Major Gold Stream Deal
Triple Flag Secures US$440 Million Gold Stream on Ravenswood Mine, Boosting 2030 Outlook
Anonymous
Triple Flag Precious Metals has struck a US$440 million gold stream deal on the Ravenswood Gold Mine in Queensland, Australia — one of the biggest streaming transactions in the company's history. The deal, announced June 12, 2026, hands Triple Flag a cut of gold production from Queensland's largest gold mine in exchange for cash the mine's owners desperately needed to pay off debt Business Wire.
Triple Flag shares jumped 4.28% in early trading after the news broke Investing.com Canada. The company also raised its 2030 production outlook, now targeting 150,000–160,000 Gold Equivalent Ounces — up from a prior range of 140,000–150,000 StreetInsider.
A Struggling Mine Gets a $440 Million Lifeline
Ravenswood is Queensland's biggest gold mine, sitting 130km south of Townsville. It has produced over 4 million ounces of gold since modern mining began there in 1987 Business Wire. EMR Capital and Singapore-based Golden Energy and Resources (GEAR) bought the mine in 2020 for up to A$300 million and poured more than A$830 million into expanding it Mining.com.au.
By early 2026, Ravenswood was caught in what experts called a "paradoxical cost trap." The mine had locked in hedging contracts to sell roughly 220,000 ounces of gold at prices far below today's record spot rates Discovery Alert. Professor Rick Valenta of the University of Queensland explained that rising gold prices can actually bankrupt a mine that sold its future production too cheaply. The $440 million from Triple Flag let Ravenswood pay off that high-cost debt and keep the lights on for its 800 workers Industry Queensland.
Stream Terms: How Triple Flag Makes Its Money Back
A gold stream works like this: Triple Flag pays cash upfront, and in return gets a fixed percentage of the mine's gold output at a steep discount. Under this deal, Triple Flag receives 5.50% of payable gold and pays only 10% of the spot gold price until 194,200 ounces are delivered StreetInsider. After that threshold, the stream steps down to 3.75%, then to 2.50% after 253,000 ounces — reducing Triple Flag's cut as the mine matures.
Ravenswood produced 134,000 ounces in 2025 and is targeting more than 200,000 ounces per year at full capacity StreetInsider. The mine holds reserves of 147 million tonnes at 0.61 grams per tonne, containing 2.8 million ounces of gold. CEO Sheldon Vanderkooy said the stream adds "immediate cash flow from a large-scale, long-life operation located in a top-tier mining jurisdiction" Triple Flag Official Release.
Triple Flag Built Its War Chest Just in Time
The timing of Triple Flag's financing moves looks deliberate. On May 25, 2026 — just weeks before the deal closed — Triple Flag expanded its credit facility to $1 billion Business Wire. The company will fund the $440 million transaction using $144 million in cash on hand, as of March 31, 2026, plus draws on that facility and a $300 million accordion option StreetInsider.
Analysts at Canaccord Genuity upgraded Triple Flag from "Hold" to "Buy" after the announcement, setting a price target of C$52.00 and citing immediate cash flow gains Investing.com Canada. Triple Flag's gross profit margin sits at 87.71%, and its current ratio — a measure of short-term financial health — is a strong 6.31, giving it the firepower to absorb a deal this large Investing.com Canada.
Australia Becomes a Cornerstone of Triple Flag's Empire
With Ravenswood added, Australia becomes a defining part of Triple Flag's portfolio. The company already holds streaming interests in Northparkes, Beta Hunt, and Fosterville — three of Australia's better-known gold operations Business Wire. Triple Flag now manages 241 total assets: 34 producing mines and 207 projects still in development or exploration.
The deal also has real stakes for regional Queensland. Local MP Robbie Katter had publicly pushed for the mine's survival, saying it supports "800 workers and their families" Industry Queensland. Townsville Enterprise CEO Claudia Brumme had flagged the mine's financial troubles as a regional concern earlier this year. With the $440 million now secured, the mine has a clear path toward its 200,000-ounce production target — and a 10-plus year operating life Mining.com.au.
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