Recommissioning Starts as Porgera Prepares to Resume Operations IN Q1 2024
Press Release
NYSE : GOLD TSX : ABX
All amounts expressed in US dollars
RECOMMISSIONING STARTS AS PORGERA
PREPARES TO RESUME OPERATIONS IN Q1 2024
Toronto, December 22, 2023 – Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) – Following the
formal completion of the Porgera Project Commencement Agreement today, work has started on the
recommissioning of the Porgera gold mine in Papua New Guinea, which has been in care and
maintenance since April 2020. This work is expected to be completed over the next few weeks, pav ing
the way for mining and processing to restart in the first quarter of 2024.
Barrick president and chief executive Mark Bristow, who was closely involved in the negotiations that
eventually delivered the restart agreement, said the mine’s new ownership structure was in line with the
company’s host country partnership business model.
Operated by Barrick through Barrick Niugini Limited (BNL), a joint venture with Zijin Mining, Porgera joins
the company’s sector-leading gold asset portfolio with the potential for a Tier One1 production profile.
Enquiries
Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
Email: [email protected]
Website: www.barrick.com
Endnote:
1. A Tier One Gold Asset is an asset with a $1,300/oz reserve potential to deliver a minimum 10-year life, annual production
of at least 500,000 ounces of gold and with all-in sustaining costs per ounce in the lower half of the industry cost curve.
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 “set”, “expect”, “follows”, “potential”, “secure”, “steer”,
“will”, “create”, “project”, “look forward” and similar expressions identify forward -looking statements. In particular, this press
release contains forward-looking statements including, without limitation, with respect to: the expectation of resumption of
operations at the Porgera mine andthe restart of processing by the first quarter of 2024; the potential for Porgera to achieve
Tier One production status in Barrick’s gold mine portfolio; forecasted production from the Porgera mine and the sharing of
projected economic benefits from Porgera with PNG stakeholders under the new equity ownership structure; the success of
Barrick’s host -country partnership model in Papua New Guinea; Barrick’s future plans, growth potential, financial strength,
investments and overall strategy; and expectations regarding future price assumptions, financial performance, shareholder
returns, life of mine and other outlook or guidance.
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: fluctuations in the sp ot
and forward price of gol d, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); risks
associated with projects in the early stages of evaluation and for which additional engineering and other analysis is required;
the conditions for the reopening of the mine and the timeline to recommence operations; risks related to the possibility that future
exploration results will not be consistent with the 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; lack of
certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law in P apua
New Guinea; 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 Papua New Guinea or other countries in which Barrick does or may carry on business in the future; non-renewal of key
licenses by governmental authorities; failure to comply with environmental and health and safety laws and regulations; contests
over title to properties, particularly t itle 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 the 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; litigation and legal and administrative proceedings; operating or technical difficulties in connection with mini ng or
development activities, including geotechnical challenges, tailings dam and storage facilities failures, and disruptions in the
maintenance or provision of required infrastructure and information technology systems; increased costs, delays, suspensions
and technical challenges associated with the construction of capital projects; risks associated with working with partners in jointly
controlled assets; 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 to the invasion of Ukraine by Russia; risk of loss due to acts of war,
terrorism, sabotage and civil disturbances; risks associated with artisanal and illegal mining; risks associated with Barrick ’s
infrastructure, information technology syste ms and the implementation of Barrick’s technological initiatives; the impact of
inflation, including global inflationary pressures driven by supply chain disruptions caused by the 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; employee relations including loss of key
employees; 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.
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 o n 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.