Triple Flag Precious Metals Maintained at Buy at Stifel Canada After Ravenswood Stream Deal; Price Target at C$65
Stifel Canada on Monday reiterated its buy rating on the shares of Triple Flag Precious Metals (TFPM.TO, TFPM) and its C$65.00 price target after the company acquired a gold stream from the Ravenswood gold mine in Australia."Triple Flag announced the acquisition of a 5.50% gold stream on the producing Ravenswood gold mine in Queensland, Australia, for US$440Mln in upfront cash. Closing is expected in June 2026, with first deliveries commencing in Q3/26. The stream rate steps down to 3.75% after 194.2Koz delivered and to 2.50% after 253Koz, with ongoing payments of 10% of spot gold (rising to 20% after 194.2Koz). We estimate an IRR of 6.3% and NPV of US$466Mln using spot gold, with near-term economics underpinned by target cumulative deliveries of 22.9Koz over Q3/26-Q2/28. The acquisition adds immediate cash flow from a large-scale, lower-cost asset in a tier-one jurisdiction with near-mine exploration upside, which also deepens TFPM's Australian platform alongside Northparkes, Beta Hunt and Fosterville. Reflecting the addition, Triple Flag raised its 2030 outlook to 150Koz-160Koz GEOs, from 140Koz-150Koz. We view the transaction as a positive, accretive growth step," analyst Famming Zeng wrote.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $42.79, Change: $+2.01, Percent Change: +4.93%