Triple Flag Q2 2025 slides: Record financial results and strategic acquisitions drive growth

Introduction & Market Context

Triple Flag Precious Metals Corp. (NYSE:TFPM) reported record financial results for the second quarter of 2025 on August 7, showcasing significant year-over-year growth across key metrics. The precious metals streaming and royalty company saw its stock rise 7.99% on the day of the announcement, closing at $24.77, with additional gains of 1.17% in premarket trading the following day.

The strong performance comes amid elevated precious metals prices, with the company effectively translating these favorable market conditions into robust cash flows and strategic portfolio expansion. This quarter’s results continue the positive momentum seen in Q1 2025, when the company also exceeded analyst expectations.

Quarterly Performance Highlights

Triple Flag achieved record financial results in Q2 2025, with 28,682 Gold Equivalent Ounces (GEOs) sold, representing a 5% increase from 27,192 GEOs in Q2 2024. This production growth, combined with higher precious metals prices, drove substantial improvements in financial metrics.

Revenue reached $94.1 million, a 48% increase from $63.6 million in the same period last year. The company reported net earnings of $55.7 million ($0.28 per share), a remarkable turnaround from a net loss of $111.4 million (-$0.55 per share) in Q2 2024. Adjusted earnings per share more than doubled to $0.24 from $0.11 year-over-year.

As shown in the following comprehensive financial comparison:

The company maintained its impressive asset margin of 92%, demonstrating the high-quality nature of its streaming and royalty portfolio. Operating cash flow increased to $76.1 million ($0.38 per share), up 52% from $49.4 million ($0.25 per share) in Q2 2024, providing strong liquidity for both shareholder returns and future acquisitions.

Strategic Initiatives

Triple Flag continued to expand its portfolio through strategic acquisitions during the quarter. The company closed the acquisition of a 1.0% Net Smelter Return (NSR) royalty on the Arthur (Expanded Silicon) gold project in Nevada, operated by AngloGold Ashanti. This asset has grown to a 16 million ounce resource base with significant exploration potential.

Additionally, Triple Flag acquired an additional 1.5% Gross Revenue (GR) royalty on the Johnson Camp Mine in Arizona, with copper sales expected to commence in Q3 2025. These acquisitions align with the company’s strategy of investing in high-quality assets in stable jurisdictions.

A significant development came from Westgold’s Beta Hunt Mine, where Triple Flag holds a 3.25% Gross Revenue Royalty (GRR) and 1.5% NSR on gold. The mine declared a maiden resource for the Fletcher Zone of 2.3 million ounces, nearly doubling the total resource base at Beta Hunt.

The following image illustrates the Fletcher Zone resource details:

Triple Flag’s portfolio remains well-diversified across assets, commodities, and geographies, providing shareholders with balanced exposure to the precious metals sector. The company maintains a strong focus on gold (68%) and silver (32%), with geographic concentration in Australia (43%) and Latin America (33%).

The following chart illustrates the company’s diversification across assets, commodities, and geographies:

Detailed Financial Analysis

Triple Flag’s financial strength is underpinned by its high-margin business model and disciplined capital allocation. The company’s adjusted EBITDA increased by 54% to $76.2 million in Q2 2025 from $49.6 million in Q2 2024, reflecting both higher sales volumes and improved precious metals prices.

Free cash flow also saw a substantial increase to $76.1 million, up from $49.4 million in the prior-year period. This robust cash generation supports the company’s commitment to shareholder returns, with Triple Flag announcing a 5% increase in its annualized dividend to $0.23 per share, marking the fourth consecutive annual increase since its IPO in 2021.

The company maintains a strong balance sheet with over $1.0 billion in available capital for acquisitions, positioning it well for continued growth through both organic development of existing assets and new opportunities.

The reconciliation of non-IFRS measures provides additional transparency into the company’s financial performance:

Forward-Looking Statements

Triple Flag presented a compelling investment case based on its growing cash flow per share, diversified portfolio, high-quality organic growth opportunities, and strong balance sheet. The company emphasized its alignment with shareholders through substantial insider ownership of approximately $100 million.

Management outlined their simple goal of generating high returns for shareholders by growing dividends and reinvesting robust cash flows in additional streams and royalties on assets with high-quality geology, operators, and jurisdictions.

The investment thesis is summarized in the following slide:

Looking ahead, Triple Flag is well-positioned to benefit from its recent acquisitions and resource growth at key assets. The company’s focus on precious metals in stable jurisdictions, combined with its strong financial position, provides a solid foundation for continued growth and shareholder returns.

This outlook aligns with the company’s performance in Q1 2025, when it reported record EBITDA of $71 million and operating cash flow of $66 million. The company had previously projected 105,000 to 115,000 GEOs for full-year 2025 and 135,000 to 145,000 GEOs by 2029, indicating a clear growth trajectory.

With gold prices remaining strong and the company’s expanding portfolio of high-quality assets, Triple Flag appears well-positioned to continue delivering robust financial results and shareholder returns in the coming quarters.

Full presentation:

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