Triple Flag Precious Metals Corp. (with its subsidiaries,
“Triple Flag” or the “Company”) (TSX: TFPM, NYSE: TFPM) announced
its results for the first quarter of 2023 and declared a dividend
of US$0.05 per common share to be paid on June 15, 2023. All
amounts are expressed in US dollars unless otherwise indicated.
“I am pleased to announce another quarter of record results for
Triple Flag, reflecting the successful acquisition of Maverix,”
commented Shaun Usmar, CEO. “When we announced the transaction in
November last year, we emphasized the strategic fit, the
opportunity to acquire a diversified, cash generating portfolio of
quality assets, and the ability to capture meaningful synergies in
a combination that would benefit both sets of shareholders. We
anticipated that the deal would broaden our shareholder base,
enhance trading liquidity and result in cost synergies of US$7
million annually, positioning Triple Flag as the 4th largest
streaming and royalty company. I am pleased to report that these
expected deal features are being fully realized – we have seen
solid operating performance at underlying Maverix assets,
particularly at Beta Hunt and Camino Rojo; a more than 10-fold
increase in trading liquidity, with the addition of many new
quality investors to our register, and index inclusion in the MVIS
Global Junior Gold Miners, S&P/TSX Global Gold, and Solactive
Global Silver Miners indices. We are also seeing exciting advances
at a number of the exploration and development properties we
acquired.”
“As we approach the two-year anniversary of our IPO, we are
happy to have begun delivering against our ambitions in becoming
the next emerging senior streaming and royalty company and look
forward to what we can accomplish in the future with our enhanced
platform.”
Q1 2023 Financial Highlights
Q1
2023
Q1
2022
Revenue
$50.3 million
$37.8 million
Gold Equivalent Ounces
(“GEOs”)1
26,599
20,113
Operating Cash Flow
$38.9 million
$26.4 million
Net Earnings
$16.5 million ($0.09/share)
$15.9 million ($0.10/share)
Adjusted Net Earnings2
$13.5 million ($0.07/share)
$15.5 million ($0.10/share)
Adjusted EBITDA4
$37.1 million
$30.5 million
Asset Margin5
88%
92%
Building the Next Senior Streamer
Disciplined Growth and Gold
Focused
- Synergistic acquisition of Maverix
- Solidified as the leading, gold-focused, emerging senior
streamer, with 95% precious metals exposure
Robust Cash Flow and Strong Balance
Sheet
- Generated $118.4 million in operating cash flow in 2022; $38.9
million in Q1 2023
- +$600M in available liquidity
Diversified, High-quality Portfolio and
Embedded Growth
- 27% GEOs growth expected for 2023 compared to 2022 from 27
assets
- Leading growth profile of +140 koz GEOs (2024 - 2028E
avg.)
Superior ESG Practices
- Ranked 4th of 117 companies in the global precious metals
sector by Sustainalytics, and awarded ESG Regional and ESG Industry
top rated for 2023
- Committed to our long-term goal of net zero emissions by
2050
GEOs Sold by Commodity, Revenue by Commodity, and Financial
Highlights Summary Table
Three Months Ended March 31
($
thousands except GEOs, Asset Margin and per share
numbers)
2023
2022
GEOs1
Gold
14,005
10,223
Silver
11,385
8,517
Other
1,209
1,373
Total
26,599
20,113
Revenue
Gold
26,468
19,188
Silver
21,517
15,990
Other
2,284
2,577
Total
50,269
37,755
Net Earnings
16,534
15,889
Net Earnings per Share
0.09
0.10
Adjusted Net Earnings2
13,516
15,471
Adjusted Net Earnings per
Share2
0.07
0.10
Operating Cash Flow
38,870
26,359
Operating Cash Flow per Share
0.20
0.17
Adjusted EBITDA4
37,090
30,457
Asset Margin5
88%
92%
The first quarter of consolidated results after the closing of
the Maverix transaction on January 19, 2023, has driven record
financial results on many key financial metrics, including GEOs,
revenue, operating cash flow and adjusted EBITDA. Operating Cash
Flow of 20 cents per share in Q1 2023 increased from 17 cents per
share in Q1 2022. We reported robust earnings of over $16.5 million
in the quarter, and operating cash flow of over $38.8 million in
the quarter. During Q1, we recorded non-cash cost of sales of $5.6
million ($0.03 cents per share) relating to gold pre-pay contracts,
which reduced Net Earnings and Adjusted Net Earnings.
Corporate Updates
- Closing of Maverix Transaction: On January 19, 2023,
Triple Flag successfully completed the acquisition of Maverix
Metals Inc. (“Maverix”). In aggregate, Triple Flag issued 45.1
million common shares and paid $86.7 million to former Maverix
shareholders. Upon closing of the transaction, existing Triple Flag
and former Maverix shareholders owned approximately 78% and 22% of
the pro forma outstanding shares of Triple Flag, respectively.
Triple Flag has substantially completed the integration process and
synergies are starting to be realized.
- Index Inclusion: During the quarter and subsequent to
quarter-end, Triple Flag was added to three indices: the MVIS
Global Junior Gold Miners Index (tracked by the GDXJ ETF), the
S&P/TSX Global Gold Index, and the Solactive Global Silver
Miners Index. This is a result of meeting inclusion criteria due to
the increase in free floating shares and a more than 10-fold
increase in trading liquidity since the completion of the Maverix
acquisition.
- Dividend: Triple Flag’s Board of Directors declared a
quarterly dividend of US$0.05 per common share that will be paid on
June 15, 2023, to the shareholders of record at the close of
business on May 31, 2023. Upon payment of this dividend, cumulative
dividends paid to shareholders since our IPO in May 2021 will
exceed $65 million.
Q1 2023 Portfolio Updates
Australia:
- Northparkes (54% gold stream and 80% silver stream):
Sales from Northparkes in Q1 2023 were 2,746 GEOs based on sales of
2,273 ounces of gold and 45,300 ounces of silver. Deliveries during
the quarter were affected by a shipment that was executed but not
settled by the end of the period and will be reported in Q2. 2023
stream deliveries are expected to be weighted towards the back end
of 2023.
- Fosterville (2.0% NSR gold royalty): Royalties from
Fosterville in Q1 2023 equated to 890 GEOs. Fosterville produced
86,558 ounces of gold during the quarter despite primary
ventilation operating restrictions related to low frequency noise
constraints. Agnico Eagle has reported that abatement trials for
the low frequency noise were completed in the first quarter of
2023, and that it believes the results were promising and are now
being considered by the EPA with respect to the current prohibition
notice. Agnico Eagle has reaffirmed guidance for the year at
Fosterville of between 295,000 - 315,000 ounces.
- Beta Hunt (3.25% gross revenue (“GR”) gold
royalty): Royalties from Beta Hunt in Q1 2023 equated to 971
GEOs. Exploration results from the Fletcher zone intersected strong
mineralization and have provided compelling support for potential
significant Mineral Resource growth, and the development of the
second decline is expected to double production capacity.
Latin America:
- Cerro Lindo (65% silver stream): Sales from Cerro
Lindo in Q1 2023 were 7,394 GEOs based on 629,662 ounces of silver
sold. Production at Cerro Lindo during the quarter was impacted by
unusually heavy rainfall and overflowing rivers caused by Cyclone
Yaku in Peru. The two-week suspension in production during Q1 will
slightly impact our silver deliveries in later periods, however we
are pleased that Nexa Resources has reiterated their 2023 guidance
and announced that production at Cerro Lindo has fully resumed.
Triple Flag contributed US$50,000 to Nexa Resources community
recovery efforts in connection with the flooding.
- Buriticá (100% silver stream): Sales from
Buriticá in Q1 2023 were 1,478 GEOs based on 128,240 ounces of
silver sold.
- Camino Rojo (2.0% NSR gold royalty): Royalties from
Camino Rojo in Q1 2023 equated to 523 GEOs. Orla Mining Ltd.
continued to demonstrate solid operational performance during the
quarter, producing over 25,000 ounces of gold and remaining on
track to achieve annual gold production guidance of 100,000 –
110,000 ounces.
- Eastern Borosi (1.0% NSR gold and silver
royalty): Subsequent to quarter-end, Calibre Mining
announced that it has begun mining the high-grade open pits at
Eastern Borosi on which Triple Flag owns a royalty. In connection
with that announcement Calibre Mining exercised its right to buy
back for US$2 million half of the 2.0% NSR royalty, thereby
reducing the existing royalty to a 1.0% NSR royalty. Triple Flag
has received the $2 million buy-back payment and expects to receive
royalty payments later this year.
North America:
- Young-Davidson (1.5% NSR gold royalty): Royalties
from Young-Davidson in Q1 2023 equated to 627 GEOs. Young-Davidson
produced 45,000 ounces of gold in Q1 2023. A total of US$8 million
has been budgeted for exploration at Young-Davidson in 2023, up
from US$5 million in 2022.
- Moss (100% silver stream and gold prepay): Sales
from Moss in Q1 2023 were 1,583 GEOs based on 706 ounces of gold
and 71,286 ounces of silver sold. Elevation Gold reported the
results of holes that were drilled in the Reynolds Pit area,
including AR23-662R, which intersected 225.6 meters of nearly
continuous gold mineralization with an average grade of 0.56 g/t
gold, which is approximately 25% higher than the 2022 run of mine
grade. Further important technical details relating to this
drillhole intersection can be found in Elevation Gold’s press
release, dated April 26, 2023.
- Hope Bay (1% NSR gold royalty): Exploration drilling at
Hope Bay continued during the first quarter of 2023, with six drill
rigs operating on surface. Agnico Eagle has reported a number of
encouraging drillhole intersections and continues to advance an
internal technical study evaluating larger production scenarios for
Hope Bay.
Rest of World:
- RBPlat (70% gold stream): Sales from RBPlat in Q1
2023 were 1,521 GEOs based on 1,536 ounces of gold sold. Northam
Platinum Holdings has withdrawn its offer for RBPlat, paving the
way for Implats’ offer, which is subject to various regulatory
processes. Despite a weaker first quarter, RBPlat remains confident
that the operational strategies implemented will yield improved
volume, grade and cost performance during the second quarter and
their guidance remains unchanged.
- ATO (25% gold stream and 50% silver stream):
Sales from the ATO stream in Q1 2023 were 3,233 GEOs based on 3,217
ounces of gold and 397 ounces of silver sold. Steppe Gold released
an updated life of mine plan for ATO during the quarter which
extends the mine life to 2036, including an additional 1.5 years of
fresh rock expansion.
Conference Call Details
Triple Flag has scheduled an investor conference call at 9:00
a.m. ET (6:00 a.m. PT) on Wednesday, May 10, 2023, to discuss the
results reported in today’s earnings announcement. 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 two weeks
following the webcast.
Live Webcast:
https://events.q4inc.com/attendee/526651349
Dial-In Details:
Toll-Free (U.S. & Canada): +1 (888)
330-2384
International: +1 (647) 800-3739
Conference ID: 4548984
Replay (Until May 24):
Toll-Free (U.S. & Canada): +1 (800)
770-2030
International: +1 (647) 362-9199
Conference ID: 4548984
About Triple Flag
Triple Flag is a pure play, gold-focused, emerging senior
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 229
assets, including 15 streams and 214 royalties. These investments
are tied to mining assets at various stages of the mine life cycle,
including 29 producing mines and 200 development and exploration
stage projects. Triple Flag is listed on the Toronto Stock Exchange
and New York Stock Exchange, under the ticker “TFPM”.
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 Company’s preliminary sales and revenue information
for the first quarter of 2023, the release of its financial results
for the first quarter of 2023, the conduct of the conference call
to discuss said results, the payment of a dividend, developments in
respect of the Company’s portfolio of royalties and streams and
those developments at certain of the mines, projects or properties
that underlie the Company’s interests. 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, our assumptions regarding the
acquisition of Maverix Metals Inc. (including our ability to derive
the anticipated benefits therefrom), 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.sedar.com 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.
Endnotes
Endnote 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:
Three months ended
March 31
($ thousands, except average gold price
and GEOs information)
2023
2022
Revenue
50,269
37,755
Average gold price per ounce
1,890
1,877
GEOs
26,599
20,133
Endnote 2: Adjusted Net Earnings (Loss) and Adjusted Net
Earnings (Loss) per Share
Adjusted net earnings (loss) is a non‑IFRS financial measure,
which excludes the following from net earnings (loss):
- impairment charges
- gain/loss on sale or disposition of assets/mineral
interests
- foreign currency translation gains/losses
- increase/decrease in fair value of financial assets
- non‑recurring charges; and
- impact of income taxes on these items
Management uses this measure internally to evaluate our
underlying operating performance for the reporting periods
presented and to assist with the planning and forecasting of future
operating results. Management believes that adjusted net earnings
(loss) is a useful measure of our performance because impairment
charges, gain/loss on sale or disposition of assets/mineral
interests, foreign currency translation gains/losses,
increase/decrease in fair value of financial assets and
non-recurring charges (such as IPO readiness costs) do not reflect
the underlying operating performance of our core business and are
not necessarily indicative of future operating results. The tax
effect is also excluded to reconcile the amounts on a post-tax
basis, consistent with net earnings. Management’s internal budgets
and forecasts and public guidance do not reflect the types of items
we adjust for. Consequently, the presentation of adjusted net
earnings (loss) enables users to better understand the underlying
operating performance of our core business through the eyes of
management. Management periodically evaluates the components of
adjusted net earnings based on an internal assessment of
performance measures that are useful for evaluating the operating
performance of our business and a review of the non-IFRS measures
used by industry analysts and other streaming and royalty
companies. We have revised our Adjusted Net Earnings measure to
exclude adjustments for non-cash cost of sales related to prepaid
gold interests. This adjustment will result in a more meaningful
measure of Adjusted Net Earnings for investors and analysts to
assess our current operating performance. Adjusted net earnings
(loss) is intended to provide additional information only and does
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 adjusted net earnings
to net earnings, the most directly comparable IFRS measure.
Reconciliation of Net Earnings to Adjusted Net
Earnings
Three months ended
March 31
($ thousands, except share and
per share information)
2023
2022
Net earnings
$16,534
$15,889
Gain on disposal of mineral interests
-
(2,099)
Foreign currency translation (gains)
losses
(45)
53
(Increase) decrease in fair value of
financial assets
(3,653)
658
Income tax effect
680
970
Adjusted net earnings
$13,516
$15,471
Weighted average shares outstanding –
basic
191,778,186
156,027,311
Net earnings per share
$ 0.09
$ 0.10
Adjusted net earnings per share
$ 0.07
$ 0.10
Endnote 3: Free Cash Flow
Free cash flow is a non-IFRS measure that deducts acquisition of
other assets (excluding acquisition of financial assets or mineral
interests) from operating cash flow. Management believes this to be
a useful indicator of our ability to operate without reliance on
additional borrowing or usage of existing cash. Free cash flow is
intended to provide additional information only and does 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 measure is not necessarily
indicative of operating profit or operating cash flow as determined
under IFRS. Other companies may calculate this measure differently.
The following table reconciles free cash flow to operating cash
flow, the most directly comparable IFRS measure:
Three months ended
March 31
($ thousands)
2023
2022
Operating cash flow
$38,870
$26,359
Acquisition of other assets
-
-
Free cash flow
$38,870
$26,359
Endnote 4: Adjusted EBITDA
Adjusted EBITDA is a non‑IFRS financial measure, which excludes
the following from net earnings:
- income tax expense
- finance costs, net
- depletion and amortization
- impairment charges
- gain/loss on sale or disposition of assets/mineral
interests
- foreign currency translation gains/losses
- increase/decrease in fair value of assets/investments;
- non-cash cost of sales related to prepaid gold interests;
and
- non‑recurring charges
Management believes that adjusted EBITDA is a valuable indicator
of our ability to generate liquidity by producing operating cash
flow to fund working capital needs, service debt obligations and
fund acquisitions. Management uses adjusted EBITDA for this
purpose. Adjusted EBITDA is also frequently used by investors and
analysts for valuation purposes whereby adjusted EBITDA is
multiplied by a factor or ‘‘multiple’’ that is based on an observed
or inferred relationship between adjusted EBITDA and market values
to determine the approximate total enterprise value of a
company.
In addition to excluding income tax expense, finance costs, net
and depletion and amortization, adjusted EBITDA also removes the
effect of impairment charges, gain/loss on sale or disposition of
assets/mineral interests, foreign currency translation
gains/losses, increase/decrease in fair value of financial assets,
non-cash cost of sales related to prepaid gold interests and
non-recurring charges. We believe these items provide a greater
level of consistency with the adjusting items included in our
adjusted net earnings reconciliation, with the exception that these
amounts are adjusted to remove any impact of income tax expense as
they do not affect adjusted EBITDA. We believe this additional
information will assist analysts, investors and our shareholders to
better understand our ability to generate liquidity from operating
cash flow, by excluding these amounts from the calculation as they
are not indicative of the performance of our core business and not
necessarily reflective of the underlying operating results for the
periods presented.
Adjusted EBITDA is intended to provide additional information to
investors and analysts and does 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. Adjusted EBITDA is not necessarily indicative of
operating profit or operating cash flow as determined under IFRS.
Other companies may calculate adjusted EBITDA differently. The
following table reconciles adjusted EBITDA to net earnings, the
most directly comparable IFRS measure.
Reconciliation of Net Earnings to Adjusted EBITDA
Three months ended
March 31
($ thousands)
2023
2022
Net earnings
$16,534
$15,889
Finance costs, net
1,308
537
Income tax expense
1,366
2,143
Depletion and amortization
16,020
13,276
Gain on disposal of mineral interests
-
(2,099)
Foreign currency translation (gain)
loss
(45)
53
(Increase) decrease in fair value of
financial assets
(3,653)
658
Non-cash cost of sales related to prepaid
gold interests
5,560
-
Adjusted EBITDA
$37,090
$30,457
Endnote 5: Gross Profit Margin and Asset Margin
Gross profit margin is an IFRS financial measure which we define
as gross profit divided by revenue. Asset margin is a non-IFRS
financial measure which we define by taking gross profit and adding
back depletion and non-cash cost of sales related to prepaid gold
interests and dividing by revenue. We use gross profit margin to
assess profitability of our metal sales and use asset margin to
evaluate our performance in increasing revenue and containing costs
and providing a useful comparison to our peers. Asset margin is
intended to provide additional information only and does not have
any standardized definition under IFRS and should not be considered
in isolation or as a substitute for measures of performance
prepared in accordance with IFRS. The following table reconciles
asset margin to gross profit margin, the most directly comparable
IFRS measure:
Three months ended
March 31
($ thousands except Gross profit margin
and Asset margin)
2023
2022
Revenue
$50,269
$37,755
Cost of sales
27,395
16,211
Gross profit
22,874
21,544
Gross profit margin
46%
57%
Gross profit
$22,874
$21,544
Add: Depletion
15,928
13,179
Add: Non-cash cost of sales related to
prepaid gold interests
5,560
-
44,362
34,723
Revenue
50,269
37,755
Asset margin
88%
92%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230509006180/en/
Investor Relations: James Dendle Senior Vice President,
Corporate Development Tel: +1 (416) 304-9770 Email:
ir@tripleflagpm.com
Media: Gordon Poole, Camarco Tel: +44 (0) 7730 567 938
Email: tripleflag@camarco.co.uk
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