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  • Pages
  • Editions
01 Cover
02 Welcome Letter / Sections
03 Article & Interview Directory
04 Section 1: Introduction
05 Introduction to Mining in Ontario
06 Government of Ontario Interview
07 Ontario Mining Association (OMA) Interview
08 Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Interview
09 Navigating Uncertainty
10 Ormston List Frawley LLP Interview
11 PDAC Interview
12 Section 2: Production and Development in Ontario
13 Production in Ontario
14 Map of Ontario Mines
15 Newmont Interview
16 Barrick Gold Interview
17 Wesdome Gold Mines Interview
18 Alamos Gold Interview
19 Evolution Mining Interview
20 A New Wave of Ontario Gold Mines
21 Argonaut Gold Interview
22 Equinox Gold Interview
23 Industry Thoughts: Production and Development in Ontario
24 Section 3: Mining Finance
25 Mining Finance and Investment
26 Insights from the Toronto Stock Exchange
27 PearTree Securities Interview
28 Triple Flag Interview
29 Red Cloud Securities Interview
30 IBK Capital Interview
31 Stifel Interview
32 Roth Canada Interview
33 Industry Thoughts: Mining Finance Trends
34 Section 4: Toronto's Global Reach
35 Toronto’s Global Reach
36 Toronto's Global Reach Map
37 Rupert Resources Interview
38 Eloro Resources Interview
39 Industry Thoughts: Global Operations Based in Ontario
40 Eyes on Latin America
41 Torex Gold Resources Interview
42 Minera Alamos Interview
43 Sable Resources Interview
44 Section 5: Junior Exploration
45 Junior Exploration
46 Great Bear Resources Interview
47 Exploring Across Canada
48 O3 Mining Interview
49 Purepoint Uranium Group Interview
50 ALX Resources Interview
51 Industry Thoughts: Gold Juniors Have Their Say
52 Gold Juniors Replacing Depleting Resources
53 Moneta Gold Interview
54 Goldshore Resources Interview
55 Galleon Gold Interview
56 Element79 Gold Interview
57 Signature Resources Interview
58 Section 6: ESG and the Battery Materials Supply Chain
59 Transition Metals on the Rise
60 Conquest Resources Interview
61 Generation Mining Interview
62 Inventus Mining Interview
63 Noble Mineral Exploration Interview
64 The Move to Combat Climate Change Gathers Pace
65 Insights from Onyen Corporation
66 Thorn Associates Interview
67 Leading the Charge
68 Electra Battery Materials Interview
69 Frontier Lithium Interview
70 Industry Thoughts: Entering The Transition Economy
71 The Battery Material Supply Chain
72 ION Energy Interview
73 Clean Air Metals Interview
74 Section 7: Services, Technology and Innovation
75 Engineering, Construction & Consultancies
76 Ausenco Interview
77 Cementation Americas Interview
78 PCL Construction Interview
79 Redpath Mining Interview
80 Technological Advancements & Innovation
81 Industry Thoughts: Canadian Associations
82 EY Interview
83 Maestro Digital Mine Interview
84 Centric Mining Systems Interview
85 Industry Thoughts: OEMs Have Their Say
86 Drone Delivery Canada Interview
87 Sofvie Interview
88 Novamera Interview
89 Industry Thoughts: Paving the Way for ESG Reporting
90 Section 8: Company Profiles
91 Wesdome Company Profile
92 ION Energy Company Profile
93 PearTree Securities Company Profile
94 Ormston List Frawley Company Profile
95 Maestro Digital Mine Company Profile
96 Sofvie Company Profile
97 Credits

Shaun Usmar, Founder and CEO,

TRIPLE FLAG PRECIOUS METALS

"Streaming is becoming widely accepted as it is a patient and forgiving form of financing for mine developers and complements traditional financing when structured well."

How has Triple Flag evolved over the past few years?

Triple Flag has delivered tremendous growth. In 2020, we had five projects come online that are ramping up, and we expect to have annual growth in gold equivalent ounces (“GEOs”) of 30% in 2021, building on a sector-leading 24% CAGR from 2017 to 2020. When we last met, Triple Flag had completed a small Mongolian deal with Steppe Gold on the ATO mine, which hit commercial production in 2020. Since then, the company completed a transaction with RBPlat in South Africa, where we streamed gold on their PGM mines, added the best and largest precious metal stream we have seen in five years, which was the US$550 million gold and silver stream on the Northparkes copper mine in Australia, and did the largest mining IPO on the TSX since 2012 in May 2021.

How has the stigma that private money cannot compete with large publicly-listed royalty companies evolved?

We’ve proven the opposite. We believed that there was real opportunity for additional stream and royalty financing to service the funding needs of mining companies, particularly where larger cheques and technical and commercial know-how represent significant barriers to entry. Our demonstrated growth has proven our beliefs to be true, and we see that continuing. The bulk of our efforts are focused on idea generation - putting proposals in front of mining companies and educating them on the benefits it can provide - versus just participating in auctions. We aim to supplement or replace conventional financing while offering miners solutions that meet their specific needs. Streaming is becoming widely accepted as it is a patient and forgiving form of financing for mine developers and complements traditional financing when structured well.

How central is ESG to Triple Flag’s investments?

ESG is an increasing focal point for investors in the sector. Triple Flag has considered our role as a capital provider from first principles - how to live our values and make a positive impact in this ecosystem. It starts by recognizing that we are a financier and not an operator. Our point of greatest impact is at the time of investment when we choose who we partner with. We avoid deals where we are concerned about ESG practices and orientations. We like to invest alongside our partners to enhance their privilege to operate with their host communities and governments, and have funded scholarship programs with various partners, including Royal Bafokeng Platinum and Northparkes. We are also working with our partners towards reducing carbon emissions, and report the scope 1, 2 and 3 carbon emissions associated with our portfolio that account not only for the emissions from our corporate activities, but also attributable emissions from our investment into mining companies. We then acquire accredited offsets to ensure the ongoing carbon neutrality of our business.

Can you elaborate on how you see M&A activity unfolding in the new mining cycle?

The evidence at the moment is that management teams are perhaps demonstrating too much fidelity to the lessons learnt from the last cycle. We are seeing more discipline in capital allocation, companies are returning capital via share buybacks, growing dividends are being paid, and balance sheets are in good shape. On the other hand, this focus has resulted in a relative scarcity of capital being made available to sustain the industry longer term via exploration, reserve replacement, and new project delivery. The sector is also too fragmented, with individual companies lacking the scale to be relevant in the minds of many investors and OEMs, which I think creates the conditions for more thoughtful M&A. This is especially relevant with regards to the energy transition, where I believe EV and battery OEMs are underestimating the full extent of the vertical supply chain they will need to satisfy potential consumer demand for EVs. In a relatively fragmented sector, consolidation would help satisfy the near-term demand while investment into exploration and development of new mines catches up. Stream and royalty financing can help fund M&A activity in a symbiotic manner. I’m excited about the promise of this next cycle.

Next:

Interview: Red Cloud Securities