Triple Flag Precious Metals’ wholly owned subsidiary Triple Flag International has reached an agreement to acquire a gold stream on the Ravenswood Gold Mine in Australia for an upfront cash consideration of $440m (C$614.93m).
Located 130km south of Townsville, Queensland, Ravenswood is a large-scale open-pit gold mine known for having produced more than four million ounces of gold.
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The mine’s production is expected to reach in excess of 200,000oz annually by 2028 following a significant investment of A$830m ($584m) aimed at expanding and upgrading its infrastructure.
Under the terms of the agreement, Triple Flag will purchase 5.50% of the mine’s payable gold. Once the mine delivers 194,200oz, this rate will reduce to 3.75% and further decrease to 2.50% after the delivery of 253,000oz.
The company will pay 10% of the spot gold price per ounce until the 194,200oz threshold is met, after which the payment will increase to 20%.
Triple Flag anticipates quarterly gold deliveries beginning in the third quarter of 2026 (Q3 2026) until Q2 2028, with target amounts totalling 22,928oz, capped at 8% of actual production per quarter.
The transaction is set to close in June 2026.
The Ravenswood Mine is jointly operated by EMR Capital and Golden Energy and Resources (GEAR). They have invested more than A$830m since acquiring it in 2020. The investments included upgrades to the processing plant and infrastructure enhancements, ensuring the mine’s long-term viability.
Triple Flag Precious Metals CEO Sheldon Vanderkooy said: “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.”
Funding for the transaction will come from Triple Flag’s available capital, supported by a $1bn credit facility and a $300m accordion facility.
Ravenswood operates on a carbon-in-leach process and anticipates a life-of-mine average recovery rate of around 90%.
This move by Triple Flag reflects its strategic intent to strengthen its gold assets portfolio, with the proceeds from the stream expected to aid EMR Capital and GEAR in debt reduction efforts.
