Triple Flag ups gold equivalent ounces sales 62% in third quarter
(Kitco News) - Triple Flag Precious Metals (TSX: TFPM), a gold-focused streaming and royalty company, today announced metal sales of 20,746 gold equivalent ounces ("GEOs") for the third quarter of 2021, a 62% increase over the same period in 2020.
According to the company's statement, revenues in the third quarter of 2021 were US$37.1 million, representing an increase of over 50% over the same period in 2020.
Triple Flag is also announcing an update to its 2021 guidance to 80,000 to 83,000 GEOs, due to ongoing Covid-19 related supply-chain impacts at ATO. In addition, Triple Flag announces that it has established a share buyback program and implemented a dividend reinvestment plan.
"During the first three quarters of 2021, our business has sold 62,997 GEOs, similar to last year's annual record sales for the entirety of 2020, through fully funded embedded growth," commented Founder and CEO Shaun Usmar. "The increase in metal sales is largely due to the continued ramp-up of newly constructed mines, the addition of Northparkes and solid performance from Cerro Lindo, which more than offset the ongoing Covid-19 related production delays experienced by ATO. These supply chain disruptions generate a timing delay during 2021, which should be recovered during 2022."
Triple Flag is a gold-focused streaming and royalty company. Since its inception in 2016, the company indicated that it has delivered sector-leading growth through the construction of a diversified portfolio of streams and royalties that provides exposure primarily to gold and silver in the Americas and Australia. The company has 75 assets, including 9 streams and 66 royalties, including 15 producing mines and 60 development and exploration stage projects.