All right, Triple Flag is a precious metals streaming and royalty company with a portfolio of over 230 royalties and streams. We are pleased to have Sheldon Vanderkooy, CEO and Director of Triple Flag, present today.
Thank you. Thank you, René. Good morning, everyone. My name is Sheldon Vanderkooy. I'm the CEO of Triple Flag Precious Metals. Very pleased to be here again at the BMO conference. I'll be making forward-looking statements, and the customary cautions apply. We formed Triple Flag in 2016. We're actually coming up on our tenth anniversary. I couldn't be more pleased with how it's gone. We have a market cap right now of about $7.6 billion. That's what's on the slide. I think this morning it's around $8 billion due to the recent performance. We're actually the fourth-largest streaming company in the precious metal space by GEOs. In 2026, we're expecting to have 95,000 to 105,000 ounces.
The last two years, we finished in the top half of our guidance range. We feel that the portfolio has performed exceptionally well. It's now a portfolio of 239 assets. When we started in 2016, we did not have an existing portfolio. There was nothing in the portfolio. Everything here has been sourced by this management team, and we've generated significant shareholder value, which I'll go into later in the presentation. There's significant embedded growth in the portfolio. When you look at the 2030 figure, it's 140,000 to 150,000 ounces, and that's already bought and paid for. That's already in the portfolio right now. It doesn't take into account any new deployment that we might make in the future.
I'm also gonna touch on some of the fantastic growth assets we have that are gonna be contributing in the period following 2030. This is a fantastic business model for generating cash flow. It's a robust portfolio. We share that cash flow with shareholders. We IPO'd in 2021. We had an initial dividend of $0.19 per share at that time. We've increased it every year. It's now $0.23 a share. When you look at the percentage of our cash flow that we distribute to shareholders, it's actually been coming down. We were over 20% of cash flow back in 2021. This upcoming year, I expect it to be less than 10% of cash flow, and the reason for that is simple.
We're finding very good opportunities to deploy and create further shareholder value over and above the dividend. We look to be increasing this going forward indefinitely. We have a clean balance sheet. We have no debt. At the end of the year, we had a little over $70 million in cash on the balance sheet. Right now, that's higher, of course. We have $1 billion of available credit between our RCF and the accordion feature. The last point I want to dwell on is really our insider ownership. We have the management's has a very significant stake. Most of our net worth is tied up in Triple Flag.
That's a function of us being still led by people that were there in 2016 and built the company over the 10 years. That causes us to really be aligned with shareholders and its inner DNA. I'm gonna give an overview of the portfolio we built here. The diversification you get on the streaming model is quite impressive, and you'll see that by asset NAV. We have one asset, which is Northparkes, which has a 25% weighting, and then everything else is under 10%. When you look at Northparkes, you couldn't pick a better cornerstone asset. First, it's been in operation for over 30 years. It's a copper mine with a gold by-product. We stream the gold and silver. It's located in Australia, and it's run by a tier one operator in Evolution Mining.
Again, jurisdiction risk low, very well-capitalized, very capable operator, in the right jurisdiction, and good community relations. In terms of commodity exposure, we are a precious metals vehicle. It's gold and silver-focused, mostly gold, good contribution from silver. Of course, everyone's been enjoying that lately. There is some copper exposure there, but we're always gonna stay keenly focused on the gold and silver exposure. In terms of geography, we're a bit unique in that we are, we have a very high concentration relative to our peers in Australia. Australia's a fantastic tier one jurisdiction, obviously very mining-friendly, rule of law, good geology, very capable workforce, just a great mining ecosystem, and I think that that really helps drive value over the longer time.
Other than Australia, the second-highest concentration is in North America, by that meaning Canada, United States, and then we have a good proportion in quality, mining-friendly jurisdictions in Latin America, such as Peru, Colombia, Chile, and others. Rest of the world is, again, we focus on mining-friendly jurisdictions. With the mix, we've really tried to make sure our portfolio is settled, centered in the sort of jurisdictions that make us comfortable and make our shareholders comfortable. You can't talk about an investment in Triple Flag without talking about the gold. Gold, to my mind, it's a monetary asset. When we talk about the gold price, it's really an exchange rate, and gold is just fundamentally stronger than U.S. dollars.
There's a lot of reasons for that, and I'm sure everyone in this room is quite familiar with a lot of it. When you look at the performance of gold over the years, like, I was born in 1972, and someone from 72 would have said. I wasn't following the gold price at that point, they would have said gold should be worth about $35 an ounce, and that's long gone. You can't print more gold, and that's the beauty of it. There's a tremendous amount of U.S. dollar debt out there. $39 trillion is the latest figure that we found. We think it's grown by about $2 trillion in the last year. I saw an article in The Wall Street Journal the other day saying the annual interest cost is over $1 trillion.
I really believe in gold. I feel very fortunate to have my portfolio centered in gold, and I think there's a lot of people really waking up to the value that gold brings to an investment portfolio. A company like Triple Flag, we're a compound growth business model. The portfolio produces robust cash flows. We reinvest those cash flows into further streams and royalties, and if we're successful in investing at good rates of return and generating value for our shareholders, that really builds significant value over time. What you're seeing on the page is actually the track record that we have since 2016. It's from the beginning. We've deployed about $2.8 billion into that portfolio of streams and royalties.
We've harvested about $1.4 billion-$1.5 billion in cash flows from that, and the current NAV of that portfolio is $3.7 billion. There's significant value creation. This actually understates the value creation from the shareholders' perspective. The share capital in the portfolio is actually $1.8 billion, 'cause of course, we've reinvested the balance. The extra $1 billion came from the cash flows of the earlier investments. The shareholders have put in $1.8 billion, the market cap is $8 billion, and you can see there's a quadrupling of what the shareholders have put in, and most of that capital was put in since 2020. Now, that has definitely benefited from the gold and silver exposure, but it's not just that.
It's also about underwriting good mines, and then when you look at the returns, you realize you actually invest on the basis of a certain volume of metal that you receive, and with the fullness of time, you get more, and that's the beauty of this model. Here's a number of the case studies, and they illustrate what I just stated. I'm not gonna go through all of these in the interest of time, but I'm gonna focus a little bit on Cerro Lindo, the top right there on your page. It was our very first investment. We invested $250 million on a silver stream in a zinc copper mine in Peru called Cerro Lindo. It was operated by Milpo at the time, now it's operated by Nexa.
When we made our investment, we underwrote 17 and a half million ounces of silver in the life of mine, and we had a life of mine of about 10 years, and it was about 10 years ago. In the next quarter, we expect to receive our 19 and a half million ounces, so 19.5. We'll receive an extra 2 million ounces that we never really factored into our investment case, and right now, that mine has about a 9-year life of mine. Now, it might be that five years from now, it only has four years left, but it wouldn't surprise me if five years from now, there's still 5 years ahead of us, and that's kind of the beauty of this model. The analyst NAV says this investment is still worth $176 million.
Our investment case said it should be worth zero now. That analyst NAV is based on a consensus long-term silver price that's about $40 right now. Obviously, silver's a lot higher, so I would not sell that for $180 million in any way, shape, or form. It just builds value over time, and it's a consistent story with the other examples on the page. Per share metrics are the most important metrics for shareholders. We have the operating cash flow there, but the two metrics that I really wanna see drive forward over time are cash flow per share and NAV per share. We went public in 2021. What this shows is the performance in our first full year as a public company on these metrics, to the latest year.
You can see the cash flow per share driving very nicely. That's a function, of course, of gold and silver exposure, but also of increasing GEO growth. I'll touch on the track record of delivering growth in our GEOs. NAV per share, you can see again, going up consistently over time. Again, that NAV per share reflects, analyst consensus view on long-term gold price. That's about a $3,500 gold price implicit in that figure there. If you use spot prices, it increases dramatically. This is the GEO growth of the company for the entire history of the company. Our first asset was acquired in December of 2016, our first revenues in January of 2017. Every year it's gone up, you see that increasing profile.
In 2026, we expect to receive between 95,000 and 105,000 ounces, and then we're really poised for growth going forward from there again. In 2030, we see ourselves as producing between 140,000 and 150,000 GEOs. That's a 45% increase, midpoint to midpoint. We're gonna go through some of the assets that contribute to that. Also very exciting is beyond the 2030 horizon, we have some very exciting assets driving growth again. Again, very robust growth ahead for Triple Flag without doing another investment. These are a number of the growth catalysts. In the interest of time, I'm not gonna go through each of these, but the hidden story of 2025 was just how well our development projects performed in 2025.
When you go through this list, like you look at Arcata, you look at Koné, Eskay Creek, Era Dorada, it's just every one of these performed as good or better than we would have expected coming into the year. You know, anyone with familiarity with investing in mining has to account for some expected delays, to me, the wonderful part when you got to the back end of 2025, is going down this list and seeing every one of these projects just hitting all their marks or even coming in earlier. The Koné deposit, I mean, Martino and the Montage team have done an excellent job. They were talking about 2027. We have a very nice royalty on that on that mine, now they're talking about coming to production in, you know, late 2026.
Again, usually the slippage is the other way, as opposed to coming forward. This is probably my most favorite slide in the deck. This is the view on the 2030+ time horizon. I'm gonna start on the left there, the Arthur Project. AngloGold Ashanti released some very nice news about that project the other day. We acquired a 1% royalty on it. It's located in Nevada. I'm gonna go into some more detail later, but what a fantastic asset it's gonna be contributing in the next decades to come. Kemess, Centerra has released some PEA on that project. We actually entered into that contract back in 2018, and we have the right to fund $45 million to get 100% of the silver from that development, from that development project.
It's a copper-gold project. The silver is a relatively small portion of the revenue mix, about 2%, so it's not a big burden on the project. We priced that stream in 2018 when the silver price was around $15 an ounce. The $45 million doesn't change, but the value of the silver has changed dramatically. We don't put a penny into this project until they announce a construction decision, and, you know, you won't even be able to see my hands as I reach for my checkbook when they ask us to write that $45 million check. It's gonna be fast. Hope Bay is another fantastic project being advanced by Agnico. It's up in Nunavut. We're expecting a construction decision in May of this year.
Agnico is talking about this as a 400,000-425,000 ounce a year producer. It's district scale. You know, they're talking about this as potentially decades of exposure. Our royalty is an immense land package. It covers all the known mineralization and targets. Agnico is a premier operator up in the far north. It's just a fantastic asset that's gonna be driving value for a very long time. The last is Northparkes, and we're in the fantastic position right now where we're seeing Northparkes, our largest asset, turning into a very strong growth asset for Triple Flag. You know, hats off to Lawrie and the entire Evolution team with what they've done on that property since they acquired it a short time ago.
I'm gonna go into more detail on all the catalysts there. Particularly in the 2030-plus territory, we have contracted guaranteed minimum ounce deliveries, 45,000 ounces between 2031 and 2037. Meaningful increase in ounces coming from that project. I'm gonna touch on other catalysts as well. When you step back and look at these projects are all located in Tier One jurisdictions. They have fantastic operators with the financial and technical ability to build them and deliver them, and they're just high-quality projects. Arthur is in Nevada, Kemess's in Canada, Hope Bay's in Canada, and Northparkes is in Australia. I think we're really well positioned for that period. The Northparkes news has been absolutely fantastic for basically since Evolution came on the property, it's been fantastic.
The big development during 2025 was they were developing the E48 sublevel cave. That has relatively high gold grades associated with it, and we're gonna benefit from that in 2026. Throughout the year in 2025, I was always looking at the month's report, seeing how that development was coming online. You know, of course, afraid of slippage, but really hats off to the Evolution team. They're fantastic operators, and they just delivered this right on schedule, and we're gonna be benefiting from the E48 sublevel cave in 2026. Next, I'm gonna get into the announcements that Evolution made and also we made about a week and a half ago. There's actually three significant components, and when there's three components, it's easy for one or the other to get lost, but they're all.
Each of them are significant for Triple Flag. First, the E22 block cave was approved. E22 has very attractive gold grades to it. It's a copper deposit with a gold by-product. Our stream covers the gold. We're gonna benefit as they bring that into production. We always thought that that would be best exploited as a block cave, but Evolution was going through the process of comparing the trade-off studies between a block cave and a sublevel cave. What's profitable for Triple Flag was the block cave, and it's also profitable for Evolution, and they've announced the results of that determination, and that's being approved. That's gonna benefit us in the 2030+ period. There's long lead times associated with a block cave development, so that's fantastic.
It was consistent with our investment case, nice to see that coming along as we thought it would. Very significantly, Evolution is looking at the potential. They're studying the potential to increase the capacity of Northparkes from the current 7.6 million tons per annum. Northparkes has a very large resource endowment, has over 600 million tons in the resource, and 7.6 million tons is relatively small relative to the 600 million tons. We never underwrote in our investment case anything more than the current capacity, we always thought there was the potential for new capital to be deployed, increase the capacity, and bring forward production and benefit the operator. We live in a copper-hungry world. Everyone's looking for more sources of copper.
Northparkes an established copper mine in a tier one jurisdiction, and what Evolution is studying is the potential to increase that throughput from the current 7.6 million up to the 10+ million territory. We are looking forward to the results of that study. We think there's a lot of logic that kind of drives towards that sort of answer. We don't wanna get ahead of them, but that would be a fantastic catalyst for Triple Flag because that increasing throughput will benefit us as we get the gold by-product from that copper production. The last, and this has gotten the most attention, and it's probably the most exciting, is the E44 deposit. The Triple Flag stream at Northparkes is really a by-product stream.
We get 60% of the gold revenue, of Evolution's gold revenue. That works when you're talking about a copper deposit with a gold by-product because the bulk of the revenue is from the copper. What E44 is, it's not a copper deposit, it's a gold-only deposit. There's no copper there. There's a very large land package at Northparkes. This illustration shows the land package we have of over 1,000 square kilometers. On the map, you can see the existing mine and infrastructure is actually 21 kilometers away from E44. Now, Evolution identified the potential of E44 as a gold-only deposit. It looks quite attractive.
They came to us and said, "It doesn't work when you have 60% going to Triple Flag Precious Metals as a gold-only deposit," and that, of course, made sense to us. We're in this situation where we couldn't make them exploit E44 unilaterally. They're the operator, they make those decisions. They could not unilaterally force us to take any less than 60% of the revenue of E44.
What we had to do is we had to come together, and what we kept saying was, "We're looking for win-win." What I'm really proud of is I think between the two teams, we actually did get to win-win, and often when people search for win-win, one party or the other feels that they need to win a little more, or they're winning too little, and it doesn't happen. Really appreciate the constructive dialogue with the Evolution team. We tried to echo the same in kind, and we got to a result which I am very happy with, and the Evolution team is very happy with. Very significantly, the market, the shareholder bases of both companies have also received this very well.
I think that that's really gratifying to see that this is something that truly was win-win. We got there. There's tremendous value there. When I look at the potential going forward, what really excites me is initially, Northparkes was actually, it was actually a place that people did gold mining on, and then they found the copper deposit, and then that's where the direction of that mine went. There are a number of gold targets on this property, and if we can find more E44s, that could drive very attractive value for both Evolution and for Triple Flag. I don't think this is gonna be the end of the story. E44 on its own can drive very attractive economics for both Evolution and Triple Flag, and we have guaranteed ounces associated with the deal we cut with them.
We're funding $83 million to Evolution later this year, and they have guaranteed 45,000 ounces of gold to us in the 2030 period to 2037 period. I also want to touch on the Arthur Project because we've got some great news flow on Arthur this year. Sorry, last week as well. Tier One potential at Arthur is being developed by AngloGold Ashanti. Some of the quotes that they made, I really enjoyed hearing. We acquired this royalty last year. I think it's really completely validated the vision that our technical team had, where they went through the data, interpreted the geology, and made an assessment of what this represented, and it's absolutely come to bear the way we've, the way we thought it would.
It's actually kind of come into bear better than what we underwrote. This is gonna be a marquee asset for AngloGold Ashanti. They're talking about this into the 2050s. This is gonna be a large-scale project, and this is exactly the sort of project that tends to get bigger and bigger over time. Quality projects in Nevada, there's a low barrier to attracting capital. It's much easier to expand a mine in Nevada than it is in more dangerous parts of the world. This is mining country. We have a lot of people on our team that come from Barrick, and they really like the analogues between this project and some of the great mines that Barrick has had in Nevada. Clearly, AngloGold Ashanti is on a pathway to production.
The exploration upside is immense in our view, and AngloGold Ashanti's view, and this is just a Tier One asset for a marquee operator. These illustrations are from the AngloGold Ashanti materials. I won't go through those in detail in the interest of time, but there's a lot more there than the initial reserve that they released, and there's a lot more prospectivity there. I think this is gonna be the sort of asset that just keeps looking better and better and growing bigger as time goes on. I'm gonna close up on the investment case. What Triple Flag has is a fantastic portfolio. We produce lots of cash flow. It's anchored by quality assets and quality jurisdictions with quality operators. There's embedded growth in the portfolio.
That growth is high-quality growth located in the right places. What we're gonna do to generate value for shareholders is we're gonna reinvest our cash flows into further investments that drive the sort of value that we've created over the last 10 years. We're gonna keep doing more of the same. We're gonna be looking for good assets with good operators and good jurisdictions. Thank you very much.
One of the questions coming through on the app here is, can you talk about the recent developments at Talon Metals and what that means for Tamarack?
I'm sorry, René, It was a question about Talon Metals?
Yep, what that could mean for Tamarack.
I mean, we acquired our interest on the Tamarack Project, which is located in Minnesota, I think back in 2018 or so, have just been really impressed, first of all, with the potential of that project. It keeps being unveiled. It's a nickel project. I think the political climate is exactly right for advancing a critical minerals project in the United States right now. The team has done a fantastic job. We've seen the Lundin Group come into that project now, which I think is a very much a positive sign. We have a very nice royalty on that project. Anyway, we have a ton of respect for the team there.
We really like having the Lundin involvement on that now, and what's already there is very impressive, and there's the potential to have a whole lot more.
I guess one of the questions that came through is just with respect to deal structuring. In a rising metals price environment, are people asking for more conditions, whether that be buybacks or step-downs, and how does that kind of fit into the opportunities that you're seeing right now?
Yeah, it's like we have the perspective of 10 years. I think no one has ever been comfortable with the ability for streaming companies to deploy. There's kind of this constant story that, okay, now, it's gonna be harder. People are asking for more difficult terms. I think people, you know, these are by and large, these are engagements where you negotiate with another party. You find something that works for both sides. Operators have always wanted step-downs and buybacks and caps and all those sorts of features. We've always wanted guarantees and protections and covenants and those features. It's just that dialogue between the two. I wouldn't say there's been any real sea change.
I think it's, each one is highly, specific and individualistic, I think, you know, we do our best by our shareholders and only agree to deals that we feel comfortable deploying our capital into.
Thank you very much for the update, Sheldon.
Thank you.