COMMITMENTS AND CONTINGENCIES

3 Months Ended

Sep. 30, 2020

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

13.  COMMITMENTS AND CONTINGENCIES

Khoemacau Silver Stream Acquisition

Pursuant to our Khoemacau silver stream transaction in February 2019, we made the following advance payments under our conditional funding schedule:

● $65.8 million – November 5, 2019

● $22.0 million – February 2, 2020

● $47.9 million – April 3, 2020

● $11.1 million – July 5, 2020

● $32.5 million – October 5, 2020

Including the fifth advance payment made on October 5, 2020, we have made total contributions of $179.3 million. We expect to commit the remaining $32.7 million in calendar year 2021 for the Base Silver Stream and $85.7 million should Khoemacau Copper Mining (Pty.) Limited elect to fully exercise the Option Silver Stream. Further payments are subject to certain conditions and are scheduled to be made on a quarterly basis using an agreed formula and certification process as project spending progresses. Refer to our Fiscal 2020 10-K for further details on the Khoemacau silver stream acquisition.

Ilovica Gold Stream Acquisition

As of September 30, 2020, our conditional funding schedule of $163.75 million, as part of the Ilovica gold stream acquisition in October 2014, remains subject to certain conditions.