Barrick announces investment in Kingfisher Metals

Barrick Mining Corporation has announced that it agreed to subscribe for 15,470,934 units of Kingfisher Metals Corp. in a non-brokered private placement at C$1.35 per Unit, for total consideration of approximately C$20,885,761. Each Unit comprises one common share and one-half of a common share purchase warrant. Each whole warrant will entitle the holder for a period of two years to acquire one Kingfisher common share for C$1.70 per common share.

In connection with the Private Placement, Barrick and Kingfisher will enter into an investor rights agreement.  Pursuant to the Investor Rights Agreement, provided that Barrick maintains an ownership interest in Kingfisher of at least 5%, Barrick will be entitled to anti-dilution and information rights in respect of Kingfisher’s Highway 37 Project, located in British Columbia, Canada and Kingfisher will, for a period of two years from closing of the Private Placement be restricted from selling or transferring any right or interest in its Highway 37 Project without Barrick’s consent, subject to certain exceptions. B

Barrick has also agreed to an 18-month lockup in respect of Kingfisher Shares issued to it. Barrick and Kingfisher will also form a technical committee and, on request of Kingfisher, Barrick will also provide certain technical support and expertise to Kingfisher for the 2027 and 2028 drilling seasons at the Highway 37 Project.

Barrick is acquiring the Units for investment purposes. Barrick may, depending on market conditions and other factors, acquire additional Kingfisher Shares or other securities of Kingfisher, or dispose of some or all of the Kingfisher Shares or other securities of Kingfisher that it owns at such time.

An early warning report will be filed by Barrick in accordance with applicable securities laws. To obtain a copy of the early warning report, please contact Dan Wilner; contact details are included below.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, Barrick’s operations and projects span 17 countries and five continents. Barrick is also the largest gold producer in the United States.  under the symbol ‘ABX’.