Barrick's Lumwana Super Pit Project On Track for First Production in 2028

All amounts expressed in US dollars

Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) The Lumwana copper mine's Super Pit expansion project has been accelerated with first production now scheduled for 2028, Barrick president and chief executive Mark Bristow advised Zambian president Hakainde Hichilema at their meeting here today.

The project will transform Lumwana into one of the world's major copper mines, with projected annual production of around 240,000 tonnes per year over a +30-year life ¹ . It is a key component of the Zambian government's drive to revive the country's copper industry over the next 10 years. The estimated cost of the project is almost $2 billion and construction is scheduled to start towards the end of this year.

Since Barrick refocused its strategy in 2019, Lumwana, the once struggling mine, has been restructured and re-engineered into a significant contributor to Barrick's expanding copper portfolio. The ramp-up of the reopened Malundwe pit and completion of the transition to owner mining supported the achievement of its production guidance for 2023.

Since 2019, Lumwana has contributed almost $3 billion to the Zambian economy in the form of royalties, taxes, salaries and the procurement of goods and services from local businesses.

Local procurement of $472 million in 2023 made up more than 81% of total spend for Lumwana. Barrick has also launched a Business Accelerator Program designed to build the business capacity of the Zambian contractors in its supply chain, equipping them to grow and diversify their enterprises and remain sustainable beyond Lumwana's life of mine.

"In line with Barrick's partnership philosophy, our REDD+ initiative will uplift our host communities through conservation of the natural forest surrounding the mine. Resources have already been allocated and engagement with the communities is underway. We are in discussion with the Ministry of Green Economy and Environment to facilitate the required licensing and our partnership with local government," Bristow said.

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Endnote 1
Indicative copper production profile from Lumwana, which is conceptual in nature. Subject to change following completion of the pre-feasibility study.

Technical Information
The scientific and technical information contained in this press release has been reviewed and approved by Richard Peattie, MPhil, FAusIMM, Mineral Resources Manager: Africa & Middle East; and Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, in his capacity as Mineral Resource Management and Evaluation Executive — both "Qualified Persons" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects .

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Certain information contained in this press release, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "transform", "expand", "target", "expect" "growth", "on track", "scheduled" and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: planned capital expenditures and the anticipated benefits from the Lumwana Super Pit expansion project, including the expected timing of construction and first production, estimated annual production and potential life of mine extensions; Lumwana's potential transformation into a world-class copper mine; Barrick's copper portfolio; Barrick's partnership with Zambia and Lumwana's contributions to the Zambian economy; Barrick's commitment to local procurement and creating long-term value for its host communities in Zambia including through the Business Accelerator Program; Barrick's sustainability strategy; and Barrick's future investments in community projects and contributions to the Zambian economy, including through its REDD+ initiative.

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