Triple Flag Reports Q2 2022 Metal Sales; On Track for Record 2022 Sales Volumes Triple Flag Precious Metals Corp. (with its subsidiaries, “Triple Flag” or the “Company”) (TSX: TFPM, TSX: TFPM.U) today announced revenue of $36.5 million for the second quarter of 2022, translating to metal sales of 19
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NEWS RELEASE
Toronto, July 12, 2022
Triple Flag Reports Q2 2022 Metal Sales; On Track for Record
2022 Sales Volumes
Triple Flag Precious Metals Corp. (with its subsidiaries, “Triple Flag” or the “Company”) (TSX: TFPM, TSX: TFPM.U)
today announced revenue of $36.5 million for the second quarter of 2022, translating to metal sales of 19,507
gold equivalent ounces1 (“GEOs”). All dollar amounts are expressed in US dollars.
As previously indicated, full -year 2022 GEOs sales are expected to be weighted to the second half of the year .
During the second quarter of 2022, certain deliveries were dispatched but not included in our GEOs due to being
in transit o r awaiting assays. Sales volumes of gold and silver are on track for a record for 2022 , however the
calculation of GEOs for our full-year guidance has been impacted by changes in the prices of gold and silver, and
the resulting gold-silver ratio.
Preliminary Q2 2022 Sales and Revenue
GEOs Sold and Revenue by Commodity2
Q2 2022 Q2 2021
GEOs Sold Revenue ($M) GEOs Sold Revenue ($M)
Gold 11,446 21.4 11,549 21.0
Silver 6,717 12.6 10,049 18.2
Other 1,344 2.5 939 1.7
Total 19,507 36.5 22,537 40.9
2022 GEOs Guidance Based on Updated Gold-Silver Ratio3
Triple Flag expects its sales volumes of gold and silver for 2022 to be an annual record, and higher than originally
expected when guidance was first released in March. However, revising H2 2022 commodity price fore casts to
$1,750/oz gold, $19.50/oz silver, $3.50/lb copper and $110/carat diamonds results in a revision of our 2022 GEOs
sales guidance to 88,000 – 92,000 GEOs from 90,000 – 95,000 GEOs previously, due to the change in the gold-
silver ratio. Our gold-silver ratio assumption at the beginning of the year was 77x, in line with histori cal norms,
but in H1 was 80x and is approximately 90x at current gold and silver prices. Had we used the price assumptions
underlying our original guidance, annual guidance would have increased to 92,000 – 96,000 GEOs, pointing to the
strong fundamental performance of the overall portfolio.
NEWS RELEASE
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Sales Volumes and GEOs by Commodity4
Sales Volumes GEOs (koz)
H1 2022
Actuals
H2 2022
Forecast
FY2022
Forecast
Current FY2022
Forecast5
FY2022 Forecast
at March Prices6
Gold (koz Au) 21 24 – 26 45 – 47 45 – 47 45 – 47
Silver (Moz Ag) 1.2 2.0 – 2.1 3.2 – 3.3 37 – 38 41 – 42
Other - - - 6 – 7 6 – 7
Total - - - 88 – 92 92 – 96
Conference Call Details
Triple Flag will release its Q2 2022 results on Tuesday, August 9, 2022, after market close. A conference call and
live webcast presentation will be held the following day, August 10, 2022, starting at 10:00 a.m. ET (7:00 a.m. PT)
to discuss these results. Participants will be able to ask questions via the telephone dial-in.
Live Webcast: https://event.on24.com/wcc/r/3825856/3D4EDED52B6D0B5940085CDC723BD127
Dial-In Details:
Toll-Free (U.S. & Canada): +1 (888) 330-2384
International: +1 (647) 800-3739
Conference ID: 4548984
Replay (Until August 24th):
Toll-Free (U.S. & Canada): +1 (800) 770-2030
International: +1 (647) 362-9199
Conference ID: 4548984
About Triple Flag
Triple Flag is a pure play, gold-focused, emerging senior streaming and royalty company. We provide our investors
with exposure to a long-life, diversified and high-quality portfolio of streams and royalties that generates robust
free cash flows. Our business is underpinned by a rigorous focus on asset quality, optionality, sustainability and
risk management. We offer bespoke financing solutions to the metals and mining industry. Our mission is to be a
preferred funding partner to mining companies throughout the commodity cycle by providing customized
streaming and royalty financing, while offering value beyond capital as partners via our networks, capabilities and
sustainability support . Since our inception in 2016, we have delivered sector -leading growth through the
construction of a diversified portfolio of streams and royalties that provides exposure primarily to gold and silver
in the Americas and Australia. We have also maintained carbon neutrality since that time, including the Scope 3
greenhouse gas emissions of our attributable portion of metals production of our counterparties. We have 80
assets, including 9 streams and 71 royalties. These investments are tied to mining assets at various stages of the
mine life cycle, including 15 producing mines and 6 5 development and exploration stage projects. On May 26,
2021, Triple Flag closed its IPO, which was the largest TSX -listed mining IPO since 2012 by size and market
capitalization, and the largest precious metals IPO globally by market capitalization since 2008. Triple Flag’s shares
are listed on the TSX under TFPM.U (USD listing) and TFPM (CAD listing).
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Contact Information:
Investor Relations:
James Dendle, Vice President, Evaluations & Investor Relations
Tel: +1 (416) 304-9770
Email: [email protected]
Media:
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 applicab le Canadian securities
laws. 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”. Our assessm ents of, and expectations for, future periods (including, but not
limited to, our 2022 production outlook for GEOs), are considered forward -looking information. 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 rele ase is based on our opinions, estimates and
assumptions in light of 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 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 prod uction. These assumptions include, but are not
limited to, the following: assumptions in respect of current and future market conditions including commodity
prices 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 annual information form and in our most
recent management’s discussion and analysis. 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. Accordin gly, 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 subjec t 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 of the forward-looking information contained in this news release is expressly qualified by the foregoing
cautionary statements.
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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 pers ons to
provide information to Triple Flag or 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 and are based on stream and royalty interests and are 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 London Bullion Market Association (“ 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) Q2 2022 Q2 2021
Revenue 36.5 40.9
Average gold price per ounce 1,871 1,827
GEOs 19,507 22,537
2 Results are unaudited.
3 The 2022 GEOs guidance update is based on publicly available forecasts of the owners or operators of our stream and royalty
properties. When publicly available forecasts on properties are not available, we obtain internal forecasts from the owners
or operators, or use our own best estimate. We conduct our own independent analysis of this information to reflect our
expectations based on an operator’s historical performance and track record of replenishing m ineral reserves and the
operator’s publicly disclos ed guidance on future production, the conversion of mineral resources to m ineral reserves, drill
results, our view on opportunities for mine plan optimization and other factors. In estimating GEOs for 2022, we used
commodity prices of $1,750/oz gold, $19.50/oz silver, $3.50/lb copper and $110/carat diamond for the remainder of 2022.
For further information, see “Forward Looking Information” and “Technical and Third-Party Information”, above.
4 Results are unaudited.
5 $1,750/oz gold, $19.50/oz silver, $3.50/lb copper, and $110/carat diamonds .
6 Based on prices used for 2022 guidance released in March: $1,800/oz gold, $23.50/oz silver, $4.20/lb copper and $110/carat
diamonds.