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Triple Flag Precious Metals Signs Definitive Agreements for Acquisition of Gross Revenue Return and Stream on Prieska
TORONTO / Dec 13, 2022 / Business Wire / Triple Flag Precious Metals Corp. (with its subsidiaries, “Triple Flag” or the “Company”) (TSX: TFPM, NYSE: TFPM) annou
About this update from Triple Flag Precious Metals Corp.
[{"type":"text","content":"TORONTO / Dec 13, 2022 / Business Wire / Triple Flag Precious Metals Corp. (with its subsidiaries, “Triple Flag” or the “Company”) (TSX: TFPM, NYSE: TFPM) announced today that its wholly owned subsidiaries have entered into definitive agreements for the acquisition of the previously announced A$10 million gross revenue return (“GRR”) and US$80 million gold and silver stream (“Stream”) on the Prieska Copper-Zinc Mine with Orion Minerals Ltd. (“Orion”). Closing of the GRR is subject to obtaining exchange control approvals from the South African Reserve Bank and drawdown of the Industrial Development Corporation of South Africa Limited (“IDC”) convertible loan and will be drawn down pro rata with the IDC convertible loan. The closing of the Stream is also conditional on obtaining exchange control approvals from the South African Reserve Bank, the mine development being fully funded and Orion finalizing an executable mine plan to Triple Flag’s satisfaction. “We are excited about the opportunity to partner with the Orion team to restart this historically prolific copper mining district,” commented Shaun Usmar, Triple Flag Founder and CEO. “Prieska offers the potential for long-duration, low-cost, low-carbon-footprint copper production. The mine will benefit the South African economy and local stakeholders through investment and much-needed job creation, while the GRR and Stream will enable the development of the mine and provide Triple Flag’s shareholders with exposure to a high-margin, long-life, precious metals stream from byproduct production. We are strong believers in the green energy transition, which will require a step change in the supply of key metals to enable that transition. Copper is at the heart of that transition, and well mineralized brownfield opportunities like Prieska with its precious metals byproducts are under-appreciated and valuable assets that we look forward to helping enable. We look forward to working with the Orion team in unlocking the potential of this asset and are grateful for their trust and partnership.” Errol Smart, CEO of Orion commented, “It is particularly comforting to be working with knowledgeable mine financiers such as Triple Flag, who have demonstrated a strong technical and commercial understanding of our intended mining operations during the many months of their incisive due diligence an...