Triple Flag Announces Record Q1 2026 Results
Triple Flag Announces Record Q1 2026
Results
TORONTO--(BUSINESS WIRE)--May 5, 2026--Triple Flag Precious Metals Corp. (with its
subsidiaries, “Triple Flag” or the “Company”) (TSX: TFPM, NYSE: TFPM) announced its
results for the first quarter of 2026 and declared a dividend of US$0.0575 per common share to
be paid on June 15, 2026. Unless otherwise indicated, all amounts are expressed in US dollars.
“Triple Flag’s top-tier portfolio delivered a record quarter, with record GEOs and record cash
flow per share,” commented Sheldon Vanderkooy, CEO. “We are also pleased to have entered
into an agreement during the quarter with Evolution Mining to unlock the new gold-dominant
E44 deposit at Northparkes, underpinned by guaranteed minimum gold and silver deliveries.
Together with the potential mill expansion to 10 Mtpa or more, we view this development as a
catalyst that surfaces significant value at Northparkes for our shareholders. We also recently
completed the acquisition of a 3.0% GR royalty on the Gunnison copper project in Arizona,
providing us with additional valuable exposure to copper in the United States, and look forward
to an upcoming construction decision by Agnico Eagle at Hope Bay expected later in May 2026.
Supported by strong cash flow generation and over $1.1 billion of available liquidity, we
continue to advance an active deal pipeline, maintain a disciplined approach to shareholder
returns, and remain firmly on track to deliver on our GEOs guidance of 95,000 to 105,000
ounces for 2026 and 140,000 to 150,000 ounces for 2030.”
Q1 2026 Financial Highlights
Q1 2026 Q1 2025
Revenue $147.0 million $82.2 million
Gold Equivalent Ounces (“GEOs”) 1 30,166 28,761
Net Earnings (per share) $116.9 million ($0.57) $45.5 million ($0.23)
Adjusted Net Earnings2 (per share) $92.7 million ($0.45) $40.7 million ($0.20)
Operating Cash Flow $113.3 million $65.9 million
Operating Cash Flow per Share $0.55 $0.33
Adjusted EBITDA3 $128.6 million $70.7 million
Asset Margin4 93% 93%
GEOs Sold by Commodity and Revenue by Commodity
Three Months Ended March 31
2026 2025
GEOs1
Gold 18,249 21,944
Silver 11,567 6,817
Copper and other 350 —
Total 30,166 28,761
Revenue ($ thousands)
Gold 88,924 62,752
Silver 56,361 19,493
Copper and other 1,708 —
Total 146,993 82,245
Corporate Updates
2026 GEOs Guidance and 2030 Outlook Maintained: Triple Flag remains on track to
achieve its sales guidance for 2026 of 95,000 to 105,000 GEOs.
Our 2030 outlook of 140,000 to 150,000 GEOs remains unchanged.
Triple Flag and Evolution Unlock the Gold-Dominant E44 Deposit at Northparkes,
Underpinned by Guaranteed Gold and Silver Deliveries; Potential Mill Expansion
to 10 Mtpa or More: On February 10, 2026, Triple Flag announced that its wholly
owned subsidiary, Triple Flag International Ltd. (“Triple Flag International”), agreed
with 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.
Evolution also announced 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 on the recent transaction.
Gunnison Copper Project 3.0% GR Royalty Acquisition: On March 30, 2026, Triple
Flag completed the acquisition of a 3.0% gross revenue (“GR”) royalty on the Gunnison
copper project in Arizona from Greenstone Excelsior Holdings L.P. for cash
consideration of $23 million. This GR royalty is separate from Triple Flag’s 3.5% to
16.5% copper stream on oxide material at the Gunnison copper project and Johnson
Camp Mine, as well as its 3.0% GR royalty on the Johnson Camp Mine and the Strong &
Harris satellite deposit.
In February 2026, an updated preliminary economic assessment (“PEA”) was released for
the Gunnison copper project based on a conventional open-pit, heap leach operation
producing copper cathode. Over a 21-year mine life, the project is designed to produce
152 million pounds of copper per annum. Subject to the completion of permitting under a
state-led process as well as project financing, the operator expects first copper production
in 2031.
Next steps include the delivery of a pre-feasibility study, which is expected to be
completed within 18 months.
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 June 15, 2026, to shareholders of record at the close of business on June 1, 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). In the first quarter of 2026, Triple Flag bought back 26,459 shares in
the open market for $1 million.
Quarterly Portfolio Updates
Australia:
Northparkes (54% gold stream and 80% silver stream): Sales from Northparkes in Q1
2026 were 6,708 GEOs.
High-grade gold production has transitioned from the E31 and E31N open pits to the E48
sub-level cave, which started production in the third quarter of 2025 and is expected to
ramp up through 2026. During the first quarter of 2026, Evolution Mining Limited
(“Evolution”) completed the first cut for the E22 block cave. Surface works have also
commenced to enable twin access between E48 and E22, which will optimize access,
ventilation and materials handling.
On a 100% basis as of December 31, 2025, the Measured and Indicated gold resource
(inclusive of Proved and Probable reserves) at Northparkes is 575 million tonnes grading
0.19 g/t containing 3.5 million ounces Au, while the Inferred gold resource is 58.75
million tonnes grading 0.16 g/t containing 0.30 million ounces Aui.
The pre-feasibility study on the potential 10.0 Mtpa mill expansion at Northparkes is on
track for completion during Evolution’s fiscal year ending in June 2027. The completion
of this study is expected to drive further reserve and resource growth.
Beta Hunt (3.25% GR gold royalty and 1.5% NSR gold royalty): Royalties from Beta
Hunt in Q1 2026 equated to 1,364 GEOs.
Westgold Resources Limited (“Westgold”) continues to advance the expansion project to
achieve consistent underground mining rates at Beta Hunt of 2 million tonnes per annum
by the end of the first half of 2026.
Following the declaration of a maiden resource for the Fletcher Zone in 2025, which
effectively doubled the previous Beta Hunt resource, substantial 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. The Fletcher Zone is within
Triple Flag’s royalty coverage area. Western Flanks is currently the primary source of
gold ore for Beta Hunt. The maiden resource remains open at depth and represents
exploration drilling from only approximately half of the known strike length.
In March 2026, Westgold approved an expansion of the Higginsville mill to a nameplate
capacity of 2.6 Mtpa (from 1.6 Mtpa), which is expected to be completed during its fiscal
year 2028. Notably, Westgold has assumed that the main Beta Hunt operation will
provide 2.0 Mtpa of feed to Higginsville, with the remaining balance from the Fletcher
Zone during Westgold’s fiscal year 2029. The 2.6 Mtpa expansion flowsheet has been
engineered to support future potential growth to 4.0 Mtpa.
Fosterville (2.0% NSR gold royalty): Royalties from Fosterville in Q1 2026 equated to
704 GEOs. In February 2026, Agnico Eagle Mines Limited (“Agnico Eagle”) released an
updated three-year outlook. The operator expects Fosterville to produce between 140 to
160 thousand ounces of gold in each of 2026 and 2027. Notably, annual production is
now expected to further increase to a new steady-state of 160 to 190 thousand ounces 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.
Latin America:
Cerro Lindo (65% silver stream): Sales from Cerro Lindo in Q1 2026 were 8,053 GEOs.
On March 26, 2026, Nexa Resources S.A. (“Nexa”) announced updated reserves and
resources for Cerro Lindo, including Proven and Probable silver reserves of 39.67 Mt at
21.2 g/t totaling 27,040 koz Ag as of December 31, 2025ii. Current Measured and
Indicated silver resources are 5.16 Mt at 23.8 g/t totaling 3,951 koz Ag on an exclusive
basis, and Inferred silver resources are 8.60 Mt at 25.3 g/t totaling 6,997 koz Ag ii.
Based on the success of the 2025 exploration program, Nexa has highlighted that the
current reserve life at Cerro Lindo has been extended to 2032 (from 2031).
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 at March 31,
2026, 19.4 million ounces of silver have been delivered since inception under the stream
agreement with Nexa. The step-down in the stream rate at Cerro Lindo from 65% to 25%
commenced with silver deliveries starting in late April 2026.
Buriticá (100% silver stream, fixed ratio to gold): Sales from Buriticá in Q1 2026 were
1,435 GEOs.
As of June 30, 2025, Proven and Probable gold reserves at Buriticá totaled 22.4 Mt
grading 6.78 g/t containing 4,880 koz Auiii. Current Measured and Indicated gold
resources at Buriticá totaled 29.0 Mt grading 7.2 g/t containing 6,700 koz Au on an
inclusive basisiii, with Inferred gold resources of 21.0 Mt grading 7.1 g/t totaling 4,800
koz Auiii.
Zijin Gold International Company Limited expects 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. This higher-than-expected performance
from Buriticá is a testament to the quality of Triple Flag’s top-tier portfolio.
La Colorada (100% gold stream): Sales from La Colorada in Q1 2026 were 156 GEOs.
In March 2026, Pan American Silver Corp. (“Pan American”) announced high-grade gold
intercepts above reserve grade of 0.21 g/t Auiv from exploration drilling that has resulted
in the discovery of at least four new veins at La Colorada. Pan American has indicated
the potential for these new structures to add to mineral resources at La Colorada, with an
aggressive infill and extensional drilling campaign ongoing.
Camino Rojo (2.0% NSR gold royalty on oxides): Royalties from Camino Rojo in Q1
2026 equated to 480 GEOs. In March 2026, Orla Mining Ltd. (“Orla”) reiterated
production guidance for Camino Rojo of 110 to 120 thousand ounces of gold. Due to
grade sequencing, production is expected to be weighted towards the second half of the
year.
In March 2026, Orla received federal government approval for the mining and processing
of the remainder of oxide open pit material at Camino Rojo.
Minera Florida (0.8 to 1.5% NSR gold royalty): Royalties from Minera Florida in Q1
2026 equated to 118 GEOs. In February 2026, Pan American introduced 2026 production
guidance for Minera Florida of 66 to 71 thousand ounces of gold and 0.25 million ounces
of silver.
Arcata (5% silver and gold streams): Sales from Arcata in Q1 2026 were 117 GEOs. 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 for a ramp-up to steady state throughput of 2,500 tpd. The development of Arcata
continues to progress well, with dewatering ongoing to deliver higher mining rates from
the underground. Triple Flag continues to expect GEOs from Arcata to rise over the
course of this ongoing ramp-up to approximately 5 to 6 thousand GEOs per year by 2028.
Era Dorada (1.0% NSR gold and silver royalty): In April 2026, Aura Minerals Inc.
(“Aura”) announced that its Board of Directors approved the development of the Era
Dorada underground gold project in Guatemala. This approval follows the receipt of the
project’s construction license in January 2026. 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.
North America:
Young-Davidson (1.5% NSR gold royalty): Royalties from Young-Davidson in Q1 2026
equated to 514 GEOs. In February 2026, Alamos Gold Inc. (“Alamos”) released three-
year production guidance of 155 to 175 thousand ounces of gold for each of 2026, 2027
and 2028.
On February 17, 2026, Alamos announced updated reserves and resources for Young-
Davidson, including Proven and Probable gold reserves of 42.18 Mt at 2.20 g/t totaling
2,983 koz Au as of December 31, 2025v. Current Measured and Indicated gold resources
are 14.7 Mt at 3.15 g/t totaling 1,489 koz Au on an exclusive basis, and Inferred gold
resources are 1.41 Mt at 3.67 g/t totaling 167 koz Auv.
Based on current reserves and underground mining rates of 8,000 tpd, the reserve life at
Young-Davidson remains at 14 years. Alamos highlighted that the asset has sustained at
least a 13-year reserve life since 2011.
Florida Canyon (3.0% NSR gold royalty): Royalties from Florida Canyon in Q1 2026
equated to 442 GEOs.
In February 2026, Integra Resources Corp. (“Integra”) introduced three-year production
guidance of 70,000 to 75,000 ounces of gold for 2026, and 80,000 to 90,000 ounces of
gold for each of 2027 and 2028.
Integra has launched a 42,500-meter drill program at Florida Canyon for 2026, focusing
on near-mine oxide gold targets and past-producing mines. By the third quarter of 2026,
Integra also expects to release a life-of-mine update for Florida Canyon.
Kensington (1.25% NSR gold royalty): Royalties from Kensington in Q1 2026 equated
to 358 GEOs. In February 2026, Coeur Mining, Inc. (“Coeur”) announced 2026
production guidance for Kensington of 98 to 110 thousand ounces of gold.
As of December 31, 2025, Proven and Probable gold reserves totaled 2,836 kt at 5.99 g/t
containing 546 koz Auvi. Measured and Indicated gold resources totaled 1,788 kt at 7.52
g/t containing 433 koz Au on an exclusive basis, and Inferred gold resources totaled 452
kt at 6.60 g/t containing 96 koz Auvi.
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. Project construction reached 49% completion as of February 28,
2026. Significant infrastructure is already in place at Eskay Creek, including a permitted
tailings facility and an all-weather access road.
Based on a November 2023 feasibility study, Eskay Creek is expected to produce 324
thousand gold equivalent ounces 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 April 2026, New Found announced a C$205 million debt and equity financing package
to advance open pit operations at Queensway to production. Subject to the completion of
permitting by the end of 2026, New Found expects first gold pour from Queensway by
the end of 2027. Open pit ore from Queensway is expected to be processed at the Pine
Cove mill, located 270 kilometers away by road.
South Railroad (2.0% NSR gold and silver royalty, partial coverage): In January 2026,
Orla released an updated feasibility study for the South Railroad heap leach project, as
well as 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 thousand ounces. Drilling is ongoing, with
significant exploration potential across the land package including high-grade oxide
mineralization at the Dark Star pit.
As a FAST-41 Covered Project in accordance with the National Environmental Policy
Act (“NEPA”), Orla continues to expect a record of decision for South Railroad by mid-
2026, with targeted first gold production in 2028.
DeLamar (2.5% NSR gold and silver royalty, partial coverage): As a FAST-41 Covered
Project in accordance with NEPA, Integra continues to expect a Notice of Intent for the
DeLamar gold and silver heap leach project in Idaho in the second quarter of 2026. A
record of decision is subsequently expected in the third quarter of 2027. Integra is
anticipating the completion of project financing for DeLamar in 2027 with construction
commencing in the third quarter of 2028.
Further mine plan upside at DeLamar exists from the large sulphide resource currently
not included in the 2025 feasibility study, as well as near-mine expansion opportunities.
Cove (2.0% and 1.5% NSR gold and silver royalty, partial coverage): In February 2026,
i-80 Gold Corp. (“i-80”) announced that a feasibility study for the Cove underground
project in Nevada is expected to be released in the second quarter of 2026. This study is
anticipated to include recent infill drill results, converting current Inferred and Indicated
resources into higher-confidence categories. i-80 continues to expect permitting at Cove
to advance and for production to commence in 2029.
Hope Bay (1.0% NSR gold royalty): A technical evaluation on the potential for a gold
production profile of 400 to 425 thousand ounces per year at Hope Bay remains on track
to be completed in the second quarter of 2026. Detailed engineering has advanced to
approximately 55% completion. A potential construction decision for the Hope Bay
underground project in Nunavut is expected in May 2026.
Operating at 6,000 tpd, Hope Bay is currently envisioned to have Patch 7, Doris and
Madrid North Naartok as mining fronts, at a scale similar to Agnico Eagle’s Meliadine
mine in Nunavut. Production would commence in 2030.
Should a positive construction decision be reached for Hope Bay, Agnico Eagle intends
to spend approximately $400 to $450 million in 2026 on the redevelopment of the asset.
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 January 2026, a pre-feasibility study for Fenn-Gib was released, which highlighted
average annual gold production of 64 thousand ounces over a 14-year life. Notably, the
PFS mine plan only covers approximately 24% of the total Indicated resource at Fenn-
Gib, providing longer-term growth optionality. Next steps for Fenn-Gib include the
advancement of permitting activities, detailed engineering and stakeholder engagement,
with a target construction date of 2028 and first gold pour in 2030.
Arthur (1.0% NSR gold royalty): In February 2026, AngloGold Ashanti plc
(“AngloGold”) released highlights of a pre-feasibility study for the Arthur oxide gold
project in Nevada. The project is currently designed to produce 500 thousand ounces of
gold per year over an initial nine-year mine life. AngloGold has indicated that the current
study parameters represent the beginning of a longer life as the “top of the iceberg” and