Japan Gold, Barrick Mining end partnership

Executive Summary

• Japan Gold and Barrick Mining mutually agree to terminate their partnership effective Oct 31 2025, ending all of Barrick’s rights to Japan Gold’s Japanese mineral portfolio.
• The termination follows a $23.2 M financing from Barrick that funded a geochemical/geophysical database and three scout drill programs, including the Ebino project.
• Ebino’s three‑hole diamond drill program (1,528 m) intersected extensive hydrothermal clay alteration but did not encounter significant gold mineralization; results will guide future target generation in the Hokusatsu district.

Key Details

• Alliance termination: Partnership agreement dated Feb 23 2020 (as amended) ends on Oct 31 2025; Barrick relinquishes all rights to Japan Gold’s Japanese mineral assets, including Hakuryu, Togi and Ebino projects.
• Financing from Barrick: Total of $23,155,932 (≈ $17.38 M USD) provided for database creation and scouting work across a 3,000‑km² portfolio; financing fully utilized for the alliance activities.
• Ebino drill program:
• Three diamond holes, total depth 1,528 m, targeting Otsuka and Kuwanoki‑zuru (KZ) prospects in the Hokusatsu district.
• All holes intersected strong hydrothermal clay alteration zones (kaolinite, dickite) indicative of shallow epithermal systems.
• No significant gold mineralization intersected; alteration zones will be used to vector future exploration.
• Future exploration plan: Additional target generation work planned within Masaki, KZ and Otsuka alteration zones.
• Rehabilitation: Drill sites fully restored to original condition in line with environmental best practices.
• Qualified person: Technical information reviewed/approved by Jason Letto, BSc, PGeo (NI 43‑101 qualified).

Notable Quotes

“Japan Gold remains well funded and committed to advancing its projects… With full operational control, our experienced management team is well positioned to prioritize our high‑potential assets and implement a tailored exploration strategy.” – John Proust, Chairman & CEO, Japan Gold.

“Japan Gold consistently demonstrated exceptional in‑country expertise and operational excellence. We thank them for their dedication and professionalism throughout our alliance.” – Joe Holliday, Vice‑President of Exploration, Barrick Mining.