Barrick Mining Corporation has entered into a significant agreement to sell its Hemlo Gold Mine located in Canada to Carcetti Capital Corp. Following the completion of the transaction, Carcetti will be renamed Hemlo Mining Corp. (HMC).
The sale is set to generate gross proceeds totaling up to $1.09 billion, which breaks down as follows: an immediate cash payment of $875 million at closing, shares valued at $50 million to be issued by HMC based on its subsidiary’s concurrent equity offering, and a potential production and tiered gold price-linked payment structure that could add up to $165 million starting in January 2027 over a five-year period.
Currently, HMC is listed on the NEX Board of the TSX Venture Exchange, with plans to upgrade to the TSXV coinciding with the acquisition of Hemlo. The company boasts a management team with extensive experience in Canadian mining operations, including Robert Quartermain, who has held leadership positions at prominent firms and played a pivotal role in discovering Hemlo.
The proceeds from this sale are intended to bolster Barrick’s financial standing and facilitate its commitment to returning capital to shareholders, in keeping with its established capital allocation strategy. Mark Bristow, Barrick’s president and CEO, commented that this transaction represents an attractive valuation and marks the conclusion of Barrick’s successful chapter at Hemlo. He expressed confidence in HMC’s experienced leadership to maximize the asset’s potential and ensure ongoing benefits for all stakeholders.
This sale, along with the recent divestments of Donlin and Alturas, is expected to yield over $2 billion in gross proceeds this year from non-core asset disposals. Despite the sale, Canada continues to be a key focus for Barrick, which remains committed to exploring and developing world-class gold and copper mining opportunities across the country.
The agreement is subject to customary closing conditions along with regulatory approvals, with completion anticipated in the fourth quarter of 2025. CIBC World Markets Inc. is advising Barrick in this transaction, while Davies Ward Phillips & Vineberg LLP and Blake, Cassels & Graydon LLP are serving as legal counsel.
Barrick Mining Corporation stands as a leading global entity in mining, exploration, and development, managing a substantial portfolio that includes several of the world’s top gold and copper assets, spanning 18 countries across five continents.
