Summary of Triple Flag Precious Metals Conference Call Company Overview - **Company Name**: Triple Flag Precious Metals (NYSE: TFPM) - **Market Capitalization**: Approximately $7.6 billion, recently around $8 billion due to performance [2] - **Business Model**: Precious metals streaming and royalty company with over 230 royalties and streams [1] Key Financial Metrics - **Production Guidance**: Expected to produce 95,000-105,000 ounces in 2026, with a long-term target of 140,000-150,000 ounces by 2030 [2][3] - **Dividend Growth**: Initial dividend of $0.19 per share in 2021, increased to $0.23 per share; cash flow distribution to shareholders expected to decrease from over 20% in 2021 to less than 10% [4] - **Cash Position**: Over $70 million in cash at year-end, with $1 billion in available credit [5] Portfolio and Asset Overview - **Asset Count**: Portfolio consists of 239 assets, all sourced by the management team since 2016 [3] - **Key Assets**: - **Northparkes**: Major asset with a 25% weighting in the portfolio; a copper mine with gold by-product, operated by Evolution Mining [6] - **Geographic Focus**: High concentration in Australia, followed by North America and Latin America [7][8] Market Insights - **Gold as a Monetary Asset**: Emphasis on gold's strength compared to the US dollar; significant US dollar debt of $39 trillion [10] - **Investment Philosophy**: Focus on generating cash flow and reinvesting into further streams and royalties to create shareholder value [11] Growth Catalysts - **Future Projects**: Exciting growth assets expected to contribute beyond 2030, including the Arturo Project and Kemess [19][31] - **Northparkes Developments**: Approval of E22 block cave and potential capacity increase from 7.6 million tons per annum to over 10 million tons [24][26] - **E44 Deposit**: New gold-only deposit identified at Northparkes, with a revenue-sharing agreement that benefits both Triple Flag and Evolution [27][30] Recent Developments - **Talon Metals and Tamarack Project**: Positive developments in the Tamarack nickel project, with involvement from the Lundin Group [36][37] - **Deal Structuring in Rising Metals Price Environment**: No significant changes in deal terms; negotiations remain specific and tailored to individual circumstances [38][39] Conclusion - **Long-term Strategy**: Triple Flag aims to continue generating cash flow and reinvesting in high-quality assets to drive shareholder value, with a strong focus on gold and silver exposure [34]

Core Insights - Royal Gold achieved record financial results in fiscal 2025, with significant increases in revenue, operating cash flow, and earnings, driven by a strong gold price environment and strategic acquisitions [3][6][2] Financial Performance - Total revenue for fiscal 2025 was reported at $1.0 billion, representing a 43% increase compared to 2024 [2] - Operating cash flow reached $705 million, up 33% year over year [2] - Earnings for the year were $466 million, a 40% increase from the previous year, with adjusted net income hitting a record $510 million, up 47% year over year [2][6] Dividend and Shareholder Returns - Gold accounted for 78% of total revenue, and the company maintained an adjusted EBITDA margin of 82% [1] - Royal Gold paid over $118 million in dividends during 2025 and raised its annual dividend to $1.90 per share for 2026, marking the 25th consecutive annual increase [1][6] - Since initiating a dividend in 2000, the company has returned approximately $1.2 billion to shareholders [1] Acquisitions and Portfolio Growth - The company completed several key acquisitions in 2025, including Sandstorm Gold and Horizon Copper, which significantly boosted cash flow and revenue [5][6] - Integration of the acquired portfolios is largely complete, with further work underway to streamline assets [7][5] - Royal Gold expects to fully repay its revolver by early 2027, following a reduction in debt from $1.225 billion to $725 million [14] Fourth Quarter Highlights - In Q4, Royal Gold delivered 90,800 GEOs and achieved record quarterly revenue of $375 million, with stream revenue increasing by 110% to $265 million [4][9] - Royalty revenue rose 42% year over year to $111 million, driven by higher sales from key assets [9] - The company noted significant price increases for metals, with gold prices up 55%, silver up 74%, and copper up 21% compared to the prior year [9] Future Guidance and Market Outlook - The company plans to provide 2026 guidance and long-term direction at an Investor Day on March 31 [7] - Management indicated that the deal pipeline remains strong, with ongoing opportunities in third-party royalties and development-stage projects [15] - Royal Gold expects 2026 attributable gold sales from the Kansanshi mine to be between 26,000 and 31,000 ounces [11]

Core Insights - Triple Flag Precious Metals Corp. reported record operating cash flow per share in Q3 2025, with significant capital deployment and strong portfolio performance [1][2][3] Financial Performance - Revenue for Q3 2025 reached $93.5 million, up from $73.7 million in Q3 2024, representing a 27% increase [3] - Gold Equivalent Ounces (GEOs) sold were 27,037, down from 29,773 in Q3 2024 [4][5] - Net earnings for Q3 2025 were $61.9 million, or $0.30 per share, compared to $29.6 million, or $0.15 per share in Q3 2024 [3] - Adjusted net earnings were $49.3 million, or $0.24 per share, compared to $28.3 million, or $0.14 per share in Q3 2024 [3] - Operating cash flow was $81.4 million, up from $61.8 million in Q3 2024, with operating cash flow per share increasing to $0.39 from $0.31 [3] Portfolio and Acquisitions - The company deployed over $350 million in capital in 2025, including acquisitions of royalties on various projects such as the Arthur gold project in Nevada and Minera Florida gold mine in Chile for $23 million [2][8] - The portfolio includes a diverse range of assets, with significant optionality benefiting from high gold prices [2] - The company expects to achieve GEO sales guidance for 2025 between 105,000 to 115,000 ounces [8] Production and Guidance - The production guidance for Minera Florida is set at 78,000 to 90,000 ounces of gold and 0.45 million ounces of silver for 2025 [8] - The company anticipates a strong production ramp-up from various projects, including Arcata, which is expected to start production in Q4 2025 [14] Dividend Declaration - The Board of Directors declared a quarterly cash dividend of $0.0575 per common share, to be paid on December 15, 2025 [1][8]

Core Viewpoint - Sandstorm Gold Ltd. reported record financial results for Q2 2025, driven by strong commodity prices, and announced a definitive agreement for Royal Gold, Inc. to acquire Sandstorm in an all-share transaction valued at approximately $3.5 billion [1][2][3]. Financial Highlights - Record revenue of $51.4 million for Q2 2025, up from $41.4 million in Q2 2024 [4][12]. - Attributable production of 15,098 gold equivalent ounces, down from 17,414 ounces in the comparable period in 2024 [4][12]. - Cash flows from operating activities of $37.7 million, compared to $32.6 million in Q2 2024 [4][14]. - Record cash operating margins of $2,981 per attributable gold equivalent ounce, compared to $2,043 in Q2 2024 [4][14]. - Net income of $16.9 million, up from $10.5 million in Q2 2024 [4][14]. Transaction Details - Royal Gold will acquire all Sandstorm common shares at an implied value of approximately $3.5 billion, with Sandstorm shareholders receiving 0.0625 of a Royal Gold share for each Sandstorm share held [2][3]. - Post-transaction, existing Royal Gold and Sandstorm shareholders will own approximately 77% and 23% of the combined company, respectively [2][3]. Portfolio and Growth Potential - The combined portfolios are expected to create a highly diversified precious metals streaming and royalty company, with no single asset accounting for more than 12% of NAV [3][5]. - The gold-dominated portfolio is projected to have a revenue mix of approximately 87% precious metals in 2025, with 75% of total revenues from gold [3][5]. - Significant production growth is anticipated from gold-focused assets such as MARA, Hod Maden, Great Bear, Platreef, and Warintza [3][5]. Operational Insights - Approximately 82% of the gold equivalent production in Q2 2025 was from precious metals, with 11% from copper and 7% from other commodities [12][15]. - The Greenstone gold mine in Ontario is ramping up capacity, with full-year production estimates of 220,000–260,000 ounces in 2025 [16]. - The Chapada copper mine's production was impacted by lower-grade stockpiles, with forecasts of 40,000–45,000 tonnes of copper production in 2025 [18]. Future Outlook - Attributable gold equivalent ounces are forecasted to be between 65,000 and 80,000 ounces in 2025, with long-term production expected to reach approximately 150,000 ounces by 2030 [11][12]. - The company continues to focus on deleveraging, having made $25 million in net debt repayments during Q2 2025 [7].

Core Insights - Royal Gold reported record GAAP net income of $132.3 million for Q2 2025, with operating cash flow reaching $152.8 million, although GAAP revenue fell short of analyst expectations at $209.6 million [1][5][9] Financial Performance - Non-GAAP EPS was $1.81, exceeding estimates of $1.69 and up 44.8% from $1.25 in Q2 2024 [2] - GAAP revenue of $209.6 million represented a 20.4% increase year-over-year from $174.1 million [2] - Adjusted EBITDA margin improved to 84%, up 3 percentage points from 81% in the previous year [2] - Free cash flow decreased to $40.1 million, down 35.7% from $62.4 million in Q2 2024 [2] - Operating cash flow increased by 34.7% year-over-year, from $113.5 million [2] Business Model and Strategy - Royal Gold operates by acquiring and managing streams and royalties from various metal mining operations, generating income without direct mining costs [3] - The company focuses on expanding its portfolio and maintaining a competitive edge through strategic acquisitions and prudent capital management [4] Market Dynamics - The financial results were significantly influenced by higher realized prices for gold at $3,280 per ounce and silver at $33.68 per ounce, despite volume challenges at certain mines [6] - Gold accounted for 78% of total revenue, highlighting the company's sensitivity to commodity price fluctuations [4] Acquisitions and Growth - Royal Gold announced acquisitions of Sandstorm Gold and Horizon Copper for approximately $3.5 billion and $196 million, respectively, which will enhance its portfolio to 393 streams and royalties [7][12] - A new $1 billion gold stream was secured on the Kansanshi mine in Zambia, financed mainly through a revolving credit facility [7] Operational Challenges - Some partner operations faced setbacks, including Mount Milligan lowering its gold production forecast and Mara Rosa pausing processing due to heavy rains [8][13] - Despite these challenges, strong contributions from assets like Peñasquito and Pueblo Viejo helped mitigate the impact [8] Financial Position - The company ended the quarter with $248.2 million in cash and access to a $1.25 billion liquidity pool, with a significant portion drawn for acquisitions [9] - The board increased the quarterly dividend by 12.5% to $0.45 per share, extending the maturity of the revolving credit facility to 2030 [10] Revenue Composition - Royalties contributed 36.5% of total revenue, with major streams from Mount Milligan, Pueblo Viejo, and Khoemacau [11] - The portfolio is expected to become broader and more diverse with the completion of the Sandstorm and Horizon acquisitions [12] Future Outlook - The company anticipates that sales at several properties will be more heavily weighted toward the second half of fiscal 2025, which may impact financial results [15] - Royal Gold expects the Sandstorm Gold and Horizon Copper transactions to close in Q4 2025, with a focus on monitoring leverage and free cash flow trends [16]

Core Viewpoint - Sandstorm Gold Ltd. has entered into a definitive arrangement agreement with Royal Gold Inc. for an all-share transaction valued at approximately $3.5 billion, providing Sandstorm shareholders with a premium on their shares [1][24][25]. Transaction Details - Sandstorm shareholders will receive 0.0625 of a Royal Gold Share for each Sandstorm Share held, representing a 21% premium to the 20-day volume-weighted average price (VWAP) and a 17% premium to the closing price on July 3, 2025 [1][24]. - Royal Gold will issue approximately 19 million shares to Sandstorm shareholders, resulting in former Sandstorm shareholders owning about 23% of the issued Royal Gold Shares on a fully diluted basis [25]. Strategic Rationale - The transaction is expected to create significant value for Sandstorm shareholders by providing immediate premium and maintaining exposure to a high-quality, long-life portfolio [4][5]. - The merger aims to close the valuation gap between Sandstorm and mid-tier royalty peers, improve portfolio maturity, and enhance access to institutional investors [5][7]. Pro-Forma Royal Gold - Post-transaction, Royal Gold will have a diversified portfolio of 393 streams and royalties, with 80 cash-flowing assets and 47 in development, primarily focused on precious metals [8][9]. - The revenue mix for 2025 is projected to be approximately 87% from precious metals, with gold contributing about 75% of total revenue [9][10]. Key Producing Assets - Notable assets include Mount Milligan, Pueblo Viejo, and Cortez, which are expected to contribute significantly to Royal Gold's revenue through their respective production guidance [12][13][14]. - Mount Milligan is projected to produce 165,000–185,000 ounces of gold and 50–60 million pounds of copper in 2025 [12]. Key Development Assets - Development projects such as MARA, Hod Maden, and Platreef are expected to provide substantial organic production growth over the long term [19][20][22]. - MARA is anticipated to produce approximately 200,000 tonnes of copper equivalent per year with a mine life exceeding 20 years [19]. Board Recommendations - The Boards of Directors of Royal Gold and Sandstorm, along with a special committee of independent directors, have determined that the transactions are in the best interests of their respective companies [23]. Approval and Timing - The completion of the transactions is subject to shareholder approvals and regulatory conditions, with an expected closing in the fourth quarter of 2025 [34][27][30].