Triple Flag Precious Metals Deploys $550M as Northparkes, Hope Bay Drive Growth

Key Points

• Triple Flag deployed $550 million in 2026 across new investments, including the Ravenswood Gold stream, bringing total capital deployed since January 2025 to about $900 million.
• Northparkes and Hope Bay are key growth catalysts: higher-grade ore from Northparkes’ E48 development is expected to benefit the company through 2027 and beyond, while Hope Bay is targeting production beginning in 2030 at 400,000–450,000 ounces annually.
• Triple Flag projects 150,000–160,000 gold-equivalent ounces by 2030, supported by Koné, Ravenswood and other portfolio assets, while maintaining roughly 90% exposure to gold and silver and continuing annual dividend increases and share buybacks.

Triple Flag Precious Metals NYSE: TFPM CEO and Director Sheldon Vanderkooy said the company has seen positive portfolio developments and deployed $550 million into new investments during 2026, with activity concentrated in Australia and the United States.

Speaking during a question-and-answer session near the end of the third quarter, Vanderkooy highlighted progress across several assets, including Northparkes in Australia, Hope Bay in Nunavut, the Arthur project in Nevada and Koné. He also pointed to the company’s acquisition of the Ravenswood Gold stream as a significant deployment during the year.

Portfolio catalysts include Northparkes and Hope Bay

Vanderkooy described Northparkes as Triple Flag’s largest asset and its largest growth asset. The company holds a gold stream on the copper operation, where several separate development initiatives are underway.

He said ore is now being received from the E48 Sublevel Cave, which has higher gold grades than those historically seen at the operation. The development is expected to benefit Triple Flag through 2027 and beyond, according to Vanderkooy.

Northparkes operator Evolution Mining has also made a construction decision for the E22 Block Cave. Vanderkooy said the project has attractive gold grades and block-cave development generally has a roughly four-year timeline before production.

Separately, Evolution identified the E44 deposit, located about 20 kilometers from the main mine site. Unlike Northparkes’ principal copper operation, E44 is a gold-only deposit. Vanderkooy said Triple Flag reached an agreement with Evolution for minimum deliveries totaling 45,000 ounces between 2031 and 2037, under terms that provide the company a lower percentage stream but remain attractive to both parties.

Evolution is also studying an expansion of Northparkes’ processing capacity from 7.6 million tonnes per annum. Vanderkooy said the study could potentially support capacity of up to 15 million tonnes per annum, though he said he was awaiting the study’s results.

At Hope Bay, Agnico Eagle has sanctioned construction centered on the Doris and Patch 7 areas. Vanderkooy said Agnico Eagle’s public plan calls for production beginning in 2030 at 400,000 to 450,000 ounces annually for 11 years. He characterized the 80-kilometer strike-length district as having potential to become a multi-decade operation, with further exploration potential including the Boston deposit.

Ravenswood ramp-up and additional asset optionality

Vanderkooy said Ravenswood, a producing Australian gold mine acquired through a new stream investment, has delivered its first stream ounces. Triple Flag has contracted for target deliveries during the asset’s initial 24-month ramp-up period, an arrangement he said reduces risk around ounce deliveries during that phase.

He said Ravenswood could ultimately become a 200,000-ounce-per-year producer and noted that Triple Flag’s stream includes a 1,600-square-kilometer area of interest. Vanderkooy said the company expects to benefit from the operation for decades.

Among other assets with potential to add value, Vanderkooy cited Triple Flag’s royalty on the Koné project, which recently completed its first gold pour, as well as Hope Bay. He also highlighted a 1.7% royalty on Talon Metals’ Tamarack nickel-copper project in Minnesota and the Polo Sur copper deposit in Chile, held by Antofagasta near its Centinela operation.

Vanderkooy said Tamarack has “unbelievable grades” and that its exploration and development work indicates the potential for a large project. Regarding Polo Sur, he said the deposit may enter a mine plan sooner than Triple Flag had previously expected.

Capital allocation and 2030 outlook

The CEO said Triple Flag’s capital-allocation approach begins with its dividend, which the company has increased annually since going public. He said the company currently has a cash-flow run rate of about $400 million annually, while its dividend consumes approximately 10% of that amount.

Triple Flag has deployed about $900 million since Jan. 1, 2025, Vanderkooy said, and is also using share repurchases as part of its capital-allocation strategy. He said the company has become more active in buying back shares during 2026.

On the transaction environment, Vanderkooy said competition among major streaming and royalty companies has not changed materially since Triple Flag was founded in 2016. He named Franco-Nevada, Wheaton Precious Metals, Royal Gold and Osisko Gold Royalties as the company’s primary competitors.

He said higher metal prices affect deal underwriting, but added that Triple Flag did not underwrite any of its 2026 deployments using a gold price of $5,500 per ounce. The company generally uses consensus long-term prices, he said.

Triple Flag’s 2030 guidance calls for 150,000 to 160,000 gold-equivalent ounces. Vanderkooy said the company expects sequential growth over the next five years, supported by Koné, a full year of Ravenswood contributions in 2027 and other portfolio developments. He noted that Hope Bay was not included in the company’s 2030 guidance, although Agnico Eagle has since said the project is expected to begin production that year.

Vanderkooy said Triple Flag remains primarily a precious-metals investment vehicle, with about 90% of its exposure targeted toward gold and silver. The company may consider limited investments in other metals such as copper, nickel or lithium when it sees exceptional value or potential, he said, but intends to maintain gold and silver as the bulk of its exposure.

He added that Australia remains a favored mining jurisdiction for the company, alongside Canada, the United States, Chile and Peru. Rather than targeting a specific geography, Triple Flag applies increasingly stringent investment criteria as jurisdictional risk rises, Vanderkooy said.

About Triple Flag Precious Metals (NYSE:TFPM)

Triple Flag Precious Metals Corp. is a precious-metals streaming and royalty company headquartered in Toronto, Canada. Through streaming agreements, it provides mining companies with upfront financing in exchange for the right to purchase a portion of future metal production at predetermined prices. Its royalty interests entitle the company to receive a percentage of revenue or production from mining operations without directly operating the mines.

The company's portfolio is primarily focused on gold and silver, with additional exposure to other metals, including copper and platinum-group metals.

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