TORONTO: Wheaton Precious Metals™ Corp. said Thursday it will provide up to $400 million in gold stream financing to Carcetti Capital Corporation to support its proposed acquisition of the Hemlo Mine from Barrick Mining Corporation.
The financing package includes Wheaton’s gold stream commitment, an estimated $415 million in equity financing, and $200 million in bank debt. Wheaton will also participate in the equity round, contributing up to $50 million or 20% of the total raise, subject to definitive agreements and customary conditions.
Upon closing, Carcetti will rebrand as Hemlo Mining Corp. (HMC), with plans to revitalize the long-producing Canadian gold asset. The Hemlo Mine is forecast to deliver an average of 20,000 ounces of attributable gold annually over the first decade, with a 14-year mine life and significant brownfield potential.
“Hemlo offers a unique opportunity to add immediate, accretive gold ounces from a politically stable jurisdiction,” said Wheaton CEO Randy Smallwood. “We are proud to support HMC in acquiring a mine that has long been a cornerstone of Canada’s mining industry.”
The gold stream agreement includes tiered purchase percentages, starting at 13.5% of payable gold until 181,000 ounces are delivered, then stepping down to 9% and eventually 6% for the life of mine. Wheaton will pay 20% of the spot price for each ounce delivered.
The deal also grants Wheaton a right of first refusal on future precious metal transactions related to Hemlo, alongside corporate guarantees and first-priority security interests on HMC’s assets.
HMC is expected to comply with global ESG standards, including the Global Industry Standard on Tailings Management and Wheaton’s Partner/Supplier Code of Conduct.
The transaction is expected to close in Q4 2025.