Triple Flag Precious Metals Corp.

Q2 2026 production was 28,700 GEOs, or nearly 29,000 GEOs, and first-half production was nearly 59,000 GEOs. Adjusted EBITDA was $117 million, adjusted EPS was up 63%, adjusted EBITDA was up 54%, and operating cash flow per share was $0.54 versus $0.38 in Q2 last year, a 42% increase. Management did not state revenue, gross margin, or full GAAP EPS in the prepared remarks. Guidance was raised to 100,000 to 110,000 GEOs for 2026 and 150,000 to 160,000 GEOs for 2030; management said this implies the top half of the 2026 guidance and that Ravenswood is included.

Sheldon Vanderkooy framed the quarter as a milestone, saying Triple Flag entered its second decade with the strongest organic growth profile in its history. He emphasized the June Steppe Gold settlement, the $440 million Ravenswood stream acquisition, and the resulting uplift to GEO guidance and the long-term outlook. His tone was confident and shareholder-focused, highlighting dividend growth, buybacks, and a large liquidity position to support future accretive deals.

Eban Bari focused on cash generation, margins, and capital allocation. He said the company produced 28,700 GEOs in Q2 and nearly 59,000 GEOs in H1, with adjusted EPS up 63%, adjusted EBITDA up 54%, and cash flow per share up 42% year over year. He noted the annualized dividend was raised to $0.24 per share, buybacks totaled $20 million in the quarter, and the company exited Q2 with over $1.1 billion of available liquidity despite funding the Ravenswood acquisition and returning capital. He added that operating cash flow this quarter was over $100 million and said the revolving facility should be repaid rapidly during 2027 at current metal prices.

Analysts focused on Ravenswood ramp-up, Northparkes expansion studies, Cerro Lindo’s step-down, Prieska timing, Tres Quebradas phase 2, and capital returns. Management said Ravenswood is ramping toward a more normal profile while capital projects continue, Northparkes has several studies underway including a possible mill expansion to at least 10 million tonnes per annum, and Cerro Lindo remains a meaningful contributor with no further step-downs expected. On Prieska, James Dendle said the company still has the right but not the obligation to fund the stream and expects an investment decision on the deeper zone next year. On buybacks, Eban said the company will remain opportunistic and invest when it sees value.