Triple Flag Targets Growth With $440 Million Ravenswood Gold Deal

The deal grants Triple Flag 5.5% of payable gold from the open-pit mine, with the rate scaling down to 3.75% after 194,200 ounces are delivered and eventually settling at 2.5% once the 253,000-ounce mark is reached. The company will purchase each ounce at 10% of the spot price until the first threshold is met, after which the cost rises to 20%.

Management anticipates immediate cash flow from the asset, citing target quarterly deliveries of 22,928 ounces through mid-2028. This influx of production pushed the company to raise its 2030 forecast to 150,000–160,000 gold-equivalent ounces. This move follows a separate agreement with Steppe Gold finalized Thursday, which resolved outstanding metal deliveries and guarantees shipments for the next decade, further bolstering the company’s 2026 production projections.