Triple Flag Precious Metals Q2 Earnings Call Highlights

Triple Flag Precious Metals reported what Chief Executive Officer Sheldon Vanderkooy described as the strongest first half in the company’s history, supported by higher gold-equivalent ounce sales, increased cash flow per share and a newly acquired stream on the Ravenswood Gold Mine in Australia.

The company sold nearly 29,000 gold-equivalent ounces, or GEOs, during the second quarter of 2026 and generated $117 million of adjusted EBITDA. Operating cash flow per share rose 42% year over year to $0.54 from $0.38 in the prior-year quarter, according to Vanderkooy.

Chief Financial Officer Eban Bari said second-quarter production totaled 28,700 GEOs, bringing first-half production to nearly 59,000 GEOs. He said adjusted earnings per share increased 62% year over year and adjusted EBITDA increased 54%.

Triple Flag raised its 2026 guidance to 100,000 to 110,000 GEOs and increased its 2030 outlook to 150,000 to 160,000 GEOs. Vanderkooy said the higher outlook reflects the company’s settlement with Steppe Gold and its $440 million acquisition of a gold stream on the Ravenswood mine in Queensland.

Triple Flag acquired a 5.5% gold stream on Ravenswood, which Chief Operating Officer James Dendle called Queensland’s largest gold mine and one of Australia’s top 10 gold mines by ore reserves. First deliveries from the asset began in July.

Dendle said Ravenswood has operated continuously since 1987 and has produced 4 million ounces of gold since discovery. An expansion completed in 2023 is intended to support annual production above 200,000 ounces, with the operation ramping toward that level by 2028. However, he said the mine will continue to have a ramp-up profile as capital projects advance to open the Sarsfield pits.

Vanderkooy said the upper half of Triple Flag’s revised annual guidance range includes expected contributions from Ravenswood. He also said the company does not see major differences between the third and fourth quarters, while reiterating that it provides annual rather than quarterly guidance.

In June, Triple Flag reached a settlement agreement with Steppe Gold that resolved outstanding disputes between the companies. Vanderkooy said Triple Flag received all obligations and arrears upon signing and secured guaranteed gold deliveries for the next decade, as well as longer-term exposure to production from the ATO mine.

The company initially invested $28 million in Steppe Gold and has received more than $60 million in returns to date, in addition to more than 34,000 ounces of gold expected to be delivered over the next 10 years, Vanderkooy said. Management also highlighted several longer-term growth assets. At Hope Bay in Nunavut, where T...