Wheaton Precious Metals International Ltd. entered into an agreement to acquire Cangrejos gold-copper project in El Oro Province from Lumina Gold Corp. (TSXV:LUM) for $300 million on May 15, 2023. As per agreement, Wheaton Precious Metals early deposit of $48 million in four parts: $12 million at closing, $10 million six months after closing, $15 million twelve months after closing, $11 million can be drawn upon for specific pre-construction capital items and $252 million as Upfront Payment, that will be funded throughout the two-and a-half-year construction period for the Project.

BLG represented Lumina with a team led by Fred R. Pletcher that included Michael Waters, Julie Bogle and George Collister (Mining and Corporate Commercial), Morphy-Randy (Tax) and Elly Seddon (FSG). Fred Pletcher of Borden Ladner Gervais LLP acted as a legal advisor for Lumina Gold Corp. (TSXV:LUM).

As of November 27, 2023, Lumina Gold has drawn down a total of $16.7 million. The draw consisted of two tranches, $10 million which was due six months after the initial draw in May 2023 and $6.7 million related to specific pre-construction acquisition transactions.