Triple Flag Precious Metals (TFPM) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 2025 financial results with revenue of $82.2 million, operating cash flow of $65.9 million, and EBITDA of $70.7 million, driven by higher gold and silver prices and increased GEOs sales, notably from Northparkes and new streams.

• Net earnings rose to $45.5 million from $17.4 million year-over-year; adjusted net earnings reached $40.7 million.

• Completed acquisitions of Arcata and Azuca streams in Peru ($35M), Tres Quebradas lithium royalty in Argentina ($28M), and announced acquisition of Orogen Royalties and its 1.0% NSR royalty on Expanded Silicon in Nevada.

• Achieved top ESG Risk Rating by Sustainalytics, ranking first in the precious metals industry.

• Declared a quarterly dividend of US$0.055 per share and repurchased 692,600 shares for $11.3 million under NCIB since November 2024.

Financial highlights

• Q1 2025 revenue: $82.2M (up from $57.5M in Q1 2024); GEOs sold: 28,761 (up from 27,794); net earnings: $45.5M ($0.23/share); adjusted net earnings: $40.7M ($0.20/share); operating cash flow: $65.9M ($0.33/share); adjusted EBITDA: $70.7M.

• Asset margin: 93% (Q1 2025) vs 92% (Q1 2024); gross profit margin: 61% (Q1 2025) vs 58% (Q1 2024).

• Operating cash flow per share increased by 74% year-over-year.

• Dividends paid totaled $11.0M, up from $10.6M year-over-year; quarterly dividend of $0.055 per share declared.

• Approximately 692,600 shares repurchased for $11.3M under NCIB since November 2024.

Outlook and guidance

• 2025 GEOs guidance maintained at 105,000–115,000; 2029 outlook of 135,000–145,000 GEOs reaffirmed, with further growth potential from Expanded Silicon and other projects.

• Expanded Silicon NSR royalty acquisition expected to close in Q3 2025.

• Full-year depletion guidance: $70–80M; general administration costs: $24–25M; Australian cash tax rate: ~25%.