Barrick Announces Investment in Kingfisher Metals

Barrick Mining Corporation has subscribed for approximately 15.47 million units of Kingfisher Metals Corp. in a non-brokered private placement valued at C$20.9 million. Following the closing of the transaction, Barrick will hold approximately 9.9% of Kingfisher on a non-diluted basis and approximately 14.1% on a partially-diluted basis.

The investment includes an investor rights agreement that grants Barrick anti-dilution and information rights. A standstill provision limits Barrick to a maximum 15% stake, which is expandable to 19.9% if a third party acquires 10% or more of Kingfisher. Additionally, Barrick has agreed to an 18-month lockup period.

Under the terms of the agreement, Barrick will provide technical support and form a technical committee to assist Kingfisher with drilling seasons at the Highway 37 Project in British Columbia during 2027 and 2028. Kingfisher is restricted from selling or transferring rights to the Highway 37 Project without Barrick’s consent for two years post-closing. The stated purpose of the transaction is investment, and Barrick may acquire additional securities or dispose of existing ones depending on market conditions.

Barrick Mining Corporation (ABX) has made a C$20.9 million strategic exploration investment in Kingfisher Metals. The transaction represents less than 0.3% of the company’s $7.1 billion cash balance and less than 0.1% of its market capitalization. The deal is designed to secure optionality on a new gold system, the Highway 37 Project, within the stable jurisdiction of British Columbia.

The investment does not alter Barrick’s production guidance, cost structure, capital allocation framework, or the timeline for its North American IPO. Market impact is expected to be neutral, as the stock has already priced in the core operational narrative and this incremental exploration stake does not materially change the risk/reward profile.

Barrick Mining Corporation (ABX) is a leading global gold and copper producer with a diversified portfolio across North America, Africa, and South America. Its flagship assets include Nevada Gold Mines in the USA, Pueblo Viejo in the Dominican Republic, Kibali in the DRC, Lumwana in Zambia, and Reko Diq in Pakistan.

The company is executing a strategic restructuring that includes the planned IPO of its North American gold assets and the divestiture of non-core mines, specifically Hemlo, Tongon, and Alturas. Jurisdictional risk remains a key focus, with active management in Mali, Pakistan, the DRC, and Tanzania.