Further update concerning Acacia Mining

Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX) (“Barrick” or the “Company”) today provides the following further update in relation to Acacia Mining plc (“Acacia”).

On May 21, 2019 Barrick announced that it had met with Directors and senior management of Acacia and presented a proposal for consideration by the independent directors of Acacia (“Independent Directors”) to acquire all of the Acacia shares it does not already own through a share for share exchange of 0.153 Barrick shares for each ordinary share of 10 pence each in Acacia (the “Proposal”).

Barrick is pleased to confirm that, having so requested of the board of Acacia and following a subsequent request from Acacia to the UK Takeover Panel, the Panel has, under Rule 2.6 (c) of the Takeover Code, approved an extension of the deadline for the announcement of a firm intention to make a firm offer under Rule 2.7 of the Code from 5:00 p.m. on June 18, 2019 to the same time on July 9, 2019. This extension will allow for the continuation of discussions with the Independent Directors and further engagement with Acacia’s shareholders concerning the Proposal made to Acacia.

Takeover Code notes
The Proposal is subject to the satisfaction of a number of customary conditions, including receiving the recommendation of the Acacia board. Barrick reserves the right to waive all or any of such conditions at its discretion. The Proposal does not constitute an offer or impose any obligation on Barrick to make an offer. There can be no certainty that any offer for Acacia will ultimately take place, nor as to the structure of any such offer, should one be forthcoming, even if the pre-conditions are satisfied or waived. Barrick reserves the right to: (a) vary the form and/or mix of consideration referred to in this announcement and/or introduce other forms of consideration; and (b) make an offer or other proposal on less favourable terms than an exchange ratio of 0.153 Barrick shares for each ordinary share of Acacia referred to in this announcement with the agreement, recommendation or consent of the board of Acacia.

Barrick will have the right to reduce the number of new Barrick shares that Acacia minority shareholders will receive under the terms of the Proposal by the amount of any dividend (or other distribution) which is declared, paid or made by Acacia to Acacia shareholders.

This announcement does not amount to a firm intention to make an offer under Rule 2.7 of the Code, which regulates the making of offers for public companies listed in the UK. There can be no certainty any offer will be made, even if the pre-conditions referred to are satisfied or waived.

In accordance with Rule 2.6(a) of the Code, Barrick must, by not later than 5:00 p.m. on July 9, 2019, either announce a firm intention to make an offer for Acacia in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be extended with the consent of the UK Takeover Panel in accordance with Rule 2.6(c) of the Code.

A further announcement will be made as and when appropriate.

Enquiries:
Kathy du Plessis
Investor and Media Relations
+44 20 7557 7738
[email protected]