Acquisition Date

2022 / May / 02

Terms

1.0%–2.25% NSR*

Operator

Barrick Gold Corp.

The property is a development stage deposit that is part of the Cortez Mine Complex in Nevada, jointly owned by Nevada Gold Mines, a joint venture between Barrick Gold Corp (61.5%) and Newmont Mining Corp (38.5%). It is located approximately 100 km southwest of Elko, Nevada. is currently being qualified by Nevada Gold Mines as an emerging tier two gold asset (defined by as an asset with a reserve potential to deliver a minimum 10-year life, annual production of at least 250,000 ounces of gold and total cash costs per ounce of gold over the mine life that are in the lower half of the industry cost curve).

Nevada Gold Mines released an updated Feasibility Study on the Cortez Complex in March 2022, which included an Indicated Resource at of 74 Mt at 0.56 g/t for 1.3 Moz contained gold with an effective date of December 31, 2021 (cut-off grade not disclosed, between 0.14–2.06 g/t). The deposit is expected to contribute meaningfully to Cortez's production profile starting in 2025.

Agreement terms are subject to the closing of the Transactions as defined in the Company's press release dated May 2, 2022.

See press release for more details.

*Additional Terms

Au < $1,200/oz = 1.0% NSR

increase of 0.25% for every $200 increase in the price of gold

Au > $2,000/oz = Max 2.25% NSR

 

 

Robertson