Barrick Announces Sale of Interest in Tongon for Up To $305 Million All amounts expressed in U.S. dollars
PRESS RELEASE
NYSE : B TSX : ABX
Barrick Announces Sale of Interest in Tongon for Up
To $305 Million
All amounts expressed in U.S. dollars
Toronto, October 6, 2025 – Barrick Mining Corporation (NYSE:B)(TSX:ABX) (“Barrick” or the
“Company”) today announced that it has reached an agreement to sell its interests in the
Tongon gold mine (“Tongon”) and certain of its exploration properties (the “Exploration
Permits”) in Côte d’lvoire to the Atlantic Group (“Atlantic”) for total consideration of up to $305
million.
The consideration is composed of a 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.
Proceeds from the sale will be used to further strengthen Barrick’s balance sheet and support
our commitment to continue to deliver returns to our shareholders.
Founded 48 years ago and owned by an Ivorian entrepreneur, Atlantic is a leading privately
held multisectoral Pan-African Group with diversified interests in financial services, agriculture,
and industry, and a strong footprint across 15 countries in Africa. The acquisition will be
completed through the purchase of Barrick’s interests in the two Ivorian subsidiaries that hold
the mine and exploration permits. By transitioning ownership to an Ivorian partner, Tongon
enters a new chapter under local stewardship while preserving its track record of operational
excellence and community benefits.
Originally scheduled for closure in 2020, the life of Tongon has continued to be extended
through successful exploration by Barrick. Since pouring its first gold in 2010, Tongon has
generated over $2 billion to the Ivorian economy in the form of taxes, infrastructure
development, salaries and payments to local suppliers.
The transaction is expected to be completed in late 2025, subject to customary closing
conditions being satisfied, including approval by the Government of Côte d’lvoire.
TD Securities Inc. and Treadstone Resource Partners are acting as financial advisor s to
Barrick. Lawson Lundell LLP is acting as legal counsel to Barrick.
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’.
BARRICK MINING CORPORATION PRESS RELEASE
About Atlantic Group
Founded 48 years ago by an Ivorian entrepreneur, Atlantic Group has grown into one of
Africa’s leading multisectoral private groups. Based in Abidjan, Côte d’Ivoire, the Group drives
growth across banking, insurance, agro-industry, and industry, with a diversified presence in
15 countries throughout West, Central, East Afric a and Indian Ocean. Guided by a vision of
African excellence and economic sovereignty, Atlantic Group plays a pivotal role in advancing
the continent’s industrial transformation and financial inclusion. Through its diversified
holdings — ranging from universal banking and life & non-life insurance to cement production,
cocoa processing, logistics, and transport — the Group drives integrated value creation and
sustainable development across its markets.
Barrick Investor Relations Contact
Cleve Rueckert, +1 775 397 5443
Barrick Media Contact
Brunswick Group
Carole Cable, +44 (0) 7974 982 458
BARRICK MINING CORPORATION PRESS RELEASE
Cautionary Statement on Forward-Looking Information
Certain information contained in this press release, including any information related to the completion
and timing of the sale of the Project, constitutes “forward-looking statements”. All statements, other than
statements of historical fact, are forward -looking statements. The words “plan”, “would”, “expected”,
“will”, “may” and similar expressions identify forward-looking statements. In particular, this press release
contains forward-looking statements including, without limitation, with respect to: timing for completion
of the transaction with Atlantic, including the satisfaction of conditions for closing, including approval by
the Government of Côte d’Ivoire; timeline for receipt of deferred debt repayment and deferred contingent
cash payment; the anticipated use of proceeds from completion of the transaction; Barrick’s ongoing
focus on Tier One gold and copper assets and its portfolio of growth projects; and Barrick’s future
intentions with respect to projects in Côte d’Ivoire.
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 releas e 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: that the parties will complete the transaction and that Barrick will receive the consideration payable
(including the deferred debt repayment and the deferred contingent cash payments) in accordance with,
and on the timeline contemplated by, the terms and conditions of the relevant agreements, on a basis
consistent with its expectations; that the conditions to the completion of the transaction will be satisfied
within the expect ed timeframe or at all ; fluctuations in the spot and forward price of gold, copper, or
certain other commodities (such as silver, diesel fuel, natural gas, and electricity); timing of receipt of,
or failure to comply with, necessary permits and approvals; the speculative nature of mineral exploration
and development; changes in mineral production performance, exploitation, and exploration successes;
diminishing quantities or grades of reserves; 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 Côte d’Ivoire; lack
of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with
the rule of law; failure to comply with environmental and health and safety laws and regulations; litigation
and legal and administrative proceedings; risk of loss due to acts of war, terrorism, sabot age and civil
disturbances; and availability and increased costs associated with mining inputs and labor. 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 f or 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.