Kingfisher Announces Strategic Investment from Barrick

Barrick Gold Corporation is making a strategic investment in Kingfisher Metals Corp. (KFR) through a non-brokered private placement of 15.47 million units at C$1.35 per unit, generating gross proceeds of C$20.9 million. Each unit comprises one common share and 0.5 of a share purchase warrant, with each whole warrant exercisable at C$1.70 for a period of two years.

Following the transaction, Barrick will hold approximately 9.9% of Kingfisher’s outstanding shares on a non-diluted basis and 14.1% on a partially diluted basis. The proceeds from the offering will fund the exploration and development of the HWY 37 project, bringing Kingfisher’s cash position to approximately $47 million.

The transaction includes a comprehensive Investor Rights Agreement that grants Barrick pre-emptive and top-up rights, as well as information access. Barrick is subject to a 24-month block on any sale, transfer, or granting of royalties or streams on the HWY 37 project without its consent. Additionally, a two-year standstill agreement limits Barrick’s ownership to a maximum of 15%, which increases to 19.9% if a third party acquires 10% or more of the company. Barrick has also entered into a voting agreement to support board and management recommendations for two years and agreed not to transfer its shares or warrants for 18 months. The deal is expected to close on or before July 27, 2026.

Barrick, the world’s second-largest gold miner, has made a first-time direct equity investment in Kingfisher Metals Corp. (KFR) at a premium to the market, paying $1.35 per share compared to the $1.03 closing price on the last trading day. The transaction secures a 9.9% basic stake in the company and includes protective rights, most notably a veto over any sale or royalty on Kingfisher’s flagship project.

The investment validates the geological prospectivity of the Golden Triangle land package and reduces the company’s funding risk for aggressive exploration by avoiding immediate dilution. Standstill and voting agreements established through the deal align Kingfisher with a top-tier partner while preventing a hostile approach in the near term.

The $20.9 million infusion, combined with the strategic endorsement from Barrick, represents a significant shift for Kingfisher relative to its market capitalization of approximately $145 million. The presence of Barrick elevates Kingfisher from a junior explorer to a strategic asset with potential for future joint ventures or a takeover.

Kingfisher Metals Corp. is a Canada-based explorer focused on district-scale copper-gold porphyry and epithermal systems in British Columbia’s Golden Triangle. Its flagship asset is the HWY 37 Project, a 933 km² land package located entirely within Tahltan Traditional Territory along Highway 37 and the Northwest Transmission Line. The project hosts the Hank porphyry Cu-Au discovery, identified by drill hole HW-25-011 which returned 425 m @ 0.40% CuEq, as well as the Williams porphyry system, which yielded 234 m @ 1.00% CuEq and 889 m @ 0.47% CuEq.

The company also holds the Forrest Kerr Project, a 202 km² area acquired via option in late 2025 that adds high-grade gold veins and porphyry targets to its portfolio. The total land package now exceeds 1,135 km². No NI 43-101 resources or reserves exist, as the projects remain in early-stage exploration. The 2026 program is a fully funded 15,000-meter drill campaign utilizing three rigs, supported by comprehensive geophysics, LiDAR, and surface sampling.