Triple Flag and Evolution to Unlock the Gold-Dominant E44 Deposit at Northparkes, Underpinned by Guaranteed Gold and Silver Deliveries
Triple Flag and Evolution to Unlock the
Gold-Dominant E44 Deposit at Northparkes,
Underpinned by Guaranteed Gold and Silver
Deliveries
TORONTO--(BUSINESS WIRE)--February 10, 2026--Triple Flag Precious Metals Corp. (with
its subsidiaries, “Triple Flag” or the “Company”) (TSX: TFPM, NYSE: TFPM) announces that
its wholly owned subsidiary, Triple Flag International Ltd. (“Triple Flag International”), has
agreed with Evolution Mining Limited (“Evolution”) to fund US$84.3 million in the fourth
quarter of 2026 for the development of the new gold-dominant E44 open pit deposit (the “E44
Gold Deposit”) at Northparkes, with Evolution committing to guaranteed minimum deliveries of
45,052 ounces of gold and 446,200 ounces of silver over the 2030 to 2037 period from the E44
Gold Deposit (the “E44 Amendment”). Triple Flag also congratulates Evolution on its
announcement that it has approved the block cave development of the gold-rich E22 deposit at
the Northparkes mine, as well as the commencement of a mill expansion study to evaluate the
viability of increasing processing capacity to 10 million tonnes per annum (“Mtpa”) or more,
from 7.5 Mtpa currently.
The E44 Gold Deposit is a gold-dominant deposit located approximately 21 kilometers away
from current mill infrastructure and mining areas. Pursuant to the E44 Amendment, Triple Flag
International is entitled to purchase 20% of payable gold and 30% of payable silver from the E44
Gold Deposit for an ongoing payment of 10% of the spot gold and silver price for each ounce
delivered (the “E44 Stream”). Triple Flag International has an existing 54% gold and 80% silver
stream at Northparkes for an ongoing payment of 10% of the spot gold and silver price for each
ounce delivered (the “Existing Stream”). The Existing Stream is unaffected, other than with
respect to the E44 Gold Deposit. Unless otherwise indicated, all amounts are expressed in US
dollars.
“I am pleased that we have reached an agreement with Evolution to unlock the E44 Gold
Deposit. Northparkes is currently a copper mine with gold and silver byproducts, but historically
there have been numerous gold-dominant deposits within the more than 1,000 square kilometer
stream area. As E44 is a gold-dominant deposit, we have agreed with Evolution to a lower
stream rate on the E44 Gold Deposit and to provide additional development funding, in
exchange for guaranteed gold and silver deliveries from the E44 Gold Deposit and have thereby
jointly unlocked significant incremental value for both Evolution and Triple Flag. The gold
potential of the Northparkes land package in this higher gold price environment is immense, and
I congratulate Lawrie and the Evolution team for identifying the inherent value at E44 and am
excited for the potential for more gold exploration success in the future,” commented Sheldon
Vanderkooy, CEO of Triple Flag.
“Finally, Evolution’s announcement of the block cave development of E22, commencement of a
mill expansion study to potentially increase processing capacity to 10 Mtpa, and the new E44
Gold Deposit clearly positions Northparkes as a significant growth asset for Triple Flag and its
shareholders.”
Managing Director and CEO of Evolution, Lawrie Conway, said, “Today marks a major
milestone for our Northparkes operation, where we have now established a pathway to unlock
even more value. To achieve this, we needed to have full alignment with Triple Flag on how this
value can be realized. Triple Flag has demonstrated throughout our discussions, a commitment
to jointly work on unlocking this potential. I thank Sheldon and the Triple Flag team for their
collaboration and support of Northparkes.”
E44 Stream Highlights
• Evolution to advance the high-grade E44 gold open pit to production, representing
material upside from a deposit previously not included in the life-of-mine plan.
Minimum guaranteed deliveries to Triple Flag from the E44 Gold Deposit will
commence in 2030 with significant potential to extend the mine life.
o The E44 Stream. Triple Flag has the right to purchase 20% of payable gold and
30% of payable silver from the E44 Gold Deposit for an ongoing payment of 10%
of the spot gold and silver price for each ounce delivered. There are no step-
downs associated with the E44 Stream. Additionally, deliveries to Triple Flag
made under the E44 Stream are excluded for the purpose of calculating the step-
down milestones under the Existing Stream at Northparkes.
o Guaranteed minimum deliveries. Evolution has guaranteed a schedule of
minimum cumulative quarterly gold and silver deliveries over the 2030 to 2037
period totaling 45,052 ounces of goldi and 446,200 ounces of silverii. These
minimum deliveries are in excess of any deliveries otherwise due under the
Existing Stream from areas other than the E44 Deposit.
o Consideration. Triple Flag will fund $84.3 million to Evolution in the fourth
quarter of 2026. The transaction will be funded from available capital, including
cash on hand as well as our $700 million credit facility plus a $300 million
accordion facility.
o E44 is a high-grade, advanced, open pit gold project. Northparkes is currently
a copper-dominant mine with gold and silver byproducts. The E44 Gold Deposit
is distinct in that it is a gold-dominant deposit with a silver byproduct (and
without meaningful copper content) that is located approximately 21 kilometers
away from current mill infrastructure and mining areas. Triple Flag’s Stream Area
at the Northparkes asset is in excess of 1,000 square kilometers and includes the
E44 Gold Deposit.
On a 100% basis, the current E44 gold resource is 8.7 million tonnes grading 1.34
g/t Au, containing 0.38 million ounces in the measured and indicated categoryiii.
These grades are significantly higher than the current proved and probable gold
reserve grade at Northparkes of 0.28 g/t Auiv.
Should a positive construction decision for the E44 Gold Deposit not be made by
December 31, 2029, Evolution may (but is not required to) elect to terminate its
cumulative minimum delivery obligations under the E44 Stream for a cash
payment of $102.5 million. If Evolution so elects, Triple Flag will remain entitled
to deliveries from E44 based solely on actual gold and silver production from the
E44 Gold Deposit.
o Significant exploration potential at E44. Drilling supports the continuation of
mineralization at depth. Additionally, development of E44 will create
infrastructure in a highly prospective area for further drilling of surface gold and
copper mineralization.
Additional Information Regarding E22 and Processing Capacity Expansion Study
• E22 to advance to production as a block cave, providing a cornerstone to unlock a
potential mill expansion to 10 Mtpa from the current ~7.5 Mtpa that provides
further long-term growth optionality.
o Driven by its large resource base, the development of the E22 underground
orebody as a block cave provides the basis to unlock a potential mill expansion at
Northparkes to 10 Mtpa, representing the optimal path forward for this long-life
asset that would result in a higher than expected production profile, improved
scale and processing optionality. Pre-feasibility level or concept studies to be
completed at underground cave deposits such as MJH, GRP, E48 Lift 2 and E26
Lift 3, as well as at open pit deposits such as E44, Major Tom and E51, will
support the completion of a mill expansion study.
o On a 100% basis, the current measured and indicated gold resource (inclusive of
proved and probable reserves) at Northparkes is 550 million tonnes grading 0.20
g/t Au, containing 3.5 million ounces Au, while the inferred gold resource is 50
million tonnes grading 0.16 g/t Au, containing 0.26 million ounces Auiv.
o Economic and environmental studies for the mill expansion are expected to be
completed over the next two to three years. Concurrently, Evolution will advance
E22 to target first cave production by the end of its fiscal 2030 year. The E22
block cave is subsequently expected to ramp-up to steady-state production, which
would align with the timing of a potential mill expansion.
Asset Background
Northparkes is located in New South Wales, Australia, 27 km northwest of the town of Parkes.
Discovered in 1976, the copper-gold mine has been operating since 1993 from both open pit and
underground operations. Currently, Northparkes’ low cost profile is driven by highly
mechanized, bulk tonnage caving methods used to mine multiple underground deposits. The
asset has a long track record of reserve replacement and was operated by Rio Tinto from 2000 to
2013 following Rio Tinto’s acquisition of North Limited. China Molybdenum (“CMOC”)
acquired Rio Tinto’s stake in Northparkes in December 2013, with the remaining 20% stake held
by Sumitomo. Evolution subsequently acquired CMOC’s stake in Northparkes in December
2023.
About Triple Flag Precious Metals Corp.
Triple Flag is a precious metals streaming and royalty company. We offer investors exposure to
gold and silver from a total of 239 assets, consisting of 16 streams and 223 royalties, primarily
from the Americas and Australia. These streams and royalties are tied to mining assets at various
stages of the mine life cycle, including 33 producing mines and 206 development and
exploration stage projects. Triple Flag is listed on the Toronto Stock Exchange and New York
Stock Exchange, under the ticker “TFPM”.
Qualified Person
James Lill, Director, Mining for Triple Flag Precious Metals and a “qualified person” under NI
43-101 has reviewed and approved the written scientific and technical disclosures contained in
this press release.
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
include, but are not limited to, statements with respect to the expected timing and completion of
the acquisition of the E44 Stream, the development of the E44 Gold Deposit or E22 and the
timing or completion thereof, whether a positive construction decision will be made with respect
to the E44 Gold Deposit, the construction of a new haul road to the E44 Gold Deposit, expansion
of mill capacity at Northparkes and any impact thereof, any studies or reports commissioned by
Evolution in respect of the development of the E44 Gold Deposit and E22 and the timing and
completion thereof , future discovery of additional gold dominant deposits at Northparkes and
the subsequent agreement between Evolution and Triple Flag in respect of such additional gold
dominant deposits. In addition, any statements that refer to expectations, intentions, projections
or other characterizations of future events or circumstances, including information in this news
release regarding the Stream and the anticipated benefits therefrom, 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 and Risk Management” in our management’s
discussion and analysis in respect of the fourth quarter and full year of 2024 and the caption
“Risk Factors” in our most recently filed annual information form, each of 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.
________________________________
i Q4 2030: 100 ounces Au
Q1 2031 to Q4 2031: 1,025 ounces Au quarterly
Q1 2032 to Q4 2035: 1,985 ounces Au quarterly
Q1 2036 to Q4 2036: 1,633 ounces Au quarterly
Q1 2037 to Q4 2037: 640 ounces Au quarterly
ii Q4 2030: 1,300 ounces Ag
Q1 2031 to Q4 2031: 10,150 ounces Ag quarterly
Q1 2032 to Q4 2035: 19,650 ounces Ag quarterly
Q1 2036 to Q4 2036: 16,150 ounces Ag quarterly
Q1 2037 to Q4 2037: 6,325 ounces Ag quarterly
iii Refer to the “Annual Mineral Resources and Ore Reserves Statement” as at December 31, 2023, published on
February 14, 2024 on www.evolutionmining.com. E44 Gold Deposit mineral resources are unchanged as of
December 31, 2024 from December 31, 2023.
iv On an 100% basis. Refer to the “Annual Mineral Resources and Ore Reserves Statement” as at December 31,
2024, published on June 6, 2025 on www.evolutionmining.com for an attributable basis to Evolution.
Contacts
Investor Relations:
David Lee
Vice President, Investor Relations
Tel: +1 (416) 304-9770
Email: [email protected]
Media:
Gordon Poole, Camarco
Tel: +44 (0) 7730 567 938
Email: [email protected]