UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of October 2024
Commission File Number: 001-41484
TRIPLE FLAG PRECIOUS METALS CORP.
(Translation of the registrant’s name
into English)
TD Canada Trust Tower, 161 Bay Street, Suite 4535,
Toronto, Ontario, Canada M5J 2S1
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F ¨ Form 40-F x
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
The following document, which is attached as an exhibit hereto, is
incorporated by reference herein:
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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TRIPLE FLAG PRECIOUS METALS CORP. |
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Date: October 10, 2024 |
By: |
/s/ C. Warren Beil |
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Name: C. Warren Beil |
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Title: General Counsel |
Exhibit 99.1
NEWS
RELEASE
Toronto,
October 10, 2024
Triple
Flag Announces Record Q3 2024 Revenue and GEOs
Triple
Flag Precious Metals Corp. (with its subsidiaries, “Triple Flag” or the “Company”) (TSX: TFPM, NYSE: TFPM) announced
record revenue of US$73.7 million for the third quarter of 2024 from record quarterly metal sales of 29,773 gold equivalent ounces1
(“GEOs”). All dollar amounts are expressed in US dollars, unless otherwise noted.
“With
another strong quarter of sales, including from Northparkes, Cerro Lindo and our new streams with Allied Gold, Triple Flag is well positioned
to continue delivering per share growth. The Company remains on track to deliver on our 2024 GEOs sales guidance of 105,000 to 115,000
ounces, as we continue to advance an active deal pipeline,” commented Sheldon Vanderkooy,
CEO.
Preliminary
Q3 2024 GEOs Sold and Revenue
GEOs
Sold and Revenue by Commodity2
| |
Q3 2024 | |
| |
GEOs Sold | | |
Revenue ($M) | |
Gold | |
19,732 | | |
48.8 | |
Silver | |
9,928 | | |
24.6 | |
Other | |
113 | | |
0.3 | |
Total | |
29,773 | | |
73.7 | |
On
August 14, 2024, Triple Flag completed the previously announced acquisition of 3% gold streams on Agbaou and Bonikro from Allied
Gold Corporation (the “Allied Streams”). Under the terms of the Allied Streams, Triple Flag was entitled to metal deliveries
based on production after January 1, 2024. The metal delivered from the pre-closing period of January 1, 2024, to August 14,
2024, (the “Initial Allied Ounces”) were sold at the prevailing market price, while the cost of sales attributed to these
ounces sold were also recorded at the same prevailing market price, to reflect the accounting treatment of these Initial Allied Ounces
as a reduction of the stream purchase price. Accordingly, preliminary cost of sales excluding depletion2 for the three
months ended September 30, 2024, was approximately $15.5 million.
Conference
Call Details
Triple
Flag will release its Q3 2024 results on Tuesday, November 5, 2024, after market close.
A
conference call and live webcast presentation will be held the following day, November 6, 2024, starting at 9:00 a.m. ET (6:00
a.m. PT) to discuss these results. The live webcast can be accessed by visiting the Events and Presentations page on the Company’s
website at: www.tripleflagpm.com. An archived version of
the webcast will be available on the website for one year following the webcast.
Live Webcast: |
https://events.q4inc.com/attendee/349088597 |
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Dial-In Details: |
Toll-Free (U.S. & Canada): +1 (888) 330-2384
International: +1 (647) 800-3739
Conference ID: 4548984, followed by # key |
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Replay (Until November 20): |
Toll-Free (U.S. & Canada): +1 (800) 770-2030
International: +1 (647) 362-9199
Conference ID: 4548984, followed by # key |
About
Triple Flag Precious Metals
Triple Flag is
a pure play, precious-metals-focused streaming and royalty company. We offer bespoke financing solutions to the metals and mining industry
with exposure primarily to gold and silver in the Americas and Australia, with a total of 236 assets, including 17 streams and 219 royalties.
These investments are tied to mining assets at various stages of the mine life cycle, including 32 producing mines and 204 development
and exploration stage projects. Triple Flag is listed on the Toronto Stock Exchange and New York Stock Exchange, under the ticker “TFPM”.
Contact
Information
Investor
Relations:
David
Lee
Vice
President, Investor Relations
Tel:
+1 (416) 304-9770
Email:
ir@tripleflagpm.com
Media:
Gordon
Poole, Camarco
Tel:
+44 (0) 7730 567 938
Email:
tripleflag@camarco.co.uk
Forward-Looking Information
This
news release 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”). Forward-looking information may be identified by the use of forward-looking
terminology such as “plans”, “targets”, “expects”, “is expected”, “budget”,
“scheduled”, “estimates”, “outlook”, “forecasts”, “projection”, “prospects”,
“strategy”, “intends”, “anticipates”, “believes”, or variations of such words and phrases
or terminology which states that certain actions, events or results “may”, “could”, “would”, “might”,
“will”, “will be taken”, “occur” or “be achieved”. Forward-looking information in this
news release include, but are not limited to, statements with respect to the accounting treatments for certain of the Company’s
streams, the Company’s preliminary sales and revenue information for the third quarter of 2024, the release of its financial results
for the third quarter of 2024, and the conduct of the conference call to discuss said results. In addition, any statements that refer
to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information.
Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates
and projections regarding possible future events or circumstances.
The
forward-looking information included in this news release is based on our opinions, estimates and assumptions considering 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 news release is also based
upon a number of assumptions, including the ongoing operation of the properties in which we hold a stream or royalty interest by the
owners or operators of such properties in a manner consistent with past practice; the accuracy of public statements and disclosures made
by the owners or operators of such underlying properties; and the accuracy of publicly disclosed expectations for the development of
underlying properties that are not yet in production. These assumptions include, but are not limited to, the following: assumptions in
respect of current and future market conditions and the execution of our business strategies, that operations, or ramp-up where applicable,
at properties in which we hold a royalty, stream or other interest, continue without further interruption through the period, and the
absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated, intended or implied.
Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions,
estimates and assumptions will prove to be correct. Forward-looking information is also subject to known and unknown risks, uncertainties
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. Such risks, uncertainties and other factors include, but are not limited
to, those set forth under the caption “Risk Factors” in our most recently filed annual information form which is available
on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. For clarity, mineral resources that are not mineral reserves do not have demonstrated
economic viability and inferred resources are considered too geologically speculative for the application of economic considerations.
Although
we have attempted to identify important risk factors that could cause actual results or future events to differ materially from those
contained in forward-looking information, there may be other risk factors not presently known to us or that we presently believe are
not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking
information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information,
which speaks only as of the date made. The forward-looking information contained in this news release represents our expectations as
of the date of this news release and is subject to change after such date. We disclaim any intention or obligation or undertaking to
update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required
by applicable securities laws. All the forward-looking information contained in this news release is expressly qualified by the foregoing
cautionary statements.
Cautionary Statement
to U.S. Investors
Information
contained or referenced in this press release or in the documents referenced herein concerning the properties, technical information
and operations of Triple Flag has been prepared in accordance with requirements and standards under Canadian securities laws, which differ
from the requirements of the U.S. Securities and Exchange Commission (“SEC”) under subpart 1300 of Regulation S-K (“S-K
1300”). Because the Company is eligible for the Multijurisdictional Disclosure System adopted by the SEC and Canadian Securities
Administrators, Triple Flag is not required to present disclosure regarding its mineral properties in compliance with S-K 1300. Accordingly,
certain information contained in this press release may not be comparable to similar information made public by US companies subject
to reporting and disclosure requirements of the SEC.
Technical
and Third-Party Information
Triple
Flag does not own, develop or mine the underlying properties on which it holds stream or royalty interests. As a royalty or stream holder,
Triple Flag has limited, if any, access to properties included in its asset portfolio. As a result, Triple Flag is dependent on the owners
or operators of the properties and their qualified persons to provide information to Triple Flag and on publicly available information
to prepare disclosure pertaining to properties and operations on the properties on which Triple Flag holds stream, royalty, or other
similar interests. Triple Flag generally has limited or no ability to independently verify such information. Although Triple Flag does
not believe that such information is inaccurate or incomplete in any material respect, there can be no assurance that such third-party
information is complete or accurate.
1 Gold Equivalent Ounces
(“GEOs”)
GEOs are a non-IFRS measure that is
based on stream and royalty interests and calculated on a quarterly basis by dividing all revenue from such interests for the quarter
by the average gold price during such quarter. The gold price is determined based on the LBMA PM fix. For periods longer than one quarter,
GEOs are summed for each quarter in the period. Management uses this measure internally to evaluate our underlying operating performance
across our stream and royalty portfolio for the reporting periods presented and to assist with the planning and forecasting of future
operating results. GEOs are intended to provide additional information only and do not have any standardized definition under IFRS and
should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measures are
not necessarily indicative of gross profit or operating cash flow as determined under IFRS. Other companies may calculate these measures
differently. The following table reconciles GEOs to revenue, the most directly comparable IFRS measure.
($
thousands, except average gold price and GEOs information) | |
| Q3
2024 | | |
| Q3
2023 | |
Revenue | |
| 73,669 | | |
| 49,425 | |
Average gold price per ounce | |
| 2,474 | | |
| 1,928 | |
GEOs | |
| 29,773 | | |
| 25,629 | |
2
Results are unaudited. The Company cautions that, whether or not expressly stated, all third
quarter figures contained in this press release including, without limitation, sales and associated costs are preliminary, and reflect
our expected third quarter results as of the date of this press release. Actual reported third quarter sales and associated costs are
subject to management’s final review and may vary significantly from those expectations because of a number of factors, including,
without limitation, additional or revised information, and changes in accounting standards or policies, or in how those standards are
applied.
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