Triple Flag Precious Metals (TFPM) Q3 2024 earnings summary

Executive summary

• Achieved record Q3 2024 sales of 29,773 GEOs and revenue of $73.7M, with operating cash flow per share up 72% year-over-year.

• On track to reach the top half of 2024 production guidance (105,000–115,000 GEOs) and 2028 outlook of 135,000–145,000 GEOs.

• Portfolio performance driven by strong contributions from Northparkes, Cerro Lindo, Camino Rojo, Beta Hunt, and new streams from Agbaou and Bonikro.

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

• Net earnings of $29.6M ($0.15/share) in Q3 2024, reversing a prior year loss.

Financial highlights

• Q3 2024 revenue rose to $73.7M (+49% year-over-year); adjusted EBITDA $63.4M (+59%); operating cash flow $61.8M (+68%).

• Gross profit margin at 50%; asset margin at 92% in Q3 2024.

• Net earnings of $29.6M in Q3 2024; adjusted net earnings per share $0.15.

• Net debt at quarter-end was $11M; liquidity of ~$690M.

• $11.1M in dividends paid in Q3; $32.2M year-to-date.

Outlook and guidance

• 2024 GEOs sales guidance maintained at 105,000–115,000; expected to achieve between midpoint and high end.

• 2028 GEOs sales outlook reiterated at 135,000–145,000 GEOs.

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

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

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