Triple Flag Precious Metals' (TFPM.TO) on Friday said it agreed to acquire a gold stream on the producing Ravenswood Gold Mine in Queensland, Australia for US$440 million.
The Ravenswood Mine is a large-scale, open-pit gold mine and has produced more than 4-million ounces of gold from historical and modern mining operations, said the company.
The company has the right to purchase 5.50% of payable gold from the Ravenswood Mine under the stream, it said and added that 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. It will pay 10% of the spot price of gold for the first 194,200 ounces, rising to 20% after reaching that mark
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, added the company.
The company also increased its 2030 outlook to 150,000 to 160,000 gold equivalent ounces (GEOs), from 140,000 to 150,000 GEOs.
"Triple Flag is very pleased to enter into an agreement to acquire a gold stream on the Ravenswood open-pit gold mine in Australia," said Sheldon Vanderkooy, Chief Executive Officer. "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 company's shares were last seen up C$1.98 to C$41.03 on the Toronto Stock Exchange.
Price: $41.03, Change: $+1.98, Percent Change: +5.07%