Triple Flag Announces Record Operating Cash Flow Per Share in Q2 2025 and Increases Dividend
Triple Flag Announces Record Operating
Cash Flow Per Share in Q2 2025 and
Increases Dividend
TORONTO--(BUSINESS WIRE)--August 6, 2025--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.”
Q2 2025 Financial Highlights
Q2 2025 Q2 2024
Revenue $94.1 million $63.6 million
Gold Equivalent Ounces (“GEOs”)1 28,682 27,192
Net (Loss) Earnings/per share $55.7 million/$0.28 ($111.4 million)/($0.55)
Adjusted Net Earnings2/per share $47.9 million/$0.24 $22.9 million /$0.11
Operating Cash Flow $76.1 million $49.4 million
Operating Cash Flow per Share $0.38 $0.25
Adjusted EBITDA3 $76.2 million $49.6 million
Asset Margin4 92% 92%
GEOs Sold by Commodity and Revenue by Commodity
Three Months Ended June 30
2025 2024
GEOs1
Gold 19,378 16,124
Silver 9,304 11,068
Total 28,682 27,192
Revenue ($ 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 ouncesi. 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 categoryii.
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
categoryiii.
• 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.
Rest of World:
• Impala Bafokeng (70% gold stream): Sales from Impala Bafokeng in Q2 2025 were
1,398 GEOs. Development of the asset’s value driver, Styldrift, remains ongoing, with a
steady ramp-up expected to deliver improved efficiencies given current market
conditions. In 2024, Impala Platinum Holdings Limited (“Implats”) commenced a
restructuring process at Impala Bafokeng to rationalize and optimize labor deployment
across corporate and operational functions. The integration of processing facilities across
the Western Limb operations of Impala Rustenburg and Impala Bafokeng has advanced,
resulting in improved plant availability and recovery. Implats continues to expect
monthly milled throughput of 230 thousand tonnes at Styldrift by the end of its 2027
fiscal year.
• Agbaou (3.0% gold stream and 2.5% NSR gold royalty) and Bonikro (3.0% gold
stream): For Agbaou, sales from our stream interest were 549 GEOs and royalties
equated to 426 GEOs in Q2 2025. For Bonikro, sales from our stream interest were 858
GEOs in Q2 2025.
In February 2025, Allied Gold Corporation (“Allied”) announced 2025 gold production
guidance of 77,000 to 90,000 ounces for Agbaou and 98,000 to 105,000 ounces for
Bonikro. Through 2026 and 2027, the operator expects to annually produce at least
87,000 ounces of gold at Agbaou and approximately 100,000 ounces of gold at Bonikro.
Separately, Allied continues to advance initiatives to implement a centralized
management model for both Agbaou and Bonikro, as both mines are contiguous to each
other, with the two processing plants located only 20 km apart.