Triple Flag Announces Record 2024 Results Driven by Strong Growth at Northparkes and Cerro Lindo
Triple Flag Announces Record 2024 Results Driven
by Strong Growth at Northparkes and Cerro Lindo
TORONTO--(BUSINESS WIRE)--February 19, 2025--Triple Flag Precious Metals Corp. (with its subsidiaries,
“Triple Flag” or the “Company”’) (TSX: TFPM, NYSE: TFPM) announced its results for the fourth quarter and
full year of 2024 and declared a dividend of US$0.055 per common share to be paid on March 14, 2025. All
amounts are expressed in US dollars unless otherwise indicated.
“2024 marked Triple Flags 8th consecutive year of record GEOs, driving a nearly 40% year-over-year increase
in operating cash flow per share,” stated Sheldon Vanderkooy, CEO. “We delivered in the upper half of our
GEOs guidance for 2024 and reinvested our cash flows into accretive acquisitions to deliver compounding per
share growth. We are also pleased to have entered into an agreement in December 2024 to acquire the Tres
Quebradas royalty, gaining near-term cash flow exposure to a large, well-capitalized mining project operated by
Zijin with a long life and significant exploration potential.”
“Our strong organic growth profile to 135,000 to 145,000 GEOs in 2029, progressive dividend, peer-leading
insider ownership, as well as nearly $740 million in available liquidity for new deals should continue to drive
shareholder value in the years to come.”
Q4 2024 and Full Year 2024 Financial Highlights
Q4 2024 Q4 2023 FY2024 FY2023
Revenue $74.2 million $51.7 million $269.0 million $204.0 million
Gold Equivalent Ounces
(“GEOs”)! 27,864 26,243 112,623 105,087
Operating Cash Flow $63.5 million $37.6 million $213.5 million $154.1 million
Net Earnings (Loss) (per share) $41.3 million ($0.20) $9.8 million ($0.05) ($23.1 million) (-$0.11) $36.3 million ($0.18)
Adjusted Net Earnings” (per
share) $36.3 million ($0.18) $17.8 million ($0.09) $109.6 million ($0.54) $66.6 million ($0.33)
Adjusted EBITDA? $63.0 million $41.0 million $220.2 million $158.5 million
Asset Margin* 92% 91% 92% 90%
GEOs by Commodity, Revenue by Commodity, and Financial Highlights Summary Table
Three Months Ended December 31 Year Ended December 31
(8 thousands except GEOs,
Asset Margin and per share
numbers) 2024 2023 2024 2023
GEOs!
Gold 17,272 14,997 70,774 61,251
Silver 10,381 9,883 40,862 38,983
Other 211 1,363 987 4,853
Total 27,864 26,243 112,623 105,087
Revenue
Gold 46,002 29,568 169,051 119,041
Silver 27,649 19,484 97,726 75,554
Other 562 2,687 2,214 9,429
Total 74,213 51,739 268,991 204,024
Net Earnings (Loss) 41,280 9,755 (23,084) 36,282
Net Earnings (Loss) per Share 0.20 0.05 (0.11) 0.18
Adjusted Net Earnings” 36,252 17,754 109,607 66,598
Adjusted Net Earnings per
Share” 0.18 0.09 0.54 0.33
Operating Cash Flow 63,473 37,644 213,503 154,138
Operating Cash Flow per Share 0.32 0.19 1.06 0.77
Adjusted EBITDA? 62,980 41,017 220,200 158,541
Asset Margin* 92% 91% 92% 90%
Corporate Updates
e Acquisition of Tres Quebradas royalty. Triple Flag announced in December 2024 that it entered into an
agreement to acquire a 0.5% gross overriding revenue (“GOR”) royalty on the Tres Quebradas
construction-stage lithium project from Lithium Royalty Corp. for total cash consideration of $28 million.
Closing is expected in the first quarter of 2025. Refer to the December 19, 2024, press release on our
website, Triple Flag to Acquire a Royalty on Tres Quebradas, for further details.
¢ Quarterly Dividend Declared: Triple Flag’s Board of Directors declared a quarterly dividend of
US$0.055 per common share that will be paid on March 14, 2025, to shareholders of record at the close of
business on March 3, 2025.
e Share Buyback Activity: Triple Flag renewed its normal course issuer bid (““NCIB”’) during the fourth
quarter of 2024 in accordance with a disciplined capital allocation strategy focused on balance sheet
management, returns to shareholders and accretive growth opportunities. During the period from
November 15, 2024, to November 14, 2025, Triple Flag is authorized to purchase up to 10,071,642 of its
common shares (representing 5% of the Company’s issued and outstanding common shares at the time of
the NCIB renewal). Since the NCIB renewal, Triple Flag bought back 539,000 shares in the open market
for $8.7 million, of which 335,000 shares for $5.4 million was during the first quarter of 2025 I
¢ Top ESG Risk Rating by Sustainalytics: Subsequent to quarter-end, Triple Flag’s ranking improved to
first in ESG Risk Ratings by Morningstar Sustainalytics within the precious metals industry and precious
metals mining sub-industry. Triple Flag’s top ranking is a testament to the commitment of our team and
mining partners to ESG. Triple Flag is now ranked 39" out of more than 15,000 companies globally rated
by Morningstar Sustainalytics.
! Up to February 18, 2025
2025 Guidance
In 2025, we expect stream sales and royalty revenue of 105,000 to 115,000 GEOs. 2025 guidance is based on
public forecasts and other disclosure by the owners and operators of our assets and our assessment thereof.
At Northparkes, we continue to expect higher grade open pit ore from E31 and E31N to contribute to stream
deliveries through 2025. These deposits are expected to be depleted during the year, as previously announced.
Development of the sub-level cave (“SLC”) at E48 commenced in July 2024, with access to the first sub-level
now substantially complete and commissioning expected to start in the third quarter of 2025. A concept study in
2024 included a gold grade of 0.41 g/t, with production from the E48 SLC expected to contribute to stream
deliveries through the course of its ramp-up. The E48 SLC orebody currently has a mine life ending in 2034. A
pre-feasibility study is expected to be completed in the first quarter of 2025.
2025 Guidance!
GEOs Sales” 105,000 to 115,000 GEOs
Depletion $70 million to $80 million
General Administration Costs $24 million to $25 million
Australian Cash Tax Rate* ~25%
1 Assumed commodity prices of $2,600/oz gold and $30.50/oz silver.
2 Refer to Endnote 1.
Australian Cash Taxes are payable for Triple Flag’s Australian royalty interests, specifically Fosterville, Beta Hunt, Stawell, and
3 Henty.
Long-Term GEOs Outlook
We expect our business to deliver sales of 135,000 to 145,000 GEOs in 2029, representing a significant increase
over current levels mainly driven by the following assumptions and operator guidance:
¢ Northparkes — The development of the E48 SLC as described above.
e Cerro Lindo — Pursuant to the stream agreement, a step-down in the stream rate from 65% to 25% starting
in 2026.
e ATO — Production from Phase 2. We expect the annual cap on our gold and silver streams to be fully
effective in 2029.
e Gunnison and Johnson Camp Mine — The ramp-up of Nuton operations at Johnson Camp Mine following
production that is expected by the operator to start in the second half of 2025.
e Development and exploration stage assets — In the medium to long term, revenue from Tres Quebradas
(Zijin Mining Group Co., Ltd.), Koné (Montage Gold Corp.), Eskay Creek (Skeena Resources Limited),
Gunnison and Johnson Camp Mine (Gunnison Copper Corp.), DeLamar (Integra Resources Corp.), South
Railroad (Orla Mining Ltd.), Hope Bay (Agnico Eagle Mines Limited), Ana Paula (Heliostar Metals Ltd.),
McCoy-Cove (i-80 Gold Corp.), and Fenn-Gib (Mayfair Gold Corp.).
The majority of GEOs expected in the 2029 outlook is derived from mines that are currently in production and
supported by Mineral Reserve and Mineral Resource estimates. There exists further optionality above and
beyond the 2029 outlook that is associated with exploration-stage projects that may be advanced to production
during the interim period. Our 2029 outlook is based on metal price assumptions of $2,600/oz Au, $30.50/oz Ag
and $4.00/Ib Cu.
Quarterly Portfolio Updates
Australia:
e¢ Northparkes (54% gold stream and 80% silver stream): Sales from Northparkes in Q4 2024 were 7,313
GEOs compared to 6,738 GEOs in Q3 2024 and 3,339 GEOs in Q4 2023. We continue to expect higher
grade open pit ore from E31 and E31N to contribute to stream deliveries through 2025. These deposits are
expected to be depleted during the year, as previously announced.
Development of the SLC at E48 commenced in July 2024, with access to the first sub-level now
substantially complete and commissioning expected to start in the third quarter of 2025. A concept study in
2024 included a gold grade of 0.41 g/t, with production from the E48 SLC expected to contribute to
stream deliveries through the course of its ramp-up. The E48 SLC orebody currently has a mine life
ending in 2034. A pre-feasibility study is expected to be completed in the first quarter of 2025.
First production from the E22 orebody is expected during Evolution Mining Limited’s fiscal year ending
June 30, 2029, subject to the completion of economic studies and board approval, with a reserve grade of
0.37 g/t Au. A SLC hybrid option study for E22 is expected to be completed by June 30, 2025.
Additionally, exploration at the Major Tom deposit remains ongoing and has continued to deliver near-
surface mineralized assays, including 89.0 meters grading 1.07% copper and 0.13 g/t gold. Major Tom is
located within three kilometers of the processing plant. Work is progressing to determine whether a pit can
be optimized at the deposit, which is expected to be completed in the second quarter of 2025.
e¢ Beta Hunt (3.25% GR and 1.5% NSR gold royalties): Royalties from Beta Hunt in Q4 2024 equated to
1,123 GEOs.
The expansion project to achieve consistent mine throughput at Beta Hunt of 2 million tonnes per annum
continues to advance, with recent capital investment focused on upgrades to primary ventilation, mine
pumping and water supply. Infill drill data completed across the Western Flanks and A-Zone is also being
incorporated into an updated resource model. Westgold Resources Limited continues to expect the mine
expansion project at Beta Hunt to deliver increased productivity in 2025 and beyond.
Drills continue to turn at the Fletcher Zone, a significant discovery at Beta Hunt that is interpreted to
represent a new gold mineralized structure parallel to the Western Flanks deposit of the mine, 300 meters
to the west. Western Flanks is currently the primary source of gold ore for Beta Hunt.
e Fosterville (2.0% NSR gold royalty): Royalties from Fosterville in Q4 2024 equated to 947 GEOs. In
February 2025, Agnico Eagle Mines Limited (“Agnico Eagle’) released an updated three-year outlook.
The operator now expects Fosterville to produce between 140,000 to 160,000 ounces of gold in each of
2025, 2026 and 2027. Agnico Eagle also announced that an initial assessment has demonstrated the
potential to increase production at Fosterville to an average of approximately 175,000 ounces of gold per
year, with a ramp-up in performance potentially starting in 2027. Technical evaluations and drilling are
ongoing to evaluate this potential.
Year-over-year, mineral reserves at Fosterville remained relatively consistent at approximately 1.65
million ounces grading 5.37 g/t Au, Agnico Eagle expects to spend $26.3 million in exploration drilling at
Lower Phoenix, Robbins Hill and new targets totaling over 84,300 meters in 2025.
Latin America:
¢ Cerro Lindo (65% silver stream): Cerro Lindo continued its strong year-to-date performance during the
fourth quarter with sales of 7,088 GEOs. For full year 2024, GEOs from Cerro Lindo increased by 24%
year-over-year due to improved operational performance, primarily driven by higher grades and enhanced
plant efficiency. Ongoing exploration at Cerro Lindo is mainly focused on extending the mineralization of
near-mine targets known as Orebodies 8B, 8C, 9 and 6a, as well as the Patahuasi Millay target located
within Triple Flag’s stream area.
Pursuant to the stream agreement, we continue to expect a step-down in the stream rate from 65% to 25%
starting in 2026.
¢ Buritica (100% silver stream, fixed ratio to gold): Sales from Buritica in Q4 2024 were 2,402 GEOs.
Throughout 2024, activities by illegal miners continued to weigh on operations at Buritica, including
underground confrontations. On January 20, 2025, the operator announced that it restarted gold production
after an attack by an armed group of illegal miners. The attack, which targeted a substation, temporarily
halted operations, but did not result in any injuries.
Despite the ongoing presence of illegal miners, Buritica was able to maintain overall steady operations
throughout 2024. The operator continues to engage closely with the surrounding community on illegal
mining with support from national institutions, including the National Police of Colombia.
e Camino Rojo (2.0% NSR gold royalty on oxides): Royalties from Camino Rojo in Q4 2024 equated to
890 GEOs. Orla Mining Ltd. (“Orla”) announced that Camino Rojo produced a record of 136,748 ounces
of gold in 2024. As a result, Orla achieved its improved full year 2024 production guidance of 130,000 to
140,000 ounces of gold, as well as a 19% beat versus the midpoint of initial production guidance of
110,000 to 120,000 ounces.
Preliminary operator guidance for 2025 at Camino Rojo is 110,000 to 120,000 ounces of gold.
e Ana Paula (2.0% NSR gold and silver royalty): In January 2025, Heliostar Metals Ltd. (““Heliostar’’)
announced the continuation of drilling and technical trade-off studies at its Ana Paula underground
development project in Mexico. Heliostar plans to complete a feasibility study on Ana Paula by the end of
2025 to allow for a construction decision shortly thereafter.
North America:
e Young-Davidson (1.5% NSR gold royalty): Royalties from Young-Davidson in Q4 2024 equated to 641
GEOs. In January 2025, Alamos Gold Inc. (“Alamos”’) released 2025 production guidance of 175,000 to
190,000 ounces of gold, with 2026 and 2027 production guidance of 180,000 to 195,000 ounces of gold
for each year.
As of December 31, 2024, Alamos estimates a mine life of approximately 14 years for Young-Davidson
based on current underground mining rates. Notably, Young-Davidson has maintained a Mineral Reserve
life of at least 13 years since 2011, reflecting ongoing exploration success. Alamos expects to spend $11
million on exploration at Young-Davidson in 2025. The deposit remains open at depth and to the west,
with the current program focused on expanding the new style of higher-grade gold mineralization zones
within the hanging wall. These zones are located close to existing infrastructure, demonstrating upside
potential with grades well above the current reserve grade of 2.26 g/t Au.
e Florida Canyon (3.0% NSR gold royalty): Royalties from Florida Canyon in Q4 2024 equated to 610
GEOs, with the asset achieving record annual gold production of 72,229 ounces in 2024. The previously
announced acquisition of Florida Canyon Gold Inc. by Integra Resources Corp. (“Integra”) was completed
in November 2024. Integra is advancing optimization studies on Florida Canyon with an outlook expected
to be introduced in the first quarter of 2025, as well as a drill program focused to the north and south of the
mine. According to the operator, minimal exploration work has been completed at Florida Canyon over the
past twenty years.
e Gunnison and Johnson Camp Mine (3.5% to 16.5% copper stream and 1.5% GR copper royalty): On
May 15, 2024, Nuton LLC, a Rio Tinto venture, announced that it elected to proceed to Stage 2 of a two-
stage work program on the use of copper heap leach technologies for primary sulphide mineralization at
Gunnison Copper Corp.’s (“Gunnison Copper’) 100%-owned Johnson Camp Mine (“JCM”) in Arizona.
Triple Flag owns a 1.5% GR copper royalty on JCM, which is also within the coverage area of the
Company’s separate oxide copper stream on the Gunnison property.
First Nuton copper production is expected by the operator in the second half of 2025. The site has an
existing and fully operational SX-EW processing plant. Revenue from JCM will be used to pay back the
costs of Stage 2 to Nuton and for the fulfillment of royalty and stream obligations, as well as other project
costs.
In November 2024, Gunnison Copper released a PEA for a conventional open pit and heap leach operation
at the Gunnison property. The project is designed to produce more than 2.7 billion pounds of copper
cathode over an 18-year mine life. Permit amendments required for an open pit and heap leach operation
at the Gunnison property are through the State of Arizona, with no federal nexus.
e Eskay Creek (0.5% NSR gold and silver royalty): In December 2024, Skeena Resources Limited
(“Skeena’’) announced that it expects to submit an Environmental Assessment application for the 100%-
owned fully financed Eskay Creek gold and silver project in the first quarter of 2025.
According to Skeena, first gold pour is on track for 2027 at Eskay Creek.
e Hope Bay (1.0% NSR gold royalty): In February 2025, Agnico Eagle declared an initial indicated mineral
resource at the Patch 7 zone of the Madrid deposit of 4.3 million tonnes grading 6.64 g/t Au containing 0.9