Royal Gold (RGLD) said Wednesday its unit RGLD Gold AG will invest $200 million to secure gold streaming and royalty rights for the Warintza copper-gold-molybdenum project in southeastern Ecuador.

The agreement with Solaris Resources (SLSR) covers a 31 square km area, with potential expansion to 186 square km if certain conditions are met, the company said.

Initial funding includes a $100 million payment at closing, followed by $50 million after technical milestones and another $50 million upon registration of project security in Ecuador, Royal Gold said.

Royal Gold also said it will receive gold deliveries equal to 20 ounces per million pounds of copper produced, paying 20% of spot prices up to 90,000 ounces and 60% thereafter.