10:20 AM EDT, 10/06/2025 (MT Newswires) -- Barrick Mining Corporation ( B ) was at last look up near 1.7% in Canada trade after announcing Monday that it has reached an agreement to sell its interests in the Tongon gold mine and certain of its exploration properties in Cote d'lvoire to the Atlantic Group for total consideration of up to US$305 million.

Atlantic is privately held multisectoral Pan-African Group with diversified interests in financial services, agriculture, and industry, and a strong footprint across 15 countries in Africa.

Barrick's statement noted the consideration is composed of a cash consideration of $192 million, inclusive of a $23 million shareholder loan repayment within six months of closing, and contingent cash payments totalling up to $113 million payable based on the price of gold over 2.5 years and resource conversions over five years.

Barrick said proceeds from the sale will be used to further strengthen its balance sheet and support its commitment to continue to deliver returns to shareholders. It added the acquisition will be completed through the purchase of Barrick's interests in the two Ivorian subsidiaries that hold the mine and exploration permits.

Originally scheduled for closure in 2020, Monday's statement noted the life of Tongon has continued to be extended through successful exploration by Barrick. Since pouring its first gold in 2010, Tongon has generated over $2 billion to the Ivorian economy in the form of taxes, infrastructure development, salaries and payments to local suppliers.

The transaction is expected to be completed in late 2025, subject to customary closing conditions being satisfied, including approval by the Government of Cote d'lvoire.

This comes after Barrick last week appointed Mark Hill as group COO and interim president and chief executive officer, following the departure of Mark Bristow, while the company moved to try and ease any market concerns around this news by saying it continues to perform in line with its full year expectations as set out at Q2 results on August 11, 2025.

National Bank, which has an Outperform rating and C$60 target on the stock, said it currently models a net present value (NPV 5%) of near $330 million and added the sale price is in line with its modelled NAV. It noted Barrick had guided that Tongon is expected to produce 110,000-140,000 oz in 2025 at a total cash cost of $1,570-$1,650/oz (National Bank's forecast is 124,310 oz at a cash cost of $1,787/oz). National Bank noted that last month Barrick had announced the sale of Hemlo Mine to Carcetti Capital (to be renamed Hemlo Mining) for $1.09 billion. With this sale, Barrick has completed the sale of all of its non-core assets.

National Bank noted its Outperform rating on Barrick is based on year to date cost control performance across its asset base as well as the growing potential of Fourmile.

"The discovery and future advancement of Fourmile both increase the medium-term growth outlook for the company, and it presents a significant value driver given the high-grade nature of the deposit and proximity to existing infrastructure. Increased value in the company's Nevada JV provides an improved geopolitical risk profile and given the JV agreement with Newmont presents a more economical opportunity for Newmont to acquire Barrick ahead of more significant advancement ... albeit government/regulatory approvals are likely to impede any planned combination."

National Bank noted the recent rally in gold prices has supported a move to more discounted valuations including Barrick.

"A resolution in Mali would serve as a meaningful near-term catalyst to support a further re-rating as at current levels, we don't believe the market is ascribing much in recoverable value from the country," it said.

Price: 48.05, Change: +0.68, Percent Change: +1.44