KGL Resources has landed a $433 million ($US300 million) streaming deal with Wheaton Precious Metals, fast-tracking its Jervois copper project in the Northern Territory.
The deal includes a $US275 million upfront payment and a $US25 million contingent cost overrun facility, with $US32 million immediately available as an early deposit and the remaining $US243 million to be released across four construction-linked tranches. KGL retains full exposure to copper prices while streaming its silver and gold by-products.
“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,” KGL’s chair Jeff Gerard said.
The PMPA is Wheaton’s first streaming deal in Australia, following its February 2026 agreement on BHP’s portion of the Antamina mine. It removes traditional repayment obligations and financing covenants, substantially de-risking the project during commissioning and ramp-up.
“This partnership with Wheaton is the culmination of a significant amount of work and collaboration by KGL, our advisors and the Wheaton team,” KGL Resources chief executive officer Sam Strohmayr said. “The near-term availability of the Early Deposit ensures we can maintain our development schedule, and we are now on the cusp of breaking ground on Australia’s next major copper mine.”
Wheaton has also committed to participate in any future equity raise of up to $35 million, without exceeding a 9.9 per cent stake.