It’s been a busy first half of September for some of the companies presenting at the Mining Forum Americas 2025
Barrick sells Hemlo
Barrick Mining Corporation (NYSE:B) announced the sale of its Hemlo gold mine in Canada to Carcetti Capital Corp (TSXV: CART.H) for up to US$1.09 billion.
The consideration comprises cash of US$875 million, US$50 million worth of shares and a production and tiered gold price-linked cash payment structure of up to US$165 million starting in January 2027 for a five-year term.
Wheaton Precious Metals Corp (TSX: WPM) is backing Carcetti in the form of a gold stream of up to US$400 million and investing up to US$50 million in Carcetti’s US$415 million equity raise.
Carcetti has also secured US$225 million in debt, underwritten by the Bank of Nova Scotia.
Carcetti, which will be renamed Hemlo Mining Corp, will be led by former Millennial Precious Metals Corp president Jason Kosec as CEO and former Gold Standard Ventures boss Jonathan Awde as executive chairman.
Pretium Resources founder Robert Quartermain, IAMGOLD director Audra Walsh and Carcetti’s current president Glenn Kumoi will sit on the board.
“We are confident that HMC’s experienced management and the existing Hemlo team will be excellent stewards of the asset, unlock its future potential and continue to deliver benefits for all stakeholders,” Barrick president and chief executive Mark Bristow said.
Newmont to delist from TSX
Newmont Mining Corporation (NYSE: NEM) has applied for a voluntary delisting of its shares from the Toronto Stock Exchange from September 24.
The company is delisting from the TSX due to low trading volumes and expects the delisting to improve administrative efficiency and reduce costs.
Newmont listed on the Australian Securities Exchange and the Papua New Guinea Stock Exchange as part of its late 2023 acquisition of Newcrest Mining and will maintain both of those listings.
Separately, Newmont’s Red Chris block cave expansion in British Columbia has been announced as one of the first projects to be reviewed by Canada’s newly established Major Projects Office.
Referral to the MPO means Red Chris will be considered as a project of national significance, which could reduce the approval timeline to a maximum of two years.
A Big Day of Deals in the Gold Sector
Consolidation in the gold sector continues at pace with two more deals announced in the past 24 hours.
Buying and selling
On Tuesday morning, Agnico Eagle Mines (TSX/NYSE: AEM) announced it had sold its 11.3% stake in Orla Mining (TSX: OLA) for total proceeds of C$560.5 million.
Agnico has been a shareholder in Orla since it was formed in 2017, backing its journey from developer to mid-tier producer.
"With Orla's success in evolving into an established intermediate producer and in the context of the current gold market, we believe it is the right time to monetise our investment,” Agnico CEO Ammar Al-Joundi said.
“This demonstrates our commitment to disciplined capital allocation and allows us to redeploy capital to our strategic priorities.”
Orla president and chief operating officer Jason Simpson said the Agnico exit allowed Orla to broaden its investor base and enhance long-term liquidity.
Later that day, Agnico announced it had invested a further US$351,971 in Maple Gold Mines (TSXV: MGM) as part of its non-brokered private placement.
Agnico now holds 15.38% of Maple on a non-diluted basis and 16.32% on a partially diluted basis, assuming exercise of the warrants it holds.
Kinross Gold Corporation (TSX: K) sold a portion of its stake in Asante Gold Corporation (CSE: ASE) for proceeds of C$46.26 million.
Kinross now owns around 5.2% of Asante, on a non-diluted basis, and 13.2%, on a partially diluted basis, assuming the conversion of the convertible securities of Asante held by Kinross.
Centerra Gold Inc (TSX: CG) has acquired a 9.9% stake in Liberty Gold Corp (TSX: LGD) for C$28 million.
Liberty CEO Jon Gilligan said Centerra’s investment was a strong endorsement of the potential of the company’s Black Pine gold project in Idaho.
Hochstein steps down
Lundin Gold Inc (TSX: LUG) announced that its president, CEO and director Ron Hochstein was stepping down after 10 years in the top job to pursue his next challenge within the Lundin Group.
Former Filo Corp CEO Jamie Beck will take over from November 7.
"With the support of the Board and our two largest shareholders, I have decided that the time is right to transition Lundin Gold to new leadership,” Hochstein said.
“I have worked with Jamie for over 15 years in various roles within the Lundin Group, and I am very confident that he will continue to build on this legacy that began with the vision of Lukas Lundin in 2014.”
Funding news
Vizsla Silver Corp (TSX/NYSE: VZLA) executed a mandate letter with Macquarie Bank as lead arranger for a senior secured project finance facility of up to US$220 million to fund the construction and development of the high-grade underground Panuco silver-gold project in Sinaloa, Mexico.
The facility will be arranged by a syndicate of banks, with Macquarie retaining a 70% interest and managing syndication of the remaining 30%.
“Together with the company’s current cash position, this debt facility is expected to fully fund the Panuco project through to first silver production, and we remain firmly on schedule with this and other key de-risking milestones, positioning us to transition seamlessly into construction,” Vizsla president and CEO Michael Konnert said.
Snowline Gold Corp (TSX-V: SGD) closed a bought deal offering announced last month, raising C$92 million, including C$12 million from the full exercise of the underwriters’ over-allotment option.
The company also completed a concurrent non-brokered private placement of to raise C$10.1 million, which B2Gold Corp (TSX: BTO) participated in to maintain its 9.9% interest.
“We are entering an exciting phase as a company as we advance a globally relevant gold discovery in a top tier jurisdiction amidst a strong market backdrop,” Snowline CEO Scott Berdahl said.
Hycroft Mining Holding Corporation (Nasdaq: HYMC) closed a non-brokered private placement, raising US$60 million.
Eric Sprott invested US$40 million in the placement to take his stake in Hycroft to 33%, while Tribeca Global Natural Resources invested US$19 million and holds 8% of the company.
The proceeds will boost the company’s cash balance to around US$129 million and will be used to fund advancement of the Hycroft mine.
Centerra to extend Mount Milligan
Centerra Gold Inc (TSX: CG) has announced the results of a prefeasibility study for its Mount Milligan mine in British Columbia, confirming a life of mine extension of approximately 10 years, to 2045, with average annual production of 150,000 ounces of gold and 69 million pounds of copper from 2026-2042.
Around US$186 million in non-sustaining capital expenditures are planned, including US$114 million for a new tailings storage facility, most of which are not required until the early-to-mid-2030s.
The project has a post-tax net present value (5% discount rate) of US$1.5 billion, based on a gold price of US$2600/oz and copper price of US$4.30 per pound, rising to US$2.1 billion at spot prices of roughly US$3500/oz gold and US$4.50/lb copper.