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    Triple Flag’s $440M Ravenswood gold stream: project economics for mine planners

    June 13, 2026|

    Reviewed by Tom Sullivan

    Triple Flag’s $440M Ravenswood gold stream: project economics for mine planners

    First reported on MINING.com

    30 Second Briefing

    Triple Flag Precious Metals is paying $440 million in cash for a gold stream over Queensland’s Ravenswood open-pit mine, giving it rights to 5.5% of payable gold, stepping down to 3.75% after 194,200 oz and 2.5% after 253,000 oz, with deliveries priced at 10–20% of spot. The 8.6 Mtpa operation, owned by EMR Capital and Golden Energy and Resources, produced 134,000 oz in 2025 and is targeted to exceed 200,000 oz by 2028 following upgrades. The stream, covering 1,800 km² of exploration licences including Buck Reef West and Sarsfield-Nolans, lifts Triple Flag’s 2030 outlook to 150,000–160,000 GEOs.

    Technical Brief

    • Quarterly deliveries are targeted at 2,300–3,300 oz, but capped at 8% of actual mine output.
    • Ravenswood’s processing plant is an 8.6 Mtpa mill located 130 km south of Townsville by road.
    • Current reserve base is 147 Mt at 0.61 g/t Au, containing 2.8 Moz within active designs.
    • Measured and indicated resources total 205 Mt at 0.55 g/t Au, or 3.6 Moz contained.
    • EMR Capital and Golden Energy and Resources have invested over A$830 million since acquiring Ravenswood in 2020.
    • The stream covers more than 1,800 km² of exploration licences, including Buck Reef West and Sarsfield-Nolans.
    • In-pit and near-mine targets (Nolans Fault, A4, Keel, Buck Reef Fault) provide scope for reserve growth and life extension.

    Our Take

    Triple Flag’s expanded role at Ravenswood and its existing exposure to Australian assets like Northparkes, Beta Hunt and Fosterville suggests it is building a diversified, long‑life royalty/streaming portfolio anchored in lower‑grade bulk‑tonnage gold systems rather than just high‑grade underground mines.

    In our database of 1203 Mining stories, Triple Flag appears increasingly often in Australian gold coverage, and the separate item on Evolution Mining deepening its Northparkes partnership indicates that Australian operators are leaning more on streaming finance to fund brownfield growth without heavy equity dilution.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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