Triple Flag Announces Q1 2023 Results – Record GEOs and Operating Cash Flow Triple Flag Precious Metals Corp. (with its subsidiaries, “Triple Flag” or the “Company”) (TSX: TFPM, NYSE: TFPM) announced its results for the first quarter of 2023 and declared a dividend of US$0.05 per common share to be
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NEWS RELEASE
Toronto, May 9, 2023
Triple Flag Announces Q1 2023 Results – Record GEOs and
Operating Cash Flow
Triple Flag Precious Metals Corp. (with its subsidiaries, “Triple Flag” or the “Company”) (TSX: TFPM, NYSE: TFPM)
announced its results for the first quarter of 2023 and declared a dividend of US$0.05 per common share to be
paid on June 15, 2023. All amounts are expressed in US dollars unless otherwise indicated.
“I am pleased to announce another quarter of record results for Triple Flag, reflecting the successful acquisition of
Maverix,” commented Shaun Usmar, CEO . “When we announced the transaction in November last year, we
emphasized the strategic fit, the opportunity to acquire a diversified, cash generating portfolio of quality assets,
and the ability to capture meaningful synergies in a combination that would benefit both sets of shareholders. We
anticipated that the deal would broaden our shareholder base, enhance trading liquidity and result in cost
synergies of US$7 million annually, positioning Triple Flag as the 4th largest streaming and royalty company. I am
pleased to report that these expected deal features are being fully realized – we have seen solid operating
performance at underlying Maverix assets, particularly at Beta Hunt and Camino Rojo; a more than 10 -fold
increase in trading liquidity, with the addition of many new quality investors to our register, and index inclusion in
the MVIS Global Junior Gold Miners, S&P/TSX Global Gold, and Solactive Global Silver Miners indices. We are also
seeing exciting advances at a number of the exploration and development properties we acquired.”
“As we approach the two-year anniversary of our IPO, we are happy to have begun delivering against our ambitions
in becoming the next emerging senior streaming and royalty company and look forward to what we can accomplish
in the future with our enhanced platform.”
Q1 2023 Financial Highlights
Q1 2023 Q1 2022
Revenue $50.3 million $37.8 million
Gold Equivalent Ounces (“GEOs”)1 26,599 20,113
Operating Cash Flow $38.9 million $26.4 million
Net Earnings $16.5 million ($0.09/share) $15.9 million ($0.10/share)
Adjusted Net Earnings2 $13.5 million ($0.07/share) $15.5 million ($0.10/share)
Adjusted EBITDA4 $37.1 million $30.5 million
Asset Margin5 88% 92%
Q1 2023 RESULTS
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Building the Next Senior Streamer
Disciplined Growth and Gold Focused
• Synergistic acquisition of Maverix
• Solidified as the leading, gold-focused,
emerging senior streamer , with 9 5%
precious metals exposure
Robust Cash Flow and Strong Balance Sheet
• Generated $118.4 million in operating cash
flow in 2022; $38.9 million in Q1 2023
• +$600M in available liquidity
Diversified, High-quality Portfolio and Embedded
Growth
• 27% GEOs growth expected for 2023
compared to 2022 from 27 assets
• Leading growth profile of +140 koz GEOs
(2024 - 2028E avg.)
Superior ESG Practices
• Ranked 4th of 117 companies in the global
precious metals sector by Sustainalytics,
and awarded ESG Regional and ESG
Industry top rated for 2023
• Committed to our long-term goal of net
zero emissions by 2050
GEOs Sold by Commodity, Revenue by Commodity, and Financial Highlights Summary Table
Three Months Ended March 31
($ thousands except GEOs, Asset Margin and per share numbers) 2023 2022
GEOs1
Gold 14,005 10,223
Silver 11,385 8,517
Other 1,209 1,373
Total 26,599 20,113
Revenue
Gold 26,468 19,188
Silver 21,517 15,990
Other 2,284 2,577
Total 50,269 37,755
Net Earnings 16,534 15,889
Net Earnings per Share 0.09 0.10
Adjusted Net Earnings2 13,516 15,471
Adjusted Net Earnings per Share2 0.07 0.10
Operating Cash Flow 38,870 26,359
Operating Cash Flow per Share 0.20 0.17
Adjusted EBITDA4 37,090 30,457
Asset Margin5 88% 92%
The first quarter of consolidated results after the closing of the Maverix transaction on January 19, 2023, has
driven record financial results on many key financial metrics, including GEOs, revenue, operating cash flow and
adjusted EBITDA. Operating Cash Flow of 20 cents per share in Q1 2023 increased from 17 cents per share in Q1
2022. We reported robust earnings of over $16. 5 million in the quarter, and operating cash flow of over $38.8
million in the quarter. During Q1, we recorded non -cash cost of sales of $5. 6 million ($0.03 cents per share)
relating to gold pre-pay contracts, which reduced Net Earnings and Adjusted Net Earnings.
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Corporate Updates
• Closing of Maverix Transaction: On January 19, 2023, Triple Flag successfully completed the acquisition
of Maverix Metals Inc. (“Maverix”). In aggregate, Triple Flag issued 45.1 million common shares and paid
$86.7 million to former Maverix shareholders. Upon closing of the transaction, existing Triple Flag and
former Maverix shareholders owned approximately 78% and 22% of the pro forma outstanding shares of
Triple Flag, respectively. Triple Flag has substantially completed the integration process and synergies are
starting to be realized.
• Index Inclusion: During the quarter and subsequent to quarter-end, Triple Flag was added to three indices:
the MVIS Global Junior Gold Miners Index (tracked by the GDXJ ETF), the S&P/TSX Global Gold Index, and
the Solactive Global Silver Miners I ndex. This is a result of meeting inclusion criteria due to the increase
in free floating shares and a more than 10-fold increase in trading liquidity since the completion of the
Maverix acquisition.
• Dividend: Triple Flag’s Board of Directors declared a quarterly dividend of US$0.05 per common share
that will be paid on June 15, 2023, to the shareholders of record at the close of business on May 31, 2023.
Upon payment of this dividend, cumulative dividends paid to shareholders since our IPO in May 2021 will
exceed $65 million.
Q1 2023 Portfolio Updates
Australia:
• Northparkes (54% gold stream and 80% silver stream) : Sales from Northparkes in Q 1 2023 were 2,746
GEOs based on sales of 2,273 ounces of gold and 45,300 ounces of silver. Deliveries during the quarter
were affected by a shipment that was executed but not settled by the end of the period and will be
reported in Q2. 2023 stream deliveries are expected to be weighted towards the back end of 2023.
• Fosterville (2.0% NSR gold royalty): Royalties from Fosterville in Q1 2023 equated to 890 GEOs. Fosterville
produced 86,558 ounces of gold during the quarter despite primary ventilation operating restrictions
related to low frequency noise constraints. Agnico Eagle has reported that a batement trials for the low
frequency noise were completed in the first quarter of 2023 , and that it believes the results were
promising and are now being considered by the EPA with respect to the current prohibition notice. Agnico
Eagle has reaffirmed guidance for the year at Fosterville of between 295,000 - 315,000 ounces.
• Beta Hunt (3.25% gross revenue (“GR”) gold royalty): Royalties from Beta Hunt in Q1 2023 equated to 971
GEOs. Exploration results from the Fletcher zone intersected strong mineralization and have provided
compelling support for potential significant Mineral Resource growth, and the development of the second
decline is expected to double production capacity.
Latin America:
• Cerro Lindo (65% silver stream): Sales from Cerro Lindo in Q 1 2023 were 7,394 GEOs based on 629,662
ounces of silver sold. Production at Cerro Lindo during the quarter was impacted by unusual ly heavy
rainfall and overflowing rivers caused by Cyclone Yaku in Peru. The two -week suspension in production
during Q1 will slightly impact our silver deliveries in later periods, however we are pleased that Nexa
Resources has reiterated their 2023 guidance and announced that production at Cerro Lindo has fully
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resumed. Triple Flag contributed US$50,000 to Nexa Resources community recovery efforts in connection
with the flooding.
• Buriticá (100% silver stream): Sales from Buriticá in Q1 2023 were 1,478 GEOs based on 128,240 ounces
of silver sold.
• Camino Rojo (2.0% NSR gold royalty): Royalties from Camino Rojo in Q1 2023 equated to 523 GEOs. Orla
Mining Ltd. continued to demonstrate solid operational performance during the quarter, producing over
25,000 ounces of gold and remaining on track to achieve annual g old production guidance of 100,000 –
110,000 ounces.
• Eastern Borosi (1.0% NSR gold and silver royalty): Subsequent to quarter-end, Calibre Mining announced
that it has begun mining the high -grade open pits at Eastern Borosi on which Triple Flag owns a roy alty.
In connection with that announcement Calibre Mining exercised its right to buy back for US$2 million half
of the 2 .0% NSR royalty, thereby reducing the existing royalty to a 1 .0% NSR royalty. Triple Flag has
received the $2 million buy-back payment and expects to receive royalty payments later this year.
North America:
• Young-Davidson (1.5% NSR gold royalty) : Royalties from Young -Davidson in Q 1 2023 equated to 627
GEOs. Young-Davidson produced 45,000 ounces of gold in Q 1 2023. A total of US $8 million has been
budgeted for exploration at Young-Davidson in 2023, up from US$5 million in 2022.
• Moss (100% silver stream and gold prepay): Sales from Moss in Q1 2023 were 1,583 GEOs based on 706
ounces of gold and 71,286 ounces of silver sold . Elevation Gold reported the results of holes that were
drilled in the Reynolds Pit area, including AR23-662R, which intersected 225.6 meters of nearly continuous
gold mineralization with an average grade of 0.56 g/ t gold, which is approximately 25% higher than the
2022 run of mine grade . Further important technical details relating to this drillhole intersection can be
found in Elevation Gold’s press release, dated April 26, 2023.
• Hope Bay (1% NSR gold royalty): Exploration drilling at Hope Bay continued during the first quarter of
2023, with six drill rigs operating on surface. Agnico Eagle has reported a number of encouraging drillhole
intersections and continues to advance an internal technical study evaluating larger production scenarios
for Hope Bay.
Rest of World:
• RBPlat (70% gold stream): Sales from RBPlat in Q1 2023 were 1,521 GEOs based on 1,536 ounces of gold
sold. Northam Platinum Holdings has withdrawn its offer for RBPlat, paving the way for Implats ’ offer,
which is subject to various regulatory processes. Despite a weaker first quarter, RBPlat remains confident
that the operational strategies implemented will yield improved volume, grade and cost performance
during the second quarter and their guidance remains unchanged.
• ATO (25% gold stream and 50% silver stream): Sales from the ATO stream in Q1 2023 were 3,233 GEOs
based on 3,217 ounces of gold and 397 ounces of silver sold. Steppe Gold released an updated life of mine
plan for ATO during the quarter which extends the mine life to 2036, including an additional 1.5 years of
fresh rock expansion.
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Conference Call Details
Triple Flag has scheduled an investor conference call at 9:00 a.m. ET (6:00 a.m. PT) on Wednesday, May 10, 2023,
to discuss the results reported in today’s earnings announcement . 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/526651349
Dial-In Details:
Toll-Free (U.S. & Canada): +1 (888) 330-2384
International: +1 (647) 800-3739
Conference ID: 4548984
Replay (Until May 24):
Toll-Free (U.S. & Canada): +1 (800) 770-2030
International: +1 (647) 362-9199
Conference ID: 4548984
About Triple Flag
Triple Flag is a pure play, gold -focused, emerging senior 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 229 assets, including 15 streams and 214 royalties. These investments are tied to
mining assets at various stages of the mine life cycle, including 29 producing mines and 200 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:
James Dendle
Senior Vice President, Corporate Development
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 Securitie s 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 include, but are not limited to, statements with
respect to the Company’s preliminary sales and revenue information for the first quarter of 2023, the release of
its financial results for the first quarter of 2023 , the conduct of the conference call to discuss said results , the
payment of a dividend, developments in respect of the Company’s portfolio of royalties and streams and those
developments at certain of the mines, projects or properties that underlie the Company’s intersts. 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 inc luded 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, our assumptions regarding the acquisition of Maverix Metals Inc. (including our ability to
derive the anticipated benefits therefrom), 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 dis closures 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 furth er
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 infor mation, 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 recently filed annual information form which is available on SEDAR at www.sedar.com 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
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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 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 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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Endnotes
Endnote 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 su ch 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 presented and to assist with the
planning and forecasting of future operating results. GEOs are intended to provide additional information on ly
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:
Three months ended
March 31
($ thousands, except average gold price and GEOs information) 2023 2022
Revenue 50,269 37,755
Average gold price per ounce 1,890 1,877
GEOs 26,599 20,133