Business
Triple Flag Precious Metals Announces Q3 2021 Metal Sales Increased 62% Year-over-Year
TORONTO / Oct 12, 2021 / Business Wire / Triple Flag Precious Metals Corp. (“Triple Flag”) (TSX: TFPM, TSX: TFPM.U) today announced metal sales of 20,746 gold e
About this update from Triple Flag Precious Metals Corp.
[{"type":"text","content":"TORONTO / Oct 12, 2021 / Business Wire / Triple Flag Precious Metals Corp. (“Triple Flag”) (TSX: TFPM, TSX: TFPM.U) today announced metal sales of 20,746 gold equivalent ounces (“GEOs”) for the third quarter of 2021, a 62% increase over the same period in 2020. Revenues in the third quarter of 2021 were US$37.1 million, representing an increase of over 50% over the same period in 2020. Triple Flag is also announcing an update to its 2021 guidance to 80,000 to 83,000 GEOs, due to ongoing Covid-19 related supply-chain impacts at ATO. In addition, Triple Flag announces that it has established a share buyback program and implemented a dividend reinvestment plan. All dollar references are in United States dollars. “During the first three quarters of 2021, our business has sold 62,997 GEOs, similar to last year’s annual record sales for the entirety of 2020, through fully funded embedded growth” commented Shaun Usmar, Founder and CEO. “The increase in metal sales is largely due to the continued ramp-up of newly constructed mines, the addition of Northparkes and solid performance from Cerro Lindo, which more than offset the ongoing Covid-19 related production delays experienced by ATO. These supply chain disruptions generate a timing delay during 2021, which should be recovered during 2022. It will likely result in Triple Flag receiving an estimated 5,000 GEOs less than we did in 2020 from this mine – a below run-rate year when the mine started and ramped up to commercial production. In September we were proud to publish our inaugural Sustainability Report. We believe that rigorous environmental, social and governance standards are the foundation to the long-term success of our partners’ mining operations and, by extension, our streams and royalties. We are also announcing the implementation of a DRIP and NCIB plan for the company. We believe that when our share price does not reflect the fundamental quality and value of our portfolio, buying back shares is accretive and an opportunity to capture this discount. We also believe that the DRIP and NCIB are consistent with our overarching capital management programme that is alive to the need to build over time a larger float and greater liquidity in the stock.” Preliminary Q3 2021 Sales and Revenue Triple Flag sold 20,746 GEOs in the third quarter of 2021, resulting in $37.1 million in re...