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TRIPLE FLAG PRECIOUS METALS 2022 ANNUAL REPORT ANNUAL REPORT
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TABLE OF CONTENTS - 1 Letter from the CEO - 3 Vision, Mission and Strategy - 4 Financial Highlights - 6 Sustainability - 12 Our Asset Portfolio - 14 Producing Streams and Royalties - 16 Our Team - 18 Board of Directors - 20 Financial Report
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LETTER FROM THE CEO DEAR FELLOW SHAREHOLDERS, I am pleased to share with you our annual report and year-end review for 2022 – our first full year as a publicly listed company. During a year where the global economic and geopolitical backdrop offered headwinds and extreme uncertainty for investors, Triple Flag with our disciplined application of the streaming and royalty business model demonstrated the inflation-resistant, high-margin virtues as a resilient store of value. Our high-margin, diversified portfolio exposure to top-line revenue growth resisted the margin compression associated with operating and capital cost escalation that dominated mining sector financial results over this period. For Triple Flag, it was a year of new records, disciplined and valuable deal making, top-ranked ESG performance, and the achievement of important new milestones as a relatively newly listed mining company. I'm proud of and grateful for the high-performing team and Board who made it all possible. ANOTHER YEAR OF RECORD PERFORMANCE AND MILESTONES During the year we continued our track record of growing value per share. 2022 was our sixth consecutive year of GEOs growth, reaching 84.6 koz in GEO sales. We also increased our dividend by 5% to US$0.20 per share, offering the highest dividend yield amongst our peers. These were amongst the factors that contributed to us having the top performing royalty and streaming company share price in 2022, while outperforming all metal prices and indices in a difficult financial market; Triple Flag's share price increased by 15.4% compared to our peer average of (2.1%), the gold price of (0.1%), silver price of 2.9%, and S&P 500 of (19.4%). Our most notable transaction, however, was our acquisition of Maverix Metals Inc. for US$606 million, which we announced in November 2022 and closed subsequent to year-end. This transaction, the largest in our history, creates the world's leading gold-focused emerging senior streaming and royalty company, bringing together two complementary portfolios in a compelling combination. Triple Flag's portfolio, with a strategic emphasis on larger, cash-generating assets, with more than 90% by NAV associated with producing mines, is complemented by Maverix's highly diversified portfolio of 148 royalties and streams, with paying assets equating to around 60% of NAV. The combination builds on Triple Flag's 21% compound annual growth rate in GEOs over the past five years, increasing from 84.6 koz in 2022 by around 27% in 2023 and continuing to an expected average of over 140 koz over the following five years, before factoring in the additional organic growth potential from the significant portfolio of exploration and development stage assets. Importantly, when considering future risk and cost to this outlook, this embedded growth is essentially fully funded and dominated by producing or ramping assets, underpinned by reserves with no permitting risks. We believe that the combined company will benefit from the improved trading liquidity and strong cash flows of the resulting high-margin, high-growth, inflation-resilient, and diversified portfolio, and have already experienced a ten-fold increase in daily trading volumes since the transaction closed in late January. On October 21, 2022, our team traveled to New York City to ring the opening bell at the New York Stock Exchange, commemorating our recent listing during August 2022. This was a considerable milestone as it opened the door for new investors in Triple Flag, broadening our investor base and growing liquidity in our stock. Our inclusion in the GDXJ index, following the closing of the Maverix transaction, was another welcome milestone. GROWING VALUE THROUGH ACCRETIVE ACQUISITIONS 2022 was another banner year for the growth of Triple Flag's portfolio. We entered into definitive agreements for the acquisition of the previously announced A$10 million gross revenue return and US$80 million gold and silver stream on the brownfie
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ESG EXCELLENCE Triple Flag's foundational commitment to substantive ESG practices as a capital provider to the mining sector, where good ESG practices are key to ensuring the miners' privilege to operate in their host communities, has been a consistent strategic feature of our track record of growth in value per share and helpful in securing new business opportunities opposite miners. Our focus in this area has been authentic, substantive, and pragmatic, ensuring we partner with miners who understand the importance of doing this well to ensure security of tenure of our contracts, being transparent in our approach in our disclosures, and making targeted investments as part of our underwriting of new deals to help our mining partners enhance their license to operate. We were pleased during 2022 to be recognized in several ways for our work in this area; we received our inaugural Sustainalytics rating, where we came in 4th place out of 114 global precious metal companies; we were a finalist in the Mines & Money ESG Program Innovation award; and were recognized as a ''Great Place to Work''. We continued to support our various partnership programs, which included the first Mongolian professional development program with our partners at Steppe Gold, awarding another seven scholarships to new students through our RBPlat bursary program, Northparkes bursary program and supplemental flood support, Ukrainian humanitarian relief, Mining Matters, Young Mining Professionals and Mining 4 Life in support of engaging the next generation of miners, UNGC and the Women Empowerment Principles, World Gold Council, and ESG Task Force participation. Finally, we have remained carbon neutral since inception of our business in 2016, offsetting our Scope 1, 2 and 3 emissions, and were certified by an independent third party. " For Triple Flag, it was a year of new records, disciplined and valuable deal making for our investors, top-ranked ESG performance, and the achievement of important new milestones as a relatively newly listed mining company. " OUTLOOK Triple Flag has established itself as the fourth-largest senior streaming and royalty company, one that is well positioned to continue increasing shareholder value through growth in our existing portfolio and through our characteristic disciplined deal making activities. We are well advanced in integrating the Maverix business, are on track with delivering the identified $7 million in annualized synergies, have more than $600 million in available funding capacity for new transactions in a busy deal environment, and are anticipating another record year for our business. The market for new financing opportunities is amongst the most promising we've encountered since we started the business in 2016, helped by the energy transition thematic and lack of reliable traditional funding sources for mining entrepreneurs. We will continue to remain discerning in our approach to capital allocation and investment decisions, aligning ourselves as significant equity holders in our own right with our shareholder base in creating value. As transformative as 2022 was for Triple Flag, we could not be more excited to see what the future holds for us and the possibilities that will arise in continuing to grow our business.
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VISION, MISSION AND STRATEGY Vision Strategy To be a leading global sustainable precious metals investment. Mission To be a preferred funding partner to mining companies throughout the commodity cycle by providing customized streaming and royalty financing, while offering value beyond capital as partners via our networks, capabilities and sustainability support. Our strategy is to grow our portfolio and value per share through ongoing investments in primarily precious metals streams and royalties with a prioritization on sustainability and maintaining our carbon neutrality. Our focus is on: Supporting our partners' strategic priorities and sustainability initiatives by offering proactive streaming and royalty funding that is tailored to enable their individual needs, while also providing financial support to strengthen their sustainability programs and enhance their privilege to operate with their host communities and work force. Delivering growth by: - · Utilizing our deep experience and networks across all aspects of the mining industry, which yields more opportunity for bilateral deals rather than narrow competitive processes - · Offering our partners value beyond capital via our sustainability programs and using our knowledge and experience to provide continued support and insight to help them maximize value - · Capturing the available synergies between our long-term focus and investment horizon and the lengthy timelines for exploration and development in the mining sector - · Unlocking the value arbitrage on offer from base metals mines with non-core precious metals byproducts that can be streamed and are more valuable within a precious metals company Generating attractive returns for our shareholders by: - · Building a portfolio of investments in cash-generating mines and construction-ready, fully permitted projects, balanced by prudent investments across earlier stages of the mine life cycle to offer investors exposure to ongoing growth across multiple time horizons - · Growing cash flow per share over the long term - · Offering growing exposure to precious metals ounces backed by robust cash yields, a good dividend and attractive returns - · Hiring exceptional talent that aligns with our values and culture, enabling us to secure and execute on the best deal opportunities available - · Employing a lean, highly capable and engaged team that draws on specialized skills from our external global network to optimize due diligence effectiveness while controlling G&A expenses - · Managing risk through our due diligence, ongoing portfolio optimization activities and investment processes - · Maintaining our status as a sustainable, carbon neutral company while giving back to host communities with investments in social programs - · Aligning management and shareholder interests via our team's significant ownership position in Triple Flag
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FINANCIAL HIGHLIGHTS " Triple Flag had another successful year, delivering record 2022 performance resulting in six consecutive years of record GEOs sales. The Company increased its annual dividend to US$0.20 per share, one of the highest dividend yields in the sector. " Susan Allen Director and Chair of the Audit and Risk Committee
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150
O 150
ATI 50150
OPERATING CASH FLOW 150 (US$M) $120 $118 120 90 60 30 0 160
A 160
STE NET EARNINGS AND 60160
ADJUSTED EBITDA 1 (US$M) $123 100
$ 150
FR 50
FREE CASH FLOW 1 (US$M) GROSS PROFIT MARGIN AND ASSET MARGIN 1 (% of Revenue) 91%
89% 92% 91%
91% 91%
92% $118 89%
1 91%
91% 91%
92% 91% 91% 0
$118 75 $55 6% 7 1 0 2 21 0 2 $46 50 25 0 21 0 2 2 2 0 2 2 2 0 2 $27 7 1 0 2 - 1. Young-Davidson, Ontario, Canada - 2. Cerro Lindo, Chincha, Peru - (1) Free cash flow, Adjusted EBITDA and Asset margin are non-IFRS performance measures with no standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. For further information and a detailed reconciliation of each non-IFRS measure to the more directly comparable IFRS measure, see ''Non-IFRS Financial Performance Measures'' in the MD&A.
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SUSTAINABILITY " Worldwide, we are witnessing concerted efforts by stakeholders to create investment strategies that benefit the environment and society as a whole. ESG is at the core of Triple Flag's vision, mission, and strategy. We incorporate ESG factors in our due diligence process to assess the viability of our investments. We also consider ourselves long-term partners of our mining asset operators and actively engage with them to strengthen their ESG performance. We continuously refine our processes in line with global best practices. " Shaun Usmar Founder, Chief Executive Officer and Director OUR SUSTAINABILITY APPROACH IS TWO-PRONGED 1 We ensure portfolio quality by investing in streams and royalties on mines and projects where our due diligence determines that our counterparties demonstrate strong sustainability management and performance. Strong sustainability performance by our partners helps ensure the mines underlying our investments enjoy the privilege to operate from those affected by mining, which protects our business and shareholders. 2 We contribute to a responsible and sustainable mining ecosystem through our own practices, actions, and community investments. We further our efforts by exerting influence across our portfolio and the broader mining ecosystem. We aim to lead by example and to share our experience and networks to support sustainable mining.
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MAKING RESPONSIBLE INVESTMENTS As a capital provider, our investment process prioritizes ESG and the creation of long-term value for our stakeholders. We rely on our rigorous due diligence process to assess how an investment opportunity aligns with our ESG values, and avoid investing in projects that adversely impact the environment and local stakeholders. For example, we do not invest in any opportunities that involve riverine tailings disposal, child labor or forced labor. Our pre-acquisition due diligence processes assess a range of ESG aspects to identify short- and long-term ESG risks, their materiality, as well as systems in place to manage and mitigate them. As a result, our approach is comprehensive in scope, highly defined, and tailored to fit the specifics of each investment opportunity. Below outlines some sustainability issues we consider as part of our due diligence: ENVIRONMENT SOCIAL GOVERNANCE - · Climate change risks - · Biodiversity and conservation - · Tailings and mine waste management and storage - · Water use and management - · Labor, human rights and working conditions - · Indigenous peoples' rights, relationships and cultural heritage - · Workforce and community health, safety and security - · Stakeholder engagement and relationships - · Diversity in the workforce Our process has helped us identify and invest in 15 producing assets which are operated responsibly to create a positive impact on the environment, workers and local communities. 14 out of our 15 producing assets are primarily underground mines, which have less surface disruption, waste and lower greenhouse gas (GHG) footprints than comparable open pit mines. We also incorporate ESG safeguards into investment agreements and exercise such safeguards, where necessary, to protect our investments and reputation. Post-acquisition, we work collaboratively with counterparties to monitor their performance on a range of ESG aspects, understand their management practices and screen for new or emerging ESG risks and opportunities. Throughout the review process for our recent acquisition of Maverix Metals Inc., we have consistently adhered to the tenets of ESG due diligence and performance. We reviewed their board committee mandates, ESG initiatives, policies, programs and infrastructure to identify synergies and opportunities for alignment with best practice for our combined entity. Included in this work was the critical undertaking of determining the human resources required to effectively and efficiently manage Triple Flag for the future. We engaged the Maverix team after a thorough review and offered employment agreements to certain team members to best position Triple Flag for a successful transition. 14 out of our 15 producing assets are primarily underground mines, which have less surface disruption, waste and lower greenhouse gas (GHG) footprints than comparable open pit mines. - · Corporate governance - · Environmental and social impact analysis - · Anti-corruption controls and business ethics - · Monitoring, reporting and transparency
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GOOD GOVERNANCE Triple Flag promotes adoption of robust governance practices, including transparency and accountability in our operations and the operations of our counterparties. We strive to continually strengthen our corporate governance standards and processes, in line with industry best practices. We have a multi-tiered governance structure with well-defined roles and responsibilities. Our Board, management and broader team comprise a diverse range of individuals who bring a mix of backgrounds, experience, skills and expertise, evidencing diversity in tenure, age and gender. In line with our focus on diversity and inclusion, we have set targets to have 30% women on our Board and 30% diversity in our senior management team by 2025. Our Diversity and Inclusion Policy ensures that we promote diversity across all levels of our organization, including at the Board and senior management levels. We pursue ethical business practices across our operations and are committed to compliance with all applicable local and national anti-bribery or anti-corruption laws and regulations. Since our inception, we have had zero incidents of conflicts of interest, Code of Ethics violations, employee grievances, bribery or corruption. In 2022, we completed the UNGC Target Gender Equality accelerator program. This program has strengthened our ability to contribute to Sustainable Development Goal 5.5, ensuring women's full and effective representation, participation, and leadership in business globally. Our CEO signed our commitment to the Women's Empowerment Principles (WEPs) in 2022, a set of principles offering guidance to business on how to promote gender equality and women's empowerment in the workplace, marketplace, and community. As of December 31, 2022, 29% of our Board and 40% of our independent directors are women, including two of three prominent positions – the Chair of the Board and the Chair of the Audit and Risk Commit -tee. No member of the Board currently identifies as a visible minority, Aboriginal person or person with a disability. PROPORTION OF DIRECTORS IDENTIFYING AS WOMEN PROPORTION OF INDEPENDENT DIRECTORS IDENTIFYING AS WOMEN In 2022, we engaged Sustainalytics (a Morningstar company) to complete a review and ranking of Triple Flag's ESG initiatives. We are pleased to announce that we were rated 4th of 114 companies across the precious metals industry and 2nd in our sub-industry of precious metals mining, with an absolute risk rating of 9.2 (negligible risk). We were awarded two supplemental Top Badges for both Region and Industry. Sustainalytics is a global leader in the fields of responsible investing and sustainable finance. Supported by a robust materiality framework, Sustainalytics' ESG Risk Ratings provide a quantitative and absolute measure of unmanaged ESG risk. The Sustainalytics ESG Risk Rating Methodology takes into consideration a robust multitude of factors and can be used to compare companies across all covered sub-industries. PROPORTION OF DIVERSE EMPLOYEES PROPORTION OF ELIGIBLE EMPLOYEES WHO RETURNED FROM PARENTAL LEAVE
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VALUING OUR PEOPLE We believe that employees are our greatest asset and play a pivotal role in achieving our vision. We encourage our team members to pursue learning and professional development opportunities suited to their role and interests. In recognition of our efforts to create an engaging workplace, we were recognized by Great Place to Work in Canada. Survey results are completely based on employee feedback. This portrays to potential job seekers that our company offers a great culture and contributes to our recruiting advantage by providing a globally recognized and research-backed verification of a strong and rewarding employee experience.
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INVESTING IN COMMUNITY WELL-BEING Our approach to community investment is two-pronged. First, we partner with our counterparties to invest in important local priorities and to build skills and capacities needed to benefit from opportunities at the mines. Second, we support the communities near our corporate office in Canada. Our community investments seek to advance, measure and communicate results related to four key Sustainable Development Goals: Quality Education; Gender Equality; Decent Work and Economic Growth; and Climate Action. We have established a community investment target of 2% of average net income over the previous five years to be deployed annually. SOUTH AFRICA In South Africa, we continued to support Royal Bafokeng Platinum's ("RBPlat") bursary programs by allocating $100,000 each year to fully support the education of post-secondary students across the varied geology and engineering disciplines from adjacent communities. In 2022, we supported eight students to continue their academic studies, in addition to a further intake of seven new students. AUSTRALIA In partnership with Northparkes, Triple Flag has committed to investing A$50,000 annually for scholarships, community initiatives and recreational sports programs in the communities surrounding the mine. These investments are aligned with priorities identified by these communities and are awarded following a process led by community and Company representatives. MONGOLIA In Mongolia, alongside Triple Flag's investment in Steppe Gold's operations, we developed a professional development program for Mongolian leaders working in fields related to the environment and in communities impacted by mining. Through this program, Triple Flag sponsored and hosted nine delegates, in collaboration with Steppe Gold, to participate in a fully customized professional development and English-as-aSecond-Language program that took place predominantly at post-secondary educational institutions in St. Catharines and Sudbury, Ontario. By attending this three-week program, the delegates increased their knowledge of international mining best practices, relevant legislation, water management, mining management, environmental conservation, and rehabilitation. Most importantly, after returning home, the delegates shared the knowledge they gained in Canada with their communities to enhance their capacity to participate and respond to the mining-related opportunities and challenges that they face. CANADA In Canada, we commemorated Canada's 2nd annual Truth and Reconciliation Day on September 30. The entire Triple Flag team and guests from the banking community participated in hands-on learning activities, guided by our employees and Mining Matters, a charitable organization providing education to Indigenous youth on earth sciences and the minerals industry. The team closed the session by reviewing the finalists for the Triple Flag Young Mining Professionals Scholarship Fund ("YMPSF") bursary. Both activities further support our commitment to encouraging Indigenous youth and post-secondary students' academic pursuits in mining-related fields. We donated $100,000 to the Canadian Red Cross in support of the Ukrainian humanitarian relief effort to assist those most in need during this horrific crisis. In addition, we contributed towards the nearly $600,000 raised at the Women for Women's College Hospital Foundation luncheon to help give every woman every chance for the best health possible.
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TAKING ACTION ON CLIMATE Recognizing the risks and threats associated with climate change, Triple Flag supports decarbonization and the transition to a low carbon economy. Our climate strategy, which is aligned to UN SDG 13 on Climate Action, has focused on three areas: Our carbon footprint consists of greenhouse gas (''GHG'') emissions associated with our direct activities (Scope 1 and 2 as well as Categories 6 and 7 in Scope 3) and attributable share of emissions due to production of our attributable metals production by our counterparties, to the point of saleable metals (defined as Category 15 in Scope 3). 1 INCORPORATING CLIMATE CONSIDERATIONS INTO OUR INVESTMENT AND DUE DILIGENCE STRATEGY 2 MINIMIZING THE GREENHOUSE GAS EMISSIONS ASSOCIATED WITH OUR ACTIVITIES AT TRIPLE FLAG 3 TAKING RESPONSIBILITY FOR THE GREENHOUSE GAS EMISSIONS ASSOCIATED WITH OUR INVESTMENTS Since inception, we have remained a carbon neutral company by purchasing accredited and verified carbon credits to offset our carbon footprint. In 2022, we finalized our carbon credit offset purchase for 2021, offsetting 14,223 tCO 2 e at a cost of less than $10/t. We have also purchased offsets in anticipation of 2022 GHG emissions to maintain carbon neutrality throughout the year. Beyond climate change, our environmental focus is on tailings management, biodiversity, water usage and planning for mine closures. You can find more information on those issues in our Sustainability Report.
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"text": "Our carbon footprint consists of greenhouse gas (''GHG'') emissions associated with our direct activities (Scope 1 and 2 as well as Categories 6 and 7 in Scope 3) and attributable share of emissions due to production of our attributable metals production by our counterparties, to the point of saleable metals (defined as Category 15 in Scope 3).",
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"text": "INCORPORATING CLIMATE CONSIDERATIONS INTO OUR INVESTMENT AND DUE DILIGENCE STRATEGY",
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"text": "MINIMIZING THE GREENHOUSE GAS EMISSIONS ASSOCIATED WITH OUR ACTIVITIES AT TRIPLE FLAG",
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"text": "TAKING RESPONSIBILITY FOR THE GREENHOUSE GAS EMISSIONS ASSOCIATED WITH OUR INVESTMENTS",
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"text": "Since inception, we have remained a carbon neutral company by purchasing accredited and verified carbon credits to offset our carbon footprint. In 2022, we finalized our carbon credit offset purchase for 2021, offsetting 14,223 tCO 2 e at a cost of less than $10/t. We have also purchased offsets in
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Hemlo Kone RBPlat PGM Operations GOLD STREAM Producing Assets Development Stage Assets Exploration Stage Assets Beta Hunt GOLD ROYALTY Fosterville GOLD ROYALTY ATO GOLD AND SILVER STREAM Northparkes GOLD AND SILVER STREAM Dargues GOLD ROYALTY Henty GOLD ROYALTY Stawell GOLD ROYALTY
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15
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000023a4ffcad84c6568c7572049a7f2a066681f68df707d27c50c0ac5bd42d6-14
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Eskay Creek GOLD AND SILVER ROYALTY Florida Canyon GOLD ROYALTY Pumpkin Hollow GOLD AND SILVER STREAM Moss GOLD STREAM Gunnison COPPER STREAM La Colorada GOLD STREAM El Mochito SILVER STREAM Cerro Lindo SILVER STREAM Hope Bay GOLD ROYALTY Hemlo GOLD ROYALTY Renard DIAMOND STREAM Young-Davidson GOLD ROYALTY Eagle River GOLD ROYALTY Camino Rojo GOLD ROYALTY Buritica Producing Assets - PRODUCING ASSETS
Development Sta DUCING ASSETS
Development Stage Assets DEVELOPMENT STAGE ASSETS - EXPLORATION STAGE ASSETS Exploration Stage Assets
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16
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000023a4ffcad84c6568c7572049a7f2a066681f68df707d27c50c0ac5bd42d6-15
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PRODUCING STREAMS AND ROYALTIES NORTHPARKES CERRO LINDO RBPLAT PGM OPERATIONS Location: New South Wales, Australia Mine Commodities: Copper, Gold & Silver Operator: China Molybdenum Co., Ltd. Mine Type: Underground & Open Pit Triple Flag Interest: 54% Gold & 80% Silver Stream BURITICÁ Location: Chincha, Peru Mine Commodities: Zinc, Lead, Copper & Silver Operator: Nexa Resources S.A. Mine Type: Underground Triple Flag Interest: 65% Silver Stream FOSTERVILLE Location: Antioquia, Colombia Mine Commodities: Gold & Silver Operator: Zijin Mining Group Co., Ltd. Mine Type: Underground Triple Flag Interest: 100% Silver Stream Location: Victoria, Australia Mine Commodities: Gold Operator: Agnico Eagle Mines Limited Mine Type: Underground Triple Flag Interest: 2% Net Smelter Returns (‘‘NSR’’) Royalty Location: North West Province, South Africa Mine Commodities: Platinum Group Metals, Nickel, Copper & Gold Operator: Royal Bafokeng Platinum Limited Mine Type: Underground Triple Flag Interest: 70% Gold Stream YOUNG-DAVIDSON Location: Ontario, Canada Mine Commodities: Gold Operator: Alamos Gold Inc. Mine Type: Underground Triple Flag Interest: 1.5% NSR Royalty PUMPKIN HOLLOW Location: Nevada, United States Mine Commodities: Gold & Silver Operator: Nevada Copper Corporation Mine Type: Underground & Open Pit Triple Flag Interest: 97.5% Gold & 97.5% Silver Stream ALTAN TSAGAAN OVOO GUNNISON Location: Dornod Province, Mongolia Mine Commodities: Gold & Silver Operator: Steppe Gold Ltd. Mine Type: Open Pit Triple Flag Interest: 25% Gold & 50% Silver Stream Location: Arizona, United States Mine Commodities: Copper Operator: Excelsior Mining Corp. Mine Type: Underground Triple Flag Interest: 16.5% Copper Stream
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"text": "Location: New South Wales, Australia",
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"text": "BURITIC\u00c1",
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"text": "Mine Commodities: Zinc, Lead, Copper & Silver",
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"text": "Operator: Nexa Resources S.A.",
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17
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000023a4ffcad84c6568c7572049a7f2a066681f68df707d27c50c0ac5bd42d6-16
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DARGUES Location: New South Wales, Australia Mine Commodities: Gold Operator: Aurelia Metals Ltd. Mine Type: Underground Triple Flag Interest: 5.5% Gross Revenue (‘‘GR’’) Royalty HENTY Location: Tasmania, Australia Mine Commodities: Gold Operator: Catalyst Metals Ltd. Mine Type: Underground Triple Flag Interest: 3.0% GR Royalty 1. RBPlat Operations, North West Province, South Africa 2. Buriticá, Antioquia, Colombia 3. Hemlo, - Ontario, Canada EAGLE RIVER Location: Ontario, Canada Mine Commodities: Gold Operator: Wesdome Gold Mines Ltd. Mine Type: Underground & Open Pit Triple Flag Interest: 0.5% NSR Royalty STAWELL Location: Victoria, Australia Mine Commodities: Gold Operator: Arete Capital Partners Limited Mine Type: Underground & Open Pit Triple Flag Interest: 1.0% NSR Royalty HEMLO Location: Ontario, Canada Mine Commodities: Gold Operator: Barrick Gold Corporation Mine Type: Underground & Open Pit Triple Flag Interest: 0.25% NSR Royalty RENARD Location: Quebec, Canada Mine Commodities: Diamonds Operator: Stornoway Diamonds Inc. Mine Type: Underground Triple Flag Interest: 4.0% Diamond Stream O T H E R S T R E A M S AND ROYALTIES Total number of Development and Exploration stage streams and royalties. GEOGRAPHY MINE LIFE STAGE
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"text": "DARGUES",
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"text": "Aurelia Metals\u00a0Ltd.",
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"text": "Underground",
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"text": "Mine Commodities: Gold",
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"text": "Operator: Aurelia Metals\u00a0Ltd.",
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"text": "Triple Flag Interest: 5.5% Gross Revenue (\u2018\u2018GR\u2019\u2019) Royalty",
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"text": "HENTY",
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OUR TEAM The Triple Flag management team members are miners first and foremost. The team is led by Founder and Chief Executive Officer, Shaun Usmar, a veteran mining professional with experience spanning geographies, commodities and functions in executive leadership positions with some of the world's leading mining companies. Triple Flag's experienced executive, financial and technical mining expertise in concert with our global network of geological, exploration, mining, processing, ESG, tax and other necessary expertise enables the team to benefit from deep experience in all aspects of the mining value chain and appeal to the priorities and objectives of mining executives. SHAUN USMAR Founder, Chief Executive Officer and Director SHELDON VANDERKOOY Chief Financial Officer JAMES DENDLE Senior Vice President, Corporate Development Shaun is an international mining executive with 25+ years of experience working globally in operational, financial and executive leadership roles in some of the world's largest and fastest growing mining companies. Prior to founding Triple Flag, he served as Senior Executive Vice President and Chief Financial Officer of Barrick Gold Corporation where he helped restructure the company. Shaun holds a Bachelor of Engineering Science in Metallurgy and Materials from the University of Witwatersrand in South Africa, and an MBA from the Kellogg School of Management at Northwestern University, both with distinction. Sheldon is a founding member of the Triple Flag management team, with 20+ years of experience in the mining sector. Prior to Triple Flag, he was Assistant General Counsel at First Quantum Minerals Ltd. and Senior Director, Legal Affairs at Inmet Mining Corporation. Sheldon holds a law degree from the University of Western Ontario (Gold Medalist) and Bachelor of Commerce (Honours) from Queen's University, both in Canada. Prior to attending law school, Sheldon was a Chartered Accountant at Ernst & Young LLP. James is a geologist with 10+ years of global experience in both the private sector and in consultancy services. Prior to joining Triple Flag, he was a Senior Consultant at SRK Consulting (UK) Limited, working globally on a wide range of operating mines and development and exploration projects, across predominantly base and precious metals. James holds a Bachelor of Science in Applied Geology (1st Class Honours) and a Master of Science in Mining Geology (Distinction) from the University of Exeter, Camborne School of Mines in the UK, and is a Chartered Geologist of the Geological Society of London.
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- " Our Great Place to Work™ certification speaks volumes about our amazing team and the culture we have been fostering since Triple Flag's inception in 2016. I could not be more proud to be a part of this truly GREAT team and the Company we have built, especially as we grow and assimilate our new assets and look beyond to what our future holds. " EBAN BARI Vice President, Finance ANDREW McLARTY Director, Corporate Development & Investor Relations ANDREW McLARTY Director, Corporate Development & Investor Relations CALEB CROCKWELL Legal Counsel CALEB CROCKWELL Legal Counsel JOHN CASH Senior Advisor, Mining Engineering JOHN CASH Senior Advisor, Mining Engineering STEVE BRISTO Director, Corporate Development & Research AZAM AFZAL Senior Financial Analyst, Finance AZAM AFZAL Senior Financial Analyst, Finance LESHAN DANIEL Managing Director, Finance LESHAN DANIEL Managing Director, Finance MICHELLE CHAN Senior Manager, Finance & ESG MICHELLE CHAN Senior Manager, Finance & ESG AIDA STELLA Executive Assistant KATY BOARD Vice President, Talent & ESG WARREN BEIL General Counsel WARREN BEIL General Counsel CONNOR PUGLIESE Manager, Corporate Development & Investor Relations CONNOR PUGLIESE Manager, Corporate Development & Investor Relations
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BOARD OF DIRECTORS The Triple Flag Board of Directors has extensive experience in the mining and metals industry, comprising deep commercial, operational, legal and financial expertise gained from decades of experience at some of the world's best known corporations. DAWN WHITTAKER Director and Chair Dawn is a seasoned capital markets lawyer with 30+ years of experience in mergers and acquisitions, corporate finance and corporate governance, most recently as a senior partner at Norton Rose Fulbright, a global law firm, where she was the national leader of the firm's Mining and Commodities Team. Dawn received the National Association of Corporate Directors certification and holds a Bachelor of Arts (Honours) and an LL.B. from Queen's University. SUSAN ALLEN Director and Chair of the Audit and Risk Committee Susan has over 10 years' experience with executive roles in various not for profit entities and previously served on global and Canadian boards of PwC. With both the Women's Executive Network 'Diversity 50' Champion distinction and the ICD.D designation, Susan has also served on numerous board committees. She has 34 years' experience, most recently as a partner with PwC, working with clients and member firms of PwC globally and across various industries. Susan is a graduate of the University of Toronto, with a Bachelor of Arts degree and holds both her U.S. CPA and Canadian FCPA (FCA) designations. PETER O'HAGAN Director Peter's career spans 30+ years in commodities and natural resource investing and operations, most recently as a Managing Director at The Carlyle Group, a global investment firm where he focused on industrial and commodityrelated investments. He is a graduate of the University of Toronto, Trinity College (BA) and holds an MA from the Johns Hopkins University SAIS. TIMOTHY BAKER Director Timothy has 30+ years of global mining project development and operational experience and has held executive and board roles at some of the world's largest gold and copper producers, most recently as the Chief Operating Officer and Executive Vice President of Kinross Gold Corporation. Timothy holds a Bachelor of Science in Geology from Edinburgh University. MARK CICIRELLI Director Mark is a Portfolio Manager and Global Head of Insurance at Elliott Investment Management L.P. Mark graduated from Dartmouth with a Bachelor of Arts in Government and Economics, and from Harvard with a Master of Business Administration.
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BLAKE RHODES Director Blake's career at Newmont Corporation spanned over 25 years, most recently as Senior Vice President of Strategic Development and a member of the executive leadership team. He has extensive transactional and international business experience working globally, playing key roles in Newmont's significant transactions. Blake graduated from Iowa State University with a Bachelor's degree in Business Administration and holds a Doctor of Jurisprudence degree from the University of Pennsylvania. SHAUN USMAR Founder, Chief Executive Officer and Director Shaun is an international mining executive with 30 years of experience working globally in operational, financial and executive leadership roles in some of the world's largest and fastest growing mining companies. Prior to founding Triple Flag, he served as Senior Executive Vice President and Chief Financial Officer of Barrick Gold Corporation where he helped restructure the company. Shaun holds a Bachelor of Science Engineering in Metallurgy and Materials from the University of Witwatersrand in South Africa, and an MBA from the Kellogg School of Management at Northwestern University, both with distinction. GEOFF BURNS Director Geoff co-founded Maverix Metals Inc. in 2016 and served as the Chair of Maverix's Board of Direc -tors until its sale to Triple Flag in 2023. Previously, he served as President and CEO of Pan American Silver Corp. for 12 years, and was also a member of the Board of Directors. He has over 35 years in the precious metals mining industry, with extensive experience in both miner operations and project development. Geoff holds a B.Sc. degree in Geology from McMaster University and an MBA from York University. ELIZABETH WADEMAN Director Elizabeth is a corporate executive and director with over 24 years of capital markets and operational experience. She is currently President and CEO of the Canada Development Investment Corporation. Prior to that, she was a senior investment banker and capital markets executive, where she advised on many transformational transactions in the resource sector across the continent. Elizabeth holds a Bachelor of Commerce (Finance & International Business) from McGill University and CFA and ICD.D designations.
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FINANCIAL REPORT TABLE OF CONTENTS - 21 Management's Discussion & Analysis - 60 Independent Auditor's Report - 61 Financial Statements - 67 Notes to the Consolidated Financial Statements
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"text": "TRIPLE FLAG 2022 ANNUAL REPORT TRIPLE FLAG 2022 ANNUAL REPORTTRIPLE FLAG 2022 ANNUAL REPORT TRIPLE FLAG 2022 ANNUAL REPORT",
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MANAGEMENT’S DISCUSSION & ANALYSIS This Management's Discussion and Analysis (''MD&A'') ') is intended to help the reader understand Triple Flag Precious Metals Corp. (''TF Precious Metals'')'), its operations, financial performance and the present and anticipated future business environment. This MD&A, which has been prepared as of February 21, 2023, should be read in conjunction with the audited consolidated financial statements of TF Precious Metals for the years ended December 31, 2022 and 2021 (the "Annual Financial Statements")"), which have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS). Certain notes to the Annual Financial Statements are specifically referred to in this MD&A. All amounts in this MD&A are in U.S. dollars unless otherwise indicated. Ref-ferences to "US$", "$" or "dollars" are to United States dollars, references to "C$" are to Canadian dollars and references to "A$" are to Australian dollars. In this MD&A, all references to "Triple Flag", the "Company", "we", "us" or "our" refer to TF Precious Metals together with its subsidiaries, on a consolidated basis. This MD&A contains forward-looking information. Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such statements were made, and are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the risk factors described in the "Risk Factors" section of the Company's most recent annual information form ("AIF") ") available from time to time on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, users should not place undue reliance on forward-looking information, which speaks only as of the date made. See "Forward-Looking Information" in this MD&A. CHANGES IN PRESENTATION OF NON-IFRS FINANCIAL PERFORMANCE MEASURES We use certain non-IFRS financial performance measures in our MD&A. For a detailed description of each of the non-IFRS financial performance measures used in this MD&A and a detailed reconciliation to the most directly comparable measure under IFRS, please refer to the "Non-IFRS Financial Performance Measures" section of this MD&A. The non-IFRS financial performance measures set out in this MD&A are intended to provide additional information to investors and do not have any standardized meaning under IFRS, and therefore may not be comparable to other issuers, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. In 2022, we made changes to the following non-IFRS performance measures: Asset Margin We have adjusted our asset margin to remove the effect of non-cash cost of sales related to prepaid gold interests. This adjustment will result in a more meaningful measure of asset margin for investors and analysts to assess our current operating performance and to predict future operating results. Cash Costs and Cash Costs per Gold Equivalent Ounce (“GEO”) We have adjusted our cash costs and cash costs per GEO to remove the effect of non-cash cost of sales related to prepaid gold interests. This adjustment will result in a more meaningful measure of cash costs and cash costs per GEO for investors and analysts to assess our current operating performance and to predict future operating results. Adjusted Net Earnings and Adjusted Net Earnings per Share We have adjusted net earnings to remove the effect of non-cash cost of sales related to prepaid gold in
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"text": "This Management\u2019s Discussion and Analysis (\u2018\u2018MD&A\u2019\u2019) \u2019) is intended to help the ",
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"text": "reader understand Triple Flag Precious Metals Corp. (\u2018\u2018TF Precious Metals\u2019\u2019)\u2019), ",
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"text": "its operations, financial performance and the present and anticipated future ",
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"text": "business environment. This MD&A, which has been prepared as of Febru\u0002",
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"text": "ary 21, 2023, should be read in conjunction with the audited consolidated ",
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"text": "financial statements of TF Precious Metals for the years ended December 31, ",
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"text": "2022 and 2021 (the \u201cAnnual Financial Statements\u201d)\u201d), which have been pre\u0002",
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"text": "pared in accordance with International Financial Reporting Standards as ",
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"text": "issued by the International Accounting Standards Board (IFRS). Certain notes ",
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"text": "to the Annual Financial Statements are specifically referred to in this MD&A. ",
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"text": "All amounts in this MD&A are in U.S. dollars unless otherwise indicated. Ref\u0002f\u0002",
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"text": "erences to \u201cUS$\u201d, \u201c$\u201d or \u201cdollars\u201d are to United States dollars, references to \u201cC$\u201d ",
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"text": "This Management's Discussion and Analysis (''MD&A'') ') is intended to help the reader understand Triple Flag Precious Metals Corp. (''TF Precious Metals'')'), its operations, financial performance and the present and anticipated future business environment. This MD&A, which has been prepared as of February 21, 2023, should be read in conjunction with the audited consolidated financial statements of TF Precious Metals for the years ended December 31, 2022 and 2021 (the \"Annual Financial Statements\")\"), which have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS). Certain notes to the Annual Financial Statements are specifically referred to in this MD&A. All amounts in this MD&A are in U.S. dollars unless otherwise indicated. Ref-ferences to \"US$\", \"$\" or \"dollars\" are to United States dollars, references to \"C$\" are to Canadian dollars and references to \"A$\" are to Australian dollars. In this MD&A, all references to \"Triple Flag\", the \"Company\", \"we\", \"us\" or \"our\" refer to TF Precious Metals together with its subsidiaries, on a consolidated basis.",
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000023a4ffcad84c6568c7572049a7f2a066681f68df707d27c50c0ac5bd42d6-23
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TABLE OF CONTENTS
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"text": "and Royalties",
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COMPANY OVERVIEW Triple Flag is a gold-focused streaming and royalty company offering bespoke financing solutions to the metals and mining industry. Our mission is to be a preferred funding partner to mining companies throughout the commodity cycle by providing customized streaming and royalty financing, while offering value beyond capital as partners via our networks, capabilities and sustainability support. From our inception in 2016 to our position now as an emerging senior streaming and royalty company, we have invested in and systematically developed a long-life, low-cost, high-quality diversified portfolio of streams and royalties providing exposure primarily to gold and silver. 5-YEAR PERFORMANCE GEOs1 100,000 OPERATING CASH FLOW (US$M) ADJUSTED EDITBA (US$M) 1 - 1 GEOs and adjusted EBITDA as presented above are non-IFRS financial performance measures with no standardized meaning under IFRS and, therefore, may not be comparable to similar measures presented by other issuers. For further information and a detailed reconciliation of each non-IFRS measure to the most directly comparable IFRS measure, see "Non-IFRS Financial Performance Measures" in this MD&A.
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"text": "Triple Flag is a gold-focused streaming and royalty company offering bespoke financing solutions to the metals and mining industry. Our mission is to be a preferred funding partner to mining companies throughout the commodity cycle by providing customized streaming and royalty financing, while offering value beyond capital as partners via our networks, capabilities and sustainability support.",
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As at December 31, 2022, we had invested in excess of $1.7 billion of capital and our portfolio was comprised of 81 assets, consisting of 9 streams and 72 royalties. These investments are tied to mining assets at various stages of the mine life cycle. ASSET COUNT Subsequent to the year end, we acquired 100% of the common shares of Maverix Metals Inc (''Maverix''), thereby adding 148 assets to our portfolio, for a total of 229 assets, including 29 producing assets. Our portfolio is underpinned by a stable base of cash flow generating streams and royalties and is designed to grow intrinsically over time through exposure to potential mine life extensions, exploration success, new mine builds and throughput expansions. In addition, we are focused on further enhancing portfolio quality by executing accretive investments to grow the scale and quality of our portfolio of precious metal streams and royalties. We believe we have a differentiated approach to deal origination and due diligence, increasing the applicability of stream and royalty financing to an underserved mining sector, expanding the application of this form of financing through bespoke deal generation for miners while creating a high-quality, gold-focused portfolio of streams and royalties for our investors. We focus on "per share" metrics with the objective that accretive new investments are pursued with careful management of the capital structure to effectively compete for quality assets without incurring long-term financial leverage. For a discussion of key trends and factors affecting our results of operations and financial position, see "Market Overview".
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"text": "As at December 31, 2022, we had invested in excess of $1.7 billion of capital and our portfolio was comprised of 81 assets, consisting of 9 streams and 72 royalties. These investments are tied to mining assets at various stages of the mine life cycle.",
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"text": "Subsequent to the year end, we acquired 100% of the common shares of Maverix Metals Inc (''Maverix''), thereby adding 148 assets to our portfolio, for a total of 229 assets, including 29 producing assets. Our portfolio is underpinned by a stable base of cash flow generating streams and royalties and is designed to grow intrinsically over time through exposure to potential mine life extensions, exploration success, new mine builds and throughput expansions. In addition, we are focused on further enhancing portfolio quality by executing accretive investments to grow the scale and quality of our portfolio of precious metal streams and royalties. We believe we have a differentiated approach to deal origination and due diligence, increasing the applicability of stream and royalty financing to an underserved mining sector, expanding the application of this form of financing through bespoke deal generation for miners while creating a high-quality, gold-focused portfolio of streams and royalties for our investors. We focus on \"per share\" metrics with the objective that accretive new investments are pursued with careful management of the capital structure to effectively compete for quality assets without incurring long-term financial leverage.",
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MARKET OVERVIEW The market prices of gold and silver are primary drivers of our profitability and ability to generate free cash flow. The following table sets forth the average gold and silver prices, and the average exchange rate between the Canadian and U.S. dollars, for the periods indicated. 1 Based on the London Bullion Market Association ("LBMA") PM fix. 2 Based on the LBMA fix. 3 Based on Bank of Canada daily average exchange rate. GOLD The market price of gold is subject to volatile price movements over short periods of time and can be affected by numerous macroeconomic factors including, but not limited to, the value of the U.S. dollar, r, the sale or purchase of gold by central banks and financial institutions, interest rates, inflation or deflation, global and regional supply and demand and global political and economic conditions. The market price of gold is a significant contributor to the performance of our gold streams and royalty portfolio. During the three months ended December 31, 2022, the gold price ranged from $1,629 to $1,824 per ounce, averaging $1,726 per ounce for the period, a 4% decrease from the same period in the prior year. r. During the year ended December 31, 2022, the gold price ranged from $1,629 to $2,039 per ounce, averaging $1,800 per ounce for the period, in line with the prior year. r. As at December 31, 2022, the gold price was $1,814 per ounce (based on the most recent LBMA PM fix). The average gold price declined during the fourth quarter of 2022 compared to the prior quarter. r. The gold price declined and remained volatile amidst a backdrop of geopolitical instability and weak institutional demand, offset by strong retail demand, and surging inflation being countered by central banks raising interest rates. Also, in December 2022, global physically backed gold exchange traded funds posted their eighth consecutive month of net outflows as holdings dropped by a further 4 tonnes. The pace of outflows continued to slow compared to earlier in the year, r, however, r, aided by an increase in the gold price during the month. SILVER The market price of silver is also subject to volatile price movements. Silver, often considered a proxy for gold with a high level of correlation to the metal, is predominantly used in industrial applications and silver demand is also correlated to the Industrial Index. A rebound of manufacturing activity is expected to have a positive effect on silver as silver has many uses. The market price of silver is driven by factors similar to those influencing the market price of gold, as stated above. The market price of silver is a significant contributor to the performance of our silver streams. During the three months ended December 31, 2022, the silver price ranged from $18.39 to $23.95 per ounce, averaging $21.17 per ounce for the period, a 9% decrease from the same period in the prior year. During the year ended December 31, 2022, the silver price ranged from $17.77 to $26.18 per ounce, averaging $21.73 per ounce for the period, a 14% decrease from the same period in the prior year. As at December 31, 2022, the silver price was $23.95 per ounce (based on the most recent LBMA fix). Similar to gold, silver was influenced by global central bank interest rate adjustments, inflation, exchange traded fund flows and fluctuating institutional and retail investor demand. CURRENCY EXCHANGE RATES We are subject to minimal currency fluctuations as all our revenue and cost of sales are denominated in U.S. dollars, with the majority of general administration costs denominated in Canadian dollars. The Company monitors foreign currency risk as part of its risk management program. As at December 31, 2022, there were no hedging programs in place for non-U.S. dollar expenses.
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"text": "Silver (US$/oz)",
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"text": "MARKET OVERVIEW",
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"text": "The market prices of gold and silver are primary drivers of our profitability and ability to generate free cash flow.",
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"text": "The following table sets forth the average gold and silver prices, and the average exchange rate between the Canadian and U.S. dollars, for the periods indicated.",
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"html_seq": "<table><tr><td></td><th colspan=\"2\">Three months ended December 31</th><th colspan=\"2\">Year ended December 31</th></tr><tr><td>Average Metal Prices/Exchange Rates</td><th>2022</th><th>2021</th><th>2022</th><th>2021</th></tr><tr><td>Gold (US$/oz) 1</td><td>1,726</td><td>1,795</td><td>1,800</td><td>1,799</td></tr><tr><td>Silver (US$/oz) 2</td><td>21.17</td><td>23.33</td><td>21.73</td><td>25.14</td></tr><tr><td>Exchange rate (US$/C$) 3</td><td>1.3578</td><td>1.2603</td><td>1.3013</td><td>1.2535</td></tr></table>",
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"text": "1 Based on the London Bullion Market Association (\"LBMA\") PM fix.",
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"text": "2 Based on the LBMA fix.",
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"text": "3 Based on Bank of Canada daily average exchange rate.",
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"text": "GOLD",
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"text": "The market price of gold is subject to volatile price movements over short periods of time and can be affected by numerous macroeconomic factors including, but not limited to, the value of the U.S. dollar, r, the sale or purchase of gold by central banks and financial institutions, interest rates, inflation or deflation, global and regional supply and demand and global political and economic conditions. The market price of gold is a significant contributor to the performance of our gold streams and royalty portfolio.",
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"text": "During the three months ended December 31, 2022, the gold price ranged from $1,629 to $1,824 per ounce, averaging $1,726 per ounce for the period, a 4% decrease from the same period in the prior year. r. During the year ended December 31, 2022, the gold price ranged from $1,629 to $2,039 per ounce, averaging $1,800 per ounce for the period, in line with the prior year. r. As at December 31, 2022, the gold price was $1,814 per ounce (bas
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FINANCIAL AND OPERATING HIGHLIGHTS Three months and year ended December 31, 2022 compared to three months and year ended December 31, 2021 1 GEOs, adjusted net earnings, adjusted net earnings per share, adjusted EBITDA, free cash flow, asset margin and cash costs per GEO as presented above and in the following discussion are nonIFRS financial performance measures with no standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. For further information and a detailed reconciliation of each non-IFRS measure to the most directly comparable IFRS measure, see "Non-IFRS Financial Performance Measures" in this MD&A. Three months ended December 31, 2022 compared to three months ended December 31, 2021 Revenue was $43.9 million, a quarterly record, an increase of 19% from $37.0 million for the same period in the prior year largely due to $10.3 million higher revenue due to higher volume from streams and related interests, partially offset by $2.3 million lower revenue from royalties, $0.6 million lower revenue due to lower gold prices and $0.4 million lower revenue due to lower silver prices. Higher revenue from streams and related interests was largely driven by higher stream deliveries from Cerro Lindo, ATO and Buriticá. Lower revenue from royalties was driven by lower attributable ounces from Fosterville. Gross profit was $24.5 million, an increase of 18% from $20.7 million for the same period in the prior year. The increase was largely driven by higher gross profit from the Cerro Lindo, ATO and Buriticá streams due to higher deliveries, partially offset by lower gross profit from Fosterville due to lower attributable ounces and lower metal prices. Depletion was $14.6 million, an increase of 12% from $13.1 million for the same period in the prior year. The increase was largely driven by higher depletion from the Cerro Lindo and Buriticá streams due to higher metal sales. General administration costs were $4.4 million, compared to $4.2 million for the same period in the prior year. Higher costs for the three months ended December 31, 2022 were largely due to higher employee costs and higher office, insurance and other expenses driven by various public company costs, including directors' and officers' liability insurance costs, partially offset by lower professional services. Net earnings were $15.5 million, compared to $13.4 million for the same period in the prior year. Higher net earnings in 2022 were driven by higher gross profit, lower finance costs, net and lower income taxes, partially offset by higher business development costs.
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"html_seq": "<table><tr><td>($ thousands except GEOs, per share metrics, asset margin</td><th colspan=\"2\">Three months ended December 31</th><th colspan=\"2\">Year ended December 31</th></tr><tr><td>and cash costs per GEO)</td><th>2022</th><th>2021</th><th>2022</th><th>2021</th></tr><tr><td>IFRS measures:</td><td></td><td></td><td></td><td></td></tr><tr><td>Revenue</td><td>$ 43,886</td><td>36,990</td><td>$ 151,885</td><td>$ 150,421</td></tr><tr><td>Gross Profit</td><td>24,458</td><td>20,651</td><td>87,004</td><td>83,253</td></tr><tr><td>Depletion</td><td>14,604</td><td>13,056</td><td>50,085</td><td>53,672</td></tr><tr><td>General administration costs</td><td>4,432</td><td>4,178</td><td>15,516</td><td>12,213</td></tr><tr><td>Net Earnings</td><td>15,460</td><td>13,381</td><td>55,086</td><td>45,527</td></tr><tr><td>Net Earnings per Share \u2013 basic and diluted</td><td>0.10</td><td>0.09</td><td>0.35</td><td>0.31</td></tr><tr><td>Operating Cash Flow</td><td>36,721</td><td>28,997</td><td>118,376</td><td>120,015</td></tr><tr><td>Operating Cash Flow per Share</td><td>0.24</td><td>0.19</td><td>0.76</td><td>0.81</td></tr><tr><td>Non-IFRS measures 1 :</td><td></td><td></td><td></td><td></td></tr><tr><td>GEOs</td><td>25,428</td><td>20,605</td><td>84,571</td><td>83,602</td></tr><tr><td>Adjusted Net Earnings</td><td>18,265</td><td>13,409</td><td>61,848</td><td>57,563</td></tr><tr><td>Adjusted Net Earnings per Share</td><td>0.12</td><td>0.09</td><td>0.40</td><td>0.39</td></tr><tr><td>Adjusted EBITDA</td><td>33,012</td><td>28,880</td><td>117,667</td><td>123,485</td></tr><tr><td>Free Cash Flow</td><td>36,721</td><td>28,997</td><td>118,376</td><td>120,015</td></tr><tr><td>Asset Margin</td><td>91%</td><td>91%</td><td>91%</td><td>91%</td></tr><tr><td>Cash Costs per GEO</td><td>157</td><td>159</td><td>165</td><td>161</td></tr><tr><td>Acquisition of Mineral Interests</td><td>$ 37,718</td><td>5,015</td><td>$ 52,280</td><td>$ 51,263</td></tr></table>",
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"text": "1 GEOs, adjusted net earnings, adjusted net earnings per share, adjusted EBITDA, free cash flow, asset margin and cash costs per GEO as presented above and in the following discussion are nonIFRS financial performance measures with no standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. For further information and a detailed reconciliation of each non-IFRS measure to the most directly comparable IFRS measure, see \"Non-IFRS Financial Performance Measures\" in this MD&A.",
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"text": "Three months ended December 31, 2022 compared to three months ended December 31, 2021",
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"text": "Revenue was $43.9 million, a quarterly record, an increase
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Operating cash flow was $36.7 million, a quarterly record, an increase of 27% from $29.0 million for the same period in the prior year. The increase was due to higher operating cash flow before working capital and taxes, higher working capital adjustments and lower net cash taxes paid. Operating cash flow before working capital and taxes was $35.4 million, an increase of 19% from $29.7 million for the same period in the prior year. The increase was driven by higher cash flows from streams and related interests, and lower sustainability initiatives, partially offset by lower cash flows from royalties and higher general administration and business development costs. We sold 25,428 GEOs, a quarterly record, an increase of 23% from 20,605 GEOs sold for the same period in the prior year largely due to higher GEOs from Cerro Lindo, ATO and Buriticá due to higher deliveries. This was partially offset by lower GEOs from Fosterville due to lower attributable ounces. Adjusted net earnings were $18.3 million, a quarterly record, compared to $13.4 million for the same period in the prior year. Key adjusting items included impairment charges of $3.6 million, increase in fair value of financial assets of $0.7 million, non-cash cost of sales related to prepaid gold interests of $0.8 million and income tax recovery of $1.0 million on the adjustments. Adjusting items for the same period in the prior year were not significant. Adjusted EBITDA was $33.0 million, an increase of 14% from $28.9 million for the same period in the prior year. The increase was due to higher adjusted EBITDA from streams and related interests and lower sustainability initiatives, partially offset by lower EBITDA from royalties and higher general administration and business development costs. Free cash flow was $36.7 million, a quarterly record, an increase of 27% from $29.0 million for the same period in the prior year. The increase reflected higher operating cash flow. Asset margin was 91%, in line with the same period in the prior year. Cash costs per GEO were $157, compared to $159 for the same period in the prior year. The decrease was largely due to lower market prices. Acquisitions of mineral interests were $37.7 million, compared to $5.0 million for the same period in the prior year. Acquisitions in the three months ended December 31, 2022 largely related to $26.2 million of funding for Nevada Copper's open pit project, C$10 million of funding for the royalty on the Thunder Bay North Project and $3.8 million of remaining funding for the Pumpkin Hollow gold and silver stream. Acquisitions for the same period in 2021 included $4.9 million for the Chilean royalty portfolio acquisition and $0.1 million of stream funding for the Pumpkin Hollow gold and silver stream. Year ended December 31, 2022 compared to year ended December 31, 2021 Revenue was $151.9 million, an annual record, compared to $150.4 million in the prior year. The increase was driven by $7.6 million higher revenue due to higher volume from streams and related interests and $2.3 million higher revenue from higher diamond prices, largely offset by $7.3 million lower revenue due to lower silver prices, $0.3 million lower revenue due to lower attributable ounces from royalties and $0.7 million lower revenue due to lower gold prices. Higher revenue from streams and related interests was driven by higher deliveries from ATO and Buriticá, partially offset by lower deliveries from the Cerro Lindo stream. Lower revenue from royalties was largely due to lower attributable ounces from Fosterville. Gross profit was $87.0 million, compared to $83.3 million in the prior year. The increase was driven by higher gross profit from ATO due to higher deliveries and higher gross profit from the Renard stream due to higher diamond prices, partially offset by lower gross profit from the Cerro Lindo stream due to lower deliveries and lower silver prices and lower gross profit from the Fosterville royalty due to lower attribut
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"text": "We sold 25,428 GEOs, a quarterly record, an increase of 23% from ",
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"text": "20,605 GEOs sold for the same period in the prior year largely due to ",
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"text": "higher GEOs from Cerro Lindo, ATO and Buritic\u00e1 due to higher deliv\u0002",
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"text": "eries. This was partially offset by lower GEOs from Fosterville due to ",
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"text": "lower attributable ounces.",
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"text": "Operating cash flow was $36.7 million, a quarterly record, an increase of 27% from $29.0 million for the same period in the prior year. The increase was due to higher operating cash flow before working capital and taxes, higher working capital adjustments and lower net cash taxes paid. Operating cash flow before working capital and taxes was $35.4 million, an increase of 19% from $29.7 million for the same period in the prior year. The increase was driven by higher cash flows from streams and related interests, and lower sustainability initiatives, partially offset by lower cash flows from royalties and higher general administration and business development costs.",
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"text": "We sold 25,428 GEOs, a quarterly record, an increase of 23% from 20,605 GEOs sold for the same period in the prior year largely due to higher GEOs from Cerro Lindo, ATO and Buritic\u00e1 due to higher deliveries. This was partially offset by lower GEOs from Fosterville due to lower attributable ounces.",
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"text": "Adjusted net earnings were $18.3 million, a quarterly record, compared to $13.4 million for the same period in the prior year. Key adjusting items included impairment charges of $3.6 million, increase in fair value of financial assets of $0.7 million, non-cash cost of sales related to prepaid gold interests of $0.8 million and income tax recovery of $1.0 million on the adjustments. Adjusting items for the same period in the prior year were not significant.",
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"text": "Adjusted EBITDA was $33.0 million, an increase of 14% from $28.9 million for the same period in the prior year. The increase was due to higher adjusted EBITDA from streams and related interests and lower sustainability initiatives, partially offset by lower EBITDA from royalties and higher general administration and business development costs.",
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"text": "Free cash flow was $36.7 million, a quarterly record, an increase of 27% from $29.0 million for the same period in the prior year. The increase reflected higher operating cash flow.",
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"text": "Asset margin was 91%, in line with the same period in the prior year.",
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"text": "Cash costs per GEO were $157, compared to $159 for the same period in the prior year. The decrease was largely due to lower market prices.",
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"text": "Acquisitions of mineral interests were $37.7 million, compared to $5.0 million for the same period in the prior year. Acquisitions in the three months ended December 31, 2022 largely related to $26.2 million of funding for Nevada Copper's open pit project, C$10 million of funding for
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Adjusted net earnings were $61.8 million, an annual record, compared to $57.6 million in the prior year. Key adjusting items included impairment charges of $3.6 million, a $2.1 million gain on the Talon Royalty Buydown and a $4.1 million mark-to-market loss on equity investments. Key adjusting items for the same period in the prior year included a $10.8 million mark-to-market loss on equity investments and $0.7 million of initial public offering (''IPO'') readiness costs related to a potential U.S. listing that was not pursued in 2021. Adjusted EBITDA was $117.7 million, a decrease of 5% from $123.5 million in the prior year. The decrease was due to lower adjusted EBITDA from royalties and higher general administration and business development costs, partially offset by higher adjusted EBITDA from streams. Free cash flow was $118.4 million, a decrease of 1% from $120.0 million in the prior year. The decrease reflected lower operating cash flow. Asset margin was 91%, in line with the prior year. 2022 GUIDANCE In July 2022, we revised our 2022 guidance from 90,000 – 95,000 GEOs to 88,000 – 92,000 GEOs due to revising commodity price forecasts for the second half of 2022 to $1,750/oz gold, $19.50/oz silver, $3.50/lb copper and $110/carat diamonds from $1,800 per ounce of gold, $23.50 per ounce of silver, $4.20 per pound of copper and $110 per carat for diamonds. The operational performance of the portfolio during the year was broadly in line with our expectations, however, non-operational timing delays represented a reduction of over 3,850 GEOs sales versus the revised guidance. Timing differences were dominated by an increase in the time for quotational period settlements for Cerro Lindo concentrates, and associated silver streaming volumes, representing a reduction in GEOs sales. 1 GEOs as presented above and in the following discussion is a non-IFRS financial performance measure with no standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. For further information and a detailed reconciliation of GEOs to the most directly comparable IFRS measure, see "Non-IFRS Financial Performance Measures" in this MD&A. - 2 "Other" refers to copper and diamonds. - 3 Australian Cash Taxes are payable for Triple Flag's Australian royalty interests, specifically Fosterville, Dargues, Henty and Stawell. Cash costs per GEO were $165, compared to $161 for the same period in the prior year. The increase was largely due to a higher proportion of streams with higher ongoing payments. Acquisitions of mineral interests were $52.3 million, compared to $51.3 million for the same period in the prior year. Acquisitions in 2022 largely included $26.2 million of funding for Nevada Copper's open pit project, $8.9 million of funding for the Beaufor royalty acquisition, C$10 million of funding for the royalty on the Thunder Bay North Project, $5.2 million of funding for the Sofia NSR royalty acquisition and $4.2 million of funding for the Pumpkin Hollow gold and silver stream. Acquisitions in 2021 included $45.8 million of funding for the IAMGOLD royalty portfolio, including capitalized costs, $4.9 million of funding for the Chilean royalty portfolio and $0.5 million of funding for the Pumpkin Hollow gold and silver stream.
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"text": "pared to $57.6 million in the prior year. Key adjusting items included ",
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"text": "impairment charges of $3.6 million, a $2.1 million gain on the Talon ",
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"text": "Royalty Buydown and a $4.1 million mark-to-market loss on equity ",
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"text": "investments. Key adjusting items for the same period in the prior year ",
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"text": "included a $10.8 million mark-to-market loss on equity investments ",
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"text": "and $0.7 million of initial public offering (\u2018\u2018IPO\u2019\u2019) readiness costs related ",
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"text": "to a potential U.S. listing that was not pursued in 2021.",
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"text": "Adjusted EBITDA was $117.7 million, a decrease of 5% from $123.5 mil\u0002",
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"text": "lion in the prior year. The decrease was due to lower adjusted EBITDA ",
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"text": "from royalties and higher general administration and business develop\u0002",
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"text": "ment costs, partially offset by higher adjusted EBITDA from streams. ",
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"text": "Free cash flow was $118.4 million, a decrease of 1% from $120.0 million ",
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"text": "in the prior year. The decrease reflected lower operating cash flow.",
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"text": "Asset margin was 91%, in line with the prior year. ",
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"text": "Adjusted net earnings were $61.8 million, an annual record, compared to $57.6 million in the prior year. Key adjusting items included impairment charges of $3.6 million, a $2.1 million gain on the Talon Royalty Buydown and a $4.1 million mark-to-market loss on equity investments. Key adjusting items for the same period in the prior year included a $10.8 million mark-to-market loss on equity investments and $0.7 million of initial public offering (''IPO'') readiness costs related to a potential U.S. listing that was not pursued in 2021.",
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"text": "Free cash flow was $118.4 million, a decrease of 1% from $120.0 million in the prior year. The decrease reflected lower operating cash flow.",
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"text": "Asset margin was 91%, in line with the prior year.",
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"text": "2022 GUIDANCE",
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"text": "In July 2022, we revised our 2022 guidance from 90,000 \u2013 95,000 GEOs to 88,000 \u2013 92,000 GEOs due to revising commodity price forecasts for the second half of 2022 to $1,750/oz gold, $19.50/oz silver, $3.50/lb copper and $110/carat diamonds from $1,800 per ounce of gold, $23.50 per ounce of silver, $4.20 per pound of copper and $110 per carat for diamonds.",
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"text": "The operational performance of the portfolio during the year was broadly in line with our expectations, however, non-operational timing delays represented a reduction of over 3,850 GEOs sales versus the revised guidance. Timing differences were dominated by an increase in the time for quotational period settlements for Cerro Lindo concentrates, and associated silver streaming volumes, representing a reduction in GEOs sales.",
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"html_seq": "<table><tr><td></td><th>2022 Original Guidance</th><th>Revised Guidance</th><th>2022 Actual</th></tr><tr><td>GEOs 1</td><td>90,000 \u2013 95,000</td><td>88,000 \u2013 92,000</td><td>84,571</td></tr><tr><td>GEOs 1 by Commodity Weighting</td><td>Gold: 50% to 55% Silver: 40% to 45% Other2: 5% to 10%</td><td>\u2013</td><td>Gold: 53% Silver: 40% Other2: 7%</td></tr><tr><td>Depletion</td><td>$59 million to $63 million</td><td>\u2013</td><td>$50 million</td
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000023a4ffcad84c6568c7572049a7f2a066681f68df707d27c50c0ac5bd42d6-30
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2023 GUIDANCE The following contains forward-looking information. Reference should be made to the "Forward-Looking Information" and "Technical and Third-Party Information" sections at the end of this MD&A. The following table provides our full year 2023 guidance: 2023 Guidance 1 GEOs as presented above and in the following discussion is a non-IFRS financial performance measure with no standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. For further information and a detailed reconciliation of GEOs to the most directly comparable IFRS measure, see "Non-IFRS Financial Performance Measures" in this MD&A. 2 "Other" refers to copper and diamonds. - 3 Australian Cash Taxes are payable for Triple Flag's Australian royalty interests. Our 2023 outlook on stream and royalty interests is based on publicly available forecasts of the owners or operators of properties on which we have stream and royalty interests and which we believe to be reliable. When publicly available forecasts on properties are not available, we obtain internal forecasts from the owners or operators, or use our own best estimate. We conduct our own independent analysis of this information to reflect our expectations based on an operator's historical performance and track record of replenishing Mineral Reserves and the operator's publicly disclosed guidance on future production, the conversion of Mineral Resources to Mineral Reserves, timing risk adjustments, drill results, our view on opportunities for mine plan optimization and other factors. We may also make allowances for the risk of uneven stream deliveries to factor in the potential for timing differences risking the attainment of public guidance ranges. Achievement of the GEOs and the other metrics set forth in the guidance above is subject to risks and uncertainties, including changes in commodity prices and the ability of operators to attain the results set out in their forecasts. Accordingly, we can provide no assurance that the actual GEOs and such other metrics for 2023 will be in the ranges set forth above. In addition, we may revise our guidance during the year to reflect more current information. If we are unable to achieve our anticipated guidance, or if we revise our guidance, our future results of operations may be adversely affected and our share price may decline.
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"text": "2023 GUIDANCE",
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"text": "The following contains forward-looking information. Reference should be made to the \u201cForward-Looking Information\u201d and \u201cTechnical and ",
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"text": "The following table provides our full year 2023 guidance:",
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"text": "2023 Guidance",
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"text": "GEOs",
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"text": "100,000 to 115,000",
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"text": "$21 million to $22 million comprising:",
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"text": "Cash: $16 million to $17 million",
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"text": "Australian Cash Tax Rate3 ",
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"text": "GEOs as presented above and in the following discussion is a non-IFRS financial performance measure with no standardized meaning under IFRS and therefore
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"text": "2023 GUIDANCE",
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"text": "The following contains forward-looking information. Reference should be made to the \"Forward-Looking Information\" and \"Technical and Third-Party Information\" sections at the end of this MD&A.",
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"text": "The following table provides our full year 2023 guidance:",
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"text": "2023 Guidance",
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"html_seq": "<table><tr><td>GEOs 1</td><td>100,000 to 115,000</td></tr><tr><td>Depletion</td><td>$65 million to $71 million</td></tr><tr><td>General administration costs</td><td>$21 million to $22 million comprising:</td></tr><tr><td></td><td>Cash: $16 million to $17 million</td></tr><tr><td></td><td>Non-Cash: ~$5 million</td></tr><tr><td>Australian Cash Tax Rate3</td><td>~25%</td></tr></table>",
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"text": "1 GEOs as presented above and in the following discussion is a non-IFRS financial performance measure with no standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. For further information and a detailed reconciliation of GEOs to the most directly comparable IFRS measure, see \"Non-IFRS Financial Performance Measures\" in this MD&A.",
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"text": "2 \"Other\" refers to copper and diamonds.",
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"text": "- 3 Australian Cash Taxes are payable for Triple Flag's Australian royalty interests.",
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"text": "Our 2023 outlook on stream and royalty interests is based on publicly available forecasts of the owners or operators of properties on which we have stream and royalty interests and which we believe to be reliable. When publicly available forecasts on properties are not available, we obtain internal forecasts from the owners or operators, or use our own best estimate. We conduct our own independent analysis of this information to reflect our expectations based on an operator's historical performance and track record of replenishing Mineral Reserves and the operator's publicly disclosed guidance on future production, the conversion of Mineral Resources to Mineral Reserves, timing risk adjustments, drill results, our view on opportunities for mine plan optimization and other factors. We may also make allowances for the risk of uneven stream deliveries to factor in the potential for timing differences risking the attainment of public guidance ranges. Achievem
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SUSTAINABILITY INITIATIVES We believe strong performance in the field of sustainability is critical to the long-term success of our organization, the mining industry and host communities. Investing in the pursuit of sensible best practices is simply good business for a long-term focused organization such as Triple Flag, as we can help enhance our mining partners' privilege to operate and assist their efforts for decarbonization as a capital provider, while maintaining the carbon neutral status of our attributable production associated with our investing activities for our investors. We believe that strong Environmental, Social and Governance ("ESG") performance helps ensure that: the mines and projects we invest in are developed and operated responsibly to protect worker health and safety as well as the environment; social impacts are identified, managed and mitigated; human rights are respected; and benefits accrue to local communities and a broad range of stakeholders. We do not invest in oil and gas or coal and, for investments in the small, non-core portion of our portfolio that is not comprised of precious metals, we prioritize copper, nickel and related metals that will create the electrification infrastructure needed for the green economy of our future. When conducting due diligence, we engage with experienced ESG practitioners who complement our considerable team experience and capabilities in this area, who understand and can apply sound judgment about the potential materiality of short- and long-term risks so that we can avoid investing in projects that adversely impact the environment and local stakeholders. We aim to achieve net zero emis -sions by 2050 and are actively exploring pathways to achieve this target. Sustainalytics In the fourth quarter of 2022 we engaged Sustainalytics (a Morningstar company) to complete a review and ranking of Triple Flag's ESG initiatives, resulting in a 4th percentile finish – 4th of 114 across the precious metals industry and 2nd in our sub-industry of precious metals mining with an absolute risk rating of 9.2 (negligible risk). Further we were awarded two supplemental Top Badges for both Region and Industry. Sustainalytics is a global leader in the fields of responsible investing and sustainable finance. Supported by a robust materiality framework, Sustainalytics' ESG Risk Ratings provide a quantitative and absolute measure of unmanaged ESG Risk. The Sustainalytics ESG Risk Rating Methodology takes into consideration a robust multitude of factors, creating a simple and easy to understand "single currency" that can be used to compare companies across all covered subindustries. Great Place to Work Triple Flag received accolades as a Great Place to Work in Canada. Great Place to Work Certification™ recognizes employers who create an outstanding employee experience and an amazing workplace culture. Survey results are completely based on employee feedback. This portrays to potential job seekers that our company offers a great company culture and gives us and other awarded employers a recruiting advantage by providing a globally recognized and research-backed verification of great employee experience. Maverix Acquisition and Transition A significant amount of time was also focused on the impending acquisition of Maverix Metals Inc. We spent time reviewing their Board Committee mandates, ESG initiatives, policies, programs and infrastructure, to ensure we could leverage opportunities to achieve optimal synergies and contemplate best practices for our combined entity going forward. Included in this work was the critical undertaking of determining the person-power required to effectively and efficiently manage Triple Flag for the future. We engaged the Maverix team after a thorough review and offered various types of employment agreements to Maverix team members to best position Triple Flag for a successful transition. We are delighted to announce that, upon closing, Maverix's General Coun
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