On September 10, 2025, Barrick Mining Corporation has agreed to sell its Hemlo Gold Mine in Canada to Carcetti Capital Corp., which will be renamed Hemlo Mining Corp. (HMC) upon closing. The transaction is valued at up to US$1.09 billion (approximately C$1.48 billion), comprising US$875 million (C$1.19 billion) in cash, HMC shares worth US$50 million (C$68 million), and up to US$165 million (C$225 million) in gold price-linked payments over five years starting January 2027. HMC, currently listed on the NEX Board of the TSX Venture Exchange, will graduate to the TSXV following the acquisition. The HMC leadership team, including mining veteran Robert Quartermain, is supported by investors such as Wheaton Precious Metals and Orion Mine Finance Management. Barrick intends to use the proceeds to strengthen its balance sheet and return capital to shareholders, aligning with its capital allocation strategy. Barrick president and CEO Mark Bristow highlighted the transaction as part of a broader divestment program, with total gross proceeds from non-core asset sales this year expected to exceed US$2 billion.

The deal is subject to standard closing conditions and regulatory approvals, with completion anticipated in the fourth quarter of 2025.

Barrick’s financial advisor is CIBC World Markets Inc., while legal advisors are Davies Ward Phillips & Vineberg LLP and Blake, Cassels & Graydon LLP. Borden Ladner Gervais LLP represented Carcetti Capital Corp.