Triple Flag Precious Metals Corp. announced the renewal of its normal‑course issuer bid (NCIB) on November 13, 2025, allowing the company to repurchase up to 10,328,075 common shares—about 5 % of its outstanding equity—between November 17, 2025 and November 16, 2026. The Toronto Stock Exchange approved the renewal, setting a daily purchase limit of 43,278 shares, which equals 25 % of the average daily trading volume of 173,115 shares.
The renewal follows a prior NCIB that began on November 15, 2024 and expired on November 14, 2025. Under that program, Triple Flag repurchased 692,600 shares at an average cost of C$23.36 per share, spending roughly C$11.4 million. The new program gives the company flexibility to buy back shares at market price or through private agreements, providing a tool to manage capital structure and return excess cash to shareholders.
Triple Flag’s decision to renew the NCIB comes on the heels of a strong Q3 2025 earnings report. The company posted earnings per share of C$0.24, beating consensus estimates of C$0.21 by C$0.03 (14 %). Revenue rose to C$93.5 million, up from C$73.7 million in Q3 2024, a 27 % year‑over‑year increase driven by higher gold and silver prices and increased production at its streaming and royalty assets. Management attributed the earnings beat to disciplined cost management and a favorable commodity‑price environment that lifted cash‑flow generation.
CEO Sheldon Vanderkooy highlighted the company’s robust operating cash flow, noting that the Q3 2025 operating cash flow per share increased by more than 25 % year‑over‑year. He emphasized that the company’s diversified portfolio of 239 assets—16 streams and 223 royalties—across the Americas and Australia provides a resilient revenue base. “We are well positioned to continue investing in high‑return assets while returning value to shareholders through share repurchases,” Vanderkooy said.
The NCIB renewal signals management’s confidence that the company’s balance sheet remains strong, with net debt at zero and nearly C$1 billion in available capital for future investments. The ability to repurchase shares at market price or through private agreements allows Triple Flag to take advantage of perceived undervaluation and to reduce share count, potentially lifting earnings per share and reinforcing shareholder value. The company’s guidance for 2025 remains on track, with expectations that gold‑equivalent ounces (GEOs) will fall between the midpoint and high end of the company’s prior guidance, reflecting confidence in maintaining production levels despite potential headwinds such as a projected decline in production below 100 koz GEO by 2026.
The renewal also aligns with Triple Flag’s broader capital‑allocation strategy, which includes deploying over C$350 million in 2025 toward new assets while maintaining a disciplined approach to debt and liquidity. By combining a strong earnings performance, a solid balance sheet, and a flexible share‑repurchase program, Triple Flag positions itself to deliver sustainable growth and shareholder returns in the coming year.
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