Triple Flag to acquire Orogen Royalties for $305M

Triple Flag Precious Metals (TSX: TFPM, NYSE: TFPM) announced Tuesday that it has entered into an agreement to acquire Orogen Royalties Inc. (TSX-V: OGN, OTCQX: OGNRF) in a transaction valued at approximately C$421 million (US$305 million).The acquisition will give Triple Flag access to a 1.0% net smelter return (NSR) royalty on the Expanded Silicon gold project in Nevada, considered one of the most significant new gold discoveries in the United States in over a decade.Shares of Orogen rose 28% Tuesday morning in Toronto, bringing the company’s market capitalization to C$373 million (US$270 million).Flagship Nevada assetThe Expanded Silicon project, fully owned by AngloGold Ashanti (NYSE: AU), is located in the Beatty District of Nevada and includes the Merlin and Silicon deposits. The royalty covers a 74 km² area of interest and comes with no caps, step-downs, or buydown provisions.AngloGold began drilling at the site in 2018. Since then, the resource has expanded significantly. As of December 31, 2024, the Merlin deposit contained an inferred resource of 355 million tonnes grading 1.06 g/t gold, totaling 12.1 million ounces. The Silicon deposit hosts 121 million tonnes grading 0.87 g/t gold in the indicated category, plus 36 million tonnes grading 0.70 g/t in the inferred category. In total, 430 kilometers have been drilled at Expanded Silicon to date, including 132 kilometers at Merlin in 2024.AngloGold has described the project as the largest new gold discovery by resource in the U.S. in more than a decade, with potential for heap leach and milling processing.Orogen spinout As part of the deal, a new entity—Orogen Spinco—will be created to hold all of Orogen’s other mineral interests, excluding the Expanded Silicon NSR royalty. Paddy Nicol, current CEO of Orogen, will lead the spinoff.Triple Flag has also committed to a C$10 million equity investment in Orogen Spinco, securing an approximate 11% interest upon its public debut.The two companies have also agreed to explore a generative exploration alliance focused on the western United States. Backed by an initial budget of $435,000, the initiative will aim to identify gold and silver targets geologically similar to the Expanded Silicon asset.The transaction is subject to customary approvals and is expected to close in the third quarter of 2025.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com