Barrick Closes Previously Announced Sale of Royalty Portfolio to Maverix Metals
September 29 2022 - 12:20PM
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick”) today
announced the closing of the previously announced sale of a
portfolio of 22 royalties (the “Portfolio”) to Maverix Metals Inc.
(“Maverix”). Following the exercise by Skeena Resources Limited
(“Skeena”), the operator of the Eskay Creek mine in British
Columbia, of its buy-down right to acquire 0.5% of the
1.0% net smelter returns royalty on the Eskay Creek mine,
Barrick has received total consideration equal to $50 million in
cash in respect of the Portfolio. Barrick has the right to receive
up to an additional $10 million from Maverix if certain
conditions relating to the Portfolio are satisfied within six years
of closing.
Barrick Enquiries:
President and CEO Mark Bristow +1 647 205
7694+44 788 071 1386
SEVP Strategic Matters Kevin Thomson+1 416 307
5150
Investor and Media Relations Kathy du Plessis
+44 20 7557 7738Email: barrick@dpapr.com
Website: www.barrick.com
Cautionary Statement on Forward-Looking
Information
Certain information contained or incorporated by
reference in this press release, including any information as to
our strategy, projects, plans, or future financial or operating
performance, constitutes “forward-looking statements”. All
statements, other than statements of historical fact, are
forward-looking statements. The words “will”, “contingent”, “if”,
“expecting” and similar expressions identify forward-looking
statements. In particular, this press release contains
forward-looking statements including, without limitation, with
respect to the total consideration for the sale of the Portfolio,
including the contingent payments.
Forward-looking statements are necessarily based
upon a number of estimates and assumptions including material
estimates and assumptions related to the factors set forth below
that, while considered reasonable by Barrick as at the date of this
press release in light of management’s experience and perception of
current conditions and expected developments, are inherently
subject to significant business, economic, and competitive
uncertainties and contingencies. Known and unknown factors could
cause actual results to differ materially from those projected in
the forward-looking statements, and undue reliance should not be
placed on such statements and information. Such factors include,
but are not limited to: the failure to satisfy the conditions to
payment by Maverix of the contingent consideration; fluctuations in
the spot and forward price of gold or certain other commodities;
the speculative nature of mineral exploration and development;
changes in national and local government legislation, taxation,
controls or regulations and/ or changes in the administration of
laws, policies and practices, expropriation or nationalization of
property and political or economic developments in the
jurisdictions where Barrick operates; risks associated with new
diseases, epidemics and pandemics, including the effects and
potential effects of the global Covid-19 pandemic; litigation and
legal and administrative proceedings; employee relations including
loss of key employees; increased costs and physical risks,
including extreme weather events and resource shortages, related to
climate change; and availability and increased costs associated
with mining inputs and labor. In addition, there are risks and
hazards associated with the business of mineral exploration,
development and mining, including environmental hazards, industrial
accidents, unusual or unexpected formations, pressures, cave-ins,
flooding and gold bullion, copper cathode or gold or copper
concentrate losses (and the risk of inadequate insurance, or
inability to obtain insurance, to cover these risks).
Readers are cautioned that forward-looking
statements are not guarantees of future performance. Specific
reference is made to the most recent Form 40-F/Annual Information
Form on file with the SEC and Canadian provincial securities
regulatory authorities for a more detailed discussion of some of
the factors underlying forward-looking statements and the risks
that may affect Barrick’s ability to achieve the expectations set
forth in the forward-looking statements contained in this press
release. Barrick disclaims any intention or obligation to update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by
applicable law.
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