Barrick Mining Corporation (NYSE:B) (TSX:ABX) announced that it has reached an agreement to sell the Alturas Project in Chile to a subsidiary of Boroo Pte Ltd (Singapore) for an up-front cash payment of $50 million. In addition, Barrick will be granted a 0.5% net smelter return royalty on gold and silver produced from the Project, which will terminate once 2 million ounces of gold and gold-equivalent have been produced. Boroo may repurchase the royalty within four years from closing for $10 million.

Boroo is acquiring the Project through the acquisition of all of the shares of Compañia Minera Salitrales SpA, the Barrick subsidiary that holds the Project.

Proceeds from the sale will be used to further strengthen Barrick’s balance sheet, invest in our future and support our commitment to deliver returns to our shareholders.

Barrick president and chief executive Mark Bristow said Barrick remained committed to optimizing its portfolio of assets that align with its objective of focusing on long-life, sustainable Tier One¹ gold and copper operations that it operates and advancing its priority portfolio of growth projects.

“This agreement allows Barrick to exit Alturas at an attractive valuation, while giving Boroo the opportunity to pursue the development of the project. This is another good example of an instance where an asset we own might be better suited in the hands of others while we pursue our priority portfolio of Barrick-managed growth projects. We are confident that, as demonstrated by their successful acquisition of Lagunas Norte from Barrick in 2021 and ongoing operations, Boroo will be excellent stewards of Alturas and will generate significant benefits for the Project’s stakeholders going forward,” said Bristow.

Chile remains an important jurisdiction for Barrick, with a portfolio that includes interests in the Zaldivar copper mine and the El Alto and Norte Abierto projects, and the company will continue to pursue opportunities to find and operate world-class gold and copper mines in that country.

The transaction is expected to be completed within the third quarter of 2025 subject to customary closing conditions being satisfied.

Southern Cone Partners is acting as financial advisor to Barrick. Davies Ward Phillips & Vineberg LLP and Dentons (Santiago) are 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.