Barrick Announces Investment in Kingfisher Metals

Rhea-AI Summary

Barrick Mining Corporation (NYSE:B)(TSX:ABX) agreed to subscribe for 15,470,934 units of Kingfisher Metals in a non-brokered private placement at C$1.35 per unit, for total consideration of about C$20.9 million. Each unit includes one common share and one-half warrant, with each whole warrant exercisable at C$1.70 for two years.

After closing, Barrick will own about 9.9% of Kingfisher on a non-diluted basis and 14.1% on a partially diluted basis, assuming warrant exercise. An investor rights agreement grants Barrick anti-dilution and information rights tied to Kingfisher’s Highway 37 Project in British Columbia.

For two years from closing, Kingfisher will face restrictions on selling or transferring interests in Highway 37 without Barrick’s consent, subject to exceptions. Barrick will be subject to a standstill capping ownership at 15% (up to 19.9% if a third party exceeds 10%), an 18‑month lockup on its shares, and voting or abstention commitments. Barrick and Kingfisher will form a technical committee, and Barrick may provide technical support for the 2027 and 2028 drilling seasons. Barrick describes the purchase as being for investment purposes and may adjust its holdings based on market conditions.

Positive

• C$20.9 million strategic investment into Kingfisher at C$1.35 per unit
• Post-closing stake of 9.9% non-diluted and 14.1% partially diluted
• Warrants with two-year term exercisable at C$1.70 per share
• Anti-dilution and information rights focused on the Highway 37 Project
• Technical committee and optional Barrick support for 2027–2028 drilling seasons

Negative

• Standstill limits Barrick to 15% ownership, or 19.9% if a third party exceeds 10%
• 18-month lockup restricts Barrick from selling Kingfisher shares it receives
• Voting or abstention commitment may constrain independent voting on Kingfisher matters for two years

News Market Reaction – B

+4.24%

+4.24% News Effect

On the day this news was published, B gained 4.24%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

Barrick’s announcement was issued against a prior close of $34.89 and low short positioning. That pl...

Analysis

Barrick’s announcement was issued against a prior close of $34.89 and low short positioning. That platform context frames the investment as company-specific, with project execution and the associated rights structure as key watchpoints.

Key Figures

Units subscribed: 15,470,934 units Subscription price: C$1.35 per Unit Total consideration: approximately C$20,885,761 +5 more

8 metrics

Units subscribed 15,470,934 units Kingfisher non-brokered private placement

Subscription price C$1.35 per Unit Kingfisher private placement

Total consideration approximately C$20,885,761 Barrick investment in Kingfisher

Warrant exercise price C$1.70 per common share Whole warrants exercisable for two years

Post-closing ownership 9.9% Kingfisher outstanding shares, non-diluted basis

Partially diluted ownership 14.1% Assuming exercise of all Barrick-held warrants

Project-rights period two years Highway 37 Project transfer restriction

Share lockup 18 months Kingfisher Shares issued to Barrick

Historical Context

5 past events · Latest: Jul 14 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jul 14	Real-world clinical data	Positive	+1.5%	BioArctic reported stable or improved patients in real-world Leqembi treatment data.
Jul 13	FDA approval	Positive	+1.5%	FDA approved subcutaneous Leqembi initiation dosing for early Alzheimer's disease.
Jul 13	Subcutaneous clinical data	Positive	-2.0%	BioArctic presented comparable pharmacokinetic exposure and safety data for subcutaneous dosing.
Jul 10	Results scheduling notice	Neutral	-0.4%	Barrick scheduled release of second-quarter 2026 results for August 10.
Jul 02	Corporate membership renewal	Neutral	-0.3%	Crawford renewed its corporate membership with RISE.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

The supplied recent-news record showed mixed reactions, with two aligned and three divergent price responses.

Key Terms

non-brokered private placement, anti-dilution, standstill, early warning report

4 terms

non-brokered private placement financial

"in a non-brokered private placement (“Private Placement”) at a price of C$1.35"

A non-brokered private placement is when a company raises money by selling securities (such as shares or bonds) directly to a small group of chosen investors without using a broker or dealer as a middleman. For investors it matters because it can provide faster, lower-cost access to new investment opportunities but may bring higher risk, less liquidity and potential dilution of existing holdings compared with public offerings.

anti-dilution financial

"Barrick will be entitled to anti-dilution and information rights"

A provision that protects an investor’s ownership stake or the value of convertible securities when a company issues new shares at a lower price. It adjusts the investor’s number of shares or the conversion price so their percentage of ownership or economic interest isn’t unfairly reduced — like getting a bigger slice of cake if the baker cuts more pieces, preserving your share of the whole.

standstill regulatory

"be subject to a standstill which will prohibit Barrick from acquiring more than 15%"

A standstill is a temporary agreement in which one party agrees to pause certain actions — such as buying more shares, launching a takeover bid, or enforcing debt claims — for a set period. For investors this matters because it freezes changes in ownership or legal pressure, giving markets time to absorb information and reducing short-term volatility; think of it as pressing a pause button so everyone can negotiate or reassess without sudden moves.

early warning report regulatory

"An early warning report will be filed by Barrick"

An early warning report is a regulatory filing that publicly discloses when an investor or insider has taken a large or potentially influential position in a company's shares or plans significant actions with those shares. It matters to investors because it flags possible shifts in control, takeover attempts, or concentrated influence—like a neighborhood notice that someone is buying several houses on the block—helping readers reassess risk, valuation, and trading strategy.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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TORONTO, July 21, 2026 (GLOBE NEWSWIRE) -- Barrick Mining Corporation (NYSE:B)(TSX:ABX) announced today that it has agreed to subscribe for 15,470,934 units (“Units”) of Kingfisher Metals Corp. (“Kingfisher”) in a non-brokered private placement (“Private Placement”) at a price of C$1.35 per Unit, for total consideration of approximately C$20,885,761. Each Unit is comprised of one common share (each, a “Kingfisher Share”) and one-half of a common share purchase warrant, where each whole warrant will entitle the holder for a period of two years to acquire one Kingfisher common share at a price of C$1.70 per common share.

Barrick does not currently own any Kingfisher Shares. Following closing of the Private Placement, and as a result of its acquisition of Units, Barrick will hold approximately 9.9% of the outstanding Kingfisher Shares on a non-diluted basis and 14.1% of the outstanding Kingfisher Shares on a partially-diluted basis, assuming the exercise of all warrants held by Barrick.

In connection with the Private Placement, Barrick and Kingfisher will enter into an investor rights agreement (“Investor Rights Agreement”). Pursuant to the Investor Rights Agreement, provided that Barrick maintains an ownership interest in Kingfisher of at least 5%, Barrick will be entitled to anti-dilution and information rights in respect of Kingfisher’s Highway 37 Project, located in British Columbia, Canada and Kingfisher will, for a period of two years from closing of the Private Placement (“Closing”), be restricted from selling or transferring any right or interest in its Highway 37 Project without Barrick’s consent, subject to certain exceptions. Barrick will also, for a period of two years from closing of the Private Placement, either vote its Kingfisher Shares in accordance with the recommendations of the board or management of Kingfisher, or abstain from voting on such matters, and be subject to a standstill which will prohibit Barrick from acquiring more than 15% of the outstanding Kingfisher Shares (increasing to 19.9% of the outstanding Kingfisher Shares if any third party acquires 10% or more of the Kingfisher Shares during such two year period), in each case subject to certain exceptions. Barrick has also agreed to an 18-month lockup in respect of Kingfisher Shares issued to it. Barrick and Kingfisher will also form a technical committee and, on request of Kingfisher, Barrick will also provide certain technical support and expertise to Kingfisher for the 2027 and 2028 drilling seasons at the Highway 37 Project.

Barrick is acquiring the Units for investment purposes. Barrick may, depending on market conditions and other factors, acquire additional Kingfisher Shares or other securities of Kingfisher, or dispose of some or all of the Kingfisher Shares or other securities of Kingfisher that it owns at such time.

An early warning report will be filed by Barrick in accordance with applicable securities laws. To obtain a copy of the early warning report, please contact Dan Wilner, whose contact details are included below.

About Barrick Mining Corporation

Barrick is a leading global mining, exploration, and development company. With one of the largest portfolios of world-class and long-life gold and copper assets in the industry, Barrick’s operations and projects span 17 countries and five continents. Barrick is also the largest gold producer in the United States. We create real, long-term value for all stakeholders through responsible mining, strong partnerships, and a disciplined approach to growth. Barrick shares trade on the New York Stock Exchange under the symbol ‘B’ and on the Toronto Stock Exchange under the symbol ‘ABX’.

Investor Relations Contact

investor@barrick.com

Media Contact

Dan Wilner, +1 437 235 7154
dan.wilner@barrick.com

Cautionary Statement on Forward-Looking Information

Certain information contained in this press release, including any information relating to the ownership by Barrick of common shares and warrants of Kingfisher constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “expect”, “will”, “potential”, “may” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to the anticipated closing of the private placement, Barrick’s ownership interest in Kingfisher upon closing of the private placement, the terms of the investor rights agreement, Barrick’s provision of technical support to Kingfisher and Barrick’s potential acquisition or disposition of securities of Kingfisher in the future. Forward-looking statements are necessarily based upon a number of assumptions, including material assumptions 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, and are inherently subject to significant business, economic, and competitive uncertainties and contingencies.

Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. 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 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.

FAQ

What are the key terms of Barrick (NYSE:B) investment in Kingfisher Metals?

Barrick agreed to buy 15,470,934 units of Kingfisher at C$1.35 per unit, totaling about C$20.9 million. According to Barrick, each unit includes one share and half a warrant, with whole warrants exercisable at C$1.70 for two years.

How much of Kingfisher Metals will Barrick own after the private placement?

After closing, Barrick will hold about 9.9% of Kingfisher on a non-diluted basis. According to Barrick, its interest rises to about 14.1% on a partially diluted basis, assuming exercise of all Kingfisher warrants that Barrick acquires.

What rights does Barrick receive under the Kingfisher investor rights agreement?

Barrick receives anti-dilution and information rights linked to Kingfisher’s Highway 37 Project while holding at least 5%. According to Barrick, Kingfisher is also restricted for two years from transferring interests in Highway 37 without Barrick consent, subject to certain exceptions.

What standstill and lockup restrictions apply to Barrick’s Kingfisher Metals shares?

Barrick is subject to a two-year standstill, generally capping ownership at 15% of Kingfisher shares. According to Barrick, this limit can increase to 19.9% if a third party acquires 10% or more, and an additional 18‑month lockup restricts Barrick from selling its shares.

How will Barrick support Kingfisher’s Highway 37 Project after this investment?

Barrick and Kingfisher will form a technical committee related to the Highway 37 Project. According to Barrick, it also may provide technical support and expertise to Kingfisher for the 2027 and 2028 drilling seasons, upon Kingfisher’s request.

Why is Barrick acquiring Kingfisher Metals units and can it change its position?

Barrick is acquiring Kingfisher units for investment purposes, rather than for control. According to Barrick, it may later buy additional Kingfisher securities or sell some or all of its holdings, depending on market conditions and other factors over time.