Triple Flag Precious Metals Corp (TFPM) 2024 Q3 法說會逐字稿

Hello, greetings and welcome to the Triple Flag Precious Metals Q3, 2024 results conference call.

您好，歡迎您參加 Triple Flag Precious Metals 2024 年第三季業績電話會議。

All participants are in a listen-only mode later, we will conduct a question-and-answer session to ask a question. Please press star followed by the number one on your telephone keypad. As a reminder, this conference is being recorded. At this time, I would like to turn the conference over to Sheldon Vanderkooy CFO. Please go ahead.

所有參與者都處於只聽模式，稍後我們將進行問答環節來提出問題。請按電話鍵盤上的星號鍵，然後按數字鍵 1。提醒一下，本次會議正在錄音。現在，我想將會議交給 Sheldon Vanderkooy CFO。請繼續。

Thank you, Jeremy. Good morning, everyone and thank you for joining us to discuss Triple Flag's 2024 Q3 quarter results. Today, I am joined by our Chief Financial Officer, Eban Bari and our Chief Operating Officer James Dendle.

謝謝你，傑瑞米。大家早安，感謝您加入我們討論 Triple Flag 2024 年第三季業績。今天，與我一起出席的還有我們的財務長 Eban Bari 和營運長 James Dendle。

Triple Flag delivered another strong performance in Q3 with record sales of nearly $30,000 GEO. This has resulted in another record quarter for triple flag and places us firmly on track to achieve our 2024 production guidance of $105,000 to $115,000 ounces. We now expect to achieve the top half of our guidance range.

Triple Flag 在第三季再次表現強勁，創下了近 30,000 美元 GEO 的銷售記錄。這導致 Triple Flag 又創下一個創紀錄的季度，並使我們穩固地有望實現 2024 年 105,000 至 115,000 美元盎司的生產目標。我們現在期望實現指導範圍的上半部。

The high-grade open pit material from North Parks continues to be a key part of the 2024 story as North Parks continues to be a strong contributor.

北公園的高品位露天礦材料繼續成為 2024 年故事的關鍵部分，因為北公園將繼續發揮強大的貢獻作用。

I would like to highlight our growing cash flow per share. Operating cash flow per share increased over 70% as compared to the prior period. This is due to record production record, gold prices and stable margins insulated from inflationary cost pressures. The streaming model is working as it should for the benefit of our shareholders.

我想強調一下我們每股現金流不斷成長。每股營運現金流量較上期增加70%以上。這是由於創紀錄的產量、黃金價格和穩定的利潤率免受通膨成本壓力的影響。串流媒體模式正在正常運轉，為我們的股東帶來利益。

Our portfolio has also achieved several milestones over the past three months. These include the following: First Zollino delivered robust 2024 production year over year, Second or the mining increased its production guidance for Camino Rojo for the second time this year. Third Taj gold fully permitted and financed the K project to production. And finally, West gold announced exceptional exploration results from drilling at the Fletcher Zone of Beta hunt demonstrating meaningful expansion potential for that mine. Triple flag acquired its royalties on Camino Rojo, Kone and Beta Hunt through the Mavericks transaction in 2023 which continues to pay dividends for triple flag shareholders.

在過去三個月中，我們的投資組合也取得了多個里程碑。其中包括：首先，Zollino 礦在 2024 年實現了同比強勁的產量；其次，該礦業公司今年第二次提高了 Camino Rojo 礦場的產量預期。Third Taj Gold 為 K 項目的生產提供了全額許可和資金。最後，West Gold 宣布了在 Beta 勘探區弗萊徹區鑽探的出色勘探結果，證明了該礦具有巨大的擴張潛力。Triple Flag 於 2023 年透過 Mavericks 交易獲得了 Camino Rojo、Kone 和 Beta Hunt 的特許權使用費，並繼續為 Triple Flag 股東支付股息。

Towards the end of the third quarter, triple flag was added to the S&P TSX composite index which brings exposure to a broader investor base as well as greater liquidity and trading.

在第三季末，三旗基金被添加到標準普爾 TSX 綜合指數中，這為更廣泛的投資者群體帶來了風險敞口，同時也帶來了更大的流動性和交易量。

Looking ahead, triple flag's growth profile remains strong and well positioned to deliver long term value for our shareholders. Our production is expected to be between 135,000 to 145,000 GEOs in 2028.

展望未來，三旗集團的成長前景依然強勁，並有能力為股東創造長期價值。預計 2028 年產量將達到 135,000 至 145,000 枚 GEO。

With that, I will turn it over to Eban to discuss our financial results for the third quarter of 2024.

接下來，我將把話題交給 Eban 來討論我們 2024 年第三季的財務表現。

Thank you, Sheldon. As noted, we have the strongest quarter yet with the portfolio producing nearly 30,000 GEOs a new record for the company. This puts triple flag right on track to achieve our 2024 sales guidance.

謝謝你，謝爾頓。如上所述，我們經歷了迄今為止最強勁的一個季度，投資組合產生了近 30,000 個 GEO，創下了公司的新紀錄。這使得 Triple Flag 有望實現我們的 2024 年銷售目標。

Sheldon just confirmed, as a high margin royalty and streaming business these record volumes have translated to record levels as just EBITDA and operating cash flow per share.

謝爾頓剛剛證實，作為一家高利潤的版稅和串流媒體業務，這些創紀錄的交易量已經轉化為創紀錄的 EBITDA 和每股營運現金流水平。

Lastly, I would like to comment on the balance sheet. We exited the quarter with a small net debt position of only $11 million following third quarter. Draw downs on the credit facility of over $60 million for the acquisition of the new streams with I Gold and an additional royalty on the Tamarack project.

最後，我想對資產負債表做一些評論。第三季結束後，我們的淨債務規模僅為 1,100 萬美元。提取超過 6,000 萬美元的信貸額度用於收購 I Gold 的新礦流以及 Tamarack 項目的額外特許權使用費。

This clearly demonstrates the robust cash flows generated by the triple flag business. Our cash flow outlook combined with nearly $690 million of current available liquidity gives us the financial capacity to deploy future capital for future per share growth as well as deliver high shareholder returns.

這清楚地表明了三旗業務產生的強勁現金流。我們的現金流前景加上目前近 6.9 億美元的可用流動資金，使我們有財務能力部署未來資本，實現未來每股成長並實現高股東回報。

Moving ahead, we continue to highlight three key aspects of our investment thesis, namely asset diversification, precious metals focus and a portfolio which derives roughly 80% of its revenues from Australia and America.

展望未來，我們將繼續強調我們的投資論點的三個關鍵方面，即資產多元化、貴金屬重點以及約 80% 收入來自澳洲和美國的投資組合。

Sarah Lindo and North Parks continue to be the two largest contributors to Q3 GEOs with both assets receiving a benefit from higher year over year volumes and of course higher gold and silver prices. Our asset diversification and geographical focus is well understood.

Sarah Lindo 和 North Parks 繼續成為第三季 GEO 的兩大貢獻者，這兩項資產都受益於同比銷量的成長，當然還有金銀價格的上漲。我們對資產多樣化和地理重點的了解非常深入。

So given the strong precious metals environment, I highlight Triple Flag's continuing 100% portfolio exposure on top line revenue to precious metals in Q3 2024 with a meaningful portion weighted to silver at approximately 30%.

因此，鑑於強勁的貴金屬環境，我強調 Triple Flag 在 2024 年第三季的營收中將繼續 100% 的投資組合投資於貴金屬，其中相當一部分投資於白銀，權重約為 30%。

I feel fortunate to have this level of exposure given the many favorable tailwinds for both gold and silver in the near to medium term as a pure play royalty and streaming company.

作為一家純粹的特許權使用費和串流媒體公司，考慮到近期至中期內黃金和白銀面臨的許多有利因素，我很幸運能獲得這種程度的曝光率。

As highlighted earlier, the realization of strong precious metal prices and an asset profile that continues to deliver has resulted in record performance, cross spread need cash flow adjusted EBITDA and GOS. Over the last 12 months, we expect this performance to continue as we deliver on our 2028 growth outlook and are committed to remain disciplined on capital allocation as we diligence, new deals for creative per share growth and deliver sustainable returns for our shareholders.

正如前文所強調的，強勁的貴金屬價格和持續表現的資產狀況已帶來創紀錄的業績，交叉價差需要現金流調整 EBITDA 和 GOS。在過去的 12 個月中，我們預計這種表現將繼續下去，因為我們實現了 2028 年的成長願景，並致力於在勤奮、新交易和創造每股成長的同時，保持對資本配置的紀律，並為股東帶來可持續的回報。

Over to you James.

交給你了，詹姆斯。

Thank you, Eban.

謝謝你，埃班。

The open-ended optionality embedded in the royalty and streaming assets is crucial to the value proposition of our business and well exemplified by the exploration success announced by West Go for Beta Hunt, where we hold a 3.5% GROC and a 1.5% net does return royalty. Beta hunt is an underground mine in Australia before all bodies across a seven-kilometer footprint, hosting approximately $1.6 million ounces of measured and indicated resources and $1.1 million ounces in the main ore source is the Western Flags Deposit. The mine is currently undergoing an expansion to consistently deliver $2 million tons per annum of ore which is expected to be completed in the first half of 2025 and support production growth of beta hunt over the medium-term beta hunt's new operator, West gold has recently announced a significant new discovery known as the Fletcher zone.

特許權使用費和串流媒體資產中蘊含的開放式可選性對於我們業務的價值主張至關重要，West Go 宣布的 Beta Hunt 勘探成功就是一個很好的例子，我們持有 3.5% 的 GROC 和 1.5% 的淨回報特許權使用費。Beta Hunt 是澳洲的地下礦，礦體分佈在七公里的範圍內，擁有價值約 160 萬盎司的已測量和指示資源，其中價值 110 萬盎司的主要礦源是 Western Flags 礦床。該礦目前正在進行擴建，以穩定地每年提供價值 200 萬噸的礦石，預計擴建將於 2025 年上半年完成，並支持 Beta Hunt 在中期內的產量增長。

The Fletcher zone is located 300 meters to the west of western flanks and is interpreted as a parallel structure to this primary source.

弗萊徹區位於西側 300 公尺處，被解釋為與該主要源頭平行的結構。

Successful drilling has resulted in West gold declaring an inaugural exploration target under the dual code for the Fletcher Zone ranging from $23 to 27 million tons at a grade of 2.1 to 2.5 gram per ton gold and containing $1.6 to 2.1 million ounces of gold.

成功的鑽探使得 West Gold 公司宣佈在 Fletcher 區雙重法規下首次勘探目標為金礦規模為 2,300 萬至 2,700 萬噸，品位為每噸 2.1 至 2.5 克，含有價值 160 萬至 210 萬盎司的黃金。

Clearly, this is a substantial discovery which could nearly double the current resource base of beta hunt at a very similar grade.

顯然，這是一個重大發現，它幾乎可以使當前 beta hunt 的資源基礎在非常相似的等級上翻倍。

Exploration drilling is ongoing, and West gold is also advancing decline development from the western flanks to the Fletcher Zone to support a potential new mining front.

勘探鑽探工作正在進行中，West Gold 公司也正在從西翼向弗萊徹區推進斜坡道的開發，以支援潛在的新採礦前緣。

We look forward to the continued development of the Fletcher Zone which is a prime example of the strength of the streaming and royalty business model to deliver substantial additional gold at no additional cost to our shareholders of you. Show them.

我們期待弗萊徹區 (Fletcher Zone) 的持續發展，它是串流媒體和特許權使用費業務模式實力的典範，可以在不增加任何成本的情況下為我們的股東提供大量額外的黃金。向他們展示。

Thank you, James with record production, record revenue and most importantly, record operating cash flow per share. We are very pleased to present these third quarter results to our shareholders.

謝謝詹姆斯，創下了產量、收入記錄，最重要的是，創下了每股營運現金流記錄。我們非常高興向股東展示第三季的業績。

We will continue triple flag's track record of a creative growth. We have available capital of nearly $690 million. A broad base of 235 assets, a strong organic growth profile and our corporate development team remains busy and focused on adding additional assets to the portfolio.

我們將延續三旗創意成長的輝煌業績。我們擁有近6.9億美元的可用資本。我們擁有 235 項資產的廣泛基礎、強勁的有機成長狀況，我們的企業發展團隊仍然忙碌並專注於為投資組合增加更多資產。

I want to stress our alignment with shareholders. The board and the management team are large shareholders, and we are completely focused on shareholder value. We are looking forward to what 2025 brings for Triple Flag and all the shareholders,

我想強調我們與股東的一致性。董事會和管理團隊是大股東，我們完全專注於股東價值。我們期待 2025 年為 Triple Flag 和所有股東帶來什麼，

Jeremy. Please open the line for questions.

傑里米。請開通熱線以接受提問。

(Operator Instructions) Tanya Jakusconek,Scotiabank.

(操作員指示) Tanya Jakusconek，豐業銀行。

Oh, okay. Well, it's Tanya Jakusconek from Scotia Bank. Good morning, guys and thank you so much for taking my question. Just wanted to come back and circle in the deal. Type line. I know I ask this every quarter. But we have a gold price that is quite involved and moving in both directions and just wanted look and ask what the opportunities look like for you and right now, like we had last talked last quarter, about $100 to 300 million range. And we had talked about mostly focused on the funding for new projects, but maybe someone can give me some color on what you are seeing today and if anything's changed. Thank you.

哦好的。嗯，我是加拿大豐業銀行的 Tanya Jakusconek。大家早安，非常感謝你們回答我的問題。只是想回來並完成這筆交易。類型行。我知道我每個季度都會問這個問題。但是，金價相當複雜，而且雙向波動，我們只是想看看並問您面臨的機會是什麼樣的，現在，就像我們上個季度談到的一樣，大約在 1 億到 3 億美元之間。我們討論的重點主要是新項目的資金問題，但也許有人可以告訴我目前的情況以及是否有任何變化。謝謝。

Yeah, thanks Tanya. This is Sheldon speaking, I will respond to that. It remains a strong pipeline and that $100 million to 300 million I think remains in play. There are also some smaller transactions, I think that we are looking at we announce the allied gold transaction on the last quarter and that was just a little bit over $50 million. So, I could see there being a transaction that's in that range as well. That pipeline is deep in terms of development. There are a pretty good proportion of the pipeline remains in the development side. There is also operating cash flow possibilities out there as well. Primarily in the gold and silver space. I don't know if that helps or not.

是的，謝謝 Tanya。我是謝爾頓，我會對此做出回應。它仍然是一個強大的管道，我認為 1 億到 3 億美元的資金仍然在發揮作用。還有一些較小的交易，我想我們正在考慮上個季度宣布的聯合黃金交易，該交易金額略高於 5000 萬美元。所以，我也可以看到存在處於該範圍內的交易。從開發角度來看，該管道非常深厚。在開發方面仍有相當一部分管道尚未完成。另外還存在經營現金流的可能性。主要集中在黃金和白銀領域。我不知道這是否有幫助。

It, does Sheldon and thanks for that and maybe are these simple royalties and or streams or do we still have the complexity of having to look at maybe also providing debt or equity exposure as well? Are those still, you know how we should be thinking about some of these transactions?

是的，謝爾頓，謝謝你，也許這些是簡單的版稅和/或流，或者我們是否仍然需要考慮複雜的問題，也許還需要考慮提供債務或股權風險？您知道我們應該如何考慮這些交易嗎？

Yeah, you should be thinking about traditional royalties and streams, Tanya. we really don't want to go down the debt and equity route. It's just not our business model and I don't think it's what our shareholders are looking to us to, to provide or counterparties.

是的，你應該考慮傳統的版稅和流，Tanya。我們確實不想走債務加股權的路線。這不是我們的商業模式，我認為這也不是我們的股東希望我們提供或交易對手提供的。

And then maybe from a geopolitical standpoint your recent ones have been in Africa. So, I am just kind of wondering if you have a focus to come back to more stable jurisdictions or how are you thinking about your portfolio there in terms of geopolitical risk on future transactions?

那麼也許從地緣政治的角度來看，您最近的行動是在非洲。所以，我只是想知道您是否將重點放在更穩定的司法管轄區，或者您如何考慮您在那裡的投資組合對未來交易的地緣政治風險？

Yeah, for sure. We don't actually start with what we are targeting a certain jurisdiction. It's more like you are looking for good assets, a good way to deploy capital. And then part of that determination involves of course a determination on the risk of the jurisdiction that you are investing in. we are quite happy with that. That allied transaction and quite comfortable with the jurisdiction that said it's not like we are targeting Africa per se for our new deployment possibilities. I am thinking through the pipeline, it's pretty varied where it is probably the biggest focus there is Latin America and again, it's always an assessment of what the risks are as a whole. But I will come back to though is when I look at the portfolio as a whole, we really are centered in Austria, like Australia is our single biggest concentration and, and primarily like mining friendly jurisdictions in the Americas as well. And so, I don't see that changing.

是的，當然。實際上，我們並不是從針對某個特定司法管轄區開始的。這更像是你正在尋找優質資產、一種良好的資本配置方式。當然，這項決定的一部分涉及對您投資所在司法管轄區的風險的判斷。這項盟軍交易以及對該管轄權的相當滿意表明，我們並不是將非洲本身作為我們新的部署可能性的目標。我正在考慮整個管道，它是相當多樣化的，其中最大的焦點可能是拉丁美洲，而且它總是對整體風險進行評估。但是，當我回顧整個投資組合時，我會發現我們確實以奧地利為中心，而澳洲是我們最大的集中地，而且主要是美洲的採礦友善管轄區。所以，我認為這種情況不會改變。

Okay. So would you say a lot of your and maybe I misunderstood this, but you are seeing a lot of opportunities in Latin America at this point or did I misunderstand that.

好的。所以你會說很多，也許我誤解了這一點，但你現在看到拉丁美洲有很多機會，或者我誤解了這一點。

That if I had to say a single jurisdiction that most of our pipeline is Latin America, but there are opportunities that are outside of Latin America as well.

如果我必須說一個單一的管轄區，那麼我們的大部分管道都在拉丁美洲，但拉丁美洲以外也有機會。

Okay. All right. I don't want to take up all the time but thank you so much for helping me on this understanding this. Thank you.

好的。好的。我不想佔用所有的時間，但我非常感謝您幫助我理解這一點。謝謝。

Thanks Tanya.

謝謝 Tanya。

(Operator Instructions) Derick Ma from TD Cowen.

(操作員指示) 來自 TD Cowen 的 Derick Ma。

Thank you for my question. In terms of the evolution of deal mechanics and emerging themes. Are there certain things that counterparties are looking for when you are looking at the deal market right now in terms of potential stream opportunities.

感謝您的提問。就交易機制的演變和新興主題而言。當您從潛在的流動機會角度審視當前的交易市場時，交易對手是否正在尋找某些特定的東西？

Yeah. Hi Derick. I don't think there is anything that's really see change of difference from before. I mean we are always trying to keep our exposure to the whole project to extend the life of mine.

是的。你好，德里克。我認為與以前相比並沒有什麼變化或差異。我的意思是我們一直在努力保持對整個專案的關注以延長我的壽命。

Counterparties are, of course cognizant of doing a deal that works for them and their shareholders as well. But I wouldn't say there is any real see change of difference from when the stream and royalty model has just gotten more accepted over the years. I think everyone that goes and looks to finance a project. Probably, well certainly they are considering a stream, and I think I am actually quite pleased with how many times the stream is part of that financing package.

當然，交易對手也知道要達成一項對他們及其股東都有利的交易。但我認為，與流和版稅模式多年來越來越被接受相比，這裡並沒有看到任何真正的變化或差異。我認為每個人都會去尋求為一個專案提供資金。可能，他們肯定在考慮一個流程，而且我認為我實際上對該流程成為該融資方案一部分的次數感到非常滿意。

Okay. That makes sense. And in terms of alternative financing, we have seen a number of golds prepay arrangements being completed in the last 12 months or so. How did gold prepaid complete compete with streams? And does that potentially erode the opportunities set for streaming companies?

好的。這很有道理。在替代融資方面，我們看到過去 12 個月左右完成了許多黃金預付安排。黃金預付完全版如何與串流媒體競爭？這是否會削弱串流媒體公司的機會？

I don't think so. I think it's actually part of the total capital picture that companies are looking at. And if someone has a prepay and it sits alongside a stream that would be provided by us, that could actually be for our benefit as well. In terms of, there is some really fundamental differences between a prepay and a stream, right? It's, but part of that is we actually finance over the entire life of mine and I think that can be really attracted to counterparties.

我不這麼認為。我認為它實際上是公司正在關注的總資本狀況的一部分。如果有人有預付費，並且它與我們提供的串流並存，這實際上也可能對我們有益。從某種意義上說，預付費和串流付費之間存在一些根本區別，對嗎？是的，但部分原因是我們實際上為我的整個生命提供融資，我認為這確實可以吸引交易對手。

We often we also share the production risk which, prepaid just doesn't do. And I think there is some real advantages to the stream financing for operators. But again, I think that a lot of them are looking to put together a total mix and kind of as alluded to on the prior question. There can be equity provided by other sources, there could be debt provided from other sources and if there is some prepaid provided from other sources, I think that could also work.

我們通常也會分擔生產風險，而預付款則無法做到這一點。我認為流融資對於營運商來說確實存在一些優勢。但我再次認為，他們中的許多人都希望將整體組合在一起，就像前面的問題中提到的那樣。可以由其他來源提供股權，可以由其他來源提供債務，如果由其他來源提供一些預付款，我認為這也可以行得通。

You said that in equity are not really what you guys look at it, part of the core part of the business, our prepaid something that you would look at more going forward.

您說，股權並不是你們真正關注的部分，而是業務的核心部分，我們的預付款是你們今後會更加關注的部分。

we have gone there in the past, I mean, it's not that we have ruled it out, but again what I really want to offer our shareholders is life of mine exposure. A prepay isn't life of mine exposure so that's it never going to be the focus of our business or quite frankly, the focus of anyone financing.

我們過去也曾去過那裡，我的意思是，這並不是說我們已經排除了這種可能性，但我真正想為我們的股東提供的是終身曝光。預付款不是礦山終身風險，因此它永遠不會成為我們業務的重點，或者坦率地說，任何人融資的重點。

Great. Thank you. Thank you.

偉大的。謝謝。謝謝。

All right, I will give it just a few more seconds to see if anybody else queues up. It does look like that is all the questions we have today. So, I will turn it back over to Sheldon Vanderkooy and the team for closing remarks.

好的，我再等幾秒鐘看看是否還有其他人排隊。看起來這就是我們今天所有的問題。因此，我將把發言權交還給 Sheldon Vanderkooy 和團隊，請他們作最後發言。

Yeah. Thank you, Jeremy and thanks everyone. I don't have any more closing remarks, but it's been a great quarter. Looking forward to what the end of the year brings and then 2025 I hope everyone has a great day. Thank you.

是的。謝謝你，傑里米，謝謝大家。我沒有其他的結束語，但這是一個很棒的季度。展望今年年底以及 2025 年將會發生什麼，我希望每個人都度過美好的一天。謝謝。

Thank you. That does presentation have a pleasant day.

謝謝。祝您有個愉快的一天。