Triple Flag Precious Metals Corp. Q4 FY2024 earnings call

• 2024 was a record year across financial metrics due to strong volumes, precious metals prices, and margins.
• Acquired the $28 million Tres Quebradas Royalty, providing exposure to near-term cash flow from a large mining project.
• Cerro Lindo's GEOs increased 24% YOY; Camino Rojo had record production.
• Montage Gold's Kone project was fully permitted and financed in less than a year with construction underway.
• Organic growth profile targets 135,000 to 145,000 GEOs in 2029.
• Focus on cash flow per share, which was increased in 2024.

In 2024, Triple Flag Precious Metals Corp. achieved record GEOs of 113,000 ounces, which was in the upper half of the guidance range and marked the eighth consecutive year of GEO growth. Annual operating cash flow was $214 million. The company acquired the $28 million Tres Quebradas Royalty. Cerro Lindo saw GEOs increase 24% YOY due to higher grades and enhanced plant efficiency. Camino Rojo achieved record production of 137,000 ounces, a 19% beat on initial guidance. The Montage Gold team at Kone had a fully permitted and financed project with construction underway. Revenue contribution: Record GEOs and cash flow from precious metals operations were key contributors, with the royalty and streaming model driving high conversion of top-line revenue to shareholder cash flow.

• 2025 GEO guidance range: 105,000 to 115,000 ounces.
• 2029 organic growth profile: 135,000 to 145,000 GEOs.
• 2025 depletion expected to be between $70 million and $80 million, G&A between $24 million and $25 million.
• Australian cash tax rate for Australian royalties approximately 25%.
• Over $700 million available to deploy for new accretive transactions.

• Buritica dealing with illegal miners/criminal syndicates, which may continue to impact the asset's revenue forecasting.
• Timing of true-ups for Bonaco and Agdal streams, though they are relatively small contributions.
• Major Tom discovery at North Park, but Sheldon Vanderkooy stated no downside risk to Triple Flag Precious Metals Corp.

Q: On the Bonaco and Agdal Stream, what was the run rate excluding true-ups and any additional true-ups in 2025?

A: James Dendle said true-ups are small, asset-specific guidance not provided, true-ups are settled by end of January following year, and smooth out over minimum deliveries period.

Q: About the privately held asset El Mochito, should it be included in long-term projections?

A: Sheldon Vanderkooy said El Mochito is a smaller asset, operating, with good team, not counted on for 2025 or long-term guidance but is upside.

Q: Update on Buritica with artisanal miners?

A: Sheldon Vanderkooy said Zijin team is managing illegal miners/criminal syndicates, mine is producing, but situation may persist.

Q: Deal pipeline transaction sizes, mix of producing vs development assets?

A: Sheldon Vanderkooy said pipeline has mix of development and producing assets.

Q: Syndication of larger deals over $300 million?

A: Sheldon Vanderkooy said open to syndication, but concentration considered, open to competing for large deals.

Q: Dividend policy and minimum cash balance?

A: Sheldon Vanderkooy said progressive dividend policy, expect annual increases, and minimum cash balance in $5 to $10 million range.

Q: North Park's Major Tom discovery risk?

A: Sheldon Vanderkooy said Major Tom is a positive development with no downside exposure.

Q: Brantford restart in Peru?

A: Sheldon Vanderkooy said it's a bilateral situation, looking forward to discussing more fully, right in their Venn diagram of interests.