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 range, driven by strong performance at Northparkes and Cerro Lindo.

• Operating cash flow per share increased nearly 40% year-over-year, with annual operating cash flow reaching $214 million.

• Entered agreement to acquire Tres Quebradas lithium royalty, expanding exposure to a large, long-life mining project with near-term cash flow.

• Declared a quarterly dividend of US$0.055 per share, with annual increases since IPO.

• Renewed share buyback program, repurchasing 539,000 shares for $8.7 million since renewal.

Financial highlights

• FY2024 revenue rose to $269.0M from $204.0M in FY2023; GEOs up 7% year-over-year to 112,623.

• Adjusted EBITDA increased 39% year-over-year to $220.2M; operating cash flow reached $213.5M.

• Adjusted net earnings grew to $109.6M from $66.6M; adjusted EPS was $0.54 versus $0.33 prior year.

• Paid over $43 million in dividends, a 5% increase, and returned nearly $9 million via share buybacks.

• Asset margin at 92% in 2024, up from 90% in 2023; gross profit margin improved to 58% from 50% year-over-year.

Outlook and guidance

• 2025 GEO guidance set at 105,000–115,000 ounces, with continued contributions from high-grade Northparkes deposits.

• Organic growth profile targets 135,000–145,000 GEOs by 2029, representing over 25% growth from 2025 midpoint.

• Depletions expected at $70–$80 million and G&A at $24–$25 million for 2025.

• Long-term growth supported by new projects including Northparkes E48 SLC, ATO Phase II, and Tres Quebradas.

• Majority of 2029 GEOs expected from currently producing mines; additional upside from exploration-stage projects.