Barrick Completes Tongon Transaction

Rhea-AI Summary

B (Barrick) completed the divestiture of its interests in the Tongon gold mine and certain exploration properties in Côte d’Ivoire to Atlantic Group for total consideration of up to $305 million.

The consideration comprises $192 million in cash (which includes a $23 million shareholder loan repayment payable within six months of closing) and contingent cash payments up to $113 million tied to the price of gold over 2.5 years and resource conversions over 5 years.

Positive

• Total consideration of $305 million
• Immediate cash proceeds of $192 million at closing
• Additional upside of up to $113 million via contingent payments

Negative

• Contingent $113 million depends on gold price and resource conversions
• Includes a $23 million shareholder loan repayment within six months

All amounts expressed in U.S. dollars

TORONTO, Dec. 02, 2025 (GLOBE NEWSWIRE) -- Barrick Mining Corporation (NYSE:B)(TSX:ABX) (“Barrick” or the “Company”) announced today that, further to its announcement on October 6, 2025, it has completed the divestiture of its interests in the Tongon gold mine and certain of its exploration properties in Côte d’lvoire to the Atlantic Group for total consideration of up to $305 million.

The consideration is composed of cash consideration of $192 million, inclusive of a $23 million shareholder loan repayment within six months of closing, and contingent cash payments totalling up to $113 million payable based on the price of gold over 2.5 years and resource conversions over 5 years.

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—including six of the world’s Tier One gold mines—Barrick’s operations and projects span 18 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
Barrick Mining Corporation
Cleve Rueckert, +1 775 397 5443
cleveland.rueckert@barrick.com

Media Contact
Brunswick Group
Carole Cable, +44 (0) 7974 982 458
barrick@brunswickgroup.com

Cautionary Statement on Forward-Looking Information
Certain information contained in this press release constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “would”, “expected”, “will” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to the shareholder loan repayment and the contingent cash payment structure.

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. The estimates and assumptions contained in this news release, which may prove to be incorrect, include, but are not limited to: (i) future gold prices; and (ii) future production and resource conversion levels at Tongon. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, including the risk that the sale transaction will not be completed for any reason. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. All of the forward-looking statements made in this press release are qualified by these cautionary statements and those made in Barrick’s most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities which contain 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.

FAQ

What did Barrick (NYSE:B) announce on December 2, 2025 about Tongon?

Barrick completed the sale of its Tongon interests and certain exploration properties to Atlantic Group for up to $305 million.

How much cash did Barrick receive at closing for the Tongon transaction (NYSE:B)?

Barrick received $192 million in cash consideration at closing, inclusive of a $23 million shareholder loan repayment.

What contingent payments are included in Barrick's Tongon sale (NYSE:B)?

Contingent cash payments total up to $113 million, payable based on the gold price over 2.5 years and resource conversions over 5 years.

When is the $23 million shareholder loan repayment due in the Barrick Tongon deal (NYSE:B)?

The $23 million shareholder loan repayment is payable within six months of closing.

Does the Barrick Tongon sale include exploration properties (NYSE:B)?

Yes, the divestiture covers Barrick's interests in the Tongon gold mine and certain exploration properties in Côte d’Ivoire.

What is the timeline for contingent payments in Barrick's Tongon transaction (NYSE:B)?

Contingent payments are structured over 2.5 years for gold-price triggers and 5 years for resource conversion milestones.