Triple Flag to acquire Orogen Royalties for $305M

Published: 2025-04-22 17:35 Author: Bruno Venditti

Source: MINING.COM (Original Article)

AI Analysis & Insights

Triple Flag Acquires Orogen Royalties for $305M to Secure Key Nevada Gold Royalty

Summary: Triple Flag Precious Metals has agreed to acquire Orogen Royalties for C$421 million ($305M), gaining a significant royalty on the Expanded Silicon gold project in Nevada, while spinning off Orogen's other assets into a new entity.

Triple Flag's Strategic Acquisition

Triple Flag Precious Metals (TSX: TFPM, NYSE: TFPM) announced on Tuesday a major acquisition deal to purchase Orogen Royalties Inc. (TSX-V: OGN, OTCQX: OGNRF) for approximately C$421 million ($305 million). The centerpiece of the transaction is a 1.0% net smelter return (NSR) royalty on the Expanded Silicon gold project in Nevada, a flagship asset fully owned by AngloGold Ashanti (NYSE: AU). Following the announcement, Orogen’s shares surged 28% in Toronto, boosting its market capitalization to C$373 million ($270 million).

The Expanded Silicon Project: A Gold Powerhouse

Located in Nevada’s Beatty District, the Expanded Silicon project encompasses the Merlin and Silicon deposits across a 74 km² area. The royalty held by Orogen, now transferring to Triple Flag, has no caps or buydown provisions, making it a highly valuable asset. As of December 31, 2024, the Merlin deposit boasts an inferred resource of 355 million tonnes at 1.06 g/t gold (12.1 million ounces), while the Silicon deposit holds 121 million tonnes at 0.87 g/t in the indicated category and 36 million tonnes at 0.70 g/t inferred. AngloGold Ashanti, which began drilling in 2018, has described the project as the largest new gold discovery in the U.S. in over a decade, with potential for both heap leach and milling operations.

Deal Structure and Spinoff

As part of the transaction, Orogen’s other mineral interests will be spun off into a new entity, Orogen Spinco, led by current CEO Paddy Nicol. Triple Flag will invest C$10 million for an 11% stake in Spinco upon its public debut. Additionally, the two companies plan to form a generative exploration alliance in the western U.S., targeting gold and silver deposits similar to Expanded Silicon, with an initial budget of $435,000. The deal is expected to close in Q3 2025, pending customary approvals.

Analysis: A Bold Move with Risks

This acquisition positions Triple Flag to capitalize on one of Nevada’s most promising gold projects, aligning with the growing demand for precious metals amid economic uncertainty. The uncapped NSR royalty on Expanded Silicon could yield substantial long-term returns if AngloGold Ashanti accelerates development. However, the deal’s success hinges on the project’s timeline and production outcomes, which remain uncertain given the inferred nature of much of the resource. Additionally, while the spinoff of Orogen Spinco diversifies risk, Triple Flag’s C$10 million investment in an unproven entity raises questions about capital allocation. Investors should also monitor geopolitical and regulatory risks in Nevada’s mining sector, which could impact project advancement.

Conclusion:

Triple Flag’s acquisition of Orogen Royalties is a strategic play to secure a high-potential gold royalty in Nevada, but its ultimate value depends on the Expanded Silicon project’s development and broader market conditions. While the deal signals confidence in U.S. gold assets, cautious optimism is warranted given the inherent uncertainties in early-stage mining projects.

Triple Flag 以3.05亿美元收购Orogen Royalties，锁定内华达州关键黄金特许权

摘要: Triple Flag Precious Metals 宣布以4.21亿加元（3.05亿美元）收购Orogen Royalties，获得内华达州Expanded Silicon黄金项目的重大特许权，同时将Orogen其他资产剥离至新实体。

Triple Flag 的战略收购

Triple Flag Precious Metals（多伦多证券交易所：TFPM，纽约证券交易所：TFPM）周二宣布了一项重大收购交易，以约4.21亿加元（3.05亿美元）收购Orogen Royalties Inc.（多伦多创业板：OGN，场外交易市场：OGNRF）。此次交易的核心是内华达州Expanded Silicon黄金项目的1.0%净冶炼回报（NSR）特许权，该项目由AngloGold Ashanti（纽约证券交易所：AU）全资拥有。公告发布后，Orogen在多伦多的股价飙升28%，市值增至3.73亿加元（2.7亿美元）。

Expanded Silicon项目：黄金重镇

Expanded Silicon项目位于内华达州比蒂区，涵盖Merlin和Silicon两个矿床，面积达74平方公里。Orogen持有的特许权（现转让给Triple Flag）没有上限或回购条款，是一项极具价值的资产。截至2024年12月31日，Merlin矿床拥有推断资源3.55亿吨，品位1.06克/吨黄金（共计1210万盎司）；Silicon矿床拥有1.21亿吨品位0.87克/吨的指示资源，以及3600万吨品位0.70克/吨的推断资源。AngloGold Ashanti自2018年开始钻探，称该项目是美国十多年来最大的新金矿发现，具有堆浸和磨矿加工潜力。

交易结构与剥离

作为交易的一部分，Orogen的其他矿产权益将被剥离至新实体Orogen Spinco，由现任CEO Paddy Nicol领导。Triple Flag将投资1000万加元，在Spinco上市时获得约11%的股份。此外，两家公司计划在西美成立生成性勘探联盟，目标是寻找类似Expanded Silicon的金银矿床，初始预算为43.5万美元。交易预计于2025年第三季度完成，尚待常规审批。

分析：大胆举措伴随风险

此次收购使Triple Flag能够在内华达州最具潜力的黄金项目中占据一席之地，与经济不确定性背景下对贵金属日益增长的需求相符。Expanded Silicon的无上限NSR特许权若AngloGold Ashanti加速开发，可能带来可观的长期回报。然而，交易成功与否取决于项目时间表和生产结果，而目前大部分资源仍为推断类别，存在不确定性。此外，尽管Orogen Spinco的剥离分散了风险，但Triple Flag对一个未经证实实体的1000万加元投资引发了资金配置的疑问。投资者还需关注内华达州矿业领域的地缘政治和监管风险，这些可能影响项目进展。

结论:

Triple Flag 收购Orogen Royalties 是一项锁定内华达州高潜力黄金特许权的战略举措，但其最终价值取决于Expanded Silicon项目的开发进展和更广泛的市场条件。尽管该交易显示出对美国黄金资产的信心，但鉴于早期矿业项目固有的不确定性，谨慎乐观是必要的。