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Hey Sheldon. Good to see you. How's it going going? Well, thanks. I think I was going to start at the lectern and a few of course. So next up we have Sheldon Van Der Koo current CFO but incoming CEO of triple flag, I think Sheldon. You want to make a few comments first before joining me here for the farside channel. Yeah, thank you guys. And good afternoon everyone. It's it's great to be here at the Denver Gold Show. We, we started Triple Flag and I'm gonna make sure the clicker works here. We started triple flag in 2016. At the time gold is trading at just over $1300 an ounce. We didn't have a portfolio, no assets, no revenue, no cash flow. Right now gold is trading at over $2500 an ounce. I'm, I'm rounding down We have a portfolio of 236 assets in 2024. We're guiding for 100 and 5 to 100 and 15,000 gold equivalent ounces in our, in our last quarter, we achieved $50 million of operating cash flow. The royalty and stream model is working well. We also have a strong balance sheet. We have over $700 million of of available liquidity to deploy to new creative deals. Going forward. My message to you today is twofold. One, the streaming royalty model is working well and two the future is even brighter than the present. What I'm going to do is have a few slides. We're going to set out a few of the things that we've accomplished today and also what the vision is going forward. Triple flag realized its first production in 2017, in 2024 we're right on track to achieve our guidance. This would be our eighth consecutive annual production record better yet. The production comes from very good established mines such as North Parks, Sarah Lindo, Impala BNG, Beta Hunt. These are fantastic mines operated by premier operators and they're actually really centered in the Australia and the Americas and, and one of those is in South Africa, but a really good mining jurisdiction. In addition, we have a growing profile going forward. We have royalty exposure to really good development projects like Sk Creek and Kon. This production is coming online as gold prices are hitting new records. And the and the model is very effective at producing cash flow. These charts map the the left-hand chart, the operating cash flow, the free cash flow map very close to the production profile. The streaming and royalty model is working, we're not subject to the same operating cost, expansion and sustaining capital expenditure requirements that the producers often have. We're characterized by high margins, low overhead. And when the higher gold price translates very effectively into increased cash flows for the bottom line. And what does that mean that extra cash flow? It gene it goes right to the benefit of shareholders. There's two main benefits to shareholders in this cash flow. The first is a dividend. We've increased our dividend every year since we've gone public. When we went public in 2021 we had a dividend of 19 cents per share on an annualized basis. We've just recently paid our, our dividend at the increased rate of 22 cents. That's a 15% increase over over that period to date, we paid out over $100 million of cash flow to shareholders. The dividend can be increased in that steady fashion, steady annual fashion going forward indefinitely because right now the dividend takes a very small proportion of capital and that embedded growth in the portfolio is going to provide additional ounces and, and and cash flow going forward. But more exciting is using the excess cash flows over and above the dividend to to drive more value by reinvesting in new assets for the benefit of all shareholders. What I set out on the screen there is you see a case, some of the case studies of some of our investments to date. If you look at Sarah Lindo Beria, a to and foster bill, we've actually recovered all of our invested capital already. We also have significant future value. Still remaining shareholders are going to get gold and silver exposure from these mines for for years, if not decades to come. North Parks and PAA Baffle Keng are more recent investments. Those are 2022. But even there, you can see that we generated over 340 million of value over and above our invested capital to date. So right now where we are is we have a growing cash. We have a growing production profile, we have growing cash flows. The gold price is strong and growing and us producing extra cash flow. And when we, when we redeploy now there's no need to go out and get share capital for the for the first, you know, 100 and $5200 million of of acquisitions because that's being funded by the organic growth in the portfolio. What I'd like to leave you with is triple flag has a very strong portfolio that's producing robust cash flows and is poised to go produce even more cash flows going forward in, in in the future. I'm quite excited about the future. Thank you. Bye. Thank you, Sheldon. If you can come join me here. As you mentioned, Sheldon, you're certainly not new to the company, you are the key founders of the company from the very beginning. But you are, and you will be new to the position of CEO president and CEO. Should we expect any big changes? Little changes? No changes, what can we expect? Yeah, thanks cause you know, sometimes when there's a new CEO in the seat, it's because something hasn't gone according to script or people aren't happy with something and, and that's just not the fact pattern here. You know, I got, I got to know Sean and was working with Sean back in 2016 before we even had our first, our first asset. You know, I met James Engel who's a heads up corporate development has been promoted to chief operating officer. I met him in Lima on our way to the Sarah Lindo site visit back in 2016. So the the strategy is not changing. We still want to be really focused on, on cash flow, on doing a creative transactions and really with a, a really sharp eye to shareholder value. So, no, no, no great change is really a story of continuity. And as you mentioned, Sheldon, you, you're focused on cash flow focused on acquisitions and growth. You've maintained a very solid pace of acquisitions in the past quarter, including Ac Bo and Bonne grow. Can you talk about Africa and more broadly the opportunities you're seeing in the market? Yeah, there's actually a really good deep pipeline this year. And I think it's been there for the, for the entirety of the year. And it's characterized both by very large transactions that were, were in the marketplace and our competitors will be aware of these as well. But there was also a nice deeper bench in that in that pipeline. And, and one of those we brought to bear was the the Allied Gold Deal, which we're, we're just really pleased with, with that transaction, established team established mines. And we see a lot of upside further, further to those mines because the exploration hasn't been that robust on the property. They have scope to do, do a lot more with respect to Africa, that the deal flow always comes to you and, and sometimes it comes from 11 region or another and when it comes, you really have to make an assessment of do I like this investment in its totality? Cote d'ivoire is actually a pretty good mining jurisdiction. I think you have to distinguish between the different regions in Africa and where we're quite comfortable with Cote d'ivoire. Africa in general. Of course, there are some parts that are a little tougher to wrap your mind around and other parts I think are, are actually quite good jurisdictions to do business in. And Sheldon, it's interesting that you bring up that there's a strong opportunity set here. And you know, gold prices at all time highs, I would have thought that had impacted the expectations of producers versus the streaming of royalty companies. is that not the case? And you know, with gold prices remaining high, could that impact your optimum optimal return, potential, optimal return for a good acquisition target? Yeah, it it's a, it's a great question. Like when we started the company back in 2016, there was a number of years where the gold basically was in a channel between 1213 100. And I don't think people spend a lot of time like looking at what sort of gold price they put into their, into their price deck. And then starting with 2019, you saw a big move up and then kind of a along sideways movement, but a lot of volatility within that. Then obviously, we've had this, this latest leg in in, in 2024. I don't see anyone underwriting spot prices and I actually haven't seen producers expecting us to underwrite spot prices. I think the ideal opportunity set for a streaming company is really streaming Precious Metal by-product off of a base metal mine. So that way you're not competing with the operator for their, for their primary for their primary product. And you know, as we talked about there's growth and I think that was very evident in your presentation. Your guidance is to grow from 100 and 5 to 100 and 15,000 ounces in 2024 to 100 and 35 to 100 and 40,000 ounces by 2028. Maybe if we can talk about the different components, one key one, you know, your cornerstone is certainly North Parks and so on that., could you maybe talk about the recent introduction of a new Sub Cave and the longer term opportunities in terms of the E 22 ore body to help investors kind of visualize what the opportunity might be here. Yeah, tha thanks guys like North Parks is our, our, our cornerstone asset. It recently not so recently, maybe at the beginning of this year, it changed hands to evolution. Mining really enjoyed interacting with the evolution team and, and actually, I think we benefited from fresh eyes on that asset. I think it's the right operator for that asset. I think having an Australian come running. That is, is probably the right mix. What North Parks has is it actually has multiple ore sources, which is actually really nice for the streamer because it reduces some of the production risk you have. So they're able to pull ore from various components. And we've benefited this year from some relatively high grade gold pits where the the gold grades higher. It's a copper minus totality, they're going after the copper. But they've also you know, updated their mind plan. They've actually brought some new zones into the mine plan and it's actually really a creative for us. It wasn't in our investment case. So it's all additive to, to the investment case., in general, the,, gold grades are stepping up from what we've experienced in the past and staying and staying up., and the property is also relatively unexplored. You know, I, I think right now it's it has a, a 30 year mine life on, on consensus. But when you talk to the, the team on, on site and I was on site in in May, they actually think this could be the sort of 100 year mine. And there's there, they, they found one discovery there that, you know, is right in the middle of the mining license, like right in the middle of all the infrastructure and they've been operating there for 30 years and no one put it, no one had put a drill hole in that particular spot yet. And, and, and there, and there it is, they're, they're kind of excited about that. So I think as a, as a streamer, it's actually a wonderful asset because it has that wonderful optionality where you get that, that mine Life Extension and expansion, survey the room for any potential questions here. So I'll continue now. So it's interesting Sheldon, how you talked about the fact that, you know, some of these components here at North Parks was additive to your original investment case. Maybe if I can ask you, how often does that happen? Like in terms of potential developments being additive to your original investment case? And could you be on North Parks? Give us other examples? Yeah, I I can actually talk in general across the whole whole portfolio because we all, we all we all do our best to understand, do our diligence, create a mind plan. You have some kind of view of the future as to what happens and then you make your investment and and other things happen, things take a different sort of course. I do believe you get, you get evaluated on your, on your entire body of work. And so actually late last year, we actually said, well, let's look back and see how we did and see if there's any sort of lessons learned or any observations that we can glean from it. And it was it was actually quite, quite first when we're diligent in an asset, we rarely accept the seller model at face value. Often times once we've done our diligence, there is some kind of haircut, some kind of lowering some kind of allowance for things that go wrong, some kind of allowance for it. It's going to take more time. And anyone that invests in the mining sector is familiar with this sort of thing, what we found is if it's a development project. It probably takes a little bit more time than even we have handicapped. So we're trying to incorporate that into our new analysis going forward. We've also found that in general, it's a lot easier for a mind to come in with 5% less production than it is to go 5% more. And so there's a little bit of a downward skew in terms of in terms of deliveries, but on an annual basis, but we also found is we've actually outperformed our investment case on the whole on a metal volume basis. So I'm not tying us here to just metal prices going up and us benefiting from that. And what that is is from the Mine Life Extension. And we've seen that many, many examples. I put up the the case study of Serra Lindo, which we did in 2016, we had a eight or nine year mine life underwritten when we did that deal in 2016, we still have eight or nine years of mine ahead of us on, on, on that asset. And there's a number of other assets like that. So what happens is they find new resources and as a streamer and a royalty provider, you know, you don't participate in the exploration expense, you don't pay for the expansion, the extensions, the extra development, but you get to benefit from that. So you get a real positive tailwind through getting more volume than you had in your initial, in your initial spreadsheet. Great. you know, not everything kind of works out and maybe we can talk about some of the portfolio components that have not exactly worked out. You've written off 100 and $4 million as an impairment for pumpkin hollow. but turned it another way. as we all know, Nevada copper have been recently acquired by Quintero capital. So maybe, you know, can you talk about any kind of implications, lesson learned for triple flag? And what's the potential on a go forward basis? Yeah, so, so the Nevada Copper Pumpkin Hollow story is it's our worst investment, you know, and that's the, the one we wore. So that's not a happy story from us. And that's so those are lessons hard learned. You know, I think it was an over levered capital structure that we got into it played out over a number of years. So it really kind of got off script way back in 2020. And, and we've been kind of trying to work with the management team and hoping that there would be a good resolution and ultimately, those hopes didn't come to come to fruition. Again, that was partly what prompted our look back and see how do we do as a whole. So if you look at our, our body of work as a whole, our our investment performance, I think actually, stacks up as well with any in the sector. Like if you take a look at Q two and what our operating cash flow is and take that as a, A as a, as a percentage of our, our share capital contributed. And we're basically net Z 00 there. It's actually an 11% cash yield on, on invested capital. And I, and I think that's really strong in, in an environment with close to 0% interest rates for much of that deployment period. But on copper, I think over leveraged situation, I think the, the pe backer probably wasn't the right fix because it didn't have that multi asset producer behind it. And I actually think that someone might make money there, but we're not going to make any money. We were real down to zero and we're just kind of turning the page and and moving forward. Great. You know, Sheldon, your introductory comments, as you mentioned, you're one of the newer companies on this during this session here. So I'll be interested in your perspective in terms of how do you see your company in the next 5 to 10 years? And then you know, what do you see as some of the key risk in terms of key risks that are facing royalty, royalty and streaming business? Yeah, when like I think the fiveyear lens is a really interesting one. And, and first of all, you've given that fiveyear look forward for the current portfolio and like a 27% increase in Os delivered. But that's actually the, the sit on your hands. It's kind of the runoff scenario and we're not gonna do that. We're gonna be looking to put new money to work and the new investments. And I think on the whole, on a five year basis, I am very, very confident we're going to find good assets to deploy into. I mean, I really like that Allied deal that we did that we announced on the end of the last quarter. So if you look at the history of triple flag, we've done about 275 300 million on average of deployment. Now, it doesn't happen on the metronome. It's not like every quarter, you put out a little bit of money, it's, it's, it's lumpy. But if you do that, if you take that sort of figure, if you take even 250 times five, that's a billion and a quarter deployed. And I think we're at actually a really nice size, whereas if there's a $300 million stream and we, we enter into that stream that actually really moves the needle for triple flag still. We haven't outgrown the market by, by any means. And so I actually have really strong aspirations over those next five years. It's really finding good assets, good investments to deploy and on terms that we want to hold for the long term. And then, you know, this is a, a question I've asked the other companies as well in terms of capital allocation, how do you rank the different sources of capital allocation acquisitions dividend increases share buybacks and, and you know, some of the other potential uses of capital. Yeah. Yeah. The heart of that is really like the last answer, but I'll start with the dividend because the dividend is absolutely sacrosanct. We've had a dividend of 19 cents a share when we went public, we've increased it every, every cents. These are, you know, 5% a year increases every year, they add up over time. And I think it's actually important because this is a really strong cash flowing model and giving those direct returns to shareholders is important. But we have a lot more, a lot more cash flow than is required by that dividend. And then it's really finding good things to and invest in. And I'm completely confident we're gonna find a creative deals for shareholders over, over the, you know, any period of time you tend to say whether it one year or two years or three years. After that, I think NCIB is something which I think you always look at opportunistically. We're completely happy to, to, to engage on the NCIB if there's a way to shrink the denominator and return capital to shareholders in a way that each shareholder after the fact, has more value behind their triple flag share than than before the fact. But I think the real focus for us is on that deploying into good investments for the portfolio that just generate this sort of compound growth impact. And that leads in well to my next question and you're in a very unique position here in terms of this session, we've heard from your intermediate royalty companies, your you know, peer group, we're transitioning to some of the larger streaming and royalty companies later on during, during this session. What makes triple play unique? What makes it stand out, you know, what would be a lasting comment that you want to make to investors? Yeah, that, that, that's a great cause I think it's really been our trajectory of growth since 2016, starting with no cornerstone asset, no asset at all and building an asset by asset and Sean's moving on. But I've been there from the beginning, James has been there from the beginning. It's really AAA really solid core team that's been from the beginning. I think there's some really good assets in the portfolio like Sarah Lindo North Parks Beta Hunt that, that show really, really well and have great potential for the future. We have really nice longevity in our, and when we started the company in 2016, we, we squarely wanted to build a company that was very similar to the, the big three and we want that sort of quality. And I think that that's really being showing it, showing itself in 2024 we were the only having streaming company of, of size that actually had higher year over year. Our guidance was higher, year over year and we're completely delivering on that guidance. And you know, obviously we'll look at the 2025 guidance to come, but that portfolio has that embedded, paid for growth already in it. Great. Sheldon, that's all the time we have. Thanks again. Congratulations on the appointment.