KGL Resources (ASX:KGL) received the second $16 million payment from Wheaton Precious Metals, completing the $32 million early deposit under the precious metals purchase agreement for its Jervois copper project in the Northern Territory, according to a Tuesday filing with the Australian bourse.

A further $243 million is available in four equal tranches, subject to conditions, while a $25 million cost-overrun facility could raise the agreement's total potential funding to $300 million, per the filing.

The company's AU$300 million equity raising, together with the Wheaton package and existing cash, provides the funding required to advance Jervois through construction and into production, the filing added.

The company's shares fell around 6% in recent Tuesday trade.