Triple Flag Precious Metals announced that its wholly owned subsidiary, Triple Flag International, has entered into an agreement to acquire a gold stream on the producing Ravenswood Gold Mine in Queensland, Australia for $440 million in upfront cash consideration.
The transaction gives Triple Flag the right to purchase 5.5% of payable gold from the mine, with the stream percentage declining after certain delivery thresholds are reached. The company will make ongoing payments equal to 10% of the spot gold price for each ounce delivered until 194,200 ounces have been delivered, and 20% thereafter.
Triple Flag said the acquisition adds immediate cash flow from one of Australia’s largest gold mines and is supported by target gold deliveries over the next two years. Initial deliveries under the agreement are expected to begin in the third quarter of 2026.
The Ravenswood Gold Mine is located in Queensland and ranks among the ten largest gold mines in Australia by ore reserves. The mine has produced more than 4 million ounces of gold since its discovery and currently contains proven and probable reserves of approximately 2.8 million ounces. Measured and indicated resources total 3.6 million ounces, with an additional 1 million ounces classified as inferred resources.
Current mining activities are focused on the Buck Reef West and Sarsfield-Nolans deposits, while the broader land package spans more than 1,800 square kilometers and contains multiple exploration targets. Triple Flag said the property’s exploration potential could support future mine life extensions.
Ravenswood is jointly owned by EMR Capital and Golden Energy and Resources Pte. Ltd. (GEAR), with EMR Capital serving as operator. Since acquiring the mine in 2020, the partners have invested more than A$830 million into expansion initiatives, including improvements to processing facilities, tailings capacity, mining equipment, and infrastructure. Annual production is expected to exceed 200,000 ounces of gold by 2028. The mine produced approximately 134,000 ounces in 2025.
Triple Flag noted that stream proceeds will be used by Ravenswood’s owners to reduce debt. The company also secured a right of first offer on future streams and royalties associated with the operation.
The acquisition strengthens Triple Flag’s presence in Australia, where its portfolio already includes interests in Northparkes, Beta Hunt, and Fosterville. Following the addition of Ravenswood, the company raised its 2030 production outlook to between 150,000 and 160,000 gold equivalent ounces, up from its previous forecast of 140,000 to 150,000 gold equivalent ounces.
Triple Flag said the transaction is expected to close in June 2026 and will be funded through available capital, including cash on hand and its existing credit facilities. As of March 31, 2026, the company had cash balances of $144 million and access to a $1 billion credit facility, along with an additional $300 million accordion feature.
Triple Flag’s portfolio currently consists of 241 assets, including 16 streams and 225 royalties, with exposure to 34 producing mines and 207 development and exploration projects primarily located in the Americas and Australia.