Triple Flag Precious Metals Corp. press release

Triple Flag Announces Strong Growth in Operating Cash Flow per Share in Q3 2026

2026-11-03

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

Triple Flag Precious Metals Corp. (with its subsidiaries, “Triple Flag” or the “Company”) (TSX: TFPM, NYSE: TFPM) announced strong results for the third quarter of 2026 and declared a dividend of US$0.06 per common share to be paid on December 15, 2026. Unless otherwise indicated, all amounts are expressed in US dollars.

_“Triple Flag delivered another strong quarter, driven by operating cash flow per share of $0.45, up 15% year-over-year. We remain on track to achieve sales between the mid to top half of our increased 2026 guidance of 100,000 to 110,000 GEOs,” _commented Sheldon Vanderkooy, CEO.

“Top tier operators also continued to advance the development of assets within our large and diversified portfolio. Firstly, we congratulate SSR Mining on its recent announcement that it will acquire the Converse project. SSR Mining’s acquisition will establish a clear path to production for our royalty at Converse as an extension of the Marigold Complex in Nevada, with annual production of 150 to 170 thousand ounces of gold over more than 10 years. We also recently saw first gold poured ahead of schedule at Koné this past September, with GEOs from this royalty ramping up through 2027. We are also pleased to see Prieska advance into development, with production from the first phase expected by the end of 2027.”

“At Polo Sur, Antofagasta is evaluating the inclusion of oxide material in Centinela’s near-term mine plan, which could bring forward GEOs that we had expected only beyond 2030. And finally, at Northparkes, we continue to expect impressive long-term growth from our flagship asset as Evolution advances a mill expansion study that will evaluate higher throughput of 10 to 11 Mtpa to accelerate processing of its significant resource base.”

“Looking ahead, our deal pipeline is robust, and we have in excess of $1.1 billion in available liquidity to pursue accretive opportunities. As part of our rigorous capital allocation framework, Triple Flag repurchased a further $20 million of shares during the third quarter under our normal course issuer bid.”

Q3 2026 Financial Highlights

| | Q3 2026 | Q3 2025 | | | | | | Revenue | $106.7 million | $93.5 million | | Gold Equivalent Ounces (“GEOs”) 1 | 25,030 | 27,037 | | Net Earnings (per share) | $64.2 million ($0.31) | $61.9 million ($0.30) | | Adjusted Net Earnings 2 (per share) | $53.1 million ($0.26) | $49.3 million ($0.24) | | Operating Cash Flow | $92.0 million | $81.4 million | | Operating Cash Flow per Share | $0.45 | $0.39 | | Adjusted EBITDA 3 | $93.7 million | $77.2 million | | Asset Margin 4 | 93% | 93% |

GEOs Sold by Commodity and Revenue by Commodity

| | Three Months Ended September 30 | | | | 2026 | 2025 | | GEOs 1 | | | | Gold | 16,519 | 19,664 | | Silver | 7,530 | 7,373 | | Copper and other | 981 | - | | Total | 25,030 | 27,037 | | | | | | Revenue ($ thousands) | | | | Gold | 70,409 | 67,972 | | Silver | 32,092 | 25,484 | | Copper and other | 4,181 | - | | Total | 106,682 | 93,456 |

Corporate Updates

2026 GEOs Guidance and 2030 Outlook Maintained: Triple Flag remains on track to achieve sales between the midpoint and high end of its increased guidance for 2026 of 100,000 to 110,000 GEOs.

Our 2030 outlook of 150,000 to 160,000 GEOs remains unchanged.

Quarterly Dividend Declared of $0.06: Triple Flag’s Board of Directors approved the declaration of a quarterly cash dividend of $0.06 per common share that will be paid on December 15, 2026, to shareholders of record at the close of business on November 30, 2026.

$20 Million of Shares Repurchased in Q3 2026: 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.

In the third quarter of 2026, Triple Flag bought back 614,880 shares in the open market for $20 million.

Cumulatively since November 17, 2025, Triple Flag bought back 1,280,139 shares in the open market for approximately $42 million.

Quarterly Portfolio Updates

Australia:

Northparkes (54% gold stream and 80% silver stream): Sales from Northparkes in Q3 2026 were 4,133 GEOs.

Near-to-medium term. In August 2026, Evolution Mining Limited (“Evolution”) released gold production guidance for Northparkes of 20,000 to 25,000 ounces (reflecting Evolution’s 80% interest) for its fiscal year ending June 30, 2027, equivalent to 25,000 to 31,250 ounces on a 100% basis. Gold production from the E48 sub-level cave is continuing its ramp up through 2026 and 2027.

The coarse particle flotation project is on track to deliver an approximately 2% increase in metal recoveries, combined with a 0.5 million tonnes per annum (“Mtpa”) increase in mill throughput at Northparkes by mid-2028. Separately in October 2026, Evolution approved the concentrate regrind and filtration project at Northparkes, which is scheduled to be completed by the third quarter of 2028. Upon commissioning, gold recoveries should increase by a further 2%.

Long-term. In September 2026, Evolution hosted its 2026 investor briefing, which highlighted that the E22 block cave and related life-of-mine infrastructure, including twin declines and materials handling, are designed to support an underground mining capacity of 11 Mtpa at Northparkes. Development achieved to date includes the commencement of the twin decline box cut as well as the E48 to E22 access drive. Evolution continues to expect initial production from the E22 block cave by the end of its fiscal year 2030.

The mill expansion study at Northparkes remains on track for completion by the end of Evolution's fiscal year 2027, but also now contemplates a base case of 10 to 11 Mtpa of processing capacity, up from approximately 7.5 Mtpa currently. Mill expansion is the key driver to unlock significant growth at Northparkes by accelerating ore source sequencing from the asset’s large Measured and Indicated resource base of 575 million tonnes i . To support the increase in mill capacity, pre-feasibility and concept studies on the MJH block cave, Major Tom and E51 open pits, as well as the E48L2, E26L3 and GRP block caves are on track for completion by the end of June 2027.

As previously announced, Triple Flag has committed to invest $84.3 million toward the development of the gold-dominant E44 deposit at Northparkes, with the payment scheduled to be made in December 2026. As E44 was previously not included in the life-of-mine plan, this investment has unlocked significant incremental value for Triple Flag’s shareholders and is underpinned by guaranteed minimum deliveries of 45,052 ounces of gold and 446,200 ounces of silver over the 2030 to 2037 period. A pre-feasibility study on the development of E44 is expected to be completed by the end of June 2027.

Ravenswood (5.5% gold stream): Sales from Ravenswood in Q3 2026 were 1,491 GEOs, reflecting the first quarter of deliveries under the gold stream acquired in June 2026.

Ravenswood is one of the 10 largest gold mines in Australia by ore reserves, with a long history of continuous operation, and is expected to produce more than 200 thousand ounces of gold per annum at steady state. In-pit and near-mine exploration upside presents a significant opportunity to extend the mine life across a large and prospective 1,800 km 2 land package.

Beta Hunt (3.25% GR gold royalty and 1.5% NSR gold royalty): Royalties from Beta Hunt in Q3 2026 equated to 1,122 GEOs.

In September 2026, Westgold Resources Limited (“Westgold”) released a three-year outlook, with production from Beta Hunt expected to remain broadly stable over this period. Grades at Beta Hunt are also expected to moderate as the mine plan shifts toward a greater contribution from bulk mining methods, offset by higher productivity and lower unit mining costs.

Notably, the Fletcher Zone discovery of Beta Hunt is not included in Westgold's three-year outlook and represents a significant organic growth opportunity as a third mining front for the asset. An expansion study, which reflects the mining of the Fletcher Zone, is expected to be completed by the end of the first quarter of 2027. This study will evaluate two development scenarios: the construction of a new 4.0 Mtpa processing hub closer to Beta Hunt, which would increase total Southern Goldfields milling capacity to approximately 5.6 Mtpa, or an expansion of the existing Higginsville 1.6 Mtpa mill to treat 4.0 Mtpa of ore from Beta Hunt (including the Fletcher Zone). Westgold has indicated that current conceptual studies for the Fletcher Zone could add approximately 140 thousand ounces of gold per year to company-wide production beyond 2030.

In August 2026, Westgold declared a maiden ore reserve for the Fletcher Zone of 13.5 million tonnes at 2.6 g/t Au for 1.1 million ounces ii , with approximately 74% of Indicated resource ounces converted to reserves. The updated Fletcher resource now stands at 18.0 million tonnes at 2.7 g/t Au for 1.6 million ounces in the Indicated category, and 22.1 million tonnes at 2.1 g/t Au for 1.5 million ounces in the Inferred category ii . Seven rigs continue to turn at Beta Hunt, including six at the Fletcher Zone.

Fosterville (2.0% NSR gold royalty): Royalties from Fosterville in Q3 2026 equated to 796 GEOs.

Agnico Eagle Mines Limited (“Agnico Eagle”) continues to expect Fosterville to produce between 140 and 160 thousand ounces of gold in each of 2026 and 2027, increasing to a new steady-state of 160 to 190 thousand ounces in 2028 following the completion of mining and processing initiatives that will drive a 65% boost in throughput to 3,300 tpd.

During the third quarter, work continued on the upgrade of the grinding circuit and the installation of a new BIOX tank at Fosterville.

Henty (3.0% GR gold royalty): Royalties from Henty in Q3 2026 equated to 175 GEOs.

In September 2026, Kaiser Reef Limited ("Kaiser Reef") released an updated resource and reserve estimate for the Henty gold mine in Tasmania. Ore reserves were fully replaced, maintaining a reserve-only mine life of approximately six years.

Mineral resources now total 3.49 million tonnes at 3.27 g/t Au for 366 thousand ounces in the Indicated category, with 0.74 million tonnes at 2.61 g/t Au for 62 thousand ounces in the Inferred category iii . A second diamond drill rig focused on mine life extension drilling continues to turn.

Latin America:

Cerro Lindo (25% silver stream) : Sales from Cerro Lindo in Q3 2026 were 2,888 GEOs.

In August 2026, Votorantim S.A. (“Votorantim”) agreed to sell its controlling interest in Nexa Resources S.A. (“Nexa”) to Boliden AB (“Boliden”). Following completion of the sale, expected in the first quarter of 2027, Boliden will own approximately 65% of Nexa.

As one of the global leaders in zinc mining and smelting with a century-long track record, Triple Flag views Boliden as a strong operator of Cerro Lindo. We look forward to working with Boliden on its operational and capital allocation initiatives for the Nexa portfolio.

Boliden is a Stockholm-listed, mining and smelting company producing primarily zinc and copper, plus nickel, lead, gold and silver. Its current operations are located in Sweden, Finland, Ireland and Portugal with five smelters in Sweden, Finland and Norway. Flagship assets include Aitik, Garpenberg, and Tara (Europe's largest zinc mine).

Buriticá (100% silver stream, fixed ratio to gold): Sales from Buriticá in Q3 2026 were 2,114 GEOs.

Zijin Gold International Company Limited (“Zijin Gold”) continues to expect throughput at Buriticá to ramp up to 5,000 tpd in 2028 – a material increase from current throughput of 4,000 tpd and Triple Flag’s initial investment base case of 3,000 tpd. Zijin Gold expects 2026 gold production at Buriticá of 9.2 tonnes (approximately 300 thousand ounces of gold).

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.

Camino Rojo (2.0% NSR gold royalty on oxides): Royalties from Camino Rojo in Q3 2026 equated to 379 GEOs.

On July 31, 2026, Equinox Gold Corp. ("Equinox") completed its business combination with Orla Mining Ltd. ("Orla"), creating a new senior gold producer with expected annual production of approximately 1.1 million ounces of gold. Camino Rojo is now operated by Equinox.

In August 2026, Equinox released updated 2026 guidance, reflecting five attributable months of expected contribution from Camino Rojo of 55 to 65 thousand ounces of gold.

Arcata (5% silver and gold streams): Sales from Arcata in Q3 2026 were 293 GEOs. The Arcata silver and gold mine in Peru was restarted during the fourth quarter of 2025, in line with operator guidance.

Sierra Precious Metals S.A.C., the operator, is restarting Arcata in multiple phases for a ramp-up to steady state throughput of 2,500 tpd. The development of Arcata continues to progress, with dewatering ongoing to deliver higher mining rates from the underground by mid-2027.

Tres Quebradas (0.5% GR lithium royalty): Royalties from Tres Quebradas in Q3 2026 equated to 144 GEOs.

The current Phase 1 nameplate capacity is 20,000 tonnes per annum (“tpa”) of lithium carbonate equivalent (“LCE”), which Zijin Mining Group Co., Ltd. (“Zijin”) plans to increase to 30,000 tpa through technical upgrades.

In July 2026, an expansion known as Phase 2 was approved under Argentina's Incentive Regime for Large Investments (“RIGI”), which is designed to increase nameplate capacity at Tres Quebradas by a further 40,000 tpa. We expect steady-state GEOs from Phase 2 to commence in the early 2030s.

Minera Florida (0.8% and 1.5% NSR gold royalty): Royalties from Minera Florida in Q3 2026 equated to 116 GEOs.

In September 2026, Pan American Silver Corp. ("Pan American") reported updated reserves and resources, with Minera Florida adding 27.5 thousand ounces of contained gold to Proven and Probable reserves, net of mining depletion, driven by successful infill drilling on the Maqui and Mila zones and improved economics.

Current Proven and Probable reserves at Minera Florida total 3.1 million tonnes grading 2.99 g/t Au containing 298 thousand ounces iv . Measured and Indicated resources (exclusive) total 3.7 million tonnes grading 2.55 g/t Au containing 306 thousand ounces, with Inferred resources of 6.4 million tonnes grading 2.73 g/t Au containing 560 thousand ounces iv .

Pan American's 2026 production guidance for Minera Florida is 66 to 71 thousand ounces of gold.

Era Dorada (1.0% NSR gold and silver royalty): In October 2026, Aura Minerals Inc. (“Aura”) announced that construction of the Era Dorada underground gold project in Guatemala remains on time and on budget, with overall physical progress at 13.1%. Earthworks are complete, civil works for the mill and CIP tanks are advancing, and main equipment has been contracted. Underground development is underway, with the mining contractor now 60% mobilized, delineation drilling in progress, and mine underground equipment already on site.

Over a nearly 17-year mine life, Era Dorada is designed to produce 104 thousand ounces of gold per year. Aura expects Era Dorada to commence operations in the first half of 2028.

Ana Paula (2.0% NSR gold and silver royalty): In September 2026, Heliostar Metals Ltd. ("Heliostar") provided a progress update on the feasibility study for its 100%-owned Ana Paula project in Guerrero, Mexico. The feasibility study is 34% complete and remains on track for completion in the second quarter of 2027, supporting a construction decision in mid-2027. First gold production is expected by the end of 2028. Heliostar is targeting a minimum 10-year mine life averaging 100 thousand ounces of gold production per year at Ana Paula.

A new environmental permit application for an underground-only operation was submitted in October 2026. Heliostar expects to finance construction from the free cash flow generated by its two operating mines (La Colorada and San Agustin), project debt as well as cash on hand of $43 million as of June 30, 2026.

Polo Sur (1.0% NSR copper royalty): Polo Sur is a large, porphyry copper deposit that is 100%-owned by Antofagasta plc and located near its Centinela operation in Chile.

In July 2026, Minera Centinela, a subsidiary of Antofagasta, announced the potential inclusion of oxide material from Polo Sur into Centinela’s near-term mine plan to extend the life of the operation’s hydrometallurgical circuit. Triple Flag currently only expects GEOs from Polo Sur to start contributing beyond 2030 and therefore, this development could represent earlier than expected GEOs from this royalty asset.

North America – Producing:

Johnson Camp Mine (3.5% to 16.5% copper stream on oxide material and 3.0% GR copper royalty): Sales from our stream and royalty interests in Johnson Camp Mine (“JCM”) equated to 695 GEOs and 142 GEOs, respectively, in Q3 2026.

In September 2026, Gunnison Copper Corp. ("Gunnison Copper") announced that JCM achieved commercial production, following record monthly production of approximately 1.3 million pounds of copper cathode in August 2026. Gunnison Copper continues to ramp up JCM towards annual nameplate capacity of 25 million pounds of copper cathode.

Young-Davidson (1.5% NSR gold royalty): Royalties from Young-Davidson in Q3 2026 equated to 510 GEOs.

Following the seismic events reported in June 2026, Alamos Gold Inc. ("Alamos") expects underground mining rates at Young-Davidson to average approximately 5,000 tonnes per day for the remainder of the year. To support a steady increase in mining rates through 2027 and 2028, Alamos is advancing rehabilitation work and implementing enhanced ground support in the lower portion of Young-Davidson, and is working on an updated mine plan designed to minimize rock stress.

2026 gold production guidance for Young-Davidson is 100 to 115 thousand ounces, with three-year guidance expected to be released in early 2027 reflecting an updated mine plan.

Florida Canyon (3.0% NSR gold royalty): Royalties from Florida Canyon in Q3 2026 equated to 576 GEOs. Integra Resources Corp.’s (“Integra”) 2026 production guidance for Florida Canyon is 70 to 75 thousand ounces of gold.

In July 2026, a technical report for an updated life-of-mine plan at Florida Canyon was filed, which highlighted average annual gold production of approximately 82,000 ounces per year and a reserve life ending in 2033.

Kensington (1.25% NSR gold royalty): Royalties from Kensington in Q3 2026 equated to 319 GEOs. Coeur Mining, Inc.’s (“Coeur”) 2026 production guidance for Kensington is 98 to 110 thousand ounces of gold.

Starting in 2027, Triple Flag’s NSR royalty on Kensington steps up to a rate of 1.50%.

Eagle River Complex (0.5% NSR gold royalty): Royalties from Eagle River in Q3 2026 equated to 111 GEOs. In August 2026, Wesdome Gold Mines Ltd. ("Wesdome") filed an updated technical report for Eagle River, establishing a long-life, reserve-based eight-year mine plan that extends to 2033.

Wesdome’s 2026 production guidance for Eagle River is 105 to 115 thousand ounces of gold.

North America – Development:

Arthur (1.0% NSR gold and silver royalty) and Mother Lode (2.0% NSR gold and silver royalty): In September 2026, AngloGold Ashanti plc (“AngloGold”) hosted an investor site visit to the Beatty district, outlining the path to production for the Arthur oxide project in Nevada. A mine plan of operations is scheduled to be submitted in the first half of 2027, followed by completion of a feasibility study scheduled for the first half of 2028, and a Record of Decision by the end of 2028.

First gold pour is expected in 2033 and based on resource growth potential, AngloGold is “targeting decades of sustained production at approximately 500 thousand ounces of gold per annum” into the 2050s for the Arthur project v .