Barrick Gold Company – Reserve Alternative and New Alternatives Safe Kibali’s +10-12 months Plan

Barrick Gold Company – Reserve Alternative and New Alternatives Safe Kibali’s +10-12 months Plan

Barrick Gold Company – Reserve Alternative and New Alternatives Safe Kibali’s +10-12 months Plan

Kibali is a extremely cost-efficient operation with its three world-class hydropower stations supplying a lot of its power necessities.

Africa’s largest gold mine, Kibali, is once more on observe to interchange its reserves past the ounces depleted by mining within the earlier yr, whereas new development alternatives will even assist its +10-year marketing strategy and its standing as considered one of Barrick’s Tier One1 belongings.

Barrick president and chief government Mark Bristow advised media right here right this moment that Kibali’s prolific KCD orebody was persevering with to ship further worth with present drilling targeted on changing assets into reserves and exploring the lodes that are nonetheless open down plunge. As well as, the Mengu Hill, Ikanva and Gorumbwa targets are displaying the potential for becoming a member of Kibali’s underground portfolio.

“Kibali is a extremely cost-efficient operation with its three world-class hydropower stations supplying a lot of its power necessities. They are going to be supplemented by a brand new 17MW photo voltaic plant which, when accomplished in 2025, will elevate the renewable part of the mine’s power combine from 81% to 93%,” Bristow mentioned.

Kibali’s inexperienced credentials additionally embrace its persevering with discount in the usage of recent water from the Kibali River and a reforestation program which to this point has planted greater than 10,000 timber. The mine’s biodiversity assist for the DRC’s Garamba Nationwide Park is being prolonged with the re-introduction of rhinos sourced in South Africa. The primary 16 are anticipated in Garamba by the tip of the second quarter of this yr and they are going to be adopted by one other 60 over the course of the following three years.

According to Barrick’s world coverage of using and advancing host nation nationals, Arthur Kabila has been appointed as Kibali’s first Congolese basic supervisor. An extra eight key administration and technical positions have been stuffed by Congolese final yr.

Enquiries:

President and CEO

Mark Bristow

+1 647 205 7694

+44 788 071 1386

DRC nation supervisor

Cyrille Mutombo

+243 812 532 441

Investor and Media Relations

Kathy du Plessis

+44 20 7557 7738

+27 83 266 5847

Electronic mail: [email protected]

Endnote 1

A Tier One Gold Asset is an asset with a reserve potential to ship a minimal 10-year life, annual manufacturing of not less than 500,000 ounces of gold and complete money prices per ounce over the mine life which might be within the decrease half of the business price curve.

Technical Data

The scientific and technical data contained on this press launch has been reviewed and permitted by Richard Peattie, MPhil, FAusIMM, Mineral Assets Supervisor: Africa & Center East, a “Certified Particular person” as outlined in Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Initiatives.

Cautionary Assertion on Ahead-Trying Data

Sure data contained or integrated 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, aside from statements of historic reality, are forward-looking statements. The phrases “safe”, “on observe”, “alternative”, “proceed”, , “schedule”, “count on”, “will”, “development”, and related expressions establish forward-looking statements. Specifically, this press launch comprises forward-looking statements together with, with out limitation, with respect to: Kibali’s potential to interchange reserves internet of depletion; manufacturing steerage and efficiency; alternatives for development at Kibali together with potential new exploration targets for the Kibali underground; the potential to develop the mine’s mineral useful resource base; Kibali’s renewable energy technique and the timeline for the completion of a brand new photo voltaic plant and anticipated advantages; the anticipated environmental and operational advantages from Kibali’s funding in its infrastructure, together with by means of a brand new cyanide removing plant; Kibali’s sustainability initiatives, together with recent water and reforestation initiatives and commitments to make sure investments although its social growth fund; Barrick’s funding in Africa’s biodiversity together with by means of the reintroduction of white rhinos to the Garamba nationwide park; and Barrick’s dedication to the DRC and potential additional development alternatives.

Ahead-looking statements are essentially based mostly upon quite a few estimates and assumptions together with materials estimates and assumptions associated to the elements set forth beneath that, whereas thought of 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 elements might 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 knowledge. Such elements embrace, however are usually not restricted to: fluctuations within the spot and ahead worth of gold, copper, or sure different commodities (comparable to silver, diesel gas, pure gasoline, and electrical energy); the speculative nature of mineral exploration and growth; modifications in mineral manufacturing efficiency, exploitation, and exploration successes; the likelihood that future exploration outcomes is not going to be in keeping with the Firm’s expectations; dangers that exploration information could also be incomplete and appreciable further work could also be required to finish additional analysis, together with however not restricted to drilling, engineering and socioeconomic research and funding; 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; danger of loss as a consequence of acts of battle, terrorism, sabotage and civil disturbances; steps required previous to the distribution of money and equivalents held at Kibali in banks within the Democratic Republic of Congo; dangers related to initiatives within the early levels of analysis, and for which further engineering and different evaluation is required; failure to adjust to environmental and well being and security legal guidelines and rules; timing of receipt of, or failure to adjust to, obligatory permits and approvals; uncertainty whether or not some or all of Barrick’s focused investments and initiatives will meet the Firm’s capital allocation goals and inner hurdle price; modifications in nationwide and native authorities laws, taxation, controls or rules and/ or modifications within the administration of legal guidelines, insurance policies and practices, expropriation or nationalization of property and political or financial developments within the DRC and different jurisdictions wherein the Firm or its associates do or could keep it up enterprise sooner or later; harm to the Firm’s status because of the precise or perceived prevalence of any variety of occasions, together with unfavorable publicity with respect to the Firm’s dealing with of environmental issues or dealings with neighborhood teams, whether or not true or not; dangers related to new ailments, epidemics and pandemics, together with the consequences and potential results of the worldwide Covid-19 pandemic; litigation and authorized and administrative proceedings; the influence of inflation, together with world inflationary pressures pushed by provide chain disruptions attributable to the continuing Covid-19 pandemic and world power price will increase following the invasion of Ukraine by Russia; worker relations together with lack of key workers; elevated prices and bodily dangers, together with excessive climate occasions and useful resource shortages, associated to local weather change; and availability and elevated prices related to mining inputs and labor. Barrick additionally cautions that its steerage could also be impacted by the unprecedented enterprise and social disruption attributable to the unfold of Covid-19. As well as, there are dangers and hazards related to the enterprise of mineral exploration, growth 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).

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 are usually not ensures of future efficiency. The entire forward-looking statements made on this press launch are certified by these cautionary statements. Particular reference is made to the newest Type 40-F/Annual Data Type on file with the SEC and Canadian provincial securities regulatory authorities for a extra detailed dialogue of a few of the elements underlying forward-looking statements and the dangers which will have an effect on Barrick’s means to realize 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 because of new data, future occasions or in any other case, besides as required by relevant regulation.