Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) announced today that it has entered into a purchase and sale agreement dated March 23, 2022 with a Canadian investment dealer pursuant to which Barrick agreed to sell, and the Dealer agreed to purchase, 8,831,250 common shares of Skeena Resources Ltd. for resale on a bought deal basis, on and subject to the terms and conditions set forth in the Purchase Agreement. The gross consideration for the common shares consists of cash in the aggregate amount of C$132,468,750 (C$15.00 per common share).

Immediately prior to the closing of the Disposition, Barrick will have beneficial ownership of, or control and direction over, 8,831,250 common shares of Skeena, representing approximately 12.9% of the issued and outstanding common shares of Skeena, 2,812,500 of which were acquired as a result of Barrick exercising 2,812,500 common share purchase warrants on March 23, 2022 (based on 68,684,809 issued and outstanding Skeena common shares). Immediately following the closing of the Disposition, Barrick will not have beneficial ownership of, or control or direction over, any of Skeena’s issued and outstanding common shares.

Barrick is proceeding with the Disposition for investment portfolio management purposes. Depending on market conditions and other factors, including Skeena’s business and financial condition, Barrick may, acquire securities of Skeena or dispose of some or all of the securities of Skeena that it may own at such time.

A copy of the early warning report to be filed by Barrick in connection with the Disposition will be available on Skeena’s profile on SEDAR at www.sedar.com. A copy may also be obtained by contacting Kathy du Plessis at the phone number below. The corporate office of Barrick is Brookfield Place, TD Canada Trust Tower, Suite 3700, 161 Bay Street, P.O. Box 212 Toronto, Ontario, M5J 2S1. Skeena’s head office is located at 650-1021 West Hastings Street, Vancouver, British Columbia V6E 0C3.