Barrick Provides an Update on Reko Diq
PRESS RELEASE
Barrick Provides an Update on Reko Diq
All amounts expressed in U.S. dollars
Toronto, April 2, 2026 – Barrick Mining Corporation (NYSE:B)(TSX:ABX) (“Barrick” or the “Company”)
today provides an update on the status of the Reko Diq project. On February 5, 2026 the Company
announced that it was reviewing all aspects of the project in light of the escalation of security risks and
increased security incidents.
Barrick continues to believe in the long-term value of Reko Diq. Following the preliminary findings of the
review and the further escalation of security issues in Pakistan and the region, the Company considers it
necessary to slow the development activity and continue the project review until mid-2027. The continued
review will allow the Company to assess in a comprehensive manner the evolving security situation,
capital requirements, project financing, project scope and timeline.
While development activity will be slowed, the project will remain under active management with a
reduced capital spend. Development of Phase 1 of the Reko Diq project was approved on this basis.
Barrick recognizes its important role in the local community and intends to continue to invest in and honor
its existing in-country community and social programs.
It is anticipated that there could be significant increases to the previously disclosed total estimated capital
budget and timeline for the project The previously disclosed total estimated capital cost of Phase 1 was
between $5.6 billion and $6.0 billion (100% basis, exclusive of capitalization of financing costs) and of
Phase 2 was between $3.3 billion and $3.6 billion (100% basis, exclusive of capitalization of financing
costs), with first production targeted by the end of 2028.
Barrick will continue to monitor the security landscape closely in consultation with its joint venture
partners and will provide a further update to the market following the conclusion of its review.
About Barrick Mining Corporation
Barrick is a leading global mining, exploration and development company. With one of the largest
portfolios of world -class and long -life gold and copper assets in the industry, Barrick’s operations and
projects span 17 countries and five continents. Barrick is also the largest gold producer in the United
States. We create real, long -term value for all stakeholders through responsible mining, strong
partnerships and a disciplined approach to growth. Barrick shares trade on the New York Stock Exchange
under the symbol ‘B’ and on the Toronto Stock Exchange under the symbol ‘ABX’.
BARRICK MINING CORPORATION PRESS RELEASE
Investor Relations Contact
Barrick Mining Corporation
Cleve Rueckert, +1 775 397 5443
Media Contact
Brunswick Group
Carole Cable, +44 (0) 20 7404 5959
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 “project”, “remain”, “believe”, “will”, “continue” and similar expressions identify
forward-looking statements. In particular, this press release contains forward -looking statement s
including, without limitation, with respect to: the ongoing project review of Reko Diq; the development
and operation of the Reko Diq project, including the project scope, anticipated costs and timeline for
construction and first production; potential si gnificant increases to previously disclosed total estimated
capital budget and timeline for the Reko Diq Project; the anticipated sharing of the benefits from the Reko
Diq project with Barrick’s host governments and communities; and expectations regarding future price
assumptions, financial performance 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 Barrick as at the date of this press releas e 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 diesel fuel, natural gas and electricity); the speculative nature of mineral exploration and development;
changes in mineral production performance, exploitation and exploration successes; risks associated with
projects in the early stages of evaluation and development and for which additional technical, engineering
and other analysis is required; risks related to disruption of supply routes which may cause delays in
construction and mining activities, including d isruptions in the supply of key mining inputs due to the
invasion of Ukraine by Russia and conflicts in the Middle East; diminishing quantities or grades of
reserves; increased costs, delays, suspensions and technical challenges associated with the construction
of capital projects; operating or technical difficulties in connection with mining or development activities,
including geotechnical challenges and disruptions in the maintenance or provision of required
infrastructure and information technology systems; failure to comply with environmental and health and
safety laws and regulations; the failure to obtain key licenses by governmental authorities; 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 the Islamic Republic of Pakistan or the Province of Balochistan; timing of
receipt of, or failure to comply with, necessary permits and approvals; lack of certainty with respect to
BARRICK MINING CORPORATION PRESS RELEASE
foreign legal systems, corruption and other factors that are inconsistent with the rule of law; risk of loss
due to acts of war, terrorism, sabotage and civil disturbances, including risks associated with the evolving
security landscape in the region of the Reko Diq Project; risks associated with new diseases, epidemics
and pandemics; damage to Barrick’s reputation due to the actual or perceived occurrence of any number
of events, including negative publicity with respect to the Barrick’s handling of environmental matters or
dealings with community groups, whether true or not; the possibility that future exploration results will not
be consistent with Barrick’s expectations; risks that exploration data may be incomplete and considerable
additional work may b e required to complete further evaluation, including but not limited to drilling,
engineering and socioeconomic studies and investment; uncertainty whether some or all of Barrick's
targeted investments and projects will meet the Company’s capital allocation objectives and internal
hurdle rate; litigation and legal and administrative proceedings; contests over title to properties,
particularly title to undeveloped properties, or over access to water, power and other required
infrastructure; business opportunities that may be presented to, or pursued by, Barrick; risks associated
with illegal and artisanal mining; risks associated with working with partners in jointly controlled assets;
employee relations including loss of key employees; increased costs and physical risks, including extreme
weather events and resource shortages related to climate change; the impact of global liquidity and credit
availability on the timing of cash flows and the values of assets and liabilities based on projected future
cash flows; the impact of inflation, including global inflationary pressures driven by ongoing global supply
chain disruptions; global energy cost increases following the invasion of Ukraine by Russia and country-
specific political, economic factors in Argentina a nd uncertainty related to Venezuela; adverse changes
in our credit ratings; fluctuations in the currency markets; changes in U.S. dollar interest rates; changes
in U.S. trade, tariff and other controls on imports and exports, tax, immigration or other policies that may
impact relations with foreign countries, result in retaliatory policies, lead to increased costs for raw
materials and components, or impact Barrick's existing operations and material growth projects; 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 forwa rd-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.