TORONTO--(BUSINESS WIRE)--May 05, 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 Earnings(2) (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 EBITDA(3) $128.6 million $70.7 million
Asset Margin(4) 93% 93%
------------------------------- ---------------------- ---------------------
GEOs Sold by Commodity and Revenue by Commodity
Three Months Ended March 31
2026 2025
GEOs(1)
Gold 18,249 21,944
Silver 11,567 6,817
Copper and other 350 --
---------------------- --------------- ------------
Total 30,166 28,761
---------------------- --------------- ------------
Revenue ($ 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
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