Barrick Steers Porgera GOLD MINE Back Towards World-Class Production
PRESS RELEASE
NYSE : GOLD TSX : ABX
BARRICK STEERS PORGERA GOLD MINE
BACK TOWARDS WORLD-CLASS PRODUCTION
Port Moresby, Papua New Guinea, March 31, 2023 – Barrick Gold Corporation (NYSE:GOLD)
(TSX:ABX) – The government of Papua New Guinea, Barrick N iugini Limited and New Porgera
Limited today signed an agreement to progress with the resumption of operations at the Porgera
gold mine, which have been suspended since 2020.1
Porgera hosts an orebody with measured and indicated resources of 10 million ounces 2 and
inferred resources of 3.4 million ounces .2 After initial ramp up and optimisation of the Wangima
pit, the mine is forecast to produce an average of 700,000 ounces per year, achieving a milestone
towards its potential Tier One3 status.
The New Porgera Progress Agreement ( NPPA), signed today, confirms that all parties are
committed to reopening the mine at the earliest opportunity, in line with the terms of the Porgera
Project Commencement Agreement and the New Porgera Limited Shareholders Agreement both
concluded in 2022. The New Porgera project team will now move ahead with the filings for a
special mining lease and progressing the other conditions set out in the Commencement
Agreement for the reopening of the mine.
The equity in New Porgera is shared 51% by Papua New Guinea (PNG) stakeholders, including
local landowners and the Enga provincial government. Economic benefits will be shared 53% by
the PNG stakeholders and 47% by Barrick Niugini Limited, which will operate the mine.
After the signing ceremony, Barrick president and chief executive Mark Bristow said there was
strong support from all stakeholders to get Porgera reopened as soon as possible.
“It’s been a long journey but in the process we have secured the buy -in of all the stakeholders.
For Barrick, the reopening of the mine would represent another victory for our host-country
partnership model which has been so successful in Tanzania and has now also been adopted for
the new Reko Diq copper-gold project in Pakistan,” Bristow said.
“Localization is an essential part of our partnership philosophy so New Porgera will , whenever
possible, source the goods and services it requires from businesses genuinely based and owned
in Porgera, the Enga province and Papua New Guinea. Similarly, it will give preference to locals
in recruiting employees for the reopening mine.”
Enquiries:
Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
Email: [email protected]
Website: www.barrick.com
BARRICK GOLD CORPORATION PRESS RELEASE
Technical Information
The scientific and technical information contained in this press release has been reviewed and approved by Chad
Yuhasz, P.Geo, Mineral Resource Manager, Latin America & Asia Pacific, and Simon Bott oms, CGeol, MGeol, FGS,
FAusIMM, Mineral Resource Management and Evaluation Executive — each a “Qualified Person” as defined in
National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Endnotes
1. Porgera was placed on temporary care and maintenance on April 25, 2020 and remains excluded from our 2023
guidance. We expect to update our guidance to include Porgera following both the execution of definitive
agreements to implement the Commencement Agreement and the finalization of a timeline for the resumption of
full mine operations.
2. On a 100% basis. Estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral
Projects as required by Canadian securities regulatory authorities as of December 31, 2022. Measured resources
of 5.6 million tonnes grading 5.55 g/t, representing 1.0 million ounces of gold. Indicated resources of 79.0 million
tonnes grading 3.62 g/t, representing 9.2 million ounces of gold. Inferred resources of 33.0 million tonnes grading
3.2 g/t, representing 3.4 million ounces of gold. Complete attributable mineral reserve and mineral resource data
for all of Barrick’s mines and projects, including tonnes, grades, and ounces, can be found in the Mineral Reserves
and Mineral Resources Tables provided on pages 37 to 46 of Barrick’s 2022 Annual Information Form and Form
40-F filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
3. On a 100% basis. A Tier One Gold Asset is an asset with a reserve potential to deliver a minimum 10-year life,
annual production of at least 500,000 ounces of gold and total cash costs per ounce over the mine life that are in
the lower half of the industry cost curve.
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 “steers”, “progress”,
“committed”, “will”, “potential”, “optimisation”, “forecast”, “achieve”, “opportunity” 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 the New Porgera Progress Agreement and progress toward the
resumption of operations at the Porgera mine under the Commencement Agreement; forecasted production for Porgera
following the ramp-up of operations and optimisation of the Wangima pit; the level of support from all stakeholders for
the reopening of the Porgera mine; Barrick’s partnership philosophy and the anticipated benefits from local procurement
and other initiatives; Barrick’s future plans, growth potential, financial strength, investments and overall strategy; and
expectations regarding future price assumptions, financial performance, shareholder returns 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 spot and forward price of gold, 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 timeline for execution and effectiveness of
definitive agreements to implement the binding Commencement Agreement between Papua New Guinea and BNL and
the timeline for resolution of outstanding tax audits with Papua New Guinea’s Internal Revenue Commission; the
duration of the temporary suspension of operations at Porgera, 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 Papua
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
BARRICK GOLD CORPORATION PRESS RELEASE
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 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 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 w ith community groups, whether true or not; litigation and legal and
administrative proceedings; operating or technical difficulties in connection with mining 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 systems and the implementation of Barrick’s
technological initiatives; 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; 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. Barrick also cautions that its 2023 guidance
may be impacted by the ongoing business and social disruption caused by the spread of Covid-19.
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.
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.