Nevada Gold Mines Agrees to Sell Royalty Portfolio to Gold Royalty Corp. for Total Consideration of $27.5 Million
September 01 2022 - 6:30PM
Nevada Gold Mines’ (“NGM” or the “Company”) today announced that it
has entered into a definitive agreement to sell a portfolio of
royalties (the “Portfolio”) to Gold Royalty Corp. (“Gold Royalty”)
for $27.5 million.
The Portfolio consists of three royalties on the
production of minerals from the Granite Creek and Bald Mountain
projects located in the State of Nevada. The total consideration of
$27.5 million will be satisfied through the issuance by Gold
Royalty of 9,393,681 common shares (the “Consideration Shares”).
Upon closing, NGM is expected to hold approximately 7.0% of the
issued and outstanding shares of Gold Royalty on a pro forma
basis.
About Nevada Gold MinesNevada
Gold Mines is operated by Barrick Gold Corporation
(NYSE:GOLD)(TSX:ABX) and is a joint venture between Barrick (61.5%)
and Newmont (38.5%) that combined their significant assets across
Nevada in 2019 to create the single largest gold-producing complex
in the world.
Enquiries:
Barrick COO North America Christine Keener+1-865-209-0781Email:
christine.keener@barrick.com |
NGM Executive Managing DirectorGreg Walker+1 702 526 3194 Email:
gwalker@nevadagoldmines.com |
Barrick Investor and Media RelationsKathy du Plessis+44 20 7557
7738Email: barrick@dpapr.com |
|
|
|
Website: www.barrick.com
Cautionary Statement on Forward-Looking
Information Certain information contained or incorporated
by reference in this press release, including any information as to
Barrick’s or NGM’s strategy, projects, plans, or future financial
or operating performance, constitutes “forward-looking statements”.
All statements, other than statements of historical fact, are
forward-looking statements. The words “will”, “expected” and
similar expressions identify forward-looking statements. In
particular, this press release contains forward-looking statements
including, without limitation, with respect the issuance of the
Consideration Shares to NGM and NGM’s expected shareholding
position in Gold Royalty following the closing of the
transaction.
Forward-looking statements are necessarily based
upon a number of estimates and assumptions including material
estimates and assumptions related to the factors set forth below
that, while considered reasonable by Barrick and NGM as at the date
of this press release in light of management’s experience and
perception of current conditions and expected developments, are
inherently subject to significant business, economic, and
competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those
projected in the forward-looking statements, and undue reliance
should not be placed on such statements and information. Such
factors include, but are not limited to: fluctuations in the spot
and forward price of gold or certain other commodities; the
speculative nature of mineral exploration and development; changes
in national and local government legislation, taxation, controls or
regulations and/ or changes in the administration of laws, policies
and practices, expropriation or nationalization of property and
political or economic developments in the United States and other
jurisdictions where Barrick operates; risks associated with new
diseases, epidemics and pandemics, including the effects and
potential effects of the global Covid-19 pandemic; litigation and
legal and administrative proceedings; employee relations including
loss of key employees; increased costs and physical risks,
including extreme weather events and resource shortages, related to
climate change; and availability and increased costs associated
with mining inputs and labor. In addition, there are risks and
hazards associated with the business of mineral exploration,
development and mining, including environmental hazards, industrial
accidents, unusual or unexpected formations, pressures, cave-ins,
flooding and gold bullion, copper cathode or gold or copper
concentrate losses (and the risk of inadequate insurance, or
inability to obtain insurance, to cover these risks).
Readers are cautioned that forward-looking
statements are not guarantees of future performance. Specific
reference is made to the most recent Form 40-F/Annual Information
Form on file with the SEC and Canadian provincial securities
regulatory authorities for a more detailed discussion of some of
the factors underlying forward-looking statements and the risks
that may affect Barrick’s or NGM’s ability to achieve the
expectations set forth in the forward-looking statements contained
in this press release.
Barrick disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result
of new information, future events or otherwise, except as required
by applicable law.
Barrick Gold (NYSE:GOLD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Barrick Gold (NYSE:GOLD)
Historical Stock Chart
From Apr 2023 to Apr 2024