TFPM · Triple Flag Precious Metals Corp.

Triple Flag Precious Metals Corp. reported exceptional first-quarter results for 2026, driven by historically high gold and silver prices. Revenue surged 79% to $147.0 million from $82.2 million in the same period last year, reflecting a 70% increase in average gold prices to $4,873/oz and a 165% increase in silver prices to $84.33/oz. Net earnings more than doubled to $116.9 million ($0.57 basic EPS) from $45.5 million ($0.23 basic EPS), while adjusted EBITDA rose 82% to $128.6 million. The company's asset margin remained strong at 93%. Operating cash flow increased 72% to $113.3 million, supporting a dividend of $11.9 million and share buybacks of $1.0 million. GEOs grew 5% to 30,166, driven by higher metal prices partially offset by lower production from certain assets. Management highlighted the continued safe-haven demand and geopolitical tensions supporting precious metals prices. The company also advanced strategic investments, including a $23.0 million acquisition of a 3% gross revenue royalty on the Gunnison Project and a $84.3 million commitment to the Northparkes E44 deposit, expected to close in Q4 2026. For full-year 2026, Triple Flag guided for 95,000 to 105,000 GEOs in stream sales and royalty revenue, reflecting confidence in its diversified portfolio.