$TFPM.TO

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%

RBC Capital Markets Maintains Triple Flag Precious Metals' Sector Perform Rating, US$40 Price Target

RBC Capital Markets maintained the sector perform rating and US$40 price target for Triple Flag Precious Metals (TFPM.TO).TFPM announced the acquisition of a US$440 million gold stream on the Ravenswood gold mine in Queensland, Australia, and increased its 2030 outlook by 7% to a range of 150,000 to 160,000 gold equivalent ounces. The previous guidance was 140,000 to 150,000 GEO.RBC noted a positive impact and calculated base rate case returns of a 2% internal rate of return and 10% three-year cash yield, utilizing reserves and spot gold prices."The transaction is 8% accretive to near-term CFPS and adds diversification, but reduces NAVPS by 2% if assuming strictly base case reserves," the bank said.TFPM's share price gained 4.5% to C$42.63 on the Toronto Stock Exchange at last look Monday.Price: $42.64, Change: $+1.86, Percent Change: +4.56%

Triple Flag Precious Metals Acquires Gold Stream on the Ravenswood Mine for US$440 Million; Boosts 2030 Outlook

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 markThe 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%

Steppe Gold Enters Settlement Agreement With Triple Flag

Steppe Gold (STGO.TO) entered into a settlement agreement with Triple Flag Precious Metals (TFPM.TO, TFPM) that fully resolves all outstanding litigation, arbitration proceedings and disputes relating to the company's stream agreement and gold pre-pay agreement.The agreement also establishes a revised long-term streaming framework and satisfies all outstanding delivery obligations under those arrangements, it said. The company, under the settlement agreement, delivered all outstanding gold and silver obligations under the existing arrangements, including full satisfaction of the gold prepay agreement and all arrears under the stream agreement."We are pleased to have reached a mutually beneficial resolution with Triple Flag that resolves all outstanding matters between our companies," said Chief Executive Tserenbadam Dugeree. "The settlement strengthens our position as we focus on advancing the Phase 2 Expansion of the ATO Project, growing production and continuing to execute our long-term strategy."Under the amended agreement, Steppe Gold will make fixed gold deliveries totaling 34,770 ounces of gold through 2036, after which the stream converts to a 1.5% interest in gold production from the ATO mine, subject to a quarterly cap of 500 ounces. The amended obligations remain secured by the ATO mine and supported by guarantees from Steppe Gold and Boroo Gold, it said.Shares of the company were last seen up $0.04 to $1.35 on the Toronto Stock Exchange.Price: $1.35, Change: $+0.04, Percent Change: +3.05%

RBC Precious Metals Price Target Changes Brief: Kinross To US$40 From $45; FNV To US$295 From $320; TFPM To US$38 From $44; OR To US$50 From $56; WPM To US$165 From $200

RBC Precious Metals Price Target Changes Brief: Kinross To US$40 From $45; FNV To US$295 From $320; TFPM To US$38 From $44; OR To US$50 From $56; WPM To US$165 From $200

Gold Royalty Valuations Have Contracted, RBC Says

Valuations of gold royalty companies have contracted especially for mid/small cap companies including Triple Flag Precious Metals (TFPM.TO) and OR Royalties (OR.TO), RBC Capital Markets said Wednesday.OR's shares trade at the lowest valuation across the royalty group and a larger discount to historical valuation levels, RBC said.The market value of larger cap royalty companies including Wheaton Precious Metals (WPM.TO) and Franco-Nevada (FNV.TO) valuation has been more resilient, according to RBC.Meanwhile, valuations of senior producers including Agnico Eagle (AEM.TO) have converged.Barrick's (ABX.TO) shares have begun to outperform peers following its positive first-quarter results, resumption of its buyback program, and potential upside from its planned initial public offering in North America.Price: $42.55, Change: $-1.09, Percent Change: -2.50%

Triple Flag Precious Metals Announces Increase in Credit Facility at Improved Terms

Triple Flag Precious Metals (TFPM.TO) has secured amendments to its existing undrawn revolving credit facility, including an increase in the size of the credit facility at more favorable terms, the company said on Monday.Under the amended agreement, the company has a credit facility of US$1 billion with an additional uncommitted accordion of up to US$300 million, representing an increase from the previous agreement that had a credit facility of US$700 million and an accordion of up to US$300 million.The credit facility has a term of four years, maturing in May 2030.Advances under the renewed credit facility are subject to interest at SOFR plus 1.325% to 2.75% per annum, depending on the company's leverage ratio, it said, and added that the amended interest rate spreads above SOFR have been reduced by 12.5 basis points at the lower end of the range, when compared to the previous credit facility agreement."The amended Credit Facility was jointly led by National Bank Capital Markets, Bank of Nova Scotia and Canadian Imperial Bank of Commerce," added the company. "Additionally, the syndicate includes Royal Bank of Canada, Toronto-Dominion Bank, Bank of America, Bank of Montreal and UBS. National Bank of Canada acts as Administrative Agent on the Credit Facility."

Update: -- Triple Flag Says Under Amended Agreement, It Has a Credit Facility of US$1B With An Additional Uncommitted Accordion of Up to $300M

Triple Flag Says Under Amended Agreement, It Has a Credit Facility of $1B With An Additional Uncommitted Accordion of Up to $300M

Triple Flag Increasing Credit Facility at Improved Terms

RBC Retains OR Royalties' Outperform Rating, US$56 Price Target

RBC Capital Markets on Tuesday maintained OR Royalties' (OR.TO) outperform rating and US$56 price target.Singapore-based Boroo has announced it had entered into an exclusivity agreement to potentially acquire the previously operating Eagle gold mine in Yukon from its receiver, PwC. OR maintains a 5% net smelter royalty on the mine.In June 2024, a catastrophic heap leach failure occurred at the Eagle mine, leading to environmental damage. OR acquired the Eagle royalty in March 2018 for C$98 million."We note that no final agreement is in place, and key hurdles to production advancement include rehabilitation of the mine's prior heap leach failure as well as local First Nations approval," RBC said.RBC added that Boroo is currently in default of its streaming obligation at the ATO operation to stream holder Triple Flag Precious Metals (TFPM.TO).OR traded at US$36.82 per share at last look Wednesday on the New York Stock Exchange.Price: $50.72, Change: $-0.74, Percent Change: -1.44%