Triple Flag Precious Metals (TFPM) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 2025 results with 27,037 GEOs, adjusted EBITDA of $79M, operating cash flow of $81.4M ($0.39/share), and adjusted EPS up 71% year-over-year, driven by strong gold prices and portfolio growth.

• Deployed over $350 million year-to-date across new royalties and streams in gold, silver, copper, and lithium assets in Argentina, Peru, Arizona, Nevada, Chile, and other jurisdictions.

• Several assets reached first production in H2 2025, including Tres Quebradas (lithium), Johnson Camp Mine (copper), and Sleeping Giant (gold).

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

Financial highlights

• Q3 2025 revenue was $93.5M, up 27% year-over-year; net earnings were $61.9M ($0.30/share), and adjusted net earnings were $49.3M ($0.24/share).

• Operating cash flow reached $81.4M ($0.39/share), a quarterly record, and adjusted EBITDA was $78.5M.

• Asset margin was 93% and gross profit margin was 69%, both up year-over-year.

• Exited the quarter with a net cash position and nearly $1 billion in liquidity.

• Dividend payout for Q3 was $11.9M; $34M year-to-date.

Outlook and guidance

• 2025 GEOs sales guidance is 105,000–115,000 ounces, with expectations to achieve between the midpoint and high end; 2029 outlook remains at 135,000–145,000 GEOs.

• Arcata stream deliveries expected to begin in Q4 2025; economic studies for Arthur and Hope Bay due in H1 2026.

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

• Depletion expense for 2025 expected within $70M–$80M range.