Barrick Gold Declared Sale of Royalty Portfolio to Maverix Metals

SEATTLE (Scrap Monster): Barrick Gold Corporation announced that it has entered into a definitive agreement to to sell a portfolio of royalties to Maverix Metals Inc. for a total consideration of up to $60 million. The portfolio comprises a total of 22 royalties on the production of minerals from mines located in North America, South America, Australia and Africa.

According to company press release, $50 million in cash will be payable on closing of the Portfolio sale. The remaining $6 million will be paid if Skeena Resources Ltd obtains all material permits necessary to commence construction of the mine within six years of closing. Also, $2 million will be payable if Maverix receives cash payments from the Portfolio equal to or greater than $10 million within six years of closing. The portfolio is excluding the Eskay Creek royalty. The remaining $2 million will be payable if Maverix receives cash payments from the Portfolio, excluding the Eskay Creek royalty, equal to or greater than $20 million within six years of closing.

The transaction is expected to close at the end of Q3 2022, subject to satisfaction of customary closing conditions.