Triple Flag Announces Strong Q2 2024 GEOs Deliveries

Rhea-AI Summary

Triple Flag Precious Metals announced record revenues of $63.6 million for Q2 2024, reflecting the sale of 27,192 gold equivalent ounces (GEOs). The company remains on track to meet its 2024 GEOs sales guidance of 105,000 to 115,000 ounces with year-to-date sales of 54,986 ounces. CEO Shaun Usmar highlighted growth from the Northparkes mine due to higher gold-grade processing. Triple Flag improved its Sustainalytics ESG Risk Rating, ranking 2nd out of 118 companies in the precious metals industry and 1st in the precious metals mining subindustry. A Q2 2024 results conference call is scheduled for August 8, 2024, at 9:00 a.m. ET.

Positive

• Record quarterly revenue of $63.6 million for Q2 2024.
• Quarterly metal sales of 27,192 GEOs.
• Year-to-date GEOs sold of 54,986 ounces, on track to meet 2024 guidance of 105,000 to 115,000 ounces.
• Growth from Northparkes mine due to higher gold-grade processing.
• Improved Sustainalytics ESG Risk Rating to 2nd in the precious metals industry.

Negative

• None.

Financial Analyst

The recent announcement by Triple Flag Precious Metals Corp. showcasing record quarterly revenue of US$63.6 million and metal sales of 27,192 gold equivalent ounces (GEOs) provides a clear indication of the company’s strong operational performance. Notably, the ongoing processing at Northparkes has contributed to the company's growth, highlighting the effectiveness of their current mining strategy. From a financial perspective, the company's ability to maintain and potentially exceed its sales guidance of 105,000 to 115,000 GEOs for 2024 demonstrates a robust growth outlook. The high grade of ore being processed is likely to improve margins, considering gold prices remain favorable.

Investors should pay attention to the detail that these operations are contributing to a significant revenue mix from both gold and silver, with the former contributing US$37.7 million and the latter US$25.9 million. This diversification in revenue sources might help mitigate risks associated with market fluctuations specific to any single metal. Furthermore, the company’s emphasis on ESG (Environmental, Social and Governance) is noteworthy. Their top ranking in the Sustainalytics ESG Risk Rating among peers underscores their commitment to sustainable practices, which is increasingly valued in the investment community.

Market Research Analyst

Triple Flag’s announcement of record quarterly revenues indicates strong market positioning and operational efficiency. The consistent performance and potential to meet the sales guidance reflect positively on the company’s ability to execute its strategic plans effectively. The diversified revenue stream from both gold and silver provides resilience against market volatility, a critical element for long-term sustainability.

From a broader market perspective, the high revenue driven by the Northparkes operations suggests that Triple Flag successfully capitalizes on high-grade ore deposits. This strategic focus on high-yield mining operations could be a vital differentiator for the company within the precious metals sector. Additionally, the superior ESG rating could attract a broader base of institutional investors who are increasingly incorporating sustainability into their investment criteria.

Investors should consider the macro-economic factors influencing gold and silver prices, such as inflation rates and global economic stability, as these will significantly impact Triple Flag's future earnings potential. The company’s solid performance amid favorable metal prices is a promising sign for its growth trajectory.

TORONTO--(BUSINESS WIRE)-- Triple Flag Precious Metals Corp. (with its subsidiaries, “Triple Flag” or the “Company”) (TSX: TFPM, NYSE: TFPM) announced record quarterly revenue of US$63.6 million for the second quarter of 2024, which represented quarterly metal sales of 27,192 gold equivalent ounces¹ (“GEOs”). All dollar amounts are expressed in US dollars, unless otherwise noted.

“Triple Flag achieved another strong quarter of deliveries, including quarter-on-quarter growth from Northparkes due to the ongoing processing of the higher-gold-grade E31 and E31N open pits. With year-to-date GEOs sold of 54,986 ounces, the Company is on track to deliver 2024 GEOs sales guidance of 105,000 to 115,000 ounces,” commented Shaun Usmar, CEO. “We continue to prioritize sustainable investments and strong governance, improving our Sustainalytics ESG Risk Rating to 2^nd out of 118 companies in the precious metals industry and 1^st in the precious metals mining subindustry. Triple Flag remains well positioned to deliver meaningful per share growth driven by a solid organic growth outlook and a strong precious metals price environment.”

Preliminary Q2 2024 GEOs Sold and Revenue

GEOs Sold and Revenue by Commodity²

	Q2 2024
	GEOs Sold	Revenue ($M)
Gold	16,124	37.7
Silver	11,068	25.9
Total	27,192	63.6

Conference Call Details

Triple Flag will release its Q2 2024 results on Wednesday, August 7, 2024, after market close.

A conference call and live webcast presentation will be held the following day, August 8, 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/841971665
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 August 22):	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 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. 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 Company’s preliminary sales and revenue information for the second quarter of 2024, the release of its financial results for the second 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.

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.

($ millions, except average gold price and GEOs information)	Q2 2024	Q2 2023
Revenue	63,581	52,591
Average gold price per ounce	2,338	1,976
GEOs	27,192	26,616

1		Gold Equivalent Ounces (“GEOs”)
2		Results are unaudited.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240711022426/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

Source: Triple Flag Precious Metals Corp.

FAQ

What were Triple Flag's revenues for Q2 2024?

Triple Flag announced record revenues of $63.6 million for Q2 2024.

How many gold equivalent ounces did Triple Flag sell in Q2 2024?

Triple Flag sold 27,192 gold equivalent ounces (GEOs) in Q2 2024.

Is Triple Flag on track to meet its 2024 GEOs sales guidance?

Yes, with 54,986 GEOs sold year-to-date, Triple Flag is on track to meet its 2024 guidance of 105,000 to 115,000 ounces.

When is Triple Flag's Q2 2024 earnings conference call?

Triple Flag's Q2 2024 earnings conference call is scheduled for August 8, 2024, at 9:00 a.m. ET.

What improvements has Triple Flag made in its ESG Risk Rating?

Triple Flag improved its Sustainalytics ESG Risk Rating, ranking 2nd out of 118 companies in the precious metals industry.