Triple Flag Announces Record Full Year 2021 Results Triple Flag Precious Metals Corp. (with its subsidiaries, “Triple Flag” or the “Company”) (TSX:TFPM, TSX:TFPM.U) announced its results for the fourth quarter and full year of 2021 and declared a dividend of US$0.0475 per
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NEWS RELEASE
Toronto, February 22, 2022
Triple Flag Announces Record Full Year 2021 Results
Triple Flag Precious Metals Corp. (with its subsidiaries, “Triple Flag” or the “Company”) (TSX:TFPM, TSX:TFPM.U)
announced its results for the fourth quarter and full year of 2021 and declared a dividend of US$0.0475 per
common share to be paid on March 15, 2022. All amounts are expressed in US dollars.
“2021 was a year defined by our transition to the public markets and ongoing delivery by our talented team.
Together we’ve built a remarkable business from a standing start in 2016. I am grateful to our team, shareholders,
board and partners for making this possible , and excited for what lies ahead with the plat form we have built
together,” commented Shaun Usmar, Triple Flag founder and CEO. “Despite lower year-over-year gold sales in Q4
due to Covid-related supply disruptions at ATO, our portfolio performed extremely well overall, resulting in metal
sales for the year above guidance. We achieved our fifth consecutive GEOs1 sales record, achieving 83,602 ounces.
That’s a 33% increase on our prior recor d in 2020, which equates to a sector -leading CAGR of 26% since we first
sold 32,706 ounces in 2017. Our 2021 sales translate into record operating cash flow of $120 million, representing
a 42% increase on our prior record in 2020, net earnings of $45.5 million, down 18% due to a one-time gain in 2020
and fair value adjustments, and record adjusted net earnings2 of $57.6 million , up 136% on our prior record in
2020. These record inaugural annual results as a public company showcase our latest step towards building a
senior precious metals streaming and royalty business that compares favorably with the best in the sector.
We enter 2022 with a carbon-neutral, high-quality, high-growth, high-margin, long-life, diversified precious metals
portfolio. We have no meaningful financial commitments over the next decade , generate strong cash flow and
have $41 million of cash with no debt outstanding, providing us with more than $600 million of liquidity to finance
new deals. We also pay a dividend with a yield that ranks with the best in the sector, and possess an active deal
pipeline with perhaps more strategic possibilities and activity than at any time in our history.”
Full Year 2021 Financial Highlights
• 34% increase in Revenue to $150.4 million, from $112.6 million in 2020.
• 33% increase in gold equivalent ounces (“GEOs”)1 sold to 83,602, from 63,059 in 2020.
• 42% increase in Operating Cash Flow to $120.0 million, from $84.4 million in 2020.
• 18% decrease in Net Earnings to $45.5 million ($0.31/share), from $55.6 million ($0.48/share) in 2020.
• 136% increase in Adjusted Net Earnings2 to $57.6 million ($0.39/share), from $24.4 million ($0.21/share)
in 2020.
• 28% increase in Adjusted EBITDA3 to $123.5 million, from $96.2 million in 2020.
• Strong Asset Margin4 of 91% compared to 92% in 2020.
• Cash Costs per GEO5 of $161, compared to Cash Costs per GEO of $147 in 2020.
2021 RESULTS
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Q4 2021 Financial Highlights
Q4 2021 results exceeded the top end of our expectations , highlighting the resilience of the overall portfolio
against the backdrop of Q4 2020 being a record quarter. The key material variance between Q4 2021 and Q4 2020
was the Covid -related supply chain disruptions at ATO, which will re sult in a deferral of gold ounces that were
originally expected to be produced in Q4 2021 . Other items of variance that impact the financial metrics listed
below include the $78.0 million cash payment from Zijin Mining Group Co., Ltd. (“Zijin”) in December 2020 for the
exercise of the Buriticá gold stream buyback, and the associated $30.9 million gain on disposition.
• 12% decrease in Revenue to $37.0 million, from $42.0 million in Q4 2020.
• 8% decrease in GEOs1 sold to 20,605, from 22,409 in Q4 2020.
• 6% decrease in Operating Cash Flow to $29.0 million, from $30.7 million in Q4 2020.
• 75% decrease in Net Earnings to $13.4 million ($0.09/share), from $54.0 million ($0.40/share) in Q4 2020.
• 21% decrease in Adjusted Net Earnings2 to $13.4 million ($0.09/share), from $17.1 million ($0.13/share)
in Q4 2020.
• 21% decrease in Adjusted EBITDA3 to $28.9 million, from $36.7 million in Q4 2020.
• Strong Asset Margin4 of 91% compared to 92% in Q4 2020.
• Cash Costs per GEO5 of $159, compared to Cash Costs per GEO of $154 in Q4 2020.
GEOs Sold by Commodity, Revenue by Commodity, and Financial Highlights Summary Table
Three Months Ended December 31 Year Ended December 31
($ thousands except GEOs, Asset Margin, Total
Margin, Cash Costs per GEO, and per share
numbers) 2021 2020 2021 2020
GEOs1
Gold 10,614 14,370 41,143 38,548
Silver 8,586 7,606 38,229 22,947
Other 1,405 433 4,230 1,564
Total 20,605 22,409 83,602 63,059
Revenue
Gold 19,054 26,932 74,035 69,452
Silver 15,414 14,256 68,777 40,436
Other 2,522 811 7,609 2,700
Total 36,990 41,999 150,421 112,588
Net Earnings 13,381 53,955 45,527 55,565
Net Earnings per Share 0.09 0.40 0.31 0.48
Adjusted Net Earnings2 13,409 17,060 57,563 24,406
Adjusted Net Earnings per Share2 0.09 0.13 0.39 0.21
Operating Cash Flow 28,997 30,721 120,015 84,377
Adjusted EBITDA3 28,880 36,735 123,485 96,157
Asset Margin4 91% 92% 91% 92%
Total Margin4 78% 87% 82% 85%
Cash Costs per GEO5 159 154 161 147
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Corporate Updates
• Acquisition of Three NSR Royalties Proximal to Salares Norte on properties operated by Gold Fields: In
December 2021, Triple Flag announced the acquisition for $4.9 million of three pre-existing 2% net smelter
returns (“NSR”) royalties on each of the Aster 2, Aster 3, and Helada properties from a private third party
proximal to Gold Fields Limited’s (“Gold Fields”) Salares Norte project in Chile. These royalties each cover
prospective exploration ground that Gold Fields has been exploring. Each royalty has a buy -down
provision to reduce the royalty rate from 2% to 1%, with the buy -down price payable to Triple Flag if
exercised being $4.0 million for each of Aster 3 and Helada and $2.0 million for Aster 2.
• Beaufor Royalty Acquisition: Subsequent to quarter-end, Triple Flag entered into a binding agreement to
acquire an existing 2% NSR royalty (with a milestone-based step-down to 1%) on the Beaufor Mine for
C$6.75 million. In connection with this transaction, the Company entered into a binding agreement with
Monarch Mining Corporation (“Monarch”) to provide Monarch with additional funding of C$4.5 million in
consideration for increasing the royalty rate to 2.75% and eliminating the step -down. The two
transactions were closed on February 14, 2022.
• Talon Royalty Buy -down and Disposition of Equity Interest: Subsequent to quarter -end, Talon Metals
Corp. (“Talon Metals”), through its U.S. subsidiary Talon Nickel (USA) LLC (“Talon Nickel” and collectively
with Talon Metals, “Talon”) exercised its right to reduce the NSR royalty rate under the Tamarack royalty
agreement from 3.5% to 1.85% of Talon’s interest in the Tamarack N ickel Project (“Tamarack”) in
exchange for a payment of $4.5 million. This is consistent with the assumptions underpinning our five -
and ten-year GEOs outlook we published in Q3 of 2021. Triple Flag acquired its royalty on Tamarack for
$5 million in March 2019. The transaction will be recorded during the first quarter of 2022.
On December 3, 2021, we acquired 5 million common shares of Talon Metals for C$413,000 through the
exercise of our 5 million common share purchase warrants. Subsequent to quarter- end, we sold the 5
million Talon Metals shares for C$3.7 million. The disposition will be recorded during the first quarter of
2022 and is driven by our strategic focus on limiting equity exposures across our business.
Triple Flag retains significant exposure to Tamarack through the remaining 1.85% NSR royalty and has
more than recouped its investment into Talon with the proceeds from the sale of the Talon common
shares and the proceeds from the buy-down payment.
• Gunnison Stream Amendment: In December 2021, Triple Flag and Excelsior Mining Corp. (with its
subsidiaries, “Excelsior”) agreed to an amendment to the Stream Agreement between the Company and
Excelsior, thereby helping facilitate certain transactions. Pursuant to the amendment, the Company and
Excelsior agreed to remove Excelsior’s buy-down option and concurrently agreed to re-price Triple Flag’s
3.5 million common share purchase warrants to C$0.54 per common share . This amendment was
reflected in our results for the year ended December 31, 2021, and did not have a material impact on our
financial statements.
• Virtual Tours: Late in 2021, Triple Flag , in partnership with its partners, hosted virtual tours of Royal
Bafokeng Platinum Limited’s (“RBPlat”) PGM operations and China Molybdenum Co., Ltd’s (“ CMOC”)
CMOC-Northparkes Mines (“Northparkes”). The virtual tours can b e found under the “Video Content”
page under the Investors section of our website at www.tripleflagpm.com.
• Dividend: Triple Flag’s Board of Directors declared a quarterly dividend of US$0.0475 per common share
that will be paid on March 15, 2022 to the shareholders o f record at the close of business on March 4,
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2022. The annualized dividend of US$0.19 per share represents a yield of 1.4% based on the closing share
price on February 18, 2022.
• Team: Subsequent to the quarter-end, we are pleased to announce that John Cash has joined Triple Flag
as a Senior Advisor, Mining Engineering. John brings 35 years of experience in the mining industry, the
majority of which was spent with Barrick Gold Corp. John joined Barrick’s Goldstrike Mine as a mining
engineer in 1988 and rose to progressively more senior positions, most recently as Vice President of Life
of Mine Planning and Growth. John brings a wealth of global mining experience that spans mine planning,
construction, technical studies, business improvement, due diligence at the mine site and corporate
levels. John is replacing Allan Polk, who retired from Triple Flag as Vice President, Mining Engineering in
December 2021. We are grateful to Allan for his contributions to our business and wish him well for the
future.
Q4 2021 Portfolio Updates
Australia:
• Northparkes (54% gold stream and 80% silver stream) : Sales from Northparkes in Q 4 2021 and FY2021
were 3,772 GEOs and 14,886 GEOs, respectively, based on sales of 2,922 ounces of gold and 68,212 ounces
of silver in Q4 2021 , and sales of 12,059 ounces of gold and 210,503 ounces of silver in FY2021. In Q 4
2021, Northparkes produced 7,694 tonnes of copper and 6,232 ounces of gold. Capital and expansion
projects continue to progress well, with the Expansion Project (Phase 1) achieving design rates and the
E26 Lift 1 North Block Cave expecting to commence production in Q1 2022, some five months ahead of
schedule.
• Fosterville (2.0% NSR gold royalty) : Royalties from Fosterville in Q 4 2021 and FY2021 equated to 3,253
GEOs and 10,327 GEOs, respectively. Fosterville produced 108,156 ounces of gold in Q4 2021 and 509,601
ounces of gold in the full year 2021, above November 2021 guidance of 500,000 ounces. Production
exceeded target levels for the quarter mainly due to higher -than-expected average grade. Increased
Covid-19 cases in Australia resulting from the spread of the Omicron variant have resulted in reduced
workforce levels and some disruptions to operations, but Kirkland Lake Gold Ltd. (“Kirkland”) noted with
its Q4 and full year 2021 production results that the mine is well positioned to achieve 2022 production
in line with prior guidance of 325,000 to 400,000 ounces that was issued on December 10, 2020. On
February 8, 2022, the merger between Kirkland and Agnico Eagle Mines Limited was completed, and
consolidated 2022 guidance for the combined company is expected to be released in the second half of
February.
• Dargues (5.5% gross revenue (“GR”) gold royalty): Royalties from Dargues in Q4 2021 and FY2021 equated
to 358 GEOs and 1,735 GEOs, respectively. Dargues produced 10,844 ounces of gold in the quarter ended
December 31, 2021, in line with the prior quarter’s production of 10,827 ounces. Ore processed was 92.0
kt versus 91.3 kt in the prior quarter, and gold recovery and concentrate grade improved as a result of
flotation circuit optimization and higher gold to sulphur ratio in the mill feed. Aurelia Metals Limited
(“Aurelia”) left its FY2022 (ending June 30, 2022) production outlook for Dargues of 45,000 to 50,000
ounces of gold unchanged, with stronger production expected in the second half of FY2022. As part of the
Phase 2 drilling program, underground diamond drilling to infill the lower mining area resumed in October
and surface drilling commenced in the quarter to infill certain areas of the resource along with numerous
high priority exploration targets in the immediate mine vicinity. Aurelia is targeting a Mineral Resource
and Ore Reserve update in the second half of calendar 2022, with environmental assessments and
regulatory approvals associated with a potential expansion completed by approximately mid-2024.
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• Henty (3.0% GR gold royalty): Royalties from Henty in Q 4 2021 and FY2021 equated to 190 GEOs and
1,046 GEOs, respectively . Henty produced 6,311 ounces of gold and sold 6,62 1 ounces of gold in the
quarter ended December 31, 2021. Since Catalyst Metals Ltd. (“Catalyst”) acquired Henty on January 20,
2021, Henty has produced 24,706 ounces of gold, in line with its guidance of 25,000 ounces for calendar
year 2021.
During Catalyst’s ownership, mill recoveries have improved, new exploration targets have been identified
and they have delivered three consecutive quarters of production growth. Catalyst is focused on
converting the mineral resource to mineral reserves and increasing production from the current rate of
approximately 30,000 ounces of gold per year to 50,000 ounces, as new ore sources are added, which will
require minimal capex investment and is expected to reduce all in sustaining costs by 20 to 25%. For 2022,
Catalyst is initiating a project to supplement its 2022 mine plan with additional high -grade ore from
narrow vein orebodies not in the current mine plan . The medium-term objectives of the supplemental
high-grade ore plan is to restore production to 40,000 ounces per annum while maintaining or extending
mine life. On the exploration front, Catalyst has three drill rigs in operation for underground diamond
drilling with a fourth arriving in February, and one rig for surface exploration. Henty’s recent exploration
results have identified potential to increase mineral resources due to high -grade intercepts outside the
current mineral resource, and to delineate new mineral resources in new areas.
Latin America:
• Cerro Lindo (65% silver stream) : Sales from Cerro Lindo in Q 4 2021 and FY2021 were 6,361 GEOs and
30,651 GEOs, respectively, based on 489,271 ounces of silver sold in Q4 2021 and 2,223,472 ounces sold
in FY2021. Cerro Lindo produced 940 ,000 ounces of silver during Q4 2021, a decrease from 1,024 ,000
ounces of silver in Q4 2020, but produced 3,814,000 ounces of silver for FY2021, up from 2,939,000 ounces
in FY2020 and above guidance. On December 14, Nexa Resources S.A. (“Nexa”) reported that Cerro Lindo
operations had been temporarily suspended due to a group of protestors illegally blocking road access to
the mine as part of protest activities th at began on December 8 . After two days of stoppage , protests
were resolved on December 16 and the plant was ramped up to full production on December 18.
Nexa provided updated 3 -year guidance with its FY2021 financial results on February 15, 2022, which
showed a reduction in assumed throughput to 6.0 – 6.5 million tonnes per annum, down from 7.0 million
tonnes per annum in 3-year guidance provided at the beginning of 2021. This, in combination with lower
zinc head grade, has resulted in reduced zinc and, to a lesser extent, copper production guidance for 2022,
with higher zinc and lower copper in 2023. However, of most importance to Triple Flag, silver production
guidance for 2022 and 2023 has improved significantly, to 4.0 million ounces for 2022 from 3.5 million
ounces previously, and to 3.5 million ounces for 2023 from 2.9 million ounces previously. In 2024, silver
production is expected to increase back to 4.0 million ounces. The 2022 exploration plan for Cerro Lindo
includes 39,000 meters of drilling, in cluding detailed drilling at Pucasalla and extension drilling on other
targets such as the northwest extension of OB5B and Festejo, located southeast of the Cerro Lindo mine
and OB9. Nexa also plans to run a 36-kilometer ground geophysics survey along these targets to confirm
continuity of mineralization. Pucasalla is outside of Triple Flag’s stream area but is covered by a right of
first refusal. Nexa has continued to discover extensions of the Cerro Lindo deposit within the stream area,
towards the east and southeast of the mine.
• Buriticá (100% silver stream) : Sales from Buriticá in Q4 2021 and FY2021 were 1,203 GEOs and 4,403
GEOs, respectively, based on 93,741 ounces of silver sold in Q4 2021 and 318,939 ounces in FY2021 .
Buriticá achieved average throughput slightly above design capacity at 3,100 tonnes per day at an average
grade of 7.4 grams per tonne gold in Q4 2021. Zijin is currently commission ing the expansion project to
increase throughput to 4,000 tonnes per day during 2022, which will also a llow the mine to produce
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copper and zinc concentrates from Buriticá, that will further boost the already high margins from this low-
cost mine.
• Eastern Borosi (2 .0% NSR gold and silver royalty) : Calibre Mining Corp. (“ Calibre”) noted with its 2021
production results that in 2021 it advanced technical drilling, land purchases, and social and
environmental work at the initial resource zones within Eastern Borosi. It significantly advanced three of
six known resource zones in 2021. In February, Calibre announced it has submitted permit applications to
advance Eastern Borosi, which is expected to provide high-grade mill feed to the Libertad mill during the
second half of 2023 and support Calibre’s ‘hub and spoke’ strategy. Concurrent target delineation and
exploration drill programs have been ongoing and have restarted with two rigs testing extensions to
existing resources and newly identified targets including the San Cristobal and Cadillac West deposits.
North America:
• Young-Davidson (1.5% NSR gold royalty): Royalties from Young-Davidson in Q4 2021 and FY2021 equated
to 672 GEOs and 2,817 GEOs, respectively. Young-Davidson produced 51,900 ounces of gold in Q4 2021,
up from 48,000 ounces in Q4 2020. Following the completion of the lower mine expansion in July 2020,
underground mining rates increased to average a record 7,889 tonnes per day in 2021, including a record
8,128 tonnes per day in the second half of 2021. Mining and processing rates are expe cted to average
design rates of 8,000 tonnes per day going forward. Additionally, Alamos Gold Inc. (“Alamos”) announced
three-year guidance for Young-Davidson and expects the mine to produce 185,000 – 200,000 ounces each
year, making Young-Davidson Alamos’ top producing mine. Grades mined and processed are expected to
range between 2.15 and 2.35 grams per tonne of gold in 2022 and remain at similar levels through 2024.
Grades mined are expected to increase thereafter, as Young-Davidson West becomes more of a significant
contributor to production.
Alamos has budget ed $5.0 million for exploration in 2022; t he focus of the underground exploration
drilling program will be to expand m ineral resources in six target areas that have been identified within
proximity to existing underground infrastructure. In addition, 3,500 meters of surface drilling is planned
to test near-surface targets across the 5,600 hectare Young-Davidson Property.
• Pumpkin Hollow (97.5% gold and silver stream): Sales from Pumpkin Hollow in Q4 2021 and FY2021 were
136 GEOs and 635 GEOs, respectively, based on sales of 107 ounces of gold and 2,063 ounces of silver in
Q4 2021, and sales of 501 ounces of gold and 9,655 ounces of silver in FY2021. During Q4 2021 Nevada
Copper Corp. (“ Nevada Copper”) announced a series of updates on the progression of operating and
ramp-up activities at the mine. Lateral development rates continue to rise, being 100 % higher i n
December 2021 than in August 2021, due in part to contractor p roductivity increasing by 31% between
October and November resulting in substantial improvement in operating efficiency as well as cost
reductions. Installation of additional surface ventilation fans remains on schedule, with commissioning
planned to be completed in Q1 2022, with ventilation no longer expected to be a constraint to production
rates thereafter. Nevada Copper plans to undertake various exploration and drilling activities across the
Pumpkin Hollow open pit and Tedeboy projects during 2022. Triple Flag holds a 0.7% NSR royalty and a
2.0% NSR royalty on the Pumpkin Hollow open pit and Tedeboy projects, respectively.
• Gunnison (16.5% copper stream): Sales from Gunnison in Q4 2021 and FY2021 were 133 GEOs and 392
GEOs, respectively, based on 54,035 pounds of copper sold in Q4 2021 and 163,188 pounds in FY2021.
During Q4 2021, Excelsior Mining Corp. (“ Excelsior”) announced that two diamond drills have been
mobilized to the Johnson Camp Mine (“ JCM”), for infill drilling of the Burro and Copper Chief open pits .
Excelsior continues to advance the JCM restart which, once operational, will provide cash flow while the
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raffinate neutralization plant is being designed and built for Gunnison. Any cathode production from the
JCM is covered under Triple Flag’s stream.
• Eagle River (0.5% NSR gold royalty) : Royalties from Eagle River in Q4 2021 and FY2021 equated to 115
GEOs and 450 GEOs, respectively . Eagle River produced 24,630 ounces of gold in Q 4 2021 and 101,403
ounces of gold in FY2021, at the top end of 2021 producti on guidance of 92,000 to 105,000 ounces of
gold. For 2022, Eagle River production guidance is 95,000 to 105,000 ounces of gold. During the quarter,
Wesdome Gold Mines Ltd (“Wesdome") announced the discovery of the North Contact Zone and the
discovery of zo nes of additional mineralization parallel to the Falcon 7 Zone at Eagle River. The North
Contact Zone is a new discovery located along the northern contact of the mine diorite and has been
intersected by several underground holes that were drilled north of the 300 East zone to test for parallel
structures. The Falcon 7 Zone was discovered in 2019 during surface drilling of the volcanic rocks located
approximately 200 meter s west of the mine diorite. Drilling has been ongoing since the discovery to
determine the extent of the zone and to increase confidence of the gold grade distribution. Recent drilling
from the new development intersected several parallel zones to that of the Falcon 7 zone. Wesdome is
planning aggressive underground and surface exploration programs in 2022.
• Tamarack (1.85%a NSR nickel and copper royalty on Talon’s interest): In January 2022 , Talon announced
an agreement with Tesla Inc. (“Tesla”) for the supply and purchase of nickel concentrate to be produced
from Tamarack in Aitkin County, Minnesota. The execution of the agreement follows an extensive period
of detailed due diligence performed by Tesla and lengthy negotiations between Talon and Tesla. Tesla has
committed to purchase 75,000 tonnes (165 million pounds) of nickel in concentrate and has a preferential
right under the agreement to negotiate the purchase of additional nickel concentrate over and above the
initial 75,000 tonne commitment. Talon will use commercially reasonable efforts to achieve commercial
production on or before January 1, 2026 at Tamarack. Talon and Tesla will work together to optimize
nickel concentrate grades and metal recoveries. Furthermore, the parties have also agreed to share in any
additional economics derived from by -products extracted from the nickel concentrate, such as iron and
cobalt. The purchase price to be paid by Tesla for the nickel in concentrate will be linked to the London
Metals Exchange (LME) official cash settlement price for nickel. In February 2022, Talon announced that
the US Department of Energy has awarded $2.2 million in R&D funding to explore carbon storage potential
at Tamarack. Rio Tinto, Talon’s joint venture partner, will lead the eff orts to explore new approaches in
carbon mineralization technology as a way to safely and permanently store carbon in solid rock form, and
will contribute $4 million in funding for the 3 -year project in addition to the $2.2 million from the US
Department of Energy. During the course of 2021 Talon reported numerous results of drilling intercepts
beyond the current mineral resource at Tamarack, demonstrating the presence of shallow, high-grade
nickel copper mineralization.
• Queensway (0.2% to 0.5% NSR gold royalty): During Q4 2021, New Found Gold Corp. (“New Found Gold”)
continued to release high -grade results from their 400,000 meter drilling program and on January 13,
2022 announced the discovery of Keats Footwall Zone, intercepting 56.69 grams per tonne gold over 2.45
meters. These results were followed by the announcement of an intercept of 28.20 grams per tonne gold
over 4.50 meters in the same zone, 145 meters below the Keats Main Zone.
Rest of World:
• RBPlat (70% gold stream): Sales from RBPlat in Q4 2021 and FY2021 were 1,903 GEOs and 8,096 GEOs,
respectively, based on 1,919 ounces of gold sold in Q4 2021 and 8,093 ounces in FY2021.
On November 29, Royal Bafokeng Platinum Limited (“ RBPlat”) announced that it received notification
from Impala Platinum Limited (“ Implats”) of Implats ’ intention to acquire the issued ordinary shares of
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RBPlat, other than treasury shares, and shares it already owned. On December 9, Implats announced that
it increased its shareholding in RBPlat to 35.31% and on January 1 7, 2022, issued an offer to acquire all
outstanding shares, which RBPlat recommended to shareholders on February 11, 2022. Commenting on
the offer, Implats’ CEO, Nico Muller, emphasized the “low-cost, shallow, mechanized assets, enhancing
the positioning of the Implats Group with a quality portfolio of high-value operations that are sustainable
and competitive through the cycle”. Triple Flag’s gold stream will not be affected by the change in
ownership of the RBPlat assets.
• ATO (25% gold stream and 50% silver stream): Sales from ATO in Q4 2021 and FY2021 were 977 GEOs and
3,380 GEOs, respectively, based on sales of 843 ounces of gold and 10,372 ounces of silver in Q4 2021,
and sales of 3,199 ounces of gold and 11,247 ounces of silver in FY2021. As we outlined in our October 29
press release, Triple Flag was pleased to report that Steppe Gold Ltd. (“ Steppe”) announced on October
26 the positive results of the Feasibility Study on the ATO gold mine in Mongolia, focused primarily on the
10.5-year expansion from the fresh rock ore (“Phase 2 Expansion”) following depletion of the producing
oxide phase in 2 years (the “Feasibility Study”). The Phase 2 Expansion materially extends the life of Triple
Flag’s gold and silver stream by more than a decade, for no incremental investment by Triple Flag. Triple
Flag was the cornerstone financing partner in 2017 to support Steppe in its acquisition and development
of ATO, investing $28 million in the ATO stream and having received $17.3 million in stream cash flow
from ATO as of December 31, 2021.
Conference Call Details
Triple Flag has scheduled an investor conference call at 10:00 a.m. ET (7:00 a.m. PT) on Wednesday, February 23,
2022, to discuss the results reported in today’s earnings announcement. The conference call will be broadcast live
via a webcast and 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 one month
following the webcast.
Date and Time: February 23rd, 2022 at 10:00 a.m. ET (7:00 a.m. PT)
Live Webcast: https://event.on24.com/wcc/r/3575993/63D3700EFEF747D0629DB9EC6547E60D
Dial-In Details:
Toll-Free (U.S. & Canada): +1 (833) 968-2076
International: +1 (236) 714-2960
Conference ID: 6428245
Replay (Until March 2nd):
Toll-Free (U.S. & Canada): +1 (800) 585-8367
International: +1 (416) 621-4642
Conference ID: 6428245