Exploration success secures Kibali’s future, Canadian Business Journal

All amounts are in US dollars

KINSHASA, DEMOCRATIC REPUBLIC OF THE CONGO, Oct. 27, 2022 (GLOBE NEWSWIRE) — Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) — Africa’s largest gold mine’s ability to surpass depletion and replenish reserves will bring 1 It will secure its position as one of the gold mines. Tier One of Barrick Gold Corporation¹ President and Chief Executive Officer Mark Bristow said here today:

Bristow told local media that the 13-year-old mine, which just posted three consecutive quarters of improvement, is still on a big uptrend. With the exploration prospects pipeline continuing to grow, he was poised to keep the business plan for at least another decade.

Kibali’s underground operations will be extended for another two years by adding 11,000 Lodes to the mine plan. This vein continues to deliver promising results, unlock value additions and remains plummeting. Drilling is also underway at the Meng Hill, Agbarabo, Rhino, Zambra, and Makoro targets, demonstrating potential as additional underground and open-pit satellites.

Bristow said that with $4.2 billion of domestic investment, Kibali has made a significant contribution to Congo’s coffers. More importantly, the previously underdeveloped northeastern region of the country has turned into a thriving new economic frontier.

During the last quarter, Mines Minister HE Antoinette N’Samba Kalambayi set up a steering committee to manage Kibali’s social development fund based on 0.3% of the mine’s annual turnover. Her $13.7 million accrued over the past three years has been allocated to community projects starting this year. Koquiza’s new 2,500-seat Catholic church was recently officially handed over and accepted by the diocese and a strong congregation of some 30,000 who resettled in the new town between 2010 and her 2016.

Barrick also continues to invest in the future of Africa’s biodiversity with plans to reintroduce 76 white rhinos to Garamba National Park. This is an important move in our long-term plan to protect this endangered species.

inquiry:

Representative Director and President
Mark Bristow
+1 647 205 7694
+44 788 071 1386

DRC Country Manager
Cyril Mutombo
+243 812 532 441

Investor and Media Relations
Cathy Du Plessis
+44 20 7557 7738
Email: [email protected]

Website: www.barrick.com

Endnote 1
Tier 1 Gold Assets have the potential to deliver a minimum 10-year life, an annual production of at least 500,000 ounces of gold and a lifetime total cash cost per ounce less than half the cost of the industry is. curve.

Technical guidance
The scientific and technical information contained in this press release was provided by Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resources Manager: Africa and the Middle East and Mineral Resources Management and Valuation Executive (Mr. Bottoms, September 2022 He held the title of Mineral Resources Manager for Africa and Middle East until 30th and was promoted to Mineral Resources Management and Valuation Executive effective October 1, 2022. Mineral Project Disclosure Standards.

Cautionary Note Regarding Forward-Looking Statements
Certain information contained in or incorporated by reference in this press release, including information regarding our strategies, projects, plans or future financial or operating results, constitutes “forward-looking statements.” All statements other than statements of historical fact are forward-looking statements. The words “continue,” “strategy,” “pursue,” “expect,” “will,” “maintain,” “grow,” “opportunity,” “design,” and similar expressions refer to forward-looking statements. increase. Among other things, this press release contains, but is not limited to, the following forward-looking statements: production guidance and performance; exploration projects at Kibali; Potential for extending the life of Kivali, including expansion of underground and open pit mining. Possibility to expand the mineral resource base of mines. Environmental and operational benefits expected from Kibali’s infrastructure investments. Kibali Sustainability Project. This includes commitments to make certain investments through the Social Development Fund. Barrick’s investments in Africa’s biodiversity, including the reintroduction of white rhinos to Garamba National Park. and Barrick’s commitment and potential further growth opportunities for the Democratic Republic of the Congo.

Forward-looking statements are necessarily based on a number of estimates and assumptions, including significant estimates and assumptions related to the factors set forth below, but in light of management’s experience and perceptions, the date of this press release. We believe it is reasonable at this point. Current conditions and anticipated developments are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in forward-looking statements, and you should not place undue reliance on such statements or information. Such factors include, but are not limited to: The speculative nature of mineral exploration and development. Changes in mineral production performance, development and exploration success. future exploration results may not match our expectations; Risk that exploration data may be incomplete and significant additional work may be required to complete further assessments. This includes but is not limited to drilling, engineering, socioeconomic research, and investment. Risk of loss from acts of war, acts of terrorism, acts of sabotage and civil strife. The steps required prior to distributing cash and equivalents held in Kibali in banks in the Democratic Republic of the Congo. Risks associated with projects that are in the early stages of evaluation and require additional engineering or other analysis. Failure to comply with environmental and health and safety laws and regulations. Timing of receipt of required permits and approvals or failure to comply. uncertainty as to whether some or all of Barrick’s covered investments and projects will meet our capital allocation targets and internal hurdle rates; changes in national and local government legislation, taxation, administration or regulation and/or changes in the administration of law, policies and practices, expropriation or nationalization of property, politics in the DRC and other jurisdictions in which we or our affiliates are located; economic or economic development, do or may do business in the future. Damage to our reputation due to the actual or perceived occurrence of numerous events, whether true or not, including negative publicity regarding our handling of environmental issues or our dealings with community organizations. risks associated with new diseases, epidemics, and pandemics, including the effects and potential effects of the global Covid-19 pandemic; litigation and legal and administrative proceedings; Employee relationships, including loss of key employees. Increased costs and physical risks associated with climate change, such as extreme weather and resource scarcity. Increased availability and costs associated with mining inputs and labor. Barrick also warns that its guidance may be impacted by the unprecedented business and social disruption caused by the Covid-19 epidemic. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining. This includes environmental hazards, industrial accidents, abnormal or unexpected formations, pressure, depressions, floods, gold bullion, copper cathodes, gold or copper concentrates. losses (and the risk of inadequate insurance or failure to obtain insurance to cover those risks);

Many of these uncertainties and unforeseen circumstances may affect our actual results, which may be expressed or implied in any forward-looking statements made by or on our behalf. It may differ significantly from what is presented. Readers are cautioned that forward-looking statements are not guarantees of future performance. All forward-looking statements made in this press release are qualified by these cautionary statements. For more information on the factors underlying the forward-looking statements and the risks that may affect Barrick’s ability, please see our most recent Form 40-F filed with the SEC and the Canadian provincial securities regulators/annual See information form. to achieve the expectations set forth in the forward-looking statements contained in this press release;

Barrick disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

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