GFG Resources Signs Deal For Barrick to Earn 60% Interest in Pen Gold Project

01:06 PM EDT, 08/25/2026 (MT Newswires) -- GFG Resources (GFG.V) Tuesday said it signed an agreement for Barrick Mining (ABX.TO) to earn an initial 60% interest in GFG's Pen Gold Project in Ontario. Barrick will make a cash payment of C$1.2 million to GFG and fund C$17.7 million in exploration and project expenditures. The company has committed to fund at least C$4 million in qualifying expenditures within the first three years, a statement said. Barrick, who will be the operator during the initial earn-in period and manage exploration programs at Pen, may increase its interest to 70% by solely funding a preliminary economic assessment and to 80% by solely funding a feasibility study, the statement added. "This proposed partnership represents a significant value-creating opportunity for GFG shareholders and a strong endorsement of the scale and quality of the Pen Gold Project," said GFG Chief Executive Brian Skanderbeg. "The transaction provides for substantial partner-funded exploration, meaningful near-term drilling and a pathway to advance Pen through resource definition and potentially feasibility, while GFG retains significant exposure to future success." GFG shares were last seen down C$0.005 at C$0.23 on the TSX Venture Exchange. Price: 67.59, Change: +0.96, Percent Change: +1.44