Triple Flag Precious Metals (TFPM) Q3 2024 earnings summary

Executive summary

• Achieved record Q3 2024 results with 29,773 GEOs sold, $73.7M revenue, and $0.31 operating cash flow per share, up 72% year-over-year, driven by strong performance at Northparkes and Cerro Lindo.

• Net earnings were $29.6M ($0.15/share), reversing a $6.0M loss in Q3 2023; adjusted net earnings matched at $29.6M.

• Added to the S&P/TSX Composite Index in September 2024, enhancing liquidity and investor base.

• Portfolio milestones include robust production at Cerro Lindo, increased guidance at Camino Rojo, full permitting and financing at Koné, and significant exploration success at Beta Hunt.

• Declared a quarterly dividend of $0.055/share and repurchased 92,700 shares for C$2.0M in Q3.

Financial highlights

• Q3 2024 revenue: $73.7M (up from $49.4M in Q3 2023); GEOs sold: 29,773 (up 16% year-over-year).

• Operating cash flow: $61.8M ($0.31/share), up 68% year-over-year; adjusted EBITDA: $63.4M (+59%).

• Net earnings: $29.6M in Q3 2024 vs. net loss of $6.0M in Q3 2023.

• Asset margin: 92% in Q3 2024 (Q3 2023: 90%); gross profit margin: 50% (Q3 2023: 52%).

• Net debt: ~$11M; liquidity: ~$690M as of September 30, 2024.

Outlook and guidance

• 2024 GEOs sales guidance reaffirmed at 105,000–115,000, expecting to reach midpoint to high end; 2028 outlook set at 135,000–145,000 GEOs.

• Long-term sales outlook based on $1,850/oz Au, $22/oz Ag, $4.00/lb Cu.

• Quarterly dividend of $0.055/share declared, payable December 16, 2024.

• Expansion at Beta Hunt to 2 Mtpa expected to complete in H1 2025.

• Strong cash flow outlook supports future capital deployment and shareholder returns.