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Triple Flag Precious Metals Congratulates Evolution Mining on its Proposed Acquisition of a Majority Interest in Northparkes
TORONTO / Dec 05, 2023 / Business Wire / Triple Flag Precious Metals Corp. (with its subsidiaries, “Triple Flag” or the “Company”) (TSX:TFPM, NYSE:TFPM) is plea
About this update from Triple Flag Precious Metals Corp.
[{"type":"text","content":"TORONTO / Dec 05, 2023 / Business Wire / Triple Flag Precious Metals Corp. (with its subsidiaries, “Triple Flag” or the “Company”) (TSX:TFPM, NYSE:TFPM) is pleased to congratulate Evolution Mining Limited (“Evolution”) on its proposed acquisition of an 80% interest in the Northparkes open pit and underground copper-gold mine in New South Wales, Australia from China Molybdenum Co., Ltd (“CMOC”). Unless otherwise noted, all dollar amounts in this news release are expressed in US dollars. “Evolution is a leading Australia-based copper and gold producer with significant experience in large-scale, underground caving operations at Ernest Henry, a sustainability approach fully integrated into its company strategy, and a robust balance sheet. Triple Flag has a strong relationship with the Evolution management team and we look forward to our new long-term partnership at Northparkes. This world-class operation is well-positioned to deliver value for all stakeholders for decades to come,” commented Shaun Usmar, Triple Flag CEO. “Northparkes’ long track record of reserve replacement, multi-decade mine life potential, and strong sustainability performance is due to the stewardship of CMOC. We are proud of our partnership with CMOC and the potential for future strategic financing opportunities, with a proven operator that has a global footprint across the mining value chain.” Triple Flag has a 54% stream on payable gold and an 80% stream on payable silver on Northparkes for a 10% ongoing payment of the spot gold and silver price for each ounce delivered. Once 630,000 ounces of gold and 9 million ounces of silver have been delivered under the stream, the gold and silver stream rates will reduce to 27% and 40%, respectively, for the remainder of the mine life. Production from the higher gold grade E31 and E31N open pits in the near term and the E22 cave in the medium term is on track to drive GEOs sales growth in Triple Flag’s five-year outlook period from 2024 to 2028. Triple Flag’s gold and silver stream covers the entirety of the 1,100 km2 land package at Northparkes, which has only limited drilling below 100 metres on the 26 km2 mining license footprint, presenting significant potential future upside beyond the current mine life of at least 30 years. Northparkes is located in New South Wales, Australia, 27 km northwest of the town of Parkes...