Triple Flag Announces Increase in Credit Facility Availability to US$1 Billion at Improved Terms
Triple Flag Announces Increase in Credit
Facility Availability to US$1 Billion at
Improved Terms
TORONTO--(BUSINESS WIRE)--April 23, 2025--Triple Flag Precious Metals Corp. (with its
subsidiaries, “Triple Flag” or the “Company”) (TSX: TFPM, NYSE: TFPM) announces that it
has secured amendments to its existing undrawn revolving credit facility (the “Credit Facility”),
including an increase in the size of the Credit Facility at more favorable terms. All amounts are
expressed in US dollars unless otherwise indicated.
Under the amended agreement, the Company has a Credit Facility of $700 million with an
additional uncommitted accordion of up to $300 million, for total available liquidity of $1
billion. This represents an increase from the previous credit facility agreement that had a Credit
Facility of $500 million and an accordion of up to $200 million.
Advances under the renewed Credit Facility are subject to interest at SOFR plus 1.45% to 2.75%
per annum, depending on the Company’s leverage ratio. The amended interest rate spreads above
SOFR have been reduced by 30 basis points at the lower end of the range, when compared to the
previous credit facility agreement.
The Credit Facility has a term of four years, maturing in April 2029.
“The increase in our Credit Facility on improved terms reflects the increased scale of Triple Flag,
as well as our robust growth and financial outlook and zero debt balance. Together with our
existing cash balance, the financial flexibility available under our renewed Credit Facility
provides Triple Flag with significant capital to pursue accretive growth opportunities,” said Eban
Bari, Chief Financial Officer.
The amended Credit Facility was jointly led by National Bank of Canada, Bank of Nova Scotia
and Canadian Imperial Bank of Commerce. Additionally, the syndicate includes Royal Bank of
Canada, Toronto-Dominion Bank, Bank of America, Bank of Montreal and UBS.
About Triple Flag Precious Metals
Triple Flag is a precious metals streaming and royalty company. We offer investors exposure to
gold and silver from a total of 236 assets, consisting of 17 streams and 219 royalties, primarily
from the Americas and Australia. These streams and royalties are tied to mining assets at various
stages of the mine life cycle, including 30 producing mines and 206 development and
exploration stage projects. Triple Flag is listed on the Toronto Stock Exchange and New York
Stock Exchange, under the ticker “TFPM”.
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 (collectively 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”, “forecasts”, “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”, “occur” or “be achieved”. Forward-looking information in this news release
includes, but is not limited to, statements with respect to operational and corporate developments
for the Company, expected benefits under the Credit Facility including the Company’s ability to
pursue, and success in pursuing, external growth opportunities, the applicable interest rate under
the Credit Facility, the term and expected maturity of the Credit Facility, developments in respect
of the Company’s portfolio of royalties and streams and related interests and those developments
at certain of the mines, projects or properties that underlie the Company’s interests, and the
Company’s expectations for future periods (including, but not limited to, the long-term sales
outlook for GEOs). 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 but 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 in light of 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 this news release is also based upon a number of assumptions, including the ongoing operation
of the properties in which we hold a stream 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 business 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, events 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 and Risk Management” in our management’s
discussion and analysis in respect of the fourth quarter of 2024 and the caption “Risk Factors” in
our most recently filed annual information form, each of which is available on SEDAR+ at
www.sedarplus.ca and on EDGAR at www.sec.gov. In addition, we note that 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 the 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. 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 of 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 securities 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 U.S. 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 assurance that such third-party information is complete or accurate.
Contacts
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]