Triple Flag Precious Metals Corp. press release

Triple Flag Announces Record Operating Cash Flow Per Share in Q2 2025 and Increases Dividend

2025-08-06

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

Triple Flag Precious Metals Corp. (with its subsidiaries, “Triple Flag” or the “Company”) (TSX: TFPM, NYSE: TFPM) announced its results for the second quarter of 2025 and declared a dividend of US$0.0575 per common share to be paid on September 15, 2025. Unless otherwise indicated, all amounts are expressed in US dollars.

_“Triple Flag generated record operating cash flow per share in the second quarter of 2025, and we remain firmly on track to deliver our 2025 guidance of 105,000 to 115,000 GEOs over the balance of the year,” _commented Sheldon Vanderkooy, CEO. “We are also pleased to announce our fourth consecutive annual 5% increase to our quarterly dividend since our IPO in 2021. Early in July, we completed our acquisition of a 1.0% NSR royalty on the world-class Arthur gold project located in Nevada. Operated by a top-tier producer in AngloGold Ashanti plc, the project offers exceptional long-term growth potential, underpinned by a rapidly expanding resource base and significant exploration upside. We also acquired an additional 1.5% GR royalty over the Johnson Camp Mine in Arizona during the quarter, which is expected to commence first copper sales in the third quarter of 2025. Looking ahead, we are closely following the progress of several catalysts across our portfolio, including the commencement of production at Johnson Camp Mine, Arcata, and Tres Quebradas in the second half of 2025, as well as development progress with respect to the E48 sub-level cave at Northparkes and the Koné, Hope Bay and Arthur gold projects.”

| GEOs Sold by Commodity and Revenue by Commodity | | | | | | | | | Three Months Ended June 30 | | | | 2025 | 2024 | | GEOs 1 | | | | Gold | 19,378 | 16,124 | | Silver | 9,304 | 11,068 | | Total | 28,682 | 27,192 | | | | | | Revenue ($ thousands) | | | | Gold | 63,567 | 37,701 | | Silver | 30,520 | 25,880 | | Total | 94,087 | 63,581 |

Corporate Updates

2025 GEOs Guidance and 2029 Outlook Maintained: Triple Flag remains on track to achieve its sales guidance for 2025 of 105,000 to 115,000 GEOs.

Our 2029 outlook of 135,000 to 145,000 GEOs remains unchanged.

Quarterly Dividend Increased by 5%: Triple Flag’s Board of Directors declared a quarterly cash dividend of US$0.0575 per common share to be paid on September 15, 2025, to the shareholders of record at the close of business on September 2, 2025.

Triple Flag’s forward annualized dividend is now US$0.23 per common share, an increase of 5% versus the previous annualized dividend of US$0.22 per common share. This represents the Company’s fourth consecutive annual 5% increase of the quarterly dividend since its May 2021 IPO.

Arthur 1.0% NSR Royalty Acquisition: In July 2025, Triple Flag completed the previously announced acquisition of Orogen Royalties Inc. (“Orogen”). As part of this transaction, Triple Flag acquired Orogen’s 1.0% net smelter returns (“NSR”) royalty on the Arthur gold project (formerly the Expanded Silicon gold project) in Nevada being developed by AngloGold Ashanti plc (“AngloGold”). All of Orogen’s assets and liabilities, other than the 1.0% NSR royalty on the Arthur gold project, were transferred into a new spin-off company that is led by Paddy Nicol, who was CEO of Orogen. Refer to Triple Flag’s press release on July 9, 2025, _Triple Flag Completes Acquisition of Orogen Royalties and its 1.0% NSR Royalty on the Arthur Gold Project in Nevada, _for further details.

Johnson Camp Mine 1.5% GR Royalty Acquisition: On June 26, 2025, Triple Flag acquired a 1.5% gross revenue (“GR”) royalty from Greenstone Excelsior Holdings L.P. on the Johnson Camp Mine (“JCM”) in Arizona, operated by Gunnison Copper Corp. (“Gunnison”), for total cash consideration of $4.0 million. This royalty is in addition to the pre-existing 1.5% GR royalty which Triple Flag already owns on the Johnson Camp Mine. 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’s 100%-owned JCM in Arizona.

Triple Flag now owns a 3.0% GR royalty on JCM, which is also within the coverage area of the Company’s separate 3.5% to 16.5% copper stream on oxide material at the flagship Gunnison project.

In July 2025, the operator announced that JCM began leaching copper with first copper sales expected in September 2025 from run-of-mine oxide ore using conventional leach technology. First copper using Nuton technology is expected by the end of 2025.

Team Addition: In July 2025, Steve Botts joined Triple Flag to lead our sustainability initiatives, focusing on investment due diligence and ongoing portfolio monitoring. Steve is a senior mining executive and consultant with over 35 years of international experience leading complex mining operations and projects across the Americas. As President of Santa Barbara Consultants, he advised clients on sustainability strategy, permitting, and project development. Previously, Steve has held senior leadership roles at SolGold, Aurífera Tres Cruces, Tahoe Resources, Marcobre, Minera Panamá, AngloGold, Rio Tinto, and Antamina, consistently driving value through operational excellence, stakeholder engagement, and ensuring strict compliance with international environmental and social standards. A fluent Spanish speaker and U.S. citizen with permanent residency in Peru, Steve holds a degree in General Studies from the University of Nevada at Reno, and a Master’s in Environmental Policy and Management from the University of Denver.

Quarterly Portfolio Updates

Australia:

Northparkes (54% gold stream and 80% silver stream): Sales from Northparkes in Q2 2025 were a record 9,578 GEOs

Mining of the E31 and E31N open pits was completed in the first quarter of 2025 as planned, with material stockpiled. Evolution Mining Limited (“Evolution”) continues to expect higher-gold-grade stockpiled ore from E31 and E31N to contribute to processed feed and support stream deliveries through 2025.

Development of the sub-level cave (“SLC”) at E48 commenced in July 2024. Commissioning is expected to start in the second half of 2025, with this mining area expected to ramp up through 2026. A pre-feasibility study was completed in the first quarter of 2025, with a gold grade of 0.39 g/t Au for the E48 SLC. The outcome of this study is currently being integrated with the life of mine plan at Northparkes to confirm the development schedule and optimized production profile.

First production from the E22 orebody is expected during Evolution’s fiscal year ending June 30, 2029, subject to the completion of economic studies and board approval, with a previously disclosed reserve grade of 0.37 g/t Au. An SLC hybrid option study for E22 was completed during the second quarter of 2025.

Additionally, exploration at Northparkes has continued to return shallow, high-grade copper intercepts at the E51 and Major Tom prospects. Both prospects are located within close proximity to the current mine infrastructure. Resource modelling and optimization studies will commence following completion of a drilling program, which has been extended into the third quarter of 2025.

Beta Hunt (3.25% GR gold royalty and 1.5% NSR gold royalty): Royalties from Beta Hunt in Q2 2025 equated to 1,451 GEOs.

The expansion project to achieve consistent mine throughput at Beta Hunt of 2 million tonnes per annum continues to advance, with recent capital investment focused on upgrades to primary ventilation, mine pumping and water supply. Westgold Resources Limited (“Westgold”) continues to expect the mine expansion project at Beta Hunt to deliver increased productivity in 2025 and beyond.

In June 2025, Westgold declared a maiden resource for the Fletcher Zone, 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 located 50 meters to the west. Western Flanks is currently the primary source of gold ore for Beta Hunt.

Maiden Indicated resources at the Fletcher Zone total 3.7 million tonnes at 2.5 g/t Au containing 295 thousand gold ounces, with Inferred resources of 27.3 million tonnes at 2.3 g/t Au containing 2.0 million gold ounces i . This inaugural resource at the Fletcher Zone nearly doubles, with similar gold grade, the previous resource base at Beta Hunt of 17.7 million tonnes grading 2.74 g/t Au containing 1.6 million ounces in the Measured and Indicated category (inclusive) and 12.9 million tonnes grading 2.63 g/t Au containing 1.1 million ounces in the Inferred category ii .

The Fletcher Zone remains prospective, with the maiden resource open at depth and only representing exploration drilling from one kilometer of the two kilometers of known strike. Drilling is ongoing.

Westgold expects to release a three-year operating outlook in September 2025, following a reserve and resource update.

Fosterville (2.0% NSR gold royalty): Royalties from Fosterville in Q2 2025 equated to 772 GEOs. In February 2025, Agnico Eagle Mines Limited (“Agnico Eagle”) released an updated three-year outlook. The operator expects Fosterville to produce between 140,000 to 160,000 ounces of gold in each of 2025, 2026 and 2027. Technical evaluations and drilling are ongoing to evaluate the potential to increase production at Fosterville to an average of approximately 175,000 ounces of gold per year, with a ramp-up in performance potentially starting in 2027.

Latin America:

Cerro Lindo (65% silver stream) : Sales from Cerro Lindo in Q2 2025 were 7,379 GEOs.

Under the stream agreement with Nexa, we receive 65% of payable silver from Cerro Lindo until 19.5 million ounces have been delivered, and 25% thereafter. As of June 30, 2025, 17.8 million ounces of silver had been delivered under the stream agreement with Nexa since inception. We continue to expect a step-down in the stream rate from 65% to 25% starting in 2026.

Buriticá (100% silver stream, fixed ratio to gold): Sales from Buriticá in Q2 2025 were 1,090 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.

During the second quarter of 2025, Zijin Mining Group Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange to spin-off its overseas gold assets into a subsidiary known as Zijin Gold International Company Limited, which will include Buriticá as a cornerstone mine.

Camino Rojo (2.0% NSR gold royalty on oxides): Royalties from Camino Rojo in Q2 2025 equated to 637 GEOs.

On July 23, 2025, Orla Mining Limited (“Orla”) announced that an uncontrolled material movement occurred at Camino Rojo due to significant rain. There was no environmental impact, injuries or equipment damage. Pit mining was temporarily suspended, with oxidized run-of-mine and stockpiled material crushed and stacked while remediation work and a geotechnical assessment was completed. On August 5, 2025, Orla revised its 2025 production guidance for Camino Rojo to 95,000 to 105,000 ounces of gold (from 110,000 to 120,000 ounces previously). Year-to-date, Camino Rojo has produced 55,118 ounces of gold. A geotechnical assessment has informed an action plan and safe restart of mining operations, including mining from surface downwards to push back and stabilize the north wall of the pit, with the wall re-established at a lower overall slope angle. Notably, no material was lost or sterilized in the pit wall event.

Ana Paula (2.0% NSR gold and silver royalty): In July 2025, Heliostar Metals Ltd. reiterated that a feasibility study on Ana Paula is expected to be completed by mid-2026 to allow for a construction decision shortly thereafter.

North America:

Young-Davidson (1.5% NSR gold royalty): Royalties from Young-Davidson in Q2 2025 equated to 651 GEOs. In July 2025, Alamos Gold Inc. reiterated 2025 production guidance of 175,000 to 190,000 ounces of gold.

Florida Canyon (3.0% NSR gold royalty): Royalties from Florida Canyon in Q2 2025 equated to 548 GEOs. In June 2025, Integra Resources Corp. (“Integra”) released inaugural 2025 production guidance for Florida Canyon of 70,000 to 75,000 ounces of gold.

In May 2025, Integra commenced a 10,000-meter drill program focused on near-mine targets, designed to support oxide mine life extension at Florida Canyon. In August 2025, this drill program was increased to 16,000 meters based on exploration success. Integra expects to provide a mineral resource and reserve update as well as a revised life-of-mine plan for Florida Canyon in 2026.

Kensington (1.25% NSR gold royalty): Royalties from Kensington in Q2 2025 equated to 279 GEOs. In the second quarter of 2025, Coeur Mining, Inc. reiterated 2025 production guidance for Kensington of 92,500 to 107,500 ounces of gold.

Arthur (1.0% NSR gold royalty): On August 1, AngloGold announced that the pre-feasibility study for the 100%-owned Arthur oxide gold project in Nevada is on track for completion in early 2026. Ten drill rigs were turning at Arthur during the first half of 2025, focusing on definition drilling at the central 3500 domain at Merlin to support a resource update and improve geological modelling. In total, 45 kilometers were drilled in the first half of 2025 for $24.1 million.

Hope Bay (1.0% NSR gold royalty): Agnico Eagle announced that site infrastructure upgrades at the 100%-owned Hope Bay underground project continued to advance during the second quarter of 2025 as part of a $97 million investment program aimed at potential redevelopment. This included the dismantling of the existing mill at Doris to prepare for a potential new processing circuit to be tested as part of the project’s ongoing technical evaluation. An internal technical evaluation on the potential for a 400,000 ounce per year production scenario at Hope Bay is expected to be completed in the first half of 2026.

Separately, recent drilling yielded positive results, indicating the potential for mineral resource expansion at depth and along strike, returning one of the deepest assays from the Patch 7 zone at Madrid with a highlight intercept of 25.7 g/t Au over 8.4 meters at 754 meters depth.

Eskay Creek (0.5% NSR gold and silver royalty): In April 2025, Skeena Resources Limited submitted an Environmental Assessment application for the 100%-owned, fully financed Eskay Creek gold and silver project. Eskay Creek has been recognized as a project to be fast-tracked by the Province of British Columbia, and an environmental assessment certificate is expected to be received in the fourth quarter of 2025.

South Railroad (2.0% NSR gold and silver royalty, partial coverage): In May 2025, Orla announced that the Notice of Intent for the 100%-owned South Railroad heap leach project in Nevada is expected to be published in mid-2025. Orla maintained previously announced development timelines with a record of decision for South Railroad by mid-2026, and first gold production in 2027.

Goldfield (5.0% NSR gold royalty on the Gemfield deposit): In August 2025, Centerra Gold Inc. (“Centerra”) announced that it will advance its 100%-owned Goldfield heap leach project to production following the completion of a technical study. Initial capital for the project is approximately $250 million, with major construction commencing in 2027. First production is expected in late 2028, starting from the Gemfield deposit of Goldfield.

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.

Triple Flag’s royalty coverage at Goldfield is on the Gemfield deposit of the project, which represents approximately 80% of the project’s overall life of mine production. Centerra has existing permits for Gemfield, which will require minor amendments based on the current project design. A Modified Plan of Operations for Gemfield was submitted in August 2025.

DeLamar (2.5% NSR gold and silver royalty, partial coverage): During the second quarter of 2025, Integra reiterated that an updated feasibility study to incorporate historical stockpiles into the design of the 100%-owned DeLamar heap leach project remains scheduled for completion in 2025.

Federal permitting is expected to commence in the second half of 2025, following the publication of a Notice of Intent by the Bureau of Land Management to prepare an Environmental Impact Statement.

Queensway (0.2% to 0.5% NSR gold royalty): In July 2025, New Found Gold Corp. released a preliminary economic assessment (“PEA”) for the 100%-owned Queensway project in Newfoundland. The study highlighted a phased open pit and underground project design, expected to produce 1.5 million ounces of gold over a 15-year mine life. Subject to the completion of permitting, first gold is expected in the second half of 2027.

McCoy-Cove (2.0% and 1.5% NSR gold and silver royalty, partial coverage): In July 2025, i-80 Gold Corp. (“i80”) announced that a feasibility study for the 100%-owned McCoy-Cove underground project located in Nevada is expected to be completed in the first quarter of 2026, which will incorporate new infill drill data and metallurgical work. A PEA previously completed in the first quarter of 2025 highlighted a project designed to produce an average of 100,000 ounces of gold per year upon ramp-up over an eight-year mine life. i-80 expects permitting to be completed by the end of 2027, with production commencing in mid-2029.

Kemess (100% silver stream): In May 2025, Centerra announced that a PEA for Kemess is on track for completion by the end of 2025. The study is expected to focus on an open pit and long-hole stoping operation producing a potential 250,000 gold equivalent ounces annually over a 15-year mine life. Significant infrastructure is already in place at the 100%-owned Kemess copper-gold-silver project, including a 50,000 tpd mill, connection to grid power, and a camp.

Fenn-Gib (1.0% to 1.5% NSR gold royalty): Fenn-Gib is a gold deposit that is 100%-owned and operated by Mayfair Gold Corp. (“Mayfair”), which straddles the Pipestone fault in Northern Ontario. In the second quarter of 2025, Mayfair announced that the pre-feasibility study for a 4,800 tpd open-pit operation at Fenn-Gib is on track for completion by the end of 2025. To support the study, a 20,000-meter drill program will be completed to improve confidence in the mining of a near-surface, high-grade zone in the early years of Fenn-Gib’s minelife. The current resource at Fenn-Gib totals 181 million tonnes grading 0.74 g/t Au containing 4.3 million gold ounces in the Indicated category, and 8.9 million tonnes grading 0.49 g/t Au containing 141 thousand gold ounces in the Inferred category iii .

Tamarack (2.11% NSR nickel, copper and cobalt royalty): In the second quarter of 2025, Talon Metals Corp. announced that it entered into an agreement with Westmoreland Mining for the location of the future Tamarack processing facility at a brownfield site in North Dakota, including an adjacent rail spur, for a maximum purchase price of $10 million. Under a $114.8 million grant from the US Department of Energy, this agreement represents a key milestone for the Tamarack nickel-copper project located in Minnesota. Permitting for the processing facility is expected to be completed over the next two years with a target start of construction in 2027.