Triple Flag Announces US$440 Million Gold Stream on the Ravenswood Gold Mine and Increases 2030 Outlook
Triple Flag Announces US$440 Million Gold
Stream on the Ravenswood Gold Mine and
Increases 2030 Outlook
TORONTO--(BUSINESS WIRE)--June 12, 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., has entered into an agreement to acquire
a gold stream (the “Stream”) on the producing Ravenswood Gold Mine in Queensland, Australia
for upfront cash consideration of US$440 million. Unless otherwise indicated, all amounts are
expressed in US dollars.
“Triple Flag is very pleased to enter into an agreement to acquire a gold stream on the
Ravenswood open-pit gold mine in Australia,” commented Sheldon Vanderkooy, CEO. “The
Ravenswood stream adds immediate cash flow from a large-scale, long-life operation located in
a top-tier mining jurisdiction, and is underpinned by two years of target gold deliveries. The
Ravenswood Gold Mine is one of the 10 largest gold mines in Australia by ore reserves, with a
long history of continuous operation and historical production of more than 4 million ounces of
gold. EMR and GEAR have extensive global mining experience and have invested over A$830
million into the growth and future of the asset, which is expected to produce more than 200,000
ounces of gold per annum at steady state. In-pit and near-mine exploration upside also presents
a significant opportunity to extend the mine life at Ravenswood Gold across a large and
prospective land package.
The Ravenswood gold stream is a cornerstone addition to our substantial Australian presence,
which includes Northparkes, Beta Hunt and Fosterville. First delivery under the Ravenswood
gold stream will commence in the third quarter of 2026. The portfolio continues to perform
strongly, and with the addition of Ravenswood, we have increased our 2030 outlook to 150,000
to 160,000 GEOsi, from 140,000 to 150,000 GEOs.”
Key Terms and Transaction Highlights
• Immediate cash flow and enhanced gold exposure from Queensland’s largest gold
mine, underpinned by target gold deliveries for two years
o With the recent A$830 million investment complete and the asset capitalized to
continue its ramp-up, annual production at the Ravenswood Mine is expected to
be over 200,000 ounces of gold by 2028. Ravenswood Mine produced 134,000
ounces of gold in 2025. As per the Wood Mackenzie total cash and sustaining
capital gold cost curve estimate for 2026ii, the life of mine average cost at the
Ravenswood Mine ranks in the first half of the cost curve.
o Triple Flag has the right to purchase 5.50% of payable gold from the Ravenswood
Mine under the Stream. The Stream rate steps down to 3.75% after 194,200
ounces of gold has been delivered, and then to 2.50% after 253,000 ounces of
gold has been delivered.
o Triple Flag will make ongoing payments of 10% of the spot gold price for each
ounce delivered until 194,200 ounces has been delivered, and 20% of the spot
gold price thereafter.
o The Stream is subject to target cumulative quarterly gold deliveries starting in the
third quarter of 2026 through to the second quarter of 2028, inclusive. Over this
period, these target cumulative quarterly gold deliveries total 22,928 ounces and
will result in quarterly deliveries of approximately 2,300 to 3,300 ounces of gold,
subject to a quarterly cap of 8% of actual production during each quarter.
o The Stream rate is subject to a 25% buydown option that is exercisable upon a
change of control transaction for the Ravenswood Mine occurring within 48
months of the closing of the Stream in exchange for consideration that is
dependent on the gold price and when the buydown is exercisediii.
o The Stream rate is subject to a separate, one-time 15% discretionary buydown
option after 67,030 ounces of gold is delivered within a 30-day window in
exchange for consideration set at the greater of: i) 33,060 ounces multiplied by the
spot gold price at the time, capped at approximately $198.7 million; or ii) $92.4
million.
o The obligations and interests under the Stream will be secured and registered in
favor of Triple Flag following Foreign Investment Review Board (“FIRB”)
approval.
o Triple Flag holds a right of first offer on new streams and royalties on the
Ravenswood Mine.
• Extensive mineral endowment with significant exploration potential and a long
history of operation
o The Ravenswood Mine is one of the 10 largest gold mines in Australia by ore
reserves. Current Proved and Probable ore reserves are 147 million tonnes at 0.61
g/t Au containing 2.8 million ounces of gold. Measured and Indicated resources
(inclusive) are 205 million tonnes at 0.55 g/t Au containing 3.6 million ounces of
gold. Inferred resources are 66 million tonnes at 0.49 g/t Au containing 1.0
million ounces of goldiv.
o More than 4 million ounces of gold have been produced at the Ravenswood Mine
since its discovery. Current mining operations at the Ravenswood Mine are
focused on open-pit mining at the Buck Reef West and Sarsfield-Nolans deposits,
which also have significant in-pit exploration potential. Prospective targets at-
depth in Sarsfield-Nolans include the Nolans Fault, A4, Keel and Buck Reef
Fault. In addition, deeper drilling has intersected wide and higher-grade zones of
potential underground mineralization with known structures demonstrating
continuity, particularly in areas of intersection with other structures.
o The Stream covers all existing mining and exploration licenses of the
Ravenswood Mine over a large and prospective land package of more than 1,800
km2. Long-term exploration prospects within the land package include Mingela,
Mt Success, Trieste and Helena.
• An established operator that has invested into the growth and future of the asset
o Ravenswood is jointly owned by EMR Capital and Golden Energy and Resources
Pte. Ltd. (“GEAR”). EMR Capital is the operator of the Ravenswood Gold joint
venture. Stream proceeds for Ravenswood will be used for debt reduction.
o Since acquiring Ravenswood Gold in 2020, EMR Capital and GEAR have
invested over A$830 million ($570 million) to expand the asset and secure its
future as a long-life operation. The capital program included investments in the
processing plant, tailings capacity, mining fleet, pit development and
infrastructure upgrades. The operation currently has an 8.6 million tonnes per
annum mill, a secure water supply and a long history of social license with the
local communities. Processing is based on a conventional carbon-in-leach circuit
with beneficiation that improves milled head grade by approximately 30% versus
ore reserve grade. Recovered gold is poured into doré. Triple Flag assumes a life-
of-mine average recovery of approximately 90%.
o EMR Capital and GEAR have experienced exploration success following their
acquisition of Ravenswood Gold. Proved and Probable gold reserves grew by
approximately 800 thousand ounces since 2020, outpacing mining depletion of
600 thousand ounces over the same period.
o EMR Capital is a global resources private equity fund founded in 2011. EMR
Capital has owned and operated numerous mining projects globally, and has
exited multiple investments, including the Martabe gold-silver mine. In addition
to Ravenswood Gold Mine, EMR Capital’s other current investments in Australia
include ASX-listed 29Metals (the 100% owner of the polymetallic Golden Grove
mine in Western Australia and Capricorn Copper mine in Queensland) and the
Kestrel metallurgical coal mine (divestiture expected to be completed by early in
the fourth quarter of 2026 to Yancoal). EMR Capital is a highly experienced
mining operator with decades of experience and a history of successful
operational improvements.
o GEAR is a leading APAC-focused resources company that is part of the Sinar
Mas Group, one of Indonesia’s largest conglomerates. GEAR has significant
experience in the natural resources sector as well as Australia, having invested
over A$5 billion in the country since 2017. GEAR is the majority shareholder of
ASX-listed Stanmore Resources as well as GM3, which owns the Illawarra
metallurgical coal assets.
Asset Background
The Ravenswood Mine is a large-scale, open-pit gold mine located in Queensland, Australia, and
has produced more than 4 million ounces of gold from historical and modern mining operations.
The Ravenswood Mine is located 130 kilometers south of Townsville by road.
Gold was first discovered at Ravenswood in 1868. MIM Holdings Limited (“MIM”) subsidiary,
Carpentaria Gold Pty Limited (“Carpentaria Gold”), began modern mining at Ravenswood in
1987 and subsequently consolidated the land position comprising the Ravenswood Mine today
during its ownership. Xstrata plc acquired Carpentaria Gold through its acquisition of MIM in
2003, and then subsequently sold Carpentaria Gold to Resolute Mining Limited (“Resolute”) in
2004. Resolute mined and processed 40 million tonnes of ore and produced more than 1.9
million ounces of gold under its ownership. Driven by its strategic focus on Africa-based assets,
Resolute sold the assets of the Ravenswood Mine to EMR Capital and GEAR in 2020.
Key Considerations
Closing is expected in June 2026.
The transaction is expected to be funded from available capital, including cash on hand of $144
million as of March 31, 2026, as well as our $1 billion credit facility plus a $300 million
accordion facility.
Advisors
CIBC Capital Markets acted as financial advisor to Triple Flag. Torys LLP and Allens acted as
legal advisor to Triple Flag.
Conference Call Details
A conference call and live webcast presentation will be held today, starting at 10:30 a.m. ET
(7:30 a.m. PT) to discuss this transaction. The live webcast can be accessed by visiting the
Events and Presentations page on the Company’s website at: www.tripleflagpm.com. An
archived version of the webcast will be available on the website for one year following the
webcast.
Live Webcast: https://events.q4inc.com/attendee/212841837
Dial-In Details:
Toll-Free (U.S. & Canada): +1 (888) 596 -4144
International: +1 (647) 495 -7514
Conference ID: 7656762, followed by # key
Replay (Until June 26, 2026):
Toll-Free (U.S. & Canada): +1 (800) 770 -2030
International: +1 (647) 362 -9199
Conference ID: 7656762, followed by # key
About Triple Flag Precious Metals
Triple Flag is a precious metals streaming and royalty company. We offer investors exposure to
gold and silver from a total of 241 assets, consisting of 16 streams and 225 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 34 producing mines and 207 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 Stream transaction; expected production, operational and other developments at the
Ravenswood Mine; developments, outlook, upside and growth potential in respect of the
Ravenswood Mine; expected deliveries under the Stream and the timing of such deliveries;
expected benefits to the Company under the Stream; the Company’s current and prior annual and
five year guidance; operational and corporate developments for the Company; timing and receipt
of FIRB approval; and the expected sources of funding for the Stream transaction. 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 2025 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 Based on an unchanged gold -to-silver price ratio assumption of 85x.
ii Wood Mackenzie Ltd, Dataset: 2026 Q1
iii If the change of control buydown option is exercised before the 12 -month anniversary of the closing of the
Stream, then the greater of (a) 31,060 ounces of gold multiplied by the gold spot price on the date that is two days
prior to the date of the deliver y of the notice of a change of control buydown option exercise capped at a maximum
amount of $150,885,000, and (b) $118,800,000;
If the change of control buydown option is exercised between the 12 - and 24-month anniversary of the closing of
the Stream, then the greater of (a) 35,650 ounces of gold multiplied by the gold spot price on the date that is two
days prior to the date of the delivery of the notice of a change of control buydown option exercise capped at a
maximum amount of $181,650,000, and (b) $126,200,000;
If the change of control buydown option is exercised between the 24 -month and 36-month anniversary of the
closing of the Stream, then the greater of (a) 41,180 ounces of gold multiplied by the gold spot price on the date that
is two days prior to the date of the delivery of the notice of a change of control buydown option exercise capped at a
maximum amount of $226,275,000, and (b) $133,500,000; and
If the change of control buydown option is exercised between the 36 -month and 48-month anniversary of the
closing of the Stream, then the greater of (a) 47,530 ounces of gold multiplied by the gold spot price on the date that
is two days prior to the date of the delivery of the notice of a change of control buydown option exercise capped at a
maximum amount of $274,155,000, and (b) $140,900,000.
iv Mineral Resources and Ore Reserves as of the August 31, 2024, JORC -compliant estimate
Contacts
Investor Relations:
David Lee
Vice President, Investor Relations
Tel: +1 (416) 304-9770
Email: [email protected]
Media:
Elfie Kent, Camarco
Tel: +44 (0) 20 3757 4980
Email: [email protected]