Triple Flag Reports Q3 2022 Results Triple Flag Precious Metals Corp. ( with its subsidiaries, “Triple Flag” or the “Company”) (TSX:TFPM, NYSE:TFPM) announced its results for the third quarter of 2022 and declared a dividend of US$0.05 per common share to be
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NEWS RELEASE
Toronto, November 7, 2022
Triple Flag Reports Q3 2022 Results
Triple Flag Precious Metals Corp. ( with its subsidiaries, “Triple Flag” or the “Company”) (TSX:TFPM, NYSE:TFPM)
announced its results for the third quarter of 2022 and declared a dividend of US$0.05 per common share to be
paid on December 15, 2022. Unless otherwise stated, all dollar amounts are expressed in US dollars.
“Our results from the third quarter of 2022 were broadly in-line with expectations and we are expecting our full -
year GEOs sales to be towards the low end of our guidance range of 88,000 – 92,000 GEOs” commented Shaun
Usmar, CEO. “ Our portfolio has delivered y ear-over-year GEOs increases in gold streams and royalties to date.
Silver GEOs have lagged, however, primarily due to changes in delivery timing from Cerro Lindo . Cerro Lindo is
producing silver in concentrate in-line with our expectations for 2022, however a combination of a higher gold-
silver ratio and changes in the quotational period associated with offtake contracts have impact ed timing of our
stream deliveries by several months on average. This points to a short-term timing impact in contrast to the robust
underlying operational performance of the mine and portfolio as a whole. Our asset margins remain strong at 90%,
our cash costs of $165 per GEO remain low, and our production base is diversified across 15 producing assets. With
nearly 90% of our assets situated in the lowest half of their respective industry cost curves, our mining partners are
well-positioned to weather inflationary pressures and the current volatile commodity price environment.
“We are also pleased to announce that during the quarter , shares of Triple Flag began trading on the New York
Stock Exchange under the ticker TFPM, which is the same ticke r under which we trade on the Toronto Stock
Exchange. We enjoyed ringing the opening bell at the New York Stock Exchange on October 21, a recording of
which you can view through our social media. This listing is another step in Triple Flag’s value-creation journey
that we are happy to have achieved.”
Q3 2022 Financial Highlights
• Revenue of $33.8 million, compared to $37.1 million in Q3 2021.
• Gold equivalent ounces (“GEOs”)1 sold of 19,523, compared to 20,746 in Q3 2021.
• Net Earnings of $12.8 million, compared to $5.1 million in Q3 2021.
• Adjusted Net Earnings2 of $13.3 million, compared to $13.7 million in Q3 2021.
• Operating Cash Flow of $25.4 million, compared to $29.5 million in Q3 2021.
• Adjusted EBITDA3 of $26.1 million, compared to $29.5 million in Q3 2021.
• Strong Asset Margin4 of 90%, broadly in line with the same period in the prior year.
• Cash Costs per GEO5 of $165, broadly in line with the same period in the prior year.
• Quarterly dividend declared of US$0.05 per common share that will be paid on December 15, 2022.
Q3 2022 RESULTS
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GEOs Sold by Commodity, Revenue by Commodity, and Financial Highlights Summary Tablea
Three Months Ended September 30 Nine Months Ended September 30
($ thousands except GEOs, Asset Margin, Cash Costs
per GEO, and per share numbers) 2022 2021 2022 2021
GEOs1
Gold 11,918 10,154 33,587 30,529
Silver 6,134 9,439 21,368 29,643
Other 1,471 1,153 4,188 2,825
Total 19,523 20,746 59,143 62,997
Revenue
Gold 20,605 18,171 61,205 54,981
Silver 10,605 16,891 39,159 53,363
Other 2,544 2,064 7,635 5,087
Total 33,754 37,126 107,999 113,431
Net Earnings 12,815 5,128 39,626 32,146
Net Earnings per Share 0.08 0.03 0.25 0.22
Adjusted Net Earnings2 13,258 13,714 43,583 44,155
Adjusted Net Earnings per Share2 0.09 0.09 0.28 0.30
Operating Cash Flow 25,356 29,455 81,655 91,018
Operating Cash Flow per Share 0.16 0.19 0.52 0.63
Adjusted EBITDA3 26,054 29,549 84,655 94,605
Asset Margin4 90% 91% 91% 91%
Cash Costs per GEO5 165 166 169 162
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 December 15, 202 2, to the shareholders o f record at the close of business on
November 30, 2022. This represents a yield of 1.7% based on the closing share price on November 4, 2022.
• Credit Facility Amendment: On September 22, 2022, the Company extended the maturity of the $500
million credit facility by three years to August 30, 2026, and increased the uncommitted accordion from
$100 million to $200 million, for total availability of up to $700 million. Under the amendment, the London
Inter-Bank Offered Rate (“LIBOR”) benchmark interest rate was replaced by the Secured Overnight
Financing Rate (“SOFR”). All other significant terms of the credit facility remain unchanged.
• New York Stock Exchange Listing: On August 30, 2022, shares of Triple Flag began trading on the New
York Stock Exchange (“NYSE”) under the ticker symbol “TFPM”, the same symbol the Company's common
shares currently trade under in Canadian dollars on the Toronto Stock Exchange. Following the
commencement of trading of Triple Flag’s common shares on the NYSE, Triple Flag discontinue d the use
of the TFPM.U ticker symbol traded in United States dollars on the Toronto Stock Exchange.
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Q3 2022 Portfolio Updates
Australia:
• Northparkes (54% gold stream and 80% silver stream) : Sales from Northparkes in Q 3 2022 were 3,095
GEOs based on sales of 2,544 ounces of gold and 48,707 ounces of silver. Northparkes achieved record
mill throughput during the quarter and the ramp-up of the E26 Lift 1 North Cave progressed slightly ahead
of schedule. A Northparkes shipment was delayed from the third to the fourth quarter, impacting sales
during the period.
• Fosterville (2.0% NSR gold royalty) : Royalties from Fosterville in Q 3 2022 equated to 2,016 GEOs.
Fosterville produced 81,801 ounces of gold in Q 3 2022 and produced 294,573 ounces in the first nine
months of 2022. Exploration drilling on the Fosterville mining lease and exploration licenses has totaled
118,085 meters year to date versus a budget of 203,400 meters for the full year of 2022. Step-out drilling
in Q3 returned high-grade results west of the Lower Phoenix zone and identified a new mineralized
structure (Cardinal zone) in the hanging wall of Lower Phoenix, highlighted by visible-gold intercepts from
the Cardinal zone that include 365.5 g/t gold over 1.1 meters . Based on the expected timing of mining
higher-grade stopes, Fosterville is expected to have a strong fourth quarter of 2022.
• Dargues (5.5% gross revenue (“ GR”) gold royalty): Royalties from Dargues in Q 3 2022 equated to 617
GEOs. Dargues produced 8,968 ounces of gold in the quarter ended September 30 , 2022 compared to
11,881 ounces in the quarter ended June 30 , 2022. Consent Modification was submitted to increase
throughput by 17% and construction of the Stage 3 tailings storage facility embankment lift has been
completed.
Latin America:
• Cerro Lindo (65% silver stream): Sales from Cerro Lindo in Q 3 2022 were 4,640 GEOs based on 422,374
ounces of silver sold. Cerro Lindo produced 1.1 million ounces of silver during Q3 2022, a slight decrease
from 1.2 million ounces of silver Q2 2022 but an increase from 0.9 million ounces of silver in Q 3 2021.
During the third quarter, exploration continued to focus on extensions of known orebodies to the
southeast of Cerro Lindo, and at the P ucasalla target, 4.5 km to the northwest of the mine. There are
currently five operating drill rigs. A total of 5,845 meters of exploration drilling and 13,108 meters of infill
drilling were executed during the quarter , totaling 19,335 meters and 40,069 me ters year to date,
respectively.
• Buriticá (100% silver stream): Sales from Buriticá in Q3 2022 were 838 GEOs based on 77,546 ounces of
silver sold. Production in September rebounded from reduced production in August which was affected
by an illegal blockade of the mine for a period of 11 days.
• Eastern Borosi (2.0% NSR royalty ): Subsequent to quarter -end, Calibre Mining Corp . ("Calibre") was
granted the key environmental permits for the development and production of the open pit and
underground mines within the Eastern Borosi Project from the corresponding Nicaraguan authorities.
Calibre continues to advance the high-grade Eastern Borosi open pit and underground deposits that are
expected to be in production during 2023 and feed into Calibre’s central Libertad processing facilit y.
Considerable progress has been made , including the advancement of road upgrades, site development,
and purchase of new mining fleet.
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North America:
• Young-Davidson (1.5% NSR gold royalty) : Royalties from Young -Davidson in Q 3 2022 equated to 733
GEOs. Young-Davidson produced 49,300 ounces of gold in Q3 2022 and produced 147,600 ounces in the
first nine months of 2022, putting it on track to meet full year production guidance of 185,000 – 200,000
ounces. Underground mining rates were lower than the prior year period, averaging 7,000 tpd in the third
quarter. Mining rates were imp acted by scheduled maintenance downtime and increased frequency of
energy reductions during periods of peak provincial electricity demand in the summer months, but are
expected to increase in the fourth quarter and average 8,000 tpd.
• Pumpkin Hollow (97.5% gold and silver stream) : Subsequent to quarter -end, Nevada Copper Corp.
(“Nevada Copper”) signed its previously announced restart financing package in order to support the
restart and ramp-up of the Pumpkin Hollow underground copper mine. As part of this package Triple Flag
will increase its existing net smelter returns royalty on the Nevada Copper’s open pit project from 0.7%
to 2% for a purchase price of approximately US$26.2 million. Nevada Copper also announced the crossing
of the second of three underground dikes that allows access to the higher -grade stopes of the EN Zone
which represent approximately 80% of the value of the underground reserve. The underground crews have
transitioned to the final dike crossing which is expected to be completed in early 2023 in preparation for the
commencement of mining in the second half of 2023.
• Tamarack (1.85%b NSR nickel and copper royalty on Talon’s interest): Subsequent to quarter -end, Talon
Metals Corp. (“Talon”) was selected as a recipient of the first set of projects funded by President Joe
Biden’s Bipartisan Infrastructure Law to expand domestic manufacturing of batteries for electric vehicles.
The application proposed an ore processing and tailings management facility located at an existing
industrial brownfields site in Mercer County, North Dakota, receiving feedstock from the Tamarack mine
in central Minnesota. The U.S. Department of Energy will provide a $114 million grant (estimated to be
27% of total proje ct cost) towards project construction and execution costs for the Battery Minerals
Processing Facility in North Dakota. Also during the quarter, Talon announced an updated mineral
resource estimate for Tamarack. The total indicated mineral resource estimat e now stands at
approximately 8.56 million tonnes grading 1.73% nickel plus by-products (2.34% NiEq) containing 148,000
tonnes of nickel. This represents a 98% increase in the amount of contained nickel (in the indicated
category) compared to Talon’s previous indicated mineral resource estimate.
• Gunnison (16.5% copper stream): Subsequent to quarter -end, Excelsior Mining Corp. (“ Excelsior”)
announced positive results from well stimulation modelling for Gunnison. Based on the successful
modelling results, Excelsior will proceed to field trials in 2023, subject to EPA approval. The EPA is currently
processing Excelsior's permit amendment to allow well stimulation, which is expected to be approved in
Q1 2023. Field trials are planned shortly thereafter. If field tests are successful, stimulation is expected to
increase the natural fracture permeability for the wellfield.
Rest of World:
• RBPlat (70% gold stream) : Sales from RBPlat in Q3 2022 were 1,751 GEOs. RBPlat has completed the
Maseve MF2 upgrade, is nearing the completion of the BRPM TSF expansion and has commenced a
feasibility study for solar PV plant of 98MW. Operations during the quarter were interrupted by regulatory
stoppages, supply chain and power supply issues, resulting a 6.2% decrease in 4E production for the third
quarter, compared to the same period in 2021. Key operational focus remains geared towards re -
establishing mineable face length, reduction of tip -to-face tramming distances and improving trackless
fleet availability and utilization. RBPla t continues to be a take- over target for both Impala Platinum and
Northam Platinum.
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• ATO (25% gold stream and 50% silver stream): Sales from ATO in Q3 2022 were 2,998 GEOs based on sales
of 2,927 ounces of gold and 9,214 ounces of silver. On September 26, 2022, Triple Flag entered into an
agreement with Steppe Gold Ltd. (“Steppe”) to acquire a prepaid gold interest. Under the terms of the
agreement, the Company made a cash payment of $4.8 million to acquire the prepaid gold interest in
exchange for delivery of 3,000 ounces of gold that will be delivered by Steppe within the next 8 months.
First delivery under the arrangement is expected to take place before the end of the year. Subsequent to
quarter-end, Steppe provided an operations update whe re they announced that gold production during
the quarter was up 28% from the second quarter to approximately 13,300 oz and that at September 30,
total estimated recoverable gold on the leach pads is approximately 71,000 ounces.
• Orion (0.8% GRR Royalty): Orion Minerals Ltd. ("Orion") arranged an initial ZAR250 million (A$22 million)
financing package to fund early works for the Prieska Copper-Zinc project in South Africa. The proceeds
of the facility will be applied to mine dewatering and trial mining operations in order to complete the
previously announced Early Production Plan for Prieska to Bankable Feasibility accuracy. The funding
package is a condition precedent to closing our 0.8% gross revenue return royalty. Funding of the
remaining US$80 million gold and silver stream remains conditional upon Orion finalizing an executable
mine plan to Triple Flag’s satisfaction . We expect to fund the A$10 million for the gross revenue return
royalty in the fourth quarter of 2022.
Conference Call Details
Triple Flag has scheduled an investor conference call at 10:00 a.m. ET (7:00 a.m. PT) on Tuesday, November 8,
2022, to discuss the results reported in today’s earnings announcement. The conference call will be broadcast live
via a webcast an d can be accessed by visiting the Events and Presentations page on the Company’s website
at: www.tripleflagpm.com. Participants will be able to ask questions via the telephone dial-in.
Date and Time: November 8th, 2022, at 10:00 a.m. ET (7:00 a.m. PT)
Live Webcast: https://events.q4inc.com/attendee/162526193
Dial-In Details:
Toll-Free (U.S. & Canada): +1 (888) 330-2384
International: +1 (647) 800-3739
Conference ID: 4548984
Replay (Until November 22nd):
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 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 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 65 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 – 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 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”) . [NTD: US
references should be included in all press releases going forward.] 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 p hrases 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 202 2 guidance and long-term production
outlook for GEOs, our dividend policy , and our outlook for the mining sector ), 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 annual information f orm 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 application of eco nomic
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 acc urate, 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
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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.
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 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.