By: African mining

Barrick Mining Corporation (NYSE:B)(TSX:ABX) (“Barrick” or the “Company”) today announced that it has reached an agreement to sell the Hemlo Gold Mine (“Hemlo”) in Canada to Carcetti Capital Corp., which is to be renamed to Hemlo Mining Corp. (“HMC”) upon closing of the transaction.

The sale agreement provides for gross proceeds of up to USD1.09-billion, consisting of:

• Cash consideration of USD875-million, due on closing
• HMC shares with an aggregate value of USD50-million (based on the same price per HMC subscription receipt under the concurrent equity offering announced by HMC, to be issued by HMC to Barrick on closing)
• A production and tiered gold price-linked cash payment structure of up to USD165-million starting in January 2027 for a five-year term1

HMC is currently listed on the NEX Board of the TSX Venture Exchange (“TSXV”) and expects to graduate to the TSXV in connection with its acquisition of Hemlo. HMC has a management team and Board of Directors with significant operational experience with mining assets in Canada, including Robert Quartermain, who was CEO of SSR Mining Inc. and founder of Pretium Resources Inc, and who also played a key role in the discovery and delineation of Hemlo while working for Teck Resources Limited as a geologist. HMC is also backed by a consortium of investors focused on North American resource development, including Wheaton Precious Metals and Orion Mine Finance Management.

Proceeds from the sale will be used to further strengthen Barrick’s balance sheet and support Barrick’s commitment to return capital to shareholders, consistent with its capital allocation framework.

“The sale of Hemlo at an attractive valuation marks the close of Barrick’s long and successful chapter at the mine and underscores our disciplined focus on building value through our Tier One gold and copper portfolio,” says Barrick president and chief executive Mark Bristow.

“We are confident that HMC’s experienced management and the existing Hemlo team will be excellent stewards of the asset, unlock its future potential and continue to deliver benefits for all stakeholders. Together with the sales of Donlin and Alturas, total gross proceeds from the divestment of non-core assets this year are expected to generate over USD2-billion,” Bristow said.

Canada remains an important jurisdiction for Barrick, with a portfolio that includes a number of prospective early-stage projects and exploration targets, and the Company will continue to pursue opportunities to find and operate world-class gold and copper mines in Canada.

Subject to satisfaction of customary closing conditions and obtaining required regulatory approvals, the transaction is expected to be completed within the fourth quarter of 2025.

CIBC World Markets Inc. is acting as financial advisor to Barrick. Davies Ward Phillips & Vineberg LLP and Blake, Cassels & Graydon LLP are acting as legal counsel to Barrick.

About Barrick Mining Corporation

Barrick is a leading global mining, exploration and development company. With one of the largest portfolios of world-class and long-life gold and copper assets in the industry — including six of the world’s Tier One gold mines — Barrick’s operations and projects span 18 countries and five continents. Barrick is also the largest gold producer in the United States. We create real, long-term value for all stakeholders through responsible mining, strong partnerships and a disciplined approach to growth. Barrick shares trade on the New York Stock Exchange under the symbol ‘B’ and on the Toronto Stock Exchange under the symbol ‘ABX’.