Reserve Replacement and New Opportunities Secure Kibali’S +10-YEAR Plan
PRESS RELEASE
NYSE : GOLD TSX : ABX
RESERVE REPLACEMENT AND NEW OPPORTUNITIES
SECURE KIBALI’S +10-YEAR PLAN
Kinshasa, Democratic Republic of Congo, January 30, 2023 – Barrick Gold Corporation (NYSE:GOLD)
(TSX:ABX) – Africa’s largest gold mine, Kibali, is again on track to replace its reserves beyond the ounces
depleted by mining in the previous year , while new growth opportunities will also support its +10-year
business plan and its status as one of Barrick’s Tier One1 assets.
Barrick president and chief executive Mark Bristow told media here today that Kibali’s prolific KCD
orebody was continuing to deliver additional value with current drilling focused on converting resources
into reserves and exploring the lodes which are still open down plunge. In addition, the Mengu Hill,
Ikanva and Gorumbwa targets are showing the potential for joining Kibali’s underground portfolio.
“Kibali is a highly cost-efficient operation with its three world-class hydropower stations supplying much
of its energy requirements. They will be supplemented by a new 17 MW solar plant which, when
completed in 2025 , will raise the renewable component of the mine’s energy mix from 81% to 93%,”
Bristow said.
Kibali’s green credentials also include its continuing reduction in the use of fresh water from the Kibali
River and a reforestation program which to date has planted more than 10,000 trees. The mine’s
biodiversity support for the DRC’s Garamba National Park is being extended with the re-introduction of
rhinos sourced in South Africa. The first 16 are expected in Garamba by the end of the second quarter
of this year and they will be followed by another 60 over the course of the next three years.
In line with Barrick’s global policy of employing and advancing host country nationals, Arthur Kabila has
been appointed as Kibali’s first Congolese general manager. A further eight key management and
technical positions were filled by Congolese last year.
Enquiries:
President and CEO
Mark Bristow
+1 647 205 7694
+44 788 071 1386
DRC country manager
Cyrille Mutombo
+243 812 532 441
Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
+27 83 266 5847
Email: [email protected]
Website: www.barrick.com
BARRICK GOLD CORPORATION PRESS RELEASE
Endnote:
1 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.
Technical Information
The scientific and technical information contained in this press release has been reviewed and approved by Richard Peattie,
MPhil, FAusIMM, Mineral Resources Manager: Africa & Middle East ,a “Qualified Person” as defined in National Instrument 43-
101 – Standards of Disclosure for Mineral Projects.
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 “secure”, “on track”, “opportunity”, “continue”, ,
“schedule”, “expect”, “will”, “growth”, and similar expressions identify forward-looking statements. In particular, this press
release contains forward-looking statements including, without limitation, with respect to: Kibali’s potential to replace reserves
net of depletion; production guidance and performance; opportunities for growth at Kibali including potential new explor ation
targets for the Kibali underground; the potential to grow the mine’s mineral resource base; Kibali’s renewable power strategy
and the timeline for the completion of a new solar plant and expected benefits; the anticipated environmental and operational
benefits from Kibali’s investment in its infrastructure, including through a new cyanide removal plant; Kibali’s sustainability
projects, including fresh water and reforestation projects and commitments to make certain investments though its social
development fund; Barrick’s investment in Africa’s biodiversity including through the reintroduction of white rhinos to the
Garamba national park; and Barrick’s commitment to the DRC and potential further growth opportunities.
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 thi s
press re lease 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 g old, copper, or certain other commodities (such as silver, diesel fuel, natural gas, and electricity); the
speculative nature of mineral exploration and development; changes in mineral production performance, exploitation, and
exploration successes; the possibility that future exploration results will not be consistent with the Company’s expectations; risks
that exploration data may be incomplete and considerable additional work may be required to complete further evaluation,
including but not limited to dr illing, engineering and socioeconomic studies and investment; 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; steps required prior to
the distribution of cash and equivalents held at Kibali in banks in the Democratic Republic of Congo; risks associated with
projects in the early stages of evaluation, and for which additional engineering and other analysis is required; failure to comply
with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits
and approvals; uncertainty whether some or all of Barrick’s targeted investments and projects will meet the Company’s capital
allocation objectives and internal hurdle rate; 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 DRC and other jurisdictions in which the Company or its affiliates do or may carry on
business in the future; 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; risks associat ed with new diseases, epidemics and pandemics, including the effects and potential effects
of the global Covid- 19 pandemic; litigation and legal and administrative proceedings; t he 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; employee relations including loss of key employees; increased costs and
physical risks, including extreme weather events and resource shortages, related to climate change; and availability and
increased costs associated with mining inputs and labor. Barrick also cautions that its guidance may be impacted by the
unprecedented business and social disruption caused by the s pread of Covid- 19. 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 caus e 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 i ntention 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.