Newmont Announces Sale of the Coffee Project for up to $150 Million

Newmont Corporation announced today that it has agreed to sell its Coffee Project in Yukon, Canada to Fuerte Metals Corporation for up to $150 million in total consideration.

The transaction is expected to close in the fourth quarter of 2025, subject to certain conditions being satisfied. Under the terms of the agreement, Newmont expects to receive gross proceeds of up to $150 million, which includes:

• Cash consideration of $10 million, due upon closing
• Equity consideration of $40 million in the form of Fuerte shares, to be issued upon closing 
• A 3.0 percent Net Smelter Return royalty on the Coffee Project, which Fuerte retains the option to repurchase for up to $100 million 

“The sale of the Coffee Project reflects our ongoing efforts to streamline the portfolio and sharpen our focus on core operations,” said Tom Palmer, Newmont’s Chief Executive Officer. “Throughout the process, we were committed to identifying a buyer who shares our values and can develop the Coffee project in a socially and environmentally conscious manner. We are pleased to be selling this asset to Fuerte and have full confidence in their ability to honor agreements and relationships with the First Nations partners and other stakeholders that are connected to the project.”

Fuerte Metals is a well-funded resource company, adding value through the acquisition, exploration, and development of copper and precious metals projects in Mexico and Chile. Fuerte is supported by key shareholders, Pierre Lassonde, who served as Newmont’s President from 2002 to 2007, and Trinity Capital Partners Corporation.

In February 2024, Newmont announced the intent to divest its non-core assets, including six operations and two projects from its Australian, Ghanaian, and North American business units. Upon completion of the transaction in today’s announcement, Newmont will have divested all six operations and both projects that were classified as held for sale in its financial statements.