Triple Flag Precious Metals Update | Sheldon Vanderkooy and Jimmy Connor

This interview was released on Jan 18'25...Sheldon Vanderkooy, Triple Flag's new CEO, was a founding member of the company in 2016, starting as General Counsel before becoming CFO during its IPO on the Toronto Stock Exchange in 2021.

Triple Flag Overview:
The company holds 235 assets, with 30 producing, including North Parks, their largest asset (25% of NAV). Their portfolio emphasizes streams and royalties with strong risk-reward characteristics.

North Parks Asset:
Located in Australia, this copper-gold mine is highlighted for its low risk, long mine life (potentially 100 years), and exploration potential. Gold deliveries are expected to double in 2024 due to higher gold grades from surface pits.

Sarah Lindo Mine:
Triple Flag's first asset in Peru has significantly outperformed initial expectations. Originally projected for 8-9 years of production, it now has another 8-9 years ahead with strong zinc and silver outputs.

Allied Gold Streams:
Triple Flag invested $53 million in two streams in Côte d’Ivoire (Agbau and Bonikro mines), benefiting from established mines with substantial upside potential due to underexplored properties.

Optionality in the Portfolio:
The Queensway project in Newfoundland, acquired for just $225,000, exemplifies high-return optionality, along with significant exploration potential at the North Parks site.

Capital Allocation Strategy:
Triple Flag prioritizes dividends, reinvesting cash flows into new streams and royalties, and share buybacks to enhance per-share metrics. They maintain strong cash flows without additional equity or debt.

Consolidation and Acquisitions:
The 2023 acquisition of Maverix Metals was a key success, adding high-performing royalties to their portfolio. Triple Flag remains open to further acquisitions that align with shareholder value.

Gold Sector Outlook:
Institutional investors show strong confidence in gold's outlook, driven by macroeconomic factors like central bank buying, potential interest rate cuts, and gold's portfolio re-emergence.

Future Prospects:
Triple Flag expects robust news flow in 2025, driven by higher production, gold prices, and advancements in key projects like SK Creek, Beta Hunt, and Montage Gold’s K project. Annual results will be released in February.

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