Wheaton Precious Metals™ Corp. is pleased to announce it has completed the previously announced Gold Stream (the "Gold Stream") with Carcetti Capital Corporation ("Carcetti") to support Carcetti's acquisition (the "Acquisition") of the Hemlo Mine from Barrick Mining Corporation ("Barrick"), which closed November 26, 2025. The closing of this transaction will deliver immediate production and cash flow to Wheaton.

Carcetti's final financing package for the Acquisition included:
(All values in US$ unless otherwise noted)

• A $300 million Wheaton Gold Stream;
• Concurrent equity financing with gross proceeds totalling $542 million (the "Equity Financing"), of which Wheaton participated in the amount of approximately $30 million; and
• Up to $250 million in bank debt (the "Acquisition Facility").

The Gold Stream is a key component of Carcetti's comprehensive financing package, aiding  Carcetti with the capital required to complete the Acquisition and advance further improvements at Hemlo. Carcetti has elected to change its name to Hemlo Mining Corp. ("HMC"). Wheaton had originally committed total upfront consideration of up to $400 million, of which HMC elected an amount of $300 million, in accordance with the terms of the commitment.

Gold Stream Key Terms

• Upfront Consideration: Wheaton has paid HMC total upfront cash consideration of $300 million (the "Deposit").
• Streamed Metal: Wheaton will purchase 10.13% of the payable gold until a total of 135,750 ounces of gold has been delivered (the "First Dropdown Threshold"), at which point Wheaton will purchase 6.75% of the payable gold until an additional 117,998 ounces of gold has been delivered (the "Second Dropdown Threshold"), at which point Wheaton will purchase 4.50% of payable gold for the life of the mine.  Each of the First Dropdown Threshold and the Second Dropdown Threshold will be subject to adjustment if there are delays in deliveries relative to an agreed schedule, and commencing in 2033, if deliveries fall behind the agreed schedule by 10 thousand ounces ("Koz") or more, the stream percentage will be increased by 5% until deliveries catch up with the agreed schedule. The payable gold will be reduced by half with respect to gold production from certain claims comprising the Interlake deposit. Payable gold is calculated using a fixed payable factor of 99.95%.
• Effective Date: The Gold Stream has an effective date of October 31, 2025.
• Production Profile1: Attributable Gold Stream production is forecast to average approximately 15 Koz of gold per annum for the first 10 full years of production, and over 13 Koz per annum for the life of mine. The Hemlo Mine is forecast to have a 14-year mine life, with significant brownfield exploration potential near existing underground infrastructure.
• Production Payments: Wheaton will make ongoing payments for the gold ounces delivered equal to 20% of the spot price of gold.
• Incremental Reserves and Resources1: The addition of the Hemlo Mine will increase Wheaton's total estimated Proven and Probable Mineral gold reserves by 0.19 million ounces ("Moz"), Measured and Indicated Mineral gold resources by 0.06 Moz and Inferred gold resources by 0.03 Moz.
• Other Considerations:
• Wheaton will obtain a right of first refusal on any future precious metal streams, royalties, prepays or similar transactions with respect to the Hemlo Mine.
• HMC will provide Wheaton with corporate guarantees, as well as first-priority security interests on substantially all of HMC's assets on a shared basis with the lenders under the Acquisition Facility.
• HMC is expected to comply in all material respects with the Global Industry Standard on Tailings Management, the Towards Sustainable Mining Standard, and Wheaton's Partner/Supplier Code of Conduct, which outlines Wheaton's expectations in regard to environmental, social and governance ("ESG") matters.

Financing the Transactions

As at September 30, 2025, the Company had approximately $1.2 billion of cash on hand. Wheaton believes that, when combined with the liquidity available under its $2 billion revolving term loan and ongoing operating cash flows, it is well positioned to fund the acquisition of the Gold Stream. This financial position supports outstanding commitments and known contingencies, while providing flexibility to pursue additional accretive mineral stream interests.

About Hemlo Mining Corp. and the Hemlo Mine

Hemlo Mining Corp. is a Canadian-listed mining company, headquartered in Vancouver, British Columbia, led by an experienced leadership team with a long history and deep understanding of Hemlo. The Hemlo mine has produced approximately 25 million ounces of gold, and has been operating continuously for more than 30 years. Located just north of Lake Superior on the Trans-Canada Highway, about 35 kilometres east of Marathon, Ontario, it's currently an underground operation and has long been considered a cornerstone of Canada's mining sector. Previously under the ownership of Barrick Mining Corporation, Hemlo transitioned from an open pit operation to an underground operation in October 2020.

About Wheaton Precious Metals

Wheaton is the world's premier precious metals streaming company with the highest-quality portfolio of long-life, low-cost assets. Its business model offers investors commodity price leverage and exploration upside but with a much lower risk profile than a traditional mining company. Wheaton delivers amongst the highest cash operating margins in the mining industry, allowing it to pay a competitive dividend and continue to grow through accretive acquisitions. As a result, Wheaton has consistently outperformed gold and silver, as well as other mining investments. Wheaton is committed to strong ESG practices and giving back to the communities where Wheaton and its mining partners operate. Wheaton creates sustainable value through streaming for all of its stakeholders.

 

Source: prnewswire.com

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