TFPM delivered a blowout quarter with record revenue and cash flow, supported by elevated precious metals prices. Monitor Q2 for the Cerro Lindo stream rate step-down impact (from 65% to 25%) and the timing of the Northparkes E44 investment close. Long-term catalysts include Buritic throughput expansion and Fosterville growth.
Price Chart
Executive Summary
Triple Flag reported record Q1 2026 revenue of $147M (up 79% YoY), net earnings of $116.9M (up 157%), and operating cash flow of $113.3M (up 72%), driven by surging gold and silver prices (gold avg $4,873/oz, +70% YoY; silver avg $84.33/oz, +165% YoY). The company also committed $84.3M to the Northparkes E44 deposit and acquired a $23M royalty on the Gunnison project, while maintaining 2026 GEO guidance of 95,000-105,000 ounces.
Key Facts
- Revenue record $147M vs $82.2M in Q1 2025 (+79%)
- Net earnings $116.9M vs $45.5M (+157%)
- Operating cash flow record $113.3M vs $65.9M (+72%)
- Adjusted EBITDA $128.6M vs $70.7M (+82%)
- Gold price avg $4,873/oz (+70%); silver avg $84.33/oz (+165%)
- GEOs 30,166 vs 28,761 (+5%)
- 2026 guidance: 95k-105k GEOs; depletion $65M-$75M; G&A $30M-$32M
- Investment of $84.3M in Northparkes E44 deposit due Dec 2026
- Acquired 3% GR royalty on Gunnison for $23M
- Cerro Lindo stream rate step-down from 65% to 25% commenced late April 2026
- Dividend $0.0575/sh, total $11.9M paid
Financial Impact
Revenue +$64.7M, net income +$71.4M, operating cash flow +$47.5M vs prior year quarter
Risk Factors
- Commodity price volatility (gold/silver)
- Cerro Lindo step-down reduces silver stream deliveries from Q2 2026 onward
- Steppe Gold contractual dispute and arbitration
- Execution risk on Northparkes E44 development
- Concentration of revenue from a single financial institution (70% of stream revenue)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-055714 |
| Document: tfpm-20260505xex99d2.htm | 0001104659-26-055714 |
| Document: tfpm-20260505x6k.htm | 0001104659-26-055714 |
| Document: tfpm-20260505xex99d3.htm | 0001104659-26-055714 |
| Document: tfpm-20260505xex99d4.htm | 0001104659-26-055714 |
| Document: 0001104659-26-055714-index-headers.html | 0001104659-26-055714 |
| Document: 0001104659-26-055714-index.html | 0001104659-26-055714 |
| Document: 0001104659-26-055714.txt | 0001104659-26-055714 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 5, 2026 8w ago | 6-K | $32.11 $34.55 | ▲ +7.60% | ▲ +7.00% | $30.61 (−4.67%) |
Aug 5, 2026 8w ago | 6-K | $32.11 $34.55 | ▲ +7.60% | ▲ +7.00% | $30.61 (−4.67%) |
Jul 9, 2026 12w ago | 6-K | $28.51 $32.11 | ▲ +12.63% | ▲ +10.39% | $30.61 (+7.37%) |
Jun 12, 2026 16w ago | 6-K | $29.16 $28.10 | ▼ −3.64% | ▼ −5.41% | $30.61 (+4.97%) |
May 26, 2026 18w ago | 6-K | $31.54 $27.87 | ▼ −11.64% | ▼ −9.69% | $30.61 (−2.96%) |
May 6, 2026 21w ago | 6-K | $32.40 $29.87 | ▼ −7.81% | ▼ −10.94% | $30.61 (−5.52%) |
May 5, 2026 21w ago | 6-K | $32.69 $29.87 | ▼ −8.63% | ▼ −11.41% | $30.61 (−6.36%) |
May 5, 2026 21w ago | 6-K | $32.69 $29.87 | ▼ −8.63% | ▼ −11.41% | $30.61 (−6.36%) |
May 5, 2026 21w ago | 6-K | $32.69 $29.87 | ▼ −8.63% | ▼ −11.41% | $30.61 (−6.36%) |
Apr 9, 2026 25w ago | 6-K | $35.40 $32.69 | ▼ −7.66% | ▼ −15.22% | $30.61 (−13.53%) |
US Market Status
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