Exciting times ahead for 2022 for this GEM of GENM! Capex C$665 million net of equipment lease and preproduction revenue, does not include potential cost overrun facility*
Wheaton Precious Metals to pay C$240 million for stream of 100% gold and 22% platinum production
$40 million up front, balance during construction
Net stream cost is 4.8% of mine revenue at FS base case metal prices
WPM return: P/NAV5% 1.02x / IRR 5.45% @ FS prices
Increases IRR to 38.2% (from 29.7%), reduces payback to 1.75 years* Expecting debt package of $400-$500 million
Negotiating debt with banks, smelters, private equity firms
Final debt package will determine equity component
* Compared with base case from 2021 Feasibility study
Permits July 2022 would be incredible,