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Triple Flag Announces US$440 Million Gold Stream on the Ravenswood Gold Mine and Increases 2030 Outlook

TFPMTSX:TFPM
  • Triple Flag Precious Metals Corp. agreed to acquire a gold stream on the producing Ravenswood Gold Mine in Queensland, Australia, for upfront cash consideration of US$440 million.
  • Closing is expected in June 2026, to be funded from available capital including $144 million in cash on hand and a $1.3 billion credit facility.
  • The stream entitles Triple Flag to 5.50% of payable gold from Ravenswood, stepping down to 3.75% after 194,200 ounces delivered, then to 2.50% after 253,000 ounces delivered.
  • Triple Flag will make ongoing payments of 10% of the spot gold price per ounce until 194,200 ounces are delivered, increasing to 20% thereafter.
  • Target cumulative quarterly gold deliveries begin in Q3 2026 through Q2 2028, totaling 22,928 ounces with quarterly volumes of approximately 2,300 to 3,300 ounces.
  • Annual production at Ravenswood is expected to exceed 200,000 ounces of gold by 2028, following 134,000 ounces produced in 2025.
  • The transaction increases Triple Flag's 2030 outlook to 150,000 to 160,000 GEOs, up from a previous range of 140,000 to 150,000 GEOs.
  • The Ravenswood Mine is one of Australia's 10 largest by ore reserves, containing 2.8 million ounces in proved and probable reserves and 3.6 million ounces in measured and indicated resources.
  • Joint owners EMR Capital and Golden Energy and Resources Pte. Ltd. (GEAR) have invested over A$830 million since acquiring the asset in 2020 to expand operations and secure its long-term future.
  • Stream proceeds will be utilized by the owners for debt reduction, while Triple Flag holds a right of first offer on new streams and royalties on the mine.
  • The stream includes two buydown options: a 25% rate reduction upon a change of control within 48 months and a one-time 15% discretionary buydown after 67,030 ounces delivered.
  • Obligations under the stream will be secured and registered in favor of Triple Flag following approval from the Foreign Investment Review Board (FIRB).
  • The Ravenswood Mine has a history of continuous operation since 1987, producing over 4 million ounces of gold historically, with significant in-pit and near-mine exploration potential across 1,800 km².