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Triple Flag reports net earnings of $16.5 million in first quarter

Kitco Media
By Vladimir Basov
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Updated
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(Kitco News) - Gold-focused streaming and royalty company Triple Flag Precious Metals (TSX: TFPM) (NYSE: TFPM) yesterday reported that the company sold 26,599 gold equivalent ounces in Q1 2023, up 32% from Q1 2022 (20,113 ounces).

The company said that 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.

Triple Flag reported Q1 2023 revenue of $50.3 million (Q1 2022: $37.8 million), net earnings of $16.5 million (Q1 2022: $15.9 million) and operating cash flow of $38.9 million (Q1 2022: $26.4 million).

The company said that its Board of Directors declared a quarterly dividend of US$0.05 per common share that will be paid on June 15, 2023, adding that a 27% GEOs growth is expected for 2023 compared to 2022 from 27 assets.

“I am pleased to announce another quarter of record results for Triple Flag, reflecting the successful acquisition of Maverix,” commented CEO Shaun Usmar. “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.”

Triple Flag is a pure play, gold-focused, emerging senior streaming and royalty company. The company offers 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.

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Kitco Media

Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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