Triple Flag Announces Record 2024 Results Driven by Strong Growth at Northparkes and Cerro Lindo

TORONTO--(BUSINESS WIRE)--February 19, 2025-- 

Triple Flag Precious Metals Corp. (with its subsidiaries, "Triple Flag" or the "Company") (TSX: TFPM, NYSE: TFPM) announced its results for the fourth quarter and full year of 2024 and declared a dividend of US$0.055 per common share to be paid on March 14, 2025. All amounts are expressed in US dollars unless otherwise indicated.

"2024 marked Triple Flag's 8th consecutive year of record GEOs, driving a nearly 40% year-over-year increase in operating cash flow per share," stated Sheldon Vanderkooy, CEO. "We delivered in the upper half of our GEOs guidance for 2024 and reinvested our cash flows into accretive acquisitions to deliver compounding per share growth. We are also pleased to have entered into an agreement in December 2024 to acquire the Tres Quebradas royalty, gaining near-term cash flow exposure to a large, well-capitalized mining project operated by Zijin with a long life and significant exploration potential."

"Our strong organic growth profile to 135,000 to 145,000 GEOs in 2029, progressive dividend, peer-leading insider ownership, as well as nearly $740 million in available liquidity for new deals should continue to drive shareholder value in the years to come."

Q4 2024 and Full Year 2024 Financial Highlights

 
                      Q4 2024         Q4 2023           FY2024          FY2023 
 
Revenue         $74.2 million   $51.7 million   $269.0 million  $204.0 million 
Gold 
 Equivalent 
 Ounces 
 ("GEOs")(1)           27,864          26,243          112,623         105,087 
Operating Cash 
 Flow           $63.5 million   $37.6 million   $213.5 million  $154.1 million 
Net Earnings 
(Loss) (per     $41.3 million    $9.8 million  ($23.1 million)   $36.3 million 
share)                ($0.20)         ($0.05)         (-$0.11)         ($0.18) 
Adjusted Net 
Earnings(2)     $36.3 million   $17.8 million   $109.6 million   $66.6 million 
(per share)           ($0.18)         ($0.09)          ($0.54)         ($0.33) 
Adjusted 
 EBITDA(3)      $63.0 million   $41.0 million   $220.2 million  $158.5 million 
Asset 
 Margin(4)                92%             91%              92%             90% 
--------------  -------------  --------------  ---------------  -------------- 
 

GEOs by Commodity, Revenue by Commodity, and Financial Highlights Summary Table

 
                      Three Months Ended December 31   Year Ended December 31 
($ thousands except 
GEOs, Asset Margin 
and per share 
numbers)                        2024            2023          2024        2023 
GEOs(1) 
   Gold                       17,272          14,997        70,774      61,251 
   Silver                     10,381           9,883        40,862      38,983 
   Other                         211           1,363           987       4,853 
--------------------  --------------  --------------  ------------  ---------- 
Total                         27,864          26,243       112,623     105,087 
--------------------  --------------  --------------  ------------  ---------- 
 
Revenue 
   Gold                       46,002          29,568       169,051     119,041 
   Silver                     27,649          19,484        97,726      75,554 
   Other                         562           2,687         2,214       9,429 
--------------------  --------------  --------------  ------------  ---------- 
Total                         74,213          51,739       268,991     204,024 
--------------------  --------------  --------------  ------------  ---------- 
Net Earnings (Loss)           41,280           9,755      (23,084)      36,282 
Net Earnings (Loss) 
 per Share                      0.20            0.05        (0.11)        0.18 
Adjusted Net 
 Earnings(2)                  36,252          17,754       109,607      66,598 
Adjusted Net 
 Earnings per 
 Share(2)                       0.18            0.09          0.54        0.33 
Operating Cash Flow           63,473          37,644       213,503     154,138 
Operating Cash Flow 
 per Share                      0.32            0.19          1.06        0.77 
Adjusted EBITDA(3)            62,980          41,017       220,200     158,541 
Asset Margin(4)                  92%             91%           92%         90% 
--------------------  --------------  --------------  ------------  ---------- 
 

Corporate Updates

   -- Acquisition of Tres Quebradas royalty. Triple Flag announced in December 
      2024 that it entered into an agreement to acquire a 0.5% gross overriding 
      revenue ("GOR") royalty on the Tres Quebradas construction-stage lithium 
      project from Lithium Royalty Corp. for total cash consideration of $28 
      million. Closing is expected in the first quarter of 2025. Refer to the 
      December 19, 2024, press release on our website, Triple Flag to Acquire a 
      Royalty on Tres Quebradas, for further details. 
 
   -- Quarterly Dividend Declared: Triple Flag's Board of Directors declared a 
      quarterly dividend of US$0.055 per common share that will be paid on 
      March 14, 2025, to shareholders of record at the close of business on 
      March 3, 2025. 
 
   -- Share Buyback Activity: Triple Flag renewed its normal course issuer bid 
      ("NCIB") during the fourth quarter of 2024 in accordance with a 
      disciplined capital allocation strategy focused on balance sheet 
      management, returns to shareholders and accretive growth opportunities. 
      During the period from November 15, 2024, to November 14, 2025, Triple 
      Flag is authorized to purchase up to 10,071,642 of its common shares 
      (representing 5% of the Company's issued and outstanding common shares at 
      the time of the NCIB renewal). Since the NCIB renewal, Triple Flag bought 
      back 539,000 shares in the open market for $8.7 million, of which 335,000 
      shares for $5.4 million was during the first quarter of 20251. 
 
   -- Top ESG Risk Rating by Sustainalytics: Subsequent to quarter-end, Triple 
      Flag's ranking improved to first in ESG Risk Ratings by Morningstar 
      Sustainalytics within the precious metals industry and precious metals 
      mining sub-industry. Triple Flag's top ranking is a testament to the 
      commitment of our team and mining partners to ESG. Triple Flag is now 
      ranked 39th out of more than 15,000 companies globally rated by 
      Morningstar Sustainalytics. 

___________________

(1) Up to February 18, 2025

2025 Guidance

In 2025, we expect stream sales and royalty revenue of 105,000 to 115,000 GEOs. 2025 guidance is based on public forecasts and other disclosure by the owners and operators of our assets and our assessment thereof.

At Northparkes, we continue to expect higher grade open pit ore from E31 and E31N to contribute to stream deliveries through 2025. These deposits are expected to be depleted during the year, as previously announced. Development of the sub-level cave ("SLC") at E48 commenced in July 2024, with access to the first sub-level now substantially complete and commissioning expected to start in the third quarter of 2025. A concept study in 2024 included a gold grade of 0.41 g/t, with production from the E48 SLC expected to contribute to stream deliveries through the course of its ramp-up. The E48 SLC orebody currently has a mine life ending in 2034. A pre-feasibility study is expected to be completed in the first quarter of 2025.

 
                                2025 Guidance(1) 
------------------------------  -------------------------- 
 GEOs Sales(2)                  105,000 to 115,000 GEOs 
------------------------------  -------------------------- 
 Depletion                      $70 million to $80 million 
------------------------------  -------------------------- 
 General Administration Costs   $24 million to $25 million 
------------------------------  -------------------------- 
 Australian Cash Tax Rate(3)    25% 
------------------------------  -------------------------- 
 
 
1    Assumed commodity prices of $2,600/oz gold and $30.50/oz silver. 
2    Refer to Endnote 1. 
3    Australian Cash Taxes are payable for Triple Flag's Australian royalty 
     interests, specifically Fosterville, Beta Hunt, Stawell, and Henty. 
 

Long-Term GEOs Outlook

We expect our business to deliver sales of 135,000 to 145,000 GEOs in 2029, representing a significant increase over current levels mainly driven by the following assumptions and operator guidance:

   -- Northparkes -- The development of the E48 SLC as described above. 
 
   -- Cerro Lindo -- Pursuant to the stream agreement, a step-down in the 
      stream rate from 65% to 25% starting in 2026. 
 
   -- ATO -- Production from Phase 2. We expect the annual cap on our gold and 
      silver streams to be fully effective in 2029. 
 
   -- Gunnison and Johnson Camp Mine -- The ramp-up of Nuton operations at 
      Johnson Camp Mine following production that is expected by the operator 
      to start in the second half of 2025. 
 
   -- Development and exploration stage assets -- In the medium to long term, 
      revenue from Tres Quebradas (Zijin Mining Group Co., Ltd.), Koné 
      (Montage Gold Corp.), Eskay Creek (Skeena Resources Limited), Gunnison 
      and Johnson Camp Mine (Gunnison Copper Corp.), DeLamar (Integra Resources 
      Corp.), South Railroad (Orla Mining Ltd.), Hope Bay (Agnico Eagle Mines 
      Limited), Ana Paula (Heliostar Metals Ltd.), McCoy-Cove (i-80 Gold Corp.), 
      and Fenn-Gib (Mayfair Gold Corp.). 

The majority of GEOs expected in the 2029 outlook is derived from mines that are currently in production and supported by Mineral Reserve and Mineral Resource estimates. There exists further optionality above and beyond the 2029 outlook that is associated with exploration-stage projects that may be advanced to production during the interim period. Our 2029 outlook is based on metal price assumptions of $2,600/oz Au, $30.50/oz Ag and $4.00/lb Cu.

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