Wheaton Precious Metals Corp. completed a gold stream agreement with Hemlo Mining Corp., the rebranded entity of Carcetti Capital, for the Hemlo Mine in Ontario. The transaction closed on November 26 2025 and provides Wheaton with an upfront payment of $300 million, part of an original commitment of up to $400 million.
The deal adds a high‑quality, low‑cost asset to Wheaton’s production pipeline and aligns with its asset‑light model. By securing a fixed‑cost stream, Wheaton gains immediate access to the mine’s output, enhancing cash flow and supporting its 40% production growth target by 2029. The transaction also strengthens Wheaton’s presence in Canada and diversifies its geographic exposure.
Wheaton’s Q3 2025 results underscore the strength of its business model. Revenue rose to $476.26 million, a 55% year‑over‑year increase from $308.25 million in Q3 2024. Earnings per share reached $0.62, beating consensus estimates of $0.59 by $0.03. CEO Randy Smallwood highlighted record revenue and cash flow, attributing the performance to robust commodity prices and operational efficiencies.
Investors welcomed the Hemlo stream, citing the immediate production and cash‑flow benefits and Wheaton’s strong balance sheet. The deal is part of a broader pipeline of streams, including the recently announced Spring Valley gold stream, reinforcing confidence in the company’s growth strategy.
The Hemlo Mine, which has produced roughly 25 million ounces of gold over more than 30 years, was acquired by Carcetti Capital from Barrick for up to $1.09 billion. Wheaton’s $300 million stream was a key financing component of that acquisition. The fixed‑cost structure locks in margins and protects Wheaton from commodity price volatility.
Looking ahead, Wheaton maintains its 40% production growth target by 2029, supported by the new stream and other pipeline projects. The company’s zero‑debt balance sheet and dividend policy provide financial flexibility for future acquisitions and shareholder returns.
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