Triple Flag completes $305m Orogen acquisition
In April 2025 Triple Flag made a definitive agreement to acquire all issued and outstanding shares of Orogen Royalties on a fully diluted basis.
Orogen shareholders were given the choice to receive either C$1.63 in cash or 0.05355 of a Triple Flag share per Orogen share, in addition to 0.25 shares in a newly formed entity, Orogen Spinco.
The total consideration was evenly split between cash and Triple Flag shares, not including the value of Orogen Spinco.
Following the shareholder elections, Triple Flag distributed C$171.5m in cash and issued 5.66 million of its common shares.
Orogen Spinco inherited all of Orogen's assets and liabilities, excluding the net smelter returns (NSR) royalty on the Arthur gold project in Nevada, US.
Triple Flag acquired 6.7 million common shares at C$1.48 each, amounting to C$10m, taking an 11% stake in Orogen Spinco.
The company has also secured a 1% NSR royalty on the Arthur gold project.
Orogen CEO Paddy Nicol stated: "We maintain our view that the Arthur Gold project is an excellent royalty and has significant potential to become a cornerstone asset for Triple Flag, and shareholders who received Triple Flag shares will maintain exposure to it through their ownership in Triple Flag."
"After completing the Transaction, new Orogen Royalties Inc will continue to carry on the same royalty business, operating profitably with its flagship cash-flowing Ermitano royalty in Mexico and portfolio of exciting gold and copper royalties and project assets.'
Triple Flag's portfolio has 237 assets, including 17 streams and 220 royalties, with a focus on gold and silver investments.
These assets span the Americas and Australia, encompassing 30 producing mines and 207 projects in development and exploration stages.
Triple Flag CEO Sheldon Vanderkooy stated: 'We are pleased to announce the completion of this friendly transaction with Orogen. The addition of a 1.0% NSR royalty on the Arthur gold project meaningfully enhances our portfolio with a high-quality gold asset located in a premier jurisdiction.
"We are also excited to support Orogen Spinco through our C$10 million investment. This investment gives us exposure to a compelling portfolio of early-stage royalties and partners us with a proven management team with a track record of discovering district-scale assets from disciplined grassroots exploration.'
"Triple Flag completes $305m Orogen acquisition" was originally created and published by Mining Technology, a GlobalData owned brand.
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