Triple Flag Delivers Record GEOs Sales for the Eighth Consecutive Year and Achieves Upper Half of 2024 GEOs Sales Guidance
Triple Flag Delivers Record GEOs Sales for
the Eighth Consecutive Year and Achieves
Upper Half of 2024 GEOs Sales Guidance
TORONTO--(BUSINESS WIRE)--January 15, 2025--Triple Flag Precious Metals Corp. (with
its subsidiaries, “Triple Flag” or the “Company”) (TSX: TFPM, NYSE: TFPM) announced
quarterly revenue of US$74.2 million for the fourth quarter of 2024 and annual revenue of
US$269.0 million for full year 2024. These results represent metal sales of 27,864 gold
equivalent ounces1 (“GEOs”) for the fourth quarter of 2024 and 112,623 GEOs for full year
2024, within the upper half of guidance. All dollar amounts are expressed in US dollars.
“Triple Flag has achieved an eighth consecutive annual GEOs sales record, representing a
compound annual growth rate of approximately 20% since 2017,” commented Sheldon
Vanderkooy, CEO. “We have achieved the upper half of GEOs sales guidance for 2024, driven
by higher gold grades at Northparkes and strong silver deliveries from Cerro Lindo, while key
growth projects reached major milestones towards the path to production including Koné, Eskay
Creek and Hope Bay. I am exceptionally pleased that Triple Flag increased its revenues in 2024
by over 30% year-over-year while reducing its issued and outstanding shares, driving higher
value per share. Triple Flag’s shareholders are benefiting from record GEOs as well as record
gold and silver prices. Triple Flag remains well-positioned to continue creating shareholder
value in 2025 and beyond.”
Preliminary FY2024 and Q4 2024 GEOs Sales and Revenue
GEOs Sold and Revenue by Commodity2
FY2024 FY2023
GEOs Sold Revenue ($M) GEOs Sold Revenue ($M)
Gold 70,774 169.0 61,251 119.0
Silver 40,862 97.7 38,983 75.5
Other 987 2.3 4,853 9.5
Total 112,623 269.0 105,087 204.0
Q4 2024 Q4 2023
GEOs Sold Revenue ($M) GEOs Sold Revenue ($M)
Gold 17,272 46.0 14,997 29.5
Silver 10,381 27.6 9,883 19.5
Other 211 0.6 1,363 2.7
Total 27,864 74.2 26,243 51.7
Conference Call Details
Triple Flag will release its Q4 2024 results on Wednesday, February 19, 2025, after market
close. A conference call and live webcast presentation will be held the following day, February
20, 2025, 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 An archived version of the webcast will be available on the website for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/426306225
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 March 6):
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 precious metals streaming and royalty company. We offer financing solutions to
the metals and mining industry with exposure primarily to gold and silver in the Americas and
Australia, with a total of 235 assets, including 16 streams and 219 royalties. These investments
are tied to mining assets at various stages of the mine life cycle, including 30 producing mines
and 205 development and exploration stage projects, and other assets. 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 fourth quarter of 2024, the release of its financial results for the
fourth 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.
($ millions, except average gold price and
GEOs information) Q4 2024 Q3 2024 Q2 2024 Q1 2024 FY 2024
Revenue 74.2 73.7 63.6 57.5
Average gold price per ounce 2,663 2,474 2,338 2,070
GEOs 27,864 29,773 27,192 27,794 112,623
($ millions, except average gold price and
GEOs information) Q4 2023 Q3 2023 Q2 2023 Q1 2023 FY 2023
Revenue 51.7 49.4 52.6 50.3
Average gold price per ounce 1,971 1,928 1,976 1,890
GEOs 26,243 25,629 26,616 26,599 105,087
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]