Mr. Mark Bristow reports

KIBALI MAKES STRONG START TO 2019

Kibali, ranked among the world's top 10 gold mines, has made a strong start to 2019 after setting a new production record last year, said Barrick Gold Corp. president and chief executive officer Mark Bristow. Barrick operates Kibali, which is a joint venture with AngloGold Ashanti and the Congolese parastatal SOKIMO (Societe Miniere de Kilo-Moto).

Speaking at a briefing for local media and stakeholders, Mr. Bristow said Kibali was continuing to break records en route to its 2019 guidance of 750,000 ounces, the latest being the 285,000 tonnes of ore hoisted through the shaft in March. Throughput and recovery remained at or above nameplate levels and Kibali continued to add new technology to its autonomous mining operation, a field in which it is already an industry leader.

"With Kibali producing at this rate, we are intensifying our focus on reserve and resource replacement. Drilling is targeting the extensions of the KCD Gorumbwa complex of orebodies, along the 30-kilometre gold-bearing KZ structure and the western extensions of the Kibali graben. This has confirmed that there is a substantial potential for replenishing the reserve and resource base," Mr. Bristow said.

"Kibali is one of five Tier 1 gold mines in the Barrick stable, and it is an outstanding example of Barrick's commitment to partnerships. This is demonstrated by the constructive relationship between its three shareholders as well as by its continuing investment in the local economy. During the past quarter, the mine spent $38-million with Congolese contractors and the recently initiated Durba road upgrade project is being undertaken by 100-per-cent-Congolese-owned-and-operated contractors which Kibali developed."

Mr. Bristow noted that, at their meeting in Washington earlier this month, Felix Tshisekedi, the Congolese president, and John Thornton, Barrick's executive chairman, had confirmed their joint commitment to a partnership designed to develop the country's gold mining industry. Follow-up meetings held in country over the last 24 hours between Mr. Tshisekedi, Mr. Bristow and their respective executive teams focused on partnership initiatives and strategies to support the continued growth of the mining industry for the benefit of investors, the Congolese nation and other stakeholders.

"The DRC government is one of our most important partners, and we look forward to working with them to create an economic climate capable of attracting large and long-term investments such as the one we made in Kibali. This requires a mining code which equitably balances the interests of the state and the capital providers and allows both to participate fairly in the value creation that the mining industry offers. We are and will continue to engage with the government and administration on the issues around the code introduced last year," he said.

About the Kibali gold mine

The Kibali mine, located in the Democratic Republic of the Congo, is one of the largest gold mines in Africa. It comprises an integrated open pit and an underground operation as well as a 7.2-million-tonne-per-year processing plant. First gold was poured in 2013 from open-pit operations, and commissioning of the full underground operation was completed at the end of 2017.

Kibali is in the northeast of the DRC, approximately 220 kilometres east of the capital of Haut Uele province, Isiro, 150 kilometres west of the Ugandan border town of Arua and 1,800 kilometres from the Kenyan port of Mombasa. The mine is owned by Kibali Goldmines SA, which is a joint venture company effectively owned 45 per cent by each of Barrick and AngloGold Ashanti and 10 per cent by Societe Miniere de Kilo-Moto (SOKIMO). The mine was developed and is operated by Barrick.

About Barrick Gold Corp.

On Jan. 1, 2019, a new Barrick was born out of the merger between Barrick Gold and Randgold Resources Ltd.

The merger has created a sector-leading gold company that owns five of the industry's top 10 Tier 1 gold assets (Cortez and Goldstrike in Nevada, United States (100 per cent); Kibali in the DRC (45 per cent); Loulo-Gounkoto in Mali (80 per cent); and Pueblo Viejo in Dominican Republic (60 per cent)) and two with the potential to become Tier 1 gold assets (Goldrush/Fourmile (100 per cent) and Turquoise Ridge (75 per cent) -- both in the United States).

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