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In a bold play to strengthen its global mining footprint, Wheaton Precious Metals Corp. announced Friday that it will acquire a U.S. gold project from Waterton Gold LP for a cash price of $670 million, signaling a major expansion into Nevada’s mineral-rich landscape.

The Canadian-based streaming powerhouse revealed that its subsidiary, Wheaton Precious Metals International Ltd., will invest directly in the Spring Valley project, owned by Waterton’s arm Solidus Resources LLC.

A Strategic Move Into Nevada’s Gold Belt

Wheaton’s President, Haytham Hodaly, said the Spring Valley acquisition “adds another high-quality, low-cost mine in a tier-one jurisdiction” to the company’s robust 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,” Hodaly said, emphasizing the company’s meticulous selection strategy.

Wheaton, publicly listed in Toronto, New York, and London, is one of the world’s premier precious metals streaming companies, a model that allows it to finance miners in exchange for the right to purchase future production at a fixed, discounted rate.

Inside the Deal: A Streamlined Path to Gold Production

The Spring Valley gold project, located in Pershing County, Nevada, is expected to begin production in 2028 and has a projected mine life of about 10 years.

Solidus Resources, which secured full ownership of the project in 2015, has spent years refining its technical and operational groundwork through drilling, geotechnical studies, and extensive risk mitigation.

“Wheaton’s commitment has ensured the project is now fully funded,” said Isser Elishis, executive chair of Waterton Gold, noting that the venture now boasts $1.3 billion in total committed capital.

He added, “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.”

Strong Financial Foundation Backs the Expansion

Wheaton said it remains well-positioned financially, with about $1 billion in cash reserves as of June 30 and access to a $2 billion revolving credit facility. This liquidity, the company stated, will comfortably support the Nevada acquisition without compromising its financial flexibility.

The move comes less than a year after Wheaton expanded its global reach with the $175 million acquisition of an under-development gold project in Ethiopia from Allied Gold Corp., underscoring its aggressive push toward high-value, long-term assets.