Triple Flag Precious Metals Corp (TFPM) 2025 Q3 法說會逐字稿

Good morning, and thank you for standing by. My name is John, and I will be your conference operator today. At this time, I would like to welcome everyone to the Triple Flag Precious Metals third quarter 2025 conference call.

早上好，感謝您的耐心等待。我叫約翰，今天我將擔任你們的會議接線生。在此，我謹代表 Triple Flag Precious Metals 歡迎各位參加 2025 年第三季電話會議。

(Operator Instructions) I would now like to turn the conference over to Sheldon Vanderkooy, CEO. Please go ahead.

（操作員指示）現在我將把會議交給執行長謝爾頓·范德庫伊。請繼續。

Thanks, John. Good morning, everyone, and thank you for joining us to discuss Triple Flag's third quarter results. Today, I am joined by our CFO, Eban Bari; and our Chief Operating Officer, James Dendle. 2025 has been an exceptional year so far, and Triple Flag has achieved another record quarter in Q3. We recorded 27,000 GEOs in the quarter, which drove record adjusted EBITDA of $79 million and record operating cash flow per share of USD 0.39.

謝謝你，約翰。各位早安，感謝各位參加本次關於Triple Flag第三季業績的討論。今天，我的同事們——首席財務官埃班·巴里和首席營運官詹姆斯·登德爾——也一同出席。 2025年至今是意義非凡的一年，Triple Flag在第三季再次創下業績新高。本季我們新增了 27,000 個 GEO，推動調整後 EBITDA 達到創紀錄的 7,900 萬美元，每股營運現金流量也創下歷史新高。0.39。

Shareholders are directly benefiting from the higher gold prices through higher cash flow per share. We should continue to benefit in Q4 and beyond as well as current gold prices are well in excess of the average gold price realized in Q3. We expect to achieve 2025 GEOs between the midpoint and the high end of our 2025 guidance range. I am very pleased with the additions we have made to the portfolio year-to-date. Year-to-date, Triple Flag has now deployed over $350 million of capital over five investments.

金價上漲直接使股東受益，每股現金流增加。我們應該會在第四季及以後繼續受益，因為目前的黃金價格遠高於第三季實現的平均黃金價格。我們預計 2025 年的全球能源供應量將達到我們 2025 年指導範圍的中點和上限之間。我對我們今年迄今在投資組合中新增的項目非常滿意。今年迄今為止，Triple Flag 已在五項投資中投入超過 3.5 億美元的資金。

In H1, we announced our investments in the Tres Quebradas lithium mine in Argentina, the Arcata silver mine in Peru and an additional interest in the Johnson Camp copper mine in Arizona, all of which have now started production either in line or ahead of our investment case. Early in the third quarter, we completed our acquisition of a 1% NSR royalty on the Arthur project in Nevada operated by AngloGold Ashanti.

上半年，我們宣布投資阿根廷的 Tres Quebradas 鋰礦、秘魯的 Arcata 銀礦以及亞利桑那州 Johnson Camp 銅礦的額外權益，所有這些礦山現在都已開始生產，要么符合我們的投資預期，要么提前投產。第三季初，我們完成了對英美黃金阿散蒂公司在內華達州營運的亞瑟專案 1% 淨收益權益金的收購。

And most recently, we have acquired a royalty package on Pan American's producing Minera Florida gold mine in Chile for $23 million. James will provide further details on Minera Florida later in the presentation. This is exactly the sort of royalty that drives shareholder value over time in the royalty sector as we have open-ended exposure to top line revenues and resource expansion over time.

最近，我們以 2,300 萬美元的價格收購了泛美礦業公司在智利生產的 Minera Florida 金礦的特許權使用費。James 將在稍後的演講中提供有關 Minera Florida 的更多詳細資訊。這正是特許權使用費能夠隨著時間的推移推動特許權使用費行業股東價值增長的那種類型，因為我們可以無限期地從營收成長和資源擴張中獲得收益。

Together, our investments year-to-date are providing near-term increasing cash flows as well as longer-dated optionality. They are also located in the right jurisdictions. The bulk of the value is in the Western United States and the remainder is in Chile, Peru and Argentina.

今年迄今為止，我們的投資不僅在短期內帶來了不斷增長的現金流，而且還提供了更長期的選擇權。它們也位於正確的司法管轄區內。大部分價值集中在美國西部，其餘則集中在智利、秘魯和阿根廷。

I will now hand over to Eban to discuss our financials for the third quarter of 2025.

現在我將把發言權交給艾班，讓他來討論我們2025年第三季的財務狀況。

Thank you, Sheldon. As noted by Sheldon, we had an excellent third quarter with just over 27,000 GEOs. This puts Triple Flag on track to achieve between the midpoint and high end of our 2025 GEOs guidance. These strong volumes in Q3 were delivered in the backdrop of strong metal -- precious metals prices, which reached a record quarterly average of nearly $3,500 per ounce for gold and nearly $40 per ounce for silver. Accordingly, we are pleased to highlight that operating cash flow per share, the single most important metric we focus on as a company, has increased by over 25% year-over-year.

謝謝你，謝爾頓。正如謝爾頓所指出的，我們第三季表現出色，GEO數量超過27000。這使得 Triple Flag 有望實現我們 2025 年全球業績預期的中點至高端目標。第三季強勁的成交量是在貴金屬價格走強的背景下實現的，黃金季度均價創下近 3500 美元/盎司的歷史新高，白銀季度均價也接近 40 美元/盎司。因此，我們很高興地強調，作為一家公司，我們最關注的指標——每股營運現金流，比去年同期成長超過 25%。

Lastly, I'd like to comment on our balance sheet. We exited the quarter with essentially zero net debt despite deploying significant capital during the third quarter for the acquisition of the Arthur Gold royalty and the Minera Florida royalty. Today, we're in a net cash position.

最後，我想對我們的資產負債表發表一下看法。儘管我們在第三季投入了大量資金用於收購 Arthur Gold 礦權和 Minera Florida 礦權，但我們本季末的淨債務基本上為零。目前，我們持有淨現金。

Overall, strong balance sheet, record operating cash flow and total liquidity available of nearly $1 billion provides us with the capital to continue deploying dollars into accretive opportunities to drive future growth for our shareholders. It also allows us to continue returning superior returns to shareholders, and we're pleased to declare a quarterly cash dividend of USD0.0575 per share.

總體而言，強勁的資產負債表、創紀錄的營運現金流以及近 10 億美元的可用流動資金，為我們提供了繼續將資金投入增值機會的資本，從而推動股東未來的成長。這也使我們能夠繼續為股東帶來優異的回報，我們很高興地宣布派發每股 0.0575 美元的季度現金股息。

Triple Flag remains focused on top-tier precious metals assets with revenue that's nearly 90% sourced from mining-friendly jurisdictions in both Australia and the Americas. Northparkes and Cerro Lindo continue to be two largest contributors to revenues in the third quarter with Northparkes achieving another record quarter due to continued processing of higher open pit grades from stockpiled ore.

Triple Flag 仍然專注於頂級貴金屬資產，其收入近 90% 來自澳洲和美洲對採礦業友善的地區。Northparkes 和 Cerro Lindo 仍然是第三季度收入的兩大貢獻者，其中 Northparkes 由於持續處理來自堆放礦石的更高露天礦品位礦石，再次創下季度紀錄。

Triple Flag sales mix remains 100% derived from precious metals, including nearly three-fourth from gold. We do not expect this to materially change, and this will continue to provide investors with exposure to the strong gold and silver price environment.

Triple Flag 的銷售組合仍然 100% 來自貴金屬，其中近四分之三來自黃金。我們預計這種情況不會發生實質改變，這將繼續為投資者提供參與強勁的黃金和白銀價格環境的機會。

I will now turn it over to James to discuss the producing Minera Florida gold mine in Chile.

現在我將把發言權交給詹姆斯，讓他來討論智利米內拉佛羅裡達金礦的生產。

Thank you, Eban. Minera Florida is located approximately 75 kilometers southwest of Santiago in Chile and is owned and operated by Pan American Silver. It's an underground mine that produces gold and silver ore with the zinc concentrate byproduct. During the third quarter, we were pleased to acquire a package of three net smelter return royalties on Minera Florida, ranging from 0.8% to 1.5% for a total cash consideration of $23 million from a third party. Minera Florida has a long history of consistent performance, continuous operation and reserve replacement and has produced over 2.5 million ounces of gold and 14 million ounces of silver since commissioning in 1986.

謝謝你，埃班。佛羅裡達礦業公司位於智利聖地牙哥西南方約 75 公里處，由泛美白銀公司擁有和營運。這是一個地下礦山，生產金礦和銀礦，鋅精礦為副產品。第三季度，我們很高興從第三方收購了 Minera Florida 的三項淨冶煉廠收益特許權使用費，費率從 0.8% 到 1.5% 不等，總現金對價為 2300 萬美元。Minera Florida 擁有悠久的穩定業績、持續營運和儲量補充歷史，自 1986 年投產以來，已生產超過 250 萬盎司黃金和 1,400 萬盎司白銀。

The mine has always operated with a relatively short reserve life. Over the last 20 years, the mine has had approximately 0.5 million ounces of gold in reserves at any one time, which equates to about four to five years of visible reserve life. Historic annual production at Minera Florida has ranged between 75,000 and 100,000 ounces of gold per annum. Driven by mill expansion potential to increase the nameplate capacity, Triple Flag expects GEOs for Minera Florida to increase to approximately 1,000 ounces by 2028. The exploration potential of this mine is significant.

該礦的儲量壽命一直相對較短。在過去 20 年裡，該礦的黃金儲量在任何時候都約為 50 萬盎司，相當於大約四到五年的可見儲量壽命。佛羅裡達州米內拉金礦的歷史年產量在每年 75,000 至 100,000 盎司黃金之間。受工廠擴建潛力的推動，Triple Flag 預計到 2028 年，Minera Florida 的黃金產量將增加到約 1,000 盎司。該礦的勘探潛力巨大。

And given Minera Florida's impressive track record of reserve replacement since 1986, we see this asset continuing to perform for decades to come.

鑑於 Minera Florida 自 1986 年以來在儲量補充方面取得了令人矚目的成績，我們認為該資產將在未來幾十年繼續發揮作用。

I'll pass it back to Sheldon for closing remarks.

我將把發言權交還給謝爾頓，讓他做總結發言。

Thank you, James. In closing, Triple Flag is performing very well and is positioned to continue this performance going forward. Our shareholders are benefiting from our strong current production and the increase in gold prices, which are translating into record cash flows per share.

謝謝你，詹姆斯。總之，Triple Flag 目前表現非常出色，並有望繼續保持這種良好勢頭。我們的股東正受益於我們目前強勁的產量和金價上漲，這轉化為創紀錄的每股現金流。

I am very pleased at our success in reinvesting those cash flows in further streams and royalties, which will benefit our shareholders for decades to come. There are a number of near-term catalysts across our portfolio.

我非常高興我們成功地將這些現金流再投資於其他業務和特許權使用費，這將使我們的股東在未來幾十年受益。我們的投資組合中存在一些近期利多因素。

First, Johnson Camp mine, Tres Quebradas and Arcata have all recently started production and will continue to ramp up into 2026. Second, on the project front, economic studies for Arthur and Hope Bay are on track for completion in the first half of 2026, and we look forward to ongoing exploration updates on the Fletcher zone from Beta Hunt. And finally, the Koné project continues to make good progress, targeting production in 2027.

首先，Johnson Camp 礦、Tres Quebradas 礦和 Arcata 礦最近都已開始生產，並將持續增產至 2026 年。其次，在專案方面，Arthur 和 Hope Bay 的經濟研究正在按計劃進行，預計將於 2026 年上半年完成，我們期待 Beta Hunt 能持續提供 Fletcher 區域的勘探進度更新。最後，Koné 計畫持續取得良好進展，目標是在 2027 年投產。

That concludes our presentation. Operator, please open the floor to questions.

我們的演講到此結束。操作員，請開放提問環節。

(Operator Instructions) Fahad Tariq, Jefferies.

（操作說明）Fahad Tariq，傑富瑞集團。

Just on the deal pipeline, maybe talk a little bit more about how the Minera Florida transaction was sourced. Was this -- I mean, it was a third-party royalty from a family. Just curious if there was any sort of process? Or was this a relationship that was like preexisting? Any more color there would be helpful.

就交易流程而言，或許可以再多談談 Minera Florida 交易的促成情況。這是——我的意思是，這是來自某個家族的第三方皇室成員。只是好奇有沒有什麼流程？或者，這其實是一種早已存在的關係？如果能多一些顏色就更好了。

Yes, I can take this. Yes, it was, I think, a fairly concentrated process. We developed a bit of a report with family over the course of negotiating the deal. And that was good because we actually were able to undertake a site visit. And very often, as you know, with these third-party royalty sales, you can't do that, whereas we actually have a team down in Chile earlier on in the year, spending a couple of days at site. So we had access to Pan American Silver in this instance and the whole mine sales team.

是的，我可以接受。是的，我認為這確實是一個相當集中的過程。在談判交易的過程中，我們與家人建立了一些聯繫。那很好，因為我們終於能夠進行實地考察了。而且，正如您所知，對於這些第三方版稅銷售，您通常無法做到這一點，而我們實際上在今年早些時候派了一個團隊前往智利，在當地待了幾天。因此，在這種情況下，我們可以聯繫到泛美銀業及其整個礦業銷售團隊。

Okay. Great. Yes, that's helpful. And then maybe just switching gears to the ATO stream. It looks like there was an international arbitration that was started in early October. Can you maybe just give us an update on how the discussions are going with Step Gold? And what's Triple Flag's expectation for a potential resolution?

好的。偉大的。是的，這很有幫助。然後或許可以切換到 ATO 串流。看來10月初啟動了一項國際仲裁。能否簡單介紹一下與 Step Gold 的洽談進度？Triple Flag 對可能的解決方案有何期待？

Fahad, it's Sheldon. I'll take this one. We tried to be really transparent in the press release and give everyone like direction on the legal proceedings we've started. I'm a little limited in what I can say, but I can provide some background and direction to you in the market. First of all, I'm going to start by saying we're just extremely confident in our legal position.

法哈德，我是謝爾頓。我選這個。我們在新聞稿中力求完全透明，並向所有人說明我們已經啟動的法律程序。我能說的可能有限，但我可以為你提供一些市場背景資訊和方向。首先，我要說的是，我們對自己在法律上的立場非常有信心。

We're owed about USD 10 million. STEP's market cap is a little over CAD500 million. They have production, they have cash flow. They clearly have the ability to pay. We are in dialogue with Steppe's controlling shareholder.

我們被拖欠了大約1000萬美元。STEP的市值略高於5億加幣。他們有生產能力，也有現金流。他們顯然有能力支付。我們正在與Steppe的控股股東進行對話。

There is no doubt in my mind that they are building Phase 2. And the last thing I'd note is we're going to land in the top half of our guidance range even if we don't receive a single ounce from Steppe Gold here to the end of the year. I really can't go any further into how this is going to get resolved, but we are in discussions, and we are very confident in our legal position.

我確信他們正在建設二期工程。最後我想指出的是，即使到年底我們一盎司黃金都無法從 Steppe Gold 獲得，我們的業績也將達到預期範圍的上半部分。我真的無法進一步透露此事將如何解決，但我們正在進行討論，我們對我們的法律立場非常有信心。

Okay. And then just -- sorry, just maybe a follow-up, if you can answer this part. You're in discussions with the largest shareholders. Are you in discussions directly with Steppe Gold?

好的。然後——抱歉，可能還有一個後續問題，如果您能回答這部分的話。您正在與最大的股東進行洽談。您是直接與 Steppe Gold 洽談嗎？

I would take the largest shareholder as being in discussions with Steppe Gold.

我認為最大的股東正在與 Steppe Gold 進行洽談。

Sam Overwater, Scotiabank.

Sam Overwater，加拿大豐業銀行。

I just had a question on the transaction opportunities. I think the last time we spoke, you guys were evaluating opportunities between $100 million and $300 million. I just wanted a little bit more color on that. Like what geographies and jurisdictions are these opportunities in? What are the structures of these deals, debt equity stream, et cetera?

我只是想問一下關於交易機會的問題。我想我們上次談話時，你們正在評估金額在 1 億美元到 3 億美元之間的投資機會。我只是想讓它顏色更豐富一些。這些機會具體分佈在哪些地區和司法管轄區？這些交易的結構是什麼？例如，債務股權融資等等？

Is there any royalty opportunities -- and then on top of that, too, like what are the -- a lot of the purposes on the transactions in terms of asset sales, construction funding, et cetera?

是否有任何特許權使用費機會？除此之外，交易還有哪些用途，例如資產出售、建造融資等等？

Yes. Thanks, Sam. I appreciate that. Yes, the opportunity set, I think, still is squarely in the $100 million to $300 million. Obviously, we've done deals that are smaller than that.

是的。謝謝你，山姆。我很感激。是的，我認為機會仍然主要集中在 1 億美元到 3 億美元之間。顯然，我們也做過比這規模更小的交易。

We'll look at those. There are larger ones as well. It's probably instructive to look at what we've done already year-to-date. We've done $350 million of deals year-to-date. It's a pretty good mix of smaller royalties than we had the larger Arthur transaction, which is actually a corporate transaction, which is just another way to find good assets at reasonable prices for our portfolio.

我們會查看這些。也有更大的。回顧我們今年迄今為止所做的事情，或許會很有啟發性。今年迄今為止，我們已經完成了價值 3.5 億美元的交易。與之前規模較大的 Arthur 交易相比，這次的特許權使用費組合相當不錯。 Arthur 交易實際上是一筆公司交易，這只是我們以合理價格為投資組合尋找優質資產的另一種方式。

The opportunity set, it's a real mix. I mean, it's streams, it's royalties. I would say it's concentrated in jurisdictions that investors will be very happy with, I would say, like the Americas traditional mining jurisdictions. And the use of proceeds or what's driving it, it really runs the gamut. I think you kind of summed it up pretty well.

機會多樣，可謂包羅萬象。我的意思是，這涉及到播放量和版稅。我認為，這種趨勢主要集中在投資者會非常滿意的地區，例如美洲傳統的礦業管轄區。至於收益的用途或驅動因素，則涵蓋了方方面面。我覺得你總結得相當不錯。

It's -- people need money for various things, and that creates the opportunity for companies like ours to step in with financing.

這是因為——人們需要錢來做各種各樣的事情，這就為像我們這樣的公司提供了融資的機會。

Great. And then just on top of that as well, corporate transactions. How are you guys assessing corporate transactions relative to sort of other opportunities in the current landscape? Is there anything you're currently considering?

偉大的。此外，還有公司交易。在當前情況下，你們如何評估企業交易與其他機會之間的關係？你目前有什麼正在考慮的事情嗎？

Yes. I mean I don't view a big distinction between corporate transactions and other transactions. I mean we acquired that Arthur royalty. It was via an acquisition of Origin and then a spinout. The Maverix acquisition was a way to acquire a great portfolio at a reasonable price. So we're always looking for ways to add good assets to our portfolio at returns that are attractive and accretive to shareholder value.

是的。我的意思是，我不認為公司交易和其他交易之間有很大的區別。我的意思是，我們獲得了亞瑟王的血統。這是透過收購 Origin，然後分拆出來的。收購 Maverix 是以合理的價格獲得優質資產組合的一種方式。因此，我們一直在尋找方法，以具有吸引力的回報為我們的投資組合增加優質資產，從而提升股東價值。

Great. And then lastly, does Triple Flag currently have like an equity portfolio to sell? Are you considering any sales in an equity portfolio or anything like that?

偉大的。最後，Triple Flag目前是否有股票投資組合可供出售？您是否考慮出售股票投資組合中的任何資產或進行類似操作？

No.

不。

Brian MacArthur, Raymond James.

Brian MacArthur，Raymond James。

I just wondered if you can comment a little bit on Prieska and what's going on there. I mean, there's a statement Orion looks like they've signed a term sheet with Glencore. But what actually needs to happen there for you to move that forward post -- other than the South African regulatory approvals?

我只是想問您能否稍微談談普里斯卡以及那裡正在發生的事情。我的意思是，有一份聲明稱Orion似乎已經與嘉能可簽署了一份意向書。但除了獲得南非監管部門的批准之外，你還需要做些什麼才能推進這篇文章的發布呢？

Brian, it's James. I'll pick that up. So as you'll recall, Prieska was always contemplated as a single integrated project comprising two zones, what they refer to as the Uppers, which is the upper remnant areas of the historical mine and the Deeps, which is the sort of untouched sulfide ore body. The Deeps is of great interest to us because it hosts the precious metals. It also has the exploration upside and it's the part of the ore body we're most focused on.

布萊恩，我是詹姆斯。我去取。因此，正如你所記得的，普里斯卡礦一直被設想為一個單一的綜合項目，包括兩個區域，他們稱之為上部區域，即歷史礦山的上部殘餘區域，以及下部區域，即未開發的硫化物礦體。深海區域對我們來說非常重要，因為它蘊藏著貴金屬。它還具有勘探潛力，也是我們最關注的礦體部分。

The company through looking to stage their capital expenditures has disaggregated the project to the Uppers, which they'll develop first and the Deeps that they'll develop progressively thereafter. There is a dewatering component to that.

該公司為了分階段進行資本支出，將專案分解為上層和下層。上層將首先開發，下層將隨後逐步開發。這其中包含脫水步驟。

And as you noted, they've received, I think, a very supportive non-binding letter of intent from Glencore, which they're working through at the moment. So that is all very positive. Given our primary economic interest is in the Deeps, we will be evaluating the right but not obligation to fund the stream into the Deeps when they actually are at the stage to make a final investment decision on that project.

正如你所指出的，我認為他們已經收到了嘉能可發來的非常支持性的、不具約束力的意向書，他們目前正在處理此事。所以這些都是非常正面的方面。鑑於我們的主要經濟利益在於深海油田，我們將評估是否有權（但沒有義務）在深海油田專案最終投資決策階段為其提供資金。

So we expect the company to make an investment decision on the upper this year and an investment decision on the Deeps next year. So as a reminder, we have no obligation to fund the stream, but we like the asset. So it's a funding decision for Triple Flag in 2026.

因此，我們預計該公司今年將對上層區域做出投資決定，明年將對下層區域做出投資決定。所以再次提醒大家，我們沒有義務資助該直播，但我們喜歡這個資源。所以這是 2026 年 Triple Flag 的資金決定。

But just to be clear, so can you -- I mean, do they develop the upper, if you think of it that way with the money they have and you just get the option to wait and then just come in on the lower? Or do you have to execute once they make a decision to do the upper, if I want to look at it that way. That's what I'm trying to figure out is when you're I get it, you've got -- you have the option to do it or not do it, but I don't know if there's a drop dead part of the contract that makes you decide or whether you can wait and see how the second part goes if you see what I'm saying?

但說清楚一點，你也可以──我的意思是，如果他們用現有的資金開發上層，而你只能選擇等待，然後再參與下層開發，那麼他們是否可以開發上層呢？或者，如果我這樣理解的話，是不是一旦他們決定進行上半部分，你就必須執行？這就是我想弄清楚的，當你…我明白了，你可以選擇做或不做，但我不知道合約中是否有一個必須立即做出決定的條款，或者你是否可以等等看第二部分進展如何，你明白我的意思嗎？

Yes, we can wait until the second part is ready to go. The nice thing is that the company will be progressing with the dewatering of the Deeps while mining the Uppers, so that they continue to derisk and develop the project whilst we get the opportunity to wait to make the investment decision on the Deeps. So there's no drop debt in that sense. We just have the opportunity to wait a little longer. You'll recall we have a small royalty on the project as a whole. So when the upper start producing, obviously, the royalty will pay because that applies to both zones.

是的，我們可以等到第二部分準備好後再進行。好消息是，該公司將在開採上層油田的同時推進深層油田的排水工作，這樣他們就可以繼續降低風險並推進專案開發，而我們則可以有機會等待時機再對深層油田做出投資決定。所以從這個意義上講，不存在債務減免。我們只是有機會再等一段時間。您應該記得，我們​​從整個專案中收取少量版稅。所以，當上游開始生產時，很顯然，版稅就會支付，因為這適用於兩個區域。

Derick Ma, TD Cowen.

Derick Ma，TD Cowen。

On the El Mochito stream disposal, you got a fair amount of consideration to perhaps a win-win situation for both parties. But could you discuss how the situation arose and how you evaluate these types of situations versus retaining optionality in the portfolio?

在 El Mochito 溪流處置問題上，人們已經充分考慮了雙方可能實現雙贏的局面。但是，您能否談談這種情況是如何發生的，以及您如何評估這類情況與在投資組合中保留選擇權之間的關係？

Yes. Sure, Derick. It's Sheldon. I'll speak to that. El Mochito, it's a fairly small mine. It's based in Honduras. We acquired as part of the Maverix portfolio. It was undercapitalized and they were having difficulty servicing the stream as part of their operations. Eventually, what we did, and we're close to the operator. They're a private company, and we were looking for ways to get additional capital that was not our capital into that project so they could be in a position to start paying out on the stream.

是的。當然可以，德瑞克。是謝爾頓。我會就此發表看法。El Mochito是一個規模較小的礦場。它位於洪都拉斯。我們收購了 Maverix 投資組合的一部分。由於資金不足，他們在營運過程中難以提供溪流服務。最終，我們做到了，而且我們離操作員很近了。他們是一家私人公司，我們當時正在尋找方法，將我們自己的資金以外的額外資金投入到該專案中，以便他們能夠開始支付收益。

Basically, I think this is a win-win-win situation where we found the outside capital, they're bringing that in, and then we're structuring ourselves to come out on these terms. It's good value for us, and I think it allows them to move forward without the stream in place.

基本上，我認為這是三贏的局面，我們找到了外部資本，他們帶來了資金，然後我們調整自身結構以接受這些條款。這對我們來說很有價值，而且我認為這讓他們能夠在沒有串流媒體服務的情況下繼續前進。

Okay. And how do you kind of evaluate these type of situations versus retaining optionality when you look across your portfolio when other opportunities come up like this?

好的。那麼，當你檢視你的投資組合，發現其他類似的機會出現時，你該如何評估這類情況與保留選擇權之間的關係呢？

I mean, every situation is different. I think -- I put it this way, I'm very happy with the structure of this -- and the way this is being resolved. It's getting us good value out. It allows them to go on. Generally, we're not looking at selling streams, but this is essentially a structured sale of a stream, but it's really based on an asset-by-asset basis.

我的意思是，每種情況都不一樣。我認為——這麼說吧，我對這個方案的結構以及它的解決方式非常滿意。它為我們帶來了很好的性價比。這讓他們能夠繼續前進。一般而言，我們不打算出售串流媒體，但這本質上是一種結構化的串流媒體出售，但它實際上是基於逐個資產進行的。

(Operator Instructions) Cosmos Chiu, CIBC.

（操作說明） Cosmos Chiu，CIBC。

Maybe my first question is on Minera Florida. James, you mentioned that you were on site. My understanding is that this past quarter or this past year, there's been some issues in terms of negative grade reconciliation, unplanned mine sequencing into lower-grade ore zones. I think you mentioned that as much as well in your guidance. You said, I think Minera Florida long term was capable of doing 75,000 to 100,000 ounces.

也許我的第一個問題是關於佛羅裡達州的米內拉。詹姆斯，你提到你當時在現場。據我了解，在過去的一個季度或去年，負品位礦石的核算出現了一些問題，礦山開採順序被錯誤地安排到了低品位礦石區域。我認為您在指導中也多次提到這一點。你曾說過，我認為 Minera Florida 長期來看有能力生產 75,000 至 100,000 盎司黃金。

This past year, 78,000 to 90,000. So the top end is lower. So I guess my question is, James, how much of that have you factored in into your valuation? And is it just really a one-off and it's really going to bounce back? Or how do you look at it?

去年，78,000 至 90,000 人。所以高端產品價格較低。所以我想問的是，詹姆斯，你在估值時考慮了多少這些因素？這真的只是一次性的現象，真的會很快恢復嗎？或者你怎麼看待這個問題？

Yes, Carl, good question. The valuation and the production assumptions over a short period of time, of course, you consider what's actually happening on the short term as a guide for the long term. But the interesting thing is, as you know, about Minera Florida is there's a very long history of operations here. So we actually had access to the full history of production records that gave us great confidence in the forecast. And at the end of the day, quarterly variance in a gold mine is not a new thing.

是的，卡爾，問得好。當然，在短期內進行估值和生產假設時，要考慮短期內實際發生的事情，以此作為長期發展的指導。但有趣的是，如你所知，米內拉佛羅裡達公司有著非常悠久的營運歷史。因此，我們實際上可以查閱完整的生產記錄，這使我們對預測充滿信心。歸根究底，金礦的季度波動並不是什麼新鮮事。

So for sure, there's quarterly variance on-month scale that exists, and I'm sure it will occur in the future. But in the long term, we think the mine will operate in accordance to how it's operated historically, which is in the range we stated.

所以可以肯定的是，季度間的月度波動是存在的，而且我相信未來也會發生這種情況。但從長遠來看，我們認為該礦的運作方式將與歷史上的運作方式相同，即在我們所說的範圍內。

Maybe switching gears a little bit, bigger picture. Sheldon, as you mentioned, you reiterated in your release as well, 2029 guidance outlook. Outlook is you're still looking for 135,000 to 145,000 ounces GEOs. That's a very good increase from what level you're at today. Could you maybe summarize for us what goes into that thinking? What needs to come on for you to hit that growth into 2029?

或許我們可以稍微換個角度，從更宏觀的角度來看這個問題。謝爾頓，正如你所提到的，你在新聞稿中也重申了2029年的業績展望。展望未來，您仍然在尋找 135,000 至 145,000 盎司的 GEO。這比你目前的水平有了很大的提升。您能否為我們概括一下這種思考方式背後的原理？要實現 2029 年的成長目標，還需要哪些條件？

Yes, sure. Carlos, I can take that. We've got a few assets ramping up. There's some new assets, too. Sheldon mentioned the Arcata silver mine, that has literally shipped concentrate for the first time this week.

當然可以。卡洛斯，我可以接受。我們有幾項資產正在加速投入營運。此外，還有一些新的資產。謝爾頓提到了阿卡塔銀礦，該礦本週首次開始運送精礦。

That will be ramping up into 2026. There are other assets, obviously adding Minera Florida is a small addition, 3Q, Johnson Camp all ramping up. Montage is building Koné, which will be additive to that outlook. But there's also -- we expect production increases from some of the operating mines. We expect after a lower year next year from Northparkes that to start building back up again.

這一趨勢將持續到2026年。當然還有其他資產，例如 Minera Florida 的加入只是小幅成長，3Q 和 Johnson Camp 都在加速發展。Montage 正在打造 Koné，這將進一步增強這種前景。但同時，我們也預期一些營運中的礦場產量會增加。我們預計 Northparkes 明年的產量會下降一些，但之後會開始回升。

We expect increased volumes from (inaudible), although incremental. Same with Beta Hunt, Westgold has been very public with an expansion to Beta Hunt 2 million tonnes per annum, which is on track. So all of those additions build up to the outlook number. So there isn't one specific asset that drives that increase. It's actually nicely diversified across a large suite of well-positioned assets.

我們預期（聽不清楚）的音量會增加，儘管只是漸進式的。Beta Hunt礦也是如此，Westgold公司公開宣布將Beta Hunt礦場的年產能擴大至200萬噸，目前進展順利。因此，所有這些增加最終都會影響預測數字。因此，並沒有哪一項特定的資產推動了這種成長。實際上，它的投資組合相當多元化，涵蓋了一系列定位良好的資產。

Great. And then maybe one last question, the 2025 GEOs. The gold/silver ratio you've used is 85:1 in terms of the calculation of GEOs converting silver into gold. I just want to confirm, silver has actually outperformed a little bit compared to gold into 2025. That benefits Triple Flag.

偉大的。最後，或許還有一個問題，關於 2025 年的全球經濟情勢。您使用的金銀比率是 85:1，這是根據 GEO 將白銀兌換成黃金的計算得出的。我只是想確認一下，到 2025 年，白銀的表現確實比黃金略好一些。這對三旗公司有利。

Am I correct in the sense that I think there's a good percentage of your revenue actually coming from silver. That's number one. Number two, it also benefits your GEO calculation, if I'm not mistaken, if you can confirm that as well. And then third, when do you consider, I guess, changing that ratio? Or I guess, it's not too late in 2025, it's not needed in 2025, but how do you consider that into 2026?

我的理解是否正確，即你們的收入中有相當一部分實際上來自白銀。這是第一點。第二，如果我沒記錯的話，它也有助於你的 GEO 計算，如果你也能確認這一點的話。第三，我想，你打算什麼時候考慮改變這個比例呢？或者說，到 2025 年還不算太晚，2025 年可能不需要，但到了 2026 年該如何考慮呢？

Carl, it's Sheldon. I'll take that. 85:1, that's pretty close to what it is right now. Obviously, it's volatile. It moves around.

卡爾，我是謝爾頓。我接受。 85:1，這跟現在的賠率很接近。顯然，它波動性很大。它會四處移動。

It's been various places during the year. I think year-to-date, and you're right, obviously, as the silver price is stronger relative to gold price, that helps GEOs and the opposite when the opposite occurs. The year as a whole, we've actually had a bit of a headwind on the average silver price because of just the timing of when the silver price ran. And I think that's come across in ourselves and all our peers. We always make an allowance for that.

一年中它去過很多地方。我認為就今年迄今為止的情況來看，你說的沒錯，顯然，由於白銀價格相對於黃金價格走強，這對黃金等貴金屬有利，反之亦然。今年以來，由於白銀價格走勢的時機問題，白銀平均價格實際上受到了一些不利影響。我認為這一點在我們自己和我們所有的同齡人身上都有所體現。我們總會考慮到這一點。

We're pretty conservative when trying to set our guidance. And so we just accommodated that within our production. Right now, it's coming in line. And in terms of assessing it, I mean, we just -- every time we put out a new guidance or anything like that, we look at what the current gold/silver ratio is and make sure we're not too far out of line and that is properly conservative. Obviously, when we do our 2026 guidance, we'll look at what the conditions are at that time and react accordingly.

我們在製定指導方針時相當保守。所以我們在生產過程中就考慮到了這一點。現在，它正在排隊等候。至於評估方面，我的意思是，我們每次發布新的指導意見或類似內容時，都會查看當前的黃金/白銀比率，確保我們不會偏離太遠，並且這樣做是適當的保守做法。顯然，在製定 2026 年的指導方針時，我們會考慮屆時的具體情況並做出相應的反應。

Yes. Sounds like a good plan. And I guess the important part, Sleldon, as you mentioned, is that you're now aiming for the top end of guidance for 2024.

是的。聽起來是個好計畫。斯萊頓，我想最重要的是，正如你所說，你們現在的目標是實現 2024 年業績指引的上限。

That's right. silver prices all the way through.

沒錯，銀價一直保持穩定。

Congrats on the solid Q3.

恭喜第三季業績穩健。

At this time, we have no further questions. I will now turn the call over to Sheldon Vanderkooy for closing remarks.

目前我們沒有其他問題了。現在我將把電話交給謝爾頓·范德庫伊，請他作總結發言。

Yes. Thanks, everyone. Q3 was another good quarter, and we're actually having just a great year in 2025. Really appreciate the support from all of our investors. Thank you all. Bye.

是的。謝謝大家。第三季度又是一個不錯的季度，而且我們2025年其實也是非常棒的一年。非常感謝所有投資人的支持。謝謝大家。再見。

Ladies and gentlemen, this concludes today's conference call. You may now disconnect your lines. We thank you for your participation. Have a pleasant day.

女士們、先生們，今天的電話會議到此結束。現在您可以斷開線路了。感謝您的參與。祝您今天愉快。