From time to time, we are and may be involved in disputes with other parties arising in the ordinary course of business that may result in litigation. If we are unable to resolve these disputes favorably, it may have a material adverse impact on our financial condition, cash flow and results of operations. We record a liability when it is probable that a loss has been incurred and the amount can be reasonably estimated. We are not currently involved in any material legal proceedings.
Contractual Obligations and Commitments
In the normal course of business, we enter into contracts that give rise to commitments for future minimum payments. As of September 30, 2026, we had significant commitments to make per ounce cash payments for precious metals and copper pursuant to the terms of the metals purchase and sale agreements and prepaid interests, as detailed in the following tables:
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| | | | | | | | | Attributable | | | | |
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| | | | | | | | | volume | | Per unit | | |
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| Mineral interest | | Commodity | | Inception date | | Unit | | purchased | | cash payment | | Term |
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| Cerro Lindo | | Silver | | Dec. 20, 2016 | | Ounce | | 25%1 | | 10% of monthly average | | Life of mine |
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| Gunnison | | Copper | | Oct. 30, 2018 | | Pound | | 16.5%2 | | 25% of spot | | Life of mine |
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| Buriticá | | Silver | | Mar. 15, 2019 | | Ounce | | 100%3 | | 5% of spot | | Life of mine |
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| Impala Bafokeng | | Gold | | Jan. 23, 2020 | | Ounce | | 70%4 | | 5% of spot | | Life of mine |
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| Northparkes | | Gold | | Jul. 10, 2020 | | Ounce | | 54%5 | | 10% of spot | | Life of mine |
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| Northparkes | | Silver | | Jul. 10, 2020 | | Ounce | | 80%5 | | 10% of spot | | Life of mine |
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| La Bolsa | | Gold | | Jan. 19, 2023 | | Ounce | | 5% | | Lesser of $450 and spot | | Life of mine |
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| La Colorada | | Gold | | Jan. 19, 2023 | | Ounce | | 100% | | Lesser of $650 and spot | | Life of mine |
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| Agbaou | | Gold | | Aug. 14, 2024 | | Ounce | | 3%6 | | 10% of spot | | Life of mine |
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| Bonikro | | Gold | | Aug. 14, 2024 | | Ounce | | 3%7 | | 10% of spot | | Life of mine |
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| Arcata and Azuca | | Gold | | Feb. 27, 2025 | | Ounce | | 5% | | 10% of spot | | Life of mine |
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| Arcata and Azuca | | Silver | | Feb. 27, 2025 | | Ounce | | 5% | | 10% of spot | | Life of mine |
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| Northparkes E44 | | Gold | | Feb. 10, 2026 | | Ounce | | 20% | | 10% of spot | | Life of mine |
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| Northparkes E44 | | Silver | | Feb. 10, 2026 | | Ounce | | 30% | | 10% of spot | | Life of mine |
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| Ravenswood | | Gold | | Jun. 25, 2026 | | Ounce | | 5.5%8 | | 10% of spot9 | | Life of mine |
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| 1. | Stream rate step-down to 25% during the second quarter of 2026 subsequent to the delivery of 19.5 million ounces. |
| 2. | The stream percentage of refined copper produced from the Gunnison mine ranges from 3.5% to 16.5% depending on the Gunnison mine’s total production capacity, with the stream percentage starting at 16.5% and decreasing as the Gunnison mine’s production capacity increases. We have the option to increase our stream participation percentage by paying an additional deposit of an amount up to $65 million. |
| 3. | Streamed silver is to be based on a fixed silver-to-gold ratio of 1.84 over the life of the asset. |
| 4. | 70% of the payable gold until 261,000 ounces have been delivered and 42% thereafter. |
| 5. | 54% of the payable gold produced from the Northparkes mine, except for the E44 Gold Deposit, until 630,000 ounces have been delivered and 27% thereafter; 80% of payable silver produced from the Northparkes mine, except for the E44 Gold Deposit, until 9 million ounces have been delivered and 40% thereafter. |
| 6. | 3% of payable gold until 29,000 ounces have been delivered and 2% thereafter. |
| 7. | 3% of payable gold until 39,300 ounces have been delivered and 2% thereafter. |
| 8. | 5.5% of payable gold until 194,200 ounces are delivered, then reduces to 3.75% until 253,000 ounces are delivered, then to 2.5% thereafter. |
| 9. | Ongoing payments of 10% of spot gold price until 194,200 ounces have been delivered and 20% of the spot gold price thereafter. |
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| | | | | | | | | Attributable | | | | |
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| | | | | | | | | volume | | Per unit | | |
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| Prepaid and other interests | | Commodity | | Inception date | | Unit | | purchased | | cash payment | | Term |
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| Auramet | | Gold | | Jan. 19, 2023 | | Ounce | | 1,250 per quarter | | 16% of spot | | Commercial condition milestones1 |
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| 1. | On and after September 27, 2031 and the delivery of 50,000 ounces of gold. |
Investments in Stream and Royalty Interests
As of September 30, 2026, we had commitments related to the acquisition of streams and royalties as detailed in the following table:
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| Company | | Project (Asset) | | | | Triggering Event |
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| Centerra Gold Inc.1 | | Kemess | | $10 million | | Positive construction decision |
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| | | | | $10 million | | 1st anniversary of positive construction decision |
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| | | | | $12.5 million | | 2nd anniversary of positive construction decision |
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| | | | | $12.5 million | | 3rd anniversary of positive construction decision |
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| Silvercorp Metals2 | | Silvertip | | Payment of deferred equity consideration | | Payment contingent upon commencement of commercial production and cumulative throughput of 400,000 tonnes of ore |
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| Barrick Mining Corporation3 | | Portfolio of royalties | | Up to $4 million | | Payment contingent upon certain commercial conditions |
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| Orion Minerals Ltd.4 | | Prieska Copper‐Zinc Mine (Gold and Silver Stream) | | $80 million | | Conditional upon certain conditions |
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| 1. | Kemess stream agreement is with AuRico Metals Inc., a subsidiary of Centerra Gold Inc. |
| 2. | Maverix acquired the Silvertip royalty from 0875786 BC. Ltd., a subsidiary of Silvercorp Metals Inc. (“Silvercorp”). The payment of the deferred equity consideration is payable to Silvercorp. |
| 3. | The contingent consideration payment obligations owed to Barrick Mining Corporation of up to $4.0 million is contingent upon certain commercial conditions and remains outstanding as these have not been met. |
| 4. | Upon the condition of obtaining the South African Reserve Bank exchange control approvals, the mine being fully funded and the finalization of an executable mine plan to Triple Flag’s satisfaction. If the above conditions are met, funding is to be provided in tranches with each tranche subject to the mine continuing to be fully funded to production, among other conditions, and of an amount not to exceed planned expenditures for the next 90 days. Triple Flag has the option to reject the mine plan and supporting documentation, entitling either party to terminate the Stream Agreement. |
The commitments noted in the table above are expected to be funded from operating cash flow over the next few years.
Contractual Obligations and Commitments
| | | | | | | | | | | | | |
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| ($ thousands) · · Less than 1 year · · 1–3 years · · 3–5 years · · Total |
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| Debt1 | | | $— | | | $— | | | $185,000 | | | $185,000 |
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| Northparkes E44 deposit (Gold and Silver stream)2 | | | 84,300 | | | — | | | — | | | 84,300 |
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| Stand-by fees and interest3 | | | 12,343 | | | 24,692 | | | 7,913 | | | 44,948 |
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| Amounts payable and other liabilities | | | 24,838 | | | — | | | — | | | 24,838 |
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| Undiscounted lease obligation4 | | | 457 | | | 699 | | | 88 | | | 1,244 |
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| | | | $121,938 | | | $25,391 | | | $193,001 | | | $340,330 |
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| 1. | Subsequent to quarter end, on October 6, 2026, we repaid $5.0 million of debt on the Credit Facility. |
| 2. | Contractual obligation to pay cash for the E44 deposit on December 15, 2026. Refer to the “Key Developments” section above for more details. |
| 3. | Represents the Credit Facility, which matures on May 22, 2030. |
| 4. | We are committed to minimum amounts under long-term lease agreements for office space, which expire in 2029. |
Off-Balance Sheet Arrangements or Commitments
We have not entered into any off-balance sheet arrangements or commitments other than as set forth under “Contractual Obligations and Commitments”.
Contingencies
Contingencies can be either possible assets or possible liabilities arising from past events which, by their nature, will be resolved only when one or more future events, not wholly within our control, occur or fail to occur. The assessment of such contingencies inherently involves the exercise of significant judgment and estimates of the outcome of future events. Refer to Note 17 of the Annual Financial Statements for further details on the contingencies.
We are not aware of any known trends, commitments (other than as described above), events or uncertainties that will materially affect the Company.
Risk and Risk Management
