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Triple Flag Precious Metals Corp. has announced record metal sales of 83,602 gold equivalent ounces (“GEOs”) for 2021. This represents a new annual record, exceeding last year’s record by 33% and exceeding 2021 guidance of 80,000 to 83,000 GEOs. Triple Flag achieved record annual revenues of $150.4 million for 2021, an increase of 34% over 2020. Triple Flag also announced metal sales of 20,605 GEOs for the fourth quarter of 2021, resulting in revenues of $37.0 million in the quarter. All amounts are expressed in US dollars.
“2021 was a truly transformational year for Triple Flag”, commented Shaun Usmar, Founder and CEO. “We successfully completed our $250 million initial public offering (“IPO”) in May, with a further $14 million over-allotment option completed in June 2021. As we enter our sixth year, I’m particularly proud of our team’s track record of setting successive annual GEOs records for every year since our founding in 2016. These latest results further increase our sector-leading GEOs CAGR to 26%[1]. Our fully funded embedded growth is projected to continue, as per our ten-year GEOs outlook, while our disciplined deal making track record offers the potential for further significant accretive growth beyond those projections. Our deal pipeline is robust with opportunities at various stages in the deal process.
During the full year of 2021, our business sold 83,602 GEOs, exceeding our guidance of 80,000 to 83,000 GEOs. This represents an increase of 33% over 2020 GEOs, driven by the continued ramp-up of newly constructed mines, a full year of contribution from Northparkes, and a significant year-over-year increase in Cerro Lindo deliveries, which more than offset Covid-19 related production deferrals experienced by ATO due to associated supply chain disruptions. We are poised to benefit from further fully funded and embedded growth in 2022, as we expect ATO to resume production following receipt of key reagents, combined with the continued ramp-up of newly constructed mines such as Buriticá, Dargues, and Pumpkin Hollow. As part of our value-driven growth activities, we recently announced the acquisition of three royalties proximal to Gold Fields’ Salares Norte Project at the end of December 2021. In addition, our partner Talon Metals Corp. recently announced an agreement with Tesla Inc. for the supply of nickel concentrate while continuing to advance its Tamarack Nickel project, targeting production by 2026.”