Triple Flag Hits Ninth Year of Record Growth on Surging Metal Prices

TORONTO, ON – January 14, 2026 – Triple Flag Precious Metals Corp. has once again demonstrated the strength of its streaming and royalty model, announcing preliminary record revenue for both the fourth quarter and the full year of 2025. The company posted quarterly revenue of US$118.9 million and full-year revenue of US$388.7 million, marking its ninth consecutive year of delivering record gold equivalent ounces (GEOs).

For the full year, Triple Flag sold 113,237 GEOs, landing firmly in the top half of its 2025 guidance. The performance was driven by a strong fourth quarter, which saw metal sales of 28,757 GEOs. This consistent growth underscores the company’s ability to navigate the mining sector while delivering increasing value to shareholders.

“I am pleased to announce that Triple Flag achieved the top half of GEOs sales guidance for 2025,” commented Sheldon Vanderkooy, CEO. “Our top-tier assets operated by industry-leading producers performed exceptionally throughout the year, while key growth projects delivered major milestones on the path to production, including Arcata, Koné, Hope Bay, Goldfield, and Arthur. Our business will create further shareholder value from a record gold and silver price environment that is surfacing meaningful optionality from our large and diversified portfolio, as well as a strong external growth pipeline supported by more than a billion dollars of liquidity.”

A Model of Resilient Growth

Triple Flag’s continued success is deeply rooted in the inherent advantages of the precious metals streaming and royalty business model. Unlike traditional mining operators, which face direct exposure to volatile operating costs, capital expenditures, and exploration risks, streaming and royalty companies provide upfront financing to miners in exchange for a portion of future production or revenue.

This capital-light structure insulates firms like Triple Flag from on-the-ground operational challenges such as rising fuel, labor, and equipment costs. Instead, they benefit directly from rising commodity prices, as their agreements often allow them to purchase metals at a fixed, low cost. The widening gap between this fixed cost and the high market prices for gold and silver translates directly into expanded margins and robust cash flow. This model has enabled the company to achieve an impressive compound annual growth rate of approximately 20% in GEOs since 2017, culminating in this ninth consecutive record year.

The stability of this model is particularly appealing to investors, offering leveraged exposure to precious metals with a significantly lower risk profile. It has supported consistent dividend growth for Triple Flag, which has increased its dividend by 5% annually since its 2021 IPO, reflecting a commitment to returning capital to shareholders.

Silver's Surging Contribution

While gold often captures the headlines, a closer look at Triple Flag’s preliminary Q4 results reveals the increasingly critical role of silver in its diversified portfolio. Of the 28,757 GEOs sold in the fourth quarter, silver accounted for 16,977 GEOs, generating US$70.2 million in revenue—outpacing the contribution from gold for the period. For the full year, silver sales represented over a third of total GEOs, at 40,471.

This performance highlights the strategic value of the company's balanced exposure to both gold and silver. The silver market has experienced a dramatic surge, with some market forecasts projecting prices to climb significantly through 2026. This trend provides a powerful secondary engine for Triple Flag's revenue growth, complementing its extensive gold interests. The company’s ability to capitalize on the strength in both markets showcases a well-rounded strategy that mitigates risk and enhances opportunities for value creation across its 239 assets.

Fueling the Future: A Pipeline of Growth Projects

Beyond its current producing assets, Triple Flag’s long-term trajectory is secured by a deep pipeline of 206 development and exploration stage projects. The company actively deployed over US$350 million in capital across five new investments in 2025, strategically positioning itself for future growth. CEO Sheldon Vanderkooy specifically highlighted major milestones at several key projects that are poised to become significant contributors.

Among these is the Arcata project in Peru, which was expected to commence production in the fourth quarter of 2025, promising near-term additions to the company's GEOs. Looking further ahead, the Koné project in Côte d'Ivoire is targeting production in 2027. Meanwhile, exploration efforts at the Hope Bay project in Nunavut, Canada, operated by industry giant Agnico Eagle, are focused on expanding mineral resources for a potential redevelopment.

In a move that strengthens its foothold in a premier mining jurisdiction, Triple Flag also acquired a royalty on the Arthur gold project in Nevada during 2025. This world-class asset, operated by AngloGold Ashanti, adds another layer of quality to the portfolio. These development assets are crucial for underpinning the company's 2029 outlook of 135,000 to 145,000 GEOs, demonstrating a clear and calculated path to sustained growth.

Navigating a Competitive Landscape

Triple Flag operates in a competitive space dominated by larger peers like Franco-Nevada and Wheaton Precious Metals. While its annual production of 113,237 GEOs is more modest compared to the 600,000+ GEOs guided by its larger rivals, the company distinguishes itself with impressive growth metrics and strategic agility.

For instance, Triple Flag’s revenue growth in the second quarter of 2025 was approximately 50% year-over-year, outpacing some of its larger competitors and signaling strong operational momentum. This growth is backed by a formidable balance sheet, with nearly US$1 billion in available liquidity. This financial firepower enables the company to aggressively pursue external growth opportunities and compete for high-quality streaming and royalty deals in a dynamic market.

Investors and analysts have responded positively to this strategy, noting the company’s ability to consistently surpass earnings expectations and generate strong operating cash flow. The combination of a proven, low-risk business model, a diverse and growing asset base, and the financial capacity to fund future expansion positions Triple Flag as a compelling player in the precious metals sector.

Triple Flag will provide a more detailed look at its financial and operating results after market close on Wednesday, February 18, 2026. A conference call and webcast for investors and analysts will follow on the morning of February 19 to discuss the record-setting year and provide an outlook for the year ahead.