Barrick Serves Notice of Dispute Over Porgera

NEWS RELEASE

Barrick Serves Notice of Dispute Over Porgera

Toronto – July 10, 2020 – Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) announced that its subsidiary,

Barrick (PD) Australia Pty Limited (Barrick PD), an investor in the Porgera Mine, has given notice to Papua

New Guinea (PNG) that a dispute has arisen under the Bilateral Investment Treaty (BIT) between PNG and

Australia.

Barrick PD asserts that the dispute arises out of the PNG Government’s decision not to extend the Porgera

Special Mining Lease (SML) in violation of the terms of the BIT and international law governing foreign

investment. Barrick PD , as an investor, seeks to recover damages it has already suffered and damages it

may suffer in the future by virtue of PNG’s wrongful refusal to grant an extension of the Porgera SML. If the

dispute cannot be resolved through consultations and negotiations, Barrick PD has elected to refer the dispute

to arbitration before the World Bank’s International Centre for Settlement of Investment Disputes (ICSID).

Barrick further notes that Barrick Niugini Ltd, the joint venture between Barrick PD and a subsidiary of Zijin

Mining Group Ltd, has also announced the commencement of conci liation proceedings against PNG before

ICSID, see http://www.porgerajv.com/Company/Media/Press-Release.

Barrick continues to advocate for a negotiated solution to an extension of the Porgera mining lease on terms

that would be beneficial to all stakeholders.

Barrick Enquiries

Kathy du Plessis

Investor and media relations

+44 20 7557 7738

Email: [email protected]

Website: www.barrick.com