Triple Flag Precious Metals Corp. Common Shares

Thank you for standing by. My name is Eric and I will be your conference operator today. At this time, I would like to welcome everyone to the triple flag Q3 2023 results call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to Sean Usmar, CEO. Please go ahead.

Thank you and good morning everyone and thank you for joining us to discuss Triple Flag's third quarter 2023 results. Today I'm joined by our CFO, Sheldon Vanderkooy, and our Senior Vice President of Corporate Development, James Dendle. Our business continues its strong performance during the third quarter with sales of 25,629 gold equivalent ounces resulting in 37 million US dollars of operating cash flow. Our portfolio is performing well with many assets experiencing positive catalysts during the quarter such as the high gold grade open pit E31 and E31 North deposits at North Parks continuing to progress down the development track and we'll start contributing to Triple Flag's GEOs in 2024. Expiration progressing at Cerro Lindo and resource expansion at Beredica. Additionally, our earlier stage exploration assets continue to advance, highlighted by Hove Bay, Delamar, Tamarack and Kone. In addition, we acquired an additional 2.65% NSR royalty on the producing Stahl mine in Australia for $16.6 million. Continuing our solid pace of accretive transactions following the Agbar royalty acquisition in Q2, including the Mavericks transaction which we closed earlier this year, this brings the total value of transactions closed during 2023 to nearly $700 million. Just after quarter end, our commitment to sustainability was showcased through our Improved Sustainalytics ESG rating, which now places us third out of 117 companies in the global precious metals sector. We're proud to exemplify the values of sustainability that helped shape this business, and I appreciate the work of our team to get to this point. I'll now turn it over to Sheldon to discuss our financials for Q3 2023.

Thank you, Sean. We had a strong third quarter, realizing sales of over 25,600 gold equivalent ounces. We are comfortably on track to achieve our 2023 guidance. Our Q3 GEOs in turn resulted in strong revenues, adjusted EBITDA, and operating cash flow in the quarter. We also recognize an impairment charge in the quarter due predominantly to the Renard diamond mine being placed on care and maintenance. The diamond market has weakened significantly this past year, and the difficulties of the sector are well known. This is a non-cash charge. We do not have any further exposure to Renard in our statements going forward. Our operating cash flow of nearly $37 million resulted in operating cash flow per share of $0.18, an increase compared to the same period in 2022. Year-to-date, our portfolio generated a robust $116 million of operating cash flow to be used for dividends, debt repayment, shareholder returns, and external growth opportunities. Our quarterly dividend has been maintained at $0.525 per share or $0.21 per share on an annualized basis. I'd also like to comment on our strong balance sheet, which is increasingly important in today's high interest rate environment. We finished the quarter with $65 million in debt and just $50 million of debt net of cash. This represents just four months of cash flows at current run rates. Subsequent to quarter end, we repaid $8 million of debt, further strengthening our balance sheet. Lastly, our asset margins for the quarter remain strong at 90%. High asset margins are a key feature of the streaming and royalty model and help ensure robust cash flow generation. I'll now turn to slide six. Slide six highlights three very important aspects of our portfolio, namely asset diversification, precious metals focus, and a portfolio which is predominantly centered in the Americas and Australia. Our revenue is well diversified across our portfolio. Cerro Lindo and North Parks are our biggest contributors to the quarter. representing 21% and 15% of quarterly revenues respectively. We are strongly precious metals focused. Gold and silver accounted for roughly 96% of our revenues amongst the highest in the sector. Our portfolio is predominantly located in mining friendly jurisdictions. By geography, the country with the single greatest contribution is Australia. Our Australian producing assets include North Parks, Fosterville and Beta Hunt. as well as a number of smaller contributors, including Stahl. With our recent increase of the Stahl royalty, I am very pleased that we have increased our exposure to a low-risk jurisdiction. I'll now turn to James, who will speak to our asset highlights.