EX-99.1 2 d803602dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

SUBSTITUTION STATEMENT CERTIFICATE

Fiscal year covered by the statement: from January 1, 2024 to December 31, 2024.

Name of the entity filing the statement:

BARRICK MINING CORPORATION

Names of the subsidiaries for which the entity files the statement:

BARRICK GOLD INC.

Certificate

I certify that I have examined the information concerning Barrick Mining Corporation and its subsidiary Barrick Gold Inc. contained in the statement of Barrick Mining Corporation filed pursuant to the Extractive Sector Measures Transparency Act (S.C 2014, c.39. s. 376) for the fiscal year that began on January 1, 2024 and ended on December 31, 2024. To my knowledge and having exercised due diligence, the information contained in the statement is, in all material respects for the purposes of the Act, true, accurate and complete.


Graham Shuttleworth

Senior Executive Vice-President, Chief Financial Officer

Date:

 

May 30, 2025

/s/ Graham Shuttleworth

[Signature]

(Signature Page to Exhibit 99.1)


 

 

Extractive Sector Transparency Measures Act - Annual Report

 

        

 

Reporting Entity Name

 

  

 

Barrick Mining Corporation

    

 

Reporting Year

 

  

 

From

  

 

2024-01-01

  

 

To:

  

 

2024-12-31

  

 

Date submitted

  

 

5/30/2025

   LOGO

 

Reporting Entity ESTMA Identification Number

 

   E110387        

LOGO Original Submission

LOGO Amended Report

              

Other Subsidiaries Included

(optional field)

                                  

For Consolidated Reports - Subsidiary

Reporting Entities Included in Report:

   E110387 Barrick Gold Inc.     
                        

 

Not Substituted

 

             
                        

Attestation by Reporting Entity

                                  

 

In accordance with the requirements of the ESTMA, and in particular section 9 thereof, I attest I have reviewed the information contained in the ESTMA report for the entity(ies) listed above. Based on my knowledge, and having exercised reasonable diligence, the information in the ESTMA report is true, accurate and complete in all material respects for the purposes of the Act, for the reporting year listed above.

 

    
      

 

Full Name of Director or Officer of Reporting Entity

 

  

 

Graham Shuttleworth

   Date   

 

5/30/2025

    

Position Title

   Senior Executive Vice-President, Chief Financial Officer          

 


 

Extractive Sector Transparency Measures Act - Annual Report

 

Reporting Year

  From:   2024-01-01     To:        2024-12-31                                                      

Reporting Entity Name

  Barrick Mining Corporation

 

    Currency of the Report       USD                      

Reporting Entity ESTMA Identification Number

  E110387

 

                                   

Subsidiary Reporting Entities (if necessary)

  E110387 Barrick Gold Inc.

 

                                   

 

Payments by Payee

 

Country

  Payee Name1  

 

Departments, Agency, etc... within Payee that Received Payments2

 

    Taxes       Royalties       Fees       Production Entitlements       Bonuses       Dividends      
Infrastructure
Improvement Payments
 
 
   
Total Amount paid to
Payee
 
 
  Notes34
Argentina   Government of the Province of San Juan         90,000       -       140,000       -       -       -       -       230,000      
Argentina   Government of Argentina         1,110,000       -       -       -       -       -       -       1,110,000      
Canada   Biigtigong Nishnaabeg         -       -       2,200,000       -       -       -       1,230,000       3,430,000      
Canada   City of Thunder Bay         170,000       -       -       -       -       -       -       170,000      
Canada   Pic Mobert First Nation         -       -       2,840,000       -       -       -       1,110,000       3,950,000      
Canada   Town of Marathon         610,000       -       -       -       -       -       -       610,000      
Canada   Township of Manitouwadge         450,000       -       -       -       -       -       -       450,000      
Chile   Government of Chile         2,340,000       -       -       -       -       -       -       2,340,000      
Chile   Oversight Board of the Huasco River Basin and Its Tributaries         -       -       -       -       -       -       1,580,000       1,580,000      
Chile   Municipality of Alto del Carmen         290,000       -       -       -       -       -       -       290,000      
Chile   Municipality of Coquimbo         890,000       -       -       -       -       -       -       890,000      
Chile   Municipality of Providencia         560,000       -       -       -       -       -       -       560,000      
Côte d’Ivoire   Government of Côte d’Ivoire         25,130,000       35,410,000       -       -       -       -       -       60,540,000      
Dominican Republic   Government of the Dominican Republic         195,250,000       22,880,000       640,000       -       -       -       340,000       219,110,000     Excludes $10,954,000 of taxes offset with tax credits that were received prior to the payment being made and $21,598,000 of royalties previously advanced
Mali   Government of Mali         189,940,000       73,110,000       -       -       -       33,470,000       -       296,520,000      
Pakistan   Government of Balochistan         -       7,500,000       6,290,000       -       -       -       -       13,790,000     Royalties include advance payments
Pakistan   Government of Pakistan         240,000       -       -       -       -       -       -       240,000      
Papua New Guinea   Government of Papua New Guinea         3,530,000       -       -       -       -       -       -       3,530,000    

Payment relates to tax periods prior to August 31, 2015 when Barrick held a 95% interest in and controlled the Porgera mine. Barrick sold 50% of its interest in and ceased to control the Porgera joint venture on August 31, 2015.

Excludes $1,257,000 offset by VAT credits that were received prior to the payment being made

Peru   Government of Peru         12,440,000       -       580,000       -       -       -       -       13,020,000      
Tanzania, United Republic of   Msalala District Council         900,000       -       -       -       -       -       -       900,000      
Tanzania, United Republic of   Nyangwale District Council         440,000       -       -       -       -       -       -       440,000.00      
Tanzania, United Republic of   Tanzania Federal Government         5,450,000       77,100,000       13,100,000       -       -       -       4,680,000       100,330,000     Excludes $86,828,000 offset by VAT credits that were received prior to the payment being made. In kind payments for education infrastructure that are reported on the basis of cost at the time they were incurred.
Tanzania, United Republic of   Tarime District Council         1,610,000       -       -       -       -       -       -       1,610,000      
United States of America   Cibola County         460,000       -       -       -       -       -       -       460,000      
United States of America   Elko County         3,860,000       -       110,000       -       -       -       -       3,970,000      
United States of America   Eureka County         14,250,000       -       120,000       -       -       -       -       14,370,000      
United States of America   Government of the United States of America         150,950,000       -       9,170,000       -       -       -       -       160,120,000     Excludes $47,400,000 offset by solar credits that were received prior to the payment being made
United States of America   Humboldt County, Nevada         6,270,000       -       -       -       -       -       -       6,270,000      
United States of America   Lander County         19,550,000       -       640,000       -       -       -       -       20,190,000      
United States of America   Lawrence County         -       -       120,000       -       -       -       -       120,000      
United States of America   Napa County         90,000       -       -       -       -       -       -       90,000      
United States of America   State of Missouri         -       -       860,000       -       -       -       -       860,000      
United States of America   State of Montana         150,000       -       -       -       -       -       -       150,000      
United States of America   State of Nevada         168,300,000       -       1,900,000       -       -       -       -       170,200,000      
United States of America   State of South Dakota         -       -       270,000       -       -       -       -       270,000      
United States of America   State of Utah         130,000       -       -       -       -       -       -       130,000      
United States of America   Storey County         120,000       -       -       -       -       -       -       120,000      
Zambia   Government of Zambia         1,000,000       67,300,000       90,000       -       -       -       -       68,390,000     Excludes $19,266,000 offset by VAT credits that were received prior to the payment being made
                                                                             

Additional Notes:

 

-The figures above do not include VAT, customs and excise duties whereas the amounts reported in our Sustainability Report are inclusive of these payments made to government

 

-The ‘Basis of report preparation’ section is an integral part of this section.

 

- Reportable payments to governments have been disclosed in United States (“US”) dollars, unless otherwise shown. This is consistent with Barrick’s functional currency for consolidated accounting purposes. Payments denominated in currencies other than US dollars were translated using the exchange rate at the time the payment was made. The average exchange rates for 2024 are as follows:

 

Currency         Average Exchange Rate

Argentinean peso      ARS per $US - 916.02

Canadian dollar        CAD per $US - 1.37

Chilean peso        CLP per $US - 943.75

Dominican peso       DOP per $US - 59.42

Pakistani Rupee      PKR per $US - 278.51

Papua New Guinean Kina  PGK per $US - 3.85

Peruvian sol        PEN per $US - 3.75

Tanzanian Shilling      TZS per $US - 2,597.40

West African CFA franc    XOF per $US - 606.43

Zambian kwacha      ZMW per $US -26.16

 

1 

Enter the proper name of the Payee receiving the money (i.e. the municipality of x, the province of y, national government of z).

2

Optional field.

3 

When payments are made in-kind, the notes field must highlight which payment includes in-kind contributions and the method for calculating the value of the payment.

4 

Any payments made in currencies other than the report currency must be identified. The Reporting Entity may use the Additional notes row or the Notes column to identify any payments that are converted, along with the exchange rate and primary method used for currency conversions.


 

Extractive Sector Transparency Measures Act - Annual Report

 

Reporting Year

  From:     2024-01-01       To:       2024-12-31                                              

Reporting Entity Name

  Barrick Mining Corporation

 

    Currency of the Report       USD                      

Reporting Entity ESTMA
Identification Number

  E110387

 

                           

Subsidiary Reporting Entities (if necessary)

 

E110387 Barrick Gold Inc.

 

 

                           

 

Payments by Project

 

Country

  Project Name1     Taxes       Royalties       Fees       Production Entitlements       Bonuses       Dividends      
Infrastructure
Improvement Payments
 
 
 

 

 

 

 

Total Amount paid by
Project

 

 

 
 

 

  Notes23
Argentina   Lama     1,060,000       -       140,000       -       -       -       -       1,200,000      
Argentina   Exploration     140,000       -       -       -       -       -       -       140,000      
Canada   Hemlo     1,230,000       -       5,040,000       -       -       -       2,340,000       8,610,000      
Chile   Pascua     2,350,000       -       -       -       -       -       1,580,000       3,930,000      
Chile   Exploration     410,000       -       -       -       -       -       -       410,000      
Chile   Project - Alturas     760,000       -       -       -       -       -       -       760,000      
Chile   Non Project specific     560,000       -       -       -       -       -       -       560,000      
Côte d’Ivoire   Tongon     25,130,000       35,410,000       -       -       -       -       -       60,540,000      
Dominican Republic   Pueblo Viejo     195,200,000       22,880,000       640,000       -       -       -       340,000       219,060,000     Excludes $10,954,000 of taxes offset with tax credits that were received prior to the payment being made and $21,598,000 of royalties previously advanced
Dominican Republic   Exploration     50,000       -       -       -       -       -       -       50,000      
Mali   Loulo     125,490,000       40,690,000       -       -       -       15,670,000       -       181,850,000      
Mali   Gounkoto     64,430,000       32,420,000       -       -       -       17,800,000       -       114,650,000      
Mali   Non Project specific     20,000       -       -       -       -       -       -       20,000      
Pakistan   Reko Diq     240,000       7,500,000       6,290,000       -       -       -       -       14,030,000     Royalties include advance payments
Papua New Guinea   Porgera     3,530,000       -       -       -       -       -       -       3,530,000    

Payment relates to tax periods prior to August 31, 2015 when Barrick held a 95% interest in and controlled the Porgera mine. Barrick sold 50% of its interest in and ceased to control the Porgera joint venture on August 31, 2015.

Excludes $1,257,000 offset by VAT credits that were received prior to the payment being made

Peru   Pierina     11,840,000       -       580,000       -       -       -       -       12,420,000      
Peru   Exploration     600,000       -       -       -       -       -       -       600,000      
Tanzania, United Republic of   Bulyanhulu     1,340,000       30,500,000       5,280,000       -       -       -       -       37,120,000     Excludes $17,550,000 offset by VAT credits that were received prior to the payment being made
Tanzania, United Republic of   Buzwagi     -       -       170,000       -       -       -       -       170,000      
Tanzania, United Republic of   North Mara     7,060,000       46,600,000       7,650,000       -       -       -       4,680,000       65,990,000     Excludes $69,278,000 offset by VAT credits that were received prior to the payment being made
United States of America   Carlin     130,490,000       -       1,770,000       -       -       -       -       132,260,000     Excludes $21,480,000 offset by solar credits that were received prior to the payment being made
United States of America   Cortez     91,860,000       -       3,320,000       -       -       -       -       95,180,000     Excludes $13,326,000 offset by solar credits that were received prior to the payment being made
United States of America   Turquoise Ridge     46,890,000       -       920,000       -       -       -       -       47,810,000     Excludes $7,177,000 offset by solar credits that were received prior to the payment being made
United States of America   Phoenix     29,660,000       -       530,000       -       -       -       -       30,190,000     Excludes $5,417,000 offset by solar credits that were received prior to the payment being made
United States of America   Long Canyon     1,480,000       -       680,000       -       -       -       -       2,160,000      
United States of America   Closure Sites     670,000       -       1,080,000       -       -       -       -       1,750,000      
United States of America   Exploration     40,000       -       3,600,000       -       -       -       -       3,640,000      
United States of America   Non-project specific     63,040,000       -       1,290,000       -       -       -       -       64,330,000      
Zambia   Lumwana     1,000,000       67,300,000       90,000       -       -       -       -       68,390,000     Excludes $19,266,000 offset by VAT credits that were received prior to the payment being made
                                                                         

Additional Notes3:

 

-The figures above do not include VAT, customs and excise duties whereas the amounts reported in our Sustainability Report are inclusive of these payments made to government

 

-The ‘Basis of report preparation’ section is an integral part of this section.

 

- Reportable payments to governments have been disclosed in United States (“US”) dollars, unless otherwise shown. This is consistent with Barrick’s functional currency for consolidated accounting purposes. Payments denominated in currencies other than US dollars were translated using the exchange rate at the time the payment was made. The average exchange rates for 2024 are as follows:

 

Currency         Average Exchange Rate

Argentinean peso      ARS per $US - 916.02

Canadian dollar        CAD per $US - 1.37

Chilean peso        CLP per $US - 943.75

Dominican peso       DOP per $US - 59.42

Pakistani Rupee       PKR per $US - 278.51

Papua New Guinean Kina  PGK per $US - 3.85

Peruvian sol        PEN per $US - 3.75

Tanzanian Shilling     TZS per $US - 2,597.40

West African CFA franc    XOF per $US - 606.43

Zambian kwacha      ZMW per $US - 26.16

 

1 

Enter the project that the payment is attributed to. Some payments may not be attributable to a specific project, and do not need to be disclosed in the “Payments by Project” table.

3 

Any payments made in currencies other than the report currency must be identified. The Reporting Entity may use the “Additional Notes” row or the “Notes” column to identify any payments that are converted, along with the exchange rate and primary method used for currency conversions.


BASIS OF REPORT PREPARATION

This report was prepared in accordance with the Extractive Sector Transparency Measures Act (“ESTMA” or the “Act”) issued by the Government of Canada. The information in this report was prepared by Barrick Mining Corporation (formerly Barrick Gold Corporation) (“Barrick”) for the sole purpose of complying with Barrick’s obligations under the ESTMA. The information contained in this report is provided solely for the benefit of Natural Resources Canada (“NRCan”) and in connection with Barrick’s obligations under the ESTMA. This report may not be used or relied upon by any other person or for any other purpose without Barrick’s express prior written consent.

1 > PROJECTS

According to the Technical Reporting Specifications issued by NRCan, a project is the operational activities that are governed by a single contract, license, lease, concession or similar legal agreement and form the basis for payment liabilities with a government. If multiple agreements are “substantially interconnected”, they are considered a single project. “Substantially interconnected” means forming a set of operationally and geographically integrated contracts, licenses, leases or concessions or related agreements with substantially similar terms that are signed with a government and give rise to payment liabilities.

This report includes payments made that are reportable under ESTMA for all of Barrick’s controlled projects, regardless of Barrick’s ownership interest. In accordance with the Act, this report does not include payments made by projects that Barrick does not control, except if payments were made by a Barrick controlled entity in relation to the project. Projects that Barrick has an economic interest in but are not controlled by Barrick consist of the following:

 

    

Place of Business

  

Entity Type

   Interest    

Accounting Method

Norte Abierto Project

   Chile    Joint Operations      50   Our share

Donlin Gold Project1

   United States    Joint Operations      50   Our share

Veladero

   Argentina    Joint Operations      50   Our share

Porgera Mine

   Papua New Guinea    Joint Venture      24.5   Equity method

Kibali

   Democratic Republic of Congo    Joint Venture      45   Equity method

Jabal Sayid

   Saudi Arabia    Joint Venture      50   Equity method

Zaldívar

   Chile    Joint Venture      50   Equity method

 

1

Donlin Gold LLC is a non-reporting U.S. entity. Its shares are owned 50/50 by Barrick Mining Corporation and NovaGold Resources Inc. (“NovaGold”). Neither Barrick nor NovaGold control Donlin Gold LLC. In accordance with the additional guidance provided by NRCan in August 2017 and April 2018, NovaGold has included 100% of payments made by Donlin Gold LLC to enhance transparency. On April 22, 2025, Barrick announced that it had entered into an agreement to sell its 50% interest in the Donlin Gold project which is subject to the satisfaction of customary closing conditions and obtaining the required regulatory approvals. The transaction is expected to be completed late in the second quarter or early in the third quarter of 2025. 

Non-significant projects, in which insignificant payments to governments were made, have been grouped together and presented as exploration sites, closed sites, or projects.

Non-project specific payments relate to payments made for the commercial development of minerals that have been calculated and paid on a consolidated basis and are difficult to split or disaggregate to a specific project.

2 > GOVERNMENTS

Government is defined as:

(a) any government in Canada or in a foreign state

(b) a body that is established by two or more governments

(c) any trust, board, commission, corporation or body or authority that is established to exercise or perform, or that exercises or performs, a power, duty or function of government for a government referred to in paragraph (a) or a body referred to in paragraph (b).


3 > REPORTING CURRENCY

Reportable payments to governments have been disclosed in United States (“US”) dollars, unless otherwise shown. This is consistent with Barrick’s functional currency for consolidated accounting purposes. Payments denominated in currencies other than US dollars were translated using the exchange rate at the time the payment was made. The average exchange rates for 2024 are as follows:

 

Currency        Average Exchange Rate     

Argentinean peso

  

ARS per USD

  

   916.02

  

Canadian dollar

  

CAD per USD

  

   1.37

  

Chilean peso

  

CLP per USD

  

   943.75

  

Dominican peso

  

DOP per USD

  

   59.42

  

Pakistani Rupee

  

PKR per USD

  

   278.51

  

Papua New Guinean Kina

  

PGK per USD

  

   3.85

  

Peruvian sol

  

PEN per USD

  

   3.75

  

Tanzanian Shilling

  

TZS per USD

  

   2,597.40

  

West African CFA franc

  

XOF per USD

  

   606.43

  

Zambian kwacha

  

ZMW per USD

  

   26.16

  

4 > PAYMENTS

Reportable payments made to governments are presented on a net cash basis for the year ended December 31, 2024.

Any payment, whether made as a single payment or a series of payments, below $73,020 (CAD $100,000 threshold as set out under the Act converted to USD using the full year average exchange rate) in a given category to a particular government was not reported.

Reportable payments have been rounded to the nearest $10,000 but rounding was not to be used for determining the threshold for what to include as a reportable payment.

 

A)

Taxes

This category consists of taxes paid to governments based on income, profit or production in relation to the commercial development of minerals. The following are not included in total payments to governments:

 

   

Consumption tax, such as value-added tax, excise tax and custom tax

 

   

Personal income tax

 

   

Withholding tax (except that withholding taxes for tax obligations of Barrick affiliates that relate to the commercial development of minerals are included in this report)

 

   

Taxes which were offset by credits that were received prior to the reported tax payment being made.

 

   

Other taxes that do not relate to the commercial development of minerals, such as payroll tax, stamp tax and personal asset tax

 

B)

Royalties

This category consists of royalties paid to governments relating to the commercial development of minerals. No royalties paid in kind have been made to governments for the year ended December 31, 2024.

 

C)

Fees

This category consists of fees paid to governments relating to the commercial development of minerals, such as permit and license fees. This does not include amounts paid in the ordinary course of commercial transactions in exchange for services provided by governments, such as utilities paid at market rates.

 

D)

Production entitlements

This category includes payments made to governments relating to a share of production under production sharing agreements. There were no production entitlements payments made to governments for the year ended December 31, 2024.


E)

Bonuses

This category includes signing, discovery, production and any other type of bonuses paid to governments. There were no bonus payments made to governments for the year ended December 31, 2024.

 

F)

Dividends

This category consists of dividends paid to governments on shares given in lieu of a bonus, production entitlements, royalties or other fees. This does not include dividends paid to governments as an ordinary shareholder. For the year ended December 31, 2024, dividends were paid by Société des Mines de Gounkoto SA (Gounkoto) and Société des Mines de Loulo SA (Somilo) to the State of Mali based on the State of Mali’s shareholding pursuant to the Establishment Convention under which Gounkoto operates. There were no dividends paid to governments on shares in lieu of a bonus, production entitlements, royalties or other fees for the year ended December 31, 2024.

 

G)

Infrastructure improvement payments

This category consists of payments made to governments for the construction of public infrastructure, such as roads, schools and hospitals that directly relate to the commercial development of minerals. This does not include infrastructure improvement payments that relate primarily to the operational purposes of Barrick. Payments are reported in the period in which the payment was made.