Triple Flag Precious Metals Corp. entered into a definitive agreement to acquire all issued and outstanding common shares of Orogen Royalties Inc. for approximately C$421 million, or C$2.00 per share. The consideration includes C$171.5 million in cash, C$171.5 million in Triple Flag shares, and shares of a new company, Orogen Spinco, valued at C$78 million.
This transaction will grant Triple Flag a 1.0% Net Smelter Return (NSR) royalty on the Expanded Silicon gold project in Nevada, now known as the Arthur Gold project. This asset is operated by AngloGold Ashanti plc and is considered a world-class gold development asset with unparalleled long-term growth potential due to its rapid resource growth.
Triple Flag will also invest C$10 million to obtain an approximate 11% interest in Orogen Spinco, which will retain Orogen's other mineral interests and be led by Orogen's current management team. The acquisition is expected to close in the third quarter of 2025, subject to shareholder and regulatory approvals.
The acquisition is strategically significant as it adds a high-quality gold asset in a premier jurisdiction to Triple Flag's portfolio. The 'free carried optionality' of the royalty model means Triple Flag will benefit from future exploration and development expenditures at no additional cost.
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