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Triple Flag Precious Metals Reports Q2 2022 Metal Sales; On Track for Record 2022 Sales Volumes
TORONTO / Jul 12, 2022 / Business Wire / Triple Flag Precious Metals Corp. (with its subsidiaries, “Triple Flag” or the “Company”) (TSX: TFPM, TSX: TFPM.U) toda
About this update from Triple Flag Precious Metals Corp.
[{"type":"text","content":"TORONTO / Jul 12, 2022 / Business Wire / Triple Flag Precious Metals Corp. (with its subsidiaries, “Triple Flag” or the “Company”) (TSX: TFPM, TSX: TFPM.U) today announced revenue of $36.5 million for the second quarter of 2022, translating to metal sales of 19,507 gold equivalent ounces1 (“GEOs”). All dollar amounts are expressed in US dollars. As previously indicated, full-year 2022 GEOs sales are expected to be weighted to the second half of the year. During the second quarter of 2022, certain deliveries were dispatched but not included in our GEOs due to being in transit or awaiting assays. Sales volumes of gold and silver are on track for a record for 2022, however the calculation of GEOs for our full-year guidance has been impacted by changes in the prices of gold and silver, and the resulting gold-silver ratio. Preliminary Q2 2022 Sales and Revenue GEOs Sold and Revenue by Commodity2 Q2 2022 Q2 2021 GEOs Sold Revenue ($M) GEOs Sold Revenue ($M) Gold 11,446 21.4 11,549 21.0 Silver 6,717 12.6 10,049 18.2 Other 1,344 2.5 939 1.7 Total 19,507 36.5 22,537 40.9 2022 GEOs Guidance Based on Updated Gold-Silver Ratio3 Triple Flag expects its sales volumes of gold and silver for 2022 to be an annual record, and higher than originally expected when guidance was first released in March. However, revising H2 2022 commodity price forecasts to $1,750/oz gold, $19.50/oz silver, $3.50/lb copper and $110/carat diamonds results in a revision of our 2022 GEOs sales guidance to 88,000 – 92,000 GEOs from 90,000 – 95,000 GEOs previously, due to the change in the gold-silver ratio. Our gold-silver ratio assumption at the beginning of the year was 77x, in line with historical norms, but in H1 was 80x and is approximately 90x at current gold and silver prices. Had we used the price assumptions underlying our original guidance, annual guidance would have increased to 92,000 – 96,000 GEOs, pointing to the strong fundamental performance of the overall portfolio. Sales Volumes and GEOs by Commodity4 Sales Volumes GEOs (koz) H1 2022 Actuals H2 2022 Forecast FY2022 Forecast Current FY2022 Forecast5 FY2022 Forecast at March Prices6 Gold (koz Au) 21 24 – 26 45 – 47 45 – 47 45 – 47 Silver (Moz Ag) 1.2 2.0 – 2.1 3.2 – 3.3 37 – 38 41 – 42 Other - - - 6 – 7 6 – 7 Total - - - 88 – 92 92 – 96 Confer...