Triple Flag (TFPM) Q4 2025 Earnings Transcript

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Thu, February 19, 2026 astatine 9:33 AM CST 25 min read

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Thursday, Feb. 19, 2026 astatine 9 a.m. ET

• Chief Executive Officer — Sheldon Vanderkooy

• Chief Financial Officer — Eban Bari

• Chief Operating Officer — James Dendle

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Sheldon Vanderkooy: Good morning, everyone, and convey you for joining america to sermon Triple Flag Precious Metals Corp.’s 4th fourth and full-year 2025 results. Today, I americium joined by our Chief Financial Officer, Eban Bari, and Chief Operating Officer, James Dendle. Triple Flag Precious Metals Corp. had an outstanding twelvemonth successful 2025 and is highly good positioned successful 2026. We finished the twelvemonth beardown successful Q4, resulting successful grounds show for full-year 2025. We achieved grounds accumulation of 113,000 GEOs. This was successful the precocious fractional of our guidance scope and is the ninth consecutive year-over-year increase. Higher accumulation and higher golden prices translated into grounds currency flow. Cash travel per stock was $1.54 per share, a 45% summation from 2024.

The exemplary is moving arsenic it is intended, straight translating higher golden prices into rising currency travel per share. We proceed to payment from rising prices successful 2026. In Q4, the mean golden terms was $4,135 an ounce, good beneath existent spot prices of conscionable nether $5,000 per ounce. Moving up to 2026, our guidance scope is 95,000 to 105,000 GEOs, which reflects the good understood excavation sequencing astatine Northparks. It besides reflects the planned step-down successful the Cerro Lindo watercourse complaint pursuing a palmy transportation of 19,500,000 ounces of metallic since we acquired the watercourse successful 2016. That was Triple Flag Precious Metals Corp.’s archetypal investment.

We proceed to spot a agelong beingness up for Cerro Lindo with beardown exploration imaginable arsenic good arsenic vulnerability to the metallic terms going forward. Our portfolio has important embedded growth. Our 2030 outlook is that accumulation successful 2030 volition turn to betwixt 140,000 to 150,000 GEOs. This is astir a 45% maturation from the midpoint of our 2026 guidance. It is driven by aggregate assets advancing done construction, permitting, and survey stages, including Arcata, Kone, Eskay Creek, Era Dorado, and Goldfield. Importantly, it is not babelike connected immoderate 1 ample project. Looking beyond 2030, we person meaningful GEO maturation imaginable from a fig of large-scale assets located successful the champion jurisdictions: Australia, the United States, and Canada.

First, Hope Bay is located successful Northern Canada and Agnico has stated that it is progressing towards a operation decision, which is expected successful May 2026. Second, Centerra released a affirmative PEA connected Kemess, targeting imaginable accumulation successful 2031. Kemess is located successful British Columbia. Third is the Arthur task successful Nevada; AngloGold is expected to imminently merchandise a pre-feasibility study, which I americium rather anxious to see. Last and astir importantly is our flagship asset, Northparks, located successful Australia and which is intelligibly positioned arsenic a important maturation plus for Triple Flag Precious Metals Corp. I privation to congratulate Laurie Conway and the Evolution squad for each the occurrence they person had astatine Northparks since they acquired Northparks.