TFPM: $440m Ravenswood gold stream; positive

研报英文原文证据摘录

TFPM: $440m Ravenswood gold stream; positive

EQUITY RESEARCH QUICK TAKE

RBC Dominion Securities Inc.

Josh Wolfson (Head of Global Metals & Mining

Research)

David Monus (Associate)

Connor Snarr (Associate)

June 15, 2026

Triple Flag Precious Metals Corp.

$440m Ravenswood gold stream; positive

NYSE: TFPM | USD 29.16 | Sector Perform | Price Target USD 40.00

Sentiment: Positive

Event: TFPM announced the acquisition of a $440m gold stream on the Ravenswood gold mine in Queensland, Australia with

private owners EMR Capital (operator) and Golden Energy and Resources Pte. Alongside this, TFPM increased its 2030 outlook

+7% to 150-160kGEO (prev. 140-150kGEO).

Impact: Positive. Utilizing reserves and spot gold prices, we calculate base case returns of a 2% IRR and 10% 3Y cash yield. The

transaction is 8% accretive to near-term CFPS and adds diversification, but reduces NAVPS by 2% if assuming strictly base case

reserves. Compared to precedent transactions, returns are average to slightly above average, but are positively supported by

the project's existing producing status, the mine's supportive duration plus exploration upside, and a favourable jurisdiction.

In part, this is offset by incremental ramp-up deliverables to achieve steady state targets (partially protected by TFPM's minimum

fixed deliveries up front), and ongoing lower transparency given the asset's private ownership. TFPM highlighted exploration was

a key component of the transaction, which may support upside to base case calculated economics. Pro forma, Ravenswood would

become TFPM's second largest asset, representing 8% of NAV and 8% of EBITDA. Funding of the $440m stream will be completed

via 1Q cash on hand of $144m and existing available credit of $1.0b, which we forecast can be repaid at spot prices by 1H27.