Elliott boosts stake in Triple Flag to 67%

Triple Flag holds royalty interests in Alamos Gold’s Young-Davidson mine in Ontario. (Image from Alamos Gold)

Elliott Investment Management on Thursday raised its stake in gold-focused streaming and royalty firm Triple Flag Precious Metals Corp to 67% from 64.7%.

The hedge fund acquired 4.7 million shares in Triple Flag at C$16.50 per share.

Triple Flag provides upfront financing to miners in exchange for a share of future revenue or production. It has vested interests in royalty, concerning Alamos Gold Inc’s Young-Davidson mine located in Ontario, and Kirkland Lake Gold Ltd’s Fosterville underground mine in Australia.

The mine financing company in 2021 had raised more than $250 million in an initial public offering, the biggest Toronto Stock Exchange mining debut since 2012.

Elliott previously had bought 129.1 million shares in the Canada-based company, according to an SEC filing.

(By Arshreet Singh; Editing by Shilpi Majumdar)


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