Japan Gold and Barrick Mining End Strategic Alliance After Five Years of Exploration
Japan Gold Ends Partnership with Barrick Mining After C$23 Million Investment and Plans New Exploration Strategy
The strategic alliance between Japan Gold (TSXV: JG) and Barrick Mining (TSX: ABX, NYSE: GOLD) will officially end on October 31, 2025, after more than five years of collaboration and C$23 million (US$17 million) in exploration spending.
Announced by Vancouver-based Japan Gold, the decision to terminate the partnership was mutual. Established in February 2020, the alliance aimed to explore, develop, and mine mineral properties in Japan with the potential to host Tier 1 or Tier 2 gold deposits.
Japan Gold contributed a portfolio of projects across Japan’s three main islands, while Barrick funded initial exploration and evaluation work.
Over the partnership period, Barrick invested approximately C$23.2 million to build a comprehensive geochemical and geophysical database covering 3,000 square kilometers of Japan Gold’s mineral rights. This effort led to the selection of three high-potential projects — Hakuryu, Togi, and Ebino.
Initial drilling provided valuable geological insights, but Japan Gold noted that the work completed was insufficient to fully assess the projects’ potential. Following the announcement, Japan Gold’s shares fell 40% to C$0.14, lowering its market capitalization to C$40.3 million (US$29 million), roughly a third of its value in 2020 when the partnership began.
Next Steps
“Barrick’s involvement over the past five years reflects growing international interest in Japan as an emerging gold exploration destination, and we thank them for their participation,” said John Proust, CEO of Japan Gold.
Japan Gold plans to continue advancing projects in Kyushu and Hokkaido, including the former Barrick alliance projects. These will be pursued independently or through new joint ventures and partnerships, with discussions already underway with interested parties.
“Japan’s exceptional geology, a rich history of high-grade gold mining, underexplored district-scale opportunities, and a stable mining regulatory environment make it a highly attractive jurisdiction for exploration,” Proust added.
Recently, Japan Gold completed a three-hole diamond drill program at the Ebino project in southern Kyushu. The drilling confirmed an extension of a regional alteration system in the 40 × 20 km Hokusatsu district, home to both historic gold mines and Japan’s only large-scale active gold producer, the Hishikari mine. Together, these mines have yielded over 12 million ounces of gold. Japan Gold holds the majority of prospective mineral rights in this district.
