Portfolio Overview

Proven business model

The substantial technical and execution capabilities of our experienced management team has delivered a high-quality, diversified portfolio that remains well positioned for further value-accretive growth.

A high-quality precious metals stream and royalty portfolio

Our diversified portfolio of streams and royalties provides exposure to production from a suite of long-life mining assets, including the Cerro Lindo polymetallic mine in Peru (Nexa), the Fosterville gold mine in Australia (Kirkland Lake Gold), the Buriticá gold project in Colombia (Continental Gold), the Royal Bafokeng PGM properties in South Africa (Royal Bafokeng), the Young-Davidson gold mine in Ontario (Alamos Gold), the Gunnison copper project in Arizona (Excelsior) and the Pumpkin Hollow copper project in Nevada (Nevada Copper), among others.

Portfolio composition

on key metrics as at October 31, 2019

Footnotes
  1. Excludes diamond Mineral Reserves, assets that do not have reported Mineral Reserves and Dargues. Cost curve position is based on the primary commodity of the asset and the Wood Mackenzie (copper, gold or zinc) or S&P Global Market Intelligence; SNL Metals & Mining Data (PGMs) 2018 global cost curves. Cost curve position for a producing mine is based on total cash cost data from Wood Mackenzie or SNL and for a non-producing project is based on the life-of-mine total cash cost specified in the relevant technical report or competent persons’ report and compared against data from Wood Mackenzie. Life-of-mine total cash costs for non-producing projects are estimates only and actual results following commencement of production may be materially different.
  2. Portfolio composition by cost curve position and by reserve life are each weighted based on gold equivalent Mineral Reserves attributable to Triple Flag’s royalty and stream interests. Mineral Reserves attributable to Triple Flag are calculated as the total Mineral Reserves of the underlying mine or project multiplied by Triple Flag’s stream or royalty percentage interest. Mineral Reserves for the Gunnison project are based on recoverable copper using an average total copper recovery of 48% and assuming a life-of-mine average stream interest of 4.2% of payable copper. Gold equivalency is calculated using US$1,350/oz Au, US$18.00/oz Ag, US$3.00/lb Cu, US$7.00/lb Ni, US$1.00/lb Pb, US$1.00/lb Zn and US$100/ct.
  3. Precious metals includes GEOs derived from gold and silver revenues. Other includes GEOs derived from diamond revenues.
  4. Excludes assets that do not have reported Mineral Reserves, and Dargues, Eagle River and Hemlo.
  5. Reserve life of operating mines is calculated as Mineral Reserves divided by reported production for the year ended December 31, 2018. Reserve life of non-producing projects is the life-of-mine (‘‘LoM’’) specified in the relevant technical report or competent persons’ report. Reserve lives for non-producing projects are estimates only and actual results following commencement of production may be materially different.

Investment Criteria

We focus our investments on underlying operations with cost structures that ensure the viability of the mine, while also assessing the financial risk of our counterparties and prioritizing contractual protections in order to enhance the security of our investments.

Commodities exposure: gold and silver

Balanced by assessing exposure to base metals and bulk commodities from time to time while maintaining our long-term target portfolio precious metals content of at least 80%

ESG values: core to Triple Flag

We believe in the essential good that ethical mining provides society, and recognize that optimal ESG performance in the mining and metals business drives operational and reputational performance

Stage: producing or construction-ready and fully-permitted

Balanced by prudent investments across earlier stages of the mine life cycle to maintain exposure to a robust collection of development-stage assets and grow free cash flow per share over the long term

Geographies: the Americas, Australia and Europe

Balanced by willingness to pursue assets globally for appropriate risk-adjusted returns where we can ensure adequate protections and the asset quality justifies it