What Triple Flag Precious Metals (TFPM) Said on Its Q3 Earnings Call

Key Points

• Q3 results improved: Triple Flag delivered 25,000 GEOs, with revenue up 14% to $107 million and adjusted EBITDA up 22% to $94 million. It expects 2026 deliveries of 105,000–110,000 GEOs, the upper half of its guidance range.
• Shareholder returns and liquidity remain priorities: The company repurchased $20 million of shares during the quarter and ended with $1.1 billion in available liquidity. It expects to renew its share buyback program and repay its remaining revolving-credit-facility balance during 2027 at current metal prices.
• Growth outlook is supported by expansion projects: Triple Flag sees Northparkes development underpinning its 2030 outlook of 150,000–160,000 GEOs, with potential upside and a higher 2031 figure expected. It is also evaluating new gold and silver investments while maintaining a prudent approach to leverage.

Triple Flag Precious Metals NYSE: TFPM reported higher third-quarter revenue and cash flow and said it remains on track to finish 2026 in the upper half of its production guidance, as contributions from its portfolio support share repurchases and investment opportunities.

The precious metals streaming and royalty company delivered 25,000 gold equivalent ounces, or GEOs, in the quarter. Revenue rose 14% from a year earlier to $107 million, while adjusted earnings before interest, taxes, depreciation and amortization increased 22% to $94 million.

Operating cash flow per share climbed 15% to $0.45 from $0.39 in the prior-year quarter, Chief Executive Officer Sheldon Vanderkooy said on the company’s earnings call.

Triple Flag expects to deliver in the top half of its increased 2026 guidance range of 100,000 to 110,000 GEOs. David Lee, vice president of investor relations, told analysts that the company’s forecast implies full-year deliveries between 105,000 and 110,000 GEOs.

Buybacks and balance sheet

Triple Flag repurchased $20 million of shares in the third quarter, matching its second-quarter purchases. Vanderkooy said the company sees value in its shares and expects to renew its normal course issuer bid, or NCIB, in the ordinary course.

Asked whether the pace of repurchases could change, Vanderkooy said he expected “probably steady as she goes,” while emphasizing that the company acts opportunistically when it sees a disconnect between its share price and underlying value.

Chief Financial Officer Eban Bari said Triple Flag has increased its dividend every year since its initial public offering and considers a progressively growing dividend a core part of its shareholder-return strategy.

The company repaid $50 million on its revolving credit facility during the quarter, ending the period with $185 million drawn, $20 million in cash and more than $1.1 billion in available liquidity. Bari said Triple Flag expects to repay the facility during 2027 at current metal prices.

Northparkes expansion in focus

Chief Operating Officer James Dendle identified Northparkes as both Triple Flag’s largest asset and its largest growth asset. He said the E48 sublevel cave is ramping up through 2026 and 2027, while development has begun at the E22 block cave, where production is expected in 2030.

E22, a new decline and materials-handling upgrades are expected to support underground mining capacity of 11 million tons a year, more than 50% above current capacity, Dendle said. He added that minimum guaranteed deliveries from the gold-dominant E44 deposit are set to begin in 2030 and should increase substantially from 2031 onward.

Operator Evolution is studying a mill expansion to 10 million to 11 million tons annually, with the study expected by mid-2027. Dendle told analysts that Triple Flag’s 2030 outlook assumes processing capacity reaches that range, although some material increases from E22 would occur in the early 2030s.

Triple Flag’s 2030 outlook calls for 150,000 to 160,000 GEOs. Vanderkooy said the company was highly confident in that range and saw potential upside, but declined to identify individual assets. He said Triple Flag plans to issue 2027 guidance and a five-year view extending to 2031 in February; directionally, he expects the 2031 figure to be higher than the 2030 outlook.

Royalty projects and deal pipeline

Dendle also highlighted two royalty interests near SSR Mining’s Marigold complex in Nevada. Triple Flag holds a combined 3.35% net smelter return royalty on Buffalo Valley and a 5% royalty on Converse.

SSR’s updated Marigold technical report includes a mine plan for Buffalo Valley, where first production is expected in 2029. SSR also announced an agreement to acquire Roxmore Resources, whose flagship asset is Converse. Dendle said first gold from Converse is expected in 2033, with annual production of 150,000 to 170,000 ounces over more than 10 years.

At Prieska, Dendle said Triple Flag has the right, but not the obligation, to fund an $80 million stream. A decision depends on satisfactory completion of a detailed feasibility study and a fully financed capital program, including the stream. Based on the operator’s current schedule, he expects a decision in late 2027 and funding draws in 2028.

On new investments, Dendle said the company is seeing a range of opportunities and that almost all transactions under review involve gold or silver. Vanderkooy said Triple Flag deployed $550 million over the past year and would consider larger transactions while remaining prudent about leverage. He characterized debt of about two times EBITDA as a “zone of safety” that could allow the company to pursue sizable deals.

About Triple Flag Precious Metals (NYSE:TFPM)

Triple Flag Precious Metals Corp. is a precious metals streaming and royalty company headquartered in Toronto, Canada. The company provides upfront financing to mining companies in exchange for the right to purchase a portion of future production, typically at predetermined prices. Its agreements are primarily focused on gold and silver, along with other precious metals and related by-products.

Triple Flag does not generally operate mines directly. Instead, it builds a diversified portfolio of streams and royalties linked to producing, developing and exploration-stage assets.

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 contact@marketbeat.com.