Triple Flag Precious Metals Corp. (with its subsidiaries,
“Triple Flag” or the “Company”) (TSX: TFPM, NYSE: TFPM) today
announced that Sheldon Vanderkooy will succeed Shaun Usmar as Chief
Executive Officer and Director, effective upon the departure of Mr.
Usmar, who is stepping down to assume a new leadership role with a
major diversified mining company. Mr. Usmar will work closely with
Mr. Vanderkooy to ensure a seamless transition, anticipated to be
finalized in the fourth quarter of 2024.
Mr. Vanderkooy, a founding member of the Triple Flag team since
its inception in 2016, has played a pivotal role in the Company’s
growth trajectory over the past eight years. As a key member of the
senior management team, he has been an integral part of building
Triple Flag, starting with our first investment, the Cerro Lindo
silver stream. As Chief Financial Officer since 2019, he was
instrumental in delivering our successful US$264 million initial
public offering in 2021. His extensive background includes
executive roles with First Quantum Minerals and Inmet Mining,
following a partnership at a leading Canadian law firm specializing
in mining M&A and financing transactions. With more than 25
years of experience in the mining sector, Mr. Vanderkooy brings a
wealth of strategic insight and leadership to his new position.
Dawn Whittaker, Chair of Triple Flag Precious Metals,
said:
“I am extremely pleased to announce that Sheldon will succeed
Shaun as Triple Flag’s CEO. As an integral member of the Triple
Flag team from day one, Sheldon is ideally equipped to build upon
our significant achievements and take the Company to the next phase
of growth. Over the eight years since Triple Flag’s inception,
Shaun, Sheldon and the Triple Flag team have built a company that
has provided a significant return on investment for our
shareholders and an asset base that is diversified by jurisdiction,
operator and underlying commodity, and which will provide long-term
growth opportunities for many years to come. I would like to thank
Shaun for his many years of strategic foresight and dedication
while building a high-performing portfolio, team and company. As
both a leader and mentor, Shaun has inspired a culture of
collaboration and empowerment at Triple Flag, resulting in a
cohesive and high-performing team who will continue to uphold his
legacy. On behalf of the Board of Directors, I extend profound
gratitude to Shaun for his exceptional stewardship. We are deeply
appreciative of Shaun’s enduring contributions and wish him all the
best for the future.”
Sheldon Vanderkooy, incoming Chief Executive Officer and
Director of Triple Flag Precious Metals, said:
“I am proud to have been part of Triple Flag’s growth from a
startup in the royalty and streaming space to a significant player
with sector-leading GEOs growth and a track record of strong
shareholder returns under Shaun’s leadership. I wish Shaun the very
best for his future and will always be grateful for the opportunity
to work alongside Shaun in building Triple Flag into the
significant precious metals streaming and royalty company it is
today. I am also excited to lead Triple Flag in my new role as CEO.
The business is underpinned by a deep and talented team which I
look forward to leading in continuing our track record of growth
and generating strong returns for shareholders. I am highly
committed to continue creating shareholder value through increasing
NAV per share and cash flow per share.”
Shaun Usmar, outgoing Director and Chief Executive Officer of
Triple Flag Precious Metals, said:
“It is a bittersweet moment for me as I transition away from my
role as CEO of Triple Flag to one as a substantial shareholder. I
am immensely proud of the company we’ve built together over the
past eight years, from nothing more than a compelling idea that
warranted pursuit, to the fourth-largest precious metals streaming
and royalty company in the sector. The business has delivered the
leading growth rate in the sector for the past seven years and is
on track for our eighth consecutive year of record GEO sales, along
with the second ranking by Sustainalytics amongst the 118 companies
in our sector, a strong balance sheet, active deal pipeline, and
further record growth in the years ahead from our diversified
portfolio of 234 assets. We’ve built a great business, but our true
competitive advantage has always been the exceptional team that has
curated this portfolio, deal by deal. It is that combination of
unshakable belief in our team and the ongoing record performance of
our underlying assets that has created the conditions for me to be
able to take on a new challenge. I’m forever grateful to Elliott as
our founding investor and partner, our incredible team and board,
our impressive mining partners, and our supportive shareholders for
what we’ve built together. I’d also like to congratulate Sheldon
for his well-deserved promotion. Sheldon has been key to every
transaction and major milestone throughout the creation of our
business, and has been my close business partner and right hand in
helping shape our strategic direction. It has been a privilege to
work alongside him these past eight years in building Triple Flag.
His blend of integrity, impeccable commercial judgment, leadership
traits and attention to detail make him the perfect successor to
take Triple Flag to new heights.”
Mark Cicirelli, Director and representative of Elliott
Investment Management L.P., Triple Flag’s largest shareholder,
said:
“Elliott has backed Triple Flag since its establishment in 2016,
and today, the Company is incredibly well positioned, with a
world-class asset portfolio and a deeply talented management team.
Triple Flag’s disciplined growth is the product of a highly driven,
entrepreneurial, shareholder-focused culture, created by Shaun
Usmar and exemplified by Sheldon Vanderkooy. We have strong
confidence in Sheldon and the rest of this leadership team, and we
trust them to carry forward the strategic vision laid out by Shaun,
who built Triple Flag into the company that it is today. We thank
Shaun for his vision and dedicated leadership over the past eight
years, and we look forward to continuing to support Sheldon and the
Triple Flag team, as well as achieving new heights for shareholder
value creation.”
About Triple Flag Precious Metals
Triple Flag is a pure play, precious-metals‐focused streaming
and royalty company. We offer bespoke financing solutions to the
metals and mining industry with exposure primarily to gold and
silver in the Americas and Australia, with a total of 234 assets,
including 15 streams and 219 royalties. These investments are tied
to mining assets at various stages of the mine life cycle,
including 32 producing mines and 202 development and exploration
stage projects, and other assets. Triple Flag is listed on the
Toronto Stock Exchange and New York Stock Exchange, under the
ticker “TFPM”.
Forward-Looking Information
This news release contains “forward-looking information” within
the meaning of applicable Canadian securities laws and
“forward-looking statements” within the meaning of the United
States Private Securities Litigation Reform Act of 1995,
respectively (collectively referred to herein as “forward-looking
information”). Forward-looking information may be identified by the
use of forward-looking terminology such as “plans”, “targets”,
“expects”, “is expected”, “budget”, “scheduled”, “estimates”,
“outlook”, “forecasts”, “projection”, “prospects”, “strategy”,
“intends”, “anticipates”, “believes” or variations of such words
and phrases or terminology which states that certain actions,
events or results “may”, “could”, “would”, “might”, “will”, “will
be taken”, “occur” or “be achieved”. Forward-looking information in
this news release includes, but is not limited to, statements with
respect to the transition of the Company’s Chief Executive Officer
and an incoming board director. In addition, any statements that
refer to expectations, intentions, projections or other
characterizations of future events or circumstances contain
forward-looking information. Statements containing forward-looking
information are not historical facts but instead represent
management’s expectations, estimates and projections regarding
possible future events or circumstances.
The forward-looking information included in this news release is
based on our opinions, estimates and assumptions in light of our
experience and perception of historical trends, current conditions
and expected future developments, as well as other factors that we
currently believe are appropriate and reasonable in the
circumstances. The forward-looking information contained in this
news release is also based upon a number of assumptions, including
the ongoing operation of the properties in which we hold a stream
or royalty interest by the owners or operators of such properties
in a manner consistent with past practice; the accuracy of public
statements and disclosures made by the owners or operators of such
underlying properties; and the accuracy of publicly disclosed
expectations for the development of underlying properties that are
not yet in production. These assumptions include, but are not
limited to, the following: assumptions in respect of current and
future market conditions and the execution of our business
strategies; that operations, or ramp-up where applicable, at
properties in which we hold a royalty, stream or other interest
continue without further interruption through the period; and the
absence of any other factors that could cause actions, events or
results to differ from those anticipated, estimated, intended or
implied. Despite a careful process to prepare and review the
forward-looking information, there can be no assurance that the
underlying opinions, estimates and assumptions will prove to be
correct. Forward-looking information is also subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements to
be materially different from those expressed or implied by such
forward-looking information. Such risks, uncertainties and other
factors include, but are not limited to, those set forth under the
caption “Risk Factors” in our most recently filed annual
information form which is available on SEDAR+ at www.sedarplus.ca
and on EDGAR at www.sec.gov. In addition, we note that mineral
resources that are not mineral reserves do not have demonstrated
economic viability and inferred resources are considered too
geologically speculative for the application of economic
considerations.
Although we have attempted to identify important risk factors
that could cause actual results or future events to differ
materially from those contained in the forward-looking information,
there may be other risk factors not presently known to us or that
we presently believe are not material that could also cause actual
results or future events to differ materially from those expressed
in such forward-looking information. There can be no assurance that
such information will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such information. Accordingly, readers should not place undue
reliance on forward-looking information, which speaks only as of
the date made. The forward-looking information contained in this
news release represents our expectations as of the date of this
news release and is subject to change after such date. We disclaim
any intention or obligation or undertaking to update or revise any
forward-looking information whether as a result of new information,
future events or otherwise, except as required by applicable
securities laws. All of the forward-looking information contained
in this news release is expressly qualified by the foregoing
cautionary statements.
Cautionary Statement to U.S. Investors
Information contained or referenced in this press release or in
the documents referenced herein concerning the properties,
technical information and operations of Triple Flag has been
prepared in accordance with requirements and standards under
Canadian securities laws, which differ from the requirements of the
U.S. Securities and Exchange Commission (“SEC”) under subpart 1300
of Regulation S-K (“S-K 1300”). Because the Company is eligible for
the Multijurisdictional Disclosure System adopted by the SEC and
Canadian Securities Administrators, Triple Flag is not required to
present disclosure regarding its mineral properties in compliance
with S-K 1300. Accordingly, certain information contained in this
press release may not be comparable to similar information made
public by U.S. companies subject to reporting and disclosure
requirements of the SEC.
Technical and Third-Party Information
Triple Flag does not own, develop or mine the underlying
properties on which it holds stream or royalty interests. As a
royalty or stream holder, Triple Flag has limited, if any, access
to properties included in its asset portfolio. As a result, Triple
Flag is dependent on the owners or operators of the properties and
their qualified persons to provide information to Triple Flag and
on publicly available information to prepare disclosure pertaining
to properties and operations on the properties on which Triple Flag
holds stream, royalty or other similar interests. Triple Flag
generally has limited or no ability to independently verify such
information. Although Triple Flag does not believe that such
information is inaccurate or incomplete in any material respect,
there can be no assurance that such third-party information is
complete or accurate.
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version on businesswire.com: https://www.businesswire.com/news/home/20240723469354/en/
Investor Relations: David Lee Vice President, Investor
Relations Tel: +1 (416) 304-9770 Email: ir@tripleflagpm.com
Media: Gordon Poole, Camarco Tel: +44 (0) 7730 567 938
Email: tripleflag@camarco.co.uk
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