Triple Flag Precious Metals (TFPM) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 2025 results with 27,037 GEOs, record-adjusted EBITDA of $79 million, and record operating cash flow per share of $0.39 US, with adjusted EPS up 71% year-over-year.

• Deployed over $350 million in capital year-to-date, including new royalties and streams on gold, silver, copper, and lithium assets, expanding the portfolio in key jurisdictions.

• Shareholders benefited from higher gold prices, with cash flow per share up over 25% year-over-year.

• Several assets reached first production in H2 2025, including lithium, copper, and gold projects.

• Declared a quarterly dividend of $0.0575 per share, payable December 15, 2025.

Financial highlights

• Q3 2025 revenue was $93.5 million, up 27% year-over-year; gross profit was $64.1 million, up 75% year-over-year.

• Net earnings for Q3 2025 were $61.9 million ($0.30 per share), up from $29.6 million ($0.15 per share) in Q3 2024.

• Adjusted net earnings were $49.3 million ($0.24 per share); adjusted EBITDA reached $78.5 million.

• Operating cash flow was $81.4 million ($0.39 per share), a quarterly record.

• Asset margin was 93% and gross profit margin was 69% in Q3 2025.

Outlook and guidance

• 2025 GEOs sales guidance is 105,000 to 115,000 ounces; expected to achieve between midpoint and high end.

• 2029 outlook targets 135,000–145,000 GEOs, driven by ramp-up of new and existing assets.

• Near-term catalysts include ramp-up at Johnson Camp, Trey Crucus, and Arcata, with project studies for Arthur and Hope Bay due in H1 2026.

• Arcata mine restart in Peru on track for Q4 2025; Koné project targeting production in 2027.

• General administration costs in 2025 expected to exceed $25 million guidance due to non-cash stock-based compensation.