Royalty Companies Start Swinging For the Fences

Love that free cash flow...

rubino.substack.com

"The takeaway: Buy the juniors in this space and hold the leaders. But watch for signs of overheating and don’t be afraid to take profits as the bull market unfolds."

Orogen Royalties Sells the Los Coyotes Silver-Gold Project to Fresnillo

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https://bpd-space.nyc3.cdn.digitaloceanspaces.com/scp/250806-scp-nicu-drilling.pdf

B2Gold Reports Q2 2025 Results

https://www.b2gold.com/news-media/news-releases/news-details/2025/B2Gold-Reports-Q2-2025-Results/default.aspx

2025 Second Quarter Highlights

• Gold production of 229,454 ounces: Consolidated gold production in the second quarter of 2025, including pre-commercial production from the Goose Mine, was 229,454 ounces, higher than expected. The Fekola, Masbate and Otjikoto mines all exceeded expected production in the second quarter, and the Company remains on track to meet its consolidated annual production guidance range. All three operations continue to meet or exceed gold production expectations to start the third quarter of 2025.
• Consolidated cash operating costs of $745 per gold ounce produced: Consolidated cash operating costs (see “Non-IFRS Measures”), excluding pre-commercial production from the Goose Mine, were $745 per gold ounce produced ($762 per gold ounce sold) during the second quarter of 2025. Cash operating costs per ounce produced for the second quarter of 2025 were better than expected as a result of lower than expected fuel costs and higher than expected gold production.
• Consolidated all-in sustaining costs of $1,519 per gold ounce sold: Consolidated all-in sustaining costs (see “Non-IFRS Measures”) were $1,519 per gold ounce sold during the second quarter of 2025. Consolidated all-in sustaining costs for the second quarter of 2025 were higher than expected as lower production costs per gold ounce sold and lower sustaining capital expenditures were offset by higher gold royalties resulting from a higher than expected average realized gold price and lower than expected ounces sold. The lower sales ounces were a result of the timing of shipments from the Company's Masbate and Fekola Mines, which were delivered and sold in July 2025.
• Attributable net income of $0.12 per share; adjusted attributable net income of $0.12 per share: Net income attributable to the shareholders of the Company of $154 million, or $0.12 per share; adjusted net income (see “Non-IFRS Measures”) attributable to the shareholders of the Company of $163 million, or $0.12 per share.
• Operating cash flow before working capital adjustments of $301 million: Cash flow provided by operating activities before working capital and long-term value-added tax adjustments was $301 million in the second quarter of 2025.
• Strong financial position and liquidity: At June 30, 2025, the Company had cash and cash equivalents of $308 million and working capital deficit (defined as current assets less assets classified as held for sale and current liabilities) of $19 million. Working capital at June 30, 2025 reflects the classification of the Company’s gold prepayment obligations as current liabilities. As of June 30, 2025, the full amount of the Company's $800 million revolving credit facility (“RCF”) was available for future draw downs.
• Inaugural gold pour achieved at the Goose Mine; ramp up to commercial production ongoing and expected to be achieved in the third quarter of 2025; estimated gold production of 120,000 to 150,000 ounces in 2025: With first gold achieved, as announced on June 30, 2025, focus now turns to continuing steady state operations and increasing throughput to full design capacity. The Company continues to estimate that gold production in calendar year 2025 will be between 120,000 and 150,000 ounces and that average annual gold production for the six year period from 2026 to 2031 inclusive will be approximately 300,000 ounces per year, based only on existing Mineral Reserves.
• Positive Feasibility Study on the Gramalote Project in Colombia announced; after-tax NPV (5%) of $941 Million with an after-tax IRR of 22.4% at a $2,500 per ounce gold price: On July 14, 2025, B2Gold announced positive Feasibility Study (“FS”) results on the Company’s 100% owned Gramalote Project. The FS for the Gramalote project indicates an initial life of project of 13 years, with average annual production of 227,000 ounces over the first five years. Based on the project economics, B2Gold has commenced the work of amending the existing mine plan and environmental permits which are currently in place for a larger-scale project. B2Gold currently anticipates the permit modification to the new medium-scale project reflected in the current FS could be completed over the next 12 to 18 months.
• Received approval to commence underground mining at Fekola: On July 30, 2025, the State of Mali granted approval for the Company to commence underground mining at the Fekola Mine. Subsequent to receipt of the approval, the Company commenced stope ore development and production at the Fekola underground, and Fekola underground ore that was stockpiled during the underground exploration development stage is currently being processed through the Fekola mill.
• Fekola Mine reaches production milestone of four million ounces of gold produced: Subsequent to June 30, 2025, the Fekola Mine achieved lifetime production of four million ounces of gold, seven years and ten months from construction completion.
• New Board of Director appointment: On August 6, 2025, Mary-Lynn Oke, CPA, was appointed to B2Gold's Board of Directors (the “Board”). Ms. Oke brings extensive corporate finance experience, and currently serves on the Boards of Directors of NexGold Mining Corp. and Jaguar Mining Inc.
• Q3 2025 dividend of $0.02 per share declared: On August 7, 2025, B2Gold's Board of Directors declared a cash dividend for the third quarter of 2025 of $0.02 per common share (or an expected $0.08 per share on an annualized basis), payable on September 23, 2025, to shareholders of record as of September 10, 2025.

TORONTO--(BUSINESS WIRE)--Triple Flag Precious Metals Corp. (with its subsidiaries, “Triple Flag” or the “Company”) (TSX: TFPM, NYSE: TFPM) announced its results for the second quarter of 2025 and declared a dividend of US$0.0575 per common share to be paid on September 15, 2025. Unless otherwise indicated, all amounts are expressed in US dollars.

“Triple Flag generated record operating cash flow per share in the second quarter of 2025, and we remain firmly on track to deliver our 2025 guidance of 105,000 to 115,000 GEOs over the balance of the year,” commented Sheldon Vanderkooy, CEO. “We are also pleased to announce our fourth consecutive annual 5% increase to our quarterly dividend since our IPO in 2021. Early in July, we completed our acquisition of a 1.0% NSR royalty on the world-class Arthur gold project located in Nevada. Operated by a top-tier producer in AngloGold Ashanti plc, the project offers exceptional long-term growth potential, underpinned by a rapidly expanding resource base and significant exploration upside. We also acquired an additional 1.5% GR royalty over the Johnson Camp Mine in Arizona during the quarter, which is expected to commence first copper sales in the third quarter of 2025. Looking ahead, we are closely following the progress of several catalysts across our portfolio, including the commencement of production at Johnson Camp Mine, Arcata, and Tres Quebradas in the second half of 2025, as well as development progress with respect to the E48 sub-level cave at Northparkes and the Koné, Hope Bay and Arthur gold projects.”

https://www.businesswire.com/news/home/20250806486871/en/Triple-Flag-Announces-Record-Operating-Cash-Flow-Per-Share-in-Q2-2025-and-Increases-Dividend

Royal Gold Reports Record Revenue, Operating Cash Flow and Earnings for the Second Quarter of 2025

DENVER--(BUSINESS WIRE)-- Royal Gold, Inc. (RGLD) (together with its subsidiaries, “Royal Gold,” the “Company,” “we,” “us,” or “our”) reports net income of $132.3 million, or $2.01 per share, for the quarter ended June 30, 2025 ("second quarter"), on revenue of $209.6 million and operating cash flow of $152.8 million. Adjusted net income1 was $118.8 million, or $1.81 per share.

Second Quarter 2025 Highlights:

Records for revenue of $209.6 million, operating cash flow of $152.8 million, and earnings of $132.3 million Revenue split: 78% gold, 11% silver, 7% copper Sales volume of 63,900 GEOs2 Adjusted EBITDA margin1 of 84% Total available liquidity of approximately $1.25 billion Paid quarterly dividend of $0.45 per share, a 12.5% increase over the prior year period Acquired stream and royalty interests on the Warintza project Achieved full repayment of Pueblo Viejo stream advance

Post Quarter Events: Agreements to acquire Sandstorm Gold and Horizon Copper Acquired gold stream on the Kansanshi mine from First Quantum Minerals

GOLD ROYALTY REPORTS SECOND QUARTER RESULTS; ACHIEVES RECORD REVENUE AND ADJUSTED EBITDA

https://www.prnewswire.com/new…ted-ebitda-302523678.html

Triple Flag Increases Quarterly Dividend by 5%

https://www.businesswire.com/news/home/20250806330790/en/Triple-Flag-Increases-Quarterly-Dividend-by-5

Triple Flag Precious Metals Corp. (with its subsidiaries, “Triple Flag” or the “Company”) (TSX:TFPM, NYSE:TFPM) is pleased to announce that its Board of Directors has approved the declaration of a cash dividend of US$0.0575 per common share to be paid on September 15, 2025, to the shareholders of record at the close of business on September 2, 2025.

Triple Flag’s forward annualized dividend is now US$0.23 per common share, an increase of 5% versus the previous annualized dividend of US$0.22 per common share. This represents the Company’s fourth consecutive annual 5% increase of the quarterly dividend since its May 2021 initial public offering.

Magna Mining Reports 17.9% Cu, 0.6% Ni and 28.1 g/t Pt + Pd + Au over 1.8 Metres in the 700 Footwall Copper Zone at McCreedy West Mine

Sudbury, Ontario--(Newsfile Corp. - August 6, 2025) - Magna Mining Inc. (TSXV: NICU) (OTCQX: MGMNF) (FSE: 8YD) ("Magna" or the...

www.newsfilecorp.com

Sudbury, Ontario--(Newsfile Corp. - August 6, 2025) - Magna Mining Inc. (TSXV: NICU) (OTCQX: MGMNF) (FSE: 8YD) ("Magna" or the "Company") is pleased to announce additional drill results from the McCreedy West mine. The results include high grade copper, nickel and precious metal intersections from an area located in the footwall, up-dip within the main 700 Cu-PGE Footwall Zone ("700 Zone") and within 150 metres of surface. The reported holes (Table 1) were drilled in support of production planning and potential production expansion into areas where narrow vein mining methods could be applied. Mineralization in this area contains high PGE grades hosted in copper and nickel rich veins. Intersections include 17.9% Cu, 0.6% Ni, 28.1 g/t Pt + Pd + Au over 1.8 metres in drillhole MMW-25-119 and 10.5% Cu, 8.3% Ni, 42.6 g/t Pt + Pd + Au over 0.3 metres in drillhole MMW-25-133 (Table 1).

Highlights from the new assay results include:

• MMW-25-118: 4.9% Cu, 1.0% Ni, 2.9 g/t Pt + Pd + Au over 1.5 metres

And 10.4% Cu, 0.5% Ni, 16.1 g/t Pt + Pd + Au over 0.9 metres

• MMW-25-119: 1.5% Cu, 0.4% Ni, 1.3 g/t Pt + Pd + Au over 7.3 metres

And 1.7% Cu, 0.7% Ni, 4.0 g/t Pt + Pd + Au over 10.5 metres

And 17.9% Cu, 0.6% Ni, 28.1g/t Pt + Pd + Au over 1.8 metres

• MMW-25-133: 10.5% Cu, 8.3% Ni, 42.6 g/t Pt + Pd + Au over 0.3 metres

Highlights

• 19,700 gold equivalent ounces (“GEOs¹”) earned (20,068 GEOs in Q2 2024²);
• Revenues from royalties and streams of $60.4 million ($47.4 million in Q2 2024);
• Cash flows generated by operating activities of $51.4 million ($38.2 million in Q2 2024);
• Cash margin³ of $57.8 million or 95.8% ($45.8 million or 96.6% in Q2 2024);
• Net earnings of $32.4 million, $0.17 per basic share (net loss of $15.4 million, $0.08 per basic share in Q2 2024);
• Adjusted earnings³ of $34.1 million, $0.18 per basic share ($24.2 million, $0.13 per basic share in Q2 2024);
• Net repayments of $40.0 million under the revolving credit facility;
• Cash balance of $49.6 million and debt outstanding of $35.7 million as at June 30, 2025;
• Increase in the revolving credit facility to $650.0 million plus an uncommitted accordion of $200.0 million, and extension of the maturity date to May 30, 2029;
• First payment received from Cardinal Namdini Mining Ltd. under the Namdini 1.0% NSR royalty;
• First payment received from Talisker Resources Ltd. under the Bralorne 1.7% NSR royalty;
• Acquisition by OR Royalties International Ltd. (“ORIL”) of a 100% silver stream on Orla Mining Ltd.’s South Railroad project in Nevada, United States for total cash consideration of $13.0 million;
• Acquisition of a basket of royalties across various projects in British Columbia, Canada, from Sable Resources Ltd. (“Sable Resources”) for consideration of C$3.8 million ($2.8 million), as well as certain rights in relation to the future acquisition of similar interests from Sable Resources;
• Completed a corporate name change to “OR Royalties Inc.” and “Redevances OR Inc.” (in French) following receipt of shareholder approval at the annual and special meeting of shareholders held on May 8, 2025;
• Publication of the fifth edition of the Company’s sustainability report, Growing Responsibly, in addition to the OR Royalties 2025 Asset Handbook; and,
• Declaration of a quarterly dividend of $0.055 per common share payable on July 15, 2025 to shareholders of record as of the close of business on June 30, 2025, an increase of 20% over the previous quarterly dividend, based on the foreign currency rate (C$/US$) on the declaration date of the first quarter dividend.

Subsequent to June 30, 2025

• Additional repayments of $21.0 million under the revolving credit facility;
• Declaration of a quarterly dividend of $0.055 per common share payable on October 15, 2025 to shareholders of record as of the close of business on September 30, 2025;
• Osisko Development Corp. raising $645 million to start construction activities at Cariboo; and,
• As expected, an early buyback notice received from Ramelius Resources Limited, for 20% of the Dalgaranga Gross Revenue Royalty (“GRR”), reducing the GRR rate on Dalgaranga from 1.8% to 1.44%, and reducing the GRR rate on Benz Mining Corp.’s Glenburgh and Mt Egerton projects from 1.35% to 1.08%.

Sitio Royalties Reports Second Quarter 2025 Operational and Financial Results

https://www.businesswire.com/n…nal-and-Financial-Results

Royal Gold Acquires Gold Stream on the Large-Scale, Long-Life, Kansanshi Copper-Gold Mine Operated by First Quantum Minerals Ltd.

https://www.businesswire.com/n…rst-Quantum-Minerals-Ltd.

Royal Gold, Inc. (RGLD) (together with its subsidiaries, “Royal Gold” or the “Company,” “we” or “our”) announced today that its wholly-owned subsidiary RGLD Gold AG (“RG AG”), has entered into a precious metals purchase agreement (“Stream Agreement”) for gold deliveries referenced to copper production from the Kansanshi copper-gold mine (“Kansanshi”) in the North Western Province of Zambia, operated and 80% owned by a subsidiary of First Quantum Minerals Ltd. (“First Quantum”). Royal Gold has agreed to make an advance payment of $1.0 billion (“Advance”) in return for a gold stream referenced to copper production, with deliveries of 75 ounces of gold per million pounds of recovered copper produced until the delivery of 425,000 ounces; 55 ounces of gold per million pounds of recovered copper produced between the delivery of 425,001 ounces and 650,000 ounces; and 45 ounces of gold per million pounds of recovered copper produced thereafter. Royal Gold will initially pay 20% of the spot gold price for each ounce delivered. Additionally, and depending on the achievement of certain objectives as described below, Royal Gold will increase the percentage of spot gold price paid for each ounce delivered to 35% and has also granted options to First Quantum to accelerate stream deliveries. “I am pleased to announce this transaction, which provides Royal Gold with exposure to a world-class mine located in a mining-friendly jurisdiction and operated by a first-tier counterparty,” commented Bill Heissenbuttel, President and CEO of Royal Gold. “This large and long-life stream will add another significant gold interest to the enlarged portfolio we are creating with the recently announced transactions for Sandstorm Gold and Horizon Copper, and enhance our position as a premier growth company in the streaming and royalty sector. The immediate cash flow from this acquisition paired with the cash flow of the combined Royal Gold, Sandstorm and Horizon portfolios will allow us to rapidly pay down the debt incurred to complete this acquisition.” Acquisition Highlights Immediate gold revenue and cash flow from a producing copper-gold mine: The effective date of the transaction is August 5, 2025 and Royal Gold expects to receive approximately 12,500 ounces of gold in 2025. Gold deliveries are expected to average approximately 35,000-40,000 ounces per year over the next 10 years. Accretive per share metrics: Funding sources for the acquisition consisted of available cash resources and a draw on our revolving credit facility, without issuing new shares. Established operation with a world-class resource, and long-life and large-scale production: The Kansanshi copper-gold mine has been First Quantum’s flagship operation since 2005, and known reserves are expected to support continued production for an additional mine life of over 20 years. First-tier operator with a long and established operating history in Zambia: First Quantum is a large and experienced international mining company with a record of operating Kansanshi without interruption since completing construction in 2005. First Quantum’s other significant mining assets in Zambia include the Sentinel mine, which started production in 2015, and the Enterprise mine, which started production in 2023. Well-established mining jurisdiction with strong governmental support: Zambia was the 10th largest global copper producer and mining was the second-largest contributor to Zambia’s GDP in 20231. The Government of Zambia launched the “Three Million Tonnes Copper Production Strategy” in July, 2024, to support and promote investment in the sector. Other large mining companies active in Zambia include Barrick Mining, Vedanta Resources and China Non-Ferrous Metal Mining Group.

O.T.

Inside July's Buys: Silver Surges & Royalty Paydays, by @JamesKwantes

by James KwantesPublished first at Patreon

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Discovery Announces Senior Management Appointment

Discovery Silver Corp. | Discovery Announces Senior Management Appointment

July 31, 2025, Toronto, Ontario – Discovery Silver Corp. (TSX: DSV, OTCQX: DSVSF) (“Discovery” or the “Company”) today announced the appointment of Alison White to the position of Chief Financial Officer (“CFO”). The appointment is effective immediately.

Tony Makuch, Discovery’s CEO, commented: “We are very pleased to welcome Alison to Discovery’s leadership team. She brings extensive and diverse experience in both finance and operations that will prove beneficial as we invest to grow and create value for all stakeholders. In particular, Alison’s experience in CFO roles with SSR and, prior to that, Newmont provided her with significant knowledge that will be extremely helpful as we pursue the tremendous opportunities that exist to improve and grow our Porcupine Operations. Together, the Discovery team is driven to re-establish Porcupine as a Tier 1 asset in the global gold mining industry, and Alison will play a key role as we progress towards achieving that goal.”

Alison White is a highly experienced finance professional who, over her 20-plus year career, has established a solid track record of success serving in numerous financial and operational roles. Most recently, Alison served as CFO & Executive Vice President at SSR Mining Inc. (“SSR”), where she played a key role in designing and advancing SSR’s value creation strategy and led the transformation of several key functions, including Finance, IT, Treasury, Cyber Security, Enterprise Risk Management and Business Excellence. Prior to joining SSR, Alison worked in various corporate and regional roles at Newmont Corporation (“Newmont”), including serving as the Regional CFO for North America. Earlier in her career, she gained leadership and financial experience through senior positions across a variety of industries. Alison has a Master’s and B.S. in finance and accounting from the University of Colorado, Boulder, and is a licensed Certified Public Accountant.

Andreas L’Abbé, the Company’s former CFO, is transitioning to the role of Senior Vice President, Finance. In his new role, Andreas will continue to lead initiatives within the Finance division, including the ongoing integration of the Porcupine assets.