Barrick closes previously announced royalty sale

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All amounts are in US dollars

TORONTO, Sept. 29, 2022 (GLOBE NEWSWIRE) — Barrick Gold Corporation (NYSE: GOLD)(TSX: ABX) (“Barrick”) today announced the closing of the previously announced sale of a portfolio of 22 royalties ( the “Portfolio”) to Maverix Metals Inc. (“Maverix”). Following the exercise by Skeena Resources Limited (“Skeena”), the operator of the Eskay Creek mine in British Columbia, of its call right to acquire 0.5% of the 1.0% out of the net smelter returns from the Eskay Creek mine, Barrick received a total consideration of $50 million in cash in respect of the portfolio. Barrick is entitled to receive up to an additional $10 million from Maverix if certain portfolio conditions are met within six years of closing.

Barrick Requests:

President and CEO
Mark Bristow
+1 647 205 7694
+44 788 071 1386

SEVP Strategic Issues
Kevin Thomson
+1 416 307 5150

Investor Relations and Media
Kathy du Plessis
+44 20 7557 7738
Email: [email protected]

Website: www.barrick.com

Caution regarding forward-looking information

Certain information contained or incorporated by reference in this press release, including any information regarding our strategy, plans, plans or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “will”, “eventually”, “if”, “expected” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements, including, without limitation, with respect to the total consideration for the sale of the Portfolio, including contingent payments.

Forward-looking statements are necessarily based on a number of estimates and assumptions, including significant estimates and assumptions relating to the factors set forth below which, although believed to be reasonable by Barrick as of the date of this press release in light of management’s experience and perception of expected conditions and developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. These factors include, but are not limited to: failure by Maverix to meet the terms of payment of the contingent consideration; fluctuations in the spot and forward price of gold or certain other commodities; the speculative nature of mineral exploration and development; changes in national and local 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 the jurisdictions where Barrick operates; risks associated with new diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; legal and administrative litigation and proceedings; employee relations, including the loss of key employees; increased physical costs and risks, including extreme weather events and resource shortages, related to climate change; and the increased availability and costs associated with mining inputs and labor. In addition, there are risks and hazards associated with exploration, development and mining activities, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, floods and gold bars, copper cathodes or gold or copper concentrates. losses (and the risk of inadequate insurance, or the inability to obtain insurance, to cover such risks).

Readers are cautioned that forward-looking statements are not guarantees of future performance. Specific reference is made to the most recent Form 40-F/Annual Information Form filed with the SEC and Canadian provincial securities regulators for a more detailed discussion of some of the factors underlying the forward-looking statements and risks that could 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 statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

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