Allied Gold Corporation announce that it has entered into final documentation for a streaming transaction with Wheaton Precious Metals International Ltd, a wholly-owned subsidiary of Wheaton Precious Metals Corp (WPMI), Under the terms of the streaming agreement, Allied will receive an aggregate $175 million upfront cash payment to support the funding of its growth strategy underpinned by the development of its low-cost, fully permitted, and highly prolific Kurmuk project in Ethiopia.
“We are delighted to partner with Wheaton on this streaming financing. This began as a multi-party process although it soon became apparent to us that Wheaton would be our partner of choice. They conducted detailed and extensive diligence, were supportive of our efforts, worked with us in evaluating and considering optimization opportunities and recognized the inherent value of our Kurmuk project, a value that we believe significantly exceeds the value implied in our share price.
We take our sustainability programs seriously, and it was a delight to see Wheaton not only support these programs but provide suggested improvements. We also welcome Wheaton as a shareholder with a share position acquired in the Company’s recent overnight marketed equity financing.” commented Peter Marrone, Chairman and CEO.
“The stream financing now allows us to complete the gold prepay which is the final component of our planned comprehensive financing package for the development of the Kurmuk project. The gold prepay is expected to be led by the lending syndicate for the Company’s revolving credit facility with proceeds available to Allied following the completion of the stream financing. We expect the Kurmuk mine will become one of the more significant precious metal mines in the world delivering significant production and cash flow following its construction.”
In a Key takeaways,
1: WPMI will have the right to purchase 6.7% of payable gold from the Company’s Kurmuk mine.
2: The gold stream rate will step down to 4.8% of payable gold after the delivery of 220,000 ounces of gold.
3: WPMI will make ongoing payments of 15% of the spot gold price for each ounce delivered under the Stream.
4: The Stream will cover the existing Kurmuk mining license and until 255,000 ounces of gold have been delivered to WPMI, any mineral interests located within a 50 km radius of the mining license which are processed at the Kurmuk plant.
Exploration Upside Retained – Allied’s strategic objective for Kurmuk is to achieve a multi-decade mine life at production levels equal or above the average life of mine of 240,000 ounces of gold per year, leveraging on the project’s highly prospective land package.
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