Overview
- The definitive agreement gives Wheaton rights to BHP’s 33.75% share of Antamina silver, lifting Wheaton’s combined take to 67.5% upon closing.
- The stream becomes effective April 1, 2026, with deliveries on BHP’s share until 100 million ounces are received, then stepping down to 22.5% for the life of mine.
- Wheaton will pay 20% of the spot silver price for ongoing deliveries, with payable silver calculated using a fixed 90% factor.
- Funding will come from about $1.9 billion of cash, a new $1.5 billion two‑year term loan underwritten by Bank of Montreal and Scotiabank, and an estimated $0.9 billion draw on the existing $2 billion revolver.
- Wheaton projects an average additional 6.0 million attributable silver ounces per year for the first five years, bringing combined Antamina silver to about 12.0 million ounces annually over that period, with closing targeted on or about April 1, 2026 subject to customary conditions.