12:40 PM EST, 11/17/2025 (MT Newswires) -- Barrick Mining ( B ) has signed a definitive option agreement for Midland Exploration's Lewis gold property in Quebec, Canada, Midland said Monday.

Under the terms of the deal, Barrick could acquire as much as a 75% stake in the property for 750,000 Canadian dollars ($534,701) in cash, and CA$12 million in exploration work, which would be operated by Barrick, by Dec. 31, 2032, Midland said.

Midland said Barrick could earn an initial 51% interest in the property by paying CA$250,000 in cash and least CA$3 million to fund exploration work, including a guaranteed CA$200,000 on or before Dec. 31, 2028.

Barrick could also invest another 9% in the joint venture to raise its stake to 60% by paying CA$200,000 in cash and at least CA$1.5 million in exploration funds by Dec. 31, 2030, Midland said.

Additionally, Barrick has the right to acquire another 15% in the joint venture to raise its stake to 75% by paying CA$300,000 in cash and CA$7.5 million in exploration funds by Dec. 31, 2032, Midland said.

Midland said that if Barrick doesn't exercise or complete the additional 9% and 15% acquisitions of the joint venture, the stakes will be subject to adjustments.

It also said dilution to less than 10% of the joint venture will result in a conversion of the joint venture interest to a 2% net smelter return royalty with the right to acquire 50% of the net smelter return royalty for CA$1.5 million.

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