Triple Flag Precious Metals Corp. Common Shares

My name is Karen, and I will be your conference operator today. At this time, I would like to welcome everyone to the Triple Flag Precious Metals Q4 2024 Results Conference Call. All lines have been placed on mute to prevent any background noise. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star followed by the number one on your telephone keypad. To withdraw your question, press star followed by the number one again. I will now turn the call over to Sheldon van der Kooij, CEO. Please go ahead.

Thank you, Karen. Good morning, everyone, and thank you for joining us to discuss Triple Flag's fourth quarter and full year 2024 results. Today, I'm joined by our CFO, Ibn Bari, and our Chief Operating Officer, James Dendel. Triple Flag had a fantastic year in 2024. The business delivered another strong performance during the fourth quarter, resulting in record performance for the full year of 2024. This includes record GEOs of 113,000 ounces. That's a result that is in the upper half of the guidance range we issued at the beginning of the year and represents our eighth consecutive year of GEO growth. And while record GEOs are great, what really matters for shareholders is our annual operating cash flow of $214 million, demonstrating our ability to directly realize higher cash flows due to the rising metal price environment. We are on track to deliver another great year in 2025 with GEO guidance range of 105 to 115,000 ounces. Notably, the high-grade E31 open pit deposits at North Parks, which were a core contributor to our performance in 2024, will continue to be processed during the upcoming year. Looking further ahead, the next stage of high-grade Gold ore from North Parks is also advancing to production. Access to the first sublevel at E48 is substantially complete and commissioning is expected in the third quarter of 2025. In the fourth quarter, we were also pleased to announce the $28 million acquisition of the Trey Krabatis Royalty, reinvesting the cash flows we generated into further streams and royalties, which will benefit our shareholders for decades to come. This gives our shareholders exposure to near-term cash flow from a large, well-capitalized mining project operated by Zaijin with a long life and significant exploration potential. Our portfolio provides top-tier precious metals exposure. We are proud of what our operators have achieved in 2024. These achievements include GEOs at Cerro Lindo increasing 24% year over year due to higher grades and enhanced plant efficiency. In addition, Camino Rojo achieved record production of 137,000 ounces, representing a 19% beat on initial guidance. And on the development side, the new team at Montage Gold delivered a fully permitted and financed project at Kone in less than a year, with construction now well underway. Overall, Triple Flag is well positioned to deliver long-term value for our shareholders from a diversified mix of producing and development assets, and we are poised for further growth with an organic growth profile of 135,000 to 145,000 GEOs in 2029. As I noted earlier, record GEOs are great, but what really matters is cash flow for shareholders on a per share basis. The single most important metric I focus on is cash flow per share, which we have increased through the course of 2024 both consistently and rapidly as we have benefited from record production and a rising gold and silver price environment. This is the way it's supposed to work. This is exactly what we have done. There is still more to come. The average gold price in 2024 was less than $2,400 an ounce, which is $500 an ounce lower than spot prices. At spot prices, our year-over-year cash flows will continue to increase. I will now turn it over to Iban to discuss our financials for Q4 and the full year 2024.

Thank you, Sheldon. As you can see, 2024 was a record across all financial metrics due to strong volumes and precious metals prices, as well as continuing strong margins. These margins drive a high conversion of top line revenue into cash flow available to shareholders, a key benefit of the royalty and streaming model. Strong cash flow generation will continue to support all of our capital allocation decisions, including shareholder returns and external growth opportunities. On shareholder returns, we paid out over $43 million in dividends to shareholders in 2024, which reflects a 5% increase in the middle of the year, our third consecutive increase since our IPO. In addition to our progressively growing dividend, we also returned nearly $9 million to shareholders via share buybacks in 2024 and expect to remain active on our NCIB opportunistically. On external growth, we reinvested the cash flow generated in 2024 into streams and royalties, including the Agbel and Bonaco streams, as well as the Tres Quebradas royalty. These assets either generate cash flow today or in the near term, offer significant exploration potential, and are operated by strong management teams and represent creative additions to our portfolio. Moving forward to 2025 guidance, as Sheldon noted, we expect GEOs of between 105,000 and 115,000 ounces for the year, which we expect to be essentially 100% derived from precious metals, namely gold and silver. This is driven by our expectation of higher gold grade open pit material at E31 and E31N deposits continue to contribute to deliveries from North Parks as well as solid performance from Cerro Mendo. Depletions expect to be between 70 and 80 million, same as in the prior year, while G&A will be relatively consistent, between 24 and 25 million. Finally, our Australian cash tax rate for Australian royalties will be approximately 25%, consistent with the 24% that was realized in 2024. has delivered a consistent track record of geos growth since inception achieving a compound annual growth rate of approximately 20 since 2017. beyond the guidance we've set for 2025 we see further growth to 135 to 145 000 geos in 2029. midpoint to midpoint this represents ounce growth of over 25% from 2025, driven by our operating partners pursuing their own organic growth through both brownfield development and advanced projects such as CUNE, SK Creek, and Fez Quebradas. We also continue to have substantial firepower for deals that would be additive to this growth profile. With more than $700 million available to deploy for new transactions that are creative, fit with our strategy, and deliver value throughout a cycle. I'll now pass it on to James to discuss that Tres Cabradas acquisition.