All amounts are in US dollars

TORONTO, Sept. 1, 2022 (GLOBE NEWSWIRE) — Barrick Gold Corporation GOLDABX (“Barrick”) announced today that it has entered into a definitive agreement to sell a portfolio of royalty assets (the “Portfolio”) to Maverix Metals Inc. (“Maverix”) for an aggregate consideration of up to $60 million.

The portfolio consists of 22 royalty producing minerals from mines in North America, South America, Australia and Africa. The aggregate consideration of $60 million consists of $50 million in cash, payable upon closing of the portfolio sale, subject to the counterparties exercising a right of first refusal or right of repurchase under certain royalties, and three contingent payments:

• $6 million if the operator of the Eskay Creek project in British Columbia (Skeena Resources Ltd.) obtains all material permits required to commence construction of the mine within six years of closure;
• $2 million if Maverix receives cash payments from the portfolio within six years of closing, excluding the Eskay Creek royalty, which will be a minimum of $10 million; and
• an additional $2 million if Maverix receives cash payments from the portfolio within six years of closing, excluding Eskay Creek’s royalty, which is a minimum of $20 million.
  

The transaction is expected to close late in the third quarter of this year, subject to the satisfaction of customary closing conditions.

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