Barrick to sell Tongon interests for up to $305M (U.S.)

Executive Summary

• Barrick Mining Corp. agreed to sell its interests in the Tongon gold mine and related Ivory Coast exploration properties to Atlantic Group for up to $305 million.
• Consideration includes $192 million cash (including a $23 million shareholder‑loan repayment) plus contingent payments of up to $113 million tied to gold prices and resource conversions.
• Proceeds will be used to strengthen Barrick’s balance sheet and support shareholder returns; transaction expected to close in late 2025, subject to customary conditions.

Key Details

• Total consideration: Up to $305 million (all amounts in U.S. dollars).
• Cash component: $192 million, which includes a $23 million repayment of a shareholder loan payable within six months after closing.
• Contingent cash payments: Up to $113 million, payable based on:
• Gold price performance over the next 2.5 years; and
• Resource conversion milestones over 5 years.
• Use of proceeds: Strengthen Barrick’s balance sheet and support its commitment to delivering shareholder returns.
• Closing timeline: Expected in late 2025, subject to customary closing conditions, including approval by the Government of Ivory Coast.
• Advisors:
• Financial advisers – TD Securities Inc. and Treadstone Resource Partners (to Barrick).
• Legal counsel – Lawson Lundell LLP (to Barrick).
• Transaction structure: Sale of Barrick’s interests in two Ivorian subsidiaries that hold the Tongon mine and associated exploration permits to Atlantic Group, an Ivorian‑owned multisectoral group.

Notable Quotes

(No direct quotes were provided in the release.)