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].

Core Insights - Barrick Mining (B) and Triple Flag Precious Metals (TFPM) are compared for investment value opportunities [1] - Barrick Mining has a stronger earnings estimate revision trend, reflected in its Zacks Rank of 2 (Buy), while TFPM holds a Zacks Rank of 3 (Hold) [3] Valuation Metrics - Barrick Mining has a forward P/E ratio of 11.05, significantly lower than TFPM's forward P/E of 28.62 [5] - Barrick Mining's PEG ratio is 0.34, indicating better value relative to its expected earnings growth, compared to TFPM's PEG ratio of 1.08 [5] - Barrick Mining's P/B ratio stands at 1.09, while TFPM's P/B ratio is 2.69, further highlighting Barrick's superior valuation metrics [6] Value Grades - Barrick Mining has earned a Value grade of A, whereas Triple Flag Precious Metals has a Value grade of D, indicating Barrick's stronger position in terms of value investment [6]

Company Performance - Triple Flag Precious Metals (TFPM) has gained approximately 60.7% year-to-date, significantly outperforming the average return of 13.9% for Basic Materials companies [4] - The Zacks Consensus Estimate for TFPM's full-year earnings has increased by 8.9% over the past quarter, indicating improved analyst sentiment and earnings outlook [4] - TFPM currently holds a Zacks Rank of 1 (Strong Buy), suggesting strong potential for future performance [3] Industry Comparison - TFPM is part of the Mining - Gold industry, which has seen an average gain of 55.9% this year, indicating that TFPM is performing well within its specific industry [6] - In contrast, Coeur Mining (CDE), another Basic Materials stock, has increased by 59.4% year-to-date and also holds a Zacks Rank of 1 (Strong Buy) [5] - The Mining - Non Ferrous industry, to which Coeur Mining belongs, is ranked 74 and has only gained 11.1% this year, highlighting the stronger performance of the Mining - Gold industry [6] Sector Ranking - The Basic Materials group is currently ranked 13 within the Zacks Sector Rank, which evaluates 16 different sector groups [2] - TFPM is one of 238 companies in the Basic Materials group, indicating a competitive landscape [2]

Group 1 - Shares of Triple Flag Precious Metals (TFPM) have increased by 6.4% over the past four weeks, closing at $21.56, with a mean price target of $27.07 indicating a potential upside of 25.6% [1] - The average of 11 short-term price targets ranges from a low of $19 to a high of $36, with a standard deviation of $5.47, suggesting variability in analyst estimates [2] - Analysts show a consensus that TFPM will report better earnings than previously estimated, which is a positive indicator for potential stock upside [4][11] Group 2 - The Zacks Consensus Estimate for TFPM has increased by 1.3% due to three upward revisions in earnings estimates over the last 30 days, with no negative revisions [12] - TFPM holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors, indicating strong potential for near-term upside [13]

Core Viewpoint - Investors interested in mining stocks, particularly gold, are evaluating Iamgold (IAG) and Triple Flag Precious Metals (TFPM) for potential undervaluation opportunities [1] Group 1: Company Overview - Both IAG and TFPM currently hold a Zacks Rank of 2 (Buy), indicating a positive earnings outlook supported by favorable analyst estimate revisions [3] - IAG has a forward P/E ratio of 9.40, while TFPM has a forward P/E of 26.91, suggesting IAG may be more undervalued [5] - IAG's PEG ratio is 0.33, indicating strong expected EPS growth relative to its price, whereas TFPM's PEG ratio is 1.05 [5] Group 2: Valuation Metrics - IAG has a P/B ratio of 1.10, which compares favorably to TFPM's P/B ratio of 2.37, indicating IAG's stock may be more attractively priced relative to its book value [6] - Based on various valuation metrics, IAG holds a Value grade of A, while TFPM has a Value grade of D, reinforcing the view that IAG is the superior value option at this time [6]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: Triple Flag Precious Metals (TFPM) - TFPM currently holds a Momentum Style Score of B, indicating potential as a solid momentum pick [3][12] - The company has a Zacks Rank of 2 (Buy), suggesting strong performance potential [4][12] Price Performance - Over the past week, TFPM shares increased by 0.82%, while the Zacks Mining - Gold industry declined by 3.08% [6] - In the last month, TFPM's price rose by 13.43%, outperforming the industry's 13.19% [6] - Over the past three months, TFPM shares have risen by 27.6%, and by 28.31% over the last year, compared to the S&P 500's performance of -5.55% and 13.72%, respectively [7] Trading Volume - TFPM's average 20-day trading volume is 455,324 shares, which serves as a bullish indicator when combined with rising stock prices [8] Earnings Outlook - In the last two months, 5 earnings estimates for TFPM have been revised upwards, while 1 has been revised downwards, leading to an increase in the consensus estimate from $0.70 to $0.76 [10] - For the next fiscal year, 4 estimates have moved up and 1 has moved down during the same period [10]