Triple Flag On Track to Deliver 2024 GEOs Sales Guidance; Kensington Gold Mine Royalty Commences Payment

Triple Flag Precious Metals Corp. (with its subsidiaries, “Triple Flag” or the “Company”) (TSX: TFPM, NYSE: TFPM) announced record quarterly revenue of US$57.5 million for the first quarter of 2024, which represented record quarterly metal sales of 27,794 gold equivalent ounces¹ (“GEOs”). All dollar amounts are expressed in US dollars.

“Triple Flag achieved a new quarterly GEOs sales record to start the year, with the Company well on track to deliver 2024 GEOs sales guidance of 105,000 to 115,000 ounces. The portfolio continued its eight-year track record of delivery, with a nearly 90% quarter-on-quarter increase in GEOs sales from Northparkes, in line with our guidance for a stronger 2024 due to the higher gold-grade E31 and E31N open pits, which drove substantial sales growth from our flagship asset,” commented Shaun Usmar, CEO. “We are also pleased to embark on a new partnership with Coeur Mining, with the commencement of payments on our royalty on the Kensington gold mine in Alaska, which we acquired as part of the Maverix transaction last year.”

Preliminary Q1 2024 GEOs Sold and Revenue

GEOs Sold and Revenue by Commodity2
	Q1 2024
	GEOs Sold	Revenue ($M)
Gold	17,646	36.5
Silver	9,485	19.6
Other	663	1.4
Total	27,794	57.5

Commencement of Payments on NSR Royalty on the Kensington Gold Mine: During the first quarter of 2024, wholly-owned subsidiaries of Triple Flag and Coeur Mining, Inc. (“Coeur”) entered into a settlement agreement to resolve litigation regarding the terms of a royalty held by Triple Flag on Coeur’s Kensington gold mine.

Further to that settlement, Triple Flag and Coeur agreed to amend the terms of the existing Kensington royalty to provide that:

• Effective January 1, 2024, the royalty will pay at a rate of 1.25% of net smelter returns occurring through to December 31, 2026.
• The royalty rate will increase to 1.50% of net smelter returns occurring after January 1, 2027.

Coeur’s production guidance for 2024 at Kensington is 92,000 to 106,000 ounces of gold³.