TFPM

Image source: The Motley Fool. Thursday, Aug. 6, 2026 at 9:00 a.m. ET Chief Executive Officer and Director - Sheldon Vanderkooy Chief Financial Officer - Eban Bari Chief Operating Officer - James Dendle Operator: Ladies and gentlemen, thank you for standing by. My name is Angela, and I will be your conference operator today. At this time, I would like to welcome everyone to the Triple Flag Precious Metals Second Quarter 2026 Conference Call. I'd like to remind everyone that this call is being recorded. [Operator Instructions] I would now like to turn the call over to Mr. Sheldon Vanderkooy, Chief Executive Officer and Director. Please go ahead. Sheldon Vanderkooy: Thank you, Angela. Thank you for joining us to discuss Triple Flag's Second quarter 2026 results. With me on the call this morning are Eban Bari, our Chief Financial Officer; and James Dendle, our Chief Operating Officer. This quarter marks a milestone for our company. Triple Flag is entering its second decade, and we are doing so with the strongest organic growth profile in our history and a clear track record of compounding shareholder value. H1 was the strongest 6 months in the history of our company. Q2 was another strong quarter. We sold nearly 29,000 GEOs. We generated $117 million of adjusted EBITDA, and we delivered operating cash flow per share of $0.54, up from $0.38 in Q2 of last year. This represents 42% growth in cash flow per share with our high-margin top line exposure to gold and silver prices translating directly into per share cash flow. June was a milestone month for Triple Flag. In the span of two weeks, we announced three important developments. First, we reached a settlement agreement with Steppe Gold that fully resolves all our outstanding disputes. We received all obligations and arrears on signing, and we have secured guaranteed fixed gold deliveries over the next 10 years, along with long-term exposure to production from the ATO mine. We initially invested $28 million in Steppe and have already received over $60 million of returns to date in addition to the over 34,000 ounces of gold to be delivered over the next 10 years. Second, we announced and closed the acquisition of a $440 million gold stream on the Ravenswood Gold Mine in Queensland, Australia. This is a cornerstone addition to our portfolio that delivers immediate cash flow from a large-scale, long-life, low-cost operation with first deliveries received in July of this year. And third, on the strength of these two developments, we increased our 2026 GEO guidance to 100,000 to 110,000 ounces and raised our 2030 outlook to 150,000 to 160,000 GEOs. Q2 was also a fantastic quarter for demonstrating the organic growth driven by mine development and mine life extension. In May, Agnico Eagle announced a positive construction decision at Hope Bay, a milestone that we have pointed to for several quarters and one that firmly anchors our growth beyond 2030 outlook. At Northparkes, the E48 sublevel cave is ramping up and its growth plans continue to advance, including a mill expansion study to 10 million tonnes per annum. And at Arthur, feasibility work and drilling are underway on a world-class greenfield deposit following the pre-feas released earlier this year. Finally, an important part of our capital allocation strategy remains returns to shareholders. We are pleased to announce our fifth consecutive annual increase of our dividend since we listed in 2021, which now equates to an annualized dividend of $0.24 per share. Additionally, we repurchased $20 million of shares in the open market during the quarter, taking advantage of the opportunity presented by the market. I will now turn it over to Eban to discuss our financial results for Q2 2026. Eban Bari: Thank you, Sheldon. As Sheldon highlighted, we had a very strong quarter with portfolio producing 28,700 GEOs, resulting in the first half of nearly 59,000 GEOs. This puts Triple Flag on track to achieve our increased 2026 guidance. Across the chart, adjusted EPS were up 63%, adjusted EBITDA was up 54% and most importantly, cash flow per share was up 42% year-over-year. Operating cash flow per share is the metric that most directly compounds to shareholders over time, and our strong margins ensure that higher metal prices flow directly through to our shareholders. This strong cash flow generation continues to support all our capital allocation priorities. We view a progressively growing dividend as a core part of our capital allocation strategy and one that's sustainable across all metal prices. Our dividend has now been increased to $0.24 on an annualized basis, up 4% from prior dividend. I'm proud that we've increased our dividend every year since our IPO. On buybacks, we have said that we view our shares as being undervalued. And we acted on that view this quarter, repurchasing $20 million worth of shares in the open market. The NCIB remains an active part of our shareholder return strategy, and we will continue to be opportunistic. Lastly, I would like to comment on our balance sheet. Despite deploying $440 million on Ravenswood acquisition, $20 million on share buybacks and our normal course dividend, we exited the quarter with over $1.1 billion of available liquidity. We funded Ravenswood with cash on hand and drawings from our revolving credit facility. And given cash-generating power of our business with over $100 million worth of operating cash flow this quarter alone, we expect to repay this facility rapidly during 2027 based on current metal prices. Overall, a strong balance sheet, robust operating cash flows and total liquidity of $1.1 billion gives us the capital to continue deploying dollars into accretive opportunities to drive future growth for the benefit of our shareholders. With that, I will turn it over to James to walk you through Ravenswood, Hope Bay and our growth pipeline. James Dendle: Thank you, Eban. Starting with Ravenswood, where we hold a 5.5% gold stream. The mine is Queensland's largest gold mine and a top 10 Australian gold mine by ore reserves. There are several attributes we particularly like about this transaction. First, this is a producing proven operation. Ravenswood has been in continuous production since 1987 and has produced a 4 million ounces gold since discovery. Stream generates cash flow immediately with first deliveries having commenced in Q3. Second, the asset offers attractive scale and mine life and costs. The expansion completed in 2023 supports growth in annual production to more than 200,000 ounces with the operation ramping towards that level by 2028, while sitting in the lower half of the global cost curve. Third, the mineral endowment is extensive, and the exploration is compelling. Since 2020, roughly 800,000 ounces of reserve additions outpaced 600,000 ounces of depletion with multiple in-pit and near-mine targets adjacent to the Buck Reef West and Sarsfield known pits. Turning to Hope Bay. We hold a 1% NSR royalty on this Agnico Eagle project in Nunavut. In late May, Agnico Eagle announced a positive construction decision. The accompanying study contemplates 6,000 tonnes per day underground operation, producing 400,000 to 435,000 ounces of gold per year over an initial 11-year life of mine. First production is expected in 2030. What makes Hope Bay particularly exciting is what the initial plan leaves us. The 11-year mine life incorporates nearly about half of the declared mineral resource, 55% of the measured and indicated, and 48% of the inferred. Beyond that, Agnico has over 90 regional targets across a highly prospective 80-kilometer Greenstone belt with 700,000 meters of drilling planned over the next 5 years. This includes drilling up the Boston deposit, which is not included in the PEA and is located 50 kilometers south of Madrid deposit. Hope Bay has the potential to develop into a multi-decade district scale mining camp and Agnico's decades of proven Arctic operating experience and established logistics routes make them the ideal operator to realize its potential. Finally, I want to discuss some of the assets that will drive further growth beyond our 2030 outlook. This should provide a clear view to our shareholders of what will become core paying assets to Triple Flag. Arthur, Kemess, Hope Bay, and Northparkes are world-class long-life assets located in established mining jurisdictions. At Arthur, a pre-feasibility study was released in February, forming the basis of permitting to commence in 2027. The current 9-year life of mine is the beginning of a much longer life. AngloGold has described the study as tip of the iceberg, noting that Arthur is a marquee asset that will anchor AngloGold's portfolio in the 2050s. At Kemess, Triple Flag holds a 100% silver stream. The 2026 PEA supports a large-scale copper gold, silver operation, reaching production by 2031, leveraging existing brownfield infrastructure and permits from previous mining operations. The PEA mine plan represents only 47% of the total resource tonnes, providing upside for further ounces to be included in an upcoming PFS in mid-2027. As I mentioned, we expect Hope Bay to commence production in 2030 with a ramp-up thereafter. And finally, Northparkes is Triple Flag's largest asset. Numerous growth projects have recently been approved by Evolution, which will unlock value for a world-class copper and gold endowment that include the E22 block cave, the E44 gold open pit with minimum delivery guarantees and most importantly, a potential mill expansion to at least 10 million tonnes per annum, the latter two of which are currently being studied over the next year. We believe that the mill expansion is the optimal path to unlock value from not only the 625 million tonnes of total current resources, but other prospective underexplored targets that could materially add to the production profile with increased scale and processing optionality. Taken together, these 4 assets are diversified across long-life district scale systems in Nevada, British Columbia, Nunavut and Australia, and they are all operated by high-quality counterparties, representing the foundation for further organic growth beyond 2030. I'll now pass it back to Sheldon. Sheldon Vanderkooy: Thank you, James. Our business model generates shareholder value through reinvesting our robust cash flows into accretive additions to the portfolio. In the past 18 months, since the start of 2025, we have deployed over $900 million into new high-quality streams and royalties, Tres Quebradas, Arcata and Azuca, Arthur, Minera Florida, the Johnson Camp and Gunnison royalties, the Northparkes E44 stream, and now Ravenswood. These are all high-quality assets operated by high-quality operating teams. The bulk of this capital has been deployed in Australia and the United States, and be deployed on attractive returns for our shareholders. Triple Flag shareholders will benefit from these portfolio additions for decades to come. I'd like to close by stepping back and looking at what Triple Flag has created over its first decade, a portfolio of 242 streams and royalties, 36 of them producing with a peer-leading exposure to Australia. We remain firmly focused on generating shareholder value. We have increased our GEO production every year since our 2016 founding. We have increased our dividend every year since our 2021 IPO. We are active buyers of our own shares and management and the Board remain founders and substantial owners of the company. Looking forward, the picture is even stronger. We had a strong first half with robust growth in operating cash flow per share, and we delivered $550 million of transactions that will benefit our shareholders for decades to come. Our increased guidance calls for 100,000 to 110,000 GEOs this year, growing to 150,000 to 160,000 GEOs in 2030 from a derisked pipeline that James just walked you through. And finally, we have over $1.1 billion of available liquidity to continue pursuing accretive opportunities over the remainder of the year and beyond. That concludes our prepared remarks. Operator, please open the floor to questions. Operator: Your first question comes from the line of Cosmos Chiu with CIBC. Cosmos Chiu: Sheldon, Eban and James, congrats on a strong first half. Maybe my first question is on Northparkes. James, you kind of touched on it, but the E44 development study is expected by the end of June 2027. Still some time away, but is there any kind of progress or any kind of update at least on that study that you can provide to us? James Dendle: Yes. Cosmos, I obviously can't get too far ahead on the studies, but I think it's important to highlight that there's a number of things happening at Northparkes. Evolution has recently approved coarse particle flotation project and debottlenecking in the processing plant that opened up capacity. And then the two big milestones or developments in conjunction with that, one, the development of the E22 blockade, which is the next kind of frontier of mining at Northparkes in conjunction with the expansion of the mill. And the base expansion of the mill is 10 million tonnes, but it could be higher than that, and that's precisely what Evolution is studying at the moment. So that work is ongoing and there's been capital allocated towards those studies. So we look forward to seeing the results of that next year. And then E44 is relatively straightforward from a study point of view. It's a reasonably well-defined open pit that really requires ore mining and then treatment in conjunction with the other ore feeds. So the study under that is quite straightforward. So I think the focal point for us will be seeing how big of an expansion is done at the mill next year. Cosmos Chiu: Maybe sticking with Australia, Ravenswood, good to see the first monthly delivery was received in July 2026. So can I take it that, I guess, Q3 is going to be a normal sort of quarter? Or is there still some kind of ramp-up factors that we should be aware of? And as you mentioned during the acquisition presentation, a normal quarter will be 2,300 to 3,300 GEOs per quarter. So again, is it Q3 going to be a normal quarter? Or is there any factors that we should still consider? James Dendle: Yes. Look, it will be ramping up because there are capital projects going on to open up the Southfield open pits. And then that scales up towards the 200,000 ounce-plus run rate up 2028. During that period, it will be relatively normal, but there's a ramping profile for that asset. Cosmos Chiu: Okay. Maybe switching gears a little bit. Cerro Lindo, it's been a great asset for Triple Flag. But now there's been a step down that happened in April. Cerro Lindo is one of your larger silver streams. I guess my question is, with that sort of coming down and a bit of a decrease in silver, at least contribution-wise, are you still happy, Sheldon, with your gold, silver, copper and other mix as it stands today? Sheldon Vanderkooy: Yes. Thanks, Cos. Bottom line is we are happy. Like we're a precious metals company, and we're always looking for high-quality gold, high-quality silver exposure, and we think we have that in spades. We long anticipated the Cerro Lindo step down. And as you pointed out, hitting the step down is a sign of success. And Cerro Lindo remains a very substantial asset for Triple Flag going forward. It's still going to be one of our largest contributors. There are no further step downs after this. Cerro Lindo is even looking at putting new capital into that project. So that's great. We benefit from that. And in terms of silver exposure over the longer term, I mean, we have Cerro Lindo, we have Buritica. We actually got quite a bit of silver out of Northparkes. That's fantastic. We have things like Arcata and Azuca, which are silver, and we've highlighted Kemess as well. And so that's silver exposure as well. So there's still a lot of silver in the portfolio. Cosmos Chiu: Great. And then maybe one last question. likely for Eban. But going through your income statement, I noticed that taxes were fairly low, slightly over $1 million. G&A was also fairly low, $3.8 million, whereas first half totaled closer to $10 million, so a decrease from Q1. So I guess, Eban, what's a sustainable rate here? Is this representative of what we can expect for the remainder of the year? Eban Bari: Thanks for the question. Our G&A largely was impacted by mark-to-market on our share price. Has a pretty significant impact on the DSUs, RSUs and so forth. Our run rate is essentially it's based on what we had guided to the market, which is about $30 million to $32 million. So on a quarterly basis, we expect -- assuming all things being equal, we expect $7 million to $8 million worth of G&A for the quarter. With respect to tax being lower, it's a combination of tax benefits due to the share price decreases, but you get a benefit as well as mark-to-market on some of our prepays. So these are recoveries essentially, but cash taxes remain pretty consistent. Cosmos Chiu: Yes. It's kind of funny, Eban, talking about the benefits because the share price decreased. So for you, I hope that you pay more taxes because that means the share price is going up. Congrats again on a very strong first half. Operator: Your next question comes from the line of Josh Wolfson with RBC Capital Markets. Joshua Wolfson: Just sort of 2 quick ones. First question is on Prieska. It sounds like the operator there is moving forward towards construction commencement. How should we think about the stream option? I guess, also when could we expect that to be exercised if it's exercised? And what would be the time lines for funding? James Dendle: Yes, Josh, I can answer that. It's worth just remembering that when we entered into the stream transaction, the development plan was the deeper part of the ore body, there's an upper zone and a deeper zone. And the deeper zone is the lion's share of the economics, probably over 95% of the value. So the stream is predicated on getting the deeper zone into production. The company has subsequently reorientated the development of the asset to do it in a more of a staged manner, which actually is a very appropriate way of developing an asset for a development company. So all that to say, we still have the right but not obligation to fund stream. And the asset looks great. Glencore has come in with a very considerable financing to get them off the ground. But our focus is still on the deeps. So when the company moves towards an investment decision on the deeps, which we expect to be next year, we'll look to do our valuation and presumably invest the stream at that time. But all the sites we have at the moment are great. The economics for our stream are very robust. And I think having a supportive capital provider alongside us in Glencore is a good endorsement of the project and provides ample capital to get the project up and running and fully develop the deep zone as well. Joshua Wolfson: Okay. And then Tres Quebradas, I know it's a pretty small contributor today. The release talks about Phase 2. Is there any goalpost that can be provided in terms of what production could look like when it's expanded? James Dendle: Yes, there's been numerous expansion options there, Josh. The Phase 2 essentially doubles, but there's an opportunity to triple it from current levels. It has not been fully determined as to how large the production rate goes. There are options to take it even beyond the tripling of current levels. In our investment case is predicated on the mine running at the current nameplate of about 20,000 tonnes. So anything beyond that is great upside for us. Operator: The next question comes from the line of Fahad Tariq with Jefferies. . Fahad Tariq: I wanted to come back to Ravenswood. In the second half of the year, can you just remind us if that's factored into the 2026 guidance? Or -- and I think I may have missed this, but is it fair to assume the low end of the quarterly deliveries at 2,300 ounces per quarter, in the third and fourth quarter of this year? Sheldon Vanderkooy: Fahad, it's Sheldon. I'll answer that. So we've updated our guidance to say we're looking at the top half of our updated guidance. So the top half of that $100 million to $110 million, and that does include the Ravenswood stream as well. Fahad Tariq: Okay. Got it. And then maybe just switching gears, one for Eban. On the balance sheet, I noticed the cash balance obviously came down just because of the transaction and the buybacks. But can you just remind us like minimum cash balance that the company typically targets going forward? Eban Bari: Yes, thanks. We generally -- we're a business that we don't really need a whole lot of money to maintain the business. So we generally try and limit how much cash we have on the balance sheet, just given we've got a facility that's drawn. So for us, about $10 million, $15 million is probably about the right number. Operator: Your next question comes from the line of Tanya Jakusconek with Scotiabank. Tanya Jakusconek: Maybe just to finish off on the outlook for the second half of the year. Just Cerro Lindo step down, so that's occurring. We've got then Ravenswood production starting to contribute. How should we think the rest of the year with respect to Q3 and Q4? Originally, it had been that the first half was supposed to be higher than the second half. But how should I be thinking about the second half in Q3 and Q4? Sheldon Vanderkooy: Tanya, this is Sheldon. Obviously, you have our H1 to date, and we have our full year guidance. And so if you're looking for the split between Q3 and Q4, there's no real big differences we're seeing between the quarters. But again, we don't give quarterly guidance. So it's really the annual guidance and working towards that annual figure we've given the market. Tanya Jakusconek: No, it's just more with Q3 and Q4, like there's not that much difference, that's fair enough. Maybe my next question, if I could, was to come back to James when you talked about those 4 key assets beyond 2030. You can quickly do the math on Hope Bay and Arthur Gold and see that contribution. So as you think about beyond 2030, you've got the 150,000 to 160,000 GEOs. Are we looking with the remaining 2 getting closer to 200,000? Like is it something in the 20,000 to 50,000 ounce range that these additional ounces will contribute. James Dendle: Yes. I mean, obviously, Tanya, defining the outlook. We're focused on the assets that we think have a clear line of sight to contributing in that time frame. Of course, there are other development stage projects that are earlier and at study level and need a few things to happen before they could contribute. But they certainly have studies that could show contributions that build above the outlook range. But we're always reluctant to include those in our outlook until we gain confidence. I think one of the other big variables is Northparkes. There's a lot of potential to add incremental gold to Northparkes, particularly given the increased processing capacity and the way that Evolution is looking at gold-only mineralization of that property. Of course, beyond E44, we don't have a great line of sight on that right now because there's still work to be done. But look, I think E44 will certainly continue far beyond the minimum deliveries. The life of that pit is likely at least double or triple the minimum delivery quantum. And I'm very confident there are further gold discoveries to be made. So I think I'd be looking to North Park is sort of unexpected additions to that profile. And then, of course, as we see projects become more solid from a permitting and capital provision perspective, we'll add those to profile too, and we'd expect that to stack on top of the numbers we've shared. Tanya Jakusconek: Yes. It's just really interested, James in these 4 -- like what could these 4 contribute? James Dendle: Well, yes, I mean, you could put the studies together, Tanya, I think there's probably quite a bit more that Arthur could contribute beyond the PFS. I think Hope has a great deal of potential over and above the 400,000 to 435,000 ounces. I think in the mid-2030s, that could be a much bigger number. I think Kemess go for longer, but the annual outputs are probably fairly fixed by the study. But I really think it's Arthur and Hope Bay that have the greatest potential to grow annual production above the numbers we have in front of us today. Tanya Jakusconek: Yes, that's about 15,000 GEOs. I don't know what the other 2 would contribute. Sorry. I was just trying to -- so greater than 15,000 GEOs. Okay. My next question then comes back to just maybe, Eban, how are we handling -- just how should I think about the capital returns from your share buyback versus your dividend? You bought back $20 million this quarter. Should I be thinking that if we were to stay in this share price range that you will continue the share buyback? Eban Bari: Thanks for the question. We raised our -- we just raised our dividend and NCIB as part of our broader capital allocation strategy, and we look at that along with deals that we're working towards and going down the pipeline. So we'll be active on the market opportunistically, and we'll step in when we see value. So that's pretty much it. We've got a program in place, and we'll exercise discretion as we see fit. Tanya Jakusconek: And I guess my final question then is just on the transaction environment. And maybe just kind of review if anything in that has changed. We talked about it last quarter. It was in the $100 million to $500 million range. It was mainly in asset builds and maybe some third-party royalty transactions. So where are we on this now? Has anything changed? Has the structure of some of the deals changed? Anything for us to be aware of? Sheldon Vanderkooy: Tanya, it's Sheldon. I'll take that one. Really, it's remarkably the same. And you've seen how much we managed to deploy over the last 18 months. And I would say the pipeline right now seems as robust as it's ever been. That transaction range that you cited, I think, is still pretty accurate, that $100 million to $500 million, but we're also seeing some transactions that would even be larger than that. also comment on jurisdictions. I'd say generally, what we're seeing are jurisdictions that shareholders would generally be comfortable with. So anyway, we're still active. The corp dev team is busy, and we're going to see what we can do. Tanya Jakusconek: And Sheldon, are they mainly in gold? Or are you seeing some silver transactions as well? . Sheldon Vanderkooy: It's really a mix of metals, including like, I'd say, predominantly gold, there's some silver as well. There's probably some non-precious that might be attractive as well. But the bulk of what we're looking at really falls into that precious metals, again, right down the fairway of what our shareholders really are looking for. Tanya Jakusconek: Sheldon, you said non-precious as well. Is that something like you're looking at beyond gold and silver and non-precious? Sheldon Vanderkooy: Yes. I mean, like we have a long list of things we look at, and there are some non-precious. And we've done that before, right? Like Tres Quebradas has been a fantastic investment for us. And so we'll look at that on a very opportunistic basis. We're never going to take the portfolio away from being like a 90% gold and silver portfolio. Operator: And your next question comes from the line of Brian MacArthur with Raymond James. Brian MacArthur: Most of them have been answered. But can I just ask about Impala. I mean you got $10.5 million this quarter. I'm not as familiar with that asset, but it's ramped -- it's changed over the last number of years. But that's like up significant versus any other time period and the gold price is down over Q1. Is that a normal run rate going forward? Has something changed there? Or was there a catch-up? Or how should I think about that going forward? Eban Bari: Brian, thanks. I'll take that question. So typically, Impala has been pretty consistent on a quarter-over-quarter. I think what you're probably seeing this quarter is one of the last deliveries slipped into Q2 from Q1. That's probably why Q2 is a little bit higher than the prior quarters. But typically, they're pretty consistent in terms of quantum of deliveries. James Dendle: More generally though -- Brian, there is -- you can expect to see slightly higher deliveries coming out of the Styldrift mining area in the next year or two. The company has been very public about increasing output of that mine, not hugely, but there is an uptick from the current levels expected. Brian MacArthur: Right. But if I would start just to look at it, so divide by 2 over the 6 months and have a bit of a ramp and adjust for the gold price, is how I should think about it? Sheldon Vanderkooy: Yes. That's reasonable perspective. Operator: That concludes our question-and-answer session. I will now turn the conference back over to Mr. Sheldon Vanderkooy for closing remarks. Sheldon Vanderkooy: Thank you, Angela. And thanks, everyone, for dialing in to our call. We've had a very strong start to the year, and we're looking forward to continuing the performance over the back half of the year. Thank you all for attending. Operator: Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect. Before you buy stock in Triple Flag Precious Metals, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Triple Flag Precious Metals wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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Interested in Triple Flag Precious Metals Corp.? Here are five stocks we like better. Strong first-half results: Triple Flag sold nearly 29,000 gold-equivalent ounces in Q2 2026, while adjusted EBITDA rose 54% year over year and operating cash flow per share increased 42% to $0.54. Guidance raised after Ravenswood acquisition: The company lifted its 2026 GEO guidance to 100,000–110,000 and its 2030 outlook to 150,000–160,000 following its $440 million acquisition of a 5.5% gold stream on Australia’s Ravenswood mine. Shareholder returns and growth pipeline: Triple Flag raised its annualized dividend 4% to $0.24 per share and repurchased $20 million of stock, while maintaining more than $1.1 billion in liquidity and highlighting future growth from assets including Hope Bay, Northparkes and Arthur. These 3 Surging Gold & Silver Stocks Just Boosted Dividends Triple Flag Precious Metals (NYSE:TFPM) reported what Chief Executive Officer Sheldon Vanderkooy described as the strongest first half in the company’s history, supported by higher gold-equivalent ounce sales, increased cash flow per share and a newly acquired stream on the Ravenswood Gold Mine in Australia. The company sold nearly 29,000 gold-equivalent ounces, or GEOs, during the second quarter of 2026 and generated $117 million of adjusted EBITDA. Operating cash flow per share rose 42% year over year to $0.54 from $0.38 in the prior-year quarter, according to Vanderkooy. → No Hangover: Revisiting Microsoft One Week After Earnings Gold Hits New High: 3 Stocks Investors Should Watch Chief Financial Officer Eban Bari said second-quarter production totaled 28,700 GEOs, bringing first-half production to nearly 59,000 GEOs. He said adjusted earnings per share increased 62% year over year and adjusted EBITDA increased 54%. Triple Flag raised its 2026 guidance to 100,000 to 110,000 GEOs and increased its 2030 outlook to 150,000 to 160,000 GEOs. Vanderkooy said the higher outlook reflects the company’s settlement with Steppe Gold and its $440 million acquisition of a gold stream on the Ravenswood mine in Queensland. → MarketBeat Week in Review – 08/03 - 08/07 Markets Love Them, Analysts Are Bullish, 3 Mining Stocks To Play Triple Flag acquired a 5.5% gold stream on Ravenswood, which Chief Operating Officer James Dendle called Queensland’s largest gold mine and one of Australia’s top 10 gold mines by ore reserves. First deliveries from the asset began in July. Dendle said Ravenswood has operated continuously since 1987 and has produced 4 million ounces of gold since discovery. An expansion completed in 2023 is intended to support annual production above 200,000 ounces, with the operation ramping toward that level by 2028. However, he said the mine will continue to have a ramp-up profile as capital projects advance to open the Sarsfield pits. → Why the Landlord of the AI Boom Could Outlast the Chipmakers Vanderkooy said the upper half of Triple Flag’s revised annual guidance range includes expected contributions from Ravenswood. He also said the company does not see major differences between the third and fourth quarters, while reiterating that it provides annual rather than quarterly guidance. In June, Triple Flag reached a settlement agreement with Steppe Gold that resolved outstanding disputes between the companies. Vanderkooy said Triple Flag received all obligations and arrears upon signing and secured guaranteed gold deliveries for the next decade, as well as longer-term exposure to production from the ATO mine. The company initially invested $28 million in Steppe Gold and has received more than $60 million in returns to date, in addition to more than 34,000 ounces of gold expected to be delivered over the next 10 years, Vanderkooy said. Management also highlighted several longer-term growth assets. At Hope Bay in Nunavut, where Triple Flag holds a 1% net smelter returns royalty, operator Agnico Eagle announced a positive construction decision in late May. The study outlined a 6,000-ton-per-day underground operation producing 400,000 to 435,000 ounces of gold annually over an initial 11-year mine life, with first production expected in 2030. Dendle said the initial Hope Bay plan incorporates only part of the declared mineral resource and does not include the Boston deposit. Agnico Eagle plans 700,000 meters of drilling across the property over the next five years. Other assets identified as potential contributors beyond 2030 include Arthur in Nevada, Kemess in British Columbia and Northparkes in Australia. At Northparkes, Dendle said operator Evolution Mining has approved coarse-particle flotation and processing-plant debottlenecking work. Evolution is studying a mill expansion with a base case of 10 million tonnes annually, potentially higher, alongside development of the E22 Block Cave and E44 open pit. On the company’s Prieska stream option, Vanderkooy said Triple Flag retains the right, but not the obligation, to fund the stream. He said the company’s focus remains on the deeper portion of the orebody and expects to evaluate the investment when the operator moves toward an investment decision on that section, which he expects next year. Triple Flag increased its annualized dividend to $0.24 per share, representing a 4% increase from the prior dividend. The increase marks the company’s fifth consecutive annual dividend increase since listing in 2021. The company also repurchased $20 million of shares during the quarter. Bari said management views the shares as undervalued and will continue to use its normal course issuer bid opportunistically as part of its broader capital-allocation strategy. Despite funding the Ravenswood acquisition, repurchasing shares and paying its regular dividend, Triple Flag ended the quarter with more than $1.1 billion of available liquidity. The Ravenswood transaction was funded with cash on hand and borrowings under the company’s revolving credit facility. Bari said the company generated more than $100 million in operating cash flow during the quarter and expects to repay the revolving facility rapidly during 2027 based on current metal prices. He added that Triple Flag generally targets a cash balance of about $10 million to $15 million because the business does not require substantial cash to maintain operations. Vanderkooy said Triple Flag has deployed more than $900 million into streams and royalties since the start of 2025, including investments in Tres Quebradas, Arcata and Azuca, Arthur, Minera Florida, Johnson Camp and Gunnison, Northparkes E44 and Ravenswood. The company now has a portfolio of 242 streams and royalties, including 36 producing assets. Vanderkooy said the transaction pipeline remains robust, with potential transaction sizes generally ranging from $100 million to $500 million, while some opportunities could be larger. Management said it continues to focus predominantly on precious-metals opportunities, although it may selectively consider non-precious-metal investments. Vanderkooy said the company does not intend to shift away from a portfolio that is approximately 90% gold and silver. Triple Flag Precious Metals Corp. is a Toronto-based precious metals streaming and royalty company traded on the New York Stock Exchange under the ticker TFPM. The company specializes in providing upfront financing to mining operators in exchange for the right to purchase a fixed percentage of future gold and silver production at discounted prices. By structuring these streaming and royalty agreements, Triple Flag Precious Metals aims to optimize its capital deployment and maintain a predictable cost profile while benefitting from upside in precious metal prices. Since its formation in mid-2022, Triple Flag Precious Metals has established a diversified portfolio of streaming and royalty assets across a variety of jurisdictions. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Triple Flag Precious Metals Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Make better investment decisions with Simply Wall St's easy, visual tools that give you a competitive edge. Triple Flag Precious Metals (TSX:TFPM) is back in focus after Q2 2026 results showed higher sales and net income, along with a larger dividend, a new gold stream acquisition, and reaffirmed production guidance. See our latest analysis for Triple Flag Precious Metals. Triple Flag Precious Metals’ recent Q2 results, dividend increase, gold stream acquisition and buyback activity have come alongside a 1 month share price return of 8.76%, while the 1 year total shareholder return is 24.08% and the 5 year total shareholder return is 265.48%. This indicates that momentum has built over the long term even though the 3 month share price return is slightly lower. If strong recent performance has you looking beyond Triple Flag Precious Metals, this can be a moment to review other precious metals producers through the 31 elite gold producer stocks Triple Flag Precious Metals has fresh earnings growth, a higher dividend and a new gold stream, yet the share price only moved about 9% over the past month. Is that mainly business progress finally showing up, or a mood shift that valuations could challenge next? Triple Flag Precious Metals last closed at CA$45.07 compared with a widely followed fair value narrative of about CA$59.34. This frames the recent share price move against a higher long term valuation anchor. Read the complete narrative. Want to see what sits behind that confidence in Triple Flag Precious Metals? The narrative leans on steady expansion in revenue, high margins and a richer future earnings multiple. Result: Fair Value of CA$59.34 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, Triple Flag Precious Metals still faces risks if production declines at assets like Northparkes or Cerro Lindo, or if operator disputes reduce expected stream cash flows. Find out about the key risks to this Triple Flag Precious Metals narrative. The 24% discount to fair value hinges on analysts expecting Triple Flag Precious Metals to trade on a P/E of about 29.7x by 2029, while it sits near 16.1x today. The sector average is 15.1x and the fair ratio is 12.6x, which points to richer pricing. Could the market move back toward those lower anchors if sentiment cools? See what the numbers say about this price — find out in our valuation breakdown. With both risks and rewards in play for Triple Flag Precious Metals, this is a moment to move quickly and test the numbers yourself. To weigh up both sides in one place, review the 4 key rewards and 1 important warning sign If Triple Flag Precious Metals has sharpened your focus, do not stop here. Use the Simply Wall Street Screener to quickly spot other opportunities that might fit your goals. Explore potential opportunities by scanning for companies that appear mispriced using our 11 high quality undervalued stocks. Focus on income-oriented ideas by looking at dependable payers through the 7 dividend fortresses. Concentrate on sturdier companies to help manage portfolio risk via the 10 resilient stocks with low risk scores. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include TFPM.TO. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved the strongest six-month performance in company history, with Q2 cash flow per share increasing 42% year-over-year due to high-margin top-line exposure to rising gold and silver prices. Resolved all outstanding disputes with Steppe Gold through a settlement that secured guaranteed fixed gold deliveries over 10 years and long-term exposure to the ATO mine. Acquired a $440 million gold stream on the Ravenswood Gold Mine, a cornerstone asset providing immediate cash flow from a large-scale, low-cost operation in Australia. Attributed organic growth momentum to significant partner milestones, including Agnico Eagle's positive construction decision at Hope Bay and ramping production at Northparkes. Maintained a disciplined capital allocation strategy by increasing the annual dividend for the fifth consecutive year and opportunistically repurchasing $20 million in shares. Leveraged a robust balance sheet with $1.1 billion in liquidity to fund major acquisitions while maintaining the capacity for rapid debt repayment during 2027. Increased 2026 guidance to 100,000–110,000 GEOs and raised the 2030 outlook to 150,000–160,000 GEOs based on new acquisitions and a derisked development pipeline. Expects Ravenswood to ramp up toward an annual production rate of over 200,000 ounces by 2028 as capital projects open new pits. Anticipates first production from the Hope Bay project in 2030, with significant long-term upside from regional exploration across an 80-kilometer greenstone belt. Assumes rapid repayment of the revolving credit facility during 2027 based on current metal prices and strong operating cash flow generation. Projects further organic growth beyond 2030 driven by world-class assets including Arthur, Kemess, and potential mill expansions at Northparkes. Managed the anticipated step-down in the Cerro Lindo silver stream, which management views as a sign of success as the asset remains a top portfolio contributor. Reported lower G&A and tax figures for the quarter primarily due to mark-to-market impacts from share price fluctuations on equity-based compensation and prepays. Retains the right, but not the obligation, to fund the Prieska stream, with a potential investment decision expected in 2027 focused on the 'deeps' zone. Identified potential for Phase 2 and Phase 3 expansions at Tres Quebradas that could double or triple production beyond current investment case assumptions. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management highlighted that Evolution is studying a mill expansion to at least 10 million tonnes per annum, which is the optimal path to unlock the 625 million tonne resource. The E44 study is described as a straightforward open-pit project, with the primary focal point being the scale of the mill expansion results expected next year. The pipeline remains robust with a typical transaction range of $100 million to $500 million, though some larger opportunities are being evaluated. While predominantly focused on gold and silver in stable jurisdictions, management remains open to opportunistic non-precious metal investments like Tres Quebradas. Management clarified that the low Q2 G&A was an anomaly caused by share price mark-to-market impacts; the sustainable quarterly run rate is $7 million to $8 million. Tax recoveries were also linked to share price decreases and mark-to-market on prepays, while cash taxes remain consistent.

Triple Flag Precious Metals Corp. reported past Q2 2026 results showing sales of US$129.21 million and net income of US$156.30 million, alongside confirming 2026 sales guidance of 100,000 to 110,000 gold equivalent ounces, a quarterly dividend of US$0.06 per share, and completion of a US$22.00 million share buyback tranche. An interesting angle for investors is how the earnings jump, fifth consecutive annual dividend increase, and new Ravenswood gold stream together highlight management’s confidence in the company’s cash-flow profile. With Q2 earnings sharply higher and the dividend raised again, we’ll now assess how this news reshapes Triple Flag’s investment narrative. The future of work is here. Discover the 36 top robotics and automation stocks leading the charge in AI-driven automation and industrial transformation. To own Triple Flag Precious Metals, you need to believe in its ability to turn a diversified stream and royalty portfolio into steady, high margin cash flows while offsetting declines at maturing assets like Northparkes and Cerro Lindo. The sharp Q2 2026 earnings increase and reaffirmed 2026 GEO sales guidance support the near term growth story, but they do not remove the key risk that future GEO volumes could soften if new assets or acquisitions fail to fully replace waning contributions. The most relevant update here is management’s confirmation that 2026 sales should land between the midpoint and high end of its 100,000 to 110,000 GEO guidance range. That target now sits alongside materially higher Q2 and H1 earnings and the completed US$22.00 million buyback tranche, reinforcing the idea that Triple Flag is still in an investment phase where execution on new and existing assets is the main catalyst, even as portfolio concentration and operator specific issues remain important watchpoints. Yet, while results look strong today, investors should also be aware that... Read the full narrative on Triple Flag Precious Metals (it's free!) Triple Flag Precious Metals' narrative projects $581.2 million revenue and $366.2 million earnings by 2029. This requires 8.6% yearly revenue growth and about a $54.8 million earnings increase from $311.4 million today. Uncover how Triple Flag Precious Metals' forecasts yield a CA$59.34 fair value, a 35% upside to its current price. Before this Q2 surprise, the most pessimistic analysts were only penciling in about US$548.1 million of revenue and US$365.1 million of earnings by 2029, highlighting how differently you and other shareholders might weigh delays at long lead assets like Hope Bay or Kemess compared with the current earnings momentum, and why fresh results like these could shift those expectations in very different directions. Explore 3 other fair value estimates on Triple Flag Precious Metals - why the stock might be worth as much as 67% more than the current price! Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts. A great starting point for your Triple Flag Precious Metals research is our analysis highlighting 3 key rewards that could impact your investment decision. Our free Triple Flag Precious Metals research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Triple Flag Precious Metals' overall financial health at a glance. Right now could be the best entry point. These picks are fresh from our daily scans. Don't delay: The best AI stocks today may lie beyond giants like Nvidia and Microsoft. Find the next big opportunity with these 16 smaller AI-focused companies with strong growth potential through early-stage innovation in machine learning, automation, and data intelligence that could fund your retirement. Uncover the next big thing with 14 elite penny stocks that balance risk and reward. Capitalize on the AI infrastructure supercycle with our selection of the 56 best 'picks and shovels' of the AI gold rush converting record-breaking demand into massive cash flow. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include TFPM.TO. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

TORONTO, August 05, 2026--(BUSINESS WIRE)--Triple Flag Precious Metals Corp. (with its subsidiaries, "Triple Flag" or the "Company") (TSX: TFPM, NYSE: TFPM) announced strong results for the second quarter of 2026 and declared a dividend of US$0.06 per common share to be paid on September 15, 2026. Unless otherwise indicated, all amounts are expressed in US dollars. "Triple Flag Precious Metals was founded just over ten years ago in May 2016. I am immensely pleased with the quality of the business that we have built, starting with the Cerro Lindo silver stream which remains a cornerstone of our portfolio a decade later, and most recently our investment of $440 million for a 5.5% gold stream on the Ravenswood Mine, adding immediate cash flow from one of Australia’s largest mines. Over the past 10 years, we have developed a portfolio of 242 streams and royalties that delivers compounding cash flow per share and NAV per share for the benefit of our shareholders. Our Board has approved our fifth consecutive annual dividend increase, continuing our track record of increasing our dividend every year since our 2021 IPO," commented Sheldon Vanderkooy, CEO. "In the first six months of 2026, we have announced $550 million in accretive transactions located in Australia and the United States, increased our 2026 guidance to 100,000 to 110,000 GEOs, realized record GEOs and cash flow, repurchased $20 million of shares in the open market and received positive project updates from future cornerstone assets such as Hope Bay (Agnico Eagle), Arthur (AngloGold Ashanti) and Koné (Montage Gold). With over $1 billion of available liquidity and a recently increased 2030 outlook of 150,000 to 160,000 GEOs, Triple Flag enters its second decade with more organic growth than at any point in our history." Q2 2026 Financial Highlights GEOs Sold by Commodity and Revenue by Commodity Corporate Updates 2026 GEOs Guidance and 2030 Outlook: Triple Flag expects to achieve sales between the midpoint and high end of its recently increased guidance for 2026 of 100,000 to 110,000 GEOs.We now expect depletion expense in 2026 to range from $70 million to $80 million (from $65 million to $75 million), consistent with the increased GEOs guidance. Actual depletion expense in the first half of 2026 was $36.5 million.Our 2030 outlook was recently increased to 150,000 to 160,000 GEOs. Quarterly Dividend Increased for the 5th Consecutive Year: Triple Flag’s Board of Directors approved the declaration of a quarterly cash dividend of $0.06 per common share that will be paid on September 15, 2026, to shareholders of record at the close of business on August 31, 2026.Triple Flag’s forward annualized dividend is now US$0.24 per common share, a one cent increase from the previous annualized dividend of US$0.23 per common share. This represents the Company’s fifth consecutive annual increase of the quarterly dividend since its May 2021 initial public offering. $20 Million of Shares Repurchased in Q2 2026: 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 second quarter of 2026, Triple Flag bought back 609,100 shares in the open market for $20 million. Acquisition of $440 Million Gold Stream on the Ravenswood Gold Mine: On June 25, 2026, Triple Flag announced that its wholly owned subsidiary, Triple Flag International Ltd. ("Triple Flag International"), completed the acquisition of a 5.5% gold stream on the Ravenswood Gold Mine in Queensland, Australia with a 10% ongoing payment.The Ravenswood stream adds immediate cash flow from a large-scale, long-life operation located in a top-tier mining jurisdiction and is underpinned by two years of target gold deliveries. Ravenswood is one of the 10 largest gold mines in Australia by ore reserves, with a long history of continuous operation and historical production of more than 4 million ounces of gold. The operators have extensive global mining experience and have invested over A$830 million into the growth and future of the asset, which is expected to produce more than 200 thousand ounces of gold per annum at steady state. In-pit and near-mine exploration upside also presents a significant opportunity to extend the mine life at Ravenswood across a large and prospective 1,800 km2 land package.The first monthly delivery under the Ravenswood gold stream was received in July 2026.Please refer to the June 12, 2026, press release on our website, Triple Flag Announces US$440 Million Gold Stream on the Ravenswood Gold Mine and Increases 2030 Outlook, for further details on the recent transaction. Quarterly Portfolio Updates Australia: Northparkes (54% gold stream and 80% silver stream): Sales from Northparkes in Q2 2026 were 5,337 GEOs.Gold production from the E48 sub-level cave is continuing its ramp up through 2026.Development of the E22 block cave is ongoing following the completion of the first cut in the first quarter of 2026, with surface works underway to enable twin access between the E48 and E22 orebodies, which will optimize access, ventilation and materials handling. Evolution Mining Limited ("Evolution") continues to expect initial production from the E22 block cave by the end of its fiscal year 2030.The study on the 10.0 million tonnes per annum ("Mtpa") mill expansion at Northparkes is on track for completion by the end of Evolution’s fiscal year ending in June 2027. This study will also contemplate the mining of deposits such as MJH, Major Tom, E51, GRP, E48 Lift 2 and E26 Lift 3. The completion of this study is expected to drive reserve and resource growth at Northparkes.As previously announced, Triple Flag will invest $84.3 million in the fourth quarter of 2026 for the development of the gold-dominant E44 deposit at Northparkes. As E44 was previously not included in the life-of-mine plan, this investment has unlocked significant incremental value for Triple Flag’s shareholders and is underpinned by guaranteed minimum deliveries of 45,052 ounces of gold and 446,200 ounces of silver over the 2030 to 2037 period. A study on the development of E44 is expected to be completed by the end of June 2027. Beta Hunt (3.25% GR gold royalty and 1.5% NSR gold royalty): Royalties from Beta Hunt in Q2 2026 equated to 1,031 GEOs.Westgold Resources Limited ("Westgold") continues to advance the expansion project to achieve consistent underground mining rates at Beta Hunt of 2.0 Mtpa. The current mining rate is approximately 1.7 Mtpa. Following the installation of a new ventilation system, Westgold expects the 2.0 Mtpa target to be achieved by the end of calendar 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. The Western Flanks deposit 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 Q2 2026 equated to 711 GEOs. In February 2026, Agnico Eagle Mines Limited ("Agnico Eagle") released a three-year outlook for Fosterville. The operator expects Fosterville to produce between 140 to 160 thousand ounces of gold in each of 2026 and 2027. Notably, annual production is 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 in 2028.During the second quarter of 2026, Agnico Eagle reported that work is ongoing to upgrade the grinding circuit at Fosterville, including the installation of a new BIOX tank. Latin America: Cerro Lindo (25% silver stream): Sales from Cerro Lindo in Q2 2026 were 4,890 GEOs.The Cerro Lindo silver stream was Triple Flag’s first investment in 2016. Under the stream agreement with Nexa Resources S.A., we receive 65% of payable silver from Cerro Lindo until 19.5 million ounces have been delivered, and 25% thereafter. The 19.5 million silver ounce delivery threshold was reached in April 2026. Buriticá (100% silver stream, fixed ratio to gold): Sales from Buriticá in Q2 2026 were 2,245 GEOs.Zijin Gold International Company Limited ("Zijin Gold") continues to expect 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. Zijin Gold expects 2026 gold production at Buriticá of 9.2 tonnes (approximately 300 thousand ounces of gold).Despite the ongoing presence of illegal miners, Buriticá 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 Q2 2026 equated to 514 GEOs.In May 2026, Orla Mining Ltd. ("Orla") and Equinox Gold Corp. ("Equinox") announced an at-market, all-share merger. The combination closed in July 2026.In June 2026, Orla reiterated its 2026 production guidance for Camino Rojo of 110 to 120 thousand ounces of gold following an illegal work stoppage. This stoppage was related to bonus negotiations, which concluded with an approved agreement in late June. Arcata (5% silver and gold streams): Sales from Arcata in Q2 2026 were 223 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. Tres Quebradas (0.5% GR lithium royalty): Royalties from Tres Quebradas in Q2 2026 equated to 222 GEOs.In July 2026, the Government of Argentina announced the approval of the Phase 2 expansion at the Tres Quebradas lithium salar brine asset under the country's Incentive Regime for Large Investments ("RIGI"). The operator, Zijin Mining Group Co., Ltd. ("Zijin Mining"), has committed $709 million of capital for the expansion. Phase 2 will increase nameplate annual production capacity at Tres Quebradas by 40,000 tonnes of lithium carbonate equivalent ("LCE"), to a total capacity of 60,000 to 80,000 tonnes of LCE per year.The approval of the Phase 2 expansion represents significant upside, as this growth potential was not previously underwritten in Triple Flag’s investment case for this asset. We now expect steady-state GEOs from Phase 2 of Tres Quebradas to commence in the early 2030s. Minera Florida (0.8 to 1.5% NSR gold royalty): Royalties from Minera Florida in Q2 2026 equated to 107 GEOs. Pan American Silver Corp.’s 2026 production guidance for Minera Florida is 66 to 71 thousand ounces of gold and 0.25 million ounces of silver. Era Dorada (1.0% NSR gold and silver royalty): In July 2026, Aura Minerals Inc. ("Aura") announced that the Era Dorada underground gold project in Guatemala is now in full construction, following the approval of the project’s development by its Board of Directors in April. 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. Ana Paula (2.0% NSR gold and silver royalty): In June 2026, Heliostar Metals Ltd. ("Heliostar") announced additional high-grade drill results from its 100%-owned Ana Paula project in Guerrero, Mexico. Highlight intercepts include 99.8 meters grading 10.9 g/t Au and 37 meters grading 6.95 g/t Au, supporting the conversion of Inferred resources ahead of a feasibility study targeted for the second quarter of 2027. The current Measured & Indicated resource grade at Ana Paula is 5.40 g/t Aui.Next steps for Ana Paula include a permit amendment submission (previously permitted as an open pit), continued technical work to support the upcoming feasibility study, and project financing discussions. First gold production is targeted for late 2028. Heliostar expects to finance the construction of Ana Paula from the free cash flow generated by its two operating mines (La Colorada and San Agustin) alongside a project financing facility. North America: Johnson Camp Mine (3.5% to 16.5% copper stream on oxide material and 3.0% GR copper royalty): Sales and royalties from Johnson Camp Mine ("JCM") in Q2 2026 were 424 GEOs.In May 2026, Gunnison Copper Corp. ("Gunnison Copper") reported first quarter production of 2.1 million pounds of copper cathode at JCM, processed from run-of-mine oxide material as well as bioleaching of sulphide material under the Rio Tinto Nuton process.Gunnison Copper continues to advance the ramp-up of JCM to annual nameplate capacity of 25 million pounds of copper cathode by the end of 2026. Young-Davidson (1.5% NSR gold royalty): Royalties from Young-Davidson in Q2 2026 equated to 379 GEOs.In June 2026, Alamos Gold Inc. ("Alamos") reported that Young-Davidson experienced two seismic events, one of which occurred at an active mining front. Damaged infrastructure temporarily limited access to higher-grade stopes that had been scheduled for mining in the second quarter and second half of 2026. Alamos expects underground mining rates at Young-Davidson to average approximately 5,000 tonnes per day for the remainder of the year, with mining sequence optimization and additional ground support planned for the second half of 2026 to support higher mining rates beyond 2026.In July 2026, Alamos released updated 2026 gold production guidance for Young-Davidson of 100 to 115 thousand ounces. Three-year guidance is expected to be released in early 2027. Florida Canyon (3.0% NSR gold royalty): Royalties from Florida Canyon in Q2 2026 equated to 405 GEOs.In June 2026, Integra Resources Corp. ("Integra") released an updated life of mine plan for Florida Canyon, which delivered a 74% increase in Proven and Probable gold reserves. Average annual gold production has increased by 17% to approximately 82,000 ounces per year, with a reserve life now ending in 2033. The technical report also assumes an additional two years of residual leaching, including gold production of over 20,000 ounces in 2034 and approximately 7,500 ounces in 2035. Kensington (1.25% NSR gold royalty): Royalties from Kensington in Q2 2026 equated to 282 GEOs. Coeur Mining, Inc.’s 2026 production guidance for Kensington is 98 to 110 thousand ounces of gold. Eagle River Complex (0.5% NSR gold royalty): Royalties from Eagle River in Q2 2026 equated to 136 GEOs. In June 2026, Wesdome Gold Mines Ltd. ("Wesdome") announced updated mineral reserves and resources, including reserve growth of 39% at Eagle River. This update further extended Eagle River’s reserve life to 2033.Separately in June 2026, Wesdome reiterated guidance for Eagle River of 105 to 115 thousand ounces of gold in 2026 and introduced guidance of 100 to 120 thousand ounces in each of 2027 and 2028. 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").Following the completion of a C$220 million equity and debt financing package in April 2026, construction of open pit operations at Queensway ("Phase 1") is fully funded to production. Subject to the receipt of permits, New Found continues to target first gold pour from Queensway by the end of 2027. Phase 1 is expected to produce approximately 69,000 ounces of gold per year over four years based on a July 2025 preliminary economic assessment ("PEA").Open pit ore from Queensway is expected to be processed at the Pine Cove mill, located 270 kilometers away by road. Conversion of Pine Cove to a 1,400 tpd gravity-CIL circuit is ongoing. Hope Bay (1.0% NSR gold royalty): In May 2026, Agnico Eagle announced a positive investment decision for the redevelopment of the Hope Bay underground gold project in Nunavut following the completion of a PEA. Based on a 6,000 tpd processing facility, Hope Bay is expected to produce between 400 and 435 thousand ounces of gold per year over an initial 11-year mine life, with production commencing in 2030 from the Patch 7, Doris and Madrid mining fronts.Notably, the PEA mine plan only incorporates approximately 55% of current Measured and Indicated resources and approximately 48% of Inferred resources at Hope Bay, providing significant upside potential across the 80-kilometer greenstone belt from Doris to Boston.Exploration is ongoing, with Agnico Eagle planning to drill over 700,000 meters of surface and underground drilling and test more than 90 regional targets over the next five years. During the second quarter of 2026, exploration focused on conversion drilling, which is expected to positively contribute to a pre-feasibility study expected to be completed at year-end 2026. Highlight assays include 18.5 g/t Au over 11.3 meters and 13.7 g/t Au over 15.4 meters at Patch 7.Separately, Agnico Eagle commenced its first drill program at the Boston deposit since acquiring Hope Bay in 2021. Boston was not included in the May 2026 PEA and is located 50 kilometers south of Madrid. DeLamar (2.5% NSR gold and silver royalty, partial coverage): As a FAST-41 Covered Project in accordance with the National Environmental Policy Act ("NEPA"), a Notice of Intent was published for the DeLamar gold and silver heap leach project in Idaho in May 2026 to commence the federal permitting process. A Record of Decision for DeLamar now remains on track for publication in the third quarter of 2027. Integra expects project financing to be completed for DeLamar in 2027, with construction commencing in the third quarter of 2028.Further upside at DeLamar exists from the large sulphide resource currently not included in the 2025 feasibility study, as well as near-mine expansion opportunities. Converse (5.0% NSR gold and silver royalty, partial coverage): In April 2026, Roxmore Resources Inc. ("Roxmore") released a PEA for its Converse heap leach gold project in Nevada, located on the Battle Mountain – Eureka trend. Over a 14-year mine life, Converse is designed to produce 246 thousand ounces of gold per annum. Converse is near SSR Mining Inc.’s producing Marigold heap leach mine.To support a pre-feasibility study currently scheduled to be completed in the second half of 2027, a 30,000-meter infill and extension drilling program targeting both resource conversion and growth is ongoing. Tamarack (1.71% NSR nickel, copper and cobalt royalty): In July 2026, Talon Metals Corp. ("Talon") announced that the Minnesota Department of Natural Resources has released scoping documents for public comment as part of the Environmental Impact Statement ("EIS") process for the Tamarack underground project. This represents a significant milestone in the state-led environmental review process to ensure alignment across all stakeholders before a Final Scoping Decision is issued for Tamarack.A feasibility study for Tamarack is expected to be completed in the second half of 2026. Gunnison Copper Project (3.5% to 16.5% copper stream on oxide material and 3.0% GR copper royalty): 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.Next steps include the delivery of a pre-feasibility study and the receipt of all key permits under a state-led process, which are expected to be completed in the first half of 2028. Subject to the completion of project financing, the operator expects first copper production in 2032. Rest of World: Impala Bafokeng (70% gold stream): Sales from Impala Bafokeng in Q2 2026 were 2,322 GEOs. Development of the asset’s value driver, Styldrift, remains ongoing, with a steady ramp-up expected to deliver improved efficiencies. 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 631 GEOs and 464 GEOs in Q2 2026, respectively. Sales from our stream interest in Bonikro equated to 1,021 GEOs in Q2 2026.In June 2026, Allied Gold Corporation ("Allied") released an updated life-of-mine plan for Bonikro, which has integrated mining from satellite deposits such as Oumé and Hiré. Bonikro’s reserve mine life now extends to 2036 with average annual production of over 120,000 ounces of gold per year. Studies are also underway to increase Bonikro milling capacity to 3.0 to 3.2 Mtpa to increase processing flexibility and support ongoing exploration success.Separately, Allied disclosed in July 2026 that mineral reserves at Agbaou are expected to increase by more than 60% from year-end 2025, with the reserve mine life extended to 2030.Allied's strategic target for its Côte d'Ivoire complex is 200 thousand ounces of gold per year with a reserve mine life of at least ten years.In July 2026, the previously announced arrangement between Allied and Zijin Gold was terminated. Instead, Zijin Gold has agreed to invest $295 million into Allied for an approximately 9% interest in the company. Koné (2.0% NSR gold royalty, partial coverage): In June 2026, Montage Gold Corp. ("Montage") maintained previously announced timelines for Koné of production in late 2026 through the oxide circuit, with the hard rock comminution circuit to be commissioned in the second quarter of 2027. Recent development updates include the successful installation of all major mill components, oxide sizer completion, and advancement of civil works on the hard-rock comminution circuit. Construction remains on budget.In June 2026, Montage announced new high-grade satellite deposits at Koné, including a maiden resource for the Petit Yao discovery, which is located 7 kilometers away from the processing plant and within the existing mining license. Current Measured and Indicated resources at Petit Yao total 2.1 million tonnes at 1.51 g/t Au containing 102 thousand ounces of gold, with Inferred resources of 9.5 million tonnes at 1.28 g/t Au containing 391 thousand ounces of goldii. The deposit remains open to the northwest and southeast, and at depth.Together with the main Koné deposit, Petit Yao is located within Triple Flag's royalty area of interest. Prieska (0.8% GR copper, zinc, gold and silver royalty): In February 2026, Orion Minerals Limited announced that it has signed a binding agreement with Glencore plc for concentrate offtake financing of $250 million for the fully permitted Prieska copper-zinc project in South Africa. Development of Prieska is currently based on a two-phase development approach, including the mining of a near-surface supergene sulphide zone to be accessed from an existing decline, referred to as the Uppers Phase, followed by a second phase of deeper mining that leverages an existing mine shaft, referred to as the Deeps Phase. 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. Using the first tranche of the Glencore offtake financing, Orion expects to commence construction of the Uppers Phase in the second half of 2026, with production starting in 2027.Triple Flag has the right, but not the obligation, to acquire a fixed ratio gold and silver stream on Prieska for $80 million, to be drawn down in tranches alongside other sources of funding during various stages of development. Among other events, this is conditional upon South African regulatory approvals, the mine development for the Deeps Phase being fully funded, and finalization of an executable mine plan to Triple Flag’s satisfaction. Enchi (2.0% NSR gold royalty, with 1.0% buydown for $3.5 million): In June 2026, Newcore Gold Ltd. ("Newcore") released a pre-feasibility study for its Enchi open pit gold project in Ghana. Asante Gold Corporation’s Chirano gold mine is located 50 kilometers north of Enchi.Based on a conventional open pit operation with a 5.5 Mtpa mill, Enchi is designed to produce an average of approximately 104,000 ounces of gold per year over a nine-year mine life. Four rigs continue to turn at Enchi, focused on expanding mineralization at depth. ATO (Fixed Deliveries): Sales from ATO in Q2 2026 were 3,938 GEOs.On June 11, 2026, Triple Flag announced an agreement with Steppe Gold Ltd. ("Steppe Gold") that resolved all outstanding defaults under the ATO streaming and gold prepay agreements. Steppe Gold delivered all gold and silver stream obligations in arrears and all gold prepay ounces in arrears. The amended stream agreement provides for fixed cumulative deliveries totaling 34,770 ounces of gold, with no ongoing payments, over the period from Q3 2026 through Q4 2036, followed thereafter by deliveries equal to 1.5% of the prior quarter's gold production from the ATO mine, subject to a 500-ounce quarterly cap.Obligations under the settlement agreement remain secured by the ATO mine and remain subject to a parent guarantee by Steppe Gold. As part of the settlement agreement, Steppe Gold’s wholly owned subsidiary Boroo Gold LLC has provided an additional corporate guarantee of the fixed cumulative deliveries. Boroo Gold LLC owns and operates the Boroo and Ulaanbulag open-pit gold mines in Mongolia.Please refer to the June 11, 2026, press release on our website, Triple Flag Increases 2026 GEOs Guidance and Announces Steppe Gold Agreement, for further details. Conference Call Details A conference call and live webcast presentation will be held on August 6, 2026, starting at 9:00 a.m. ET (6:00 a.m. PT) to discuss these results. The live webcast can be accessed by visiting the Events and Presentations page on the Company’s website at: www.tripleflagpm.com. An archived version of the webcast will be available on the website for one year following the webcast. About Triple Flag Precious Metals Corp. Triple Flag is a precious metals streaming and royalty company. We offer investors exposure to gold and silver from a total of 242 assets, consisting of 17 streams and 225 royalties, primarily from the Americas and Australia. These streams and royalties are tied to mining assets at various stages of the mine life cycle, including 36 producing mines and 206 development and exploration stage projects and other assets. Triple Flag is listed on the Toronto Stock Exchange and New York Stock Exchange, under the ticker "TFPM". Qualified Person James Lill, Director, Mining for Triple Flag Precious Metals and a "qualified person" under NI 43-101 has reviewed and approved the written scientific and technical disclosures contained in this press release. Forward-Looking Information This news release contains "forward-looking information" within the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, respectively (collectively referred to herein as "forward-looking information"). Forward-looking information may be identified by the use of forward-looking terminology such as "plans", "targets", "expects", "is expected", "budget", "scheduled", "estimates", "outlook", "forecasts", "projection", "prospects", "strategy", "intends", "anticipates", "believes", or variations of such words and phrases or terminology which states that certain actions, events or results "may", "could", "would", "might", "will", "will be taken", "occur" or "be achieved". Forward-looking information in this news release includes, but is not limited to, statements with respect to the Company’s annual and five-year guidance, operational and corporate developments for the Company; developments, outlook, upside and growth potential in respect of the Company’s portfolio of royalties and streams and related interests and those developments at certain of the mines, projects or properties that underlie the Company’s interests, strengths, characteristics; the payment of a dividend by the Company; the conduct of the conference call to discuss the financial results for the second quarter of 2026; our assessments of, and expectations for, future periods (including, but not limited to, the long-term production outlook for GEOs and other guidance); and expectations with respect to the completion and timing of any report, guidance, study or other disclosure to be made by the operators of the mines, projects or properties that underlie the Company’s interests. Our assessments of and expectations for future periods described in this news release, including our future financial outlook and anticipated events or results, business, financial position, business strategy, growth plans, strategies, budgets, operations, financial results, taxes, dividend policy, plans and objectives, are considered forward-looking information. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding possible future events or circumstances. The forward-looking information included in this news release is based on our opinions, estimates and assumptions considering our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances. The forward-looking information contained in this news release is also based upon a number of assumptions, including the ongoing operation of the properties in which we hold a stream, royalty or other similar interest by the owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; and the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production. These assumptions include, but are not limited to, the following: assumptions in respect of current and future market conditions and the execution of our business strategies; that operations, or ramp-up where applicable, at properties in which we hold a royalty, stream or other interest continue without further interruption through the period; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated, intended or implied. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Forward-looking information is also subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such risks, uncertainties and other factors include, but are not limited to, those set forth under the caption "Risk Factors" in our annual information form, which is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. For clarity, Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability and Inferred Resources are considered too geologically speculative for the application of economic considerations. Although we have attempted to identify important risk factors that could cause actual results or future events to differ materially from those contained in the forward-looking information, there may be other risk factors not presently known to us or that we presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this news release represents our expectations as of the date of this news release and is subject to change after such date. We disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities laws. All of the forward-looking information contained in this news release is expressly qualified by the foregoing cautionary statements. Cautionary Statement to U.S. Investors Information contained or referenced in this press release or in the documents referenced herein concerning the properties, technical information and operations of Triple Flag has been prepared in accordance with requirements and standards under Canadian securities laws, which differ from the requirements of the U.S. Securities and Exchange Commission ("SEC") under subpart 1300 of Regulation S-K ("S-K 1300"). Because the Company is eligible for the Multijurisdictional Disclosure System adopted by the SEC and Canadian Securities Administrators, Triple Flag is not required to present disclosure regarding its mineral properties in compliance with S-K 1300. Accordingly, certain information contained in this press release may not be comparable to similar information made public by U.S. companies subject to reporting and disclosure requirements of the SEC. Technical and Third-Party Information Triple Flag does not own, develop or mine the underlying properties on which it holds stream or royalty interests. As a royalty or stream holder, Triple Flag has limited, if any, access to properties included in its asset portfolio. As a result, Triple Flag is dependent on the owners or operators of the properties and their qualified persons to provide information to Triple Flag and on publicly available information to prepare disclosure pertaining to properties and operations on the properties on which Triple Flag holds stream, royalty or other similar interests. Triple Flag generally has limited or no ability to independently verify such information. Although Triple Flag does not believe that such information is inaccurate or incomplete in any material respect, there can be no assurance that such third-party information is complete or accurate. Endnotes Endnote 1: Gold Equivalent Ounces ("GEOs") GEOs are calculated on a quarterly basis by dividing all revenue from such interests for the quarter by the average gold price during such quarter. The gold price is determined based on the LBMA PM fix. For periods longer than one quarter, GEOs are summed for each quarter in the period. Endnote 2: Adjusted Net Earnings and Adjusted Net Earnings per Share Adjusted net earnings is a non-IFRS financial measure, which excludes the following from net earnings: impairment charges, write-downs, and reversals, including expected credit losses; gain/loss on sale or disposal of assets/mineral interests; foreign currency translation gains/losses; increase/decrease in fair value of investments, prepaid gold interests and other; other non-recurring charges; and impact of income taxes on these items. Management uses this measure internally to evaluate our underlying operating performance for the reporting periods presented and to assist with the planning and forecasting of future operating results. Management believes that adjusted net earnings is a useful measure of our performance because impairment charges, write-downs, and reversals, including expected credit losses, gain/loss on sale or disposal of assets/mineral interests, foreign currency translation gains/losses, increase/decrease in fair value of investments, prepaid gold interests and other, and other non-recurring charges do not reflect the underlying operating performance of our core business and are not necessarily indicative of future operating results. The tax effect is also excluded by reconciling the amounts on a post-tax basis, consistent with net earnings. Management’s internal budgets and forecasts and public guidance do not reflect the types of items we adjust for. Consequently, the presentation of adjusted net earnings enables users to better understand the underlying operating performance of our core business through the eyes of management. Management periodically evaluates the components of adjusted net earnings based on an internal assessment of performance measures that are useful for evaluating the operating performance of our business and a review of the non-IFRS measures used by industry analysts and other streaming and royalty companies. Adjusted net earnings is intended to provide additional information only and does not have any standardized definition under IFRS Accounting Standards and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. This measure is not necessarily indicative of gross profit or operating cash flow as determined under IFRS Accounting Standards. Other companies may calculate these measures differently. The following table reconciles adjusted net earnings to net earnings, the most directly comparable IFRS Accounting Standards measure. Reconciliation of Net Earnings to Adjusted Net Earnings Endnote 3: Adjusted EBITDA Adjusted EBITDA is a non-IFRS financial measure, which excludes the following from net earnings: income tax expense; finance costs, net; depletion and amortization; impairment charges, write-downs, and reversals, including expected credit losses; gain/loss on sale or disposal of assets/mineral interests; foreign currency translation gains/losses; increase/decrease in fair value of investments, prepaid gold interests and other; non-cash cost of sales related to prepaid gold interests and other; and other non-recurring charges. Management believes that adjusted EBITDA is a valuable indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations and fund acquisitions. Management uses adjusted EBITDA for this purpose. Adjusted EBITDA is also frequently used by investors and analysts for valuation purposes, whereby adjusted EBITDA is multiplied by a factor or ‘‘multiple’’ that is based on an observed or inferred relationship between adjusted EBITDA and market values to determine the approximate total enterprise value of a company. In addition to excluding income tax expense, finance costs net, and depletion and amortization, adjusted EBITDA also removes the effect of impairment charges, write-downs, and reversals, including expected credit losses, gain/loss on sale or disposal of assets/mineral interests, foreign currency translation gains/losses, increase/decrease in fair value of investments, prepaid gold interests and other, non-cash cost of sales related to prepaid gold interests and other and other non-recurring charges. We believe these items provide a greater level of consistency with the adjusting items included in our adjusted net earnings reconciliation, with the exception that these amounts are adjusted to remove any impact of income tax expense as they do not affect adjusted EBITDA. We believe this additional information will assist analysts, investors and our shareholders to better understand our ability to generate liquidity from operating cash flow, by excluding these amounts from the calculation as they are not indicative of the performance of our core business and not necessarily reflective of the underlying operating results for the periods presented. Adjusted EBITDA is intended to provide additional information to investors and analysts and does not have any standardized definition under IFRS Accounting Standards and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. Adjusted EBITDA is not necessarily indicative of operating profit or operating cash flow as determined under IFRS Accounting Standards. Other companies may calculate adjusted EBITDA differently. The following table reconciles adjusted EBITDA to net earnings, the most directly comparable IFRS Accounting Standards measure. Reconciliation of Net Earnings to Adjusted EBITDA Endnote 4: Gross Profit Margin and Asset Margin Gross profit margin is an IFRS Accounting Standards financial measure which we define as gross profit divided by revenue. Asset margin is a non-IFRS financial measure which we define by taking gross profit and adding back depletion and non-cash cost of sales related to prepaid gold interests and other and dividing by revenue. We use gross profit margin to assess profitability of our metal sales and asset margin to evaluate our performance in increasing revenue, containing costs and providing a useful comparison to our peers. Asset margin is intended to provide additional information only and does not have any standardized definition under IFRS Accounting Standards and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. The following table reconciles asset margin to gross profit margin, the most directly comparable IFRS Accounting Standards measure: View source version on businesswire.com: https://www.businesswire.com/news/home/20260805596736/en/ Contacts Investor Relations: David LeeVice President, Investor RelationsTel: +1 (416) 304-9770Email: [email protected] Media: Elfie Kent, CamarcoTel: +44 (0) 20 3757 4980Email: [email protected]

Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering Triple Flag Precious Metals (TFPM), which belongs to the Zacks Mining - Gold industry. When looking at the last two reports, this precious metals streaming and royalty company has recorded a strong streak of surpassing earnings estimates. The company has topped estimates by 3.89%, on average, in the last two quarters. For the last reported quarter, Triple Flag came out with earnings of $0.45 per share versus the Zacks Consensus Estimate of $0.43 per share, representing a surprise of 4.65%. For the previous quarter, the company was expected to post earnings of $0.32 per share and it actually produced earnings of $0.33 per share, delivering a surprise of 3.13%. With this earnings history in mind, recent estimates have been moving higher for Triple Flag. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the company is positive, which is a great sign of an earnings beat, especially when you combine this metric with its nice Zacks Rank. Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven. The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Triple Flag has an Earnings ESP of +1.52% at the moment, suggesting that analysts have grown bullish on its near-term earnings potential. When you combine this positive Earnings ESP with the stock's Zacks Rank #3 (Hold), it shows that another beat is possibly around the corner. When the Earnings ESP comes up negative, investors should note that this will reduce the predictive power of the metric. But, a negative value is not indicative of a stock's earnings miss. Many companies end up beating the consensus EPS estimate, but that may not be the sole basis for their stocks moving higher. On the other hand, some stocks may hold their ground even if they end up missing the consensus estimate. Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Triple Flag Precious Metals Corp. (TFPM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

The mining industry is set to report second-quarter 2026 earnings against a backdrop of stronger year-over-year commodity prices and resilient demand for copper, gold and other critical minerals. While precious metals such as gold and silver retreated from the record highs reached earlier this year, they remained well above year-ago levels throughout the quarter. Meanwhile, industrial metals, including copper and zinc, strengthened during the period. The mining stocks fall within the broader Zacks Basic Materials sector, which seems positioned for a solid performance this earnings season. Per the latest Earnings Trends report, the sector is among seven of the 16 Zacks sectors expected to deliver double-digit year-over-year earnings growth. Sector earnings are projected to increase 45.2% on 14.3% revenue growth, supported by higher realized commodity prices. Against this favorable backdrop, we have identified four mining companies, FreeportMcMoRan FCX, Teck Resources TECK, DPM Metals Inc. DPMLF and Triple Flag Precious Metals Corp. TFPM that appear poised to beat earnings estimates this season and are also likely to deliver improved year-over-year results. Price movements across key non-ferrous metals during the April–June 2026 period remained favorable, providing meaningful support to miners’ top lines. Gold had a volatile second quarter following its strong start to the year. The metal touched a high of $4,917.70 per ounce in mid-April, below the record $5,626.80 reached in January, before falling to $3,955.40 by the end of June. Despite the pullback, gold averaged roughly $4,532 per ounce during the quarter, up 37% year over year. Gold prices came under pressure for much of the quarter on expectations of a resolution to the U.S.-Iran conflict. Rising real yields and a stronger U.S. dollar increased the opportunity cost of holding non-yielding assets such as gold. Even after the correction, gold remained among the best-performing commodities over the past year. Silver also experienced heightened volatility. Prices reached a high of $90 an ounce during the second quarter, lower than the high of $121.78 an ounce hit in January. The metal remained sensitive to geopolitical developments, inflation concerns driven by higher energy prices, a stronger U.S. dollar and shifting expectations for U.S. monetary policy. Nevertheless, silver averaged $73.54 per ounce during the quarter, representing a 118% increase from the year-ago period. Copper prices ranged between $5.51 and $6.72 per pound during the quarter, averaging $6.19 per pound, up 30% year over year. Continued demand from electrification, renewable energy projects and grid infrastructure investment, along with improving industrial activity and persistent supply concerns, continued to support prices. Among other base metals, zinc prices increased roughly 30% year over year, supported by improving industrial activity, tight concentrate supplies and production cuts at several smelters. Overall, these favorable commodity price trends are expected to have supported revenues for companies such as Freeport-McMoRan, Teck Resources, DPM Metals and Triple Flag Precious Metals. However, operating conditions remained challenging. Higher input costs, particularly fuel and energy expenses, are likely to have partially offset the benefit of stronger commodity prices during the quarter. Miners continued focusing on improving throughput, optimizing portfolios and mining higher-grade ore to help mitigate cost pressures. Identifying stocks that are poised to beat on earnings in their upcoming releases might seem a daunting task. However, our proprietary Zacks methodology makes it fairly simple. One can pick stocks which have the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here. Our research shows that for stocks with this combination, the chance of an earnings surprise is as much as 70%. Earnings ESP is our proprietary methodology for determining stocks that have the best chances to surprise with their next earnings announcement. It is the percentage difference between the Most Accurate Estimate and the Zacks Consensus Estimate. You can uncover the best stocks before they are reported with our Earnings ESP Filter. Teck Resources has an Earnings ESP of +19.61% and a Zacks Rank of 2 at present. The company is scheduled to report second-quarter 2026 results on July 23. The Zacks Consensus Estimate for TECK’s second-quarter earnings is pegged at 79 cents per share, implying an 185% surge from the year-ago quarter’s actual. The estimate has moved up 14.9% over the past 60 days. TECK has an average earnings surprise of 52.6% in the trailing four quarters. Teck Resources Ltd price-eps-surprise | Teck Resources Ltd Quote Our model projects second-quarter copper production of 127.8 thousand tons, up 17% year over year, supported by higher output from Quebrada Blanca, Highland Valley Copper, Antamina and Carmen de Andacollo. Copper sales are also projected to increase 25% to 127.8 thousand tons. We estimate second-quarter zinc production of 108.3 thousand tons, down 36% year over year, reflecting lower output at Antamina and Red Dog. We project second-quarter refined zinc output at 52.8 thousand tons, indicating a 3.5% rise. Sales at Red Dog are expected to be 30-40 thousand tons, and our estimate is 40 thousand tons, implying a 14% increase. We expect total refined zinc sales to decline 5.7% to 52.8 thousand tons and zinc in concentrate sales to be down 22.5% to 50.4 thousand tons. Higher sales volumes for copper and higher prices for copper and zinc are expected to have offset the impacts of lower zinc sales volumes and elevated costs in the quarter. FreeportMcMoRan has an Earnings ESP of +6.93% and a Zacks Rank of 3 at present. It is scheduled to release second-quarter 2026 results on July 23 The Zacks Consensus Estimate for FCX’s second-quarter earnings has moved up 5.26% over the past 60 days and is pegged at 60 cents per share. It indicates a 11% increase from the year-ago quarter. The company has an average earnings surprise of 32.1% in the trailing four quarters. Freeport-McMoRan Inc. price-eps-surprise | Freeport-McMoRan Inc. Quote The company’s outlook for copper sales volumes for the second quarter of 2026 of 690 million pounds indicates a sequential improvement, but suggests a 32% year-over-year decline. Freeport's outlook for the second quarter of 2026 also suggested higher costs on a sequential basis. It expects unit net cash costs to rise to $2.24 per pound, which reflects a roughly 98% year-over-year increase. The uptick in costs reflects higher costs of energy and other consumables due to the Middle East conflict and persistent pressure on volumes. Higher prices of copper and gold are expected to negate the impact of lower sales and higher costs on its margins. DPM Metals has an Earnings ESP of +25.76% and a Zacks Rank of 3 at present. It is expected to release second-quarter 2026 results on July 30. The Zacks Consensus Estimate for DPM Metals’ second-quarter earnings is pegged at 66 cents per share, indicating a 27% increase from the year-ago quarter. The estimate has moved down 4.3% over the past 60 days. DPMLF has an average earnings surprise of 8.77% in the trailing four quarters. DPM Metals Inc. price-eps-surprise | DPM Metals Inc. Quote The company recently reported second-quarter production of approximately 102,000 gold equivalent ounces (GEOs) compared with 84,042 GEOs in the first quarter, driven by strong performance at Chelopech and the continued ramp-up at the Vareš mine. Vareš produced approximately 35,000 GEOs, in line with its planned ramp-up toward full production. Development rates exceeded 400 meters per month, while processed ore increased 48% sequentially to 117,000 tons. Chelopech produced approximately 56,000 GEOs, benefiting from higher planned gold and silver grades. Ada Tepe produced approximately 11,000 GEOs in the second quarter. Payable metals in concentrate sold were 87,000 GEOs in the second quarter. Overall, higher production, sales and prices are expected to boost the company’s second-quarter results. Triple Flag Precious Metals has an Earnings ESP of +1.52% and a Zacks Rank of 3 at present. It is expected to release second-quarter 2026 results on Aug. 5. The Zacks Consensus Estimate for TFPM’s second-quarter 2026 earnings is 33 cents per share, indicating a 37.5% year-over-year increase. The estimate has moved down 5.7% over the past 60 days. TFPM has an average earnings surprise of 7.79% in the trailing four quarters. Triple Flag Precious Metals Corp. price-eps-surprise | Triple Flag Precious Metals Corp. Quote The company recently reported preliminary second-quarter metal sales of 28,674 GEOs, essentially unchanged from 28,682 GEOs in the year-ago quarter. Gold GEOs declined 6% year over year to 18,181, but this was offset by a 6% increase in silver GEOs to 9,846. Copper GEOs totaled 647 during the quarter. Second-quarter revenues reached $129.2 million, up 37% year over year, driven primarily by higher silver sales volumes and stronger realized metal prices. Preliminary cost of sales, excluding depletion, was approximately $25 million. During the second quarter, the company also completed the $440 million acquisition of a gold stream on the Ravenswood mine in Australia, adding immediate cash flow, and bought back $20 million of shares in the open market. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Freeport-McMoRan Inc. (FCX) : Free Stock Analysis Report Teck Resources Ltd (TECK) : Free Stock Analysis Report DPM Metals Inc. (DPMLF) : Free Stock Analysis Report Triple Flag Precious Metals Corp. (TFPM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Unsurprisingly, Triple Flag Precious Metals Corp.'s (TSE:TFPM) stock price was strong on the back of its healthy earnings report. However, we think that shareholders may be missing some concerning details in the numbers. We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free. Importantly, our data indicates that Triple Flag Precious Metals' profit received a boost of US$33m in unusual items, over the last year. While we like to see profit increases, we tend to be a little more cautious when unusual items have made a big contribution. When we crunched the numbers on thousands of publicly listed companies, we found that a boost from unusual items in a given year is often not repeated the next year. And that's as you'd expect, given these boosts are described as 'unusual'. Assuming those unusual items don't show up again in the current year, we'd thus expect profit to be weaker next year (in the absence of business growth, that is). That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates. We'd posit that Triple Flag Precious Metals' statutory earnings aren't a clean read on ongoing productivity, due to the large unusual item. Because of this, we think that it may be that Triple Flag Precious Metals' statutory profits are better than its underlying earnings power. But on the bright side, its earnings per share have grown at an extremely impressive rate over the last three years. The goal of this article has been to assess how well we can rely on the statutory earnings to reflect the company's potential, but there is plenty more to consider. If you want to do dive deeper into Triple Flag Precious Metals, you'd also look into what risks it is currently facing. You'd be interested to know, that we found 1 warning sign for Triple Flag Precious Metals and you'll want to know about it. Today we've zoomed in on a single data point to better understand the nature of Triple Flag Precious Metals' profit. But there are plenty of other ways to inform your opinion of a company. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.