Troy Resources Limited yesterday advised that the Earn-In Agreement with Barrick Corporation, announced by the Company on 1 July 2021 has been terminated with effect from 25 December 2022 due to exploration findings within the Potaro and Apanachi areas in Guyana which are not significant enough to warrant further exploration by Barrick nor progressing to a Feasibility Study.
A release from Troy said that under the Earn-In Agreement, Canada-headquartered Barrick’s obligations were to spend US$3 million, with any under expenditure due to the Company. Barrick’s expenditure obligations were satisfied throughout the term of the Earn-In Agreement, so there is no shortfall due to the Company.
