Triple Flag Precious Metals Corp. (with its subsidiaries,
“Triple Flag” or the “Company”) (TSX: TFPM, NYSE: TFPM) announced
record revenue of US$73.7 million for the third quarter of 2024
from record quarterly metal sales of 29,773 gold equivalent ounces1
(“GEOs”). All dollar amounts are expressed in US dollars, unless
otherwise noted.
“With another strong quarter of sales, including from
Northparkes, Cerro Lindo and our new streams with Allied Gold,
Triple Flag is well positioned to continue delivering per share
growth. The Company remains on track to deliver on our 2024 GEOs
sales guidance of 105,000 to 115,000 ounces, as we continue to
advance an active deal pipeline,” commented Sheldon Vanderkooy,
CEO.
Preliminary Q3 2024 GEOs Sold and Revenue
GEOs Sold and Revenue by
Commodity2
Q3 2024
GEOs Sold
Revenue ($M)
Gold
19,732
48.8
Silver
9,928
24.6
Other
113
0.3
Total
29,773
73.7
On August 14, 2024, Triple Flag completed the previously
announced acquisition of 3% gold streams on Agbaou and Bonikro from
Allied Gold Corporation (the “Allied Streams”). Under the terms of
the Allied Streams, Triple Flag was entitled to metal deliveries
based on production after January 1, 2024. The metal delivered from
the pre-closing period of January 1, 2024, to August 14, 2024, (the
“Initial Allied Ounces”) were sold at the prevailing market price,
while the cost of sales attributed to these ounces sold were also
recorded at the same prevailing market price, to reflect the
accounting treatment of these Initial Allied Ounces as a reduction
of the stream purchase price. Accordingly, preliminary cost of
sales excluding depletion2 for the three months ended September 30,
2024, was approximately $15.5 million.
Conference Call Details
Triple Flag will release its Q3 2024 results on Tuesday,
November 5, 2024, after market close.
A conference call and live webcast presentation will be held the
following day, November 6, 2024, starting at 9:00 a.m. ET (6:00
a.m. PT) to discuss these results. The live webcast 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 An archived version of the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 year following the
webcast.
Live Webcast:
https://events.q4inc.com/attendee/349088597
Dial-In Details:
Toll-Free (U.S. & Canada): +1
(888) 330-2384
International: +1 (647)
800-3739
Conference ID: 4548984, followed
by # key
Replay (Until November
20):
Toll-Free (U.S. & Canada): +1
(800) 770-2030
International: +1 (647)
362-9199
Conference ID: 4548984, followed
by # key
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 236 assets,
including 17 streams and 219 royalties. These investments are tied
to mining assets at various stages of the mine life cycle,
including 32 producing mines and 204 development and exploration
stage projects. 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 include, but are not limited to, statements with
respect to the accounting treatments for certain of the Company’s
streams, the Company’s preliminary sales and revenue information
for the third quarter of 2024, the release of its financial results
for the third quarter of 2024, and the conduct of the conference
call to discuss said results. 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 considering 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. 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. 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 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 US 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.
_________________________ 1 Gold Equivalent Ounces
(“GEOs”)
GEOs are a non-IFRS measure that is based on stream and royalty
interests and 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 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)
Q3 2024
Q3 2023
Revenue
73,669
49,425
Average gold price per ounce
2,474
1,928
GEOs
29,773
25,629
2 Results are unaudited. The Company cautions that, whether or
not expressly stated, all third quarter figures contained in this
press release including, without limitation, sales and associated
costs are preliminary, and reflect our expected third quarter
results as of the date of this press release. Actual reported third
quarter sales and associated costs are subject to management’s
final review and may vary significantly from those expectations
because of a number of factors, including, without limitation,
additional or revised information, and changes in accounting
standards or policies, or in how those standards are applied.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241010105100/en/
Investor Relations: David Lee Vice President, Investor
Relations Tel: +1 (416) 304-9770 Email: ir@tripleflagpm.com
Media: Gordon Poole, Camarco Tel: +44 (0) 7730 567 938
Email: tripleflag@camarco.co.uk
Triple Flag Precious Met... (NYSE:TFPM)
Historical Stock Chart
From Nov 2024 to Dec 2024
Triple Flag Precious Met... (NYSE:TFPM)
Historical Stock Chart
From Dec 2023 to Dec 2024
