Triple Flag Precious Metals (TFPM) - 2023 Q2 - Quarterly Report

Financial Performance - In 2023, Triple Flag's revenue reached $204 million, a 34$152 million in 2022[98] - Adjusted EBITDA for 2023 was $159 million, up from$119 million in 2022, reflecting a 33% growth[105] - The company reported adjusted net earnings of $61 million in 2023, compared to$58 million in 2022, indicating a 5% increase[105] - Revenue for Q4 2023 was $51,739 thousand, up 17.5$43,886 thousand in Q4 2022; full-year revenue increased 34.4% to $204,024 thousand from$151,885 thousand[117] - Gross profit for Q4 2023 was $26,447 thousand, a 8.1$24,458 thousand in Q4 2022; full-year gross profit rose 17.3% to $102,076 thousand from$87,004 thousand[117] - Net earnings for Q4 2023 were $9,755 thousand, down 37.0$15,460 thousand in Q4 2022; full-year net earnings decreased 34.1% to $36,282 thousand from$55,086 thousand[117] - Adjusted net earnings for Q4 2023 were $17,754 thousand, slightly up from$17,429 thousand in Q4 2022; full-year adjusted net earnings increased 8.3% to $66,267 thousand from$61,012 thousand[117] - Net earnings for 2023 were $36.3 million, a decrease of 34.2$55.1 million in the prior year, primarily due to higher impairment charges and finance costs[251] Commodity Prices - The average gold price in 2023 was $1,941 per ounce, an 8$1,800 per ounce in 2022[110] - The average silver price in 2023 was $23.35 per ounce, a 7$21.73 per ounce in 2022[114] - As of December 31, 2023, the gold price was $2,078 per ounce, marking a 14$29.568 million in Q4 2023, up from $19.328 million in Q4 2022, and$119.041 million for the year, compared to $80.533 million in 2022[143] - Silver revenue for Q4 2023 was$19.484 million, down from $21.892 million in Q4 2022, while annual silver revenue increased to$75.554 million from $61.051 million[143] Acquisitions - The acquisition of Maverix closed on January 19, 2023, for$86.7 million and 45,097,390 common shares, with mineral interests valued at $587.8 million[155] - The company acquired a 1.5$5.5 million in cash on November 30, 2023[150] - An additional 2.65% net smelter returns gold royalty was acquired from Stawell Gold Mines for $16.6 million on September 25, 2023[151] - The company acquired a 2.5$15.5 million on June 23, 2023[152] - The company completed the acquisition of 80% interest in Northparkes by Evolution Mining on December 18, 2023[178] Financial Position - Total assets increased to $1,894.5 million as of December 31, 2023, from$1,337.0 million as of December 31, 2022, primarily due to assets acquired from the Maverix acquisition[210] - Total liabilities rose to $83.7 million as of December 31, 2023, compared to$18.6 million as of December 31, 2022, largely due to net drawdown from the Credit Facility for the Maverix acquisition[213] - Total shareholders' equity increased to $1,810.7 million as of December 31, 2023, from$1,318.5 million as of December 31, 2022, reflecting additional equity issued and income generated during the period[215] Cash Flow and Expenses - Operating cash flow for 2023 was $154.1 million, an increase of 30.2$118.4 million in 2022, driven by higher cash flows from interests acquired through the Maverix acquisition[277] - Finance costs for 2023 were $4.1 million, up from$1.4 million in the prior year, primarily due to higher interest charges on a drawn balance of the Credit Facility[249] - General administration costs for the year ended December 31, 2023, were $20.1 million, compared to$15.5 million in the prior year, driven by higher employee and public company costs[243] - The expected credit loss provision for the three months ended December 31, 2023, was $8.7 million, compared to nil for the same period in the prior year[234] - Cash and cash equivalents at the end of the period for 2023 were$17.4 million, a decrease from $71.1 million at the end of 2022[273] Future Guidance - 2024 guidance includes GEOs of 105,000 to 115,000, depletion of$70 million to $80 million, and general administration costs of$23 million to $24 million[123] - The company expects Phase 2 at ATO to generate 1,237,000 ounces of gold equivalent over 12 years, averaging over 100,000 ounces per annum[191] - The company expects to spend$12 million on exploration at Young-Davidson in 2024, up from $8 million in 2023, indicating ongoing exploration success[206]