February 10, 2026 — Leads & Copy — Triple Flag Precious Metals Corp., along with its subsidiaries, has agreed through its subsidiary, Triple Flag International Ltd., to provide US$84.3 million in funding to Evolution Mining Limited for the E44 Gold Deposit development at Northparkes.
Evolution is committing to guaranteed minimum deliveries of 45,052 ounces of gold and 446,200 ounces of silver from 2030 to 2037 from the E44 Gold Deposit, under the E44 Amendment.
Triple Flag also acknowledged Evolution’s approval of the block cave development of the gold-rich E22 deposit at the Northparkes mine, including a mill expansion study for potentially increasing processing capacity to 10 million tonnes per annum (Mtpa) from the current 7.5 Mtpa.
The E44 Gold Deposit, located about 21 kilometers from the current mill infrastructure, will allow Triple Flag International to purchase 20% of payable gold and 30% of payable silver, paying 10% of the spot price for each ounce delivered (the E44 Stream).
Triple Flag International already has an existing 54% gold and 80% silver stream at Northparkes, with an ongoing payment of 10% of the spot price for each ounce delivered (the Existing Stream). The Existing Stream remains the same, excluding the E44 Gold Deposit.
Triple Flag CEO Sheldon Vanderkooy said the agreement with Evolution will unlock the E44 Gold Deposit. He added that historically there have been numerous gold-dominant deposits within the stream area of over 1,000 square kilometers.
Vanderkooy also said that the company agreed to a lower stream rate on the E44 Gold Deposit and provided additional development funding in exchange for guaranteed gold and silver deliveries.
Evolution Managing Director and CEO Lawrie Conway stated that this marks a major milestone for the company’s Northparkes operation and that the company needed full alignment with Triple Flag to realize this value. Conway thanked Triple Flag for their collaboration and support of Northparkes.
Evolution will advance the high-grade E44 gold open pit to production, a deposit not previously included in the mine plan. Guaranteed deliveries to Triple Flag will begin in 2030, with the potential for mine life extension.
Triple Flag’s right to purchase 20% of payable gold and 30% of payable silver from the E44 Gold Deposit includes an ongoing payment of 10% of the spot gold and silver price for each ounce delivered, with no step-downs associated with the E44 Stream.
Evolution has guaranteed minimum quarterly gold and silver deliveries from 2030 to 2037, totaling 45,052 ounces of gold and 446,200 ounces of silver, exceeding any deliveries due under the Existing Stream from areas other than the E44 Deposit.
Triple Flag will fund $84.3 million to Evolution in Q4 2026, using available capital, including cash on hand and a $700 million credit facility plus a $300 million accordion facility.
The E44 gold resource is currently 8.7 million tonnes grading 1.34 g/t Au, containing 0.38 million ounces in the measured and indicated category. These grades are higher than the current proved and probable gold reserve grade at Northparkes of 0.28 g/t Au.
If a positive construction decision for the E44 Gold Deposit is not made by December 31, 2029, Evolution can terminate its minimum delivery obligations under the E44 Stream for a cash payment of $102.5 million, with Triple Flag still entitled to deliveries based on actual gold and silver production from the E44 Gold Deposit.
The development of E44 will create infrastructure in an area prospective for further drilling of surface gold and copper mineralization.
The development of the E22 underground orebody as a block cave provides the basis to unlock a potential mill expansion at Northparkes to 10 Mtpa.
The measured and indicated gold resource at Northparkes is 550 million tonnes grading 0.20 g/t Au, containing 3.5 million ounces Au, while the inferred gold resource is 50 million tonnes grading 0.16 g/t Au, containing 0.26 million ounces Au.
Economic and environmental studies for the mill expansion are expected to be completed over the next two to three years, with Evolution targeting first cave production by the end of its fiscal 2030 year.
Northparkes, a copper-gold mine operating since 1993, is located in New South Wales, Australia.
Triple Flag is a precious metals streaming and royalty company with 239 assets, including 16 streams and 223 royalties, primarily in the Americas and Australia.
James Lill, Director, Mining for Triple Flag Precious Metals, has reviewed and approved the technical disclosures in the release.
Source: Triple Flag Precious Metals Corp.
