Barrick Announces Sale of Interest in Tongon for Up To $305 Million

Executive Summary

• Barrick Mining Corp. agreed to sell its interests in the Tongon gold mine and related exploration permits in Côte d’Ivoire to Atlantic Group for up to $305 million.
• Consideration includes $192 million cash (with a $23 M 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 return value to shareholders; closing expected in late 2025, subject to regulatory approvals.

Key Details

• Total transaction value: Up to $305 million.
• Cash component: $192 million, which includes a $23 million repayment of a shareholder loan within six months after closing.
• Contingent cash payments: Up to $113 million, payable based on (i) gold price performance over the next 2.5 years and (ii) successful resource conversions over five years.
• Assets being sold: Barrick’s ownership interests in the Tongon gold mine and associated exploration permits (“Exploration Permits”) located in Côte d’Ivoire.
• Buyer: Atlantic Group, a privately‑held Pan‑African conglomerate with operations across 15 African countries.
• Use of proceeds: To further 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 Côte d’Ivoire.
• Advisors: TD Securities Inc. and Treadstone Resource Partners (financial advisors); Lawson Lundell LLP (legal counsel) for Barrick.

Notable Quotes

(No direct quotes were provided in the release.)