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10:04 AM EST, 02/07/2022 (MT Newswires) -- Latin Metals Inc. (LMS.V) on Monday soared 28.6% on last look after reporting an earn-in agreement with a wholly-owned subsidiary of Barrick Gold Corp. (ABX.TO). Barrick Gold's shares edged up 0.3% on last look in Canada. Under the agreement, Barrick has the right to buy up to an 85% interest in the company's Cerro Bayo, Cerro Bayo Sur, and La Flora properties, located in Santa Cruz Province, Argentina. Barrick's earn-in right consists of an initial option to buy a 70% interest in the properties and a second option to buy an additional 15% interest. To exercise the first option and earn a 70% interest by the seventh anniversary of the effective date of the earn-in agreement, Barrick will make cash payments totaling US$2.3 million ($2.9 million); incur exploration expenditures for the properties of US$5 million; prepare and deliver to Latin Metals a preliminary economic assessment. Barrick Gold has other commitments to exercise the second option and earn in additional 15% interest. Price: 0.14, Change: +0.03, Percent Change: +28.57 |