Barrick’s Lumwana Super Pit Project On Track for First Production in 2028

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All quantities expressed in US {dollars}

LUSAKA, Zambia, Jan. 23, 2024 (GLOBE NEWSWIRE) — Barrick Gold Company (NYSE:GOLD)(TSX:ABX) – The Lumwana copper mine’s Tremendous Pit enlargement undertaking has been accelerated with first manufacturing now scheduled for 2028, Barrick president and chief government Mark Bristow suggested Zambian president Hakainde Hichilema at their assembly right here at present.

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The undertaking will rework Lumwana into one of many world’s main copper mines, with projected annual manufacturing of round 240,000 tonnes per yr over a +30-year life¹. It’s a key part of the Zambian authorities’s drive to revive the nation’s copper business over the subsequent 10 years. The estimated value of the undertaking is nearly $2 billion and building is scheduled to begin in the direction of the top of this yr.

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Since Barrick refocused its technique in 2019, Lumwana, the as soon as struggling mine, has been restructured and re-engineered into a major contributor to Barrick’s increasing copper portfolio. The ramp-up of the reopened Malundwe pit and completion of the transition to proprietor mining supported the achievement of its manufacturing steering for 2023.

Since 2019, Lumwana has contributed nearly $3 billion to the Zambian economic system within the type of royalties, taxes, salaries and the procurement of products and companies from native companies.

Native procurement of $472 million in 2023 made up greater than 81% of complete spend for Lumwana. Barrick has additionally launched a Enterprise Accelerator Program designed to construct the enterprise capability of the Zambian contractors in its provide chain, equipping them to develop and diversify their enterprises and stay sustainable past Lumwana’s lifetime of mine.

“According to Barrick’s partnership philosophy, our REDD+ initiative will uplift our host communities by way of conservation of the pure forest surrounding the mine. Assets have already been allotted and engagement with the communities is underway. We’re in dialogue with the Ministry of Inexperienced Economic system and Setting to facilitate the required licensing and our partnership with native authorities,” Bristow stated.

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Barrick enquiries

Zambia Nation Supervisor
Anthony Malenga
+260 977 730 513

Investor and media relations
Kathy du Plessis
+44 20 7557 7738
E-mail: barrick@dpapr.com

Web site: www.barrick.com

Endnote 1
Indicative copper manufacturing profile from Lumwana, which is conceptual in nature. Topic to vary following completion of the pre-feasibility examine.

Technical Info
The scientific and technical info contained on this press launch has been reviewed and permitted by Richard Peattie, MPhil, FAusIMM, Mineral Assets Supervisor: Africa & Center East; and Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, in his capability as Mineral Useful resource Administration and Analysis Govt — each “Certified Individuals” as outlined in Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Tasks.

Cautionary Assertion on Ahead-Wanting Info
Sure info contained on this press launch, together with any info as to our technique, tasks, plans or future monetary or working efficiency, constitutes “forward-looking statements”. All statements, aside from statements of historic reality, are forward-looking statements. The phrases “rework”, “increase”, “goal”, “anticipate” “development”, “on observe”, “scheduled” and related expressions determine forward-looking statements. Particularly, this press launch comprises forward-looking statements together with, with out limitation, with respect to: deliberate capital expenditures and the anticipated advantages from the Lumwana Tremendous Pit enlargement undertaking, together with the anticipated timing of building and first manufacturing, estimated annual manufacturing and potential lifetime of mine extensions; Lumwana’s potential transformation right into a world-class copper mine; Barrick’s copper portfolio; Barrick’s partnership with Zambia and Lumwana’s contributions to the Zambian economic system; Barrick’s dedication to native procurement and creating long-term worth for its host communities in Zambia together with by way of the Enterprise Accelerator Program; Barrick’s sustainability technique; and Barrick’s future investments in group tasks and contributions to the Zambian economic system, together with by way of its REDD+ initiative.

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Ahead-looking statements are essentially primarily based upon plenty of estimates and assumptions together with materials estimates and assumptions associated to the elements set forth beneath that, whereas thought of affordable by the Firm as on the date of this press launch in gentle of administration’s expertise and notion of present circumstances and anticipated developments, are inherently topic to vital enterprise, financial and aggressive uncertainties and contingencies. Recognized and unknown elements may trigger precise outcomes to vary materially from these projected within the forward-looking statements and undue reliance shouldn’t be positioned on such statements and data. Such elements embrace, however aren’t restricted to: fluctuations within the spot and ahead worth of gold, copper, or sure different commodities (corresponding to silver, diesel gasoline, pure fuel, and electrical energy); the speculative nature of mineral exploration and improvement; adjustments in nationwide and native authorities laws, taxation, controls or rules and/ or adjustments within the administration of legal guidelines, insurance policies and practices; expropriation or nationalization of property and political or financial developments in Zambia and different jurisdictions by which the Firm or its associates do or could keep it up enterprise sooner or later; adjustments in mineral manufacturing efficiency, exploitation, and exploration successes; the chance that future exploration outcomes won’t be in keeping with the Firm’s expectations; disruption of provide routes which can trigger delays in building and mining actions, together with disruptions within the provide of key mining inputs as a result of invasion of Ukraine by Russia; danger of loss resulting from acts of warfare, terrorism, sabotage and civil disturbances; failure to adjust to environmental and well being and security legal guidelines and rules; timing of receipt of, or failure to adjust to, needed permits and approvals; uncertainty whether or not some or all of Barrick’s focused investments and tasks will meet the Firm’s capital allocation targets and inner hurdle charge; injury to the Firm’s repute as a result of precise or perceived prevalence of any variety of occasions, together with unfavourable publicity with respect to the Firm’s dealing with of environmental issues or dealings with group teams, whether or not true or not; dangers related to new illnesses, epidemics and pandemics, together with the consequences and potential results of the worldwide Covid-19 pandemic; litigation and authorized and administrative proceedings; worker relations together with lack of key staff; elevated prices and bodily and transition dangers associated to local weather change, together with excessive climate occasions, useful resource shortages, rising insurance policies and elevated rules associated to greenhouse fuel emission ranges, vitality effectivity and reporting of dangers; and availability and elevated prices related to mining inputs and labor. As well as, there are dangers and hazards related to the enterprise of mineral exploration, improvement and mining, together with environmental hazards, industrial accidents, uncommon or sudden formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper focus losses (and the danger of insufficient insurance coverage, or incapacity to acquire insurance coverage, to cowl these dangers).

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Many of those uncertainties and contingencies can have an effect on our precise outcomes and will trigger precise outcomes to vary materially from these expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements aren’t ensures of future efficiency. All the forward-looking statements made on this press launch are certified by these cautionary statements. Particular reference is made to the latest Kind 40-F/Annual Info Kind on file with the SEC and Canadian provincial securities regulatory authorities for a extra detailed dialogue of among the elements underlying forward-looking statements and the dangers which will have an effect on Barrick’s skill to attain the expectations set forth within the forward-looking statements contained on this press launch.

Barrick disclaims any intention or obligation to replace or revise any forward-looking statements whether or not on account of new info, future occasions or in any other case, besides as required by relevant legislation.

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