Triple Flag Precious Metals Corp.
Overview
Triple Flag Precious Metals Corp. is a mid-tier gold royalty and streaming company headquartered in Toronto, Canada, operating primarily in Australia and South America. Key assets include Cerro Lindo, Fosterville, Impala Bafokeng Operations, Northparkes, and Young-Davidson. The organization operates as a precious-metals-focused streaming and royalty company, providing bespoke financing to the mining industry. Its portfolio includes 17 streams and 219 royalties; of these, 30 assets are on producing operations and 206 are at development or exploration stages. The business model is designed to generate returns for investors while serving as a long-term funding partner to mining companies. The portfolio is structured for intrinsic growth through exposure to potential mine life extensions, exploration success, new mine construction, and throughput expansions, primarily with gold and silver exposure. As a stream and royalty holder, the company is generally not responsible for operating or capital costs, nor for environmental and reclamation liabilities, providing insulation from cost inflation. This structure allows the entity to benefit from operational upside, such as exploration discoveries and mine expansions, without typically incurring the associated capital expenditures. The company emphasizes a differentiated approach to deal origination and due diligence to expand the applicability of stream and royalty financing.
Strategy
The business strategy centers on enhancing portfolio quality by executing accretive investments to increase the scale of its precious metal assets. A core objective is to be a sought-after, long-term funding partner for mining companies across commodity cycles. The organization systematically pursues a long-life, low-cost, high-quality, and diversified portfolio. Growth is pursued through a multi-faceted approach that includes acquiring existing streams and royalties, creating new financing arrangements for mine development or acquisitions, and acquiring companies with complementary asset portfolios. Management continuously reviews various transaction types and acquisition opportunities, engaging consultants and advisors for analysis. The approach to deal-making is described as differentiated, focusing on bespoke deal generation to expand the application of stream and royalty financing to a broader segment of the mining sector. Additionally, the entity may restructure existing agreements to secure long-term benefits, even if it reduces near-term revenues. Capital management includes the use of a Normal Course Issuer Bid to repurchase common shares, demonstrating a commitment to shareholder returns.
Management
Executive leadership is headed by CEO Sheldon Vanderkooy, a founding member of the management team with over 25 years of experience in the mining sector, including previous roles as the company's CFO and General Counsel. His background includes senior legal positions at major mining corporations and partnership at a national law firm. The board of directors is composed of 9 members, 7 of whom are independent. Board oversight is structured through 3 primary committees: the Audit & Risk Committee, the Compensation & Talent Committee, and the Governance & Sustainability Committee. The Audit & Risk Committee consists of 3 independent and financially literate directors. A recent executive leadership transition on September 26, 2024, saw the CEO, COO, and CFO roles filled internally based on a succession planning matrix, with a 100% retention rate maintained post-transition. The governance framework requires directors and officers to manage conflicts of interest through disclosure and recusal in accordance with corporate law, with provisions for establishing special committees of independent directors when necessary. Directors and executive officers are prohibited from using financial instruments to hedge against a decrease in the market value of the company's shares.
Sustainability
The organization's sustainability approach involves conducting due diligence on the environmental, social, and governance performance of its counterparties and contributing through its own corporate practices. The entity publishes an annual sustainability report prepared in accordance with Global Reporting Initiative Standards and aligned with the Sustainability Accounting Standards Board's Metals and Mining Standard. In 2024, it was ranked 1st out of 105 precious metals companies by Sustainalytics and received an AA rating from MSCI ESG Research. The company is a member of the World Gold Council and a signatory to the UNGC Target Gender Equality Initiative and the Women’s Empowerment Principles. A formal Diversity and Inclusion Policy guides recruitment and development, with established targets for representation. The organization achieved its target of 30% women on the board by 2025, reaching 33% as of March 2025. It also met and maintains its target of 30% diversity in senior management, with 44% of senior managers identifying as members of designated groups. To meet specific environmental goals, the company has purchased carbon credits and verified carbon offsets.
Structure
A significant corporate transaction was the acquisition of all issued and outstanding common shares of Maverix Metals Inc., completed on January 19, 2023, through a plan of arrangement. Following the transaction, former Maverix shareholders owned approximately 22% of the combined entity. The corporate structure is significantly influenced by its Principal Shareholder, Triple Flag Mining Aggregator S.a.r.l., which as of March 26, 2025, controlled approximately 67% of the issued and outstanding common shares. An Investor Rights Agreement is in place with this Principal Shareholder, granting it certain rights, including the ability to nominate up to 33% of the board of directors, contingent on its ownership level. The agreement also provides the Principal Shareholder with demand, piggy-back, and shelf registration rights for its shares, as well as subscription rights to maintain its pro-rata ownership in future equity offerings. In 2023, new operators assumed the obligations under two of the company's material stream agreements following acquisitions by Evolution Mining Limited and Implats of the respective underlying assets.
Source
- Project should be interpreted as a single, group or complex of mines, deposits or other mineral assets. Name of the project should be identical to the official company naming convention.
- The ranges of values provided are indicative and should not be regarded as exact figures.
- Figures for exploration and development projects are based on available data and are indicative only; actual values may vary substantially.
- Royalties frequently apply to specific mineralized areas that may not coincide exactly with the boundaries of the overall project. As a result, even if a mine is currently in operation, the portion subject to the royalty may not be included in extraction activities until future years.
- Commodities are listed from most dominant to least dominant. Only selected commodities are shown.
- Table might not include all projects that are currently owned by the company. Displayed data are snapshots of the company's projects in time and might not be up to date.
- Exploration projects are partially represented in the table. Only projects with mineralization or strategic importance are shown.
- Companies might own processing facilities that are not included in the table. Those facilities play important role especially for companies operating in uranium, nickel and lithium sectors.
- Chart is always based on the company's primary listing.
- Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.
- koz au: Thousand ounces of gold (production volume)
- moz au: Million ounces of gold (resource base or production volume)
- g/t: Grams per tonne (grade of gold or silver in ore)
- usd/oz au: US dollars per ounce of gold (cost metric)
- moz ag: Million ounces of silver (resource base or production volume)
- g/t ag: Grams per tonne of silver in ore (grade)
- usd/oz ag: US dollars per ounce of silver (cost metric)
- kt cu: Thousand tonnes of copper (production volume)
- mt ore: Million tonnes of ore (resource base for copper)
- %: Percent copper or uranium in ore (grade)
- usd/lb cu: US dollars per pound of copper (cost metric)
- mlb U3O8: Million pounds of uranium oxide (U3O8) (production or resource base)
- % eU3O8: Percent equivalent uranium oxide in ore (grade)
- usd/lb u3o8: US dollars per pound of uranium oxide (cost metric)
- Open Pit: Surface mining method using large excavated terraces to extract ore
- Underground: Subsurface mining through shafts, tunnels, and chambers
- ISR (In-Situ Recovery): Solution mining method using chemical leaching without excavation
- Exploration: Early-stage project searching for and defining mineral deposits
- Development: Mine under construction or preparation for production
- Operating: Active mine currently extracting and processing ore
- Expansion: Mine temporarily suspended or with limited production, in progress to increase production in the future
- Reclamation: Mine permanently closed or no longer producing, but the site is being rehabilitated
- P&P (Proven and Probable Reserves): Highest confidence mineral resources with detailed mine plans, it's a subset of M&I
- M&I (Measured and Indicated Resources): Well-defined resources with good geological confidence
- Inf (Inferred Resources): Estimated resources with limited geological confidence
- Scoping Study: High-level assessment to determine if a project warrants further investigation
- PEA (Preliminary Economic Assessment): Initial economic evaluation of a mineral project
- Pre-Feasibility (Preliminary Feasibility Study): Intermediate-level technical and economic assessment
- Feasibility (Definitive Feasibility Study): Comprehensive technical and economic evaluation for investment decisions
- BFS (Bankable Feasibility Study): Detailed study meeting lender requirements for project financing
- NPV (Net Present Value): Discounted value of future cash flows minus initial investment
- IRR (Internal Rate of Return): Discount rate that makes NPV equal to zero
- Payback Period: Time required to recover initial capital investment from project cash flows
- AISC (All-In Sustaining Cost): Total cost per ounce including sustaining capital and corporate costs
- Royalty: Payment to landowner/government based on percentage of production value or revenue
- Stream: Agreement to purchase future production at predetermined price, often below market rate
- NSR (Net Smelter Return): Royalty based on net revenue after smelting and refining costs
- GRR (Gross Revenue Royalty): Royalty based on total gross revenue before any deductions
- NPI (Net Profits Interest): Royalty based on net profits after operating costs and capital recovery