Triple Flag Announces Record Q3 2024 Revenue and GEOs
Triple Flag Announces Record Q3 2024
Revenue and GEOs
TORONTO--(BUSINESS WIRE)--October 10, 2024--Triple Flag Precious Metals Corp. (with
its subsidiaries, “Triple Flag” or the “Company”) (TSX: TFPM, NYSE: TFPM) announced
record revenue of US$73.7 million for the third quarter of 2024 from record quarterly metal sales
of 29,773 gold equivalent ounces1 (“GEOs”). All dollar amounts are expressed in US dollars,
unless otherwise noted.
“With another strong quarter of sales, including from Northparkes, Cerro Lindo and our new
streams with Allied Gold, Triple Flag is well positioned to continue delivering per share growth.
The Company remains on track to deliver on our 2024 GEOs sales guidance of 105,000 to
115,000 ounces, as we continue to advance an active deal pipeline,” commented Sheldon
Vanderkooy, CEO.
Preliminary Q3 2024 GEOs Sold and Revenue
GEOs Sold and Revenue by Commodity 2
Q3 2024
GEOs Sold Revenue ($M)
Gold 19,732 48.8
Silver 9,928 24.6
Other 113 0.3
Total 29,773 73.7
On August 14, 2024, Triple Flag completed the previously announced acquisition of 3% gold
streams on Agbaou and Bonikro from Allied Gold Corporation (the “Allied Streams”). Under the
terms of the Allied Streams, Triple Flag was entitled to metal deliveries based on production
after January 1, 2024. The metal delivered from the pre-closing period of January 1, 2024, to
August 14, 2024, (the “Initial Allied Ounces”) were sold at the prevailing market price, while the
cost of sales attributed to these ounces sold were also recorded at the same prevailing market
price, to reflect the accounting treatment of these Initial Allied Ounces as a reduction of the
stream purchase price. Accordingly, preliminary cost of sales excluding depletion 2 for the three
months ended September 30, 2024, was approximately $15.5 million.
Conference Call Details
Triple Flag will release its Q3 2024 results on Tuesday, November 5, 2024, after market close.
A conference call and live webcast presentation will be held the following day, November 6,
2024, starting at 9:00 a.m. ET (6:00 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 An archived version of the webcast will be available on the website for
one year following the webcast.
Live Webcast: https://events.q4inc.com/attendee/349088597
Dial-In Details: Toll-Free (U.S. & Canada): +1 (888) 330-2384
International: +1 (647) 800-3739 Conference ID: 4548984, followed by # key
Replay (Until November 20): Toll-Free (U.S. & Canada): +1 (800) 770-2030
International: +1 (647) 362-9199 Conference ID: 4548984, followed by # key
About Triple Flag Precious Metals
Triple Flag is a pure play, precious-metals-focused 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 236 assets, including 17 streams and 219
royalties. These investments are tied to mining assets at various stages of the mine life cycle,
including 32 producing mines and 204 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
include, but are not limited to, statements with respect to the accounting treatments for certain of
the Company’s streams, the Company’s preliminary sales and revenue information for the third
quarter of 2024, the release of its financial results for the third quarter of 2024, 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 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 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 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 Factors” in our most recently 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. 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 assurance that such third-party information is complete or accurate.
_________________________
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 presented 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.
($ thousands, except average gold price and GEOs information) Q3 2024 Q3 2023
Revenue 73,669 49,425
Average gold price per ounce 2,474 1,928
GEOs 29,773 25,629
2 Results are unaudited. The Company cautions that, whether or not expressly stated, all third
quarter figures contained in this press release including, without limitation, sales and associated
costs are preliminary, and reflect our expected third quarter results as of the date of this press
release. Actual reported third quarter sales and associated costs are subject to management’s final
review and may vary significantly from those expectations because of a number of factors,
including, without limitation, additional or revised information, and changes in accounting
standards or policies, or in how those standards are applied.
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]