Triple Flag Achieves 2023 GEOs Sales Guidance and Delivers Seventh Consecutive Annual GEOs Sales Record Triple Flag Precious Metals Corp. (with its subsidiaries, “Triple Flag” or the “Company”) (TSX: TFPM, NYSE: TFPM) announced quarterly revenue of US$51.7 million for the fourth quarter of 2023 and
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NEWS RELEASE
Toronto, January 17, 2024
Triple Flag Achieves 2023 GEOs Sales Guidance and Delivers
Seventh Consecutive Annual GEOs Sales Record
Triple Flag Precious Metals Corp. (with its subsidiaries, “Triple Flag” or the “Company”) (TSX: TFPM, NYSE: TFPM)
announced quarterly revenue of US$51.7 million for the fourth quarter of 2023 and annual revenue of US$204.0
million for full year 2023. These results represent metal sales of 26,243 gold equivalent ounces1 (“GEOs”) for the
fourth quarter of 2023 and 105,087 GEOs for full year 2023, in line with guidance. All dollar amounts are expressed
in US dollars.
“Triple Flag has achieved GEOs sales guidance for 2023, which represents the seventh consecutive annual GEO s
record for the Company and a compound annual growth rate in GEOs of more than 20% since 2017,” commented
Shaun Usmar, CEO. “We expect this sector-leading organic growth profile to continue in accordance with our five-
year outlook, supported by an active and actionable deal pipeline. As we enter 2024, Triple Flag is well-positioned
to continue delivering shareholder value.”
Preliminary FY2023 and Q4 2023 GEOs Sales and Revenue
GEOs Sold and Revenue by Commodity2
FY2023 FY2022
GEOs Sold Revenue ($M) GEOs Sold Revenue ($M)
Gold 61,251 119.0 44,786 80.5
Silver 38,983 75.5 34,052 61.1
Other 4,853 9.5 5,733 10.3
Total 105,087 204.0 84,571 151.9
Q4 2023 Q4 2022
GEOs Sold Revenue ($M) GEOs Sold Revenue ($M)
Gold 14,997 29.5 11,199 19.3
Silver 9,883 19.5 12,684 21.9
Other 1,363 2.7 1,545 2.7
Total 26,243 51.7 25,428 43.9
NEWS RELEASE
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Conference Call Details
Triple Flag will release its Q4 2023 results on Wednesday, February 21, 2024, after market close. A conference call
and live webcast presentation will be held the following day, February 22 , 2024, starting at 10:00 a.m. ET ( 7:00
a.m. PT) to discuss these results. The live webcast can be accessed by visiting the Events and Presentations page
on the Company’s website at: www.tripleflagpm.com. An archived version of the webcast will be available on the
website for two weeks following the webcast.
Live Webcast: https://events.q4inc.com/attendee/512901222
Dial-In Details:
Toll-Free (U.S. & Canada): +1 (888) 330-2384
International: +1 (647) 800-3739
Conference ID: 4548984
Replay (Until March 7):
Toll-Free (U.S. & Canada): +1 (800) 770-2030
International: +1 (647) 362-9199
Conference ID: 4548984
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About Triple Flag
Triple Flag is a pure play, precious -metals-fo cused streaming and royalty company. We offer bespoke financing
solutions to the metals and mining industry with exposure primarily to gold and silver in the Americas and
Australia, with a total of 234 assets, including 15 streams and 219 royalties. These investments are tied to mining
assets at various stages of the mine life cycle, including 32 producing mines and 202 development and exploration
stage projects. Triple Flag is listed on the Toronto Stock Exchange and New York Stock Exchange, under the ticker
“TFPM”.
Contact Information
Investor Relations:
David Lee
Vice President, Investor Relations
Tel: +1 (416) 304-9770
Email: [email protected]
Media:
Gordon Poole, Camarco
Tel: +44 (0) 7730 567 938
Email: [email protected]
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Forward-Looking Information
This news release contains “forward -looking information” within the meaning of applicable Canadian securities
laws and “forward -looking statements” within the meaning of the United States Private Securities Litigation
Reform Act of 1995, respectively (coll ectively referred to herein as “forward -looking information”). Forward -
looking information may be identified by the use of forward -looking terminology such as “plans”, “targets”,
“expects”, “is expected”, “budget”, “scheduled”, “estimates”, “outlook”, “for ecasts”, “projection”, “prospects”,
“strategy”, “intends”, “anticipates”, “believes”, or variations of such words and phrases or terminology which
states that certain actions, events or results “may”, “could”, “would”, “might”, “will”, “will be taken”, “oc cur” or
“be achieved”. Forward-looking information in this news release include, but are not limited to, statements with
respect to the Company’s preliminary sales and revenue information for the fourth quarter of 2023, the release
of its financial results for the fourth quarter of 2023 and the conduct of the conference call to discuss said results.
In addition, any statements that refer to expectations, intentions, projections or other characterizations of future
events or circumstances contain forward-looking information. Statements containing forward-looking information
are not historical facts b ut instead represent management’s expectations, estimates and projections regarding
possible future events or circumstances.
The forward -looking information included in this news release is based on our opinions, estimates and
assumptions considering our experience and perception of historical trends, current conditions and expected
future developments, as well as other factors that we currently believe are appropriate and reasonable in the
circumstances. The forward-looking information contained in t his news release is also based upon a number of
assumptions, including the ongoing operation of the properties in which we hold a s tream or royalty interest by
the owners or operators of such properties in a manner consistent with past practice; the accuracy of public
statements and disclosures made by the owners or operators of such underlying properties; and the accuracy of
publicly disclosed expectations for the development of underlying properties that are not yet in production. These
assumptions include, but are not limited to, the following: assumptions in respect of current and future market
conditions and the execution of our b usiness strategies, that operations, or ramp -up where applicable, at
properties in which we hold a royalty, stream or other interest, continue without further interruption through the
period, and the absence of any other factors that could cause actions, e vents or results to differ from those
anticipated, estimated, intended or implied. Despite a careful process to prepare and review the forward-looking
information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be
correct. Forward-looking information is also subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance, or achievements to be materially different from
those expressed or implied by such forward -looking information. Such risks, uncertainties and other factors
include, but are not limited to, those set forth under the caption “Risk Factors” in our most recen tly filed annual
information form which is available on SEDAR + at www.sedarplus.ca and on EDGAR at www.sec.gov. For clarity,
mineral resources that are not mineral reserves do not have demonstrated economic viability and inferred
resources are considered too geologically speculative for the application of economic considerations.
Although we have attempted to identify important risk factors that could cause actual results or future events to
differ materially from those contained in forward -looking information, there may be other risk factors not
presently known to us or that we presently believe are not material that could also cause actual results or future
events to differ materially from those expressed in such forward-looking information. There can be no assurance
that such information will prove to be accurate, as actual results and future events could differ materially from
those anticipated in such information. Accordingly, readers should not place undue reliance on forward -looking
information, which speaks only as of the date made. The forward -looking information contained in this news
release represents our expectations as of the date of this news release and is subject to change after such date.
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We disclaim any intention or obligation or undertaking to update or revise any forward -looking information
whether as a result of new information, future events or otherwise, except as required by applicable securities
laws. All the forward-looking information contained in this news release is expressly qualified by the foregoing
cautionary statements.
Cautionary Statement to U.S. Investors
Information contained or referenced in this press release or in the documents referenced herein concerning the
properties, technical information and operations of Triple Flag has been prepared in accordance with
requirements and standards under Canadian se curities laws, which differ from the requirements of the U.S.
Securities and Exchange Commission (“SEC”) under subpart 1300 of Regulation S -K (“S -K 1300”). Because the
Company is eligible for the Multijurisdictional Disclosure System adopted by the SEC and Canadian Securities
Administrators, Triple Flag is not required to present disclosure regarding its mineral properties in compliance
with S-K 1300. Accordingly, certain information contained in this press release may not be comparable to similar
information made public by US companies subject to reporting and disclosure requirements of the SEC.
Technical and Third-Party Information:
Triple Flag does not own, develop or mine the underlying properties on which it holds stream or royalty interests.
As a royalty or stream holder, Triple Flag has limited, if any, access to properties included in its asset portfolio. As
a result, Triple Flag is dependent on the owners or operators of the properties and their qualified persons to
provide information to Triple Flag and on publicly available information to prepare disclosure pertaining to
properties and operations on the properties on which Triple Flag holds stream, royalty, or other similar interests.
Triple Flag generally has limited or no ability to independently verify such information. Although Triple Flag does
not believe that such information is inaccurate or incomplete in any material respect, there can be no assuranc e
that such third-party information is complete or accurate.
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1 Gold Equivalent Ounces (“GEOs”)
GEOs are a non-IFRS measure that is based on stream and royalty interests and calculated on a quarterly basis by
dividing all revenue from such interests for the quarter by the average gold price during such quarter. The gold
price is determined based on the LBMA PM fix. For periods longer than one quarter, GEOs are summed for each
quarter in the period. Management uses this measure internally to evaluate our underlying operating
performance across our stream and royalty portfolio for the reporting periods present ed and to assist with the
planning and forecasting of future operating results. GEOs are intended to provide additional information only
and do not have any standardized definition under IFRS and should not be considered in isolation or as a substitute
for measures of performance prepared in accordance with IFRS. The measures are not necessarily indicative of
gross profit or operating cash flow as determined under IFRS. Other companies may calculate these measures
differently. The following table reconciles GEOs to revenue, the most directly comparable IFRS measure.
($ millions, except average gold price
and GEOs information) Q4 2023 Q3 2023 Q2 2023
Q1 2023 FY 2023
Revenue 51.7 49.4 52.6 50.3
Average gold price per ounce 1,971 1,928 1,976 1,890
GEOs 26,243 25,629 26,616 26,599 105,087
($ millions, except average gold price
and GEOs information) Q4 2022 Q3 2022 Q2 2022
Q1 2022 FY 2022
Revenue 43.9 33.8 36.5 37.8
Average gold price per ounce 1,726 1,729 1,871 1,877
GEOs 25,428 19,523 19,507 20,113 84,571
2 Results are unaudited.