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.
Guidance Raised Following Ravenswood Transaction
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.
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.
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.
Steppe Gold Settlement and Project Pipeline
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.
Capital Returns and Balance Sheet
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.
Investment Activity Continues
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.
About Triple Flag Precious Metals (NYSE:TFPM)
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.
