en.Wedoany.com Reported - Triple Flag Precious Metals' wholly-owned subsidiary, Triple Flag International, has signed an agreement to acquire a gold stream interest in the Ravenswood Gold Mine in Australia for a prepaid cash consideration of $440 million (approximately C$614.93 million).

Located 130 kilometers south of Townsville, Queensland, the Ravenswood Gold Mine is a large-scale open-pit gold mine that has produced over 4 million ounces of gold cumulatively. The mine plans to invest A$830 million (approximately US$584 million) in infrastructure expansion and upgrades, with annual production expected to exceed 200,000 ounces by 2028.

Under the terms of the agreement, Triple Flag will purchase 5.50% of the payable gold from the mine. This percentage will decrease to 3.75% once the mine delivers 194,200 ounces of gold, and further reduce to 2.50% after the delivery of 253,000 ounces. Prior to reaching the 194,200-ounce threshold, the company will pay 10% of the spot gold price per ounce, with the payment percentage increasing to 20% thereafter.

Triple Flag expects to begin quarterly gold deliveries from the third quarter of 2026 to the second quarter of 2028, with a target total of 22,928 ounces and a quarterly cap of 8% of actual production. The transaction is expected to close in June 2026.

The Ravenswood Gold Mine is jointly operated by EMR Capital and Golden Energy and Resources (GEAR). Since the acquisition in 2020, these two operators have invested over A$830 million, including upgrades to the processing plant and infrastructure improvements, to ensure the mine's long-term operational capacity.

Sheldon Vanderkooy, CEO of Triple Flag Precious Metals, stated that the Ravenswood gold stream will immediately generate cash flow from a large-scale, long-life operation located in a top-tier mining jurisdiction, supported by a two-year target gold delivery schedule.

Transaction funding will come from Triple Flag's available capital, backed by a $1 billion credit facility and a $300 million accordion loan. The Ravenswood mine employs a carbon-in-leach process, with an expected average recovery rate of approximately 90% over the mine's life.

This move by Triple Flag reflects its strategic intent to strengthen its gold asset portfolio, with proceeds from the gold stream expected to help EMR Capital and GEAR reduce debt.

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