BARRICK MINING CORP

Barrick's board approved a $500 million increase to its existing share buyback program. The February 2025 authorization allowed up to $1.0 billion of repurchases over 12 months, and the company says it had bought back the full $1.0 billion by September 30, 2025. The company says the board will consider the size of any 2026 program in February 2026, and that repurchases are not obligatory and may be suspended at any time. The filing also shows the registrant now named Barrick Mining Corporation, with the shares trading on the NYSE under the symbol B (previously GOLD) and on the TSX as ABX.

security holder rights change

Barrick released its 2024 reserve and resource statement. Attributable gold reserves are 89 million ounces at 0.99 g/t, up from 77 million ounces at 1.65 g/t in 2023, led by 13 million ounces added at Reko Diq after its feasibility study was completed. Copper reserves rose to 18 million tonnes at 0.45% from 5.6 million tonnes, with the Lumwana Super Pit feasibility study adding 5.5 million tonnes and Reko Diq adding 7.3 million tonnes. This resolves the end-2024 Reko Diq and Lumwana feasibility study threads. The company says that before Reko Diq it replaced annual depletion for a fourth year running at a 4% higher grade. Measured and indicated gold resources stay at 180 million ounces, with inferred up to 41 million ounces. The release also says Long Canyon resources were removed because the site is planned to move into full closure during 2025, and that Barrick plans prefeasibility-study drilling at Fourmile from the end of Q1 2025.

drilling result

Barrick released its 2023 reserve and resource statement. Attributable gold reserves are 77 million ounces at 1.65 g/t, up from 76 million ounces at 1.67 g/t in 2022, which the company calls a third straight year of growth beyond depletion (5.0 million ounces added before depletion). Copper reserves are 5.6 million tonnes at 0.39%, with Lumwana drilling adding 330 thousand tonnes. Measured and indicated gold resources are flat at 180 million ounces, inferred is 39 million ounces (down from 42), and the company says Reko Diq and the Lumwana Super Pit feasibility studies are on track for completion by end of 2024. A table in the release records a 2.2 million ounce reserve reduction in 2020 from the divestiture of Massawa effective March 4, 2020, which resolves the open Massawa development thread as a sale.

drilling result

Barrick released its 2022 reserve and resource statement. Attributable gold reserves are 76 million ounces at 1.67 g/t (at $1,300/oz), up from 69 million ounces at 1.71 g/t in 2021, with the company citing growth of 6.7 million ounces net of depletion, led by Pueblo Viejo (a new Naranjo tailings facility added 6.5 million ounces) and Africa & Middle East. Copper reserves are held at 12 billion pounds at 0.38%, and measured and indicated gold resources rose to 180 million ounces and copper resources to 44 billion pounds, helped by Reko Diq being brought back in after its reconstitution in December 2022 and a Lumwana Super Pit preliminary economic assessment. This continues the 2021 reserve growth and adds Reko Diq and the Lumwana expansion as new threads.

drilling result

Barrick released its 2021 reserve and resource declaration. Attributable gold reserves are 69 million ounces at 1.71 g/t, up from 68 million ounces at 1.66 g/t in 2020. The company says it replaced 150% of its gold reserve depletion before acquisition and equity changes at South Arturo and Porgera. Growth was led by the Goldrush underground project (up 3.6 million ounces to 4.8 million ounces at 7.29 g/t), Turquoise Ridge (up 1.4 million ounces before depletion), Bulyanhulu Deep West (up 0.77 million ounces) and North Mara (up 1.1 million ounces). Attributable measured and indicated gold resources are 160 million ounces at 1.50 g/t, with 42 million ounces inferred. Copper reserves are 12 billion pounds at 0.38%. The release attributes resource declines to dispositions and equity changes mainly related to Lagunas Norte and Porgera. It continues the Nevada Gold Mines story and also shows that Lagunas Norte and Porgera have changed in the portfolio since the earlier context.

drilling result

Barrick filed its formal report on the Randgold merger that closed January 1, 2019. It issued 583,669,178 Barrick shares (about $7,908 million at the $13.54 December 31, 2018 price) and may issue up to 1,562,571 more as Randgold equity awards vest. This fills in the share count missing earlier. The board was reconstituted with nine directors including Randgold's Mark Bristow (now President and CEO) and Christopher Coleman and Andrew Quinn, with Graham Shuttleworth as CFO. It also reports that on March 10, 2019 Barrick and Newmont agreed to combine their Nevada operations in a joint venture, expected to deliver about $500 million a year in pre-tax synergies, subject to regulatory approvals. Barrick withdrew its February 25, 2019 Newmont acquisition proposal as a result.

business combination

Barrick filed Randgold's fourth-quarter and full-year 2018 results, saying the merger with Barrick completed on January 1, 2019 and Randgold was renamed Barrick Gold (Holdings) Limited on January 22, 2019. This resolves the September 2018 merger announcement. Randgold reported 2018 gold production of 1.28 million ounces, record Kibali output of 807,000 ounces, a cash balance of $751 million and 95.2 million shares in issue at year-end. Q4 included $53.2 million of merger-related costs. This filing is Randgold's own results, not Barrick's.

business combination

Barrick announced a merger with Randgold Resources under which Barrick would acquire all Randgold ordinary shares for 6.1280 Barrick common shares each, via a Jersey scheme of arrangement. Barrick directors signed voting and support agreements (and Randgold directors irrevocable undertakings) backing it. Barrick shareholders must approve the share issuance (majority vote) and a move of the company to British Columbia law (two-thirds vote) at a special meeting. The exhibit list also shows a cooperation agreement and a cross-shareholding deal of up to $300 million with Shandong Gold. For existing shareholders this means new shares issued to Randgold holders; the filing text shown does not give the resulting ownership split.

business combination

Barrick filed an updated independent technical report, dated March 27, 2014, on the Veladero mine in Argentina, replacing the 2012 report with figures as of December 31, 2013. Proven and probable reserves are now 186.6 million tonnes at 0.85 g/t gold (5.12 million ounces of gold), down from 436.5 million tonnes and 10.56 million ounces in the 2012 report. The mine is operated through the wholly owned subsidiary Minera Argentina Gold S.A., and mining is expected to average about 30 million tonnes a year for the next six years, versus the 2025 end date in the earlier report. The filing text shown does not explain the drop in reserves.

resource reserve update

Barrick and its subsidiary Barrick North America Finance completed the sale of $3 billion of debt securities: $650 million of 2.50% notes due 2018, $1.5 billion of 4.10% notes due 2023, and $850 million of 5.75% notes due 2043 (the last issued by the subsidiary and guaranteed by Barrick). About $2 billion of proceeds will repay borrowings under the revolving credit facility maturing January 2018, and the rest goes to general corporate purposes, including possibly repaying the $500 million 6.125% notes due 2013. The revolver balance being repaid was originally borrowed for general corporate purposes and to repay existing debt.

asset acquisition disposition

Barrick completed the sale of $2.0 billion of debt securities: $1.25 billion of 3.85% notes due 2022 and $750 million of 5.25% notes due 2042. Proceeds are mainly to repay the two revolving credit facilities drawn for the 2011 Equinox acquisition, with the rest for developing mining projects and general corporate purposes. This continues the Equinox financing story, replacing short-term bank borrowings with longer-dated notes.

asset acquisition disposition

Barrick filed its business acquisition report for Equinox Minerals, which it bought at C$8.15 per share. It reached about 83% on June 1, 2011 and 100% by July 20, 2011, for roughly $7,482 million in cash. It owns the Lumwana copper mine in Zambia and the Jabal Sayid copper project in Saudi Arabia. The purchase was funded from cash and about $6.5 billion of new debt: a new $2 billion credit facility (with $1 billion drawn), $1.5 billion drawn on an existing facility, and $4.0 billion of notes due 2014 to 2041. Barrick expects Jabal Sayid to start production in the second half of 2012.

business combination

Barrick filed a technical report on its Pascua-Lama project on the Chile-Argentina border, dated March 31, 2011. It states expected pre-production capital of $3.3-$3.6 billion, first production in the first half of 2013, and average annual gold output of 750-800,000 ounces over the first five full years at total cash costs of $20-$50 per ounce. These figures rest on stated price assumptions of $1,100 gold, $16 silver and $85 oil.

resource reserve update

Barrick Gold said it took up about 40.7 million Arizona Star Resource Corp. shares, over 94% of the company on a fully diluted basis, so its takeover offer is concluded. Barrick intends to buy the remaining shares by compulsory acquisition. Arizona Star owns 51% of the Cerro Casale gold and copper deposit in Chile; Kinross owns the other 49%.

business combination