Appian Backs Atlantic Group buyout of Barrick Gold Mine in Côte d’Ivoire

Appian Capital Advisory Limited (“Appian”), the investment advisor to long-term value-focused private capital funds that invest in companies in metals, mining, and adjacent industries, announces the completion of a US$150 million acquisition financing package to Atlantic Group to support the buyout of Tongon gold mine in Côte d’Ivoire from Barrick Mining Corporation (“Barrick Mining”).

Highlights

• Appian is providing US$150 million to support Atlantic Group’s buyout of Tongon mine from Barrick Mining
• Tongon is a gold-producing mine located in Côte d’Ivoire with significant upside potential
• The deal marks Appian’s fourth credit investment in the gold sector in 2025, further strengthening Appian’s exposure to precious metals

The acquisition financing package supports Atlantic Group’s buyout of the gold-producing Tongon mine from Barrick Mining for a total consideration of up to US$305 million, inclusive of contingent cash payments. Tongon is forecasted to produce up to 140,000oz in 2025 and has significant upside potential with an exploration program planned across a 2,136 km² land package covering five concessions, aimed at further extending its mine life.

The project’s life of mine has continued to be extended through successful exploration by Barrick Mining. Since beginning production in 2010, Tongon has provided significant support to the Côte d’Ivoire economy through taxes, infrastructure development, local employment, partnerships with local suppliers and community development programs.

Atlantic Group is one of Africa’s leading private diversified holding companies. Headquartered in Abidjan, Côte d’Ivoire, the Group operates across banking, insurance, agro-industry, and industry, with a diversified presence in more than 15 countries across West, Central, and East Africa, as well as the Indian Ocean region.

The US$150 million acquisition financing package includes a commitment to a senior secured debt facility and a gold stream agreement. Atlantic Group will implement a downside gold price protection program as part of this financing to de-risk Tongon’s cash flows. This innovative blended financing structure provides value-add capital solutions to Atlantic Group while optimizing risk-adjusted returns for Appian’s investors.

The transaction exemplifies Appian’s unique in-house capabilities, which enabled mobilization, due diligence and execution under a tight timeline. The entire process through to closing was completed in less than two months.

Michael W. Scherb, Founder and CEO of Appian, commented, “We are pleased to support Atlantic Group in its acquisition of Tongon gold mine, which offers strong potential for resource growth and extended mine life. It is situated in an attractive jurisdiction and has a skilled on-site team with established high-standard operational processes. The mine has a strong operating and production track record, substantial exploration potential, and is meaningfully contributing to the Côte d’Ivoire economy, making it an excellent fit within our global portfolio.”

Kone Dossongui, Founder and Chairman of Atlantic Group, commented, “More than a financing provider, Appian is a really committed partner with a solid expertise in the mining sector. We see a strong synergy to grow the assets just acquired from Barrick and extend cooperation beyond that to new opportunities in the future for our mutual benefits.”

Fasken Martineau LLP acted as legal counsel for Appian on the deal.