Highlights
TORONTO--(BUSINESS WIRE)--Triple Flag Precious Metals Corp. (with its subsidiaries, “Triple Flag” or the “Company”) (TSX: TFPM, NYSE: TFPM) announces that it has secured amendments to its existing undrawn revolving credit facility (the “Credit Facility”), including an increase in the size of the Credit Facility at more favorable terms. All amounts are expressed in US dollars, unless otherwise indicated.
Under the amended agreement, the Company has a Credit Facility of $1 billion with an additional uncommitted accordion of up to $300 million. This represents an increase from the previous agreement that had a Credit Facility of $700 million and an accordion of up to $300 million.
Royal Gold, Inc. (NASDAQ: RGLD) (together with its subsidiaries, “Royal Gold,” the “Company,” “we,” “us,” or “our”) announced today the restructuring of our ownership in Artmin Madençilik (“Artmin”), the joint venture company that owns 100% of the Hod Maden Project (the “Project”). The restructuring includes a 50% reduction in Royal Gold’s direct equity ownership in Artmin (from 30% to 15%), the grant to Royal Gold of a new effective 2.5% net smelter return (“NSR”) royalty interest over the Project (the “New RG Royalty”), and certain rights pertaining to a new royalty interest being granted to SSR Mining, Inc. (“SSR”) over the Project.
As part of this restructuring, SSR and Lidya Madençilik (“Lidya”), the additional partner in the ownership of Artmin, have agreed that SSR will sell all its interests in Artmin to Lidya. Additionally, SSR resigned as operator and Lidya assumed operatorship of the Project upon entering into the agreements related to this restructuring. In return, SSR will be granted a new effective 4.0% NSR royalty interest on the Project (the “SSR Royalty”). The full economic burden of both the SSR Royalty and the New RG Royalty will be assumed by Lidya and will not reduce Royal Gold’s economic exposure to its remaining equity interest in Artmin.
“Hod Maden is a high-grade and high-margin gold-copper development project and we are pleased to continue our participation in such a way that preserves the value of our ownership while bringing our overall interest more in line with our core royalty and streaming business,” commented Bill Heissenbuttel, President and CEO of Royal Gold. “We believe the project will benefit from Lidya, an established and experienced local company, increasing its ownership and taking operating control of the joint venture. Lidya is the mining arm of a Turkish conglomerate with the financial and technical resources to effectively develop and operate the project, and we believe a local partner with these credentials is well-positioned to advance this high-quality project.”
Upon completion of these transactions:
Closing for the transactions is subject to certain conditions, including regulatory approval from the Turkish General Directorate of Mining and Petroleum Affairs. Closing is expected in the second half of 2026.
Impact on Royal Gold
This restructuring is expected to preserve the value of Royal Gold’s existing interests in the Project and reduce Royal Gold’s exposure to capital and operating costs. We expect our overall interest after the restructuring, including the remaining 15% Artmin ownership, the 2.5% New RG Royalty and our existing 2.0% NSR royalty (the “Existing RG Royalty”), to remain approximately 4% of the net asset value of the total Royal Gold portfolio.
Royal Gold expects to receive attributable production of approximately 9,000 GEOs1 per year from the combination of the New and Existing RG Royalties during the first full five years of production from the Project2.
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