8th Feb 2022 18:23
Wheaton Precious Metals Corp - Vancouver-based investor in precious metal mining through royalty and streaming deals - Enters definitive precious metal purchase agreement with Sabina Gold & Silver Corp, under which Wheaton will receive 4.2% of the payable gold production from the Goose project in Nunavut, Canada.
After delivery of 130,000 ounces of gold, this will drop to 2.2%, and then to 1.5% after the delivery of 200,000 ounces of gold. During the construction of the project, Wheaton will pay an upfront payment of USD125 million in four equal instalments.
Goose project's attributable gold output is set to average 11,700 ounces per annum for the first five years of production, with first production set to commence in 2025.
As a result of the agreement, Wheaton has increased its ten year production guidance to 910,000 gold equivalent ounces from 900,000 ounces.
Current stock price: 3,060.61 pence, up 3.2% on Tuesday
12-month change: up 0.3%
By Dayo Laniyan; [email protected]
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