Wheaton Precious Metals Corp. (WPM) has entered into a definitive purchase agreement with KGL Resources Limited to acquire a gold and silver stream from the Jervois copper project in Australia’s Northern Territory. The deal gives Wheaton a 75 % interest in the gold and silver produced until cumulative deliveries reach 45,000 ounces of gold and 4.3 million ounces of silver, after which the stream percentage steps down to 37.5 % and then 25 % for the life of the mine.
Under the terms, Wheaton will pay 20 % of spot prices for the deliveries, and the transaction is valued at $275 million in staged payments. The Jervois project is fully permitted and is expected to begin construction soon, with first production targeted for the second half of 2027. Over the first five years, the stream is projected to add an average of 5,800 ounces of gold and 770,000 ounces of silver annually to Wheaton’s production profile, and over the life of the mine it would contribute roughly 5,300 ounces of gold and 590,000 ounces of silver per year.
The transaction marks Wheaton’s first streaming deal in Australia, diversifying its geographic exposure and deepening its involvement in critical metals that underpin the low‑carbon economy. It also provides KGL Resources with the capital needed to advance the Jervois project toward construction and production. Wheaton’s record Q4 2025 results—$864.71 million in revenue and $1.22 in earnings per share—highlight the company’s strong financial position and support the timing of this investment.
President and CEO Haytham Hodaly said, "This is a fully permitted copper project, with significant exploration potential, that is positioned to commence construction imminently." KGL’s Executive Chairman Jeff Gerard added, "We are delighted to secure this significant capital commitment from a leading global precious metals streaming company as a major cornerstone partner in our financing strategy for the Jervois Project. The immediate availability of the early deposit payments ensures we can maintain our schedule, and, under the stewardship of our new CEO Mr. Sam Strohmayr, we are now on the cusp of breaking ground on Australia’s next major copper mine."
The deal aligns with a broader narrative of growth and stability for Wheaton, reinforcing its strategy of pursuing accretive streaming opportunities in well‑permitted jurisdictions and supporting the company’s long‑term production growth targets.
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