Under a 2016 agreement, WPM has committed to fund upfront cash payments of $140 million for development work on the flagship Cotabambas project in return for 25% of the payable gold and all of the silver output once the operation is up and running. WPM will also make production payments of $450/oz gold and $5.90/oz silver over the life of the project.

The terms of the agreement set out a nine-year period in which WPM would fund up to $14 million for corporate expenses related to Cotabambas development, with the balance due should WPM decide to proceed with funding the balance for construction purposes.

"The early stage deposits provide funding to the company through very trying equity markets, particularly for exploration and development stage companies," said CEO Luquman Shaheen.

A 2015 PEA on Cotabambas, based on metal price assumptions of $3.00/lb, gold at $1,250/oz and silver at $18.50/oz, calculated an after-tax NPV (7.5%) of $683.9 million, an IRR of 16.7%, and a payback of the $1.38 billion capex in 3.6 years.

Shaheen said the company had become adept at signing up the right partners that presented options for the company to finance its projects without dilution while growing their fundamental value propositions.

For instance, the company is selling its Kusiorcco project to Hudbay Minerals which will provide additional funding with milestone cash payments in the short term and royalty payments in the medium and long term to fund further exploration and engineering at Cotabambas.

Panoro's strategic review of its lower-priority Antilla project is also advancing and the company is optimistic completing the process will provide more funding to advance Cotabambas exploration work and feasibility studies in the future.

Meanwhile, Japan's state natural resources agency has agreed to invest up to $8 million in Panoro Humamantata exploration project, also in southern Peru. JOGMEC's funding of the Humamantata exploration programmes continues to provide Panoro with another copper opportunity advancing in close proximity to many large-scale operating copper mines.

Despite an 18% or C2c bump on Tuesday in Toronto, Panaoro shares (TSXV:PML) are trading 43% lower in the year to date and 12-month periods, capitalising the company at $34.3 million.