TFPM Triple Flag Precious Metals Corporation

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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 February 2025

Commission File Number: 001-41484

TRIPLE FLAG PRECIOUS METALS CORP.

(Translation of the registrant’s name into English)

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TD Canada Trust Tower, 161 Bay Street, Suite 4535, Toronto, Ontario, Canada M5J 2S1

(Address of principal executive office)

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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

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Form 20-F ☐     Form 40-F ☒

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Exhibits 99.1, 99.2 and 99.3 of this Form 6-K are incorporated by reference into Triple Flag Precious Metal Corp.’s registration statements on Form F-10 (File No. 333-279789) and Form S-8 (File No. 333-267209).

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EXHIBIT INDEX

The following documents, which are attached as exhibits hereto, are incorporated by reference herein:

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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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Exhibit 99.1

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Management’s Discussion and Analysis of

Triple Flag Precious Metals Corp.

For the three months and year ended December 31, 2024

(Expressed in United States Dollars)

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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 February 19, 2025, should be read in conjunction with the audited consolidated financial statements of TF Precious Metals for the years ended December 31, 2024 and 2023 (the “Annual Financial Statements”), which have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards” or “IFRS”). Certain notes to the Annual Financial Statements are specifically referred to in this MD&A. All amounts in this MD&A are in U.S. dollars unless otherwise indicated. References to “US$”, “$” or “dollars” are to United States dollars, references to “C$” are to Canadian dollars and references to “A$” are to Australian dollars. In this MD&A, all references to “Triple Flag”, the “Company’’, ‘‘we’’, ‘‘us’’ or ‘‘our’’ refer to TF Precious Metals together with its subsidiaries, on a consolidated basis.

This MD&A contains forward-looking information. Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such statements were made, and are subject to known and unknown risks, uncertainties, assumptions 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, including but not limited to the risk factors described in the ‘‘Risk Factors” section of the Company’s most recent annual information form  available from time to time on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, users should not place undue reliance on forward-looking information, which speaks only as of the date made. See ‘‘Forward-Looking Information’’ in this MD&A.

CHANGES IN PRESENTATION OF NON-IFRS FINANCIAL PERFORMANCE MEASURES

We use certain non-IFRS financial performance measures in our MD&A. For a detailed description of each of the non-IFRS financial performance measures used in this MD&A and a detailed reconciliation to the most directly comparable measure under IFRS Accounting Standards, please refer to the “Non-IFRS Financial Performance Measures” section of this MD&A. The non-IFRS financial performance measures set out in this MD&A are intended to provide additional information to investors and do not have any standardized meaning under IFRS Accounting Standards, and therefore may not be comparable to other issuers, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. In 2024, we made changes to the following non-IFRS performance measures:

Adjusted Net Earnings and Adjusted Net Earnings per Share

We have adjusted our net earnings to exclude the effect of changes in fair value of 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 and to predict future operating results.

Adjusted EBITDA

We have adjusted our EBITDA to exclude the effect of changes in fair value of prepaid gold interests. This adjustment will result in a more meaningful measure of adjusted EBITDA for investors and analysts to assess our current operating performance and to predict future operating results.

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Company Overview

Triple Flag is a precious metals streaming and royalty company offering financing solutions to the metals and mining industry. Our mission is to be a preferred funding partner to mining companies throughout the commodity cycle by providing customized streaming and royalty financing.

Since inception, we have invested in and systematically developed a long-life, high-margin, top-tier diversified portfolio of streams and royalties providing exposure primarily to gold and silver. As of February 19, 2025, our portfolio is comprised of 236 assets, consisting of 17 streams and 219 royalties.

The following charts highlight the Company’s five-year performance:

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Our portfolio is underpinned by a stable base of cash flow generating streams and royalties and is designed to grow intrinsically over time through exposure to potential mine life extensions, exploration success, new mine builds and throughput expansions. In addition, we are focused on further enhancing portfolio quality by executing accretive investments to grow the scale and enhance the quality of our portfolio of precious metals streams and royalties. We believe we have a differentiated approach to deal origination and due diligence, increasing the availability of stream and royalty financing to an underserved mining sector. We strive to expand the application of this form of financing through bespoke deal generation for miners while creating a high-quality, precious-metals-focused portfolio of streams and royalties for our investors. We focus on ‘‘per share’’ metrics with the objective of pursuing accretive new investments while managing the capital structure to effectively compete for quality assets without incurring long-term financial leverage.

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Market Overview

The market prices of gold and silver are primary drivers of our profitability and ability to generate free cash flow per share.

The following table sets forth the average gold and silver prices, and the average exchange rate between the Canadian and U.S. dollars, for the periods indicated.

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Gold

The market price of gold is subject to volatile price movements over short periods of time and can be affected by numerous macroeconomic factors including, but not limited to, the value of the U.S. dollar, the sale or purchase of gold by central banks and financial institutions, interest rates, inflation or deflation, global and regional supply and demand and global political and economic conditions. The market price of gold is a significant contributor to the performance of our gold streams and related interests and royalty portfolio.

During the three months ended December 31, 2024, the gold price ranged from $2,567 to $2,778 per ounce, averaging $2,663 per ounce for the period, a 35% increase from the same period in the prior year. During the year ended December 31, 2024, the gold price ranged from $1,985 to $2,778 per ounce, averaging $2,386 per ounce for the period, a 23% increase from the same period in the prior year. As at December 31, 2024, the gold price was $2,609 per ounce (based on the most recent LBMA PM fix). The average gold price improved during the fourth quarter of 2024 compared to the prior quarter. The gold price continued its upward trajectory in January 2025, fueled by strong safe haven demand in response to potential tariffs on Canada, Mexico and China by the United States, the impact of potential future trade

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wars and continued geopolitical uncertainty. This upward pressure on the gold price was partially offset by a strengthening U.S. dollar and changes to the long-term interest-rate outlook.  

Silver

The market price of silver is also subject to volatile price movements. Silver is predominantly used in industrial applications and silver demand is also correlated to the industrial indices. A rebound of manufacturing activity is therefore expected to have a positive effect on silver. The market price of silver is driven by factors similar to those influencing the market price of gold, as stated above. The market price of silver is a significant contributor to the performance of our silver streams.

During the three months ended December 31, 2024, the silver price ranged from $28.80 to $34.51 per ounce, averaging $31.38 per ounce for the period, a 35% increase from the same period in the prior year. During the year ended December 31, 2024, the silver price ranged from $22.09 to $34.51 per ounce, averaging $28.27 per ounce for the period, a 21% increase from the same period in the prior year. As at December 31, 2024, the silver price was $28.91 per ounce (based on the most recent LBMA fix).

Currency Exchange Rates

We are subject to minimal currency fluctuations as the majority of our revenue and cost of sales are denominated in U.S. dollars, with the majority of general administration costs denominated in Canadian dollars. The Company monitors foreign currency risk as part of its risk management program. As at December 31, 2024, there were no hedging programs in place for non-U.S. denominated dollar expenses.

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Financial and Operating Highlights

Three months and year ended December 31, 2024, compared to three months and year ended December 31, 2023

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2024 Guidance

The Company achieved 112,623 GEOs for the year ended December 31, 2024, within the upper half of 2024 guidance, representing an eighth consecutive annual GEOs sales record and a compound annual growth rate of approximately 20% since 2017. Depletion in 2024 was $75.6 million, which was at the mid-point of the depletion guidance range. General administration costs of $21.8 million and cash taxes in Australia of 24% were both broadly in line with expectations.

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2025 Guidance

The following contains forward-looking information. Reference should be made to the “Forward-Looking Information” and “Technical and Third-Party Information” sections at the end of this MD&A.

The following table provides our full year 2025 guidance:

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Our 2025 outlook on stream and royalty interests is based on publicly available forecasts of the owners or operators of the underlying properties and/or operations on which we have stream and royalty interests. When publicly available forecasts on properties are not available, we obtain internal forecasts from the owners or operators, or use our own best estimate. We conduct our own independent analysis of this information to reflect our expectations based on an operator’s historical performance and track record of replenishing mineral reserves and their publicly disclosed guidance on future production, the conversion of mineral resources to mineral reserves, timing risk adjustments, drill results, our view on opportunities for mine plan optimization and other factors. We may also make allowances for the risk of uneven stream deliveries, timing differences in the deliveries under our streams or the payment of our royalties, and the attainment of public guidance ranges for our counterparties. Achievement of the GEOs and the other metrics set forth in the guidance above is subject to risks and uncertainties, including changes in commodity prices and the ability of operators to attain the results set out in their forecasts. Accordingly, we can provide no assurance that the actual GEOs and such other metrics for 2025 will be within the ranges set forth above. In addition, we may revise our guidance during the year to reflect more current information. If we are unable to achieve our anticipated guidance, or if we revise our guidance, our future results of operations may be adversely affected and our share price may decline.

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Sustainability Initiatives

Subsequent to year-end, Sustainalytics updated its ESG Risk Ratings, with the result that Triple Flag is now ranked 1st out of 107 companies in the precious metals industry group and 39th out of more than 15,000 companies globally. The improved ranking reflects our continued prioritization of strong due diligence practices, effective governance, and strengthening relationships with the communities that surround our assets.

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In December 2024, Triple Flag and Coeur Mining, Inc. (“Coeur”) established the Juneau Community Fund in Alaska, supporting the city of Juneau, adjacent to the Kensington mine. This initiative is expected to benefit the Juneau School District, supporting numerous clubs, teams, and programs in the area. Additionally, Triple Flag and Coeur have committed to support the University of Alaska’s Mining Pathways program, where students will be able to choose from courses in environmental science, mining machinery, and geology.

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In November 2024, we sponsored and attended Delta Sigma Theta Sorority’s 25th Annual Children’s Reading Festival in Hamilton, Bermuda. Our team worked with local volunteers to distribute 1,000 bookbags filled with school supplies, furthering our commitment to Sustainable Development Goal (“SDG”) 4, Quality Education, and SDG 11, Sustainable Cities and Communities.

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Portfolio of Streaming and Related Interests and Royalty Interests

The following tables present our revenue and GEOs sold by asset for the periods indicated. GEOs are based on stream and related interests as well as royalty interests and are calculated on a quarterly basis by dividing all revenue from such interests for the quarter by the average gold price during that 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.

Three months and year ended December 31, 2024, compared to three months and year ended December 31, 2023

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For the three months ended December 31, 2024, we sold 27,864 GEOs, an increase of 6% from 26,243 GEOs sold for the same period in the prior year, largely due to higher GEOs from Northparkes, Cerro Lindo and Buriticá due to higher deliveries, as well as GEOs from the acquisition of the 3% gold streams on Agbaou and Bonikro (See “Key Developments” below). This was partially offset by lower GEOs from ATO, Moss and Renard due to lower deliveries.

For the year ended December 31, 2024, we sold 112,623 GEOs, an annual record and an increase of 7% from 105,087 GEOs sold in the prior year largely due to higher GEOs from Northparkes and Cerro Lindo due to higher deliveries, GEOs from the acquisition of the 3% gold streams on Agbaou and Bonikro during the period and GEOs from the Kensington royalty which began paying earlier this year. This was partially offset by lower GEOs from ATO, Moss and Renard due to lower deliveries and lower GEOs from Fosterville due to lower attributable royalty ounces.

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Key Developments

For the year ended December 31, 2024

Acquisition of 0.5% gross overriding revenue (“GOR”) royalty on the Tres Quebradas lithium project

On December 19, 2024, Triple Flag entered into a definitive agreement to acquire an existing 0.5% GOR royalty from Lithium Royalty Corp (“LRC”), for total consideration of $28.0 million. The royalty covers all mineral properties comprising the Tres Quebradas lithium project. Tres Quebradas, located in Catamarca province, Argentina, is 100%-owned and operated by Zijin Mining Group Co., Ltd. through its subsidiary Liex SA. Closing and subsequent funding of the transaction is expected to occur in Q1 2025 and is contingent on, amongst other things, the registration of the royalty.

Executive Leadership Transition

On September 26, 2024, following the departure of our founder and former Chief Executive Officer, Shaun Usmar, Sheldon Vanderkooy was appointed as Chief Executive Officer, James Dendle as Chief Operating Officer and Eban Bari as Chief Financial Officer. Drawing upon our succession planning matrix, we successfully filled the roles internally and have maintained a 100% retention rate since the transition. Despite and during this transitionary period, Triple Flag maintained the “Great Place to Work” designation, achieving an overall satisfaction rating of 96%.

Acquisition of 3% gold streams on Agbaou and Bonikro

On August 14, 2024, Triple Flag completed the acquisition of 3% gold streams on each of the Agbaou and Bonikro mines (the “Allied Streams”) operated by Allied Gold Corp. (“Allied”) and also acquired the right to purchase metal based on production from January 1, 2024, to August 14, 2024 (“initial ounces”), for a total cash consideration of $53.0 million. Triple Flag will make ongoing payments of 10% of the spot gold price for each ounce delivered under the streams. The streams cover the existing mining and exploration licenses for the Agbaou and Bonikro mines, both located in Cote d’Ivoire.

The Agbaou gold stream will step down to 2% payable gold after the delivery of 29,000 ounces of gold, and the Bonikro gold stream will step down to 2% payable gold after the delivery of 39,300 ounces of gold. From 2024 to 2027, both streams are subject to a period of annual minimum deliveries. Under the Agbaou stream, an annual minimum of approximately 2,500 to 2,750 ounces will be delivered and under the Bonikro stream, an annual minimum of approximately 3,500 to 4,200 ounces will be delivered. A parent guarantee is provided by Allied under the terms of the respective stream agreements.

The total cash consideration of $53.0 million was comprised of $46.1 million relating to the Allied Streams and $6.9 million to the initial ounces. These ounces were sold prior to the end of the third quarter.

Acquisition of additional Tamarack Royalty

On July 5, 2024, Triple Flag acquired an additional 1.0% net smelter return (“NSR”) royalty from Talon Nickel (USA) LLC (“Talon”), a wholly owned subsidiary of Talon Metals Corp., a TSX-listed company, for total consideration of $8.0 million (“Additional Tamarack Royalty”). The royalty is on Talon’s participating interest in the Tamarack project. The royalty is subject to a buydown right to reduce the Additional Tamarack Royalty to 0.6% for $5.0 million, exercisable for a period of two years, subject to certain conditions. This Additional Tamarack Royalty is in addition to the 1.11% NSR royalty which Triple Flag already owns on the Tamarack project.

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Kensington litigation settlement

On March 28, 2024, Triple Flag and Coeur entered into a settlement agreement to resolve litigation regarding the terms of a royalty held by Triple Flag on Coeur’s Kensington gold mine.

As part of the settlement agreement, Triple Flag shall receive $6.75 million in Coeur shares ($3.0 million received in April 2024, and $3.75 million to be received in the first quarter of 2025). The Coeur share consideration is in settlement of royalties in arrears and litigation expenses incurred. As such, the settlement amounts were recognized as revenue and recoupment of costs in the consolidated statements of income for the year ended December 31, 2024.

Further to that settlement, Triple Flag and Coeur agreed to amend the terms of the existing Kensington royalty to provide that:

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The amended NSR royalty is subject to a cap of two million ounces of gold, adjusted for consideration received related to royalties in arrears.

For the year ended December 31, 2023

Acquisition of Johnson Camp Mine Royalty

On November 30, 2023, the Company in conjunction with Greenstone Excelsior Holdings LP (“Greenstone”) entered into a financing transaction with Excelsior Mining Corp., who on November 12, 2024, announced a name change to Gunnison Copper Corp. (“Gunnison”). The closing of the financing was a condition subsequent to a previously announced extension of the maturity date of Gunnison’s existing $15.0 million credit facility with Nebari Natural Resources Credit Fund I LP. As part of the financing transaction, the Company acquired a 1.5% gross revenue royalty (“GRR”) on the Johnson Camp Mine in Arizona, United States, operated by Gunnison, for a consideration of $5.5 million in cash (the “Johnson Camp Mine Royalty”).

Acquisition of an additional royalty interest in Stawell Gold Mines Pty Ltd

On September 25, 2023, the Company entered into an agreement with Stawell Gold Mines Pty Ltd (“Stawell”) for the acquisition of an additional 2.65% NSR gold royalty. This is in addition to the pre-existing 1.0% NSR royalty on gold that Triple Flag previously held. Both royalties cover future production at the Stawell gold mine in Victoria, Australia. Triple Flag acquired the additional royalty interest for cash consideration of $16.6 million.

Acquisition of Agbaou Royalty

On June 23, 2023, the Company entered into an agreement with Auramet Capital Partners, L.P. (“Auramet”) for the acquisition of the 2.5% NSR royalty it held on the Agbaou gold mine in Côte d’Ivoire, operated by Allied (“Agbaou Royalty”). Triple Flag acquired the Agbaou Royalty for total consideration of $15.5 million, of which $13.5 million was paid in cash and the remaining $2.0 million paid through an in-kind contribution of an asset held by the Company.

Acquisition of Maverix

On January 19, 2023, the Company acquired all of the issued and outstanding common shares of Maverix (“Maverix Shares”) pursuant to the terms of an arrangement agreement dated November 9, 2022 (the “Agreement”). Pursuant to the Agreement, Maverix shareholders had the option to receive either 0.36 of a Triple Flag common share or $3.92 in

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cash per Maverix common share, in each case subject to pro-ration such that the aggregate cash consideration did not exceed 15% of the total consideration and the aggregate share consideration did not exceed 85% of the total consideration. In addition, (i) holders of options to acquire Maverix Shares received fully vested replacement options to acquire Triple Flag common shares; and (ii) the restricted share units (“RSUs”) of Maverix outstanding immediately prior to the effective time of the transaction, whether vested or unvested, were assigned and transferred by the holder to Maverix in exchange for a cash payment and each RSU was immediately cancelled. The outstanding Maverix warrants (“Maverix Warrants”) (5,000,000 Maverix Warrants outstanding with an exercise price of $3.28 per Maverix Share outstanding as of the closing date) were automatically adjusted in accordance with their terms, such that if and when exercised, Maverix Warrant holders would receive a total of 1,800,000 Triple Flag common shares at an exercise price of $9.11 per Triple Flag common share.  All of the Maverix Warrants were exercised on April 12, 2023.

The acquisition of Maverix closed on January 19, 2023, and Triple Flag paid $86.7 million and issued 45,097,390 common shares to all former Maverix shareholders, and incurred $5.8 million of transaction costs. Following the completion of the acquisition, Maverix became a wholly-owned subsidiary of Triple Flag.  

The transaction was accounted for as an asset acquisition on January 19, 2023, with mineral interests of $587.8 million and is described in Note 6 of the Annual Financial Statements. The other net assets acquired in the transaction included cash and cash equivalents, amounts receivable, prepaid gold interests and loans receivable of approximately $68.9 million, amounts payable and other liabilities, lease liabilities and income tax payable of $11.9 million. The other liabilities included change of control payment obligations under the terms of Maverix’s employment agreements.

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Operating Assets – Performance

Our business is organized into a single operating segment, consisting of acquiring and managing precious metals and other high-quality streams and royalties. Our chief operating decision-maker, the CEO, makes capital allocation decisions, reviews operating results and assesses performance.

Asset Performance — Streams and related assets (producing)

Under the stream agreement with Nexa Resources S.A. (“Nexa”), we receive 65% of payable silver produced from the Cerro Lindo mine until 19.5 million ounces have been delivered and 25% thereafter. Typically, deliveries under the stream lag production by up to four months. As at December 31, 2024, 16.8 million ounces of silver had been delivered under the stream agreement with Nexa since inception. We continue to expect a step-down in the stream rate from 65% to 25% to begin at Cerro Lindo in 2026.

For the three months ended December 31, 2024, we sold 584,290 ounces of silver delivered under the agreement, a 7% increase from the same period in the prior year driven by higher deliveries. GEOs sold were 7,088 for the three months ended December 31, 2024, compared to 6,619 for the same period in the prior year.

For the year ended December 31, 2024, we sold 2,430,133 ounces of silver delivered under the agreement, a 24% increase from the same period in the prior year driven by higher deliveries. GEOs sold were 29,248 for the year ended December 31, 2024, compared to 23,544 for the same period in the prior year.

During the fourth quarter of 2024, Cerro Lindo continued robust silver deliveries under the stream agreement following strong silver production in the second half of the year. Ongoing exploration at Cerro Lindo is mainly focused on extending the mineralization of near mine targets known as Orebodies 8B, 8C, 9 and 6a, as well as the Patahuasi Millay target located within Triple Flag’s stream area.

Under the stream agreement, we receive 54% of payable gold until an aggregate of 630,000 ounces have been delivered and 27% of payable gold thereafter. We also receive 80% of payable silver until an aggregate of 9 million ounces of silver have been delivered, and 40% of payable silver thereafter for the remainder of the life of mine. Typically, deliveries under the stream may lag production by approximately two months. As at December 31, 2024, 65,982 ounces of gold and 1,016,217 ounces of silver had been delivered under the stream agreement since inception.

For the three months ended December 31, 2024, we sold 6,488 ounces of gold and 71,481 ounces of silver delivered under the agreement, driven by higher deliveries. This compares to 2,650 ounces of gold and 57,091 ounces of silver sold for the same period in the prior year. GEOs sold were 7,313 for the three months ended December 31, 2024, compared to 3,339 for the same period in the prior year.

For the year ended December 31, 2024, we sold 23,438 ounces of gold and 278,284 ounces of silver delivered under the agreement. This compares to 11,834 ounces of gold and 228,346 ounces of silver sold for the same period in the prior year. GEOs sold were 26,957 for the year ended December 31, 2024, compared to 14,562 for the same period in the prior year.

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.

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Development of the sub-level cave (“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.

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First production from the E22 orebody is expected during Evolution Mining Limited’s (“Evolution”) 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.

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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.

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Under the stream agreement, we receive 70% of payable gold until 261,000 ounces are delivered and 42% of payable gold thereafter from Impala Bafokeng. Typically, deliveries under the stream may lag production by approximately five months. As at December 31, 2024, 34,072 ounces of gold had been delivered under the stream agreement since inception.

For the three months ended December 31, 2024, we sold 1,536 ounces of gold delivered by Implats under the stream agreement, a 9% decrease from the ounces delivered and sold for the same period in the prior year. GEOs sold were 1,546 for the three months ended December 31, 2024, compared to 1,674 for the same period in the prior year.

For the year ended December 31, 2024, we sold 5,854 ounces of gold delivered by Implats under the stream agreement, a 9% decrease from the ounces delivered and sold for the same period in the prior year. GEOs sold were 5,869 for the year ended December 31, 2024, compared to 6,428 for the same period in the prior year.

Development of the asset’s value driver, Styldrift, remains ongoing with a steady ramp-up expected to deliver improved efficiencies given current market conditions. In 2024, Implats commenced a restructuring process at Impala Bafokeng to rationalize and optimize labor deployment across corporate and operational functions. The integration of processing facilities across the Western Limb operations of Impala Rustenburg and Impala Bafokeng has started, resulting in improved plant availability and recovery. Implats continues to expect monthly milled throughput of 230 thousand tonnes at Styldrift by the end of its 2027 fiscal year.

Under the stream agreement, we receive 100% of payable silver based on a fixed silver-to-gold ratio of 1.84 over the life of the asset. As at December 31, 2024, 1,884,967 ounces of silver had been delivered under the stream agreement since inception.

For the three months ended December 31, 2024, we sold the 202,353 ounces of silver delivered to the Company under the agreement, compared to the 113,635 ounces of silver delivered and sold for the same period in the prior year. GEOs sold were 2,402 for the three months ended December 31, 2024, compared to 1,373 for the same period in the prior year.

For the year ended December 31, 2024, we sold the 559,466 ounces of silver delivered to the Company under the agreement, compared to the 490,271 ounces of silver sold for the same period in the prior year. GEOs sold were 6,665 for the year ended December 31, 2024, compared to 5,851 for the same period in the prior year.

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Throughout 2024, activities by illegal miners continued to weigh on operations at Buriticá, including underground confrontations. On January 20, 2025, the operator announced that it has restarted gold production after an attack by an armed group of illegal miners. The attack, which targeted a substation, temporarily halted operations but did not result in any injuries.

Despite the ongoing presence of illegal miners, Buriticá was able to maintain overall steady operations throughout 2024. The operator continues to engage closely with the surrounding community on illegal mining with support by national institutions, including the National Police of Colombia.

Under the stream agreement with Steppe Gold, we receive 25% of the payable gold until 46,000 ounces of gold have been delivered and 25% of payable gold thereafter, subject to an annual cap of 7,125 ounces. We also receive 50% of the payable silver until 375,000 ounces of silver have been delivered and 50% of payable silver thereafter, subject to an annual cap of 59,315 ounces. As at December 31, 2024, 30,080 ounces of gold and 114,285 ounces of silver had been delivered under the stream agreement with Steppe Gold since inception.

For the three months ended December 31, 2024, we sold 365 ounces of gold and 86 ounces of silver delivered to the Company under our stream and related interests, compared to the 1,485 ounces of gold and 8,719 ounces of silver sold for the same period in the prior year. GEOs sold were 372 for the three months ended December 31, 2024, compared to 1,609 for the same period in the prior year.

For the year ended December 31, 2024, we sold 4,065 ounces of gold and 38,407 ounces of silver delivered to the Company under our stream and related interests, compared to the 9,375 ounces of gold and 35,647 ounces of silver sold for the same period in the prior year (including 2,500 ounces of gold from the Steppe Gold Prepaid Interest). GEOs sold were 4,593 for the year ended December 31, 2024, compared to 9,827 for the same period in the prior year.

On March 15, 2024, Triple Flag and Steppe Gold agreed to amend and restate the Steppe Gold Prepaid Gold Interest Agreement such that the Company made a further cash payment of $5.0 million in exchange for delivery of 2,650 ounces of gold. The Steppe Gold Prepaid Gold Interest is accounted for as a financial asset at fair value through profit or loss and is classified as level 3 of the fair value hierarchy.

On February 13, 2025, Triple Flag received a delivery of 1,000 ounces of gold under the Prepaid Gold Interest Agreement. The fair value of the prepaid gold interest as at December 31, 2024, was estimated taking into consideration the credit risk related to the financial asset.

Asset Performance — Royalties (Producing)

Pursuant to the Maverix acquisition, the Company acquired 3.25% GRR and 1.5% NSR royalties on all gold production and aggregate 1.5% NSR royalties on all nickel production from the Beta Hunt mine, located in Australia.

GEOs earned were 1,123 and 4,882 for the three months and year ended December 31, 2024, respectively, compared to 1,260 and 4,881, respectively, in the prior year.

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 (“Westgold”) continues to expect the mine expansion project at Beta Hunt to deliver increased productivity in 2025 and beyond.

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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.

We own a 2% NSR royalty interest in Agnico Eagle Mines Limited’s (“Agnico Eagle") Fosterville mine in Australia.

GEOs earned were 947 and 4,153 for the three months and year ended December 31, 2024, respectively, compared to 902 and 5,101, respectively, for the prior year.

In February 2025, Agnico Eagle 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.

Year-over-year, mineral reserves at Fosterville remained relatively consistent at approximately 1.65 million ounces grading 5.37 g/t Au. 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.

Pursuant to the Maverix acquisition, the Company acquired a 2% NSR royalty interest on oxides in Orla Mining Ltd.‘s (“Orla”) Camino Rojo mine in Mexico.

GEOs earned were 890 and 2,794 for the three months and year ended December 31, 2024, respectively, compared to 680 and 2,295, respectively, for the prior year.

Orla announced that Camino Rojo produced a record 136,748 ounces of gold in 2024. As a result, Orla achieved its improved full-year 2024 production guidance range of 130,000 to 140,000 gold ounces, as well as a 19% beat versus the midpoint of initial production guidance of 110,000 to 120,000 ounces. The outperformance was driven by improved recoveries from finer crushing, higher mined and processed grade, and higher tonnes stacked. Orla also announced that the latest 2024 drill results confirmed that the Camino Rojo mineralized system remains open at depth, along the dike structure, and beyond the current resource limits.

Preliminary operator guidance for 2025 at Camino Rojo is 110,000 to 120,000 gold ounces.

We own a 1.5% NSR royalty interest in Alamos Gold Inc.’s (“Alamos”) Young-Davidson mine in Canada.

GEOs earned were 641 and 2,681 for the three months and year ended December 31, 2024, respectively, compared to 675 and 2,686 for the same periods in the prior year.

In January 2025, Alamos released 2025 production guidance of 175,000 to 190,000 ounces of gold, with 2026 and 2027 guidance of 180,000 to 195,000 ounces of gold for each year.

As of December 31, 2024, Alamos estimates a mine life of approximately 14 years for Young-Davidson based on current underground mining rates. Notably, Young-Davidson has maintained at least a 13-year Mineral Reserve life since 2011 reflecting ongoing exploration success. Alamos expects to spend $11.0 million on exploration at Young-Davidson in 2025.

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The deposit remains open at depth and to the west, with the current program focused on expanding the new style of higher-grade gold mineralization zones within the hanging wall. These zones are located close to existing infrastructure, demonstrating upside potential with grades well above the current reserve grade of 2.26 g/t Au.

Investments and Prepaid Gold Interests

The following table summarizes investments and prepaid gold interests as at December 31, 2024, and December 31, 2023:

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Financial Condition and Shareholders’ Equity Review

Summary Balance Sheet

The following table presents summarized consolidated balance sheet information as at December 31, 2024, December 31, 2023, and December 31, 2022:

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Total assets were $1,770.0 million as at December 31, 2024, compared to $1,894.5 million as at December 31, 2023. Our asset base primarily consists of non-current assets such as mineral interests, which consist of our interests in streams and related interests and royalties. Our asset base also includes current assets, which generally include cash and cash equivalents, receivables, metal inventory and investments. The decrease in total assets from December 31, 2023, was largely driven by impairment charges taken during the second quarter of 2024 (refer to the “IFRS Accounting Standards Critical Accounting Policies and Accounting Estimates” section of this MD&A), combined with depletion of mineral interests, partially offset by acquisition of assets, including prepaid gold interests and mineral interests.

Total assets were $1,894.5 million as at December 31, 2023, compared to $1,337.0 million as at December 31, 2022. The increase in total assets from December 31, 2022, was largely driven by the assets acquired pursuant to the Maverix acquisition on January 19, 2023.

Total liabilities were $34.3 million as at December 31, 2024, compared to $83.7 million as at December 31, 2023. The decrease in total liabilities was largely driven by net repayment of the Credit Facility. Total liabilities consist largely of debt, amounts payable and accrued liabilities, deferred tax liabilities and lease obligations. For information about the Credit Facility, see “Liquidity and Capital Resources” below.

Total liabilities were $83.7 million as at December 31, 2023, compared to $18.6 million as at December 31, 2022. The increase in total liabilities largely relates to the net drawdown from the Credit Facility to partially fund the Maverix acquisition, net of subsequent repayments.

Total shareholders’ equity as at December 31, 2024, was $1,735.7 million, compared to $1,810.7 million as at December 31, 2023. The decrease in shareholders’ equity largely reflects the net loss incurred during this period, combined with dividends paid.

Total shareholders’ equity as at December 31, 2023, was $1,810.7 million, compared to $1,318.5 million as at December 31, 2022. The increase in shareholders’ equity largely reflects additional equity issued pursuant to the Maverix acquisition and income generated during the period, net of dividends paid.

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Shareholders’ Equity

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Our common shares are listed on the TSX in Canadian dollars and on the NYSE in U.S. dollars, in each case under the symbol “TFPM”.

In November 2023, Triple Flag renewed its normal course issuer bid (“NCIB”), which expired on November 14, 2024. The NCIB was further renewed in November 2024. Daily purchases are limited to 39,117 common shares, representing 25% of the average daily trading volume of the common shares on the TSX for the period from May 1, 2024, to October 31, 2024, (being 156,469 common shares), except where purchases are made in accordance with the “block purchase exemption” of the TSX rules. All common shares that are repurchased by the Company under the NCIB will be canceled. Under the current NCIB, the Company may acquire up to 10,071,642 (2023 NCIB: 10,078,488) of its common shares from time to time in accordance with the NCIB procedures of the TSX. Repurchases under the NCIB are authorized until November 14, 2025.

For the year ended December 31, 2024, the Company purchased 615,200 (2023: 1,485,820) of its common shares under the NCIB for $8.9 million (2023: $20.7 million).

In connection with the NCIB, the Company established an automatic share purchase plan (“ASPP”) with the designated broker responsible for the NCIB. The ASPP is intended to allow for the purchase of common shares under the NCIB at times when the Company would ordinarily not be permitted to purchase its common shares due to regulatory restrictions and customary self-imposed blackout periods.

As at February 19, 2025, 200,888,653 common shares were issued and outstanding and stock options were outstanding to purchase a total of 1,851,815 common shares.

For the three months ended December 31, 2024, we declared and paid dividends in U.S. dollars totaling $11.1 million at $0.0550 per share (2023: $10.6 million at $0.0525 per share, 2022: $7.8 million at $0.05 per share). For the year ended December 31, 2024, we declared and paid dividends totaling $43.3 million ($0.0525 per share in the first and second quarter, $0.0550 per share in the third and fourth quarter). For the year ended December 31, 2023, we declared and paid dividends in U.S. dollars totaling $41.3 million ($0.05 per share in the first and second quarter, $0.0525 per share in the third and fourth quarter). For the year ended December 31, 2022, we declared and paid dividends totaling $30.4 million ($0.0475 per share in the first and second quarter, $0.05 per share in the third and fourth quarter).

For the three months and year ended December 31, 2024, no common shares were issued from treasury for participation in the Dividend Reinvestment Plan (2023: nil).

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Results of Operations Review

Consolidated Statements of Income

Three months ended December 31, 2024, compared to three months ended December 31, 2023, and year ended December 31, 2024, compared to year ended December 31, 2023, and December 31, 2022

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Three months ended December 31, 2024, compared to three months ended December 31, 2023

Revenue was $74.2 million, a quarterly record and an increase of 43% from $51.7 million for the same period in the prior year. The increase was largely driven by $8.1 million higher revenue due to higher gold prices, $6.3 million higher revenue due to higher silver prices, $5.5 million increase from higher volume from stream and related interests, and $1.0 million increase from higher attributable royalty volumes. Higher revenue from streams and related interests were driven by higher deliveries from Northparkes, Cerro Lindo and Buriticá, as well as deliveries from the Allied Streams acquired during the third quarter of 2024, partially offset by lower deliveries from ATO, Moss, Renard and La Colorada. Higher

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revenue from royalties was largely due to higher attributable royalty ounces from Camino Rojo and Kensington, which began paying earlier this year, partially offset by lower attributable royalty ounces from Beta Hunt and Dargues.

The average market gold price and actual gold sales volume for our streams and related interests were $2,663 per ounce, and 11,226 ounces, respectively, compared to $1,971 per ounce and 9,116 ounces, respectively, in the prior year. Market silver price and silver sales volume were $31.38 per ounce and 864 thousand ounces, respectively, compared to $23.20 per ounce and 810 thousand ounces, respectively, in the prior year.

Cost of sales primarily represented the price of metals acquired under the stream agreement and related interests, cost of sales related to prepaid gold interests, as well as the depletion expense for streams and royalties, both of which are calculated based on units of metal sold or attributable royalty ounces. Cost of sales was $27.8 million (including depletion) from streams and related interests and royalties, compared to $25.3 million (including depletion) from streams and related interests and royalties for the same period in the prior year. The increase in cost of sales for the three months ended December 31, 2024, was largely due to cost of sales associated with higher metal deliveries from the Northparkes and Cerro Lindo streams, partially offset by lower deliveries from the ATO, Moss, Renard and La Colorada streams, and lower attributable ounces from royalties. Cost of sales for the three months ended December 31, 2024, included $2.8 million non-cash cost of sales related to prepaid gold interests, compared to $3.8 million for the same period in the prior year.

Gross profit was $46.4 million, an increase of 75% from $26.4 million for the same period in the prior year. The increase was largely driven by higher realized gold and silver prices, combined with higher stream deliveries from Northparkes, Cerro Lindo and Buriticá, deliveries from the Allied Streams as well as higher attributable royalty ounces from Camino Rojo and Kensington, partially offset by lower metal deliveries from the ATO, Moss, Renard and La Colorada streams as well as lower attributable royalty ounces from Beta Hunt and Dargues.

Depletion was $19.2 million, an increase of 15% from $16.6 million for the same period in the prior year. The increase was largely driven by higher stream deliveries from Northparkes, Cerro Lindo and Buriticá, deliveries from the Allied Streams as well as higher attributable royalty ounces from Camino Rojo and Kensington, partially offset by lower attributable royalty ounces from Beta Hunt and Dargues, as well as lower deliveries from the ATO, Moss, Renard and La Colorada streams.

General administration costs were $4.6 million, comparable to $4.8 million for the same period in the prior year.

Business development costs were $0.4 million, compared to $0.9 million for the same period in the prior year. Business development costs represent ongoing business development costs incurred throughout the year including use of third-party service providers, net of costs capitalized, and costs reimbursed from our counterparties.

Impairment charges and expected credit losses in the prior year reflect our expected credit loss provision taken against loans receivable from Elevation Gold (refer to the “IFRS Accounting Standards Critical Accounting Policies and Accounting Estimates” section of this MD&A).

The increase in the fair value of our prepaid gold interests for the three months ended December 31, 2024, was $7.0 million, compared to $0.7 million for the same period in the prior year. The increase is driven by higher market gold prices during the period, primarily related to the Auramet prepaid gold interest. The increase in the fair value of investments for the three months ended December 31, 2024, was $0.2 million, compared to a decrease in the fair value of investments for the three months ended December 31, 2023, of $1.2 million.

Finance costs, net were $0.9 million, compared to $1.0 million for the same period in the prior year. The finance costs largely reflect interest charges and standby fees on the Credit Facility, net of interest earned on cash and loan balances.

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Income tax expense was $6.1 million, compared to $0.6 million for the same period in the prior year. The prior year income tax expense was partially offset by a tax recovery as a result of the expected credit losses taken against loan receivables from Elevation Gold.

Net earnings were $41.3 million, compared to $9.8 million for the same period in the prior year. Net earnings was largely driven by higher gross profit across the portfolio driven by higher metal prices as well as higher deliveries from streams, partially offset by lower attributable ounces from royalties. Net earnings in the prior year was partially offset by expected credit losses recorded in the period.

Year ended December 31, 2024, compared to year ended December 31, 2023

Revenue was $269.0 million, an annual record, compared to $204.0 million in the prior year. The increase was largely due to $25.2 million higher revenue from higher gold prices, $17.0 million higher revenue from higher silver prices, $16.1 million higher revenue from higher volume from stream and related interests and $5.7 million higher revenue from higher attributable royalty ounces. Higher revenue from streams and related interests was driven by higher deliveries from Northparkes, Cerro Lindo and Buriticá, as well as deliveries from the Allied Streams and initial ounces acquired during the third quarter of 2024, partially offset by lower deliveries from ATO, Moss, El Mochito and La Colorada. Higher revenue from royalties was largely due to higher attributable royalty ounces from Camino Rojo and Kensington, which began paying earlier this year, partially offset by lower attributable royalty ounces from Fosterville.

The average market gold price and gold sales volume for our streams and related interests was $2,386 per ounce and 44,962 ounces, respectively, compared to $1,941 per ounce and 38,374 ounces, respectively, in the prior year. The average market silver price and silver sales volume was $28.27 per ounce and 3.4 million ounces, respectively, compared to $23.35 per ounce and 3.2 million ounces, respectively, in the prior year.

Cost of sales primarily represents the price of metals acquired under the stream agreements and related interests, cost of sales related to prepaid gold interests, as well as the depletion expense for streams and royalties, both of which are calculated based on units of metal sold or attributable royalty ounces. Cost of sales was $113.8 million (including depletion) from streams and related interests and royalties, compared to $101.9 million (including depletion) from streams and related interests and royalties for the prior year. The increase in cost of sales for the year ended December 31, 2024, was largely due to cost of sales associated with higher metal deliveries from Northparkes, Cerro Lindo and Buriticá streams, partially offset by lower deliveries from the ATO, Moss, La Colorada and El Mochito streams. Cost of sales for the year ended December 31, 2024, included $6.9 million of costs relating to metal delivered from Agbaou and Bonikro based on production for the pre-closing period of January 1, 2024, to August 14, 2024, which were recorded at the prevailing market price.

Gross profit was $155.2 million, compared to $102.1 million in the prior year. The increase was largely driven by higher stream deliveries from Northparkes, Cerro Lindo and Buriticá, deliveries from the Allied streams acquired during the year, combined with higher realized gold and silver prices and attributable royalty ounces from Camino Rojo and Kensington, which began paying earlier this year, partially offset by lower metal deliveries from the ATO, Moss, La Colorada and El Mochito streams and lower attributable royalty ounces from Fosterville.

General administration costs were $21.8 million, compared to $20.1 million in the prior year. Higher costs for the year ended December 31, 2024, were largely due to higher employee costs, higher office and other expenses driven by various public company costs, as well as higher professional services as we continued to grow the business.

Business development costs were $3.4 million, compared to $4.2 million in the prior year. Business development costs represent ongoing business development costs incurred throughout the year including use of third-party service providers, net of costs capitalized, and costs reimbursed from our counterparties.

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Impairment charges and expected credit losses for the year ended December 31, 2024, of $148.0 million were largely due to impairments and expected credit losses taken on the Nevada Copper stream and related interests ($104.1 million) as well as impairments and expected credit losses taken on the Elevation Gold stream and related interests ($40.1 million). Refer to the “Critical Accounting Estimates and Judgments” section for more detail. Impairment charges and expected credit losses for the year ended December 31, 2023, of $36.8 million related to the impairment of the Renard stream and loan receivables ($20.2 million) and the Beaufor royalty ($6.8 million), as well as expected credit losses taken against loans receivable from Elevation Gold ($9.7 million).

Sustainability initiative expenditures were $0.9 million, broadly in line with $0.7 million for the same period in the prior year.

The increase in the fair value of our prepaid gold interests for the year ended December 31, 2024, was $14.3 million, compared to $4.6 million for the same period in the prior year. This increase is largely driven by higher market gold prices during the period, primarily related to the Auramet prepaid gold interest. The decrease in the fair value of investments represents the decrease in the market value of our equity investments during the period.

Finance costs, net were $5.1 million, compared to $4.1 million in the prior year. The finance costs largely reflect interest charges and standby fees on the Credit Facility, net of interest earned on cash and loan balances. The increase was largely driven by higher interest rates, and lower interest received during the period.

Income tax expense was $10.3 million, compared to $0.1 million for the same period in the prior year. The increase in income tax expense was due to higher taxes driven by the current year sales mix.

Net loss for the year ended December 31, 2024, was $23.1 million, compared to net earnings of $36.3 million in the prior year. The net loss in 2024 was driven by higher impairment charges and expected credit losses as described above, partially offset by higher gross profits across the portfolio.

Year ended December 31, 2023, compared to year ended December 31, 2022

Revenue was $204.0 million, an annual record, compared to $151.9 million in the prior year. The increase was largely due to $53.3 million revenue from streams, royalties and related interests acquired pursuant to the Maverix acquisition, $6.1 million higher revenue due to higher gold prices, $2.9 million higher revenue due to higher silver prices, partially offset by $7.0 million lower revenue from royalties, $1.1 million lower revenue due to lower volume from streams and related interests and $2.1 million lower revenue due to lower diamond prices. Lower revenue from royalties was driven by lower attributable ounces from Fosterville and Dargues. Lower revenue from streams and related interests was largely driven by lower deliveries from Cerro Lindo and Impala Bafokeng.

Market gold price and gold sales volume for our streams were $1,941 per ounce and 27,792 ounces, respectively, compared to $1,800 per ounce and 27,485 ounces, respectively, in the prior year. Market silver price and silver sales volume were $23.35 per ounce and 3.2 million ounces, respectively, compared to $21.73 per ounce and 2.8 million ounces, respectively, in the prior year.

Cost of sales primarily represents the price of metals acquired under the stream agreement, non-cash cost of sales related to prepaid gold interests, as well as the depletion expense for streams and royalties, both of which are calculated based on units of metal sold or attributable royalty ounces. Cost of sales was $101.9 million (including depletion) from streams and related interests and royalties, compared to $64.9 million (including depletion) from streams and related interests and royalties for the prior year. The increase in cost of sales for the year ended December 31, 2023, was largely due to cost of sales associated with streams and related interests and royalties acquired pursuant to the Maverix acquisition, partially offset by lower cost of sales associated with lower metal deliveries from streams and related interests.

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Gross profit was $102.1 million, compared to $87.0 million in the prior year. The increase was largely driven by gross profit from newly acquired assets pursuant to the Maverix acquisition and higher gross profit from both the Northparkes and Buriticá streams due to higher deliveries at higher metal prices, partially offset by lower gross profit from Fosterville and Dargues due to lower attributable ounces.

General administration costs were $20.1 million, compared to $15.5 million in the prior year. Higher costs for the year ended December 31, 2023, were largely due to higher employee costs, higher office, insurance and other expenses driven by various public company costs, including directors’ and officers’ liability insurance costs relating to the U.S. listing and the Maverix acquisition, and higher professional services as we continued to grow the business.

Business development costs were $4.2 million, compared to $3.0 million in the prior year. Business development costs represent ongoing business development costs incurred throughout the year including use of third-party service providers, net of costs capitalized, and costs reimbursed from our counterparties.

Impairment charges of $27.1 million relate to the impairment of the Renard stream and receivables and the Beaufor royalty, compared to $3.6 million for the same period in the prior year that related to the impairment of our interest in the Beaufor royalty.

The expected credit loss represents the difference between the contractual cash flows that are due to the Company and the cash flows that management expects to receive discounted at the original effective interest rate. The expected credit loss provision taken against loans receivable from Elevation Gold was $9.7 million, compared to nil for the same period in the prior year.

Sustainability initiative expenditures were $0.7 million, broadly in line with $0.8 million for the same period in the prior year.

Loss on disposition of mineral interests of $1.0 million represents the loss on the Eastern Borosi NSR due to a buyback exercised by Calibre Mining Corp. (“Calibre”). On April 18, 2023, Calibre announced that it had commenced mining at the Eastern Borosi open pit. 2022 included a gain of $2.1 million on the Talon Royalty Buydown (On February 15, 2022, Talon exercised its right to reduce the royalty rate under the Tamarack royalty agreement from 3.5% to 1.85% of Talon’s interest in the Tamarack project in exchange for a payment of $4.5 million).

The increase in fair value of investments and prepaid gold interests represents an increase in the fair value of prepaid gold interests, primarily Auramet prepaid interests, partially offset by a decrease in fair value of our equity investments.

Finance costs, net were $4.1 million, compared to $1.4 million in the prior year. The finance costs largely reflect interest charges and standby fees on the Credit Facility, net of interest earned on cash and loan balances. Higher finance costs were driven by interest charges on a higher drawn balance of the Credit Facility.

Income tax expense was $0.1 million, compared to $4.8 million for the same period in the prior year. Lower income tax expense was driven by tax recovery associated with the impairment charges and expected credit losses, increased general administration costs and business development costs, partially offset by higher taxes driven by sales mix.

Net earnings were $36.3 million, compared to $55.1 million in the prior year. Lower net earnings in 2023 were driven by higher impairment charges and expected credit losses, higher general administration costs driven by public company costs, higher finance costs, partially offset by higher gross profit, an increase in fair value of investments and prepaid gold interests compared to a decrease in the prior year, and lower income tax expense.

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Condensed Consolidated Statements of Cash Flows

Three months ended December 31, 2024, compared to three months ended December 31, 2023, and year ended December 31, 2024, compared to year ended December 31, 2023, and December 31, 2022

The following table presents summarized consolidated statements of cash flows information for the three months ended December 31, 2024, compared to the three months ended December 31, 2023, and the year ended December 31, 2024, compared to year ended December 31, 2023, and December 31, 2022.