Published: May 1, 2024 |

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Barrick Gold has entered into an exploration earn-in agreement with Geophysx Jamaica Ltd. with respect to certain properties located in Jamaica.

The agreement initially provides Barrick with access to approximately 4,000 square kilometers of consolidated land positions throughout the country, with a favorable geological setting comparable to the Dominican Republic. Barrick will have the right to work with Geophysx to earn up to an 80 percent joint-venture interest in designated properties upon fulfillment of certain spending obligations and study-deliverable milestones. Barrick will act as the operator, in partnership with Geophysx, leveraging Geophysx’s existing personnel, knowledge, facilities, and equipment.

“We are pleased to partner with Geophysx, who have assembled a large, consolidated portfolio of work and holdings in Jamaica, a significantly underexplored and prospective region. We look forward to advancing our partnership by combining and leveraging Geophysx’s capabilities and presence on the island, along with the remarkable dataset they have created, with Barrick’s technical and financial resources to deliver new world class discoveries,” said Barrick President and CEO Mark Bristow.

“We also look forward to partnering with the government of Jamaica to pursue projects for the benefit of the country and local communities,” added Bristow.

A private mineral exploration company, Geophysx is the dominant mineral exploration force and license holder in the nation of Jamaica. The company is committed to modern and responsible exploration. Over the last six years, it has been engaged in an intensive nation-wide greenfield exploration program. Geophysx has conducted high-quality early-stage exploration work including geochemical sampling, geological mapping, and industry-leading airborne geophysical surveys. These datasets provide the two companies with an opportunity to move rapidly to target definition and accelerate the potential discovery of new resources.

“We are excited to be partnering with Barrick, a company that not only shares our beliefs in environmentally responsible and sustainable exploration and mining, but is also a sector-leading gold and copper producer with a portfolio which spans the world’s most prolific gold and copper districts. This is an amazing opportunity for Jamaica to grow a new economic base,” said Geophysx Founder and Managing Director Robert “Bobby” Stewart.

“Barrick’s experience in exploring, developing, and operating projects combined with Geophyx’s in-country knowledge and committed team, makes this an ideal partnership to advance the industry in Jamaica. We admire Barrick’s commitment to partnering with host countries and communities to transform their natural resources into tangible benefits and mutual prosperity,” added Stewart.

Barrick Gold Corporation engages in the exploration, mine development, production, and sale of gold and copper properties. It has ownership interests in producing gold mines that are located in Argentina, Canada, Côte d’Ivoire, the Democratic Republic of Congo, the Dominican Republic, Mali, Tanzania, and the United States. The company also has ownership interests in producing copper mines located in Chile, Saudi Arabia, Zambia, and various other projects located throughout the Americas, Asia, and Africa. Barrick Gold Corporation was founded in 1983 and is headquartered in Toronto, Canada.

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