Skip to main content

Business Model

Home | Who We Are | Business Model

Streaming and royalty financing can offer investors many advantages as an investment vehicle for commodities relative to mining companies, as outlined below. It also has advantages to mining companies as a patient, non-dilutive form of capital that requires no payments until the underlying mine is in production, mitigating risk.

Streaming & Royalty Model

Limited exposure to operating and capital costs with strong cash margins:

All of Triple Flag’s royalties are revenue-based and our stream agreements have low ongoing cash payments, generating strong cash margins

Long-term upside exposure to exploration success, mine life extensions, and operational expansions:

All of Triple Flag’s royalties and streams provide life-of-mine exposure

Further upside potential through underlying development/exploration projects:

Long-term upside exposure is enhanced by our streams and royalties on development-stage projects

Robust and relatively stable free cash flow allows for a sustainable dividend policy and funding of new investments:

Strong cash margins and limited exposure to operating and capital costs of underlying mines results in more predictable free cash flow

Greater diversification compared to mining companies:

Enhanced diversification by mine, jurisdiction, and operator reduces risk

Committed to pure play streaming and royalty model:

For all of the benefits stated above, our strategy is focused on sticking to the proven model and does not include making standalone equity investments in mining assets or companies

Investment Criteria

We focus our investments on underlying operations with cost structures and sustainability practices that ensure the viability of the mine, while also assessing the financial risk of our counterparties and prioritizing contractual protections in order to enhance the security of our investments.

Commodities Exposure: Gold and Silver Focus

Balanced by assessing exposure to base metals and bulk commodities

ESG Values: Core to Triple Flag

We believe in the essential good that ethical mining provides society, and recognize that optimal ESG performance in the mining and metals business drives operational and reputational performance

Stage: Producing or Construction-Ready and Fully-Permitted

Balanced by prudent investments across earlier stages of the mine life cycle to maintain exposure to a robust collection of development-stage assets and grow free cash flow per share over the long term

Geographies: The Americas and Australia

Balanced by willingness to pursue assets globally for appropriate risk-adjusted returns where we can ensure adequate protections and the asset quality justifies it