Triple Flag Precious Metals (TSX:TFPM) has entered into an agreement to acquire a gold stream from the Ravenswood Gold Mine in Queensland, Australia, for an upfront cash consideration of US$440 million ($621.39 million), through its wholly owned subsidiary, Triple Flag International.
Ravenswood is jointly owned by EMR Capital and Golden Energy and Resources (GEAR).
CEO Sheldon Vanderkooy says that the agreement “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,” Vanderkooy says.
“EMR and GEAR have extensive global mining experience and have invested over $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.
“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.”
Ravenswood is expected to ramp up annual production to over 200,000 ounces of gold by 2028, having produced 134,000 ounces in 2025.
Under the terms of the agreement, Triple Flag reserves the right to purchase 5.50% of payable gold under the stream. The stream rate drops to 3.75% after 194,200 ounces of gold have been delivered, then drops again to 2.50% after 253,000 ounces of gold have been delivered.
Triple Flag is to make ongoing payments of 10% of the spot gold price for each ounce delivered up to 194,200 ounces, and then 20% of the spot price thereafter. The stream is also subject to cumulative quarterly gold deliveries starting in Q3 2026 through to Q2 2028.
Ravenswood Gold Mine
The Ravenswood Mine is ranked among the 10 largest gold mines in Australia by ore reserves, with probable and proven reserves at 147 million tonnes at 0.61 grams per tonne gold and 2.8 million ounces of gold.
It is a large-scale, open-pit mine in Queensland, located 130km south of Townsville.
Measured and indicated resources are 205 million tonnes at 0.55g/t gold containing 3.6 million ounces, while inferred resources are 66 million tonnes at 0.49g/t gold containing 1 million ounces of gold.
Ravenswood has produced over 4 million ounces of gold to date.
The stream agreement is expected to close in June 2026. Triple Flag notes that the transaction will be funded from available capital, including $144 million cash on hand as well as a $1 billion credit facility and a $300 million accordion facility.
Canadian Imperial Bank of Commerce (TSX:CM) Capital Markets acted as financial adviser and Torys and Allens acted as legal advisers in the transaction.
Triple Flag Precious Metals is a precious metals streaming and royalty company with exposure to gold and silver from 241 assets primarily in the Americas and Australia.
Write to Amy Rotman at Mining.com.au
Images: Ravenswood Gold
