Japan Gold

Japan Gold’s extensive portfolio of tenements and projects was the basis of the Barrick Alliance and our first-mover advantage secured Newmont Corporation as a significant shareholder, validating our thesis that there are major gold deposits yet to be discovered in Japan.

Barrick Gold solely funded an initial evaluation of the Japan Gold portfolio and selected a number of projects with the potential to host Tier 1 or Tier 2 ore bodies to advance to a second evaluation phase. These include:

1. Togi: Located in the central west part of Honshu Island on the Noto Peninsula, the Togi Project is centred on the historic Togi goldfield. Drilling commenced in September, 2024, at Akasaka targeting strike extensions of the Mori vein along the prospective Mori Fault. Strike extensions to the northeast of the Mori vein are largely obscured by post-mineralization cover but evidence of potential mineralized extensions is supported by sinter scree, and quartz vein boulders and cobbles hosting gold grades up to 79.7 g/t gold. Controlled Source Audio-frequency Magneto-Telluric (CSAMT) geophysics completed along a 2-kilometer section of the Akasaka target highlighted resistivity features potentially representing epithermal veins. The Mori vein within the Akasaka target produced 16,500 ounces of gold at an average grade of 14 g/t gold and is reported to be up to 4 meters wide, with gold values ranging between 8 to 20 g/t gold . Records show the mineralization at lower mine levels open at depth with average grades of 8.12 g/t gold and 56.9 g/t silver. Workings did not exceed 120 meters below portal level.

2. Ebino: The Ebino Project is located within the Hokusatsu Region of the Southern Kyushu Epithermal Gold Province, Japan’s largest gold producing region with a recorded production of over 12 million ounces, including the world-class Hishikari deposit, which has produced approximately 8.6 million ounces since 1985. The Ebino Project is centred on a series of hydrothermal alteration zones located approximately 10km north of the Hishikari deposit. Activities include target generation work, comprising geological mapping, soil sampling and ground magnetics across multiple alteration zones.

3. Hakuryu: The Hakuryu Project is located at the southern end of the 18km long Konomai epithermal gold district. Japan’s third largest past producing gold mine, the Konomai Mine, produced 2.35 million ounces of gold at an average grade of 6.4 g/t, between 1915 and 1973. Within the Hakuryu Project, area mapping has identified an underexplored area of epithermal quartz veins. Work programs in 2024 included a magnetic survey, and four drill holes are under preparation, pending permitting.

Japan Gold Projects
The Company is also advancing non-Barrick Alliance projects, including two on the island of Kyushu.
Mizobe: Located 23 km south of the Hishikari Mine, the Mizobe Project has defined an extensive and largely concealed, multi-phase hydrothermal system, with current dimensions of approximately 2.5km by 1.5km, with evidence of multiple alteration and mineralization events. Exploration completed to date includes 7 drillholes for 2,416.2 m and further drilling is planned in 2025.
Bajo: Located in Middle Kyushu, the Bajo Project is centred on the historic Bajo Mine. The Bajo Mine produced 421Koz Au, with 317Koz Au @ 125.9g/t Au and 557g/t Ag derived from the Sakuru-Hi vein.