On December 13, 2021, Artemis Gold Inc. entered into a definitive precious metal purchase agreement with Wheaton Precious Metals Corp. in respect to the Blackwater Gold Project in British Columbia. Wheaton will purchase 50% of the silver production until approximately 18 million ounces of silver have been delivered, after which the stream reduces to 33% of the silver production for the life of the mine. Wheaton will make an up-front deposit payment in cash of approximately US$141 million, payable in tranches during the construction of Blackwater. Wheaton will make ongoing payments equal to 18% of the spot silver prices until the up-front deposit payment is reduced to zero, and 22% of the spot silver prices.
In addition, Wheaton entered into a definitive agreement to acquire the Artemis’ existing gold stream held by New Gold Inc. in respect of gold production from Blackwater.
Cassels acted for Artemis.