Triple Flag Precious Metals Corp. Q3 FY2024 earnings call

• Triple Flag had a strong Q3 with record sales of nearly 30,000 gold equivalent ounces, on track for 2024 production guidance top half.
• Operating cash flow per share increased over 70% due to record production, high gold prices, and stable margins.
• Portfolio milestones: Cerro Lindo had robust 2024 production Y/Y, Orla Mining increased Camino Rojo production guidance, Montage Gold permitted and financed Koné project, Westgold had exceptional Beta Hunt exploration results.
• Added to S&P/TSX Composite Index, increasing investor base and liquidity.
• Available capital of nearly $690 million, 235 assets, corporate development team active in adding assets.

Triple Flag delivered record sales of nearly 30,000 gold equivalent ounces in Q3 2024, placing it on track to achieve the top half of its 2024 production guidance of 105,000 to 115,000 ounces. Cerro Lindo and Northparkes are the two largest contributors to Q3 gold equivalent ounces. The portfolio derives roughly 80% of its revenues from Australia and the Americas, with approximately 30% weighted to silver.

• 2024 production expected to be top half of 105,000-115,000 ounces.
• 2028 production expected to be 135,000-145,000 gold equivalent ounces.
• Strong pipeline with $100 million to $300 million range for potential deals, including smaller transactions like the Allied Gold transaction over $50 million.

• Geopolitical risks in investment jurisdictions.
• Volatility in gold prices affecting deal opportunities and financial performance.

Q: Tanya Jakusconek from Scotiabank asked about deal opportunities given volatile gold prices and if there were changes in the $100 million to $300 million range.

A: Sheldon Vanderkooy responded that the pipeline remains deep, with the $100 million to $300 million range still in play, including smaller transactions, and the pipeline has a good proportion on the development side.

Q: Derick Ma from TD Cowen asked about deal mechanics and how gold prepay competes with streams.

A: Sheldon Vanderkooy stated that prepays aren't life of mine exposure, and the stream model offers life of mine exposure, with the streaming and royalty model being well-accepted, and prepays are part of the total capital picture but not the focus of their business