Jun 12, 2026
Triple Flag Precious Metals (TSX, NYSE: TFPM) has secured a gold stream on the Ravenswood mine in Queensland, Australia, a transaction projected to contribute 100,000 ounces to the firm’s late-decade production forecast, as reported on June 12, 2026.
Under the agreement, Triple Flag will provide an initial cash payment of $440 million. The company indicated in a Friday statement that the deal is poised to yield immediate cash flow, backed by a two-year period of gold deliveries.
Chief Executive Officer Sheldon Vanderkooy characterized the Ravenswood gold stream as a foundational asset for the company’s significant Australian portfolio, which already encompasses the Northparkes, Beta Hunt, and Fosterville sites. He highlighted that the Ravenswood gold mine ranks among Australia’s top ten gold mines by ore reserves, boasting a lengthy operational history and cumulative production exceeding 4 million ounces of gold.
Ravenswood is a large open-pit gold operation with roughly 150 years of mining heritage. Gold was initially discovered in the late 1860s, with contemporary mining commencing approximately 120 years later. The facility, featuring an 8.6-million-tonne-per-annum mill, is situated 130 kilometers south of Townsville via road.
The mine is presently co-owned by EMR Capital and Golden Energy and Resources, which have invested more than A$830 million since purchasing the asset from Resolute Mining in 2020.
Shares of Triple Flag Precious Metals climbed 4.5% following the announcement, despite gold prices remaining stable that day. The Toronto-based streaming and royalty firm holds a market capitalization of C$8.42 billion ($6 billion).
Enhanced outlook
Through the Ravenswood stream, Triple Flag is entitled to acquire 5.5% of payable gold from the mine. This rate will decrease to 3.75% after 194,200 ounces of gold are delivered, and further to 2.5% after 253,000 ounces are supplied. For these purchases, Triple Flag will pay 10% of the spot price per ounce for the initial 194,200 ounces, and 20% of the spot price thereafter.
Initial gold deliveries are anticipated to start in the third quarter of this year and conclude in the second quarter of 2028. During this timeframe, the company aims for cumulative quarterly gold deliveries of 22,928 ounces, or roughly 2,300 to 3,300 ounces per quarter, subject to a quarterly cap of 8% of actual production each quarter.
Triple Flag projects that the mine will surpass 200,000 ounces of production by 2028 following certain operational upgrades. Last year, the mine produced 134,000 ounces of gold.
The transaction will be financed using available capital, including $144 million in cash on hand. The closing is expected within this month.
With the inclusion of Ravenswood, the company has raised its 2030 forecast to 150,000-160,000 gold-equivalent ounces (GEOs), up from 140,000-150,000 GEOs.
Exploration upside
In addition to the existing mining operations, the stream agreement encompasses all exploration licenses for the Ravenswood project across a land area exceeding 1,800 square kilometers.
In its announcement, Triple Flag noted that the Buck Reef West and Sarsfield-Nolans deposits offer considerable in-pit exploration potential, with targets such as Nolans Fault, A4, Keel, and Buck Reef Fault. Vanderkooy remarked that in-pit and near-mine exploration opportunities present a substantial chance to prolong the mine life at Ravenswood Gold across a vast and promising land package.
The mine currently holds 147 million tonnes of reserves grading 0.61 gram per tonne (g/t) gold, containing 2.8 million ounces of gold. This is part of a measured and indicated resource base of 205 million tonnes at 0.55 g/t, containing 3.6 million ounces of gold.