Precipitate Gold Corp. announced that the Company and Barrick Gold Corporation have entered into an amendment to the existing exploration earn-in agreement in respect of the Company's Pueblo Grande Project located immediately adjacent to Barrick's world class Pueblo Viejo mining operation in the Dominican Republic, pursuant to which Precipitate has agreed to relinquish or reduce certain portions of select exploration concessions within the Project for a cash consideration of USD 5,000,000 and the granting to Precipitate of a 3% net smelter return ("NSR)" royalty over the Subject Areas. In consideration for Precipitate's relinquishment or reduction of the Subject Areas, Barrick: Paid Precipitate USD 5,000,000 in cash uponentering into the Amendment; Agreed to grant Precipitate a 3% NSR over the Subject Areas (with no re-sale restrictions or rights of first refusal or rights of first offer to Barrick); Agreed to commence, within three months of receipt of a drilling permit, the final 1,200 metres of a minimum 3,200 metre condemnation drilling program within the Subject Areas (2,500 metres already completed); Agreed that if, following the completion of the above-mentioned condemnation drilling, Barrick determines that the extraction of mineralization within a certain portion of the Subject Area is economically justifiable, Barrick will transfer the mining rights in such area back to Precipitate at no cost, at which time such area will be reinstated as part of the Project under the Earn-in Agreement and the NSR will be amended to remove any royalties with respect to such area; and Agreed that it will provide advance notice to Precipitate if, at any time prior to the 10-year anniversary of the Amendment, Barrick intends to relinquish the mining rights over all or a portion of the Subject Areas and will work cooperatively with Precipitate to facilitate the transfer of such mining rights to Precipitate if Precipitate notifies Barrick that it wishes to acquire such rights.

The cash consideration paid to Precipitate as part of the Amendment does not impact or reduce the exploration expenditure requirements under the Earn-in Agreement. As previously reported, under the Earn-in Agreement Barrick must incur certain amounts of exploration expenditures and achieve certain milestones by certain dates, including incurring a minimum of USD 10.0 million in qualifying work expenditures and delivering a pre-feasibility study before the sixth anniversary of the agreement (April 13, 2026) in order for Barrick to earn a 70% interest in the Project. Specific Subject Area locations will be disclosed upon completion of the granting of the NSR, however, the Subject Areas are situated immediately to the northwest and southeast of Barrick's Pueblo Viejo Project, in regions of the Pueblo Grande Project that management considers low priority exploration zones with either: a) substantial prior drill testing that returned limited, or no significant mineralization (a total of 119 holes have been drilled in the Subject Areas), or b) are situated over geological terrain not expected to host sizable economically feasible mineralization.

The Project has been reduced from 9,81 hectares to 7,097 hectares. Barrick has advised Precipitate that its Dominican Republic exploration team will continue systematic exploration of various prospective areas within the Project with a focus on those regions underlain by favourable "Los Ranchos formation" geology that exhibit promising combinations of surface alteration and geochemically anomalous surface samples. Three general regions of the Project are slated for ongoing evaluation, (i) northeast of the active neighbouring Pueblo Viejo mine area, (ii) the eastern portion of the Project and (iii) the western portion of the Lithocap zone.

All three of these areas exhibit prospective geological and geochemical attributes but have been subject to limited systematic exploration and/or drill testing.