Triple Flag to Appoint Sheldon Vanderkooy as CEO and Director
Triple Flag to Appoint Sheldon Vanderkooy
as CEO and Director
TORONTO--(BUSINESS WIRE)--July 23, 2024--Triple Flag Precious Metals Corp. (with its
subsidiaries, “Triple Flag” or the “Company”) (TSX: TFPM, NYSE: TFPM) today announced
that Sheldon Vanderkooy will succeed Shaun Usmar as Chief Executive Officer and Director,
effective upon the departure of Mr. Usmar, who is stepping down to assume a new leadership
role with a major diversified mining company. Mr. Usmar will work closely with Mr.
Vanderkooy to ensure a seamless transition, anticipated to be finalized in the fourth quarter of
2024.
Mr. Vanderkooy, a founding member of the Triple Flag team since its inception in 2016, has
played a pivotal role in the Company’s growth trajectory over the past eight years. As a key
member of the senior management team, he has been an integral part of building Triple Flag,
starting with our first investment, the Cerro Lindo silver stream. As Chief Financial Officer since
2019, he was instrumental in delivering our successful US$264 million initial public offering in
2021. His extensive background includes executive roles with First Quantum Minerals and Inmet
Mining, following a partnership at a leading Canadian law firm specializing in mining M&A and
financing transactions. With more than 25 years of experience in the mining sector, Mr.
Vanderkooy brings a wealth of strategic insight and leadership to his new position.
Dawn Whittaker, Chair of Triple Flag Precious Metals, said:
“I am extremely pleased to announce that Sheldon will succeed Shaun as Triple Flag’s CEO. As
an integral member of the Triple Flag team from day one, Sheldon is ideally equipped to build
upon our significant achievements and take the Company to the next phase of growth. Over the
eight years since Triple Flag’s inception, Shaun, Sheldon and the Triple Flag team have built a
company that has provided a significant return on investment for our shareholders and an asset
base that is diversified by jurisdiction, operator and underlying commodity, and which will
provide long-term growth opportunities for many years to come. I would like to thank Shaun for
his many years of strategic foresight and dedication while building a high-performing portfolio,
team and company. As both a leader and mentor, Shaun has inspired a culture of collaboration
and empowerment at Triple Flag, resulting in a cohesive and high-performing team who will
continue to uphold his legacy. On behalf of the Board of Directors, I extend profound gratitude
to Shaun for his exceptional stewardship. We are deeply appreciative of Shaun’s enduring
contributions and wish him all the best for the future.”
Sheldon Vanderkooy, incoming Chief Executive Officer and Director of Triple Flag
Precious Metals, said:
“I am proud to have been part of Triple Flag’s growth from a startup in the royalty and
streaming space to a significant player with sector-leading GEOs growth and a track record of
strong shareholder returns under Shaun’s leadership. I wish Shaun the very best for his future
and will always be grateful for the opportunity to work alongside Shaun in building Triple Flag
into the significant precious metals streaming and royalty company it is today. I am also excited
to lead Triple Flag in my new role as CEO. The business is underpinned by a deep and talented
team which I look forward to leading in continuing our track record of growth and generating
strong returns for shareholders. I am highly committed to continue creating shareholder value
through increasing NAV per share and cash flow per share.”
Shaun Usmar, outgoing Director and Chief Executive Officer of Triple Flag Precious
Metals, said:
“It is a bittersweet moment for me as I transition away from my role as CEO of Triple Flag to
one as a substantial shareholder. I am immensely proud of the company we’ve built together
over the past eight years, from nothing more than a compelling idea that warranted pursuit, to
the fourth-largest precious metals streaming and royalty company in the sector. The business has
delivered the leading growth rate in the sector for the past seven years and is on track for our
eighth consecutive year of record GEO sales, along with the second ranking by Sustainalytics
amongst the 118 companies in our sector, a strong balance sheet, active deal pipeline, and
further record growth in the years ahead from our diversified portfolio of 234 assets. We’ve built
a great business, but our true competitive advantage has always been the exceptional team that
has curated this portfolio, deal by deal. It is that combination of unshakable belief in our team
and the ongoing record performance of our underlying assets that has created the conditions for
me to be able to take on a new challenge. I’m forever grateful to Elliott as our founding investor
and partner, our incredible team and board, our impressive mining partners, and our supportive
shareholders for what we’ve built together. I’d also like to congratulate Sheldon for his well-
deserved promotion. Sheldon has been key to every transaction and major milestone throughout
the creation of our business, and has been my close business partner and right hand in helping
shape our strategic direction. It has been a privilege to work alongside him these past eight
years in building Triple Flag. His blend of integrity, impeccable commercial judgment,
leadership traits and attention to detail make him the perfect successor to take Triple Flag to
new heights.”
Mark Cicirelli, Director and representative of Elliott Investment Management L.P., Triple
Flag’s largest shareholder, said:
“Elliott has backed Triple Flag since its establishment in 2016, and today, the Company is
incredibly well positioned, with a world-class asset portfolio and a deeply talented management
team. Triple Flag’s disciplined growth is the product of a highly driven, entrepreneurial,
shareholder-focused culture, created by Shaun Usmar and exemplified by Sheldon Vanderkooy.
We have strong confidence in Sheldon and the rest of this leadership team, and we trust them to
carry forward the strategic vision laid out by Shaun, who built Triple Flag into the company that
it is today. We thank Shaun for his vision and dedicated leadership over the past eight years, and
we look forward to continuing to support Sheldon and the Triple Flag team, as well as achieving
new heights for shareholder value creation.”
About Triple Flag Precious Metals
Triple Flag is a pure play, precious-metals‐focused 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 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, 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
includes, but is not limited to, statements with respect to the transition of the Company’s Chief
Executive Officer and an incoming board director. 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 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. In addition, we note that 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 the 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 of 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 U.S. 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.
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]