Triple Flag To Acquire A Gold Stream On The Producing Ravenswood Gold Mine In Australia For $440M In Cash; Raises 2030 GEO Production Target

Triple Flag Precious Metals Corp. (with its subsidiaries, "Triple Flag" or the "Company") (TSX:TFPM, NYSE:TFPM) announces that its wholly owned subsidiary, Triple Flag International Ltd., has entered into an agreement to acquire a gold stream (the "Stream") on the producing Ravenswood Gold Mine in Queensland, Australia for upfront cash consideration of US$440 million. Unless otherwise indicated, all amounts are expressed in US dollars.

"Triple Flag is very pleased to enter into an agreement to acquire a gold stream on the Ravenswood open-pit gold mine in Australia," commented Sheldon Vanderkooy, CEO. "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 Ravenswood Gold Mine is one of the 10 largest gold mines in Australia by ore reserves, with a long history of continuous operation and historical production of more than 4 million ounces of gold. EMR and GEAR have extensive global mining experience and have invested over A$830 million into the growth and future of the asset, which is expected to produce more than 200,000 ounces of gold per annum at steady state. In-pit and near-mine exploration upside also presents a significant opportunity to extend the mine life at Ravenswood Gold across a large and prospective land package.

The Ravenswood gold stream is a cornerstone addition to our substantial Australian presence, which includes Northparkes, Beta Hunt and Fosterville. First delivery under the Ravenswood gold stream will commence in the third quarter of 2026. The portfolio continues to perform strongly, and with the addition of Ravenswood, we have increased our 2030 outlook to 150,000 to 160,000 GEOsi, from 140,000 to 150,000 GEOs."

Key Terms and Transaction Highlights

Immediate cash flow and enhanced gold exposure from Queensland's largest gold mine, underpinned by target gold deliveries for two years

 

With the recent A$830 million investment complete and the asset capitalized to continue its ramp-up, annual production at the Ravenswood Mine is expected to be over 200,000 ounces of gold by 2028. Ravenswood Mine produced 134,000 ounces of gold in 2025. As per the Wood Mackenzie total cash and sustaining capital gold cost curve estimate for 2026ii, the life of mine average cost at the Ravenswood Mine ranks in the first half of the cost curve.

 

Triple Flag has the right to purchase 5.50% of payable gold from the Ravenswood Mine under the Stream. 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.

 

Triple Flag will make ongoing payments of 10% of the spot gold price for each ounce delivered until 194,200 ounces has been delivered, and 20% of the spot gold price thereafter.

 

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. Over this period, these target cumulative quarterly gold deliveries total 22,928 ounces and will result in quarterly deliveries of approximately 2,300 to 3,300 ounces of gold, subject to a quarterly cap of 8% of actual production during each quarter.

 

The Stream rate is subject to a 25% buydown option that is exercisable upon a change of control transaction for the Ravenswood Mine occurring within 48 months of the closing of the Stream in exchange for consideration that is dependent on the gold price and when the buydown is exercisediii.

 

The Stream rate is subject to a separate, one-time 15% discretionary buydown option after 67,030 ounces of gold is delivered within a 30-day window in exchange for consideration set at the greater of: i) 33,060 ounces multiplied by the spot gold price at the time, capped at approximately $198.7 million; or ii) $92.4 million.

 

The obligations and interests under the Stream will be secured and registered in favor of Triple Flag following Foreign Investment Review Board ("FIRB") approval.

 

Triple Flag holds a right of first offer on new streams and royalties on the Ravenswood Mine.

 

Extensive mineral endowment with significant exploration potential and a long history of operation

 

The Ravenswood Mine is one of the 10 largest gold mines in Australia by ore reserves. Current Proved and Probable ore reserves are 147 million tonnes at 0.61 g/t Au containing 2.8 million ounces of gold. Measured and Indicated resources (inclusive) are 205 million tonnes at 0.55 g/t Au containing 3.6 million ounces of gold. Inferred resources are 66 million tonnes at 0.49 g/t Au containing 1.0 million ounces of goldiv.

 

More than 4 million ounces of gold have been produced at the Ravenswood Mine since its discovery. Current mining operations at the Ravenswood Mine are focused on open-pit mining at the Buck Reef West and Sarsfield-Nolans deposits, which also have significant in-pit exploration potential. Prospective targets at-depth in Sarsfield-Nolans include the Nolans Fault, A4, Keel and Buck Reef Fault. In addition, deeper drilling has intersected wide and higher-grade zones of potential underground mineralization with known structures demonstrating continuity, particularly in areas of intersection with other structures.

 

The Stream covers all existing mining and exploration licenses of the Ravenswood Mine over a large and prospective land package of more than 1,800 km2. Long-term exploration prospects within the land package include Mingela, Mt Success, Trieste and Helena.

 

An established operator that has invested into the growth and future of the asset

 

Ravenswoodis jointly owned by EMR Capital and Golden Energy and Resources Pte. Ltd. ("GEAR"). EMR Capital is the operator of the Ravenswood Gold joint venture. Stream proceeds for Ravenswood will be used for debt reduction.

 

Since acquiring Ravenswood Gold in 2020, EMR Capital and GEAR have invested over A$830 million ($570 million) to expand the asset and secure its future as a long-life operation. The capital program included investments in the processing plant, tailings capacity, mining fleet, pit development and infrastructure upgrades. The operation currently has an 8.6 million tonnes per annum mill, a secure water supply and a long history of social license with the local communities. Processing is based on a conventional carbon-in-leach circuit with beneficiation that improves milled head grade by approximately 30% versus ore reserve grade. Recovered gold is poured into doré. Triple Flag assumes a life-of-mine average recovery of approximately 90%.

 

EMR Capital and GEAR have experienced exploration success following their acquisition of Ravenswood Gold. Proved and Probable gold reserves grew by approximately 800 thousand ounces since 2020, outpacing mining depletion of 600 thousand ounces over the same period.

 

EMR Capital is a global resources private equity fund founded in 2011. EMR Capital has owned and operated numerous mining projects globally, and has exited multiple investments, including the Martabe gold-silver mine. In addition to Ravenswood Gold Mine, EMR Capital's other current investments in Australia include ASX-listed 29Metals (the 100% owner of the polymetallic Golden Grove mine in Western Australia and Capricorn Copper mine in Queensland) and the Kestrel metallurgical coal mine (divestiture expected to be completed by early in the fourth quarter of 2026 to Yancoal). EMR Capital is a highly experienced mining operator with decades of experience and a history of successful operational improvements.

 

GEAR is a leading APAC-focused resources company that is part of the Sinar Mas Group, one of Indonesia's largest conglomerates. GEAR has significant experience in the natural resources sector as well as Australia, having invested over A$5 billion in the country since 2017. GEAR is the majority shareholder of ASX-listed Stanmore Resources as well as GM3, which owns the Illawarra metallurgical coal assets.
Asset Background

The Ravenswood Mine is a large-scale, open-pit gold mine located in Queensland, Australia, and has produced more than 4 million ounces of gold from historical and modern mining operations. The Ravenswood Mine is located 130 kilometers south of Townsville by road.

Gold was first discovered at Ravenswood in 1868. MIM Holdings Limited ("MIM") subsidiary, Carpentaria Gold Pty Limited ("Carpentaria Gold"), began modern mining at Ravenswood in 1987 and subsequently consolidated the land position comprising the Ravenswood Mine today during its ownership. Xstrata plc acquired Carpentaria Gold through its acquisition of MIM in 2003, and then subsequently sold Carpentaria Gold to Resolute Mining Limited ("Resolute") in 2004. Resolute mined and processed 40 million tonnes of ore and produced more than 1.9 million ounces of gold under its ownership. Driven by its strategic focus on Africa-based assets, Resolute sold the assets of the Ravenswood Mine to EMR Capital and GEAR in 2020.

Key Considerations

Closing is expected in June 2026.

The transaction is expected to be funded from available capital, including cash on hand of $144 million as of March 31, 2026, as well as our $1 billion credit facility plus a $300 million accordion facility.