Triple Flag Precious Metals (TFPM) 29th Annual CIBC Western Institutional Investor Conference summary

Key themes and market outlook

• Panelists highlighted robust commodity price appreciation, with gold and silver reaching record highs and setting a positive tone for 2026.

• Royalty and streaming companies emphasized their resilience, high margins, and disciplined capital allocation amid volatile markets.

• The sector saw record M&A activity in 2025, with over $9 billion in deals, but panelists stressed selectivity and jurisdictional discipline.

• Companies are focused on Tier 1 jurisdictions (Canada, Australia, US) for stability and growth, avoiding riskier regions.

• Long-term outperformance and risk insulation were cited as key advantages over operators, despite underperformance in short-term bull markets.

Company strategies and differentiators

• OR Royalties maintains a 97% cash margin, 40% five-year growth outlook, and strict security requirements for new deals.

• Royal Gold completed a transformative $3.5B Sandstorm acquisition, improving diversification, growth, and portfolio duration.

• Triple Flag achieved strong production growth, is debt-free, and focuses on per-share value and embedded portfolio growth.

• All three companies prioritize disciplined capital deployment, with varying approaches to deal security and risk.

• Dividend increases and buybacks are favored for shareholder returns, with openness to holding bullion as a cash alternative.

Industry trends and competitive landscape

• The panel discussed the impact of new entrants like Tether, which bring liquidity and attention but are not seen as direct competitors for major assets.

• M&A activity is increasingly outside Tier 1 jurisdictions, but leading firms remain focused on quality and security.

• Debate continues on holding gold bullion versus cash, with most preferring to reinvest in assets for higher returns.

• Silver exposure varies, with some companies seeing significant near-term revenue from silver and optimistic price forecasts for 2026.

• Hidden asset value and pipeline strength were highlighted, with several underappreciated projects expected to drive future growth.