Operator: Capstone Mining
Location: Mexico
Term of Stream: Life of Mine
Stream Parameters: 50% of silver until 10 million ounces, thereafter dropping to 33% of silver
Upfront Consideration: US$150M
Cost Quartile: Second
Stream: Silver
Primary Metal: Copper

Project Overview

The Cozamin copper-silver mine is located in Zacatecas State, Mexico. Commissioned in 2006, Cozamin has undergone two successful expansions since that time. The mill produces copper, zinc, and lead concentrates that are shipped to the port of Manzanillo for export to world markets. Exploration success has led to significant resource increases and excellent potential exists to continue this expansion.

As part of the Silverstone Resources acquisition in 2009, Wheaton acquired a precious metals stream on Cozamin, which subsequently expired in 2017. In 2020, Wheaton entered into a definitive Precious Metals Purchase Agreement with Capstone Mining in respect to the Cozamin Mine effective December 1, 2020. Per the precious metals purchase agreement, Wheaton will receive 50% of the silver production until 10 million ounces have been delivered, thereafter dropping to 33% of silver production for the life of the mine, in exchange for an upfront payment of US$150 million. In addition, Wheaton will make ongoing payments for silver ounces delivered equal to 10% of the spot silver price.

More Information

For further information about the Cozamin mine, please visit Capstone’s website at

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