Triple Flag Precious Metals (TFPM) Q4 2024 earnings summary

Executive summary

• Achieved record 2024 results with 113,000 GEOs, marking the eighth consecutive year of growth and reaching the upper half of guidance, driven by strong performance at Northparkes and Cerro Lindo.

• Operating cash flow reached $214 million, up 39% year-over-year, and adjusted EBITDA was $220.2 million, reflecting higher metal prices and robust operations.

• Net loss of $23.1 million in 2024 due to $148 million in impairment charges, despite strong operational performance and adjusted net earnings of $109.6 million.

• Declared a quarterly dividend of $0.055 per share and repurchased over 600,000 shares for nearly $9 million.

• Entered agreement to acquire Tres Quebradas lithium royalty for $28 million, expanding exposure to a large, long-life mining project.

Financial highlights

• 2024 revenue rose to $269.0 million from $204.0 million in 2023; GEOs up 7% year-over-year to 112,623.

• Adjusted EBITDA increased 39% to $220.2 million; operating cash flow reached $213.5 million.

• Adjusted net earnings grew to $109.6 million ($0.54 per share), up 65% year-over-year.

• Paid $43.3 million in dividends, a 5% increase, and returned nearly $9 million via share buybacks.

• Free cash flow for 2024 was $213.5 million, up from $154.1 million in 2023.

Outlook and guidance

• 2025 GEOs guidance set at 105,000–115,000, with long-term outlook targeting 135,000–145,000 GEOs by 2029.

• 2025 depletion expected at $70–$80 million, G&A at $24–$25 million, and Australian cash tax rate ~25%.

• Growth to 2029 driven by ramp-up at Northparkes, Cerro Lindo stream rate changes, and new contributions from development-stage assets.