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Canada: Barrick’s Interest in Reunion Gold Corporation Decreases Below 10%.

Barrick Gold Corporation (“Barrick”) (NYSE:GOLD)(TSX:ABX) announced that following the completion by Reunion Gold Corporation (“Reunion”) of its bought deal private placement common share offering on February 24, 2022 (the “Private Placement”), Barrick’s interest in Reunion has decreased below 10% to approximately 9.9875% of Reunion’s issued and outstanding common shares. Barrick did not participate in the Private Placement and continues to own 81,150,000 common shares of Reunion (the “Reunion 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 will be filed by Barrick in accordance with applicable securities laws (the “Early Warning Report”). To obtain a copy of the Early Warning Report, please contact Kathy du Plessis, whose contact details are included below. 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. Subject to its rights under the investor rights agreement and the strategic alliance agreement, Barrick currently has no other plans or intentions that relate to or would result in any of the actions listed in paragraphs (a) through (k) of Item 5 of the Early Warning Report, but depending on market conditions, general economic conditions and industry conditions, the trading prices of Reunion securities, Reunion’s business and financial condition and prospects and/or other relevant factors, Barrick may develop such plans or intentions in the future.

Barrick is a senior gold mining company continued under the laws of the Province of British Columbia. Barrick’s head office is located at Brookfield Place, TD Canada Trust Tower, Suite 3700, 161 Bay Street, P.O. Box 212, Toronto, Ontario, M5J 2S1. Reunion’s head office is located at Brookfield Place, Suite 4400, 181 Bay Street, Toronto, Ontario, M5J 2T3.

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