Triple Flag Announces Record Operating Cash Flow per Share in Q3 2025
Triple Flag Announces Record Operating
Cash Flow per Share in Q3 2025
TORONTO--(BUSINESS WIRE)--November 4, 2025--Triple Flag Precious Metals Corp. (with
its subsidiaries, “Triple Flag” or the “Company”) (TSX: TFPM, NYSE: TFPM) announced its
results for the third quarter of 2025 and declared a dividend of US$0.0575 per common share to
be paid on December 15, 2025. Unless otherwise indicated, all amounts are expressed in US
dollars.
“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 located in Nevada and operated by AngloGold Ashanti. We also acquired a royalty
package on Pan American Silver’s producing Minera Florida gold mine in Chile for $23 million,
which has an impressive track record of consistent performance and reserve replacement.”
“We have now deployed over $350 million of capital this year, including a royalty on the Tres
Quebradas lithium mine in Argentina, precious metals streams on the Arcata and Azuca projects
in Peru, as well as an additional copper royalty over the Johnson Camp Mine in Arizona. Both
Tres Quebradas and Johnson Camp Mine have recently started production, and we expect
Arcata to start in the fourth quarter of 2025. The significant optionality embedded in our large
and diversified portfolio has also benefited from the record gold price environment, as assets
such as Centerra’s Goldfield project are seeing a renewed focus. Triple Flag has a strong
balance sheet in a current net-cash position with an acquisition pipeline that remains strong and
active.”
Q3 2025 Financial Highlights
Q3 2025 Q3 2024
Revenue $93.5 million $73.7 million
Gold Equivalent Ounces (“GEOs”) 1 27,037 29,773
Net (Loss) Earnings/per share $61.9 million/$0.30 $29.6 million/$0.15
Adjusted Net Earnings2/per share $49.3 million/$0.24 $28.3 million /$0.14
Operating Cash Flow $81.4 million $61.8 million
Operating Cash Flow per Share $0.39 $0.31
Adjusted EBITDA3 $78.5 million $61.7 million
Asset Margin4 93% 92%
GEOs Sold by Commodity and Revenue by Commodity
Three Months Ended September 30
2025 2024
GEOs1
Gold 19,664 19,845
Silver 7,373 9,928
Total 27,037 29,773
Revenue ($ thousands)
Gold 67,972 49,104
Silver 25,484 24,565
Total 93,456 73,669
Corporate Updates
2025 Guidance and 2029 Outlook: Our GEOs sales guidance for 2025 is 105,000 to
115,000 ounces. Based on a gold to silver ratio of 85 for the fourth quarter, we expect to
achieve sales between the midpoint and high end of GEOs guidance for 2025.
General administration costs in 2025 are expected to exceed the top end of our guidance
range of $25 million due to non-cash, mark-to-market adjustments relating to stock-based
compensation as a result of Triple Flag’s strong share price performance throughout the
course of the year.
Our 2029 outlook of 135,000 to 145,000 GEOs remains unchanged.
Quarterly Cash Dividend: Triple Flag’s Board of Directors approved the declaration of
a quarterly cash dividend of $0.0575 per common share to be paid on December 15,
2025, to the shareholders of record at the close of business on December 1, 2025.
Acquisition of 0.8% - 1.5% NSR Royalties on Minera Florida in Chile: During the
third quarter of 2025, Triple Flag acquired, from the Zauschkevich family, three NSR
royalties on all metals sold from the producing Minera Florida mine, ranging from 0.8%
to 1.5%. Total cash consideration was $23 million.
Minera Florida is 100%-owned and operated by Pan American Silver Corp. (“Pan
American”) through its wholly owned subsidiary, Minera Florida Ltda. The asset is
located approximately 75 km southwest of Santiago in Chile, and produces mainly gold
and silver doré, with a zinc concentrate byproduct. These NSR royalties cover the current
areas of production and exploration focus at Minera Florida, as well as other prospective
regions of exploration upside, and have paid approximately $10 million from 2017 to
2024.
Production at Minera Florida commenced in 1986. Pan American acquired the asset in
March 2023 pursuant to its acquisition of Yamana Gold Inc. The mine has a long history
of continuous operation and reserve replacement, and has produced over 2.5 million
ounces of gold and 14 million ounces of silver since commissioning. Current exploration
is focused on areas that are down dip and lateral to the core mine infrastructure, with
near-site exploration to the north, east and at depth where veins are underexplored.
As of June 30, 2025, proven and probable reserves total 2.6 million tonnes grading 3.20
g/t Au and 19 g/t Ag, containing 271 thousand ounces of gold and 1.6 million ounces of
silveri. Measured and indicated resources (exclusive) total 4.0 million tonnes grading
3.16 g/t Au and 19 g/t Ag, containing 405 thousand ounces of gold and 2.4 million
ounces of silveri. Inferred resources total 5.7 million tonnes grading 2.85 g/t Au and 16
g/t Ag, containing 520 thousand ounces of gold and 2.9 million ounces of silver i. Please
refer to Pan American’s Reserves and Resources webpage for more detailed information.
2025 production guidance for Minera Florida is 78 to 90 thousand ounces of gold and
0.45 million ounces of silver. Historical annual gold production at Minera Florida has
ranged from approximately 75 to 100 thousand ounces of gold.
Quarterly Portfolio Updates
Australia:
Northparkes (54% gold stream and 80% silver stream): Sales from Northparkes in Q3
2025 were a record 10,617 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. As planned,
production from the E48 SLC started 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 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.
Beta Hunt (3.25% GR gold royalty and 1.5% NSR gold royalty): Royalties from Beta
Hunt in Q3 2025 equated to 1,120 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”) expects the mine expansion project at Beta Hunt to deliver higher
steady-state productivity by the first half of 2026.
Following the declaration of a maiden resource in June 2025, infill and extensional
drilling to determine the potential scale of the Fletcher Zone continues to be advanced
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 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 Q3 2025 equated to
746 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.
Henty (3.0% GR gold royalty): Royalties from Henty in Q3 2025 equated to 314 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 to 30,000 ounces from approximately 24,000 ounces
currently. Recent exploration success has also established a minimum six-year reserve
mine life.
Mt Carlton (2.5% NSR gold, silver and copper royalty): In October 2025, PT Bumi
Resources Tbk (“Bumi”) acquired the Mt Carlton gold mine in Australia via the
acquisition of Wolfram Limited. Mt Carlton was in production from 2013 to 2023 and is
currently in care and maintenance. Bumi is based in Indonesia and is one of the world’s
largest global coal companies. As disclosed by Bumi, the acquisition of Mt Carlton is
aligned with their strategy of commodity diversification into assets that could enter
production in the near term, with Mt Carlton commercial production expected by June
2026 as an open-pit operation.
Latin America:
Cerro Lindo (65% silver stream): Sales from Cerro Lindo in Q3 2025 were 4,443 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 September 30, 2025, 18.2 million ounces of silver have 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 Q3 2025 were
2,063 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 third quarter of 2025, Zijin Mining Group Co., Ltd. (“Zijin”) completed the
spin-off of its overseas gold assets into a subsidiary known as Zijin Gold International
Company Limited, which includes Buriticá as a cornerstone mine.
Camino Rojo (2.0% NSR gold royalty on oxides): Royalties from Camino Rojo in Q3
2025 equated to 403 GEOs. 2025 production guidance for Camino Rojo of 95,000 to
105,000 ounces of gold is unchanged.
Tres Quebradas (0.5% GR lithium royalty): In September 2025, Zijin announced first
production from the 100%-owned Tres Quebradas lithium salar brine asset in Argentina.
Under the current Phase 1, Triple Flag continues to expect the Tres Quebradas royalty to
ramp up over a three-year period to a steady state of approximately 1,000 GEOs per year.
Preliminary work on the Phase 2 expansion is being advanced by Zijin. Should Phase 2
proceed, nameplate annual production capacity at Tres Quebradas would increase by
40,000 tonnes of lithium carbonate equivalent (“LCE”) to a total capacity of 60,000 to
80,000 tonnes of LCE.
Arcata (5% silver and gold streams): The restart of the Arcata silver and gold mine in
Peru remains on-track for first production in the fourth quarter of 2025. 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.
Ana Paula (2.0% NSR gold and silver royalty): Heliostar Metals Ltd. (“Heliostar”)
announced that a preliminary economic assessment (“PEA”) on the 100%-owned, high-
grade Ana Paula underground gold project is expected to be released in the fourth quarter
of 2025. Subsequently, a feasibility study will be completed near the end of 2026 to
facilitate a construction decision. Subject to the completion of financing, Heliostar
expects production at Ana Paula to commence in 2028, ramping up to steady-state annual
production of 100,000 ounces of gold.
Current drilling at Ana Paula is focused on resource upgrade drilling to support a
minimum 10-year mine life for the upcoming feasibility study. In October 2025,
Heliostar disclosed that drilling has consistently returned wide intervals of high-grade
assays with good continuity.
Romero (1.25% NSR gold and copper royalty): During the third quarter of 2025,
GoldQuest Mining Corp. announced the commencement of the Environmental and Social
Impact Assessment for its 100%-owned Romero underground gold-copper project in the
Dominican Republic. Both the environmental and exploitation licenses for project are
expected to be received in the second half of 2026.
Additionally, a feasibility study for Romero has commenced and is anticipated to be
completed in the first half of 2026. The last economic study completed on Romero was a
pre-feasibility study released in 2016.
North America:
Young-Davidson (1.5% NSR gold royalty): Royalties from Young-Davidson in Q3 2025
equated to 669 GEOs. In October 2025, Alamos Gold Inc. revised 2025 production
guidance for Young-Davidson to 160,000 to 165,000 ounces of gold (from 175,000 to
190,000 ounces previously).
Florida Canyon (3.0% NSR gold royalty): Royalties from Florida Canyon in Q3 2025
equated to 628 GEOs.
In October 2025, Integra Resources Corp. (“Integra”) announced results from an ongoing
16,000-meter drill program designed to support oxide mine life extension at Florida
Canyon. A focus of this program is to test the potential of near-surface oxide material
from historical waste dumps. Based on assays received, total preliminary volume and
grade estimates from these dumps total approximately 34 to 56 million tonnes at a grade
of 0.11 to 0.25 g/t Auii. Another focus of this program has been on expanding in-situ
resources between existing open pits, which has returned consistent gold grades with
heap leach potential, including 0.81 g/t Au over 76.2 metersii. The current reserve grade
at Florida Canyon is 0.35 g/t Au and was based on a gold price of $1,800/oziii.
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.
Kensington (1.25% NSR gold royalty): Royalties from Kensington in Q3 2025 equated
to 346 GEOs. In October 2025, Coeur Mining, Inc. (“Coeur”) increased 2025 gold
production guidance for Kensington to 98,500 to 108,500 ounces (from 92,500 to
107,500 ounces previously) based on strong year-to-date performance and higher
expected mining face availability in the fourth quarter.
Coeur's ongoing exploration at Kensington has continued to yield encouraging results
that are expected to positively impact the asset’s upcoming reserve and resource update.
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. JCM’s annual nameplate capacity is 25 million pounds of copper
cathode.
Sleeping Giant (1.5% NSR gold royalty): During the third quarter of 2025, the Sleeping
Giant gold mine located in Quebec, Canada reported first gold pour. Abcourt Mines Inc.,
the operator, exercised a royalty rate buydown of 0.5% in exchange for cash
consideration of $2 million. Prior to September 22, 2028, the operator may elect to
further buy down the royalty rate by an additional 0.5% for $4 million in cash. The
Sleeping Giant royalty asset was acquired through the Maverix Metals transaction
completed in January 2023.
Arthur (1.0% NSR gold royalty): On August 1, AngloGold Ashanti plc 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 modeling. 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 third quarter of 2025 as part of a $97 million investment program aimed at potential
redevelopment. The existing mill at the Doris deposit was fully dismantled and the jetty
expansion was completed ahead of the sealift season. An internal technical evaluation on
the potential for a 400,000 ounces per year of gold production scenario at Hope Bay
remains on track for the first half of 2026.
Separately, exploration drilling continues to return positive results, including 16.9 g/t Au
over 4.6 meters and 12.7 g/t Au over 9.3 meters, indicating the potential for mineral
resource expansion at depth and along strike at the Patch 7 zone of the Madrid deposit.
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.
Queensway (0.2% to 0.5% NSR gold royalty): In July 2025, New Found Gold Corp.
(“New Found”) released a 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. Following the
closing of the acquisition of Maritime Resources Corp. by the end of 2025, New Found
will have a mill located 180 kilometers away to potentially process Queensway ore.
An updated resource estimate for Queensway is expected in the first half of 2026. Subject
to the completion of permitting, New Found expects first gold in the second half of 2027
from open pit operations.
South Railroad (2.0% NSR gold and silver royalty, partial coverage): In August 2025,
Orla Mining Ltd. (“Orla”) announced that the Notice of Intent for the 100%-owned South
Railroad heap leach project in Nevada was published, which formally initiates the federal
permitting process under the National Environmental Policy Act. Orla expects a record of
decision for South Railroad by mid-2026, and first gold production in 2028.
Cove (1.5% and 2.0% NSR gold and silver royalty, partial coverage): In August 2025, i-
80 Gold Corp. (“i80”) announced that a feasibility study for the 100%-owned Cove
underground gold 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.
Fenn-Gib (1.0% to 1.5% NSR gold royalty): Fenn-Gib is a gold project, 100%-owned
and operated by Mayfair Gold Corp. (“Mayfair”), which straddles the Pipestone fault in
Northern Ontario. In October 2025, Mayfair reiterated 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 mine life. Permitting is expected to commence at the start of 2026.
The current resource at Fenn-Gib totals 181.3 million tonnes grading 0.74 g/t Au
containing 4.3 million ounces of gold in the indicated category, and 8.92 million tonnes
grading 0.49 g/t Au containing 141 thousand ounces of gold in the inferred categoryiv.
DeLamar (2.5% NSR gold and silver royalty): In September 2025, Integra announced
that the United States Bureau of Land Management (the “BLM”) has accepted the Mine
Plan of Operations for the 100%-owned DeLamar heap leach project in Idaho. This
determination is a key milestone on the permitting path for the project, which will allow
for the publication of a Notice of Intent by the BLM to kick off the Environmental Impact
Statement process.
Next steps to advance DeLamar into production include the completion and
announcement of an updated feasibility study by the end of 2025.
Converse (5.0% NSR gold and silver royalty): In September 2025, Axcap Ventures Inc.
(“Axcap”) announced that the former principals of Roxgold Inc. will join Axcap as the
management team. Axcap will be led by John Dorward as CEO and Executive Chair, and
its flagship asset is the 100%-owned Converse heap leach gold project in Nevada. A PEA
is expected to be completed in the second quarter of 2026. Converse is located adjacent to
SSR Mining Inc.’s Marigold heap leach project.
Current resources at Converse total 330.1 million tonnes grading 0.53 g/t Au containing
5.57 million ounces of gold in the measured and indicated category, and 24.8 million