Triple Flag Precious Metals is a Canadian precious metals streaming and royalty company founded in 2016. Triple Flag provides upfront financing to mining companies in exchange for either the right to purchase a percentage of future metal production at a pre-agreed price (a stream) or a royalty based on production or revenue. Triple Flag holds a portfolio of 239 streams and royalties, of which 34 are on currently producing mines. Revenue is almost entirely precious metals — roughly 70-75% gold and the balance silver — with about 90% sourced from mining-friendly jurisdictions in Australia and the Americas. The two largest assets are the Northparkes copper-gold mine in Australia and the Cerro Lindo silver mine in Peru. Under a typical stream, Triple Flag pays ongoing costs of around 10% of spot price for delivered metal and sells that metal at full spot price, generating gross margins consistently above 90%. Triple Flag bears no operating, capital, or reclamation costs at the mine level, but participates in upside from mine expansions and exploration success. The company runs a lean operation with only 20 employees. Triple Flag grows organically as operators advance existing assets — with management guiding to roughly 45% GEO volume growth by 2030 — and inorganically by deploying capital into new deals, targeting a sweet spot of $200-500M per transaction. Triple Flag allocates capital to a progressive dividend (raised every year since its 2021 IPO), opportunistic share buybacks, and new portfolio investments.