Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick”) announced on September 29, 2022 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 buy-down right to acquire 0.5% of the 1.0% net smelter returns royalty on the Eskay Creek mine, Barrick has received total consideration equal to USD50-million in cash in respect of the Portfolio. Barrick has the right to receive up to an additional USD10-million from Maverix if certain conditions relating to the Portfolio are satisfied within six years of closing.
