Summary of Triple Flag Precious Metals Conference Call Company Overview - **Company Name**: Triple Flag Precious Metals (NYSE: TFPM) - **Founded**: 2016 - **Market Position**: Fourth largest streaming and royalty company in the precious metals sector [2][3] - **Current Sales Guidance**: 105,000 to 115,000 gold-equivalent ounces for 2025, projected to rise to 135,000 to 145,000 by 2029 [3][30] - **Portfolio**: 237 assets, with 30 currently producing [3] Financial Performance - **Dividend**: $0.23 per share, increased annually since IPO in May 2021 [3] - **Available Liquidity**: Approximately $1 billion for new investments [3] - **Capital Deployment**: $2.8 billion since inception, correlating to about $280 million annually [14][15] - **Free Cash Flow**: Operating cash flow and free cash flow are effectively the same due to the absence of ongoing capital expenditures [13] Business Model and Strategy - **Streaming and Royalty Model**: Generates robust free cash flows without the drag of capital expenditures, allowing for a diverse portfolio [4][5] - **Diversification**: Includes various operators, commodities (primarily gold and silver), and jurisdictions [5][21] - **Optionality**: Embedded in contracts, allowing for direct benefits from rising commodity prices without margin variability [6][10] - **Focus on Cash Flow**: Emphasis on acquiring producing mines and near-mine exploration to quickly add value [45][46] Growth Drivers - **Current and Future Projects**: Growth to 135,000 to 145,000 gold-equivalent ounces will come from expansions of existing mines and new exploration projects [30] - **Key Assets**: Northparkes, Beta Hunt, and Hope Bay are highlighted as significant contributors to future growth [30][49] - **Recent Acquisitions**: - 1% royalty on Arthur Gold Project for slightly less than $250 million [51] - 0.5% royalty on Zhejiang's flagship lithium mine for just under $30 million [55] - 5% silver stream on Arcata and Azuca for $35 million [57] Market Outlook - **Gold Price**: Currently nearing $4,000 per ounce, with a positive long-term outlook due to structural factors such as government debt [10][11] - **Investment Philosophy**: Focus on high-quality assets with significant exploration potential, while maintaining a strong balance sheet [40][74] Cultural and Operational Insights - **Team Background**: Predominantly from larger mining companies, emphasizing a blend of operational and financial expertise [44] - **Transparency and Due Diligence**: Strong emphasis on detailed asset evaluation and open communication with partners [47][48] Conclusion - **Long-term Vision**: Commitment to growing free cash flow per share and maintaining alignment with shareholder interests, with a focus on high-quality precious metals exposure [40][74]

Amid a backdrop of ongoing geopolitical uncertainty, a weakening U.S. dollar, ongoing market uncertainty, and creeping inflation, precious metals are having a banner year. Gold has set 11 all-time highs and has posted a year-to-date (YTD) gain of more than 45%. Silver, which often follows gold, has outperformed the yellow metal with a YTD gain of nearly 57%. Meanwhile, platinum is up 75% in 2025, trading near a 17-year high.  In September, the Federal Reserve’s first rate cut since 2024 added another tailwi ...

Core Insights - The precious metals market has experienced significant gains in 2025, with gold, silver, and platinum prices rising substantially, indicating a strong trend in hard assets [4][22]. Precious Metals Performance - Gold started the year at $2,645 per ounce and has risen to over $3,850, marking a gain of over 47% [4]. - Silver began at $29.60 per ounce and is now over $47, reflecting a gain of about 58% [4]. - Platinum started at $995 per ounce and is currently in the $1,600 range, achieving a gain of 60% [4]. Investment Considerations - The increase in precious metal prices is attributed to the declining value of the dollar, a trend that has been ongoing since the U.S. left the gold standard in 1971 [7][22]. - Investors are advised to hold physical metals rather than selling them, as they represent real money and are not subject to the liabilities associated with financial instruments [10][12]. Mining and Royalty Companies - The rise in precious metal prices has positively impacted mining and royalty companies, leading to significant stock price increases for several key players: - Franco Nevada Corp. (FNV) rose from $125 to $225 [15]. - Royal Gold, Inc. (RGLD) increased from $134 to $198 [15]. - Osisko Royalties (OR) went from $18 to over $39 [15]. - Wheaton Precious Metals (WPM) climbed from $56 to $110 [15]. - Major mining companies also saw substantial gains: - Barrick Mining (B) increased from $14 to $33 [18]. - Newmont Mining (NEM) rose from $38 to $84 [18]. - Agnico Eagle Mines (AEM) moved from $83 to $166 [19]. - Kinross Gold (KGC) increased from $9.50 to over $24 [19]. Market Outlook - The ongoing trend suggests that as long as precious metal prices continue to rise, royalty plays and mining companies will benefit from increased cash flow and profitability [16][24]. - The potential for a global recovery in faith in the dollar could impact precious metal prices, but such a scenario seems unlikely given current government spending trends [17][22].

Market Overview - Gold, silver, and Bitcoin have shown strong year-to-date (YTD) returns of 42%, 52%, and 17% respectively, as the U.S. dollar weakens significantly [1] - Investors are increasingly seeking these alternatives as a stable store of value and protection against inflation [1] Investment Options - Investors have various choices in the gold, silver, and Bitcoin sectors, including physical holdings, digital tokens, and dedicated exchange-traded funds (ETFs) [2] - ETFs can simplify storage and security concerns for investors interested in these assets [2] Gold Exploration ETF: GOEX - The Global X Gold Explorers ETF (GOEX) tracks an index of gold exploration firms, with over half of its portfolio in Canadian companies [3] - GOEX has a dividend yield of 1.08% and an expense ratio of 0.65%, with assets under management totaling $101.13 million [4] - The ETF has shown impressive returns, nearly 90% YTD, despite not being a pure-play gold fund [5] Silver Mining ETF: AGMI - The Themes Silver Miners ETF (AGMI) focuses on silver mining companies and has a low expense ratio of 0.35% [6][7] - AGMI has returned nearly 105% YTD, although it has limited liquidity and a concentrated portfolio [8] Bitcoin Mining ETF: WGMI - The CoinShares Bitcoin Miners ETF (WGMI) is actively managed and focuses on companies generating significant revenue from Bitcoin mining [10] - WGMI has a higher expense ratio of 0.75% and has returned 103% YTD, with a concentrated portfolio of just 23 positions [12]

Core Insights - Precious metals, particularly gold, continue to be a safe haven for investors during economic uncertainty, with historical trends showing increased interest during financial crises [1][2] - Precious metals stocks offer a way for equity investors to benefit from both the defensive nature of the underlying commodities and the growth potential of mining companies [2] - Gold has reached record highs in September 2025, driven by expectations of a dovish Federal Reserve, with a 93% probability of a 25-basis-point cut in October [3][4] Industry Overview - The interest in gold is expanding beyond central banks and Asian buyers to include U.S. and European investors, particularly through ETFs, as lower interest rates are anticipated [4] - The selection of the best precious metals stocks is based on U.S.-listed companies with exposure to gold, silver, palladium, or platinum, focusing on those most widely owned by hedge funds [7][8] Company Highlights - **Eldorado Gold Corp. (NYSE:EGO)**: - Market Cap: $5.7 Billion, with 25 hedge fund holders [9] - Expected gold production for 2025 is between 460,000 and 500,000 ounces, down from 520,293 ounces in 2024, but projected to increase by 44% to 605-665 Koz by 2027 [10] - Strong balance sheet with over $1.0 billion in cash and equivalents as of June 2025, and a recent price target increase from $27 to $34 by RBC Capital Markets [11][12] - **Sibanye Stillwater Ltd. (NYSE:SBSW)**: - Market Cap: $6.8 Billion, with 25 hedge fund holders [13] - Recently completed acquisition of Metallix Refining for approximately $129 million, expected to enhance U.S. recycling operations [14] - Analysts have raised price targets, with RBC Capital increasing from $8.00 to $9.50, despite mixed performance in H1 2025 results [15][16]

Group 1 - Precious metals, particularly gold and silver, are highlighted as the best-performing asset class of 2025, with gold rising approximately 37% and silver increasing about 41% [1] - The S&P 500 has seen a gain of 13% during the same period, indicating a significant outperformance by precious metals [1] - The analyst has maintained a long-term bullish outlook on gold and silver, suggesting confidence in their continued strength in the market [1] Group 2 - The analyst has a beneficial long position in various precious metal-related securities, including PPLT, PALL, SLV, GLD, and USO, indicating a vested interest in the performance of these assets [2] - The article reflects the analyst's personal opinions and insights based on over a decade of market observation and professional experience in financial sectors [1][2]

Core Points - U.S. Gold Corp. will attend the 2025 Precious Metals Summit in Beaver Creek, Colorado from September 9-12, 2025, highlighting its focus on gold and copper exploration and development [1][3][4] - The Summit is a premier investment conference for gold, silver, and platinum group metals, featuring institutional investors and nearly 200 selected mining and exploration companies [2] Company Information - U.S. Gold Corp. is a publicly traded company focused on gold and copper exploration, with key projects including the CK Gold Project in Southeast Wyoming, the Keystone property in Nevada, and the Challis Gold Project in Idaho [5] - The CK Gold Project has a Preliminary Feasibility Study completed by Samuel Engineering Inc., indicating the company's commitment to advancing its exploration properties [5] Event Details - George Bee, President & CEO of U.S. Gold, will present at the Summit on September 10th, providing updates on the company's projects and value proposition to investors [3][4] - The event is invitation-only, facilitating direct engagement between U.S. Gold's management and institutional investors [3][4]

Group 1 - Fresnillo plc is a Mexican precious metals miner listed on the London Stock Exchange and is part of the FTSE 100 index [1] - The company operates several mines, including the Fresnillo mine located in Zacatecas [1]

Core Viewpoint - The Sprott Silver Miners & Physical Silver ETF (SLVR) has rapidly gained assets, reaching $100 million in assets under management within five months of its launch, highlighting strong investor interest in silver as an undervalued precious metal [2][3]. Company Overview - Sprott Asset Management USA, Inc. is a global asset manager focused on precious metals and critical materials investments, with a strong emphasis on in-depth knowledge and experience in the sector [9]. ETF Details - SLVR is the only ETF providing pure-play exposure to silver miners and physical silver, investing at least 80% of its total assets in securities of the Nasdaq Sprott Silver Miners Index (NSLVR) [2][3]. - The ETF aims to track the performance of a selection of securities in the silver industry, including producers, developers, explorers, and physical silver [3][4]. Market Context - Silver prices have recently surpassed $35 per ounce for the first time in over 12 years, indicating a potential upward trend that may benefit silver miners as fundamentals improve and industrial demand grows [3]. - The ETF's launch comes at a time when silver is perceived to be undervalued relative to gold, suggesting a favorable investment environment for silver-related assets [3]. Related Products - SLVR is part of a broader family of Sprott ETFs, which includes other precious metals ETFs such as the Sprott Active Gold & Silver Miners ETF (GBUG), Sprott Gold Miners ETF (SGDM), and Sprott Junior Gold Miners ETF (SGDJ) [4]. - Sprott also offers critical materials ETFs that provide exposure to sectors like uranium, copper, lithium, and nickel [4][6].

Investment Rating - The report maintains a bullish outlook on gold, indicating a long-term uptrend is intact with a price forecast increase for 2025E from $2900 to $3100, representing a 7% change [53]. Core Insights - Gold's recent rally to record highs was orderly and well anticipated, with expectations of continued consolidation in the near term, supported by strong buying interest during pullbacks [4][5]. - Gold has outperformed other asset classes year-to-date due to elevated macroeconomic uncertainty and tariff risks, acting as a safe-haven asset [5][15]. - The report highlights that gold remains under-owned, suggesting potential for increased allocations by investors [4]. Summary by Sections Gold Market Dynamics - Futures trading volumes and open interest have been declining as prices consolidate within a narrow range, with global ETFs increasing approximately 10 million ounces year-to-date, although inflows have recently stalled [10]. - Gold's spot premium over fair value remains at record highs, indicating a breakdown in macro correlations [13]. - Speculative net long positions in gold appear lean, with broader market positioning remaining low compared to previous periods of rising gold prices [18][20]. Demand and Supply Factors - Physical demand for gold is supported by investment interest, with net buying continuing albeit at a slower pace [25][33]. - The report notes a gradual slowdown in official sector buying, but new buyers in 2024 have helped offset slower purchases from others [28][29]. - Consumer demand for gold in India is expected to remain resilient, with outstanding gold loans growing [46]. Price Forecasts - UBS forecasts for gold prices show an upward trend, with projections for 2026E increasing from $2900 to $3500, a 21% change, and for 2027E from $2700 to $3250, a 20% change [53]. - The report also indicates upside risks to investment, particularly in China, where gold ETFs have seen significant inflows amid strong bullish sentiment [37]. White Metals Outlook - The report suggests that silver and platinum are well-positioned for catch-up trades, with market participants optimistic about platinum due to supply risks in South Africa and potential recovery in jewelry demand in China [55][57]. - Palladium is noted to be vulnerable to interim spikes due to persistent deficits and net shorts [57][85].