On May 1, 2024, Barrick Gold Corporation’s subsidiary, Barrick Gold (International Holdings) Ltd., announced an exploration earn-in agreement with Geophysx Jamaica Ltd. The agreement granted Barrick access to approximately 4,000 square kilometers of land in Jamaica, comparable geologically to the Dominican Republic, where Barrick operates the Pueblo Viejo mine. Barrick aimed to earn up to an 80% joint-venture interest in the designated properties by fulfilling certain spending obligations and milestones, with Barrick acting as the operator.

Geophysx Jamaica, a leading mineral exploration company, has been conducting an extensive greenfield exploration program across Jamaica for the past six years. Their work includes geochemical sampling, geological mapping, and airborne geophysical surveys. This partnership allows both companies to leverage Geophysx’s local expertise and datasets, combined with Barrick’s technical and financial resources, to expedite the discovery of new resources.

Mark Bristow, Barrick’s President and CEO, emphasized the strategic value of this partnership, highlighting Jamaica as a significantly underexplored region with potential for world-class discoveries. Robert Stewart, Geophysx’s Founder and Managing Director, expressed enthusiasm for the collaboration, noting the alignment in values regarding sustainable and responsible exploration.

The transaction value was not disclosed. Legal advisors for the deal was Davies Ward Phillips & Vineberg LLP for Barrick and Dentons Canada LLP for Geophysx.