Barrick Mining Corporation Negotiates Alturas Project Sale

Barrick Mining Corporation Sells Alturas Project

All amounts expressed in U.S. dollars.

Barrick Mining Corporation (NYSE:B)(TSX:ABX) has announced an important agreement to sell the Alturas Project in Chile to Boroo Pte Ltd, a company based in Singapore. This strategic move secures an up-front cash payment of $50 million, marking a significant milestone for Barrick as it continues to optimize its asset portfolio.

Details of the Agreement

As part of the sale, Barrick will also receive a 0.5% net smelter return royalty on all gold and silver production from the Project. This royalty expires after the production of two million ounces of gold and gold-equivalent is reached. In a noteworthy provision, Boroo has the option to buy back this royalty within four years post-closing for $10 million.

Strategic Focus of Barrick

The acquisition involves Boroo taking over all shares of Compañia Minera Salitrales SpA, the subsidiary that holds the Project. Barrick intends to use the proceeds from this sale to bolster its balance sheet further, invest in future projects, and reinforce its commitment to delivering value to its shareholders.

Mark Bristow, Barrick's president and chief executive officer, expressed confidence in the transaction, highlighting Barrick's continued dedication to refining its asset portfolio. According to Bristow, this agreement allows Barrick to part ways with Alturas while providing Boroo the chance to develop the Project effectively. He emphasized that Boroo has demonstrated its capabilities in past transactions, notably with the acquisition of Lagunas Norte, and he anticipates positive outcomes for Alturas under their stewardship.

Barrick's Commitment to Chile

Despite selling the Alturas Project, Chile remains a strategic area for Barrick. The company holds significant interests in various projects, including the Zaldivar copper mine and upcoming projects like El Alto and Norte Abierto. Barrick's commitment to operating premier gold and copper mines in Chile highlights its long-standing focus on high-quality operations.

Anticipated Transactions and Next Steps

The completion of this transaction is projected for the third quarter of 2025, contingent upon meeting customary closing conditions. Southern Cone Partners is providing financial advisory services to Barrick during this transition, while legal counsel is being managed by Davies Ward Phillips & Vineberg LLP and Dentons in Santiago.

About Barrick Mining Corporation

Barrick is recognized as a leader in global mining, exploration, and development, operating one of the industry's largest portfolios of long-life gold and copper assets. The company’s operations extend across 18 countries, emphasizing its commitment to responsible practices and effective partnerships that generate substantial long-term stakeholder value.

Contact Information

For inquiries, please reach out to Kathy du Plessis, who manages Investor and Media Relations at Barrick. You can contact her at +44 20 7557 7738 or via email at barrick@dpapr.com.

Frequently Asked Questions

What is the Alturas Project?

The Alturas Project is a mining project in Chile previously owned by Barrick Mining Corporation, now sold to Boroo Pte Ltd.

What are the financial terms of the sale?

Barrick receives an upfront payment of $50 million and a 0.5% net smelter return royalty on production, which can be repurchased by Boroo.

Why is Barrick selling the Alturas Project?

The sale is part of Barrick's strategy to optimize its asset portfolio, further invest in growth, and enhance shareholder returns.

What other projects does Barrick operate in Chile?

Barrick has interest in the Zaldivar copper mine and is developing projects like El Alto and Norte Abierto.

When is the transaction expected to close?

The sale is expected to complete in the third quarter of 2025, pending customary closing conditions.

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