Key Highlights

● Second-quarter revenue rose to $129.2 million from $94.1 million a year earlier.

● Gold equivalent ounces sold were roughly flat at 28,674, against 28,682 a year earlier.

● Net earnings were $156.3 million, or $0.76 per share, up from $55.7 million.

● The company completed a $440 million gold stream purchase on the Ravenswood mine in June.

Triple Flag Precious Metals Corp. (NYSE:TFPM). The company announced its second-quarter results on 5 August 2026, ahead of a conference call on 6 August. Gold equivalent ounces, or GEOs, sold were 28,674, almost level with 28,682 a year earlier. Revenue was $129.2 million against $94.1 million, and adjusted EBITDA rose to $117.2 million from $76.2 million. Net earnings were $156.3 million, or $0.76 per share, compared with $55.7 million, or $0.28. Because ounces sold were flat, the revenue gain appears to reflect higher realised metal prices rather than volume, although the release excerpt reviewed did not state price figures. The net earnings figure is also well above adjusted EBITDA, which suggests items outside ordinary operations contributed. The sources reviewed did not itemise them, so no explanation is offered here.

Metal Mix and Key Assets

Gold generated $81.9 million, about 63 per cent of revenue, from 18,181 GEOs, and silver produced $44.4 million, about 34 per cent, from 9,846 GEOs. Copper and other metals added $2.9 million, or about 2 per cent. By ounces sold, the largest assets were Northparkes in Australia with 5,337 GEOs, Cerro Lindo with 4,890, ATO with 3,938, Impala Bafokeng with 2,322 and Buritica with 2,245. In June 2026 the company completed the purchase of a 5.5 per cent gold stream on the Ravenswood mine in Queensland for $440 million, with an ongoing payment of 10 per cent. The first delivery arrived in July, so it contributed nothing to the second quarter. Triple Flag also plans to invest $84.3 million in the fourth quarter to develop the E44 deposit at Northparkes, supported by guaranteed minimum deliveries.

Guidance, Dividend and Buybacks

The company raised its 2026 guidance to 100,000 to 110,000 GEOs and expects sales between the midpoint and the high end of that range. Depletion expense is now forecast at $70 million to $80 million, up from $65 million to $75 million. It also cited a recently increased longer-term outlook of 150,000 to 160,000 GEOs by 2030. All of these are management projections, not reported outcomes. A quarterly dividend of US$0.06 per share is payable on 15 September 2026 to holders of record on 31 August, lifting the annualised rate to US$0.24 from US$0.23. In the second quarter the company repurchased 609,100 shares for $20 million under a programme that runs until 16 November 2026. It cites more than $1 billion of available liquidity but gave no cash or debt figures in the release.

Price Gains, Not Volume, Explain the Quarter

Triple Flag's revenue and earnings growth came almost entirely from higher realised metal prices rather than production, since gold equivalent ounces sold were essentially unchanged from a year earlier, and net earnings well above adjusted EBITDA suggest items outside ordinary operations contributed that the release did not itemise. The newly completed Ravenswood stream contributed nothing to the quarter since its first delivery arrived in July, so its effect, along with a planned $84.3 million investment in the Northparkes E44 deposit, will show up only in future reports.