Lumwana’s Tremendous Pit Enlargement Formally Launched

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All quantities expressed in US$

LUMWANA, Zambia, Oct. 02, 2024 (GLOBE NEWSWIRE) — Barrick Gold Company (NYSE:GOLD)(TSX:ABX) – The event of a Tremendous Pit at Barrick’s Lumwana copper mine was formally launched at present by the Zambian President, His Excellency Hakainde Hichilema, accompanied by members of his cupboard.

The feasibility research for the Tremendous Pit Enlargement is predicted by the top of the yr, paving the way in which for building to start out in 2025. As soon as accomplished, the $2 billion challenge^1,4 unlocks the potential to rework Lumwana right into a long-life, high-yielding, prime 25 copper producer¹ and a Tier One² copper mine.

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The enlargement includes first doubling throughput of the prevailing course of circuit after which considerably growing mining volumes. Plant throughput will develop from the present 27Mt to 52Mt, doubling the mine’s annual copper manufacturing from 120kt to a life-of-mine common of 240kt a yr^3,4. The method plant enlargement is supported by a ramp-up of whole mining volumes, that are deliberate to extend incrementally year-on-year, from 150Mt in 2025 to roughly 240Mt in 2028 after which to a mean fee of 290t each year from 2030 onwards^3,4.

Talking on the groundbreaking ceremony additionally attended by the Barrick board of administrators, Barrick president and chief govt Mark Bristow mentioned a vital aspect of the Tremendous Pit Enlargement was its deal with making a sustainable legacy via the event of native capability throughout the area, which might profit each native communities and companies all through the development and operational phases. The enlargement will want round 550 further staff over the subsequent 5 years to help the ramp up and a further 2,500 building staff for a three-year interval to 2028.

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“We’re additionally planning to construct vital infrastructure, together with an airstrip and an industrial provider park. It will allow key suppliers to determine themselves within the space, creating an financial hub that can additional gasoline development and growth within the wider area,” Bristow mentioned.

“Mining performs a key position in Zambia’s financial construction and our partnership with Barrick is creating one staff with a shared imaginative and prescient to develop a brand new financial frontier within the North-Western Province of the nation and past,” mentioned President Hakainde Hichilema.

Barrick enquiries

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

Zambia Nation Supervisor
Anthony Malenga
+260 977 730 513 
Web site: www.barrick.com

Technical Info

The scientific and technical data contained on this press launch has been reviewed and authorised by Richard Peattie, MPhil, FAusIMM, Mineral Assets Supervisor: Africa and Center East; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Useful resource Administration and Analysis Govt; John Steele, CIM, Metallurgy, Engineering and Capital Tasks Govt; and Joel Holliday, FAusIMM, Govt Vice-President, Exploration—every a “Certified Particular person” as outlined in Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Tasks.

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Endnotes

1. Monetary metrics and manufacturing metrics are based mostly upon Barrick’s inside pre-feasibility research which is conceptual in nature as a result of it contains mineral sources that aren’t but categorized as mineral reserves, and there’s no certainty that the pre-feasibility evaluation will likely be realized. These metrics are topic to alter upon completion of the feasibility research. The assumptions outlined throughout the pre-feasibility research evaluation have fashioned the premise for the continued research and have been made by a Certified Particular person. The Certified Particular person will consider the outcomes of the finished feasibility research earlier than figuring out whether or not all or part of the mineral useful resource for the Tremendous Pit Enlargement Venture could also be transformed to a mineral reserve.
2. A Tier One Copper Asset is an asset with a $3.00/lb reserve with potential for five million tonnes or extra of contained copper to help a minimal 20-year life, annual manufacturing of at the very least 200ktpa, with all-in sustaining prices per pound within the decrease half of the business value curve. Tier One Property have to be positioned in a world class geological district with potential for natural reserve development and long-term geologically pushed addition.
3. Lifetime of Mine Plan mined tonnes, grade and ounces and financials are based mostly on the pre-feasibility research however are conceptual in nature resulting from utilizing mineral sources and are topic to alter with completion of the feasibility research which is anticipated for This autumn 2024.
4. The outcomes on this press launch characterize forward-looking data and are based mostly on Barrick’s inside pre-feasibility research for the Tremendous Pit. These outcomes are based mostly on mineral sources solely and depend upon inputs which can be topic to quite a lot of recognized and unknown dangers, uncertainties and different elements that will trigger precise outcomes to vary materially from these introduced right here. Barrick is within the strategy of finishing a feasibility research in respect of the Tremendous Pit, the outcomes of which can differ from the figures disclosed on this press launch. Barrick doesn’t at present establish Lumwana as a fabric property.  Barrick expects to re-evaluate Lumwana’s standing as a possible materials property following the completion of the feasibility research for the Tremendous Pit Enlargement Venture and the preparation of up to date mineral reserves and sources estimates for Lumwana as of December 31, 2024. A Technical Report will likely be ready in accordance with Kind 43-101F1 and filed on SEDAR+ inside 45 days of the disclosure of the outcomes of the feasibility research if Lumwana is classed as a fabric property. 

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Cautionary Assertion on Ahead-Wanting Info

Sure data contained on this press launch, together with any data as to our technique, tasks, plans or future monetary or working efficiency, constitutes “forward-looking statements”. All statements, aside from statements of historic truth, are forward-looking statements. The phrases “would”, “will”, “projected”, “estimated”, “beginning”, “plan”, “ramp up”, “allow”, “anticipated”, “potential”, “future”, “focus”, “ongoing” “count on” “development”, and comparable expressions establish forward-looking statements. Specifically, this press launch accommodates forward-looking statements together with, with out limitation, with respect to: Barrick’s Lumwana Tremendous Pit enlargement challenge and its means to increase Lumwana’s lifetime of mine; world projected copper manufacturing and demand profiles; the potential for Lumwana to turn out to be a Tier One asset, and the potential for Lumwana to turn out to be a prime 25 copper asset; estimated copper manufacturing and throughput from the Lumwana Tremendous Pit enlargement, together with projected mining charges; the estimated capital finances for the Lumwana Tremendous Pit enlargement; anticipated timelines for supply of the feasibility research and challenge building; Barrick’s technique, plans, targets and targets in respect of environmental and social governance points, together with area people growth; and expectations concerning future value assumptions, monetary efficiency and different outlooks or steering.

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Ahead-looking statements are essentially based mostly upon quite a lot of estimates and assumptions together with materials estimates and assumptions associated to the elements set forth under 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 situations and anticipated developments, are inherently topic to vital enterprise, financial and aggressive uncertainties and contingencies. Identified 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 knowledge. Such elements embrace, however will not be restricted to: fluctuations within the spot and ahead value of gold, copper or sure different commodities (reminiscent of silver, diesel gasoline, pure fuel and electrical energy); the potential to transform all or a part of the mineral useful resource for the Tremendous Pit enlargement right into a mineral reserve following the completion of the feasibility research; dangers related to tasks within the early levels of analysis and for which further engineering and different evaluation is required; dangers associated to the likelihood that future exploration outcomes is not going to be according to the Firm’s expectations, that portions or grades of reserves will likely be diminished, and that sources will not be transformed to reserves; dangers related to the truth that sure of the initiatives described on this press launch are nonetheless within the early levels and should not materialize; modifications in mineral manufacturing efficiency, exploitation and exploration successes; dangers that exploration knowledge 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; the speculative nature of mineral exploration and growth; lack of certainty with respect to overseas authorized programs, corruption and different elements which can be inconsistent with the rule of legislation; 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 and conflicts within the Center East; danger of loss resulting from acts of conflict, terrorism, sabotage and civil disturbances; dangers related to artisanal and unlawful mining; 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 in Zambia or different nations through which Barrick does or could keep it up enterprise sooner or later; dangers regarding political instability in sure of the jurisdictions through which Barrick operates; timing of receipt of, or failure to adjust to, needed permits and approvals; non-renewal of or failure to acquire key licenses by governmental authorities; failure to adjust to environmental and well being and security legal guidelines and rules; 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 regarding greenhouse fuel emission ranges, power effectivity and reporting of dangers; Barrick’s means to realize its sustainability targets; 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 business, and the power to take care of insurance coverage to cowl such losses; harm to the Firm’s popularity 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 associated to operations close to communities that will regard Barrick’s operations as being detrimental to them; 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 services failures, and disruptions within the upkeep or provision of required infrastructure and knowledge expertise programs; elevated prices, delays, suspensions and technical challenges related to the development of capital tasks; dangers related to working with companions in collectively managed property; dangers associated to disruption of provide routes which can trigger delays in building and mining actions; dangers related to Barrick’s infrastructure, data expertise programs and the implementation of Barrick’s technological initiatives, together with dangers associated to cybersecurity incidents, together with these brought on by pc viruses, malware, ransomware and different cyberattacks, or comparable data expertise system failures, delays and/or disruptions; dangers associated to competitors within the mining business; worker relations together with lack of key staff; availability and elevated prices related to mining inputs and labor; and dangers related to ailments, epidemics and pandemics. 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 surprising formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper focus losses (and the danger of insufficient insurance coverage, or incapability 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 will not be 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 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 that 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 on account of new data, future occasions or in any other case, besides as required by relevant legislation.

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