Barrick aims for further growth in Tanzania, The Canadian Business Journal

All amounts are in US dollars

NORTH MARA, TANZANIA, Oct. 22, 2022 (GLOBE NEWSWIRE) — Combined North Mara and Bryanfur gold mines set to exceed 500,000 ounces of production¹ For the second year in a row, Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) is looking to expand its footprint in East Africa from this hub.

At a briefing at a local school near the North Mara mines, President and CEO Mark Bristow spoke about the revival of these dying mines and their conversion into assets that could be included in Barrick’s Elite Tier 1. , told the media.² The portfolio as a combined complex has been a remarkable success story.

“The groundbreaking Twiga partnership with the government of Tanzania has not only resolved a longstanding dispute with the mine’s previous operators, but it has also created a model of mutually beneficial cooperation between miners and their host countries, particularly in Africa. By showing Tanzania to be an investor-friendly destination, it also bodes well for the country’s mining future,” he said.

Both North Mara and Bulyanhulu have increased production, with North Mara mining a record 505,000 tonnes of ore and waste last quarter¹The company continues to optimize its underground operations, while changes to its owner-occupied mining strategy have helped expand both its mine and open pit operations. At Bulyanhulu, major downhill development to access the orebody’s Deep West zone began last quarter. Increased production at both mines is supported by fleet upgrades.

“We continue to target further growth through reconnaissance and the consolidation of key licenses. Expansion opportunities are being assessed across Bryanfur Inria in line with the Gokona strike. Deep drilling results at Gokona shows great potential for extending the lifespan of the North Mara,” said Bristow.

“In addition to brownfield exploration designed to maintain positive trends in resource expansion and diversion at our two mines, we are also looking further afield. A better understanding will improve our ability to discover new world-class development opportunities in our areas of interest.”

In line with Barrick’s localization policy, Tanzanians make up 96% of the mine’s workforce, with 45% drawn from the communities surrounding the mine. Host country nationals make up his 58% of senior management positions. Last quarter, Mine spent his $339 million on suppliers and service providers in Tanzania. Since taking over the mine in 2019, Barrick has contributed more than $2.1 billion to the Tanzanian economy.

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

Country Manager, Tanzania
Melchiori Nido
+255 686 945 222
Email: [email protected]

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

Website: www.barrick.com

Endnote 1
100% base.

Endnote 2
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.

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. “Goal”, “Achieve”, “Aim to expand”, “Potential”, “Future”, “Continue”, “Improve”, “Will”, “Commit”, “Go forward”, The words “produce,” “expect,” “plan,” and similar expressions refer to forward-looking statements. Among other things, this press release contains, but is not limited to, forward-looking statements. Barrick’s partnership with the Government of Tanzania under the Framework Agreement. Increased production in North Mara and Bulyanhulu, production optimization and fleet upgrades. Potential mine life extension, resource expansion, and new development opportunities identified through drilling and other exploration activities. Planned investments by Barrick in Tanzania, including health, education and infrastructure development. Barrick’s contribution to the local economy, including local employment and procurement programs and expenditures, as well as anticipated contributions to value-added national projects.

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. 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 our 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 and politics in Tanzania and other jurisdictions conducted by us or our affiliates; When there is a possibility of business or economic development or future business. Ability to convert resources into reserves. increased costs, delays, interruptions and technical challenges associated with construction of capital projects; Risks associated with working with partners on jointly managed assets. Damage to our reputation due to the actual occurrence or perception 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, pressures, cave-ins, 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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