Barrick Mining Corporation has completed the sale of its Hemlo gold mine in Ontario to Carcetti Capital, which will be renamed Hemlo Mining Corp (HMC), in a deal worth up to $1.09-billion.

The transaction includes $875-million in cash, $50-million in HMC shares and up to $165-million in production- and gold price-linked payments over five years starting January 2027.

Barrick thanked the Biigtigong Nishnaabeg and Netmizaaggamig Nishnaabeg First Nations for their cooperation during Barrick’s ownership of the mine.

Separately, Wheaton Precious Metals has completed a previously announced $300-million gold stream with Carcetti to support the Hemlo acquisition. Wheaton also participated in Carcetti’s concurrent $542-million equity financing with a $30-million investment, while the buyer secured up to $250-million in bank debt.

Under the stream, effective October 31, 2025, Wheaton will purchase 10.13% of payable gold until 135 750 oz has been delivered, then 6.75% until a further 117 998 oz is delivered, dropping to 4.5% thereafter for the life-of-mine. Wheaton will pay 20% of the spot gold price for each delivered ounce. 

The stream is forecast to add an average of about 15 000 oz/y to Wheaton’s attributable production over the first ten years and more than 13 000 oz/y over the mine’s 14-year life, alongside incremental reserves of 0.19-million ounces. Wheaton also gains a right of first refusal over future Hemlo precious metals deals and first-priority security interests shared with lenders.

Hemlo, which has produced about 25-million ounces of gold over more than 30 years, is currently an underground operation and a longstanding pillar of the Canadian gold sector.

The sale forms part of Barrick's multi-year strategy to divest noncore smaller, lower-margin or shorter-life assets. In recent years, the Toronto-based miner has exited projects in the US, South America and Africa while doubling down on its Tier 1 mines – those with yearly production of more than 500 000 oz of gold, at least 10 years of mine life, and low costs – and advancing growth in copper to position itself for the energy transition.

HMC, based in Vancouver, is backed by Wheaton Precious Metals and Orion Mine Finance. Its leadership includes Robert Quartermain, former CEO of SSR Mining and founder of Pretium Resources, who was involved in the original discovery and delineation of Hemlo while at Teck Resources.