(Kitco News) - Royalty and streaming company Triple Flag Precious Metals (TSX: TFPM) announced yesterday quarterly gold equivalent ounces sold of 19,507 in Q2 2022, down 13% compared to 22,537 ounces in Q2 2021.
The company said that metal sales in the second quarter declined versus last year's record results for the same period due mostly to quarter-end timing of shipments and a higher gold-silver ratio.
The company added it expects full-year 2022 gold equivalent ounces sales to be weighted to the second half of the year, with sales volumes of gold and silver on track for a record in 2022.
Triple Flag also reported revenue of $36.5 million in Q2 2022, compared to $40.9 million in Q2 2021; net earnings of $10.9 million, compared to $18.3 million in Q2 2021; and adjusted net earnings of $14.9 million, compared to $16.7 million in Q2 2021.
Importantly, the company said that its Board declared a quarterly dividend of US$0.05 per common share that will be paid on September 15, 2022 to the shareholders of record at the close of business on August 31, 2022.
"This increases the annualized dividend from US$0.19 per common share to US$0.20 per share, representing a 5% increase and a yield of 1.8% based on the closing share price on August 8, 2022," Triple Flag noted in a press-release.
"We are pleased to report solid results for the second quarter, in which operating performance across the portfolio was broadly in line with our expectations," commented CEO Shaun Usmar. "We remain debt-free, are on track for our seventh consecutive year of record results, have a growing cash balance for new deals, strong and stable asset margins, and significant future optionality embedded in our portfolio."
Triple Flag is a pure play, gold-focused, emerging senior streaming and royalty company. The company said that since its inception in 2016, 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.
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