Core Viewpoint - The gold market is experiencing a significant bull run, with gold prices reaching new highs and gold mining stocks benefiting from this trend, presenting investment opportunities for those who can identify the right stocks [1]. Group 1: Gold Mining Companies - Triple Flag Precious Metals Corp. is a leading precious metals streaming and royalty company, providing exposure to gold and silver production with a lower risk profile than traditional miners, supported by stable cash flows and strong margins [4]. - Agnico Eagle Mines is recognized as a premier gold producer with high-quality mines in favorable jurisdictions, known for operational excellence and disciplined capital management, making it a strong performer in the sector [7]. - Newmont is the world's largest gold mining company, offering unmatched leverage to gold prices due to its scale and diversification, while also producing other metals that contribute to its revenue stability [13]. Group 2: Earnings Revisions and Analyst Outlook - Triple Flag Precious Metals has a Zacks Rank 1 (Strong Buy) with current year earnings estimates up by 8.5% and next year's estimates up by 12.4%, indicating strong analyst support [5]. - Agnico Eagle Mines also holds a Zacks Rank 1, with current year earnings estimates climbing 6.4% and next year's projections increasing by 7.7%, reflecting positive analyst sentiment [8]. - Newmont has received unanimous analyst upgrades, with current year earnings estimates revised 8.5% higher and next year's forecasts up by 12.4%, showcasing strong analyst confidence [14]. Group 3: Technical Analysis - Triple Flag Precious Metals is forming a bull flag pattern, with a potential breakout above the $29 level that could lead to new highs as gold prices continue to rise [6]. - Agnico Eagle Mines has completed a descending channel formation and has broken out to the upside, positioning the stock to challenge all-time highs [9]. - Newmont has also consolidated in a bull flag formation and has broken out decisively, indicating the next phase of its ongoing rally [14]. Group 4: Investment Considerations - Despite the strong performance in gold and mining stocks, valuations in the sector remain reasonable, with a combination of upward earnings revisions and strong technical setups making TFPM, AEM, and NEM attractive for investors [16]. - The favorable macro conditions and improving analyst outlooks position TFPM, AEM, and NEM as leaders in the precious metals market, appealing to investors seeking both momentum and long-term exposure [17].

Group 1 - Triple Flag Precious Metals (TFPM) has reached a record high after breaking out of a base, indicating strong performance in the gold stock sector [1] - TFPM, along with Agnico-Eagle Mines (AEM) and Kinross Gold (KGC), is leading the IBD Sector Leaders list, showcasing the strength of these gold stocks [1] - The fundamentals and robust chart of TFPM have contributed to its inclusion in the IBD 50, highlighting its investment potential [1] Group 2 - A gold streaming company reported a profit growth of 118%, indicating significant financial performance in the gold sector [2] - The gold stock is currently in the buy zone, suggesting favorable conditions for potential investors [2] - The overall market sentiment is positive, with various gold stocks showing strong gains and attracting investor interest [4]

Core Viewpoint - The surge in precious metal prices is leading to increased profits for mining companies, resulting in higher dividends for investors Group 1: Pan American Silver (PAAS) - Pan American Silver has increased its quarterly dividend by 20% due to strong silver gains, with a current dividend yield of 1.51% and an annual dividend of $0.48 [1][3] - In Q2 2025, the company produced 5.1 million ounces of silver and approximately 178,000 ounces of gold, achieving record basic earnings per share (EPS) of 52 cents and free cash flow of $33 million [2][3] - The total return for Pan American Silver shares in Q2 2025 was over 58%, with silver prices rising by 32% and gold prices by 27% [2] Group 2: AngloGold Ashanti (AU) - AngloGold Ashanti has announced a 16% increase in its interim dividend to $0.80 per share, supported by a 149% increase in free cash flow [5][7] - The company produced 804,000 ounces of gold in Q2 2025, a 21% increase from the previous year, with the average gold price rising by 41% to $3,287 [6][7] - The current dividend yield for AngloGold Ashanti is approximately 2.2%, with a payout ratio of 50% of free cash flow [8] Group 3: Triple Flag Precious Metals (TFPM) - Triple Flag Precious Metals has increased its annual dividend by 5% to $0.23, with a current dividend yield of 0.85% [9][10] - The company reported a record operating cash flow of 38 cents per share, a 50% increase, and achieved 57,000 gold equivalent ounces (GEOs) in the first half of the year [10][11] - The total return for Triple Flag Precious Metals in 2025 was 75% [11]

Group 1: Inflation and Economic Indicators - The Producer Price Index (PPI) in the U.S. increased by 0.9% in July from the previous month and 3.3% year-over-year, marking the largest monthly increase in three years [3][5] - Services were the primary driver of the PPI increase, rising by 1.1% in July, indicating that companies may be passing higher import costs to consumers [5][24] - The PPI report has influenced expectations regarding Federal Reserve rate cuts, with traders still anticipating a reduction in September, but the likelihood of a significant half-point cut has decreased [6][24] Group 2: Gold Market Dynamics - Gold prices have remained resilient, trading near historic highs, with spot prices consolidating in the mid-$3,300s after reaching an all-time high of $3,500 per ounce in April [7][8] - Factors contributing to gold's steady performance include inflation concerns, a weaker U.S. dollar, central bank demand, and expectations of lower interest rates [8][27] - Gold-backed exchange-traded funds (ETFs) saw inflows of $3.2 billion in July, bringing total assets under management to $386 billion, indicating strong investor interest [10] Group 3: Royalty and Streaming Companies - Royalty and streaming companies have reported record quarterly results, with Franco-Nevada achieving revenue of $369.4 million, up 42% year-over-year, and Wheaton Precious Metals generating $503 million in revenue [16][17] - These companies provide upfront financing to miners in exchange for a portion of future production, offering lower risk exposure and strong cash flow [13][14] - The model of royalty and streaming companies is seen as a balanced approach between owning bullion and traditional mining equities, capturing upside in rising gold prices while providing downside protection [15][20] Group 4: Traditional Miners and Market Outlook - Traditional gold miners are regaining favor, with UBS analysts upgrading their outlook on the sector due to improved capital management and rebuilding investor trust [21] - If gold prices remain stable, there is potential for increased stock buybacks and merger and acquisition activity among miners [22] - The ongoing inflationary environment and tariff impacts are expected to shift costs to consumers, reinforcing gold's role as a hedge against inflation [24][25]

Financial Data and Key Metrics Changes - Triple Flag achieved record sales of nearly 29,000 GEOs in Q2 2025, resulting in record adjusted EBITDA of CAD 76 million and operating cash flow of CAD 0.38 per share [3][4] - Operating cash flow per share increased by over 50% year over year, marking a new quarterly record [9] - The company exited the quarter with zero debt and expects to maintain a net cash position by the end of Q3 2025 [10][11] Business Line Data and Key Metrics Changes - North Park and Cerro Lindo remain the two largest contributors to revenue, with North Park achieving a record quarter due to higher open pit grades from stockpiled ore [11][12] - Revenues were derived 100% from precious metals, with approximately two-thirds from gold, indicating a strong focus on gold and silver exposure [12] Market Data and Key Metrics Changes - The company reported strong performance amid record precious metals prices, benefiting from high margins that consistently exceed 90% [4][9] - Approximately 90% of revenue was derived from assets located in Australia and The Americas, highlighting the company's focus on mining-friendly jurisdictions [12] Company Strategy and Development Direction - The company is focused on accretive acquisitions, with recent transactions including the Tre Corvadis Lithia mine in Argentina and additional royalties on the Johnson Camp copper mine in Arizona [4][5] - The acquisition of a 1% NSR royalty on the Arthur Gold project in Nevada is expected to provide long-term growth potential [5] - The investment thesis remains centered on top-tier assets, a focus on precious metals, and a predominantly North American and Australian portfolio [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2025 guidance of 105,000 to 115,000 ounces, supported by strong operating cash flows and a robust transaction pipeline [4][16] - The company anticipates several catalysts, including the commencement of production at multiple mines and ongoing exploration successes [16][18] Other Important Information - The company announced a 5% increase in its annual dividend to CAD 0.02, marking the fourth consecutive annual increase since its IPO [10] - The company maintains a strong balance sheet with total liquidity available of nearly CAD 1 billion, allowing for continued investment in growth opportunities [11] Q&A Session Summary Question: What should be expected as steady state production from the Johnson Camp royalty? - Management indicated that the Johnson Camp royalty is a small purchase and did not provide specific asset guidance [20][21] Question: Can you walk through potential offsets for declining production in 2026? - Management noted that while North Park's high-grade stockpiles will deplete, production from the Arcata mine and Johnson Camp mine is expected to come online, providing potential offsets [33][35] Question: What is the current deal pipeline looking like? - Management stated that the pipeline is full, with a mix of larger and smaller opportunities, predominantly in the $100 million to $300 million range, focusing on precious metals [39][40] Question: Is the focus still on safe jurisdictions like The Americas and Australia? - Management confirmed that the focus remains on The Americas and Australia, with limited interest in opportunities in Africa [47][48]

Financial Data and Key Metrics Changes - Triple Flag achieved record adjusted EBITDA of CAD76 million in Q2 2025, with operating cash flow of CAD0.38 per share, reflecting strong margins exceeding 90% [3][4] - Operating cash flow per share increased by over 50% year over year, marking a new quarterly record [8] - The company exited the quarter with zero debt and expects to maintain a net cash position by the end of Q3 2025 [10][11] Business Line Data and Key Metrics Changes - The portfolio produced nearly 29,000 GEOs in Q2, contributing to a record first half of over 57,000 GEOs, aligning with the 2025 sales guidance of 105,000 to 115,000 ounces [8][11] - North Park and Cerro Lindo remain the largest revenue contributors, with North Park achieving a record quarter due to higher open pit grades [11][12] Market Data and Key Metrics Changes - Revenues were derived 100% from precious metals, with approximately two-thirds from gold, positioning the company favorably within the sector [12] - The company noted a strong rise in silver prices benefiting Cerro Lindo towards the end of the quarter [11] Company Strategy and Development Direction - The company is focused on accretive acquisitions, including the recently completed acquisition of a 1% NSR royalty on the Arthur Gold project in Nevada, which is expected to provide long-term growth potential [5][6] - The capital allocation strategy emphasizes returns to shareholders, highlighted by a 5% increase in the annual dividend to CAD0.02 [9][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 guidance despite potential production declines from certain assets, citing a robust portfolio and upcoming production from new mines [16][36] - The company remains optimistic about the exploration potential at the Fletcher Zone, which nearly doubled the resource base at Beta Hunt [15][16] Other Important Information - The company maintains a strong balance sheet with total liquidity of nearly CAD1 billion, allowing for continued investment in growth opportunities [11] - The transaction pipeline is robust, with a focus on opportunities in safe jurisdictions, primarily in the Americas and Australia [40][49] Q&A Session Summary Question: What should we expect as steady state production from the Johnson Camp royalty? - Management indicated that while the Johnson Camp royalty is a small purchase, it provides incremental copper exposure, but no specific asset guidance will be provided [21][22] Question: What is the process for enforcing security on the stream with STEP Gold? - Management noted that the current arrears from STEP Gold are approximately USD8 million, and they have a good relationship with the management team, emphasizing confidence in their position [24][28] Question: How will production decline in 2026 be offset? - Management acknowledged potential declines but highlighted upcoming production from the Arcata mine and Johnson Camp mine as offsets, while refraining from specific asset guidance [34][36] Question: What is the current deal pipeline looking like? - Management described a full pipeline with a mix of larger and smaller opportunities, primarily in the CAD100 million to CAD300 million range, focusing on precious metals [38][40] Question: Is the focus still on safe jurisdictions? - Management confirmed that the focus remains on the Americas and Australia, with limited interest in opportunities in Africa [49]

Financial Performance - The company achieved record financial results in Q2 2025, including 29,000 Gold Equivalent Ounces (GEOs)[15] - Adjusted EBITDA increased by 54% from $49.6 million in Q2 2024 to $76.2 million in Q2 2025[17] - Operating Cash Flow increased by 54% from $49.4 million in Q2 2024 to $76.1 million in Q2 2025[17] - Operating Cash Flow per Share increased by 52% from $0.25 in Q2 2024 to $0.38 in Q2 2025[17] - Revenue increased from $63.6 million in Q2 2024 to $94.1 million in Q2 2025[17] - Adjusted net earnings increased from $22.9 million to $47.9 million, with adjusted EPS increasing from $0.11 to $0.24[17] Portfolio and Growth - The company closed the acquisition of a 1.0% NSR royalty on the Arthur (Expanded Silicon) gold project[15] - The company acquired an additional 1.5% GR royalty on the Johnson Camp Mine in Arizona[15] - A maiden resource of 2.3 million ounces was declared for the Fletcher Zone at Westgold's Beta Hunt Mine[15, 25] Capital Allocation - The annualized dividend increased by 5% to $0.23 per share, marking the 4th consecutive annual increase since the IPO in 2021[15]

Core Viewpoint - Investors in the Mining - Gold sector should consider Barrick Mining (B) and Triple Flag Precious Metals (TFPM) for potential value opportunities [1] Group 1: Zacks Rank and Earnings Outlook - Barrick Mining has a Zacks Rank of 1 (Strong Buy), indicating a positive earnings outlook, while Triple Flag Precious Metals has a Zacks Rank of 3 (Hold) [3] - The Zacks Rank system favors stocks with positive revisions to earnings estimates, suggesting that Barrick Mining has an improving earnings outlook [3] Group 2: Valuation Metrics - Barrick Mining has a forward P/E ratio of 10.75, significantly lower than Triple Flag Precious Metals' forward P/E of 27.51 [5] - Barrick Mining's PEG ratio is 0.32, while Triple Flag Precious Metals has a PEG ratio of 1.04, indicating Barrick Mining may be undervalued relative to its growth expectations [5] - Barrick Mining's P/B ratio is 1.08 compared to Triple Flag Precious Metals' P/B of 2.62, further supporting Barrick Mining's valuation advantage [6] Group 3: Value Grades - Barrick Mining has received a Value grade of A, while Triple Flag Precious Metals has a Value grade of D, highlighting the relative attractiveness of Barrick Mining for value investors [6] - Stronger estimate revision activity and more attractive valuation metrics position Barrick Mining as the superior option for value investors [7]

Core Viewpoint - Silvercorp (SVM) is currently outperforming its peers in the Basic Materials sector, with a year-to-date return of approximately 53.3%, significantly higher than the sector average of 13.7% [4]. Company Performance - Silvercorp has a Zacks Rank of 2 (Buy), indicating a positive outlook based on earnings estimates and revisions [3]. - Over the past 90 days, the Zacks Consensus Estimate for Silvercorp's full-year earnings has increased by 30%, reflecting improved analyst sentiment [3]. - The stock belongs to the Mining - Miscellaneous industry, which has seen an average gain of 20.6% this year, further highlighting Silvercorp's strong performance within its industry [5]. Industry Context - The Basic Materials sector includes 238 individual stocks and currently holds a Zacks Sector Rank of 8, indicating its relative strength compared to other sectors [2]. - Another notable performer in the Basic Materials sector is Triple Flag Precious Metals (TFPM), which has returned 58% year-to-date and also holds a Zacks Rank of 2 (Buy) [4][5]. - The Mining - Gold industry, to which TFPM belongs, has performed well with a year-to-date increase of 54.2% [6].

Core Viewpoint - Triple Flag Precious Metals (TFPM) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive trend in earnings estimates which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Performance - The Zacks rating system emphasizes the importance of earnings estimate revisions, which have shown a strong correlation with near-term stock price movements [4][6]. - For the fiscal year ending December 2025, Triple Flag is expected to earn $0.83 per share, with a 13.5% increase in the Zacks Consensus Estimate over the past three months [8]. Zacks Rating System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 (Strong Buy) stocks historically generating an average annual return of +25% since 1988 [7]. - The upgrade of Triple Flag to a Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [10].