Triple Flag Announces Record Quarterly Cash Flow and Strong Q1 2025 Results
Triple Flag Announces Record Quarterly Cash Flow and
Strong Q1 2025 Results
TORONTO--(BUSINESS WIRE)--May 6, 2025--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 2025 and declared a dividend of
US$0.055 per common share to be paid on June 16, 2025. Unless otherwise indicated, all amounts are expressed in US
dollars.
“Our operating cash flow per share increased by 74% year-over-year in the first quarter of 2025, underpinned by strong
performance from Northparkes and Cerro Lindo. This record start to the year has positioned us well, and guidance for 2025
of 105,000 to 115,000 GEOs remains unchanged,’”’ commented Sheldon Vanderkooy, CEO. “Triple Flag has also maintained
a solid pace of acquisitions through the last four months, including the precious metals streams on the Arcata and Azuca
mines in Peru, and more recently, the proposed acquisition of Orogen Royalties and its 1.0% NSR royalty on the Expanded
Silicon gold project in Nevada. Expanded Silicon is a top-tier gold asset located in a premier jurisdiction that is operated by
one of the world’s most successful producers. The exploration potential of this asset is unparalleled, and we look forward to
the completion of this transaction in the third quarter of this year.”
Q1 2025 Financial Highlights
Revenue
Gold Equivalent Ounces (“GEOs”)!
Net Earnings (per share)
Adjusted Net Earnings” (per share)
Operating Cash Flow
Operating Cash Flow per Share
Adjusted EBITDA?
Asset Margin*
Q1 2025 Q1 2024
$82.2 million $57.5 million
28,761 27,794
$45.5 million ($0.23) $17.4 million ($0.09)
$40.7 million ($0.20) $22.2 million ($0.11)
$65.9 million $38.9 million
$0.33 $0.19
$70.7 million $46.0 million
93% 92%
GEOs Sold by Commodity and Revenue by Commodity
Three Months Ended March 31
2025 2024
GEOs!
Gold 21,944 17,646
Silver 6,817 9,485
Other —_ 663
Total 28,761 27,794
Revenue (§ thousands)
Gold 62,752 36,524
Silver 19,493 19,632
Other — 1,372
Total 82,245 57,528
Corporate Updates
e 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.
e Expanded Silicon NSR royalty acquisition: In April 2025, Triple Flag announced the friendly acquisition of Orogen
Royalties Inc. (““Orogen”). Triple Flag will retain a 1.0% NSR royalty on the flagship Expanded Silicon project in
Nevada operated by AngloGold Ashanti plc. A new spin-off company led by Paddy Nicol, CEO of Orogen, will hold all
of the assets and liabilities currently held by Orogen other than the Expanded Silicon royalty. The transaction is
expected to close in the third quarter of 2025. Refer to Triple Flag’s press release on April 22, 2025, Triple Flag to
Acquire Orogen Royalties and its 1.0% NSR royalty on the Expanded Silicon Gold Project, for further details.
e Arcata and Azuca precious metals streams acquired in Peru: In March 2025, Triple Flag completed the acquisition
of 5% silver and gold streams on the Arcata and Azuca projects in Peru for total cash consideration of $35 million.
Arcata and Azuca is operated by Sierra Sun Precious Metals S.A.C. Refer to Triple Flag’s press release on March 5,
2025, Triple Flag Acquires Silver and Gold Streams on Arcata and Azuca, for further details.
e Tres Quebradas lithium royalty acquired in Argentina: In March 2025, Triple Flag completed the previously
announced acquisition of a 0.5% gross revenue royalty on the Tres Quebradas construction-stage lithium project from
Lithium Royalty Corp. for total cash consideration of $28 million. Tres Quebradas is operated by Zijin Mining Group
Co., Ltd. Refer to Triple Flag’s press release on December 19, 2024, Triple Flag to Acquire a Royalty on Tres
Quebradas, for further details.
¢ Top ESG Risk Rating by Sustainalytics: During the first quarter of 2025, Triple Flag’s ranking improved to first in
ESG Risk Ratings by Morningstar Sustainalytics within the precious metals industry and precious metals mining sub-
industry. Triple Flag’s top ranking is a testament to the commitment of our team and mining partners to ESG. Triple
Flag is now ranked in the top 100 out of more than 15,000 companies globally rated by Morningstar Sustainalytics.
¢ Quarterly Dividend Declared: Triple Flag’s Board of Directors declared a quarterly dividend of US$0.055 per
common share that will be paid on June 16, 2025, to shareholders of record at the close of business on May 30, 2025.
e Share Buyback Activity: Under its current normal course issuer bid (“NCIB”), Triple Flag is authorized to repurchase
10,071,462 common shares from November 15, 2024, to November 14, 2025. Under the NCIB, Triple Flag has bought
back 692,600 shares in the open market for $11.3 million since November 15, 2024, of which 153,600 shares for $2.6
million was from the period from February 20, 2025, to May 6, 2025.
Quarterly Portfolio Updates
Australia:
¢ Northparkes (54% gold stream and 80% silver stream): Sales from Northparkes in Q1 2025 were a record 8,934
GEOs.
Mining of the E31 and E31N open pits was completed in the first quarter of 2025 as planned, with material stockpiled.
We continue to expect higher grade stockpiled ore from E31 and E31N to contribute to processed feed and support
stream deliveries through 2025.
Development of the sublevel cave (“SLC”) at E48 commenced in July 2024, with access to the first sub-level now
substantially complete. Commissioning is expected to start in the second half of 2025, with the asset expected to ramp-
up through 2026. A previous concept study in 2024 included a gold grade of 0.41 g/t, with production from the E48
SLC expected to contribute to stream deliveries through the course of its ramp-up. The E48 SLC orebody currently has
a mine life ending in 2034. A pre-feasibility study was completed in the first quarter of 2025. 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 Mining Limited’s fiscal year ending June 30,
2029, subject to the completion of economic studies and board approval, with a Reserve grade of 0.37 g/t Au. An SLC
hybrid option study for E22 is expected to be completed by June 30, 2025.
e Beta Hunt (3.25% GR gold royalty and 1.5% NSR gold royalty): Royalties from Beta Hunt in Q1 2025 equated to
1,623 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.
Infill drill data completed across the Western Flanks and A Zone is also being incorporated into an updated resource
model. Westgold Resources Limited continues to expect the mine expansion project at Beta Hunt to deliver increased
productivity in 2025 and beyond.
Drills continue to turn at 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, 300 meters to the west. Western Flanks is
currently the primary source of gold ore for Beta Hunt.
In September 2024, Westgold declared an inaugural exploration target for the Fletcher Zone of Beta Hunt totaling 23 to
27 million tonnes at 2.1 to 2.5 g/t Au containing 1.6 to 2.1 million ounces of gold’. This compares to the current
Resource base"! at Beta Hunt of 17.7 million tonnes grading 2.74 g/t Au at 1.6 million ounces in the Measured and
Indicated category (inclusive) and 12.9 million tonnes grading 2.63 g/t Au at 1.1 million ounces in the Inferred
category, comprising of the Western Flanks, A Zone, Larkin and Mason deposits.
¢ Fosterville (2.0% NSR gold royalty): Royalties from Fosterville in Q1 2025 equated to 1,036 GEOs. Agnico Eagle
Mines Limited (“Agnico Eagle”) reiterated production guidance of 140,000 to 160,000 ounces of gold in 2025.
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:
e Cerro Lindo (65% silver stream): Sales from Cerro Lindo in Q1 2025 were 5,072 GEOs. On March 27, 2025, Nexa
Resources S.A. (“Nexa”) announced updated Reserves and Resources for Cerro Lindo™, including Proven and
Probable silver Reserves of 39.07 Mt at 21.4 g/t totaling 26,836 koz Ag as of December 31, 2024. Current Measured
and Indicated silver Resources (exclusive) are 6.48 Mt at 22.7 g/t totaling 4,727 koz Ag, and Inferred silver Resources
are 10.04 Mt at 25.5 g/t totaling 8,213 koz Ag.
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, 2025, 17.3 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% to start in 2026.
¢ Buritica (100% silver stream, fixed ratio to gold): Sales from Buritica in Q1 2025 were 1,256 GEOs. Activities by
illegal miners have weighed on operations at Buritica through the past 12 to 18 months, including underground
confrontations. On January 20, 2025, the operator announced that it restarted gold production after an attack by illegal
miners. The attack, which targeted a substation, temporarily halted operations, but did not result in any injuries.
Despite the ongoing presence of illegal miners, Buritica 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.
¢ Camino Rojo (2.0% NSR gold royalty on oxides): Royalties from Camino Rojo in Q1 2025 equated to 683 GEOs.
2025 production guidance for the asset remains unchanged at 110,000 to 120,000 ounces of gold.
e Ana Paula (2.0% NSR gold and silver royalty): In March 2025, Heliostar Metals Ltd. (“Heliostar’”) announced the
commencement of a 15,000 meter drill program focused on both infill and step-out exploration at its Ana Paula
underground development project in Mexico. Heliostar plans to complete a feasibility study on Ana Paula by mid-2026
to allow for a construction decision shortly thereafter.
North America:
e Young-Davidson (1.5% NSR gold royalty): Royalties from Young-Davidson in Q1 2025 equated to 594 GEOs. In
April 2025, Alamos Gold Inc. reiterated 2025 production guidance of 175,000 to 190,000 ounces of gold.
e Florida Canyon (3.0% NSR gold royalty): Royalties from Florida Canyon in Q1 2025 equated to 538 GEOs. With the
acquisition of the Florida Canyon heap leach mine now completed, Integra Resources Corp. (“Integra’’) is focused on
optimization work, including the expected life-of-mine strip ratio. An exploration program is expected to commence in
the second quarter of 2025, focused on oxide material across sparsely drilled saddles and ridges of numerous pits on the
property.
e Kensington (1.25% NSR gold royalty): Royalties from Kensington in Q1 2025 equated to 321 GEOs. In February
2025, Coeur Mining, Inc. (“Coeur”) announced 2025 production guidance for Kensington of 92,500 to 107,500 ounces
of gold.
Driven by successful exploration, Proven and Probable Reserves increased by approximately 22% year-over-year. As
of December 31, 2024'Y, Proven and Probable Reserves at Kensington totaled 501 thousand ounces of gold (2.8 million
short tons at 0.181 opt), with an additional 886 thousand ounces of gold (3.6 million short tons at 0.246 opt) in the
Measured and Indicated category (exclusive), as well as 228 thousand ounces (993 thousand short tons at 0.23 opt) in
the Inferred category.
Drilling at Kensington in 2025 will be focused on continued expansion of known resource zones and identifying
higher-grade zones to improve bulk mill feed grade.
Gunnison and Johnson Camp Mine (3.5% to 16.5% copper stream and 1.5% 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 1.5% GR copper royalty on JCM, which is also within the coverage area of the Company’s separate
oxide copper stream on the Gunnison property.
The operator expects first copper production at JCM in the third quarter of 2025. Mining of mineralized material
commenced in January 2025 and is being stockpiled in advance of completion of the leach pad.
Hope Bay (1.0% NSR gold royalty): Agnico Eagle announced that exploration drilling at Hope Bay totaled 29,450
metres in the first quarter of 2025, with a focus on the Patch 7 and Suluk zones at the Madrid deposit. Assays continue
to demonstrate continuity within the known zones and support the potential for mineral resource expansion at depth
and along strike. Highlight intercepts include 24.1 g/t gold over 9.5 metres in the gap area between Patch 7 and Suluk
of Madrid.
An internal technical evaluation on the potential for a larger production scenario at Hope Bay is expected to be
completed in the first half of 2026.
Eskay Creek (0.5% NSR gold and silver royalty): In April 2025, Skeena Resources Limited (“Skeena’’) 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 April 2025, Orla Mining Ltd. (“Orla”)
announced that the Notice of Intent for the 100%-owned South Railroad heap leach project in Nevada is expected to be
published in the first half of 2025. Orla maintained previously announced development timelines of a record of
decision for South Railroad by mid-2026, and first gold production in 2027.
Separately in 2025, Orla intends to continue focusing on exploring the continuity of wider, higher-grade gold
mineralization below the northern Dark Star open pit, within Triple Flag’s royalty coverage area.
DeLamar (2.5% NSR gold and silver royalty, partial coverage): In April 2025, Integra announced the formal
submission of the updated Mine Plan of Operations to the US Bureau of Land Management for its 100%-owned
DeLamar heap leach project in Idaho. This submission represents the start of the federal permitting process for the
project under the National Environmental Policy Act.
An updated feasibility study to incorporate historical stockpiles into the design of DeLamar remains scheduled for
completion in 2025.
Kemess (100% silver stream): In February 2025, Centerra Gold Inc. (“Centerra”’) announced that it had commenced
evaluation of technical concepts and engineering trade-off studies for potential restart options at the 100%-owned
Kemess copper-gold-silver project in British Columbia. These early-stage concepts included a review of a potential
open pit and long-hole stoping operation, versus the previous permitted block cave design. Significant infrastructure is
already in place at Kemess, including a 50,000 tpd mill, connection to grid power and a camp. A preliminary economic
assessment for Kemess is expected to be completed by the end of 2025.
Fenn-Gib (1.0% to 1.5% NSR gold royalty): Fenn-Gib is a 100%-owned gold deposit that straddles the Pipestone fault
in Northern Ontario, operated by Mayfair Gold Corp. (“Mayfair”). In April 2025, Mayfair announced that the ongoing
pre-feasibility study for a 4,800 tpd open-pit operation at Fenn-Gib is expected to be completed by the end of 2025.
The current Resource at Fenn-Gib totals 181 million tonnes grading 0.74 g/t Au containing 4.3 million ounces in the
Indicated category, and 8.9 million tonnes grading 0.49 g/t Au containing 141 thousand ounces in the Inferred
category’.
¢ Queensway (0.2% to 0.5% NSR gold royalty): In March 2025, New Found Gold Corp. (“New Found”) announced a
maiden resource estimate for the 100%-owned Queensway project in Newfoundland. As of December 31, 2024, the
current Resource at Queensway totals 18.0 million tonnes grading 2.40 g/t Au containing 1.39 million ounces in the
Measured and Indicated category, and 10.7 million tonnes grading 1.77 g/t Au containing 0.61 million ounces in the
Inferred category™’.
A preliminary economic assessment for Queensway remains on-track for completion in the second quarter of 2025. A
drill program that is also expected to start in the second quarter of 2025 will focus on infill drilling, including between
the current resource pit shells.
Rest of World:
¢ Impala Bafokeng (70% gold stream): Sales from Impala Bafokeng in Q1 2025 were 1,664 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.
e Agbaou (3.0% gold stream and 2.5% NSR gold royalty) and Bonikro (3.0% gold stream): Sales from our stream and
royalty interests in Agbaou equated to 1,101 GEOs and 578 GEOs in Q1 2025, respectively. Sales from our stream
interest in Bonikro equated to 1,271 GEOs in Q1 2025. The strong performance of our Agbaou and Bonikro streams
during the first quarter of 2025 reflect Allied Gold Corp.’s obligation to complete minimum deliveries for the 2024
fiscal year. Annual minimum deliveries under these streams will continue until 2027. Refer to our press release
published on August 7, 2024, Triple Flag to Acquire 3% Gold Streams on Allied Gold Corp.'s Agbaou and Bonikro
Mines,” for further details.
In February 2025, 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.
¢ Koné (2.0% NSR gold royalty, partial coverage): In April 2025, Montage Gold Corp. (“Montage”) released an updated
resource for the Koné open pit development project. Triple Flag’s royalty area of interest covers the main Koné deposit.
On a 100% basis, Indicated Resources have increased by 150 thousand ounces to 4.5 million ounces of gold based on
245mt grading 0.57 g/t Au". Similarly, Inferred Resources have increased by 110 thousand ounces to 510 thousand
Vii
ounces of gold based on 37mt grading 0.43 g/t Au”.
Montage continues to expect first gold pour at Koné in the second quarter of 2027.
e ATO (25% gold stream and 50% silver stream): Sales from the ATO streams and related interests in Q1 2025 were 941
GEOs.
In March 2025, Triple Flag filed a statement of claim in the Ontario Superior Court of Justice for the immediate
delivery of 1,650 ounces of gold, representing the outstanding gold ounces under the previously announced prepaid
gold agreement with Steppe Gold Ltd.
e Prieska (0.8% GR royalty): In March 2025, Orion Minerals Limited published an updated feasibility study for the fully
permitted Prieska copper-zinc project in South Africa. The study outlined a two-phase development approach,
including the mining of a near-surface supergene sulphide zone (“Supergene Zone”) to be accessed from an existing
decline followed a second phase of deeper mining that leverages an existing mine shaft. Production from the Supergene
Zone could commence 13 months after construction begins for initial capex of A$49 million.
Collectively, the two phases are designed to produce total metal-in-concentrate of 213 thousand tonnes of copper and
611 thousand tonnes of zinc over a 13-year mine life.
Triple Flag has the right, but not the obligation, to acquire a fixed ratio gold and silver stream on Prieska for $80