Athabasca Oil Corporation (TSX: ATH) late Thursday afternoon announced its 2025 budget with capital projects that, it said, will balance cash flow growth while continuing to deliver a durable return of capital framework that will direct 100% of Free Cash Flow to share buybacks in 2025.

Overnight Thursday, Wheaton Precious Metals Corp. (WPM.TO, WPM) announced that its wholly-owned subsidiary, Wheaton Precious Metals International Ltd. (WPMI), had entered into a definitive Precious Metals Purchase Agreement with Allied Gold Corporation (AAUC.TO), and its wholly owned subsidiary Allied Gold Services Inc., in respect of the Kurmuk Project located in Ethiopia.

In summary the transaction for WPM involves a streaming agreement with Allied to advance the construction of the Kurmuk project, which is set to be the first commercial gold mine in Ethiopia. Said Randy Smallwood, President and CEO of Wheaton: "This fully permitted, high quality development project offers significant exploration potential, supported by a team at Allied with a proven operating track record."

Among key transaction terms, WPMI will pay Allied total upfront cash consideration of US$175 million in four equal installment payments during construction, subject to certain customary conditions; and WPMI will purchase 6.7% of the payable gold until a total of 220 thousand ounces of gold has been delivered, at which point WPMI will purchase 4.8% of the payable gold for the life of mine. During any period in which debt exceeding US$150 million ranks ahead of the Gold Stream, the stream percentage increases to 7.15% and decreases to 5.25% once the drop-down threshold is reached. Payable gold is calculated using a fixed payable factor of 99.95%.

On production profile: Attributable Gold Stream production is forecast to average over 16 Koz of gold per year for the first 10 years of production. The project is forecast to have an 11-year mine life based on reserves alone with additional upside from resources and significant exploration potential. First production is anticipated in mid-2026. And on production payments: WPMI will make ongoing payments for the gold ounces delivered equal to 15% of the spot price of gold.

On Incremental Reserves and Resources: The addition of the Kurmuk Project will increase Wheaton's total estimated Proven and Probable Mineral gold reserves by 0.18 million ounces, Measured and Indicated Mineral gold resources by 0.03 Moz and Inferred gold resources by 0.02 Moz.

Peter Marrone, Chairman and CEO of Allied, said: "This began as a multi-party process although it soon became apparent to us that Wheaton would be our partner of choice. They conducted detailed and extensive diligence, were supportive of our efforts, worked with us in evaluating and considering optimization opportunities and recognized the inherent value of our Kurmuk project, a value that we believe significantly exceeds the value implied in our share price. We take our sustainability programs seriously, and it was a delight to see Wheaton not only support these programs but provide suggested improvements. We also welcome Wheaton as a shareholder with a share position acquired in Allied's recent overnight marketed equity financing."

Marrone added: "The stream financing now allows us to complete the gold prepay which is the final component of our planned comprehensive financing package for the development of the Kurmuk project. The gold prepay is expected to be led by the lending syndicate for Allied's revolving credit facility, with proceeds available to Allied following the completion of the stream financing. We expect the Kurmuk mine will become one of the more significant precious metal mines in the world delivering significant production and cash flow following its construction."