Triple Flag Reports Q2 2022 Results and Increases Dividend Triple Flag Precious Metals Corp. (with its subsidiaries, “Triple Flag” or the “Company”) (TSX:TFPM, TSX:TFPM.U) announced its results for the second quarter of 2022 and declared an increased dividend of US$0.05 per common
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NEWS RELEASE
Toronto, August 9, 2022
Triple Flag Reports Q2 2022 Results and Increases Dividend
Triple Flag Precious Metals Corp. (with its subsidiaries, “Triple Flag” or the “Company”) (TSX:TFPM, TSX:TFPM.U)
announced its results for the second quarter of 2022 and declared an increased dividend of US$0.05 per common
share to be paid on September 15, 2022. Unless otherwise stated, all dollar amounts are expressed in US dollars.
“We are pleased to report solid results for the second quarter, in which operating performance across the portfolio
was broadly in line with our expectations ” commented Shaun Usmar, CEO. “ Metal sales in the second quarter
declined versus last year’s record results for the same period due mostly to quarter-end timing of shipments and a
higher gold-silver ratio, but this still represented our third best quarter of operating cash flow in the life of the
Company. We expect full -year 2022 gold equivalent ounce s sales to be weighted to the second half of t he year,
with sales volumes of gold and silver on track for a record in 2022. This has made it possible for us to increase our
annual dividend by 5%, from US$0.19 to US$0.20 per share, equating to a sector-leading dividend yield of 1.8%.
Looking more broadly across the sector, margin compression at operating mining companies, driven by cost
inflation and commodity price volatility, is increasingly prevalent, as well as large increases in capital expenditure
bills for development stage companies. While we currently have an active deal pipeline, we expect this market
dynamic to further improve the outlook for streaming and royalty opportunities as more conventional funding
alternatives prove increasingly expensive and unreliable, and miners require additional liquidity to overcome these
challenges. We believe the market is setting up nicely for an acute need for patient, long-term capital in the sector,
and we have ample liquidity to deploy against this backdrop in a disciplined manner.
The team remains highly focused on continuing to build Triple Flag in the same successful manner we have for the
past 6 years, with g ood financial results, continued organic growth from our diverse portfolio, ample deal
possibilities, disciplined acquisitions, and strong liquidity providing the bedrock for continued growth in value per
share. We remain debt-free, are on track for our seventh consecutive year of record results, have a growing cash
balance for new deals, strong and stable asset margins , and significant future optionality embedded in our
portfolio.”
Q2 2022 Financial Highlights
• Revenue of $36.5 million, compared to $40.9 million in Q2 2021.
• Gold equivalent ounces (“GEOs”)1 sold of 19,507, compared to 22,537 in Q2 2021.
• Net Earnings of $10.9 million, compared to $18.3 million in Q2 2021.
• Adjusted Net Earnings2 of $14.9 million, compared to $16.7 million in Q2 2021.
• Operating Cash Flow of $29.9 million, compared to $32.8 million in Q2 2021.
• Adjusted EBITDA3 of $28.1 million, compared to $35.0 million in Q2 2021.
Q2 2022 RESULTS
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• Strong Asset Margin4 of 90%, broadly in line with the same period in the prior year.
• Cash Costs per GEO5 of $191, compared to $168 for the same period in the prior year.
• Quarterly dividend declared of US$0.05 per common share that will be paid on September 15, 2022.
GEOs Sold by Commodity, Revenue by Commodity, and Financial Highlights Summary Tablea
Three Months Ended June 30 Six Months Ended June 30
($ thousands except GEOs, Asset Margin, Total
Margin, Cash Costs per GEO, and per share numbers) 2022 2021 2022 2021
GEOs1
Gold 11,446 11,548 21,669 20,374
Silver 6,717 10,049 15,234 20,204
Other 1,344 940 2,717 1,673
Total 19,507 22,537 39,620 42,251
Revenue
Gold 21,412 20,978 40,600 36,810
Silver 12,564 18,254 28,554 36,472
Other 2,514 1,707 5,091 3,023
Total 36,490 40,939 74,245 76,305
Net Earnings 10,922 18,339 26,811 27,018
Net Earnings per Share 0.07 0.13 0.17 0.19
Adjusted Net Earnings2 14,854 16,650 30,326 30,441
Adjusted Net Earnings per Share2 0.10 0.12 0.19 0.22
Operating Cash Flow 29,940 32,754 56,299 61,563
Operating Cash Flow per Share 0.19 0.23 0.36 0.44
Adjusted EBITDA3 28,144 34,959 58,601 65,056
Asset Margin4 90% 91% 91% 91%
Total Margin4 77% 85% 79% 85%
Cash Costs per GEO5 191 168 170 160
Corporate Updates
• Dividend: Triple Flag’s Board of Directors declared a quarterly dividend of US$0.05 per common share
that will be paid on September 15, 2022 to the shareholders of record at the close of business on August
31, 2022. This increases the annualized dividend from US$0.19 per common share to US$0.20 per share,
representing a 5% increase and a yield of 1.8% based on the closing share price on August 8, 2022.
• New York Stock Exchange Listing: Triple Flag is in the process of applying to list its common shares on the
New York Stock Exchange (“NYSE”). Listing of the shares on the NYSE remains subject to the app roval of
the NYSE and the satisfaction of all applicable listing and regulatory requirements. The Company expects
its general administration costs to increase by $600,000 for the balance of the year as a result of the NYSE
listing.
Upon receipt of all required approvals and completion of the NYSE listing process, Triple Flag will publicly
announce its first trading date on the NYSE. Triple Flag’s common shares are expected to trade on the
NYSE under the ticker symbol “TFPM”, the same symbol the Company's co mmon shares currently trade
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under in Canadian dollars on the Toronto Stock Exchange (and will continue to). Following the
commencement of trading of Triple Flag’s common shares on the NYSE, Triple Flag intends to discontinue
the use of the TFPM.U ticker symbol traded in United States dollars on the Toronto Stock Exchange.
• Prieska Royalty and Stream Acquisition: As noted in our Q1 results release, Triple Flag signed non-binding
term sheets with Orion Minerals Ltd. (“Orion”) for a A$10 million gross revenue return and an $80 million
gold and silver stream on Orion’s Prieska Copper- Zinc Project (“ Prieska”) in South Africa. The gross
revenue return is conditional on Orion raising A$20 million of additional funding in equity or an alternative
form to Triple Flag’s satisfaction. Orion continues to work to secure its A$20 million of financing while we
advance definitive documentation in parallel.
• Share Buyback Program: For the three months ended June 30, 2022, the Company purchased 8,218 of its
common shares under the Normal Course Issuer Bid for $106,218.
Sustainability Initiatives:
• Sustainability Report: During the second quarter, we released our 2021 Sustainability Report, showcasing
our contributions and commitment to helping evolve market -leading ESG performance. Crucially, we
continue to demonstrate our commitment to remain carbon neutral for all our scope 1, 2 and 3 emissions
since starting this business, and are now working on setting out our roadmap towards net zero emissions
by 2050. Our commitment to responsible mining is underlined by our $850 ,000 investment in 2021 into
substantive local community support around our mining partners ’ assets. The Sustainability Report can
be found on our website.
Q2 2022 Portfolio Updates
Australia:
• Northparkes (54% gold stream and 80% silver stream) : Sales from Northparkes in Q 2 2022 were 3,389
GEOs based on sales of 2,691 ounces of gold and 56,307 ounces of silver. Northparkes achieved record
plant throughput in May of 682 kt following the completion of the expansion program and the ramp -up
of the E26 Lift One North.
• Fosterville (2.0% NSR gold royalt y): Royalties from Fosterville in Q 2 2022 equated to 2,415 GEOs.
Fosterville produced 86 ,065 ounces of gold in Q 2 2022 and produced 212,772 ounces in the first six
months of 2022 . In Q2 2022, the Robbins Hill exploration decline and the Lower Phoenix exploration
decline were completed. The completion of these exploration drifts puts Fosterville in a good position to
accelerate the exploration and conversion drilling in these prospec tive areas in the second half of 2022.
Additionally, based on an adjusted mining sequence, Fosterville is expected to have lower gold production
in the third quarter, while the fourth quarter is expected to be the strongest quarter of the year based on
the expected timing of mining ultra-high-grade stopes.
• Dargues (5.5% gross revenue (“ GR”) gold royalty): Royalties from Dargues in Q 2 2022 equated to 466
GEOs. Dargues produced 11,881 ounces of gold in the quarter ended June 30 , 2022 compared to 8,108
ounces in the quarter ended March 31, 2022. Dargues delivered strong quarterly performance, achieving
the highest mined ore tonnage, backfill placement, milled ore tonnage, and gold production to date. Two
surface drill rigs and an underground drill rig operated at Dargues during the quarter, focusing on near -
mine extensional exploration targets along strike to the east and west of the main Dargues lodes.
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Latin America:
• Cerro Lindo (65% silver stream): Sales from Cerro Lindo in Q 2 2022 were 5,372 GEOs based on 472,663
ounces of silver sold. Cerro Lindo produced 1.2 million ounces of silver during Q2 2022, an increase from
1.1 million ounces of silver in Q 2 2021 and 1.0 million ounces of silver in Q1 2022. In Q2 2022, the
exploration program continued t o focus on extensions of known orebodies to the southeast of Cerro
Lindo, and on the new VMS discovery at the Pucasalla target, 4.5 km to the northwest of the mine. There
are currently four operating drill rigs at Cerro Lindo. A total of 6,485 meters of ex ploration drilling and
13,544 meters of infill drilling were executed during Q2 2022, which totaled 13,490 meters and 26,961
meters in H1 2022, respectively.
• Buriticá (100% silver stream): Sales from Buriticá in Q2 2022 were 602 GEOs based on 52,487 ounces of
silver sold. The processing facility is currently undergoing a ramp -up to 4,000 tonnes per day, which is
expected to be reached later this year. During June 2022 the mill throughput was 3,750 tonnes per day.
North America:
• Young-Davidson (1.5% NSR gold royalty) : Royalties from Young -Davidson in Q 2 2022 equated to 754
GEOs. Young-Davidson continued its strong operational performance, with mining rates exceeding 8,000
tonnes per day for the fourth consecutive quarter, driving production of 46,400 ou nces. With the solid
performance through the first half of the year, Young-Davidson is on track to achieve full-year production
of between 185,000 – 200,000 ounces.
• Pumpkin Hollow (97.5% gold and silver stream) : Nevada Copper Corp. announced on June 6 that it had
encountered an unidentified weak rock structure in the main ramp to the East South Zone, which
restricted access to the planned East South stoping zones. Activities were adjusted to develo p plans to
address this, while prioritizing development work through the dike structure and on the priority heading
to the East North mining zone, which has significantly higher copper grades and better geotechnical
conditions. The company announced on July 1, that the work was almost complete, but liquidity
constraints had forced curtailment of underground mining activities . On August 5 , the company
announced that it had advanced its restart plans for the Pumpkin Hollow underground mine, which focus
on acceleration of key capital items followed by the development of a significant stope inventory in
advance of a mill restart and completion of the production ramp-up. Pala Investments Limited, the largest
shareholder, has provided an additional $20 million promissory note to the company for essential liquidity
needs while it works with key financing partners, including Triple Flag, to secure a larger, longer- term
funding package to finance the restart and ramp-up of the mine to commercial production. The delays to
mining and ramping activities do not impact Triple Flag’s guidance for 2022.
• Beaufor (2.75% NSR gold royalty): Subsequent to quarter-end, Monarch Mining Corporation announced
that it had produced its first gold bar from the restart of the Beaufor mine. Beaufor is expected to continue
ramping up, with commercial production expected to be achieved in the coming months. Initial royalty
payments from Beaufor are expected in H2 2022.
• Renard (20% of a 20% diamond stream ): As a result of its improved financial position, subsequent to
quarter-end, Stornoway Diamonds, along with its streamers and secured creditors, agreed to amend the
stream and the secured debt documents on April 29, 2022 , facilitating repayment of the working capital
facility and the resumption of stream payments. During the quarter, Renard delivered 1,223 GEOs.
• Tamarack (1.85%b NSR nickel and copper royalty on Talon’s inte rest): Talon Metals Corp. (“Talon”)
purchased three additional drill rigs during second quarter of 2022, which will be deployed to expand
exploration of the Tamarack Intrusive Complex for additional high -grade nickel, copper , and cobalt.
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Subsequent to quarter-end, Talon announced assay results from the CGO East area, which represents one
of the newly discovered mineralized areas outside of the Tamarack Nickel Project’s defined resource area.
This new drilling has demonstrated over 600 meters of continuous , high-grade nickel copper sulphide
mineralization, with potential to extend an additional 200 meters to the north.
• Gunnison (16.5% copper stream): Excelsior Mining Corp. has reduced operations at the Gunnison Copper
Project wellfield to conserve liquidity and prioritize work on the Johnson Camp Mine restart, planning for
well stimulation trials aimed at improving flow rates and sweep efficiency of the wellfield, and working
through the recommendations of the Gunnison pre-feasibility study of March 2022 aimed at overcoming
the wellfield CO2 generation and flowrate limitations that have been encountered. Acid injection has been
temporarily suspended whilst continuing copper recovery and compliance to ensure underground
solutions are managed an d controlled. At the Johnson Camp Mine, i nfill drill results from the Burro pit
were better than anticipated, with the intersection of zones of significant thickness and good grades. The
encouraging results are the focal point of a new Johnson Camp mine plan which, along with permitting of
a new leach pad and ongoing metallurgical testing and drilling, could see a Johnson Camp restart decision
being taken in 2023 if an economic case can be made. The delays in stream deliveries due to slow ramp -
up at Gunnison do not impact Triple Flag’s guidance for 2022.
• Queensway (0.2% to 0.5% NSR gold royalty): New Found Gold Corp. announced at the beginning of May
that the ongoing 400,000 -meter drill program was approximately 43% complete. A recent drill highlight
includes 275 grams per tonne of gold over a 2.15- meter interval near surface. In August, it announced
that drilling has identified new high -grade mineralized veins over a 630 -meter strike that connects the
Keats and 515 zones.
Rest of World:
• RBPlat (70% gold stream): Sales from RBPlat in Q2 2022 were 1,805 GEOs based on 1,791 ounces of gold
sold. For the first half of 2022, tonnes milled increased from the same period in 2021, and total 4E metals
production was up 4.5% to 225.5 koz versus the comparable period. Gold in concentrate production for
the first half of 2022 was 5.8 koz, down slightly fro m 6.1 koz in the comparable period due to a higher
proportion of UG2 ore milled. All construction works for the Maseve processing plant expansion were
complete and the flotation circuit has been commissioned. Commissioning is expected to be completed
during the third quarter of 2022. The Competition Commission recommended that the Competition
Tribunal approves the Impala Platinum Holdings Limited (“Implats”) mandatory offer for RBPlat, with the
Implats mandatory offer closing date being extended to September 16, 2022.
• ATO (25% gold stream and 50% silver stream): Sales from ATO in Q2 2022 were 2,591 GEOs based on sales
of 2,610 ounces of gold and 417 ounces of silver . Production resumed in March with stockpiles of key
reagents and consumables being received, allowing for higher leaching rates with more cells under leach.
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Conference Call Details
Triple Flag has scheduled an investor conference call at 10:00 a.m. ET (7:00 a.m. PT) on Wednesday, August 10,
2022 to discuss the results reported in today’s earnings announcement. The conference call will be broadcast live
via a webcast and 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 month
following the webcast.
Date and Time: August 10th, 2022 at 10:00 a.m. ET (7:00 a.m. PT)
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
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Mr. James Dendle, Vice President, Evaluations & Investor Relations, is a “qualified person” as such term is defined
under National Instrument 43 -101 and has reviewed and approved the technical information disclosed in this
news release.
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).
Contact Information – Inquiries:
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 applicable 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 assessments of, and expectations for, future periods (including, but not
limited to, our 2022 guidance and long-term production outlook for GEOs, our dividend policy, our outlook for the
mining sector and our acquisition strategy , and our anticipated listing on the NYSE ), 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 release 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 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 annua l information form as filed from time to time on SEDAR at
www.sedar.com. 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 app lication 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 no t
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 fo rward-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