- Generation Mining (GENM) has secured a C$240M streaming contract with Wheaton Precious Metals (WPM)
- The contract pertains to gold and platinum production at the Marathon Palladium Copper Project in Ontario
- Over 13 years, Marathon is estimated to produce 1.905M ounces of palladium, 467M lbs. of copper, 537,000 ounces of platinum, 151,000 ounces of gold and 2.823M ounces of silver
- Generation Mining is focused on developing the Marathon Project, a mineral and platinum group metals deposit in Northwestern Ontario
- Wheaton Precious Metals is one of the largest precious metals streaming companies in the world
- Generation Mining (GENM) is up by 23.29 per cent and is currently trading at $0.90 per share
- Wheaton Precious Metals (WPM) is down by 1.29 per cent and is currently trading at $52.94 per share
Generation Mining (GENM) has secured a C$240M streaming contract with Wheaton Precious Metals (WPM).
The contract pertains to the Marathon Palladium Copper Project in Ontario.
Wheaton will pay Generation a $40M deposit prior to construction for development purposes, with the remainder payable in four staged installments during construction.
It will purchase all payable gold production until Generation delivers 150,000 ounces, thereafter dropping to 67 per cent for the life of the mine. It will also purchase 22 per cent of payable platinum production until Generation delivers 120,000 ounces, thereafter dropping to 15 per cent for the life of the mine.
Wheaton will make ongoing payments for delivered gold and platinum equal to 18 per cent of the spot prices until reaching $240M, rising to 22 per cent thereafter.
Over 13 years, Marathon is estimated to produce 1.905M ounces of palladium, 467M lbs. of copper, 537,000 ounces of platinum, 151,000 ounces of gold and 2.823M ounces of silver.
“Entering into this agreement with the world’s largest precious metals streaming company validates the potential economics of the Marathon Project and is a significant milestone for the company,” said Jamie Levy, Generation’s President and CEO. “We will now focus on sourcing the remaining key financial components of the project financing, including project debt, offtake agreements and equipment financing.”
Generation Mining is focused on developing the Marathon Project, a mineral and platinum group metals deposit in Northwestern Ontario.
Wheaton Precious Metals is one of the largest precious metals streaming companies in the world.
Generation Mining (GENM) is up by 23.29 per cent and is currently trading at $0.90 per share as of 11:30 am EST.
Wheaton Precious Metals (WPM) is down by 1.29 per cent and is currently trading at $52.94 per share as of 11:32 am EST.
