Barrick Gold Corporation

The Court of Appeal of Québec has authorized Anas Nseir (the “Plaintiff”) to institute a class action against Barrick Gold Corporation (“Barrick”) and two of its former officers under the Québec Securities Act (the “QSA”) (File number: Court of Appeal 500-09-029157-203/Superior Court 500-06-000693-149).

The Plaintiff alleges that Barrick made a false or misleading representation at the beginning of the relevant period when it announced that a step in the construction of the Pascua-Lama mining project – called “pre-stripping” – had been initiated. According to the Plaintiff, this representation falsely indicated that this “pre-stripping” had been initiated in compliance with the project’s environmental obligations.

Specifically, the Plaintiff alleges that the following representation made by Barrick on July 26, 2012, was false or misleading under the QSA: “During the second quarter, the project achieved critical milestones with completion of Phase 1 of the pioneering road and also the water management system in Chile, both of which enabled the commencement of pre-stripping activities”. The Plaintiff alleges that the price of Barrick’s shares fell when this representation was publicly corrected. The Plaintiff’s allegations have not yet been proven on the merits, and the Defendants deny the Plaintiff’s allegations.

LAWYER’S FEES swill be paid only in the event of success and according to a percentage approved by the Court. As such, you don’t have to pay anything unless you get compensation.

YOUR CHOICES REGARDING THE CLASS ACTION

1. INCLUSION

You are automatically included in the class action if you are a member of the group described above. You therefore don’t have to identify yourself to opt-in, and you don’t have to do anything for the time being.

You may contact the Plaintiff’s lawyers to keep abreast of developments and informed of your rights.

By participating in the class action, the judgment rendered in the class action will apply to you.

2. EXCLUSION, UNTIL APRIL 7, 2025

If you do not want the judgment issued in the class action to apply to you, you must opt-out from the class action.

It may be in your interest to opt-out if, for example, you prefer to pursue your own individual action, at your own expense, against the Defendants.

Opting-out implies that you will not be entitled to any compensation if a favourable judgment or settlement is reached in this class action.

If you wish to opt-out, you must send a letter to the clerk’s office of the Superior Court of Québec with a copy to class counsel, no later than April 7, 2025, indicating file number 500-06-000693-149:

3. INTERVENTION

You do not need to intervene to be entitled to compensation. You can, however, apply to the Superior Court of Québec to intervene in the class action to assist the class representative. You must then consult a lawyer at your own expense to undertake the intervention procedures. The Court will authorize your intervention if it is of the opinion that it is useful to the class.

NEXT STEPS

The authorization judgment is a preliminary step. It does not determine the liability of the defendants, who will be able to plead their defences at trial.

It is following this trial, which will take place in the district of Montréal, that the Superior Court will decide whether the defendants are liable and should be ordered to compensate the members, and if so, the amount that will be paid, if any, and whether recovery, if any, is individual or collective.

QUESTIONS DEALT WITH COLLECTIVELY

Here are the main issues to be decided by the Court for the benefit of class members:

1. Were Barrick Gold Corporation’s July 26, 2012, representations regarding the environmental compliance of the Pascua-Lama’s water management system materially misleading?
2. Was that misrepresentation publicly corrected and, if so, when?
3. Is the defendants’ due diligence defence meritorious?
4. Are class members entitled to damages and, if so, in what amount?

CONCLUSIONS SOUGHT

Here is what the plaintiff is claiming from the Court for the benefit of the class members:

1. GRANT the class action against the defendants;
2. DECLARE that Barrick Gold Corporation’s July 26, 2012, representations regarding the environmental compliance of Pascua-Lama’s water management system were materially misleading;
3. CONDEMN the defendants to pay for the damages suffered by the class members;
4. ORDER the defendants to pay to each member of the class their respective claims, plus interest at the legal rate as well as the additional indemnity provided for in article 1619 C.C.Q.;
5. ORDER the collective recovery of all sums owed to the class members;
6. ALL with costs, including the costs of all experts, expert reports and notices.