Announced on December 5, 2024, and closed on December 19, 2024, Wheaton Precious Metals Corp., through its subsidiary Wheaton Precious Metals International Ltd. (WPMI), entered into a $175 million (approximately C$245.8 million) Precious Metals Purchase Agreement (Gold Stream) with Allied Gold Corporation to fund Ethiopia’s Kurmuk Project, the country’s first commercial gold mine. WPMI will pay $175 million in four installments during construction in exchange for 6.7% of payable gold until 220,000 ounces are delivered, after which the rate will decrease to 4.8% for the life of mine. If Allied’s debt exceeds $150 million, the stream percentage temporarily increases. Wheaton will also pay 15% of the spot price for delivered gold. The project has an 11-year mine life, with first production expected in mid-2026 and an average of 16,000 ounces of annual production for the first decade.

On December 19, 2024, Allied secured a $75 million (approximately C$105.4 million) gold prepaid forward arrangement with lenders, under which it will deliver 2,802 ounces of gold per month over 12 months starting in October 2026. Allied also received its first $43.75 million (approximately C$61.4 million) construction payment from Wheaton under the streaming agreement.

Cassels acted as legal advisor to Allied Gold, while McCarthy Tétrault LLP advised Wheaton, with a team led by Roger Taplin and Patrick Deutscher.