triple Flag’s Australian royalty interests, specifically Fosterville, Beta Hunt, Stawell, and Henty.

2030 GEOs Outlook and Beyond

We reiterate our previous outlook of 135,000 to 145,000 GEOs in 2029.

We now expect our current portfolio to deliver 140,000 to 150,000 GEOs in 2030, representing a significant organic increase over current levels, mainly driven by the following assumptions as well as our assessment of operator guidance. The GEOs expected in the 2030 outlook is derived from mines that are currently in production, or well advanced down the economic study, permitting, or construction path.

Northparkes – The ramp-up of the E48 sub-level cave as described above.

Ramp-up of producing and development-stage assets – In the medium to long term, revenue from Arcata and Azuca (Sierra Sun Precious Metals S.A.C.), Johnson Camp Mine (Gunnison Copper Corp.), Koné (Montage Gold Corp.), Eskay Creek (Skeena Resources Limited), Goldfield (Centerra Gold Inc.), Ana Paula (Heliostar Metals Ltd.), Era Dorada (Aura Minerals Inc.), South Railroad (Orla Mining Ltd.), Tres Quebradas (Zijin Mining Group Co., Ltd.), Prieska (Orion Minerals Limited), DeLamar (Integra Resources Corp.), and Cove (i-80 Gold Corp.).

An assumed gold-to-silver price ratio of 85x.

Significant organic growth beyond the 2030 outlook is driven by:

The high-grade E44 gold project, high-grade E22 copper-gold project, as well as a potential 10 Mtpa mill expansion at Northparkes in Australia (Evolution)

The Arthur open pit gold oxide project in Nevada (AngloGold Ashanti plc)

The Kemess open pit and underground, copper-gold-silver project in British Columbia (Centerra Gold Inc.)

The Hope Bay underground gold project in Nunavut (Agnico Eagle Mines Limited)

Quarterly Portfolio Updates

Australia:

Northparkes (54% gold stream and 80% silver stream): Sales from Northparkes in Q4 2025 were 3,867 GEOs.

High-grade gold production at the operation has transitioned from the E31 and E31N open pits to the E48 SLC, which started production in the third quarter of 2025 and is expected to ramp up through 2026.

As described above, refer to the February 10, 2026, press release on our website, Triple Flag and Evolution to Unlock the Gold-Dominant E44 Deposit at Northparkes, Underpinned by Guaranteed Gold and Silver Deliveries, for further details on the recent transaction.

Beta Hunt (3.25% GR and 1.5% NSR gold royalties): Royalties from Beta Hunt in Q4 2025 equated to 1,073 GEOs.

The expansion project to achieve consistent mine throughput at Beta Hunt of 2 million tonnes per annum is expected to be completed by the end of the first half of 2026. Recent capital investment on upgrades to primary ventilation, mine pumping and water supply has enabled increased mining development and improved operational flexibility.

Following the declaration of a maiden resource for the Fletcher Zone in June 2025, which effectively doubled the previous Beta Hunt resource, exploration and definition drilling to determine its potential scale is ongoing before its integration into a life of mine plan. The Fletcher Zone is a significant discovery at Beta Hunt that is interpreted to represent a new gold mineralized structure parallel to the Western Flanks deposit of the mine and is located 50 meters to the west. Western Flanks is currently the primary source of gold ore for Beta Hunt.

Fosterville (2.0% NSR gold royalty): Royalties from Fosterville in Q4 2025 equated to 807 GEOs. In February 2026, Agnico Eagle Mines Limited (“Agnico Eagle”) released an updated three-year outlook. The operator now expects Fosterville to produce between 140,000 to 160,000 ounces of gold in each of 2026 and 2027. Notably, production is now expected to further increase to a new steady-state of 170,000 to 190,000 in 2028 and remain at that level through the early 2030s, following the completion of mining and processing initiatives that will drive a 65% boost in throughput to 3,300 tpd.

These initiatives at Fosterville include stope-cycle optimization, an increase in development rates to sustain 12 kilometers of annual development, upgrades to ventilation infrastructure, new tailings cells and upgrades to the grinding circuit.

Henty (3.0% GR gold royalty): Royalties from Henty in Q4 2025 equated to 207 GEOs. In May 2025, Kaiser Reef Limited (“Kaiser Reef”) acquired the Henty underground gold mine in Tasmania from Catalyst Metals Limited. Kaiser Reef’s cornerstone asset is Henty and, since acquiring the asset, the operator has focused on mill throughput expansion initiatives and mine life extension drilling. A near-term focus for Kaiser Reef is to increase annual gold production rates at Henty to 35,000 ounces by the end of its 2027 fiscal year from approximately 28,000 ounces currently. Exploration drilling is ongoing with two rigs.

Latin America:

Cerro Lindo (65% silver stream) : Sales from Cerro Lindo in Q4 2025 were 9,319 GEOs.

Under the stream agreement with Nexa Resources S.A. (“Nexa”), we receive 65% of payable silver from Cerro Lindo until 19.5 million ounces have been delivered, and 25% thereafter. As of December 31, 2025, 18.9 million ounces of silver have been delivered since inception under the stream agreement with Nexa. We continue to expect a step-down in the stream rate from 65% to 25% starting in the second quarter of 2026.

Buriticá (100% silver stream, fixed ratio to gold): Sales from Buriticá in Q4 2025 were 1,816 GEOs.

Despite the ongoing presence of illegal miners, Buriticá has been able to maintain overall steady operations. The operator continues to engage closely with the surrounding community on illegal mining with support from national institutions, including the National Police of Colombia.

Camino Rojo (2.0% NSR gold royalty on oxides): Royalties from Camino Rojo in Q4 2025 equated to 549 GEOs. Orla Mining Ltd. (“Orla”) announced that Camino Rojo produced 96,764 ounces of gold in 2025, in line with updated guidance of 95,000 to 105,000 ounces.

Preliminary operator guidance for 2026 at Camino Rojo is 110,000 to 120,000 ounces of gold as mining has returned to the main part of the deposit. Due to grade sequencing, production is expected to be weighted towards the second half of the year.

Arcata (5% silver and gold streams): The Arcata silver and gold mine in Peru was re-started during the fourth quarter of 2025, in line with operator guidance. Sierra Sun Precious Metals S.A.C., the operator, intends to restart Arcata in multiple phases to generate cash flow for an ongoing ramp-up to steady state. Triple Flag continues to expect GEOs from Arcata to rise over the course of this ramp-up to approximately 5 to 6 thousand GEOs per year by 2028.

Era Dorada (1.0% NSR gold and silver royalty): In the fourth quarter of 2025, Aura Minerals Inc. (“Aura”) released a feasibility study for its 100%-owned Era Dorada underground gold project in Guatemala. Over a nearly 17-year mine life, Era Dorada is designed to produce 104,000 ounces of gold per year. In January 2026, Aura announced that it has received the construction license for Era Dorada and has now commenced early works.

Mining at Era Dorada is expected to commence in May 2026, with commercial production from the plant slated to begin in October 2027.

Ana Paula (2.0% NSR gold and silver royalty): In November 2025, Heliostar Metals Ltd. (“Heliostar”) released a preliminary economic assessment (“PEA”) on the 100%-owned, high-grade Ana Paula underground gold project in Mexico. Over a nine-year mine life, Ana Paula is designed to produce 101,000 ounces of gold per year.

Next steps for Ana Paula include a permit amendment submission in Q1 2026, decline development to enable the extraction of a bulk sample and the completion of a feasibility study in advance of a construction decision by the first half of 2027. First gold production is targeted for 2028.

Heliostar expects to finance the construction of Ana Paula from the free cash flow generated by its two operating mines (La Colorada and San Agustin) as well as a project financing facility.

North America:

Young-Davidson (1.5% NSR gold royalty): Royalties from Young-Davidson in Q4 2025 equated to 541 GEOs.

In January 2026, Alamos Gold Inc. (“Alamos”) released three-year production guidance of 155,000 to 175,000 ounces of gold for each of 2026, 2027 and 2028.

Florida Canyon (3.0% NSR gold royalty): Royalties from Florida Canyon in Q4 2025 equated to 391 GEOs.

Integra Resources Corp. (“Integra”) expects to provide a mineral reserve and resource update as well as a revised life-of-mine plan for Florida Canyon in the first half of 2026. These updates are expected to reflect the results of a 16,000 meter drill program designed to support oxide mine life extension at Florida Canyon.

Eagle River (0.5% NSR gold royalty): Royalties from Eagle River in Q4 2025 equated to 120 GEOs.

In January 2026, Wesdome Gold Mines Ltd. introduced 2026 gold production guidance for Eagle River of 105,000 to 115,000 ounces.

Gunnison and Johnson Camp Mine (3.5% to 16.5% copper stream and 3.0% GR copper royalty): On May 15, 2024, Nuton LLC, a Rio Tinto venture, announced that it elected to proceed to Stage 2 of a two-stage work program on the use of copper heap leach technologies for primary sulphide mineralization at Gunnison Copper Corp.’s 100%-owned Johnson Camp Mine (“JCM”) in Arizona.

Triple Flag owns a 3.0% GR royalty on JCM, which is also within the coverage area of the Company’s separate oxide copper stream on the Gunnison property.

In September 2025, the operator announced first copper sales from JCM, in line with their market guidance. Subsequently in December 2025, the operator announced first copper production from Nuton technology at JCM. JCM’s annual nameplate capacity is 25 million pounds of copper cathode.

Eskay Creek (0.5% NSR gold and silver royalty): In February 2026, Skeena Resources Limited completed the permitting process for the fully financed Eskay Creek gold and silver project in British Columbia. Mining operations are expected to re-start in the second quarter of 2027. Significant infrastructure is already in place at Eskay Creek, including a permitted tailings facility and all-weather access road.

Based on a November 2023 feasibility study, Eskay Creek is expected to produce 324,000 ounces of gold equivalent annually over a 12-year life.

Queensway (0.2% to 0.5% NSR gold royalty): The Queensway open pit and underground gold project is located in Newfoundland, Canada and is operated by New Found Gold Corp. (“New Found”). In November 2025, New Found completed the previously announced acquisition of Maritime Resources Corp., which has a mill located 180 kilometers away to potentially process ore from Queensway.

Subject to the completion of permitting, New Found expects first gold in the second half of 2027 from open pit operations at Queensway.

South Railroad (2.0% NSR gold and silver royalty, partial coverage): In August 2025, Orla announced that the Notice of Intent (“NOI”) for the 100%-owned South Railroad heap leach project in Nevada was published, which formally initiated the federal permitting process under the National Environmental Policy Act (“NEPA”). As a FAST-41 Covered Project in accordance with NEPA, Orla continues to expect a record of decision for South Railroad by mid-2026, with targeted first gold production in 2028.

In January 2026, Orla released an updated feasibility study for South Railroad and board approval to start project construction, subject to the receipt of all permits. Over a 10-year mine life, the updated feasibility study highlights an average annual gold production profile of approximately 104,000 ounces. Drilling is ongoing, with significant exploration potential across the land package including high-grade oxide mineralization at the Dark Star pit.

Goldfield (5.0% NSR gold royalty on the Gemfield deposit): Centerra Gold Inc. (“Centerra”) has reiterated the first production timeline of late 2028 for the 100%-owned Goldfield heap leach project in Nevada.

Over an approximately seven-year life, Goldfield is expected to produce an average of over 100,000 ounces of gold per year from 2029 to 2032, followed by production of 47,000 ounces of gold in 2033 and 29,000 ounces of gold in 2034.