VANCOUVER, BC, Nov. 15, 2023 /CNW/ - Wheaton Precious Metals™ Corp. ("Wheaton" or the "Company") is pleased to announce Wheaton and its wholly-owned subsidiary, Wheaton Precious Metals International Ltd. ("Wheaton International") have entered into a definitive agreement with certain entities advised by Orion Resource Partners ("Orion") to acquire existing streams in respect of Ivanhoe Mines' Platreef Project (the "Platreef Streams") and BMC Minerals' Kudz Ze Kayah Project (the "Kudz Ze Kayah Streams"). In addition, Wheaton International has entered into a new precious metals purchase agreement for a gold stream in respect of Dalradian Gold's Curraghinalt Project (the "Curraghinalt Stream").

"The acquisition of these diverse, high-quality streams fits seamlessly into our portfolio of high-margin, low-cost assets, with near-term production from Platreef significantly adding to our already robust growth profile," said Randy Smallwood, Wheaton's President and Chief Executive Officer. "This Project has been significantly de-risked given the advancement of construction and development and is forecast to deliver significant precious metals production to Wheaton, commencing next year. We are also very impressed with Ivanhoe's progress in working with the community and other stakeholders as it rapidly advances the Project towards production."

Closing of the acquisition of the Platreef, Kudz Ze Kayah and Curraghinalt Streams is subject to typical terms and conditions and anticipated to occur within the fourth quarter of 2023 or early first quarter of 2024.

Transaction Details

(All values in US$ unless otherwise noted)

Consideration: Wheaton and Wheaton International will pay up to a total upfront cash consideration of $530 million as follows:
$450 million will be paid to Orion on the closing of the acquisition of the Platreef Streams and Kudz Ze Kayah Streams, with an additional $5 million contingency payment in respect of the Kudz Ze Kayah Stream; and
$20 million will be paid to an affiliate of Dalradian Gold on an early deposit basis relative to the Curraghinalt Stream, with an additional $55 million being paid during construction of the Curraghinalt Project, subject to various customary conditions being satisfied.
Platreef Project (majority owned by Ivanhoe Mines, the "Platreef Streams")

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https://www.wheatonpm.com/news/pressreleases/News-Releases-Details/2023/Wheaton-Precious-Metals-Announces-the-Acquisition-of-Existing-Streams-from-Orion-Mine-Finance-Including-the-Platreef-and-Kudz-Ze-Kayah-Projects-and-Enters-into-a-New-Stream-on-the-Curraghinalt-Project/default.aspx