Triple Flag Completes Arrangement with Maverix

Triple Flag Precious Metals Corp. has completed its previously announced acquisition of Maverix Metals Inc. In aggregate, Triple Flag issued 45.1 million common shares and paid $86.7 million to former Maverix shareholders in a transaction valued at $606 million. Existing Triple Flag and former Maverix shareholders are expected to own approximately 78% and 22% of the pro forma outstanding shares of Triple Flag, respectively. Maverix will be delisted from the TSX and the NYSE.

“This transaction creates the world’s leading gold-focused emerging senior streaming and royalty company, bringing together two complementary portfolios in a compelling combination,” said Shaun Usmar, founder and CEO of Triple Flag. “The combination builds on Triple Flag’s 26% compound annual growth rate in GEOs over the past five years, increasing from 84,000 oz in 2021 to an expected average of over 140,000 oz over the next five years, before factoring in the additional organic growth potential from the significant portfolio of exploration and development stage assets.”

Triple Flag announced the arrangement in November 2022. The Ontario Superior Court of Justice has granted a final order approving acquisition during January. The company said the transaction would add scale and enhanced diversification, bringing its portfolio to 29 paying assets and 228 assets overall. It would immediately increase its gold equivalent ounces (GEOs). Maverix was a gold-focused royalty and streaming company with a globally diversified portfolio of more than 140 assets. The combined portfolio would provide Triple Flag with assets located in mining-friendly jurisdictions, 64% located in Australia and North America and 18% in Latin America.

As featured in Womp 2023 Vol 02 -