Triple Flag Q1 2025 presentation: Record financial results and strategic acquisitions drive future growth

Triple Flag Precious Metals Corp (NYSE:TFPM) reported exceptional first-quarter 2025 results on May 7, showcasing substantial year-over-year growth across all key financial metrics while advancing strategic acquisitions to bolster its long-term growth trajectory.

Quarterly Performance Highlights

Triple Flag delivered 28,761 gold equivalent ounces (GEOs) in Q1 2025, representing a 3% increase from the 27,794 GEOs reported in Q1 2024. This production growth, combined with higher precious metals prices, drove significant financial improvements across the board.

Revenue surged 43% to $82.2 million, while net earnings skyrocketed 161% to $45.5 million compared to the same period last year. This translated to earnings per share of $0.23, up from $0.09 in Q1 2024. The company’s adjusted EBITDA increased 54% to $70.7 million, and operating cash flow grew 69% to $65.9 million.

As shown in the following comprehensive financial results table comparing Q1 2025 to Q1 2024:

CEO Sheldon Vanderkooy highlighted the company’s strong start to 2025, noting that the robust financial performance positions Triple Flag well to meet its full-year guidance while continuing to pursue strategic growth opportunities.

Strategic Acquisitions and Growth Initiatives

A key highlight of the quarter was the acquisition of Orogen Royalties, which provided Triple Flag with a net smelter return (NSR) royalty on the Expanded Silicon gold project in Nevada operated by AngloGold Ashanti. This tier-one asset has seen rapid resource growth to over 16 million ounces since drilling began in 2018.

The Expanded Silicon project represents a cornerstone asset with significant exploration upside, as illustrated in the following slide:

The resource has grown substantially since the initial estimate in 2021, with the Merlin deposit now containing 12.1 million ounces of inferred resources as of 2024, up from 9.1 million ounces in 2022.

Additionally, Triple Flag acquired 5% silver and gold streams on the Arcata and Azuca mines in Peru, further diversifying its portfolio of precious metals assets. The company also reported record GEO production from its Northparkes operation, where mining of E31 and E31N open pits was completed and E48 SLC development has commenced.

Portfolio Diversification and Composition

Triple Flag maintains a well-diversified portfolio across assets, commodities, and geographies. The company remains a pure-play precious metals streaming and royalty company, with 76% exposure to gold and 24% to silver.

Geographically, the portfolio is weighted toward stable mining jurisdictions, with Australia representing 42% of the portfolio, followed by Latin America (22%), North America (16%), and the rest of the world (20%). By asset, Northparkes contributes 31% of the portfolio, followed by Cerro Lindo at 18%.

The following breakdown illustrates the company’s diversified portfolio structure:

This diversification helps mitigate operational risks while maintaining focus on high-quality precious metals assets in stable mining jurisdictions.

Long-term Growth Outlook

Triple Flag has demonstrated consistent GEO growth since 2017 and projects continued expansion through 2029. The company’s production has grown from 33,000 GEOs in 2017 to 113,000 GEOs in 2024, with 2025 guidance set at 105,000-115,000 GEOs.

Looking further ahead, Triple Flag projects GEO production to reach 135,000-145,000 by 2029, representing approximately 25% growth from current levels. This growth will be driven by both existing assets and recent acquisitions.

The company’s historical and projected GEO growth is illustrated in the following chart:

Investment Case and ESG Leadership

Triple Flag emphasized its strong investment case, highlighting robust and growing cash flow per share, a diversified portfolio providing top-tier precious metals exposure, high-quality organic growth, and a strong balance sheet.

The company also noted its leadership in sustainability, ranking first in ESG Risk Ratings by Morningstar Sustainalytics. This recognition underscores Triple Flag’s commitment to responsible investment and operational practices.

The key elements of Triple Flag’s investment proposition are summarized in the following slide:

Market Context and Stock Performance

Triple Flag’s strong Q1 2025 results follow a solid performance in Q3 2024, when the company reported record sales of nearly 30,000 GEOs. The company’s addition to the S&P/TSX Composite Index has improved its market visibility.

The market has responded positively to Triple Flag’s performance, with the stock closing at $22.05 on May 6, 2025, up 1.99% for the day. In after-hours trading, the stock gained an additional 3.27%, reaching $22.77. The shares have traded between $13.94 and $22.96 over the past 52 weeks, indicating strong momentum.

Outlook

With its strong Q1 2025 performance, Triple Flag appears well-positioned to achieve the upper end of its 2025 guidance range of 105,000-115,000 GEOs. The company’s recent strategic acquisitions, particularly the Expanded Silicon royalty, are expected to contribute to long-term growth as these projects advance toward production.

Triple Flag’s focus on high-quality assets in stable jurisdictions, combined with its pure-play precious metals exposure and strong balance sheet, provides a solid foundation for continued growth and shareholder returns in the coming years.

Full presentation:

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