Orogen Royalties being purchased by Triple Flag for a sum of $421 million
Triple Flag Completes Acquisition of Orogen Royalties for $421 Million
Triple Flag Precious Metals has completed the acquisition of Orogen Royalties in a deal valued at approximately C$421 million ($305 million). The acquisition, announced on April 21, 2025, saw Triple Flag acquire all issued and outstanding shares of Orogen Royalties on a fully diluted basis.
The deal, which involved a mix of cash and Triple Flag shares, offers Orogen shareholders a choice between C$1.63 in cash or 0.05355 of a Triple Flag share per Orogen share, along with 0.25 shares in a newly formed entity, Orogen Spinco. The total consideration is roughly half cash and half Triple Flag shares, excluding the value of Orogen Spinco.
Triple Flag also made a strategic $10 million investment, securing an 11% stake in Orogen Spinco, which holds Orogen’s original assets except for a 1% NSR royalty on the Arthur gold project in Nevada, US.
Hoskin & Harcourt LLP, a leading Canadian law firm, served as legal counsel for Orogen Royalties in this transaction. The firm's team, led by Alan Hutchison, Minji Park, Vanessa Yee, Disha Puri, Kim Maguire, Alina Tam, and Rachel Beger-Viflanzoff, provided corporate, tax, and legal advice throughout the deal process.
National Bank Financial provided a fairness opinion to Orogen’s board, while Torys LLP acted as legal counsel for Triple Flag, and Scotiabank was the financial advisor, providing a fairness opinion to the Triple Flag board.
The acquisition is significant for both companies, impacting not only the precious metals market but also the gold development market and the royalty market. Orogen Royalties, a Canadian-based company focused on precious and base metal discoveries in western North America, will provide Triple Flag with exposure to one of the world's most promising gold development assets.
The acquisition adds meaningful gold equivalent ounces to Triple Flag's growth outlook, further strengthening its position in the precious metals streaming and royalty industry.
[1] GlobeNewswire. (2025, April 21). Triple Flag Precious Metals Completes Acquisition of Orogen Royalties. Retrieved from https://www.globenewswire.com/news-release/2025/04/21/2228285/0/en/Triple-Flag-Precious-Metals-Completes-Acquisition-of-Orogen-Royalties.html
[2] S&P Global Market Intelligence. (2025, April 21). Triple Flag Precious Metals to acquire Orogen Royalties for C$421M. Retrieved from https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/triple-flag-precious-metals-to-acquire-orogen-royalties-for-c421m-66921147
[3] The Canadian Press. (2025, July 5). Triple Flag's acquisition of Orogen Royalties gets court approval. Retrieved from https://www.thecanadianpress.com/business/financial/triple-flags-acquisition-of-orogen-royalties-gets-court-approval-0120868
The acquisition of Orogen Royalties by Triple Flag Precious Metals impacts not only the precious metals market but also the gold development market and the royalty market. The deal, valued at approximately C$421 million, adds meaningful gold equivalent ounces to Triple Flag's growth outlook, positioning them further in the precious metals streaming and finance industry.
