Triple Flag Precious Metals has seen record Q2 revenues. What were some of the main drivers that has led to such a successful quarter?
Our record quarter was driven by our two cornerstone assets, Northparkes and Cerro Lindo. Notably, Northparkes achieved a record of 9,578 gold equivalent ounces (GEOs) due to the processing of high-grade open pit ore.
In addition, we continue to benefit from the strong precious metals price environment, driving record operating cash flow per share and our fourth consecutive annual 5% increase to our quarterly dividend since our IPO in 2021.
Looking ahead, the recently completed third quarter also saw two development assets start production, in line with the guidance established by their operators – the Johnson Camp Mine copper project in Arizona operated by Gunnison Copper and the Tres Quebradas lithium project in Argentina operated by Zijin Mining. Triple Flag has both streams and royalties on these two assets, and we look forward to these long-life, scalable mines delivering value to our shareholders in the future.
You made major news back in April with the announcement on the acquisition of Orogen Royalties. Can you give some details of this transaction?
The acquisition of Orogen Royalties resulted in Triple Flag acquiring a 1.0% NSR royalty on the world-class Arthur gold project located in Nevada. This transaction was a rare opportunity to acquire a gold royalty asset located in a premier jurisdiction, operated by a top-tier operator in AngloGold Ashanti. Given the rapid pace of resource growth demonstrated at Arthur, we believe that the long-term growth potential of this asset in an emerging new gold camp is unparalleled, and we expect it to contribute to significant long-term GEOs growth.
With more than 16 million ounces of gold resources, AngloGold Ashanti has stated that Arthur represents the largest new gold discovery in the United States in over a decade and expects to release a pre-feasibility study on the project in February 2026. We expect this study to showcase the mining of a large oxide deposit, with processing from heap leaching and milling, including a higher-grade core at the Merlin deposit of Arthur that should drive stronger production earlier in the mine life.
Can you talk a bit about the role of the royalty and streaming sector to the mining industry overall? What sort of strategic role do you play?
Royalty and streaming companies play an important part in supplying the capital needed to either develop projects or acquire new assets. Given a limited pool of capital available to the mining industry, there is strong demand for funding mechanisms offered by companies such as Triple Flag with a competitive cost of capital that is non-dilutive to equity shareholders. This translates to patient, flexible, and partnership-focused capital for mining companies to achieve their strategic objectives, while creating value for shareholders of Triple Flag.
Precious metals have had an incredible year, with gold and silver continually reaching new highs. How is this impacting your work?
We have had a year of record GEOs, record gold prices, and record silver prices. For us, that has turned into record cash flow that we allocate to both new growth opportunities or pay a progressively growing dividend, which will drive compounding growth in shareholder value.
We remain in a strong position to continue exploring further external growth opportunities following accretive deployment through multiple transactions over the past year, including our acquisition of a royalty on the Arthur gold project, a stream on the Arcata silver project and a royalty on the Tres Quebradas lithium project. We are continuously evaluating new opportunities in our deal pipeline to continue generating high compounding returns for our shareholders.
Due to the scale and fully diversified nature of our current portfolio, we believe that these record gold and silver prices are also driving a new focus from our operators in revisiting the development potential of our mutual assets. For instance, Centerra Gold announced in August 2025 that it will now advance its Goldfield heap leach project in Nevada to production, with first gold expected in 2028. Triple Flag has a 5% NSR gold royalty on the Gemfield deposit of the project, which represents approximately 80% of the project’s life of mine production. Similarly, Centerra also recently announced that it has commenced a preliminary economic assessment for the Kemess copper-gold-silver project in British Columbia, reviewing the potential for a restart as an open pit and long-hole stoping operation. Triple Flag has a 100% silver stream on Kemess. Both of these examples from Centerra highlight the benefits of Triple Flag’s well-diversified portfolio with deep scale.
You’ve been CEO of Triple Flag for just over a year now. What are some key lessons learnt so far?
While I am a founding member of our management team and previously served as the company’s CFO and General Counsel, leading Triple Flag as its CEO has been incredibly rewarding. There are so many lessons, but I will highlight two. The first is the importance of having a talented, hardworking team that works effectively together. Investing in this sector requires integration of technical analysis, financial analysis, regulatory analysis and geopolitical analysis and therefore, requires close and effective coordination amongst the deal team. It truly is a group effort.
The second is the sheer scale of the opportunity as generalist investors turn back to gold. Within the mining sector, it is easy to assume that investors are familiar with the price and mine life extension optionality inherent in the streaming and royalty business model. But gold and mining has been neglected by the generalist investor for so long, that there can be a learning curve for some. I welcome the interest from new investors in our space. I think that we have a fantastic business model and track record that compares well to other sectors and I think that we are in the early stages of gold being relevant to generalist investors.
