Barrick Calls for Responsible Leadership as Mali Situation Escalates
PRESS RELEASE
NYSE : GOLD TSX : ABX
All amounts expressed in US dollars
Barrick Calls for Responsible Leadership
as Mali Situation Escalates
Toronto, April 15, 2025 – Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) confirms that it has
continued to engage in good faith with the Government of Mali to finalise an agreement that was fully
negotiated and accepted by the Ministry of Finance in February 2025.
From the outset of its engagement, Barrick has worked to find a constructive solution. In October 2024,
it agreed to a framework aimed at achieving a comprehensive resolution of all outstanding disputes and
paid $85 million as part of the ongoing negotiations.
Despite this, the Government subsequently took a series of escalatory actions, including the arrest of
Barrick employees – who remain unfairly in detention – and the suspension of gold shipments.
More recently, although Barrick signed the agreement presented by the Government as requested in
February, the Government has failed to execute it. Its conclusion now appears to be obstructed by a
small group of individuals placing personal or political interests above the long-term interests of Mali and
its people.
This week, departments within the Government escalated matters by closing Barrick’s Bamako office
and threatening to place the Loulo-Gounkoto mine under provisional administration unless the mine was
reopened and tax payments were made – even though gold exports remain blocked.
It is regrettable that the Government continues to obstruct gold exports while simultaneously demanding
tax payments on revenue it has actively prevented from being realised.
Barrick remains ready to honour the agreement envisioned by both partners and stands prepared to
immediately restart production. This would unlock substantial revenue for the country, including tax and
royalty flows that form a very significant part of the national budget. This would also see the dropping of
unfounded criminal charges against its employees and their release from detention.
The consequences of the Government’s continued inaction are serious both from an economic and
human angle. The long-term viability of one of Mali’s most strategic mining assets and a key contributor
to the national economy is at risk. Barrick brings the unique expertise required to successfully operate
this world-class mine. In addition, four innocent Malian citizens continue to be deprived of their freedom,
without any justification nor prospect for a quick solution.
Barrick has long been a committed partner to the people of Mali and a reliable corporate citizen,
consistently supporting local content and economic development, even in times of uncertainty. As private
banks face mounting pressure to keep the country afloat, Barrick has continued to meet its obligations in
good faith, paying wages, sustaining workers and contractors’ livelihoods as well as the broader supply
chain. However, this situation is not sustainable for the longer term.
BARRICK GOLD CORPORATION PRESS RELEASE
While Barrick continues to seek a constructive solution, it remains prepared to pursue international
arbitration and legal remedies against the Government and any individuals or entities, acting in bad faith.
Barrick urges the Government of Mali to act now in the interest of its people and the national economy
by concluding the agreement which stands ready to be implemented.
Enquiries:
Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
Email: [email protected]
Website: www.barrick.com
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 “continue”,
“intended”, “committed”, “engage”, “negotiate”, “pursue” and simil ar expressions identify forward- looking
statements. In particular, this press release contains forward- looking statements including, without limitation, with
respect to: the status of the gold stock removed from site; the outcome of dispute resolution through arbitration; the
status of negotiations with the Government of Mali in respect of ongoing disputes regarding the Loulo- Gounkoto
Complex and Barrick’s commitment to reach a mutually acceptable solution; the potential to increase the
Government of Mali’s share in the economic benefits of Loulo- Gounkoto; and Loulo- Gounkoto’s partnership with
the Government of Mali.
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, while considered reasonable by the Company
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: changes in national and local government legisl ation, 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 Mali and other jurisdictions in which the Company or its affiliates
do or may carry on business in the future; fluctuations in the spot and forward price of gold, copper, or certain other
commodities (such as diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and
development; changes in mineral production performance, exploitation, and exploration successes; risks related to
disruption of supply routes which may cause delays in construction and mining activities, including disruptions in
the supply of key mining inputs due t o the invasion of Ukraine by Russia and conflicts in the Middle East; risk of
loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with new diseases, epidemics
and pandemics; litigation and legal and administrative proceedi ngs; employee relations including loss of key
employees; increased costs and physical and transition risks related to climate change, including extreme weather
events, resource shortages, emerging policies and increased regulations related to greenhouse gas emission
levels, energy efficiency and reporting of risks; and availability and increased costs associated with mining inputs
and labor. 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 differ
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.
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.