Triple Flag On Track to Deliver 2024 GEOs Sales Guidance; Kensington Gold Mine Royalty Commences Payment Triple Flag Precious Metals Corp. (with its subsidiaries , “Triple Flag” or the “Company”)
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NEWS RELEASE
Toronto, April 8, 2024
Triple Flag On Track to Deliver 2024 GEOs Sales Guidance;
Kensington Gold Mine Royalty Commences Payment
Triple Flag Precious Metals Corp. (with its subsidiaries , “Triple Flag” or the “Company”) (TSX: TFPM, NYSE: TFPM)
announced record quarterly revenue of US$57.5 million for the first quarter of 2024, whic h represented record
quarterly metal sales of 27,794 gold equivalent ounces1 (“GEOs”). All dollar amounts are expressed in US dollars.
“Triple Flag achieved a new quarterly GEOs sales record to start the year, with the Company well on track to deliver
2024 GEOs sales guidance of 105,000 to 115,000 ounces. The portfo lio continued its eight- year track record of
delivery, with a nearly 90% quarter-on-quarter increase in GEOs sales from Northparkes, in line with our guidance
for a stronger 2024 due to the higher go ld-grade E31 and E31N op en pits, which drove su bstantial sales growth
from our flagship asset,” commented Shaun Usmar, CEO. “ We are also pleased to embark on a new partnership
with Coeur Mining, with the commencement of payments on our royalty on the Kensington gold mine in Alaska,
which we acquired as part of the Maverix transaction last year.”
Preliminary Q1 2024 GEOs Sold and Revenue
GEOs Sold and Revenue by Commodity2
Q1 2024
GEOs Sold Revenue ($M)
Gold 17,646 36.5
Silver 9,485 19.6
Other 663 1.4
Total 27,794 57.5
Commencement of Payments on NSR Royalty on the Kensington Gold Mine: During the first quarter of 2024,
wholly-owned subsidiaries of Triple Flag and Coeur Mining, Inc. (“Coeur”) entered into a settlement agreement to
resolve litigation regarding the terms of a royalty held by Triple Flag on Coeur’s Kensington gold mine.
Further to that settlement, Triple Flag and Coeur agreed to amend the terms of the existing Kensington royalty to
provide that:
Effective January 1, 2024, the royalty will pay at a rate of 1.25% of net smelter returns occurring through
to December 31, 2026.
NEWS RELEASE
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The royalty rate will increase to 1.50% of net smelter returns occurring after January 1, 2027.
Coeur’s production guidance for 2024 at Kensington is 92,000 to 106,000 ounces of gold3.
As part of the settlement agreement, Triple Flag has received approximately 737 thousand shares of Coeur and in
the first quarter of 2025, will receive further shares of Co eur with a fixed value of $3.75 million as determined at
that time. The Coeur share consideration is in settlement of royalties in arrears and litigation expenses incurred.
The recognition of royalties in arrears resulted in approximately 2,600 GEOs in the first quarter of 2024.
The amended NSR royalty is subject to a cap of two millio n ounces of gold, adjusted for consideration received
related to royalties in arrears.
Kensington is an underground gold operation located in Alaska, currently consisting of the Kensington Main, Raven
and Jualin deposits as well as othe r exploration targets. Commercial pr oduction began in 2010 and in 2019, the
mine achieved over one million ounces of gold produced.
As of December 31, 2023, proven and probable reserves at Kensington totaled 411 koz with an additional 819 koz
in the measured and indicated category as well as 388 koz in the inferred category 4. Ongoing exploration work
includes drilling at the Kensington Zone 30 and Elmira deposits to further build reserves. Recent assays at the
property have shown orebody continuity to the south and down-dip.
Conference Call Details
Triple Flag will release its Q1 2024 results on Tuesday, May 7, 2024, after market close.
A conference call and live webcast presentation will be held the following day, May 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 th e webcast will be available
on the website for one year following the webcast.
Live Webcast: https://events.q4inc.com/attendee/189620706
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 May 22):
Toll-Free (U.S. & Canada): +1 (800) 770-2030
International: +1 (647) 362-9199
Conference ID: 4548984, followed by # key
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About Triple Flag
Triple Flag is a pure play, precious-metals-focused stre aming and royalty company. We offer bespoke financing
solutions to the metals and mining industry with exposu re 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”.
Contact Information
Investor Relations:
D a v i d L e e
Vice President, Investor Relations
Tel: +1 (416) 304-9770
Email: [email protected]
M e d i a :
Gordon Poole, Camarco
Tel: +44 (0) 7730 567 938
Email: [email protected]
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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 (col lectively referred to herein as “for ward-looking information”). Forward-
looking information may be identified by the use of fo rward-looking terminology such as “plans”, “targets”,
“expects”, “is expected”, “budget”, “scheduled”, “estimates”, “outlook”, “forecasts”, “projection”, “prospects”,
“strategy”, “intends”, “anticipates”, “believes”, or variations of such wo rds 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 first quarter of 2024, the release of
its financial results for the first quarter of 2024, the conduct of the conference call to discuss said results and the
future payments of royalties under the royalty on the Kensington mine and the recognition of revenue therefrom.
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 manageme nt’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 appropri ate and reasonable in the
circumstances. The forward-looking info rmation contained in this news release is also based upon a number of
assumptions, including the ongoing operation of the properti es in which we hold a stream or royalty interest by
the owners or operators of such properties in a manner consistent with past practi ce; the accuracy of public
statements and disclosures made by the owners or operat ors 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 fa ctors 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-look ing 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 result s and future events could differ materially from
those anticipated in such information. Accordingly, re aders 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
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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 th is news release is expressly qualified by the foregoing
cautionary statements.
Cautionary Statement to U.S. Investors
Information contained or referenced in this press releas e or in the documents referenced herein concerning the
properties, technical information and operations of Tr iple 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 Regul ation S-K (“S-K 1300”). Because the
Company is eligible for the Multijurisdictional Disclosu re 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 op erators of the properties an d their qualified persons to
provide information to Triple Flag and on publicly availa ble 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 independe ntly verify such information. Although Triple Flag does
not believe that such information is in accurate or incomplete in any material respect, there can be no assurance
that such third-party information is complete or accurate.
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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 pe riods 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 th e 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 u nder 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) Q1 2024
Q1 2023
Revenue 57.5 50.3
Average gold price per ounce 2,070 1,890
GEOs 27,794 26,599
2 Results are unaudited.
3 Refer to Coeur’s press release dated February 21, 2024, “Coeur Reports Fourth Quarter and Full-Year 2023
Results”.
4 Refer to Coeur’s press release dated February 20, 2024, “Coeur Reports Year-End 2023 Mineral Reserves and
Resources”.