Wheaton Precious Metals Announces Financing Commitment to Carcetti Capital for Hemlo Mine Acquisition

Executive Summary

• Wheaton Precious Metals commits up to a $400 M gold stream, up to $50 M equity participation (20% of Carcetti’s $415 M equity raise), and supports a $200 M bank debt facility for Carcetti Capital’s acquisition of the Hemlo Mine from Barrick.
• The Gold Stream provides upfront cash of up to $400 M and tiered streaming percentages (13.5%, 9.0%, then 6.0%) on payable gold, targeting a total of 338,330 oz streamed before settling at 6% for the life of mine.
• Transaction adds ~0.25 Moz proven & probable reserves and ~0.12 Moz resources to Wheaton’s portfolio; expected close in Q4 2025.

Key Details

• Financing Package Overview – Up to $400 M gold stream, ~$415 M equity financing (Wheaton may contribute up to $50 M or 20% of the equity raise), and a $200 M acquisition‑facility bank debt.
• Gold Stream Terms –
• Upfront cash consideration (“Deposit”) of up to $400 M, subject to reduction if equity financing exceeds $300 M (minimum Deposit $100 M).
• Tiered streaming percentages on payable gold: 13.5% until 181,000 oz delivered, then 9.0% for the next 157,330 oz, thereafter 6.0% for life of mine.
• Production payments equal to 20% of spot gold price per ounce streamed.
• Production Profile – Forecasted attributable stream production ~20 K oz/yr for first 10 years, >17 K oz/yr over the mine’s 14‑year life.
• Reserves & Resources Impact – Increases Wheaton’s total estimated proven & probable reserves by 0.25 Moz, measured & indicated resources by 0.08 Moz, and inferred resources by 0.04 Moz.
• Security & Rights – Wheaton receives first‑right of refusal on future streams/royalties, corporate guarantees, and first‑priority security interests on HMC assets (shared with lenders).
• ESG Commitments – HMC to comply with Global Industry Standard on Tailings Management, Towards Sustainable Mining Standard, and Wheaton’s Partner/Supplier Code of Conduct.
• Closing Timeline – Transaction expected to close in Q4 2025.
• Financial Position – As of June 30 2025, Wheaton held ~$1.0 B cash, a $2 B revolving term loan, and strong operating cash flow, supporting the commitment.

Notable Quotes

• “Hemlo offers a unique opportunity to add immediate, accretive gold ounces… we are proud to support HMC in its acquisition…” – Randy Smallwood, CEO, Wheaton Precious Metals.
• “The Hemlo stream reflects our commitment to disciplined capital deployment and long‑term value creation.” – Haytham Hodaly, President, Wheaton Precious Metals.
• “Their backing not only validates the quality of the opportunity but also strengthens our ability to unlock the mine’s full potential.” – Jason Kosec, incoming President & CEO, Hemlo Mining Corp.