Triple Flag Precious Metals Corp. (TSX:TFPM, NYSE: TFPM) has once again demonstrated its unwavering commitment to shareholder value, declaring a cash dividend of US$0.0575 per common share for December. This move, announced on November 4, 2025, solidifies the company's reputation for consistent and growing shareholder returns, marking its fourth consecutive annual 5% increase to the quarterly dividend since its initial public offering in May 2021.

The declaration underscores Triple Flag's robust financial health and strong operational performance, providing a predictable and growing income stream for investors. As the precious metals market continues to navigate a dynamic landscape, the company's ability to maintain and enhance its dividend policy offers a beacon of stability and confidence to its investor base.

Dividend Details and Financial Foundation

The December 2025 dividend of US$0.0575 per share is set to be paid on December 15, 2025, to shareholders of record at the close of business on December 1, 2025, with an ex-dividend date of November 28, 2025. This declaration follows a period of exceptional financial performance for Triple Flag. The company reported record-breaking results for the third quarter of 2025, with revenues reaching US$93.5 million, an increase from US$73.7 million in Q3 2024, and achieving record operating cash flow per share. These results were driven by strong metal sales and record gold prices, which averaged approximately $3,457 per ounce during Q3.

Triple Flag's impressive financial position is further highlighted by its Q2 2025 earnings per share (EPS) of $0.24, surpassing forecasts, and revenues totaling $94.1 million. The company boasts an impressive 85.5% gross profit margin and achieved 45.9% revenue growth over the last twelve months. Critically, Triple Flag exited Q2 2025 with zero debt and nearly $1 billion in liquidity, providing a strong foundation for sustained dividend payments and future strategic growth. The dividend payout ratio remains small at 0.7% yield, costing approximately $44 million annually, well-covered by the company's expected free cash flow of over $300 million in 2025.

Key stakeholders benefiting from this consistent dividend policy are primarily the company's shareholders. Canadian resident individuals, in particular, gain from the designation of all Triple Flag dividends as "eligible dividends" under Canadian tax legislation, which may entitle them to an enhanced gross-up and dividend tax credit. Additionally, the availability of a Dividend Reinvestment Plan (DRIP) allows shareholders to compound their investments by reinvesting cash dividends into additional common shares.

While specific immediate market reactions to this particular declaration were not characterized by an abrupt surge, the consistent dividend increases from a financially strong company like Triple Flag are generally viewed positively. Earlier in 2025, positive earnings reports and dividend increase announcements have led to favorable stock reactions, such as an 8.2% increase in premarket trading after the Q2 2025 earnings beat. This ongoing commitment to shareholder returns, coupled with its strong financial position and exposure to gold and silver through a diverse portfolio, reinforces Triple Flag's appeal in the market.

Ripple Effects Across the Industry

Triple Flag Precious Metals Corp.'s strong financial performance and commitment to increasing dividends are sending positive ripples through the precious metals streaming and royalty sector, influencing competitors, partners, and the broader investment community. This success, occurring within a favorable market for precious metals where gold prices are near historic highs, validates the low-risk, diversified portfolio advantages of the streaming and royalty business model.

Potential Winners:

• Triple Flag and its Shareholders: Direct financial gains from increasing dividends and stock appreciation. Enhanced reputation as a leading player, potentially attracting more capital.
• Other Precious Metals Streaming and Royalty Companies: Triple Flag's success validates the sector, drawing increased investor attention and capital to major competitors like Royal Gold (NASDAQ: RGLD), Wheaton Precious Metals (TSX:WPM, NYSE: WPM), Franco-Nevada Corporation (TSX:FNV, NYSE: FNV), and OR Royalties (TSX:OR). This can uplift market sentiment for the entire sub-industry.
• Mining Companies with Royalties/Streams with Triple Flag: As a financially robust streaming partner, Triple Flag provides stability and confidence for its mine partners, including Evolution Mining (ASX:EVN) (Northparkes), Nexa Resources (NYSE: NEXA) (Cerro Lindo), Agnico Eagle (TSX:AEM, NYSE: AEM) (Fosterville), Zijin Mining (SSE:601899) (Buriticá), Implats (JSE:IMP) (Impala Bafokeng Operations), and Alamos Gold (TSX:AGI, NYSE: AGI) (Young-Davidson). This success validates the streaming model as a viable financing alternative.
• Broader Investment Community: Increased confidence in the overall precious metals market and a growing appreciation for the streaming and royalty model as an attractive investment vehicle offering upside with downside protection.

Potential Losers (Comparatively):

• Traditional Precious Metals Mining Companies: While a rising metals market benefits all, the lower-risk profile and consistent dividends of streaming and royalty companies could divert investment capital away from traditional miners, especially those with higher operational costs or significant exploration risks.
• Competitors with Weaker Financials: Triple Flag's performance sets a high benchmark. Competitors unable to match this financial strength or dividend reliability may find it harder to attract or retain investors.
• Investors Underweight in the Streaming and Royalty Sector: Those who have not diversified into this sector may miss out on strong returns and stable income.
• Miners Seeking Future Streaming/Royalty Deals: While streaming remains crucial, the success of top-tier companies like Triple Flag could lead to more demanding terms for future agreements as they gain stronger negotiating positions.

In essence, Triple Flag's performance is largely a net positive for the precious metals streaming and royalty sector, its shareholders, and diversified investors, while also highlighting the comparative advantages of this business model over traditional mining.

Broader Industry Significance and Trends

Triple Flag Precious Metals Corp.'s consistent dividend growth and robust financial performance in 2025 are not isolated events; they underscore the increasing maturity and strategic importance of the precious metals streaming and royalty sector within the broader mining industry. This success aligns with and contributes to several key industry trends.

Firstly, the sector has achieved mainstream acceptance and significant growth, becoming a fundamental financing tool for the mining industry. This is evident in the substantial market capitalization growth and increased transaction volumes across the industry. Secondly, there's a clear trend of diversification beyond traditional precious metals. While gold and silver remain core, companies like Triple Flag are actively expanding into critical minerals vital for the energy transition, such as copper and lithium. Triple Flag's acquisition of a lithium royalty on the Tres Quebradas project in Argentina in Q1 2025 exemplifies this strategic pivot.

Thirdly, the industry is experiencing ongoing strategic acquisitions and consolidation. Triple Flag has been an active participant, completing the acquisition of Orogen Royalties, which includes a 1.0% Net Smelter Return (NSR) royalty on the Arthur gold project, and acquiring precious metals streams on the Arcata and Azuca mines in Peru. This pursuit of scale and diversification through accretive deals is a defining characteristic of the evolving landscape. Fourthly, ESG (Environmental, Social, and Governance) integration is becoming paramount. Leading royalty companies are incorporating ESG into their governance and focusing on sustainable projects, serving as a competitive differentiator and meeting evolving investor expectations.

Finally, the streaming and royalty model demonstrates remarkable resilience in volatile markets. By offering exposure to commodity price upside without direct operational responsibilities or cost inflation exposure, it provides lower volatility and reduced exposure to operational and environmental risks compared to traditional mining equities. This resilience is particularly valuable amidst global economic uncertainty, where precious metals continue to serve as strategic safe-haven assets and inflation hedges.

The ripple effects on competitors are an intensification of the competitive landscape for high-quality assets and financing deals. The success of major players like Triple Flag, Franco-Nevada (TSX:FNV, NYSE: FNV), and Wheaton Precious Metals (TSX:WPM, NYSE: WPM) attracts more capital to the sector, potentially making it harder for smaller, less diversified streaming companies to secure prime assets. For mining partners, the robust financial health of streaming companies reinforces their role as critical funding partners, offering crucial capital for exploration, development, and expansion without equity dilution or fixed debt.

While direct regulatory or policy implications solely from Triple Flag's 2025 performance are not immediately apparent, the broader trends suggest increased scrutiny on ESG reporting, potential governmental incentives or regulations for critical minerals supply chains, and ongoing attention to taxation frameworks for these highly profitable entities. Historically, the success of Triple Flag mirrors the trajectory of pioneers like Franco-Nevada and Wheaton Precious Metals, which have consistently demonstrated the benefits of this business model, including strong cash flows, diversified portfolios, and insulation from operational risks, leading to steady dividend growth and robust shareholder returns over decades.

What Comes Next for Triple Flag

Looking ahead, Triple Flag Precious Metals Corp. is poised for continued growth, with both short-term catalysts and long-term strategic objectives guiding its trajectory. The company's proactive approach to acquisitions and portfolio diversification positions it well to capitalize on evolving market dynamics.

In the short term (next 1-2 years), Triple Flag anticipates achieving sales between the midpoint and high end of its 2025 Gold Equivalent Ounces (GEOs) guidance of 105,000 to 115,000 ounces. Recent strategic acquisitions, including the Orogen Royalties transaction for the Arthur gold project in Nevada and precious metals streams on the Arcata and Azuca projects in Peru, are expected to enhance long-term growth and diversify revenue streams. New production from the Tres Quebradas lithium mine in Argentina and the Johnson Camp Mine in Arizona, along with Arcata's expected start in Q4 2025, will further contribute to revenue. While analysts warn of potential near-term corrections in precious metal prices, these could present strategic buying opportunities before the next growth cycle.

For the long term (next 3-5+ years), Triple Flag forecasts organic production growth to 135,000 to 145,000 GEOs by 2029, driven by partner developments at Kone, Eskay Creek, and Tres Quebradas. The company maintains a significant capital base, with over $700 million available for future accretive acquisitions, ensuring an active pipeline. Its diversified portfolio across stable jurisdictions, primarily focused on gold and silver, with an average remaining royalty life of about 15 years, provides resilience. The long-term outlook for precious metals remains optimistic, with gold projected to potentially reach $3,500-$5,455 by 2030, and silver prices also expected to rise significantly, driven by industrial use and investment demand.

Strategic pivots include continued diversification into strategic and battery metals, leveraging the energy transition. Triple Flag is also deepening its commitment to ESG principles, recognizing that optimal ESG performance drives operational and reputational benefits for both itself and its mining partners. The company aims to be a preferred funding partner, offering value beyond capital through its networks and sustainability support. Market opportunities include rising commodity prices driven by inflation concerns and geopolitical instability, increased industrial demand for silver, and gold's enhanced attractiveness as a Tier 1 high-quality liquid asset under Basel III rules. The ongoing financing gap for miners further makes royalty and streaming deals appealing. Challenges include inherent commodity price volatility, intensifying competition for high-quality assets, and potential valuation concerns.

In a bullish scenario (high probability), gold and silver prices continue their upward trajectory, Triple Flag successfully integrates acquisitions, and deploys capital on additional accretive deals, leading to significant organic GEO growth, continued dividend growth, and strong shareholder returns. A moderate growth scenario would see precious metal prices experience volatility, with core assets performing steadily but new acquisition opportunities becoming more competitive. A bearish scenario (low probability) would involve a significant and sustained downturn in precious metals prices, impacting profitability and slowing dividend growth, though the streaming model offers some downside protection.

Comprehensive Wrap-up and Investor Outlook

Triple Flag Precious Metals Corp.'s declaration of a US$0.0575 per share dividend for December 2025 is a testament to its robust financial health, strategic growth, and unwavering commitment to shareholder returns. This event is not merely a routine payout but a strong affirmation of the company's resilient business model within the dynamic precious metals sector.

Key Takeaways:

• Consistent Shareholder Returns: The dividend marks the fourth consecutive annual 5% increase since its IPO, demonstrating a stable and growing income stream.
• Strong Financial Underpinning: The dividend is well-covered by robust earnings and significant free cash flow, supported by record revenues and a debt-free balance sheet.
• Strategic Growth: Triple Flag's active pursuit of accretive acquisitions and diversification into critical minerals, alongside its core precious metals focus, positions it for long-term growth.
• Resilient Business Model: The streaming and royalty model provides exposure to commodity price upside with reduced operational risks compared to traditional mining, proving resilient in volatile markets.

Market Moving Forward: The market outlook for Triple Flag remains largely positive, with analysts generally recommending a "Buy" rating and projecting potential upside from current price levels. The company's consistent operational performance, strategic acquisitions, and diversified portfolio are expected to drive continued growth in gold equivalent ounces (GEOs) and revenues. The broader precious metals streaming and royalty sector is also anticipated to thrive, offering investors a compelling alternative to direct mining investments due to its lower risk profile and stable cash flows.

Significance and Lasting Impact: Triple Flag's sustained performance and dividend growth solidify its position as a leading player in the precious metals streaming and royalty space. Its commitment to ESG principles and strategic diversification into electrification metals are setting benchmarks for the industry, ensuring long-term relevance and sustainability. The lasting impact will likely be seen in the continued validation and growth of the streaming and royalty model as a preferred financing mechanism for the mining sector, attracting more capital and talent.

What Investors Should Watch For: In the coming months, investors should closely monitor:

1. Official Q4 2025 and Full-Year 2025 Earnings Reports: These will provide critical insights into the company's financial performance against guidance and any updates to its future outlook.
2. Integration of Recent Acquisitions: Observe how new assets, such as those from the Orogen Royalties transaction, contribute to production and revenue streams.
3. Precious Metal Price Trends: Macroeconomic factors, geopolitical developments, and monetary policy decisions will continue to influence gold and silver prices, directly impacting Triple Flag's revenue.
4. Further Strategic Investments: Watch for any new accretive acquisitions or partnerships that align with the company's growth and diversification strategy.
5. Analyst Updates: Keep an eye on revisions to analyst ratings and price targets, which can provide valuable insights into market sentiment and expert expectations.

This content is intended for informational purposes only and is not financial advice