Spanish Mountain Gold sells 1.5% royalty to Wheaton Precious Metals for $55M

Spanish Mountain Gold has agreed to sell a 1.5% net smelter return royalty on gold and silver from its Spanish Mountain project to Wheaton Precious Metals for $55 million in milestone-linked installments. Payments include $22.5 million upfront, $12.5 million after 60,000 meters of drilling, and $20 million on key approvals, providing non-dilutive funding. This de-risks near-term financing for an 18-month feasibility study and 2028 construction decision. The deal signals strong investor appetite for Canadian gold projects, offering mild positive sentiment for precious metals without shifting broader gold market fundamentals.