KGL Resources jumps on agreement with Wheaton Precious Metal's unit

Shares of Australia's KGL Resources KGL.AX rise as much as 61.9% to A$0.34, their highest level since May 31, 2022

Set for best session since July 21, 2014

Diversified miner enters agreement totalling $300 million with Wheaton Precious Metals' WPM.TO unit for Co's Jervois Copper Project in the Northern Territory, Australia

Of the total fund, $275 million is a stream of upfront consideration, and $25 million is a contingent cost overrun

In addition to the deal, Wheaton to participate in any future equity raise by co for funding the project, for the lesser of up to A$35 million ($24.09 million) or 20% of the shares offered

About 4.9 million shares change hands, 29.5 times the 30-day average

Up 25.1% YTD

($1 = 1.4529 Australian dollars)