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• GEO Sales: Nearly 29,000 GEOs sold in Q1 2025.

• EBITDA: Record EBITDA of USD 71 million in Q1 2025.

• Operating Cash Flow: Record operating cash flow of USD 66 million in Q1 2025.

• Operating Cash Flow Per Share: Increased by 74% year over year.

• Dividend: Maintained at $0.21 on an annualized basis.

• Share Buybacks: Approximately 490,000 shares repurchased at CAD 23.55 per share.

• Debt: Exited Q1 2025 with zero debt.

• Credit Facility: USD 1 billion available under the credit facility.

• Revenue Composition: 100% derived from precious metals, with roughly three-quarters from gold.

• Warning! GuruFocus has detected 7 Warning Signs with SVC.

Release Date: May 07, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Triple Flag Precious Metals Corp (NYSE:TFPM) achieved record financial results with nearly 29,000 GEOs sold, resulting in record EBITDA of USD 71 million and operating cash flow of USD 66 million in Q1 2025.

• The company is on track to meet its 2025 GEO guidance of 105,000 to 115,000, demonstrating strong performance in a rising gold and silver price environment.

• TFPM announced a strategic acquisition of a 1% NSR royalty on the expanded Silicon Gold project in Nevada, a top-tier asset with significant exploration potential.

• The company maintained a strong pace of acquisitions, including the Tian acquisition of 5% silver and gold streams on the Arcata and Azuca mines in Peru, expected to deliver robust returns.

• TFPM has a debt-free balance sheet with robust operating cash flows and significant liquidity available under its credit facility, providing capital for future growth opportunities.

Negative Points

• The depletion of higher-grade open pit ore at the North Parks asset may impact future production levels, as the company transitions to processing stockpiled ore.

• The company is involved in a legal action to enforce payment for 650 ounces of gold owed by Stepy Gold, which could pose a risk to cash flow if not resolved favorably.

• While the company has been active in share buybacks, there is no stated policy, which may create uncertainty for shareholders regarding future buyback activities.

• The feasibility study for the Presco project is still under review, and the company requires it to meet certain conditions before proceeding, which could delay potential benefits.

• TFPM's reliance on precious metals, particularly gold, means its financial performance is heavily influenced by fluctuations in metal prices, which can be volatile.

Q & A Highlights

Q: Where does share buybacks sit within the capital allocation strategy and what can shareholders expect in terms of share buybacks going forward? A: Sheldon Vanderkooy, CEO: We've always been opportunistic on share buybacks. We generate robust cash flows and take opportunities to buy back shares at attractive prices. We balance this with our pipeline and dividend strategy, but we don't have a fixed policy on buybacks.