11:47 AM EST, 03/05/2025 (MT Newswires) -- (Updates shares.)

Triple Flag Precious Metals ( TFPM ) at last look rose 2.5% as the company on Wednesday agreed to pay US$35 million for 5% silver and gold streams on each of the Arcata and Azuca mines in Peru operated by Sierra Sun Precious Metals.

Under the terms, there is no step-down in stream rates and Triple Flag will make ongoing payments of 10% of the spot silver or gold price for each ounce delivered under the streams.

Triple Flag said Sierra plans to use the proceeds to restart Arcata, which is fully financed to commercial production, and advance development of Azuca, which is expected to commence production by the end of 2029.

"We believe that Arcata and Azuca are exciting precious metals restart and development opportunities, respectively, with excellent exploration upside, and we look forward to our partnership with Sierra Sun," Triple Flag chief executive Sheldon Vanderkooy said.

Triple Flag expects the streams to have at least a 10-year mine life, with annual gold equivalent ounces forecast to ramp up to about 5,000 to 6,000 ounces per year by 2028.

The company's shares were last seen up $0.62 to $25.21 on the Toronto Stock Exchange.

Price: 25.21, Change: +0.62, Percent Change: +2.52