Recommissioning Begins as Porgera Prepares to Resume Operations in Q1 2024

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All quantities expressed in US {dollars}

TORONTO, Dec. 22, 2023 (GLOBE NEWSWIRE) — Barrick Gold Company (NYSE:GOLD) (TSX:ABX) – Following the formal completion of the Porgera Venture Graduation Settlement in the present day, work has began on the recommissioning of the Porgera gold mine in Papua New Guinea, which has been in care and upkeep since April 2020. This work is predicted to be accomplished over the subsequent few weeks, paving the way in which for mining and processing to restart within the first quarter of 2024.

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Barrick president and chief government Mark Bristow, who was intently concerned within the negotiations that finally delivered the restart settlement, mentioned the mine’s new possession construction was consistent with the corporate’s host nation partnership enterprise mannequin.

Operated by Barrick by means of Barrick Niugini Restricted (BNL), a three way partnership with Zijin Mining, Porgera joins the corporate’s sector-leading gold asset portfolio with the potential for a Tier One¹ manufacturing profile.

Enquiries
Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
E-mail: barrick@dpapr.com

Web site: www.barrick.com

Endnote:

1. A Tier One Gold Asset is an asset with a $1,300/oz reserve potential to ship a minimal 10-year life, annual manufacturing of no less than 500,000 ounces of gold and with all-in sustaining prices per ounce within the decrease half of the trade value curve.

Cautionary Assertion on Ahead-Wanting Data

Sure data contained or included by reference on this press launch, together with any data as to our technique, initiatives, plans or future monetary or working efficiency, constitutes “forward-looking statements”. All statements, apart from statements of historic reality, are forward-looking statements. The phrases “set”, “anticipate”, “follows”, “potential”, “safe”, “steer”, “will”, “create”, “venture”, “look ahead” and related expressions determine forward-looking statements. Specifically, this press launch incorporates forward-looking statements together with, with out limitation, with respect to: the expectation of resumption of operations on the Porgera mine and the restart of processing by the primary quarter of 2024; the potential for Porgera to realize Tier One manufacturing standing in Barrick’s gold mine portfolio; forecasted manufacturing from the Porgera mine and the sharing of projected financial advantages from Porgera with PNG stakeholders below the brand new fairness possession construction; the success of Barrick’s host-country partnership mannequin in Papua New Guinea; Barrick’s future plans, progress potential, monetary energy, investments and general technique; and expectations relating to future worth assumptions, monetary efficiency, shareholder returns, lifetime of mine and different outlook or steering.

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Ahead-looking statements are essentially primarily based upon quite a few estimates and assumptions together with materials estimates and assumptions associated to the components set forth beneath that, whereas thought-about cheap by the Firm as on the date of this press launch in mild 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 components 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 components embody, however should not restricted to: fluctuations within the spot and ahead worth of gold, copper or sure different commodities (equivalent to silver, diesel gasoline, pure gasoline and electrical energy); dangers related to initiatives within the early phases of analysis and for which extra engineering and different evaluation is required; the circumstances for the reopening of the mine and the timeline to recommence operations; dangers associated to the likelihood that future exploration outcomes won’t be per the Firm’s expectations, that portions or grades of reserves will likely be diminished, and that assets might not be transformed to reserves; adjustments in mineral manufacturing efficiency, exploitation and exploration successes; dangers that exploration knowledge could also be incomplete and appreciable extra work could also be required to finish additional analysis, together with however not restricted to drilling, engineering and socioeconomic research and funding; lack of certainty with respect to overseas authorized techniques, corruption and different components which might be inconsistent with the rule of regulation in Papua New Guinea; adjustments in nationwide and native authorities laws, taxation, controls or laws and/or adjustments within the administration of legal guidelines, insurance policies and practices; expropriation or nationalization of property and political or financial developments in Papua New Guinea or different international locations wherein Barrick does or might stick with it enterprise sooner or later; non-renewal of key licenses by governmental authorities; failure to adjust to environmental and well being and security legal guidelines and laws; contests over title to properties, notably title to undeveloped properties, or over entry to water, energy and different required infrastructure; the legal responsibility related to dangers and hazards within the mining trade, and the flexibility to keep up insurance coverage to cowl such losses; elevated prices and bodily dangers, together with excessive climate occasions and useful resource shortages, associated to local weather change; harm to the Firm’s fame because of the precise or perceived prevalence of any variety of occasions, together with destructive publicity with respect to the Firm’s dealing with of environmental issues or dealings with neighborhood teams, whether or not true or not; litigation and authorized and administrative proceedings; working or technical difficulties in reference to mining or growth actions, together with geotechnical challenges, tailings dam and storage amenities failures, and disruptions within the upkeep or provision of required infrastructure and data expertise techniques; elevated prices, delays, suspensions and technical challenges related to the development of capital initiatives; dangers related to working with companions in collectively managed belongings; dangers associated to disruption of provide routes which can trigger delays in development and mining actions, together with disruptions within the provide of key mining inputs because of the invasion of Ukraine by Russia; threat of loss because of acts of struggle, terrorism, sabotage and civil disturbances; dangers related to artisanal and unlawful mining; dangers related to Barrick’s infrastructure, data expertise techniques and the implementation of Barrick’s technological initiatives; the affect of inflation, together with international inflationary pressures pushed by provide chain disruptions brought on by the Covid-19 pandemic and international power value will increase following the invasion of Ukraine by Russia; the flexibility of administration to implement its enterprise technique and enhanced political threat in sure jurisdictions; uncertainty whether or not some or all of Barrick’s focused investments and initiatives will meet the Firm’s capital allocation aims and inside hurdle price; worker relations together with lack of key staff; availability and elevated prices related to mining inputs and labor; and dangers related to illnesses, epidemics and pandemics, together with the results and potential results of the worldwide Covid-19 pandemic.

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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 should not 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 Data Kind on file with the SEC and Canadian provincial securities regulatory authorities for a extra detailed dialogue of among the components underlying forward-looking statements and the dangers that will have an effect on Barrick’s potential to realize the expectations set forth within the forward-looking statements contained on this press launch.

We disclaim any intention or obligation to replace or revise any forward-looking statements whether or not on account of new data, future occasions or in any other case, besides as required by relevant regulation.

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