Wheaton Precious Metals™ Corp. is pleased to announce it has committed financing to Carcetti Capital Corporation to support Carcetti’s proposed acquisition of the Hemlo Mine from Barrick Mining Corporation.

Carcetti’s financing package for the Acquisition is expected to include:

• Up to $400 million Wheaton gold stream;
• Concurrent equity financing with estimated proceeds of approximately $415 million; and
• $200 million in bank debt.

Wheaton has committed to provide the Gold Stream and to participate in the Equity Financing (up to the lesser of $50 million or 20% of the Equity Financing), subject to execution of definitive agreements and satisfaction of customary conditions.

The Gold Stream would be a key component of Carcetti’s comprehensive financing package, which is expected to provide Carcetti with the capital required to complete the Acquisition and advance further improvements at Hemlo, positioning the asset to achieve its full potential. Upon closing, Carcetti intends to change its name to Hemlo Mining Corp..

“Hemlo offers a unique opportunity to add immediate, accretive gold ounces from a politically stable jurisdiction, backed by a long history of production and a capable operating team,” said Randy Smallwood, Chief Executive Officer of Wheaton Precious Metals. “We are proud to support HMC in its acquisition of a mine that has long been considered a cornerstone of Canada’s mining industry, while also contributing to strategic M&A momentum across the sector.”

“The Hemlo stream reflects our commitment to disciplined capital deployment and long-term value creation,” added Haytham Hodaly, President of Wheaton Precious Metals. “This transaction highlights our continued focus on investing in assets with strong geological potential and responsible stewardship. We are pleased to partner with HMC, whose leadership is guided by a strong strategic vision for unlocking further value at Hemlo.”

“We are grateful to have the support of Wheaton Precious Metals as we move forward with the acquisition of the Hemlo Gold mine,” said Jason Kosec, incoming President & Chief Executive Officer of HMC. “Their backing not only validates the quality of the opportunity but also strengthens our ability to unlock the mine’s full potential. With Wheaton’s partnership, we can responsibly maximize value from the operation, create meaningful benefits for our stakeholders, and continue building a strong Canadian intermediate growth focused gold producer.”

Gold Stream Key Terms
(All values in US$ unless otherwise noted)

Wheaton has committed to provide the Gold Stream on the following terms, subject to execution of definitive agreements and completion of the Acquisition:

• Upfront Consideration: Wheaton will pay HMC total upfront cash consideration of up to $400 million subject to certain customary conditions. Under the terms of Wheaton’s commitment to HMC, if the Equity Financing exceeds $300 million (excluding Wheaton’s participation), HMC may request that the Deposit be reduced by the amount of the excess (to a maximum of $100 million), in which case the stream percentage would be adjusted proportionately and Wheaton’s commitment to participate in the Equity Financing would be limited to the lesser of $30 million and 20% of the Equity Financing. Any such adjustments to the Deposit and stream percentage would be reflected in the definitive agreement for the Gold Stream.
• Streamed Metal: Wheaton will purchase 13.5% of the payable gold until a total of 181,000 ounces of gold has been delivered, at which point Wheaton will purchase 9.0% of the payable gold until an additional 157,330 oz of gold has been delivered, at which point Wheaton will purchase 6.0% of payable gold for the life of the mine. Each of the First Dropdown Threshold and the Second Dropdown Threshold will be subject to adjustment if there are delays in deliveries relative to an agreed schedule, and commencing in 2033, if deliveries fall behind the agreed schedule by 10 Koz or more, the stream percentage will be increased by 5% until deliveries catch up with the agreed schedule. The applicable stream percentage will be reduced by half with respect to gold production from certain claims comprising the Interlake deposit. Payable gold is calculated using a fixed payable factor of 99.95%.
• Production Profile¹: Attributable Gold Stream production is forecast to average approximately 20 Koz of gold per annum for the first 10 full years of production, and over 17 Koz per annum for the life of mine. The Hemlo Mine is forecast to have a 14-year mine life, with significant brownfield exploration potential near existing underground infrastructure.
• Production Payments: Wheaton will make ongoing payments for the gold ounces delivered equal to 20% of the spot price of gold.
• Incremental Reserves and Resources^[1]: The addition of the Hemlo Mine will increase Wheaton’s total estimated Proven and Probable Mineral gold reserves by 0.25 million ounces, Measured and Indicated Mineral gold resources by 0.08 Moz and Inferred gold resources by 0.04 Moz.
• Other Considerations:
  • Wheaton will obtain a right of first refusal on any future precious metal streams, royalties, prepays or similar transactions with respect to the Hemlo Mine.
  • HMC will provide Wheaton with corporate guarantees, as well as first-priority security interests on substantially all of HMC’s assets on a shared basis with the lenders under the Acquisition Facility.
  • HMC is expected to comply in all material respects with the Global Industry Standard on Tailings Management, the Towards Sustainable Mining Standard, and Wheaton’s Partner/Supplier Code of Conduct, which outlines Wheaton’s expectations in regard to environmental, social and governance matters.
  • The transaction is expected to close in the fourth quarter of 2025.

Financing the Transactions

As at June 30, 2025, the Company had approximately $1.0 billion of cash on hand. Wheaton believes that, when combined with the liquidity available under its $2 billion revolving term loan 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 Carcetti/HMC and the Hemlo Mine

Carcetti Capital Corp. is a Canadian-listed investment firm, headquartered in Vancouver, British Columbia. Upon closing, Carcetti is to be re-named Hemlo Mining Corp. and will be led by an experienced leadership team with a long history and deep understanding of Hemlo. The Hemlo mine has produced approximately 25 million ounces of gold, and has been operating continuously for more than 30 years. Located just north of Lake Superior on the Trans-Canada Highway, about 35 kilometres east of Marathon, Ontario, it’s currently an underground operation and has long been considered a cornerstone of Canada’s mining sector. Previously under the ownership of Barrick Mining Corporation, Hemlo transitioned from an open pit operation to an underground operation in October 2020.

Attributable Gold Mineral Reserves and Mineral Resources – Hemlo Mine

Notes on Mineral Reserves & Mineral Resources:

1. All 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.
2. Mineral Reserves and Mineral Resources are reported above in millions of metric tonnes, grams per metric tonne and millions of ounces.
3. Qualified persons, as defined by the NI 43-101, for the technical information contained in this document (including the Mineral Reserve and Mineral Resource estimates) are:
   1. 1. Neil Burns, M.Sc., P.Geo. (Vice President, Corporate Development); and
      2. 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. Hemlo Mine Mineral Reserves and Mineral Resources are reported as of August 1, 2025.
7. Hemlo Mine Mineral Reserves are reported above a US$110.8 per tonne or US$123.0 per tonne NSR cut-off depending on underground mining method, and a US$34.13 NSR cut-off for open pit material. Underground Mineral Resources are reported on a diluted basis above an average cut-off grade of 2.38 grams per tonne gold. Open-pit Mineral Resources are reported above a cut-off grade of 0.21 grams per tonne gold.
8. The Gold Stream provides that Carcetti will deliver gold equal to 13.5% of the payable gold until a total of 181,000 ounces of gold have been delivered, subject to adjustment if there are delays in deliveries relative to an agreed schedule, then 9.0% until an additional 157,330 thousand ounces of gold have been delivered, subject to adjustment if there are delays in deliveries relative to an agreed schedule, then 6.0% of the payable gold for the life of the mine of the payable gold for the life of the mine. The applicable stream percentage will be reduced by half with respect to gold production from certain claims comprising the Interlake deposit.

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).

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.