Wheaton Precious Metals Corp. press release
Wheaton Precious Metals Announces the Acquisition of a Gold Stream on the Spring Valley Project Located in Nevada
TSX - Toronto Stock Exchange · Gold · Copper · Silver · Zinc · Palladium · Platinum · Cobalt · Canada
Canada NewsWire
VANCOUVER, BC, Nov. 6, 2025/CNW/ - Wheaton Precious Metals™ Corp. ("Wheaton" or the "Company") is pleased to announce that its wholly-owned subsidiary, Wheaton Precious Metals International Ltd. ("WPMI") has entered into a definitive Precious Metals Purchase Agreement (the "Gold Stream") with Waterton Gold Corp., a subsidiary of Waterton Gold LP ("Waterton Gold") in respect of the Spring Valley Project located in Nevada, USA(the "Project" or "Spring Valley"), which is owned by Waterton Gold's wholly owned subsidiary, Solidus Resources, LLC ("Solidus").
"Wheaton is delighted to support one of our existing partners, Waterton, as they advance the Spring Valley Project, a large scale gold development in Nevada," said Randy Smallwood, Chief Executive Officer of Wheaton Precious Metals. "With its strong geological profile, strategic location, and proven leadership, already demonstrated through our partnership at Mineral Park, Spring Valleyaligns perfectly with our commitment to investing in high-quality, value-accretive assets."
"The addition of Spring Valleyadds another high-quality, low-cost mine in a tier-one jurisdiction to Wheaton's portfolio," added Haytham Hodaly, President of Wheaton Precious Metals. "The project meets all the criteria of our rigorous due diligence process, from scale to margins to exploration upside to quality of the management team. We're excited to deepen our relationship with Waterton as they unlock the full potential of this asset."
"We are pleased to again partner with Wheaton," said Isser Elishis, Executive Chairman of Waterton Gold. "With Wheaton's commitment, the project is now fully funded, backed by $1.3 billionin committed capital. Early site works are already underway as we prepare to commence full construction in 2026 and achieve first gold production in the first half of 2028. This milestone underscores the strength of the project and advances the development of Nevada'snext major low-cost heap-leach gold mine, creating meaningful long-term value for all stakeholders."
Transaction Details (All values in US$ unless otherwise noted)
Upfront Consideration:WPMI will pay Waterton Gold total upfront cash consideration of $670 million(the "Deposit"), to be paid in installments as various conditions are satisfied. Streamed Metal:Under the Gold Stream, WPMI will purchase 8% of the payable gold until 300,000 ounces have been delivered, after which the Company will purchase 6% of the payable gold for the life of the mine. Production Profile1:Attributable production is forecast to average approximately 29 thousand ounces ("Koz") of gold per year for the first five years of production, and over 25 Koz of gold per year for the first ten years, with first production expected in 2028. Spring Valleyhas a mine life of 10 years based on reserves at an $1,800/oz gold price. Production Payments:WPMI will make ongoing payments for the gold ounces delivered equal to 20% of the spot price of gold until the uncredited deposit has been fully reduced, and 22% of the spot price of gold thereafter. Incremental Reserves and Resources1: The addition of Spring Valleywill increase Wheaton's total estimated Probable Mineral gold reserves by 0.31 Moz, Indicated Mineral gold resources by 0.06 Moz and Inferred gold resources by 0.05 Moz. Other Considerations:
Financing the Transactions As at June 30, 2025, the Company had approximately $1 billionof cash on hand. Wheaton believes that, when combined with the liquidity available under its $2 billionrevolving term loan coupled with its $500 millionaccordion 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 Solidus Resources and Spring Valley Solidus Resources is advancing the Spring Valley Gold Project in Pershing County, Nevada, through construction and into operations. Solidus is a wholly-owned subsidiary of Waterton Gold, a private mining company. The Spring Valley Project represents Nevada'snext high-quality, low-cost heap-leach gold mine. Since consolidating 100% ownership of Spring Valleyin 2015, Solidus has substantially de-risked the project through extensive technical work programs, including drilling, metallurgical testwork, hydrological studies, and geotechnical analyses, bringing total drilling at the site to more than 950,000 feet. With all major federal permits in place, the project is now entering the construction phase, marking a key milestone in its path toward first gold production in the first half of 2028.
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.
Attributable Gold Mineral Reserves and Mineral Resources – Spring Valley
| Category | Tonnage Mt | Grade Au g/t | Contained Au Moz | | | | | | | | | | | Probable | 22.3 | 0.43 | 0.31 | | | | Indicated | 5.1 | 0.37 | 0.06 | | | | Inferred | 4.3 | 0.37 | 0.05 | | |
Notes on Mineral Reserves & Mineral Resources:
| 1 | Mineral Reserves and Mineral Resources have been estimated in accordance with the 2014 Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards for Mineral Resources and Mineral Reserves and National Instrument 43-101 – Standards for Disclosure for Mineral Projects ("NI 43-101"). | | | 2 | Mineral Reserves and Mineral Resources are reported above in millions of metric tonnes ("Mt"), grams per metric tonne ("g/t") and millions of ounces ("Moz"). | | | 3 | Qualified persons ("QPs"), as defined by the NI 43-101, for the technical information contained in this document (including the Mineral Reserve and Mineral Resource estimates) are: | | | | a. | Neil Burns, M.Sc., P.Geo. (Vice President, Corporate Development); and | | | b. | Ryan Ulansky, M.A.Sc., P.Eng. (Vice President, Engineering), | | | both employees of the Company (the "Company's QPs"). | | | 4 | The Mineral Resources reported in the above tables are exclusive of Mineral Reserves. | | | 5 | Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. | | | 6 | Spring Valley Project Mineral Reserves and Mineral Resources are reported as of October 31, 2025. | | | 7 | Spring Valley Project Reserves are reported above a gold cut-off grade of 0.10 grams per tonne assuming $1,800 per ounce gold. | | | 8 | Spring Valley Resources are reported above a gold cut-off grade of 0.10 grams per tonne assuming $2,200 per ounce gold. | | | 9 | The Gold Stream provides that Solidus will deliver gold equal to 8% of the payable gold production until 300,000 ounces are delivered after which the stream will reduce to 6% for the remaining life of the mine. | |
Neil Burns, P.Geo., Vice President, Corporate Development for Wheaton Precious Metals and Ryan Ulansky, P.Eng., Vice President, Engineering, are a "qualified person" as such term is defined under National Instrument 43-101, and have reviewed and approved the technical information disclosed in this news release (specifically Mr. Burns has reviewed mineral resource estimates and Mr. Ulansky has reviewed the mineral reserve estimates).
| | | | 1) | Please refer to the Attributable Mineral Reserves & Mineral Resources table in this news release for full disclosure of reserves and resources associated with the Spring Valley Project including accompanying footnotes. |
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation concerning the business, operations and financial performance of Wheaton and, in some instances, the business, mining operations and performance of Wheaton's Precious Metals Purchase Agreement ("PMPA") counterparties. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements with respect to:
the future price of commodities; the estimation of future production from the mineral stream interests and mineral royalty interests currently owned by the Company (the "Mining Operations") (including in the estimation of production, mill throughput, grades, recoveries and exploration potential); the estimation of mineral reserves and mineral resources (including the estimation of reserve conversion rates and the realization of such estimations); the commencement, timing and achievement of construction, expansion or improvement projects by Wheaton's PMPA counterparties at Mining Operations; the payment of upfront cash consideration to counterparties under PMPAs, the satisfaction of each party's obligations in accordance with PMPAs and the receipt by the Company of precious metals and cobalt production or other payments in respect of the applicable Mining Operations under PMPAs; the ability of Wheaton's PMPA counterparties to comply with the terms of a PMPA (including as a result of the business, mining operations and performance of Wheaton's PMPA counterparties) and the potential impacts of such on Wheaton; future payments by the Company in accordance with PMPAs, including any acceleration of payments; the costs of future production; the estimation of produced but not yet delivered ounces; the future sales of Common Shares under, the amount of net proceeds from, and the use of the net proceeds from, the at-the-market equity program; continued listing of the Common Shares on the LSE, NYSE and TSX; any statements as to future dividends; the ability to fund outstanding commitments and the ability to continue to acquire accretive PMPAs; projected increases to Wheaton's production and cash flow profile; projected changes to Wheaton's production mix; the ability of Wheaton's PMPA counterparties to comply with the terms of any other obligations under agreements with the Company; the ability to sell precious metals and cobalt production; confidence in the Company's business structure; the Company's assessment of taxes payable, including taxes payable under the Global Minimum Tax ("GMT"), and the impact of the CRA Settlement, and the Company's ability to pay its taxes; possible CRA domestic audits for taxation years subsequent to 2019 and international audits subsequent to 2017; the Company's assessment of the impact of any tax reassessments; the Company's intention to file future tax returns in a manner consistent with the CRA Settlement; the Company's climate change and environmental commitments; and assessments of the impact and resolution of various legal and tax matters, including but not limited to audits.
Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "projects", "intends", "anticipates" or "does not anticipate", or "believes", "potential", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Wheaton to be materially different from those expressed or implied by such forward-looking statements, including but not limited to:
risks associated with fluctuations in the price of commodities (including Wheaton's ability to sell its precious metals or cobalt production at acceptable prices or at all); risks related to the Mining Operations (including fluctuations in the price of the primary or other commodities mined at such operations, regulatory, political and other risks of the jurisdictions in which the Mining Operations are located, actual results of mining, risks associated with exploration, development, operating, expansion and improvement at the Mining Operations, environmental and economic risks of the Mining Operations, and changes in project parameters as Mining Operations plans continue to be refined); absence of control over the Mining Operations and having to rely on the accuracy of the public disclosure and other information Wheaton receives from the owners and operators of the Mining Operations as the basis for its analyses, forecasts and assessments relating to its own business; risks related to the uncertainty in the accuracy of mineral reserve and mineral resource estimation; risks related to the satisfaction of each party's obligations in accordance with the terms of the Company's PMPAs, including the ability of the companies with which the Company has PMPAs to perform their obligations under those PMPAs in the event of a material adverse effect on the results of operations, financial condition, cash flows or business of such companies, any acceleration of payments, estimated throughput and exploration potential; risks relating to production estimates from Mining Operations, including anticipated timing of the commencement of production by certain Mining Operations; Wheaton's interpretation of, or compliance with, or application of, tax laws and regulations or accounting policies and rules, being found to be incorrect or the tax impact to the Company's business operations being materially different than currently contemplated, , or the ability of the Company to pay such taxes as and when due; any challenge or reassessment by the CRA of the Company's tax filings being successful and the potential negative impact to the Company's previous and future tax filings; risks in assessing the impact of the CRA Settlement (including whether there will be any material change in the Company's facts or change in law or jurisprudence); risks related to any potential amendments to Canada'stransfer pricing rules under the Income Tax Act (Canada) that may result from the Department of Finance's consultation paper released June 6, 2023; risks relating to Wheaton's interpretation of, compliance with, or application of the GMT, including Canada'sGlobal Minimum Tax Act ("GMTA") and the legislation enacted in Luxembourg, that applies to the income of the Company's subsidiaries for fiscal years beginning on or after December 31, 2023; counterparty credit and liquidity risks; mine operator and counterparty concentration risks; indebtedness and guarantees risks; hedging risk; competition in the streaming industry risk; risks relating to security over underlying assets; risks relating to third-party PMPAs; risks relating to revenue from royalty interests; risks related to Wheaton's acquisition strategy; risks relating to third-party rights under PMPAs; risks relating to future financings and security issuances; risks relating to unknown defects and impairments; risks related to governmental regulations; risks related to international operations of Wheaton and the Mining Operations; risks relating to exploration, development, operating, expansions and improvements at the Mining Operations; risks related to environmental regulations; the ability of Wheaton and the Mining Operations to obtain and maintain necessary licenses, permits, approvals and rulings; the ability of Wheaton and the Mining Operations to comply with applicable laws, regulations and permitting requirements; lack of suitable supplies, infrastructure and employees to support the Mining Operations; risks related to underinsured Mining Operations; inability to replace and expand mineral reserves, including anticipated timing of the commencement of production by certain Mining Operations (including increases in production, estimated grades and recoveries); uncertainties related to title and indigenous rights with respect to the mineral properties of the Mining Operations; the ability of Wheaton and the Mining Operations to obtain adequate financing; the ability of the Mining Operations to complete permitting, construction, development and expansion; challenges related to global financial conditions; risks associated with environmental, social and governance matters; risks related to fluctuations in commodity prices of metals produced from the Mining Operations other than precious metals or cobalt; risks related to claims and legal proceedings against Wheaton or the Mining Operations; risks related to the market price of the Common Shares of Wheaton; the ability of Wheaton and the Mining Operations to retain key management employees or procure the services of skilled and experienced personnel; risks related to interest rates; risks related to the declaration, timing and payment of dividends; risks related to access to confidential information regarding Mining Operations; risks associated with multiple listings of the Common Shares on the LSE, NYSE and TSX; risks associated with a possible suspension of trading of Common Shares; equity price risks related to Wheaton's holding of long‑term investments in other companies; risks relating to activist shareholders; risks relating to reputational damage; risks relating to expression of views by industry analysts; risks related to the impacts of climate change and the transition to a low-carbon economy; risks associated with the ability to achieve climate change and environmental commitments at Wheaton and at the Mining Operations; risks related to ensuring the security and safety of information systems, including cyber security risks; risks relating to generative artificial intelligence; risks relating to compliance with anti-corruption and anti-bribery laws; risks relating to corporate governance and public disclosure compliance; risks of significant impacts on Wheaton or the Mining Operations as a result of an epidemic or pandemic; risks related to the adequacy of internal control over financial reporting; and other risks discussed in the section entitled "Description of the Business – Risk Factors" in Wheaton's Annual Information Form available on SEDAR+ atwww.sedarplus.caand Wheaton's Form 40-F for the year ended December 31, 2024on file with the U.S. Securities and Exchange Commission on EDGAR (the "Disclosure").
Forward-looking statements are based on assumptions management currently believes to be reasonable, including (without limitation):
that there will be no material adverse change in the market price of commodities; that the Mining Operations will continue to operate and the mining projects will be completed in accordance with public statements and achieve their stated production estimates; that the mineral reserves and mineral resource estimates from Mining Operations (including reserve conversion rates) are accurate; that public disclosure and other information Wheaton receives from the owners and operators of the Mining Operations is accurate and complete; that the production estimates from Mining Operations are accurate; that each party will satisfy their obligations in accordance with the PMPAs; that Wheaton will continue to be able to fund or obtain funding for outstanding commitments; that Wheaton will be able to source and obtain accretive PMPAs; that the terms and conditions of a PMPA are sufficient to recover liabilities owed to the Company; that Wheaton has fully considered the value and impact of any third-party interests in PMPAs; that expectations regarding the resolution of legal and tax matters will be achieved (including CRA audits involving the Company); that Wheaton has properly considered the application of Canadian tax laws to its structure and operations and that Wheaton will be able to pay taxes when due; that Wheaton has filed its tax returns and paid applicable taxes in compliance with Canadian tax laws; that Wheaton's application of the CRA Settlement is accurate (including the Company's assessment that there has been no material change in the Company's facts or change in law or jurisprudence); that Wheaton's assessment of the tax exposure and impact on the Company and its subsidiaries of the implementation of a 15% global minimum tax is accurate; that the trading of the Common Shares will not be adversely affected by the differences in liquidity, settlement and clearing systems as a result of multiple listings of the Common Shares on the LSE, the TSX and the NYSE; that the trading of the Company's Common Shares will not be suspended; the estimate of the recoverable amount for any PMPA with an indicator of impairment; that neither Wheaton nor the Mining Operations will suffer significant impacts as a result of an epidemic or pandemic; and such other assumptions and factors as set out in the Disclosure.