Triple Flag Precious Metals (TSX: TFPM) has agreed to buy a gold stream on the producing Ravenswood mine in Queensland, Australia, paying US$440 million upfront for a slice of one of the country’s larger gold operations.
The deal, struck through subsidiary Triple Flag International, entitles the streamer to 5.50% of payable gold from Ravenswood. That rate steps down to 3.75% once 194,200 ounces have been delivered, and to 2.50% after 253,000 ounces. Triple Flag will make ongoing payments of 10% of the spot gold price per ounce until the first threshold is reached, rising to 20% thereafter.
First deliveries begin in the third quarter of 2026. Through to mid-2028, the stream carries target cumulative deliveries of 22,928 ounces, working out to roughly 2,300 to 3,300 ounces a quarter, capped at 8% of actual production in any given period.
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A 25% buydown option on the stream is also in play, exercisable upon a change of control transaction for the Ravenswood Mine.
“The Ravenswood stream adds immediate cash flow from a large-scale, long-life operation located in a top-tier mining jurisdiction,” said Chief Executive Officer Sheldon Vanderkooy, noting the asset is underpinned by two years of target gold deliveries.
READ: Triple Flag Lifts 2026 Guidance After Settling Steppe Gold Dispute
Ravenswood ranks among the ten largest gold mines in Australia by ore reserves and has yielded more than four million ounces since gold was first found there in 1868. It is jointly owned by EMR Capital, which operates the mine, and Golden Energy and Resources. The pair have poured more than A$830 million into the asset since taking it over in 2020, funding the processing plant, mining fleet, tailings capacity and pit development. Stream proceeds will go toward debt reduction.
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Output reached 134,000 ounces in 2025 and is expected to clear 200,000 ounces a year at steady state by 2028. Proved and probable reserves stand at 147 million tonnes grading 0.61 g/t gold, holding 2.8 million ounces, alongside measured and indicated resources of 3.6 million ounces.
On the back of the acquisition, Triple Flag lifted its 2030 production outlook to 150,000 to 160,000 gold-equivalent ounces, from 140,000 to 150,000.
The move caps a busy stretch. A day earlier, the company settled a long-running dispute with Steppe Gold and nudged its 2026 guidance up to 100,000 to 110,000 goldequivalent ounces.
Closing is expected this month, subject to Foreign Investment Review Board approval, with Triple Flag funding the purchase from cash and its credit facilities.
Triple Flag Precious Metals last traded at $39.05 on the TSX.
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