Barrick’s interest in Reunion Gold decreases below 10%

Toronto – Barrick Gold Corporation has announced that following the completion by Reunion Gold Corporation of its bought deal private placement common share offering on February 24, 2022, Barrick’s interest in Reunion has decreased below 10% to approximately 9.9875% of Reunion’s issued and outstanding common shares.

Under the terms of the investor rights agreement entered into between Barrick and Reunion in connection with Barrick’s initial investment in Reunion on December 1, 2017, as amended, Barrick was entitled to certain rights for so long as Barrick held not less than 10% of the issued and outstanding common shares of Reunion. As a result of Barrick’s interest in Reunion decreasing below 10%, such rights have terminated. Barrick continues to have a right of first refusal under the investor rights agreement in respect of certain mineral projects that are subject to the strategic alliance agreement entered into between Barrick and Reunion on February 3, 2019 as well as Reunion’s Dorlin, Haute Mana and Boulanger Projects.

An early warning report The Early Warning Report amends information disclosed in an earlier report filed by Barrick dated February 5, 2019. As of the filing of the earlier report, Barrick beneficially owned the Reunion Shares, representing beneficial ownership of approximately 19.9% of the then issued and outstanding Reunion common shares (determined on a non-diluted basis). Immediately following the Private Placement, Barrick continued to beneficially own the Reunion Shares and no other common shares of Reunion, representing beneficial ownership of approximately 9.9875% of Reunion’s issued and outstanding common shares (determined on a non-diluted basis).

Barrick holds the Reunion Shares for investment purposes. Barrick may, from time to time, acquire additional common shares or other securities of Reunion or dispose of some or all of the common shares or other securities of Reunion that it owns at such time.

Barrick is a senior gold mining company continued under the laws of the Province of British Columbia. Barrick’s head office is located in Toronto, Ontario while Reunion’s head office is also located in Toronto, Ontario.

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