Barrick Broadens Copper Base in Saudi Arabia
PRESS RELEASE
NYSE : GOLD TSX : ABX
All amounts expressed in US Dollars
Barrick Broadens Copper Base in Saudi Arabia
Riyadh, January 11, 2023 – Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today signed new
joint venture agreements with Ma’aden for two prospective exploration projects comprising the
Jabal Sayid South and Umm Ad Damar license areas.
These new prospective joint ventures significantly expand Barrick’s exploration footprint in Saudi
Arabia, grow the Ma’aden Barrick partnership and open up potential synergies with the neighboring
Jabal Sayid mine, an already successful 50/50 joint venture between Barrick and Ma’aden. From
2018 to 2021 production at Jabal Sayid increased from 110 million pounds to 152 million pounds
per annum1 as a result of improved mining performance and process plant optimization and during
the same period the mine’s mineral reserves were grown net of depletion by the company’s
geologically-driven exploration strategy.
Speaking at the signing ceremony, Barrick president and chief executive Mark Bristow said the
company would bring its record of exploration and operational success to the new projects.
“Recent high-grade interc epts from underground drilling within the existing Jabal Sayid mine are
demonstrating potential for further orebody extensions . In addition, positive initial results from
nearby new exploration targets are indicating further growth prospects, which are being
aggressively pursued by the exploration team . This intense focus on discovery will be applied to
the expanded portfolio through the application of the latest geological concepts and exploration
technologies,” he said.
Bristow said Barrick was committed to broadening its partnership with Ma’ aden in the region and
to playing its part in reali zing the Saudi Arabian government's vision of growing a diversified and
sustainable mining industry in the country.
Enquiries:
Kathy du Plessis
Investor and Media Relations
+44 20 7557 7738
Email: [email protected]
Website: www.barrick.com
Endnote 1
On a 100% basis.
BARRICK GOLD CORPORATION PRESS RELEASE
Cautionary Statement on Forward-Looking Information
Certain information contained or incorporated by reference 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 “prospective”, “grow”, “potential”, “synergy”, “would”,
“indicate”, “will”, “committed”, “vision” and similar expressions identify forward- looking statements. In particular, this press
release contains forward-looking statements including, without limitation, with respect to: the anticipated benefits of Barrick’s
new exploration joint ventures with Ma’aden, including the potential for these projects to create synergies with the Jabal Sayid
mine; the potential for orebody extensions at Jabal Sayid and further growth prospects in the vicinity of the mine; Barrick’s focus
on discovery and its commitment to broadening its partnership with Ma’aden and with the government of Saudi Arabia; and
expectations regarding future exploration success in the region.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates
and assumptions related to the factors set forth below that, whil e considered reasonable Barrick as at the date of this press
release in light of management’s experience and perception of current conditions and expected 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 the forward- looking statements and undue reliance should not
be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward
price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); risks related to the
possibility that future exploration results will not be consistent with t he Company’s expectations, that quantities or grades of
reserves will be diminished, and that resources may not be converted to reserves; changes in mineral production performance,
exploitation and exploration successes; risks that exploration data may be incomplete and considerable additional work may be
required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and
investment; the speculative nature of mineral exploration and development; lack of certainty with respect to foreign legal
systems, corruption and other factors that are inconsistent with the rule of law; changes in national and local government
legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices; expropriation
or nationalization of property and political or economic developments in Saudi Arabia or other countries in which Barrick does
or may carry on business in the future; risks relating to political instability in certain of the jurisdictions in which Barrick operates;
timing of receipt of, or failure to comply with, necessary permits and approvals; failure to comply with environmental and health
and safety laws and regulations; contests over title to properties, particularly title to undeveloped properties, or over access to
water, power and other required infrastructure; the liability associated with risks and hazards in the mining industry, and t he
ability to maintain insurance to cover such losses; increased costs and physical risks, including extreme weather events and
resource shortages, related to climate change; damage to the Company’s reputation due to the actual or perceived occurrence
of any number of events, including negative publicity with respect to the Company’s handling of environmental matters or
dealings with community groups, whether true or not; risks associated with working with partners in jointly controlled assets;
risks related to disruption of supply routes which may cause delays in construction and m ining activities, including disruptions
in the supply of key mining inputs due to the invasion of Ukraine by Russia; risk of loss due to acts of war, terrorism, sabotage
and civil disturbances; the impact of inflation, including global inflationary pressures driven by supply chain disruptions caused
by the ongoing Covid-19 pandemic and global energy cost increases following the invasion of Ukraine by Russia; the ability of
management to implement its business strategy and enhanced political risk in certain jurisdictions; uncertainty whether some
or all of Barrick’s targeted investments and projects will meet the Company’s capital allocation objectives and internal hurdle
rate; whether benefits expected from recent transactions being realized; risks related t o competition in the mining industry;
availability and increased costs associated with mining inputs and labor; and risks associated with diseases, epidemics and
pandemics, including the effects and potential effects of the global Covid-19 pandemic. In addition, there are risks and hazards
associated with the business of mineral exploration, development and mining, including environmental hazards, industrial
accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper
concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to diff er materially
from those expressed or implied in any forward- looking statements made by, or on behalf of, us. Readers are cautioned that
forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press
release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40- F/Annual
Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion
of some of the factors underlying forward- looking statements and the risks that may affect Barrick’s ability to achieve the
expectations set forth in the forward-looking statements contained in this press release.
We disclaim 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.