Triple Flag Precious Metals Corp. Q1 FY2025 earnings call

• Strong Q1 performance: Sales of nearly 29,000 GEOs, record EBITDA of $71M, and record operating cash flow of $66M.
• Acquisitions: Proposed acquisition of Orogen Royalties (1% NSR royalty on Expanded Silicon gold project) and tuck-in acquisition of 5% silver and gold streams on Arcata and Azuca mines in Peru for $35M.
• Northparkes: Processing of higher-grade open pit ore continued, mining of pits depleted but stockpiled ore processing expected through 2025; E48 sub level access nearly complete, commissioning expected in H2 2025.
• ESG: Top industry ranking by Morningstar Sustainalytics.
• Financials: Operating cash flow per share up 74% YOY, dividend maintained at $0.21 annualized, bought back ~490,000 shares in Q1, balance sheet clean with zero debt and $1B credit facility.
• Expanded Silicon project: 1% NSR royalty on Tier 1 asset, no step-downs, etc., with strong exploration potential.

Triple Flag achieved strong results in Q1 2025. Sales of nearly 29,000 GEOs led to record EBITDA of $71 million and record operating cash flow of $66 million. Revenue is 100% from precious metals, roughly three quarters from gold. Northparkes continued to deliver record results during the quarter due to processing of higher-grade open pit ore. The proposed acquisition of Orogen Royalties resulted in Triple Flag owning a 1% NSR royalty on the Expanded Silicon gold project, and the tuck-in acquisition of 5% silver and gold streams on the Arcata and Azuca mines in Peru for $35 million.

• 2025 GEO guidance: 105,000 to 115,000 ounces.
• Potential growth: Further growth to 135,000 to 145,000 GEOs by 2029 with Expanded Silicon addition.

• Legal action: Steppe Gold owes 1,650 ounces of gold, in legal action as Steppe asked for extensions and action is being taken to enforce payment.

Q: Where does share buyback sit within the capital allocation strategy, and what can shareholders expect in terms of share buybacks going forward?

A: Sheldon Vanderkooy said they are opportunistic on share buybacks, generate robust cash flows, balance pipeline vs buybacks, and no stated policy locking them in.

Q: In terms of Prieska, has any thinking internally changed with the updated feasibility and what do you guys envision in terms of that asset?

A: Sheldon turned it over to James Dendle who said nothing really changed, working through feasibility study, expecting to say more later in the year or early next.

Q: It relates to the prepay with Steppe Gold. Can you just go through where we stand on that and whether you expect to get the remaining ounces on the prepay this year?

A: Sheldon Vanderkooy said Steppe owes 1,650 ounces of gold, taking action to enforce payment as Steppe asked for extensions, and expects to get those ounces but couldn't say much more as it's in legal action.