\n | \n\n Q4 2024<\/span><\/b><\/p>\n<\/td>\n | \n Q4 2023<\/span><\/b><\/p>\n<\/td>\n | \n FY2024<\/span><\/b><\/p>\n<\/td>\n | \n FY2023<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nRevenue\n<\/p>\n<\/td>\n | \n \n$74.2 million\n<\/p>\n<\/td>\n | \n \n$51.7 million\n<\/p>\n<\/td>\n | \n \n$269.0 million\n<\/p>\n<\/td>\n | \n \n$204.0 million\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGold Equivalent Ounces (\u201cGEOs\u201d)1<\/sup><\/p>\n<\/td>\n| \n \n27,864\n<\/p>\n<\/td>\n | \n \n26,243\n<\/p>\n<\/td>\n | \n \n112,623\n<\/p>\n<\/td>\n | \n \n105,087\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating Cash Flow\n<\/p>\n<\/td>\n | \n \n$63.5 million\n<\/p>\n<\/td>\n | \n \n$37.6 million\n<\/p>\n<\/td>\n | \n \n$213.5 million\n<\/p>\n<\/td>\n | \n \n$154.1 million\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet Earnings (Loss) (per share)\n<\/p>\n<\/td>\n | \n \n$41.3 million ($0.20)\n<\/p>\n<\/td>\n | \n \n$9.8 million ($0.05)\n<\/p>\n<\/td>\n | \n \n($23.1 million) (-$0.11)\n<\/p>\n<\/td>\n | \n \n$36.3 million ($0.18)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjusted Net Earnings2 <\/sup>(per share)\n<\/p>\n<\/td>\n| \n \n$36.3 million ($0.18)\n<\/p>\n<\/td>\n | \n \n$17.8 million ($0.09)\n<\/p>\n<\/td>\n | \n \n$109.6 million ($0.54)\n<\/p>\n<\/td>\n | \n \n$66.6 million ($0.33)\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjusted EBITDA3<\/sup><\/p>\n<\/td>\n| \n \n$63.0 million\n<\/p>\n<\/td>\n | \n \n$41.0 million\n<\/p>\n<\/td>\n | \n \n$220.2 million\n<\/p>\n<\/td>\n | \n \n$158.5 million\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAsset Margin4<\/sup><\/p>\n<\/td>\n| \n \n92%\n<\/p>\n<\/td>\n | \n \n91%\n<\/p>\n<\/td>\n | \n \n92%\n<\/p>\n<\/td>\n | \n \n90%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n GEOs by Commodity, Revenue by Commodity, and Financial Highlights Summary Table<\/b><\/p>\n\n\n | \n\n Three Months Ended December 31<\/span><\/b><\/p>\n<\/td>\n | \n Year Ended December 31<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n ($ thousands except GEOs, Asset Margin and per share numbers)<\/span><\/i><\/p>\n<\/td>\n | \n 2024<\/span><\/b><\/p>\n<\/td>\n | \n 2023<\/span><\/p>\n<\/td>\n | \n 2024<\/span><\/b><\/p>\n<\/td>\n | \n 2023<\/span><\/p>\n<\/td>\n<\/tr>\n\n| \n GEOs1<\/sup><\/b><\/p>\n<\/td>\n| \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGold\n<\/p>\n<\/td>\n | \n 17,272<\/b><\/p>\n<\/td>\n | \n \n14,997\n<\/p>\n<\/td>\n | \n 70,774<\/b><\/p>\n<\/td>\n | \n \n61,251\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSilver\n<\/p>\n<\/td>\n | \n 10,381<\/b><\/p>\n<\/td>\n | \n \n9,883\n<\/p>\n<\/td>\n | \n 40,862<\/b><\/p>\n<\/td>\n | \n \n38,983\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther\n<\/p>\n<\/td>\n | \n 211<\/b><\/p>\n<\/td>\n | \n \n1,363\n<\/p>\n<\/td>\n | \n 987<\/b><\/p>\n<\/td>\n | \n \n4,853\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total<\/b><\/p>\n<\/td>\n | \n 27,864<\/b><\/p>\n<\/td>\n | \n \n26,243\n<\/p>\n<\/td>\n | \n 112,623<\/b><\/p>\n<\/td>\n | \n \n105,087\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n\n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Revenue<\/b><\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGold\n<\/p>\n<\/td>\n | \n 46,002<\/b><\/p>\n<\/td>\n | \n \n29,568\n<\/p>\n<\/td>\n | \n 169,051<\/b><\/p>\n<\/td>\n | \n \n119,041\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nSilver\n<\/p>\n<\/td>\n | \n 27,649<\/b><\/p>\n<\/td>\n | \n \n19,484\n<\/p>\n<\/td>\n | \n 97,726<\/b><\/p>\n<\/td>\n | \n \n75,554\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOther\n<\/p>\n<\/td>\n | \n 562<\/b><\/p>\n<\/td>\n | \n \n2,687\n<\/p>\n<\/td>\n | \n 2,214<\/b><\/p>\n<\/td>\n | \n \n9,429\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n Total<\/b><\/p>\n<\/td>\n | \n 74,213<\/b><\/p>\n<\/td>\n | \n \n51,739\n<\/p>\n<\/td>\n | \n 268,991<\/b><\/p>\n<\/td>\n | \n \n204,024\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet Earnings (Loss)\n<\/p>\n<\/td>\n | \n 41,280<\/b><\/p>\n<\/td>\n | \n \n9,755\n<\/p>\n<\/td>\n | \n (23,084)<\/b><\/p>\n<\/td>\n | \n \n36,282\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nNet Earnings (Loss) per Share\n<\/p>\n<\/td>\n | \n 0.20<\/b><\/p>\n<\/td>\n | \n \n0.05\n<\/p>\n<\/td>\n | \n (0.11)<\/b><\/p>\n<\/td>\n | \n \n0.18\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjusted Net Earnings2<\/sup><\/p>\n<\/td>\n| \n 36,252<\/b><\/p>\n<\/td>\n | \n \n17,754\n<\/p>\n<\/td>\n | \n 109,607<\/b><\/p>\n<\/td>\n | \n \n66,598\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjusted Net Earnings per Share2<\/sup><\/p>\n<\/td>\n| \n 0.18<\/b><\/p>\n<\/td>\n | \n \n0.09\n<\/p>\n<\/td>\n | \n 0.54<\/b><\/p>\n<\/td>\n | \n \n0.33\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating Cash Flow\n<\/p>\n<\/td>\n | \n 63,473<\/b><\/p>\n<\/td>\n | \n \n37,644\n<\/p>\n<\/td>\n | \n 213,503<\/b><\/p>\n<\/td>\n | \n \n154,138\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nOperating Cash Flow per Share\n<\/p>\n<\/td>\n | \n 0.32<\/b><\/p>\n<\/td>\n | \n \n0.19\n<\/p>\n<\/td>\n | \n 1.06<\/b><\/p>\n<\/td>\n | \n \n0.77\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAdjusted EBITDA3<\/sup><\/p>\n<\/td>\n| \n 62,980<\/b><\/p>\n<\/td>\n | \n \n41,017\n<\/p>\n<\/td>\n | \n 220,200<\/b><\/p>\n<\/td>\n | \n \n158,541\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAsset Margin4<\/sup><\/p>\n<\/td>\n| \n 92%<\/b><\/p>\n<\/td>\n | \n \n91%\n<\/p>\n<\/td>\n | \n 92%<\/b><\/p>\n<\/td>\n | \n \n90%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Corporate Updates<\/b><\/p>\n\n- Acquisition of Tres Quebradas royalty. <\/b>Triple Flag announced in December 2024 that it entered into an agreement to acquire a 0.5% gross overriding revenue (\u201cGOR\u201d) royalty on the Tres Quebradas construction-stage lithium project from Lithium Royalty Corp. for total cash consideration of $28 million. Closing is expected in the first quarter of 2025. Refer to the December 19, 2024, press release on our website, Triple Flag to Acquire a Royalty on Tres Quebradas,<\/i> for further details.\n<\/li>\n
- Quarterly Dividend Declared: <\/b>Triple Flag\u2019s Board of Directors declared a quarterly dividend of US$0.055 per common share that will be paid on March 14, 2025, to shareholders of record at the close of business on March 3, 2025.\n<\/li>\n
- Share Buyback Activity: <\/b>Triple Flag renewed its normal course issuer bid (\u201cNCIB\u201d) during the fourth quarter of 2024 in accordance with a disciplined capital allocation strategy focused on balance sheet management, returns to shareholders and accretive growth opportunities. During the period from November 15, 2024, to November 14, 2025, Triple Flag is authorized to purchase up to 10,071,642 of its common shares (representing 5% of the Company\u2019s issued and outstanding common shares at the time of the NCIB renewal). Since the NCIB renewal, Triple Flag bought back 539,000 shares in the open market for $8.7 million, of which 335,000 shares for $5.4 million was during the first quarter of 20251<\/sup>.\n<\/li>\n
- Top ESG Risk Rating by Sustainalytics<\/b>: Subsequent to quarter-end, Triple Flag\u2019s ranking improved to first in ESG Risk Ratings by Morningstar Sustainalytics within the precious metals industry and precious metals mining sub-industry. Triple Flag\u2019s top ranking is a testament to the commitment of our team and mining partners to ESG. Triple Flag is now ranked 39th<\/sup> out of more than 15,000 companies globally rated by Morningstar Sustainalytics.\n<\/li>\n<\/ul>\n
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1<\/sup> Up to February 18, 2025\n<\/p>\n2025 Guidance<\/b><\/p>\n \nIn 2025, we expect stream sales and royalty revenue of 105,000 to 115,000 GEOs. 2025 guidance is based on public forecasts and other disclosure by the owners and operators of our assets and our assessment thereof.\n<\/p>\n \nAt Northparkes, we continue to expect higher grade open pit ore from E31 and E31N to contribute to stream deliveries through 2025. These deposits are expected to be depleted during the year, as previously announced. Development of the sub-level cave (\u201cSLC\u201d) at E48 commenced in July 2024, with access to the first sub-level now substantially complete and commissioning expected to start in the third quarter of 2025. A concept study in 2024 included a gold grade of 0.41 g\/t, with production from the E48 SLC expected to contribute to stream deliveries through the course of its ramp-up. The E48 SLC orebody currently has a mine life ending in 2034. A pre-feasibility study is expected to be completed in the first quarter of 2025.\n<\/p>\n \n\n | \n\n 2025 Guidance1<\/sup><\/span><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nGEOs Sales2<\/sup><\/p>\n<\/td>\n| \n \n105,000 to 115,000 GEOs\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nDepletion\n<\/p>\n<\/td>\n | \n \n$70 million to $80 million\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nGeneral Administration Costs\n<\/p>\n<\/td>\n | \n \n$24 million to $25 million\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \nAustralian Cash Tax Rate3<\/sup><\/p>\n<\/td>\n| \n \n~25%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n| \n \n1\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nAssumed commodity prices of $2,600\/oz gold and $30.50\/oz silver.\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n2\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nRefer to Endnote 1.\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n3\n<\/p>\n<\/td>\n | \n \n\u00a0\n<\/p>\n<\/td>\n | \n \nAustralian Cash Taxes are payable for Triple Flag\u2019s Australian royalty interests, specifically Fosterville, Beta Hunt, Stawell, and Henty.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Long-Term GEOs Outlook<\/b><\/p>\n \nWe expect our business to deliver sales of 135,000 to 145,000 GEOs in 2029, representing a significant increase over current levels mainly driven by the following assumptions and operator guidance:\n<\/p>\n \n- \nNorthparkes \u2013 The development of the E48 SLC as described above.\n<\/li>\n
- \nCerro Lindo \u2013 Pursuant to the stream agreement, a step-down in the stream rate from 65% to 25% starting in 2026.\n<\/li>\n
- \nATO \u2013 Production from Phase 2. We expect the annual cap on our gold and silver streams to be fully effective in 2029.\n<\/li>\n
- \nGunnison and Johnson Camp Mine \u2013 The ramp-up of Nuton operations at Johnson Camp Mine following production that is expected by the operator to start in the second half of 2025.\n<\/li>\n
- \nDevelopment and exploration stage assets \u2013 In the medium to long term, revenue from Tres Quebradas (Zijin Mining Group Co., Ltd.), Kon\u00e9 (Montage Gold Corp.), Eskay Creek (Skeena Resources Limited), Gunnison and Johnson Camp Mine (Gunnison Copper Corp.), DeLamar (Integra Resources Corp.), South Railroad (Orla Mining Ltd.), Hope Bay (Agnico Eagle Mines Limited), Ana Paula (Heliostar Metals Ltd.), McCoy-Cove (i-80 Gold Corp.), and Fenn-Gib (Mayfair Gold Corp.).\n<\/li>\n<\/ul>\n
\nThe majority of GEOs expected in the 2029 outlook is derived from mines that are currently in production and supported by Mineral Reserve and Mineral Resource estimates. There exists further optionality above and beyond the 2029 outlook that is associated with exploration-stage projects that may be advanced to production during the interim period. Our 2029 outlook is based on metal price assumptions of $2,600\/oz Au, $30.50\/oz Ag and $4.00\/lb Cu.\n<\/p>\n Quarterly Portfolio Updates<\/b><\/p>\n Australia:<\/b><\/p>\n\n- Northparkes <\/b>(54% gold stream and 80% silver stream): Sales from Northparkes in Q4 2024 were 7,313 GEOs compared to 6,738 GEOs in Q3 2024 and 3,339 GEOs in Q4 2023. We continue to expect higher grade open pit ore from E31 and E31N to contribute to stream deliveries through 2025. These deposits are expected to be depleted during the year, as previously announced.\n
Development of the SLC at E48 commenced in July 2024, with access to the first sub-level now substantially complete and commissioning expected to start in the third quarter of 2025. A concept study in 2024 included a gold grade of 0.41 g\/t, with production from the E48 SLC expected to contribute to stream deliveries through the course of its ramp-up. The E48 SLC orebody currently has a mine life ending in 2034. A pre-feasibility study is expected to be completed in the first quarter of 2025.<\/p>\n First production from the E22 orebody is expected during Evolution Mining Limited\u2019s fiscal year ending June 30, 2029, subject to the completion of economic studies and board approval, with a reserve grade of 0.37 g\/t Au. A SLC hybrid option study for E22 is expected to be completed by June 30, 2025.<\/p>\n Additionally, exploration at the Major Tom deposit remains ongoing and has continued to deliver near-surface mineralized assays, including 89.0 meters grading 1.07% copper and 0.13 g\/t gold. Major Tom is located within three kilometers of the processing plant. Work is progressing to determine whether a pit can be optimized at the deposit, which is expected to be completed in the second quarter of 2025.\n<\/li>\n<\/ul>\n \n- Beta Hunt <\/b>(3.25% GR and 1.5% NSR gold royalties):<\/b> Royalties from Beta Hunt in Q4 2024 equated to 1,123 GEOs.\n
The expansion project to achieve consistent mine throughput at Beta Hunt of 2 million tonnes per annum continues to advance, with recent capital investment focused on upgrades to primary ventilation, mine pumping and water supply. Infill drill data completed across the Western Flanks and A-Zone is also being incorporated into an updated resource model. Westgold Resources Limited continues to expect the mine expansion project at Beta Hunt to deliver increased productivity in 2025 and beyond.<\/p>\n Drills continue to turn at the Fletcher Zone, a significant discovery at Beta Hunt that is interpreted to represent a new gold mineralized structure parallel to the Western Flanks deposit of the mine, 300 meters to the west. Western Flanks is currently the primary source of gold ore for Beta Hunt.\n<\/li>\n<\/ul>\n \n- Fosterville <\/b>(2.0% NSR gold royalty): Royalties from Fosterville in Q4 2024 equated to 947 GEOs. In February 2025, Agnico Eagle Mines Limited (\u201cAgnico Eagle\u201d) released an updated three-year outlook. The operator now expects Fosterville to produce between 140,000 to 160,000 ounces of gold in each of 2025, 2026 and 2027. Agnico Eagle also announced that an initial assessment has demonstrated the potential to increase production at Fosterville to an average of approximately 175,000 ounces of gold per year, with a ramp-up in performance potentially starting in 2027. Technical evaluations and drilling are ongoing to evaluate this potential.\n
Year-over-year, mineral reserves at Fosterville remained relatively consistent at approximately 1.65 million ounces grading 5.37 g\/t Aui<\/sup>. Agnico Eagle expects to spend $26.3 million in exploration drilling at Lower Phoenix, Robbins Hill and new targets totaling over 84,300 meters in 2025.\n<\/li>\n<\/ul>\nLatin America:<\/b><\/p>\n | | | | | | | | | | | | | | | | | | |