Mr. Greg Walker reports

NEVADA GOLD MINES AGREES TO SELL ROYALTY PORTFOLIO TO GOLD ROYALTY CORP. FOR TOTAL CONSIDERATION OF $27.5 MILLION

Nevada Gold Mines (NGM), a joint venture between Barrick Gold Corp. (61.5 per cent) and Newmont Corp. (38.5 per cent), has entered into a definitive agreement to sell a portfolio of royalties to Gold Royalty Corp. for $27.5-million. All amounts are expressed in U.S. dollars.

The portfolio consists of three royalties on the production of minerals from the Granite Creek and Bald Mountain projects located in the state of Nevada. The total consideration of $27.5-million will be satisfied through the issuance by Gold Royalty of 9,393,681 common shares. Upon closing, NGM is expected to hold approximately 7.0 per cent of the issued and outstanding shares of Gold Royalty on a pro forma basis.

About Nevada Gold Mines

Nevada Gold Mines is operated by Barrick Gold, and is a joint venture between Barrick (61.5 per cent) and Newmont (38.5 per cent) that combined their significant assets across Nevada in 2019 to create the single largest gold-producing complex in the world.

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