Triple Flag Precious Metals Corp. (with its subsidiaries, 'Triple Flag' or the 'Company') (TSX: TFPM, NYSE: TFPM) announced record quarterly revenue of US$57.5 million for the first quarter of 2024, which represented record quarterly metal sales of 27,794 gold equivalent ounces1 ('GEOs').
All dollar amounts are expressed in US dollars.
'Triple Flag achieved a new quarterly GEOs sales record to start the year, with the Company well on track to deliver 2024 GEOs sales guidance of 105,000 to 115,000 ounces. The portfolio continued its eight-year track record of delivery, with a nearly 90% quarter-on-quarter increase in GEOs sales from Northparkes, in line with our guidance for a stronger 2024 due to the higher gold-grade E31 and E31N open pits, which drove substantial sales growth from our flagship asset,' commented Shaun Usmar, CEO. 'We are also pleased to embark on a new partnership with Coeur Mining, with the commencement of payments on our royalty on the Kensington gold mine in Alaska, which we acquired as part of the Maverix transaction last year.'
Commencement of Payments on NSR Royalty on the Kensington Gold Mine: During the first quarter of 2024, wholly-owned subsidiaries of Triple Flag and Coeur Mining, Inc. ('Coeur') entered into a settlement agreement to resolve litigation regarding the terms of a royalty held by Triple Flag on Coeur's Kensington gold mine. Further to that settlement, Triple Flag and Coeur agreed to amend the terms of the existing Kensington royalty to provide that: Effective January 1, 2024, the royalty will pay at a rate of 1.25% of net smelter returns occurring through to December 31, 2026. NEWS RELEASE 2 The royalty rate will increase to 1.50% of net smelter returns occurring after January 1, 2027. Coeur's production guidance for 2024 at Kensington is 92,000 to 106,000 ounces of gold3 .
As part of the settlement agreement, Triple Flag has received approximately 737 thousand shares of Coeur and in the first quarter of 2025, will receive further shares of Coeur with a fixed value of $3.75 million as determined at that time. The Coeur share consideration is in settlement of royalties in arrears and litigation expenses incurred. The recognition of royalties in arrears resulted in approximately 2,600 GEOs in the first quarter of 2024. The amended NSR royalty is subject to a cap of two million ounces of gold, adjusted for consideration received related to royalties in arrears. Kensington is an underground gold operation located in Alaska, currently consisting of the Kensington Main, Raven and Jualin deposits as well as other exploration targets. Commercial production began in 2010 and in 2019, the mine achieved over one million ounces of gold produced. As of December 31, 2023, proven and probable reserves at Kensington totaled 411 koz with an additional 819 koz in the measured and indicated category as well as 388 koz in the inferred category4 . Ongoing exploration work includes drilling at the Kensington Zone 30 and Elmira deposits to further build reserves. Recent assays at the property have shown orebody continuity to the south and down-dip
Conference Call Details Triple Flag will release its Q1 2024 results on Tuesday, May 7, 2024, after market close.
About Triple Flag
Triple Flag is a pure play, precious-metals-focused streaming and royalty company. We offer bespoke financing solutions to the metals and mining industry with exposure primarily to gold and silver in the Americas and Australia, with a total of 234 assets, including 15 streams and 219 royalties. These investments are tied to mining assets at various stages of the mine life cycle, including 32 producing mines and 202 development and exploration stage projects. Triple Flag is listed on the Toronto Stock Exchange and New York Stock Exchange, under the ticker 'TFPM'.
Contact:
David Lee
Vice President, Investor Relations
Tel: +1 (416) 304-9770
Email: ir@tripleflagpm.com
Media
Gordon Poole, Camarco
Tel: +44 (0) 7730 567 938
Email: tripleflag@camarco.co.uk
TRIPLE FLAG PRECIOUS METALS CORP. 
