Triple Flag Precious Metals (TFPM) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 2025 results with operating cash flow per share of $0.38, revenue of $94.1M, net earnings of $55.7M, and adjusted EBITDA of $76.2M, driven by strong performance at Northparkes and Cerro Lindo and supported by high precious metals prices and robust portfolio execution.

• Completed strategic acquisitions, including a 1.0% NSR royalty on the Arthur gold project and an additional 1.5% GR royalty on Johnson Camp Mine, with copper sales expected in Q3 2025.

• Dividend increased by 5% to $0.23 annualized, marking the fourth consecutive annual increase since IPO.

• Portfolio expanded to 237 assets, including 30 producing mines and 207 development/exploration projects.

• On track to meet 2025 GEOs sales guidance of 105,000–115,000 and maintain 2029 outlook of 135,000–145,000 GEOs.

Financial highlights

• Q2 2025 revenue was $94.1M, up 48% from $63.6M in Q2 2024; gross profit was $62.3M, up 60% year-over-year.

• Net earnings reached $55.7M ($0.28/share) versus a net loss of $111.4M (–$0.55/share) in Q2 2024; adjusted net earnings were $47.9M ($0.24/share), up from $22.9M ($0.11/share) year-over-year.

• Operating cash flow was $76.1M, up 54% year-over-year; adjusted EBITDA was $76.2M, up 54%.

• Operating cash flow per share set a new record at $0.38, up from $0.25 in Q2 2024.

• Asset margin remained strong at 92%; gross profit margin improved to 66%.

Outlook and guidance

• 2025 GEOs sales guidance reaffirmed at 105,000–115,000; 2029 outlook unchanged at 135,000–145,000 GEOs.

• Several portfolio catalysts expected in H2 2025, including first copper sales at Johnson Camp Mine and production starts at Arcata and Tres Quebradas.

• Monitoring key catalysts: Johnson Camp Mine, Arcata, Tres Quebradas, and development at E48 (Northparkes), Koné, Hope Bay, and Arthur.

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

• Production rates at Beta Hunt ramping to 2 Mtpa, with further expansion potential based on exploration success.