Triple Flag Announces Strong Q2 2024 GEOs Deliveries
Triple Flag Announces Strong Q2 2024 GEOs
Deliveries
TORONTO--(BUSINESS WIRE)--July 11, 2024--Triple Flag Precious Metals Corp. (with its
subsidiaries, “Triple Flag” or the “Company”) (TSX: TFPM, NYSE: TFPM) announced record
quarterly revenue of US$63.6 million for the second quarter of 2024, which represented
quarterly metal sales of 27,192 gold equivalent ounces1 (“GEOs”). All dollar amounts are
expressed in US dollars, unless otherwise noted.
“Triple Flag achieved another strong quarter of deliveries, including quarter-on-quarter growth
from Northparkes due to the ongoing processing of the higher-gold-grade E31 and E31N open
pits. With year-to-date GEOs sold of 54,986 ounces, the Company is on track to deliver 2024
GEOs sales guidance of 105,000 to 115,000 ounces,” commented Shaun Usmar, CEO. “We
continue to prioritize sustainable investments and strong governance, improving our
Sustainalytics ESG Risk Rating to 2nd out of 118 companies in the precious metals industry and
1st in the precious metals mining subindustry. Triple Flag remains well positioned to deliver
meaningful per share growth driven by a solid organic growth outlook and a strong precious
metals price environment.”
Preliminary Q2 2024 GEOs Sold and Revenue
GEOs Sold and Revenue by Commodity2
Q2 2024
GEOs Sold Revenue ($M)
Gold 16,124 37.7
Silver 11,068 25.9
Total 27,192 63.6
Conference Call Details
Triple Flag will release its Q2 2024 results on Wednesday, August 7, 2024, after market close.
A conference call and live webcast presentation will be held the following day, August 8, 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 An archived version of the webcast will be available on the website for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/841971665
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 August 22):
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 234 assets, including 15 streams and 219
royalties. These investments are tied to mining assets at various stages of the mine life cycle,
including 32 producing mines and 202 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 Company’s preliminary sales and
revenue information for the second quarter of 2024, the release of its financial results for the
second 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.
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.
($ millions, except average gold price and GEOs
information) Q2 2024
Q2 2023
Revenue 63,581 52,591
Average gold price per ounce 2,338 1,976
GEOs 27,192 26,616
1 Gold Equivalent Ounces (“GEOs”)
2 Results are unaudited.
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]