Japan Gold Corp. announced that Barrick Gold Corporation has selected six projects from the Barrick Alliance portfolio to continue as Included Projects in the Second Evaluation Phase under the Strategic Alliance Agreement dated February 23, 2020 (the "Alliance Agreement") between Japan Gold and Barrick. In addition, Barrick will be continuing their Initial Evaluation Phase on three project areas that were added to the Barrick Alliance following its formation.

Japan Gold will continue to provide full support and management of the Included Projects under the Barrick Alliance. As part of the Alliance Agreement, Barrick agreed to (i) sole fund a 2-year Initial Evaluation Phase of all 29 projects initially included in the Barrick Alliance, as well as a 2-year Initial Evaluation Phase on any projects subsequently acquired by Japan Gold and included in the Barrick Alliance, commencing on their acquisition date, and (ii) sole fund a subsequent 3-year Second Evaluation Phase on projects which meet their criteria. In February 2022, Japan Gold granted Barrick a 6-month extension, to August 31, 2022, to complete the Initial Evaluation Phase on the original project portfolio, due to delays and travel restrictions caused by the global Covid pandemic.

Barrick requires projects to have the potential to host either a Tier 1 or Tier 2 ore body, in order to advance under the Barrick Alliance. Tier 1 ore bodies are defined by Barrick as having 5 million ounce or greater potential with annual production of at least 500,000 ounces of gold for 10 years and Tier 2 ore bodies are defined as having 3 million ounce or greater potential with annual production of 300,000 ounces of gold for 10 years. The following projects were chosen by Barrick following a comprehensive program of field and data review, completed by senior Barrick and Japan Gold personnel: Aibetsu, Tenyru, Hakuryu, Togi, Ebino and Mizobe, included in the Barrick Alliance at the time of its original formation, will advance to the program's Second Evaluation Phase.

Buho Extension - Nakanosawa, Aibetsu East Extension, and Togi Extension were added to the Barrick Alliance following its formation and, as such, will continue under the Initial Evaluation Phase in accordance with the terms of the Alliance Agreement. All Initial Evaluation Phase terms end within one year.