05:57 AM EDT, 09/11/2025 (MT Newswires) -- Barrick Mining ( B ) overnight Wednesday announced that it has reached an agreement to sell the Hemlo Gold Mine in Canada to Carcetti Capital Corp., which is to be renamed to Hemlo Mining Corp. upon closing of the transaction.

The Barrick statement noted the sale agreement provides for gross proceeds of up to US$1.09 billion, consisting of: cash consideration of $875 million, due on closing; and HMC shares with an aggregate value of $50 million (based on the same price per HMC subscription receipt under the concurrent equity offering announced by HMC, to be issued by HMC to Barrick on closing); and a production and tiered gold price-linked cash payment structure of up to $165 million starting January 2027 for five-years.

Separately, Wheaton Precious Metals ( WPM ) announced it has committed financing to Carcetti Capital to support its proposed acquisition of the Hemlo Mine. Carcetti's financing package for the acquisition is expected to include: up to US$400 million Wheaton gold stream; concurrent equity financing with estimated proceeds of approximately $415 million; and $200 million in bank debt. Wheaton has committed to provide the gold stream and to participate in the equity financing (up to the lesser of $50 million or 20% of the equity financing), subject to execution of definitive agreements and satisfaction of customary conditions.

As background to the overall deal, HMC is currently listed on the NEX Board of the TSX Venture Exchange and expects to graduate to the TSXV in connection with its Hemlo buy. HMC said it has a management team and board of directors with "significant operational experience" at mining assets in Canada, including Robert Quartermain, who was CEO of SSR Mining ( SSRGF ) and founder of Pretium Resources, and who also played a key role in the discovery and delineation of Hemlo while working for Teck (TECK-A.TO, TECK-B.TO) as a geologist. HMC is also backed by a consortium of investors focused on North America resource development, including Wheaton and Orion Mine Finance Management.

For Barrick, proceeds from the sale will be used to further strengthen its balance sheet and support its commitment to return capital to shareholders, consistent with its capital allocation framework.

Together with the sales of Donlin and Alturas, total gross proceeds from the divestment of non-core assets this year are expected to generate over US$2 billion, according to Barrick's CEO Mark Bristow.

Still, Barrick said Canada "remains an important jurisdiction" for the company, with a portfolio that includes a number of prospective early-stage projects and exploration targets, and the company added it will continue to pursue opportunities to find and operate world-class gold and copper mines in Canada.

Subject to satisfaction of customary closing conditions and obtaining required regulatory approvals, the deal is expected to be completed within the fourth quarter of 2025, the overnight statement noted.