Triple Flag's Q2 2025 Earnings Call: Key Contradictions on Steppe Gold Prepay and Capital Allocation Strategies

Steppe Gold prepay situation, capital allocation strategy and share buybacks are the key contradictions discussed in Triple Flag Precious Metals' latest 2025Q2 earnings call.



Record Financial Performance and Cash Flow:
- Triple Flag Precious Metals Corp. reported record adjusted EBITDA of $76 million and record operating cash flow of USD 0.38 per share in Q2 2025.
- The growth was driven by strong sales of nearly 29,000 GEOs and margins consistently exceeding 90% in a favorable gold and silver price environment.

Acquisitions and Growth Strategy:
- The company maintained a solid pace of accretive acquisitions in the first half of 2025, including tuck-in investments like Tres Quebradas, Arcata, Azuca, and Johnson Camp.
- These acquisitions are expected to deliver first revenue in the second half of the year, contributing to Triple Flag's growth strategy.

Dividend Increase and Financial Health:
- Triple Flag announced a fourth consecutive annual increase of its dividend, to USD 0.23 on an annualized basis.
- The company exited the quarter with 0 debt and expects to be in a net cash position by the end of Q3, supported by a strong balance sheet and robust operating cash flows.

Exploration Success and Resource Expansion:
- Westgold declared a maiden resource of 2.3 million ounces at the Fletcher Zone of the Beta Hunt mine, nearly doubling the total resource base.
- This discovery highlights the potential upside in Triple Flag's royalty and streaming model, as operators continue to explore and expand their assets.