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].