Published: November 11, 2025 |

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Wheaton Precious Metals announced it has secured a major gold stream at a development-stage Nevada mine.

The Spring Valley Project held by Solidus Resources is scheduled to enter the commercial production phase in 2028. Construction will begin next year.

“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 Valley aligns perfectly with our commitment to investing in high-quality, value-accretive assets,” added Smallwood.

Wheaton will be building a stronger relationship with Solidus and its privately-held parent company Waterton Gold through the newly signed precious metals purchase agreement. They previously partnered in a streaming deal at Arizona’s Mineral Park silver-copper mine in late 2023.

Waterton and Solidus will be receiving $670 million from Wheaton in a series of installments. Wheaton has agreed to purchase 8 percent of the mine’s payable gold until a total of 300,000 ounces has been delivered. Once that milestone has occurred, Wheaton will purchase 6 percent for the remainder of Spring Valley’s production life.

“The addition of Spring Valley adds another high-quality, low-cost mine in a tier-one jurisdiction to Wheaton’s portfolio. 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,” said Haytham Hodaly, president of Wheaton Precious Metals.

The deal benefits Waterton by providing the company with access to immediate capital without taking on debt or selling equity. Meanwhile, Wheaton gets the opportunity to secure a significant portion of the mine’s future gold production at a low cost totaling only 20 percent of the metal’s current spot price.

The total being purchased by Wheaton will consist of 29,000 ounces per annum in Spring Valley’s first five years and 25 kilo ounces annually thereafter. The mine is anticipated to produce a total of 348,000 ounces per year during the first half of its ten-year life and an average of 300,000 afterward. Conclusion of production will be proceeded by five years of reclamation work.

Solidus received a record of decision from the United States Bureau of Land Management for Spring Valley in July. Clearing this major regulatory hurdle was a major achievement for the company.

The Waterton subsidiary also got a letter of financing interest in the mail from the Export-Import Bank of the United States (EXIM) in May. It indicated that the American agency was considering financing the mine with up to $835 million. No progress has been announced since and it is uncertain when or if the capital injection will materialize. The EXIM is known to have a stringent due diligence process.

Nonetheless, Waterton Executive Chairman Isser Elishis says the mine is now backed by $1.3 billion in committed capital as a result of Wheaton’s commitment.

“We are pleased to again partner with Wheaton. With Wheaton’s commitment, the project is now fully funded, backed by $1.3 billion in committed capital,” said Isser Elishis, executive chairman of Waterton Gold.

“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’s next major low-cost heap-leach gold mine, creating meaningful long-term value for all stakeholders,” added Elishis.

A feasibility study completed this year found that Spring Valley boasts an after-tax net present value of $1.5 billion with a 5 percent discount rate. It is anticipated to have a 28 percent after-tax internal rate of return. In comparison, construction is expected to cost $823 million.

Source: Mugglehead Magazine

Wheaton Precious Metals 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.

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