Triple Flag buys US$440 million Ravenswood gold stream, lifts 2030 outlook

Triple Flag Precious Metals Corp. agreed to acquire a gold stream on the producing Ravenswood Gold Mine in Queensland, Australia, for US$440 million in upfront cash, the streaming and royalty company said Friday.

The stream covers a portion of gold production from the open-pit and underground operation, which produced more than 200,000 ounces in 2025, according to the mine's operator. Triple Flag will make ongoing per-ounce payments equal to a percentage of the spot gold price upon delivery.

"Triple Flag is very pleased to add a long-life, low-cost gold stream from a producing asset in a top-tier jurisdiction," the company said in a statement, without naming a specific executive as the source. The Ravenswood mine has been in continuous operation for more than three decades and holds mineral reserves of 2.1 million ounces of gold, according to publicly available disclosures.

The acquisition comes a day after Triple Flag settled a dispute with Steppe Gold Ltd., receiving all overdue metal deliveries and securing fixed gold shipments of 34,770 ounces over the next decade from Steppe's ATO mine in Mongolia. The company raised its 2026 production guidance to 100,000 to 110,000 gold-equivalent ounces, up from a prior range of 95,000 to 105,000 ounces, following the settlement.

Triple Flag's portfolio now spans 16 streams and 225 royalties across 241 assets, with 34 producing mines and 207 development-stage projects primarily in the Americas and Australia. The Ravenswood stream adds exposure to one of Australia's longest-running gold operations, complementating existing Australian assets including the Beta Hunt and Duketon royalty packages.

The US$440 million upfront payment represents one of the larger streaming transactions in the sector this year, comparable to deals such as Franco-Nevada's streaming investments and Wheaton Precious Metals' recent streaming acquisitions on base metal by-product gold. Triple Flag held US$312 million in cash and equivalents as of March 31, according to its latest quarterly filing, suggesting the company may tap its revolving credit facility or issue equity to fund the transaction.

The Ravenswood stream is expected to close in the third quarter of 2026, subject to customary conditions. Triple Flag said it will provide updated 2030 production guidance incorporating the new stream at a later date.

This article is for informational purposes only and does not constitute investment advice.