Triple Flag Precious Metals (TFPM) M&A announcement summary

Deal rationale and strategic fit

• Acquisition of a US$440 million gold stream on Ravenswood, a large-scale, long-life, low-cost Australian mine, enhances portfolio scale, immediate cash flow, and geographic diversification.

• Strengthens presence in Australia, now totaling 31 assets, and increases exposure to robust gold reserves and significant exploration upside.

• Access to a multi-decade producing asset with expansion completed in 2023, a history of over 4 million ounces produced, and ongoing exploration potential.

Financial terms and conditions

• $440 million upfront cash consideration, funded from cash on hand and undrawn credit facility, with closing anticipated in June 2026.

• Stream rate starts at 5.5% of gold produced, stepping down to 3.75% after 194,200 ounces and 2.5% after 253,000 ounces delivered.

• Ongoing payments of 10% of spot gold price per ounce until 194,200 ounces, then 20% thereafter.

• Stream covers all existing mining and exploration licenses over 1,800 km², with second-ranking security including a mortgage over tenements, subject to FIRB approval.

• Buy down options included for change of control or at discretion, with consideration based on ounces of gold times gold price at the time.

Synergies and expected cost savings

• Immediate cash flow from a ramping-up, capitalized asset expected to produce over 200,000 ounces annually by 2028.

• Near-term power infrastructure upgrades will allow decommissioning of diesel generators, reducing operating costs.

• Gravity beneficiation circuit increases mill head grade by 30% over ore reserve grade.

• Leverages existing infrastructure and processing capacity, with installed grinding and leaching exceeding current requirements.

• Potential for further cost efficiencies as the mine is positioned in the lower half of the global gold cost curve.