Triple Flag Precious Metals (TFPM)

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Triple Flag Precious Metals (TFPM) - 2024 Q1 - Quarterly Report
2024-03-27 21:08
Exhibit 99.1 Management Proxy Circular Triple Flag Precious Metals Corp. Annual Meeting of Shareholders May 8, 2024 This document contains: Notice of Annual Meeting of Shareholders Management Proxy Circular LETTER FROM THE CHAIR It gives me great pleasure to look back and reflect on what Triple Flag has accomplished in 2023. Triple Flag's track record of growth and performance in 2023 was highlighted by the closing of the Maverix Metals acquisition followed by the successful integration of that business. Th ...
Triple Flag Precious Metals (TFPM) - 2023 Q4 - Earnings Call Transcript
2024-02-22 22:01
Triple Flag Precious Metals Corp. (NYSE:TFPM) Q4 2023 Earnings Conference Call February 22, 2024 9:00 AM ET Company Participants Shaun Usmar - CEO Sheldon Vanderkooy - CFO James Dendle - SVP of Corporate Development Conference Call Participants Cosmos Chiu - CIBC Capital Markets Tanya Jakusconek - Scotiabank Operator Ladies and gentlemen, good morning. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Triple Flag Fourth Quarter and Full Y ...
Triple Flag Precious Metals (TFPM) - 2023 Q4 - Earnings Call Presentation
2024-02-22 15:29
CAUTIONARY STATEMENTS This presentation contains "forward-looking information" within the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, respectively (collectively referred to herein as "forward-looking information"). Forwardlooking information may be identified by the use of forward-looking terminology such as "plans", "targets", "expects", "is expected", "budget", "scheduled", "estima ...
Triple Flag Precious Metals (TFPM) - 2023 Q4 - Annual Report
2024-02-21 22:00
Financial Performance - Revenue for 2023 increased to $204,024 thousand, up 34.4% from $151,885 thousand in 2022[23] - Gross profit for 2023 was $102,076 thousand, representing a 17.3% increase compared to $87,004 thousand in 2022[23] - Net earnings decreased to $36,282 thousand in 2023, down 34.1% from $55,086 thousand in 2022[23] - Operating cash flow for 2023 was $154,138 thousand, an increase of 30.2% from $118,376 thousand in 2022[24] - Total operating expenses for the year ended December 31, 2023, were $24.3 million, an increase of 31% from $18.5 million in 2022[163] - Finance costs, net for the year ended December 31, 2023, were $4.1 million, up from $1.4 million in 2022, reflecting a significant increase in interest expenses[165] - Employee costs, including share-based compensation, rose to $14.5 million in 2023, compared to $11.9 million in 2022, marking a 22% increase[163] - The company's income tax expense for 2023 was $107,000, a significant decrease of 97.8% from $4.8 million in 2022, with current income tax expense at $4.7 million compared to $5.6 million in 2022[186] Assets and Liabilities - Total assets increased to $1,894,464 thousand as of December 31, 2023, up from $1,337,031 thousand in 2022, representing a growth of approximately 42%[21] - Mineral interests rose significantly to $1,773,053 thousand in 2023, compared to $1,228,171 thousand in 2022, marking an increase of about 44.5%[21] - Current liabilities increased to $17,315 thousand in 2023 from $12,586 thousand in 2022, reflecting a rise of approximately 37%[21] - Non-current assets grew to $1,837,426 thousand in 2023, compared to $1,246,424 thousand in 2022, representing an increase of about 47.3%[21] - Total amounts payable and other liabilities rose to $15.7 million in 2023, compared to $11.3 million in 2022, driven by increased accrued liabilities[159] Shareholder Equity - Share capital increased to $1,749,180 thousand in 2023, up from $1,250,194 thousand in 2022, indicating a growth of about 39.9%[21] - The total equity at the end of 2023 was $1,810,741 thousand, up from $1,318,475 thousand at the end of 2022[25] - The company declared and paid dividends totaling $41.3 million in 2023, an increase of 36% from $30.4 million in 2022, with an average dividend per share of $0.0513 compared to $0.0488 in 2022[194] - As of December 31, 2023, the company repurchased 1,485,820 common shares under its NCIB for $20.7 million, significantly higher than $4.1 million for 351,144 shares in 2022[192] Acquisitions and Investments - The company acquired Maverix Metals Inc. on January 19, 2023, which included $588 million of mineral interests[17] - The company acquired mineral interests totaling $190,895 thousand in 2023, compared to $52,280 thousand in 2022[24] - The Company acquired a 1.5% gross revenue royalty on the Johnson Camp Mine for $5.5 million in cash on November 30, 2023[109] - An additional 2.65% net smelter return gold royalty was acquired from Stawell Gold Mines for $16.6 million on September 25, 2023[110] - The Company acquired the 2.5% NSR royalty on the Agbaou gold mine for a total consideration of $15.5 million, with $13.5 million paid in cash[111] - The Company entered into a royalty purchase agreement for a 2.5% NSR royalty on the Thunder Bay North Project for C$15 million[115] - A 0.8% GRR royalty and an $80 million gold and silver stream were acquired from Orion Minerals for the Prieska copper-zinc mine[116] Impairment and Financial Reporting - The company incurred impairment charges of $27,107 thousand in 2023, significantly higher than $3,600 thousand in 2022[23] - The company assesses the carrying value of mineral interests for impairment at the end of each reporting period, considering factors such as future production estimates and commodity prices[43] - Impairment indicators include significant adverse changes to future production and operator reserve estimates, current and forecast commodity prices, and industry trends[44] - The company recognizes impairment losses when the carrying value of exploration stage projects exceeds their recoverable amount[48] - An impairment charge of $20.2 million was recorded due to the Renard mine's financial difficulties, including $11.7 million related to a bridge loan receivable[155] - The Beaufor royalty investment was written down to nil, resulting in an impairment charge of $6.8 million due to the mine's continued suspension of operations[158] Cash Flow and Financing - Cash and cash equivalents decreased to $17,379 thousand in 2023 from $71,098 thousand in 2022, a decline of approximately 75.6%[21] - Total cash and cash equivalents at the end of 2023 were $17,379 thousand, down from $71,098 thousand at the end of 2022[24] - As of December 31, 2023, Triple Flag Precious Metals Corp. has drawn down a total of $57 million from its revolving credit facility, compared to $0 in 2022[162] - The company amended its $500 million credit facility, extending the maturity to August 30, 2026, and increasing the uncommitted accordion to $200 million[124] Stock Options and Compensation - The company’s stock option plan allows employees to purchase shares at an exercise price determined by the Board, with options vesting equally over three years[85] - As of December 31, 2023, the company had 3,957,362 stock options outstanding, with an average exercise price of $13.17[179] - Stock-based compensation expense for options was $3.4 million in 2023, slightly up from $3.3 million in 2022[181] - The company expects to recognize $2.2 million of total unrecognized compensation cost related to stock options over a weighted average period of 0.7 years[182] - For the year ended December 31, 2023, the company awarded 120,065 RSUs, an increase of 73.7% from 69,102 RSUs in 2022, with a stock-based compensation expense of $1.0 million compared to $0.6 million in 2022[183] - The company granted 66,504 DSUs in 2023, a decrease of 8.1% from 72,439 DSUs in 2022, with a total DSU liability of $2.5 million as of December 31, 2023, up from $2.0 million in 2022[184][185] Taxation - Deferred tax assets increased to $26.8 million in 2023 from $12.9 million in 2022, primarily due to non-capital loss carryforwards rising to $19.5 million from $11.9 million[187] - The Company reassesses its deferred income tax assets at the end of each reporting period, which could be reduced if actual results differ significantly from forecasts[103] - Non-capital losses generated in Canada total $41.4 million, with expirations ranging from 2039 to 2042[188]
Triple Flag Precious Metals (TFPM) - 2023 Q3 - Earnings Call Transcript
2023-11-11 16:56
Triple Flag Precious Metals Corp. (NYSE:TFPM) Q3 2023 Results Conference Call November 8, 2023 10:00 AM ET Company Participants Shaun Usmar - Chief Executive Officer Sheldon Vanderkooy - Chief Financial Officer James Dendle - SVP, Corporate Development Conference Call Participants Lawson Winder - BofA Securities Carrie Maguary - Canaccord Genuity Tanya Jakusconek - Scotiabank Operator Thank you for standing by. My name is Eric, and I will be your conference operator today. At this time, I would like to welc ...
Triple Flag Precious Metals (TFPM) - 2023 Q3 - Quarterly Report
2023-11-07 22:00
Table of Contents Exhibit 99.1 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 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 November 7, 2023, should be read in conjunction with the unaudited condensed interim consolidated fi ...
Triple Flag Precious Metals (TFPM) - 2023 Q2 - Earnings Call Transcript
2023-08-11 21:53
Triple Flag Precious Metals Corp. (NYSE:TFPM) Q2 2023 Results Conference Call August 9, 2023 11:00 AM ET Company Participants Shaun Usmar - Chief Executive Officer Sheldon Vanderkooy - Chief Financial Officer James Dendle - SVP, Corporate Development Eban Bari - VP Finance Conference Call Participants Cosmos Chiu - CIBC Greg Barnes - TD Securities Lawson Winder - Bank of America Operator Ladies and gentlemen, thank you for standing by. My name is Sharer, and I'll be your conference operator today. At this t ...
Triple Flag Precious Metals (TFPM) - 2023 Q1 - Earnings Call Presentation
2023-05-15 16:58
CAUTIONARY STATEMENTS The forward-looking information included in this presentation is based on our opinions, estimates and assumptions in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances. The forward-looking information contained in this presentation is also based upon a number of assumptions, including the ongoing operation of the propertie ...
Triple Flag Precious Metals (TFPM) - 2023 Q1 - Earnings Call Transcript
2023-05-12 19:46
Triple Flag Precious Metals (NYSE:TFPM) Q1 2023 Earnings Conference Call May 10, 2023 9:00 AM ET Company Participants Shaun Usmar - Founder and CEO Sheldon Vanderkooy - CFO James Dendle - SVP, Corporate Development Conference Call Participants Cosmos Chiu - CIBC Shane Nagle - National Bank Financial John Tumazos - John Tumazos Very Independent Research Operator Thank you for standing by. My name is Bailey, and I will be your conference operator today. At this time, I would like to welcome everybody to the T ...
Triple Flag Precious Metals (TFPM) - 2023 Q1 - Quarterly Report
2023-03-30 21:09
ANNUAL REPORT TABLE OF CONTENTS Letter from the CEO 1 Vision, Mission and Strategy 3 Financial Highlights 4 Sustainability 6 Our Asset Portfolio 12 Producing Streams 14 and Royalties 16 Our Team Board of Directors 18 Financial Report 20 ¼¦S£h/- FhG - ژژږژ- ttÃh- ¦/£¦¼ ڗ S- ÿŰ- ƠŧĪÿƫĪģ- Ƹż- ƫŊÿƣĪ- ǝŏƸŊ- ǣżǀ- żǀƣ- ÿŲŲǀÿŧ- ƣĪƠżƣƸ- ÿŲģ- ǣĪÿƣܫĪŲģ- ƣĪǜŏĪǝ- łżƣ- ڎڎڌڎ- ܨ- żǀƣ- ǿƣƫƸ- łǀŧŧ- ǣĪÿƣ- ÿƫ- ÿ- ƠǀěŧŏĜŧǣ- ŧŏƫƸĪģ- ĜżŰƠÿŲǣ- 'ǀƣŏŲŃ- ÿ- ǣĪÿƣ- ǝŊĪƣĪ- ƸŊĪ- Ńŧżěÿŧ- ĪĜżŲżŰŏĜ- ÿŲģ- ŃĪżƠżŧŏƸŏĜÿŧ- ěÿĜŤģƣżƠ- żdzłĪƣĪģ- ŊĪ ...