Triple Flag Delivers Record GEOs Sales for the Eighth Consecutive Year and Achieves Upper Half of 2024 GEOs Sales Guidance

Rhea-AI Summary

Triple Flag Precious Metals (TSX: TFPM, NYSE: TFPM) reported Q4 2024 revenue of $74.2 million and annual revenue of $269.0 million, with metal sales of 27,864 gold equivalent ounces (GEOs) for Q4 and 112,623 GEOs for full year 2024.

The company achieved its eighth consecutive annual GEOs sales record, representing a ~20% compound annual growth rate since 2017. Performance was driven by higher gold grades at Northparkes and strong silver deliveries from Cerro Lindo. Revenue increased over 30% year-over-year while reducing outstanding shares.

For FY2024, gold sales were 70,774 GEOs ($169.0M), silver sales were 40,862 GEOs ($97.7M), and other metals contributed 987 GEOs ($2.3M). Q4 2024 saw gold sales of 17,272 GEOs ($46.0M), silver sales of 10,381 GEOs ($27.6M), and other metals at 211 GEOs ($0.6M).

Positive

• Record annual revenue of $269.0M, up 30% year-over-year
• Achieved eighth consecutive annual GEOs sales record
• 20% compound annual growth rate in GEOs since 2017
• Increased shareholder value through share count reduction while growing revenue
• Strong operational performance at Northparkes and Cerro Lindo

Negative

• Decline in 'Other' metals sales from 4,853 GEOs in FY2023 to 987 GEOs in FY2024

Insights

Financial Analyst

The 2024 financial results demonstrate remarkable performance for Triple Flag Precious Metals. Annual revenue surged by 30% to $269.0 million, with Q4 revenue reaching $74.2 million. The company's GEO sales hit 112,623 ounces for the full year, marking their eighth consecutive annual record with a compelling 20% CAGR since 2017.

A particularly noteworthy aspect is the company's revenue composition - gold sales contributed $169.0 million (70,774 GEOs), while silver generated $97.7 million (40,862 GEOs). The year-over-year increase in both gold and silver sales volumes, combined with higher precious metal prices, created a powerful multiplier effect on revenue growth.

The ability to achieve upper-half guidance while simultaneously reducing shares outstanding demonstrates strong operational execution and capital management. This combination has effectively increased per-share value metrics, a important factor for equity valuation.

Market Research Analyst

The precious metals streaming sector is experiencing favorable market conditions and Triple Flag's results reflect this momentum. The reduction in 'Other' metals revenue from $9.5 million to $2.3 million year-over-year shows a strategic focus on core precious metals exposure, which investors typically value at higher multiples.

The development progress at key growth projects like Koné, Eskay Creek and Hope Bay suggests a robust pipeline for future GEO growth. This portfolio advancement, combined with the company's track record of consistent growth, positions Triple Flag favorably in the streaming sector where visibility into future revenue streams is highly valued.

The timing of these results coincides with record gold and silver prices, indicating potential for continued strong performance in 2025. The company's 20% CAGR since 2017 significantly outpaces many peers in the precious metals sector, suggesting superior deal sourcing and asset selection capabilities.

TORONTO--(BUSINESS WIRE)-- Triple Flag Precious Metals Corp. (with its subsidiaries, “Triple Flag” or the “Company”) (TSX: TFPM, NYSE: TFPM) announced quarterly revenue of US$74.2 million for the fourth quarter of 2024 and annual revenue of US$269.0 million for full year 2024. These results represent metal sales of 27,864 gold equivalent ounces¹ (“GEOs”) for the fourth quarter of 2024 and 112,623 GEOs for full year 2024, within the upper half of guidance. All dollar amounts are expressed in US dollars.

“Triple Flag has achieved an eighth consecutive annual GEOs sales record, representing a compound annual growth rate of approximately 20% since 2017,” commented Sheldon Vanderkooy, CEO. “We have achieved the upper half of GEOs sales guidance for 2024, driven by higher gold grades at Northparkes and strong silver deliveries from Cerro Lindo, while key growth projects reached major milestones towards the path to production including Koné, Eskay Creek and Hope Bay. I am exceptionally pleased that Triple Flag increased its revenues in 2024 by over 30% year-over-year while reducing its issued and outstanding shares, driving higher value per share. Triple Flag’s shareholders are benefiting from record GEOs as well as record gold and silver prices. Triple Flag remains well-positioned to continue creating shareholder value in 2025 and beyond.”

Preliminary FY2024 and Q4 2024 GEOs Sales and Revenue

GEOs Sold and Revenue by Commodity2
	FY2024		FY2023
	GEOs Sold	Revenue ($M)	GEOs Sold	Revenue ($M)
Gold	70,774	169.0	61,251	119.0
Silver	40,862	97.7	38,983	75.5
Other	987	2.3	4,853	9.5
Total	112,623	269.0	105,087	204.0
	Q4 2024		Q4 2023
	GEOs Sold	Revenue ($M)	GEOs Sold	Revenue ($M)
Gold	17,272	46.0	14,997	29.5
Silver	10,381	27.6	9,883	19.5
Other	211	0.6	1,363	2.7
Total	27,864	74.2	26,243	51.7

Conference Call Details

Triple Flag will release its Q4 2024 results on Wednesday, February 19, 2025, after market close. A conference call and live webcast presentation will be held the following day, February 20, 2025, 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/426306225
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 March 6):	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 precious metals streaming and royalty company. We offer financing solutions to the metals and mining industry with exposure primarily to gold and silver in the Americas and Australia, with a total of 235 assets, including 16 streams and 219 royalties. These investments are tied to mining assets at various stages of the mine life cycle, including 30 producing mines and 205 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 include, but are not limited to, statements with respect to the Company’s preliminary sales and revenue information for the fourth quarter of 2024, the release of its financial results for the fourth 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.

($ millions, except average gold price and GEOs information)	Q4 2024	Q3 2024	Q2 2024	Q1 2024	FY 2024
Revenue	74.2	73.7	63.6	57.5
Average gold price per ounce	2,663	2,474	2,338	2,070
GEOs	27,864	29,773	27,192	27,794	112,623
($ millions, except average gold price and GEOs information)	Q4 2023	Q3 2023	Q2 2023	Q1 2023	FY 2023
Revenue	51.7	49.4	52.6	50.3
Average gold price per ounce	1,971	1,928	1,976	1,890
GEOs	26,243	25,629	26,616	26,599	105,087

² Results are unaudited.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250115005376/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 was Triple Flag's (TFPM) total revenue for full year 2024?

Triple Flag reported total revenue of US$269.0 million for full year 2024.

How many Gold Equivalent Ounces (GEOs) did TFPM sell in Q4 2024?

Triple Flag sold 27,864 Gold Equivalent Ounces (GEOs) in Q4 2024.

What was Triple Flag's year-over-year revenue growth in 2024?

Triple Flag increased its revenues by over 30% year-over-year in 2024.

What is TFPM's compound annual growth rate in GEOs since 2017?

Triple Flag has achieved approximately 20% compound annual growth rate in GEOs since 2017.

Which mines drove Triple Flag's strong performance in 2024?

Higher gold grades at Northparkes and strong silver deliveries from Cerro Lindo drove Triple Flag's performance in 2024.