Mr. Mark Bristow reports

PORGERA MINE SHAREHOLDERS MEET NEW PNG GOVERNMENT ABOUT SML EXTENSION

Barrick Gold Corp.'s president and chief executive officer, Mark Bristow, along with Zijin executive director and senior vice-president George Fang, met today with Papua New Guinea's new prime minister, James Marape, and reaffirmed the company's commitment to working with the PNG government and local communities to ensure that the Porgera gold mine continues to deliver value to its stakeholders past the expiry of the current special mining lease on Aug. 16, 2019. All amounts herein are expressed in U.S. dollars, unless otherwise specified.

While in the country, Mr. Bristow also held meetings with Enga Governor Peter Ipatas, Porgera landowners and other stakeholders.

Since pouring its first gold in 1990, Porgera has paid more than 3.6 billion kina ($1.1-billion) in taxes as well as one billion kina ($297-million) and 600 million kina ($178-million) in equity cash payments and royalties, respectively, to the provincial government and customary landowners. This represents a significant contribution to the country's economy as well as a substantial amount to the landowners on whose properties the mine is located. An application to extend Porgera's special mining lease for a further 20 years is currently in progress.

Mr. Bristow said Porgera was an important long-term asset for PNG as well as the mine's owners, Barrick Gold and Zijin Mining Group.

"The proposed extension to its lease will allow the mine to remain productive for at least another 20 years. To sustain mine operations, however, it will require a significant capital injection, and it is difficult to justify that kind of investment without the security of an extended mine lease," commented Mr. Bristow.

Mr. Bristow continued: "Barrick believes in true partnership with our host countries, sharing both the responsibilities and the benefits that come with mining. We are engaging with the government to breathe new life into our long-standing partnership so that Porgera continues to deliver value to all its stakeholders. In our meeting with the Porgera landowners, we invited our stakeholders to join us in continuing to improve the quality of life, security and welfare in the Porgera valley."

Porgera is a joint venture between Barrick and the Zijin Mining Group; each owns 47.5 per cent, with the remaining 5-per-cent interest being held by Mineral Resources Enga (owned equally by Porgera special mining lease landowners and the Enga provincial government). The mine is operated by Barrick (Niugini) Ltd.

About the Porgera joint venture

The Porgera gold mine is in the Enga province of Papua New Guinea at an altitude of 2,200 to 2,700 metres. It is 130 kilometres west of Mount Hagen and 600 kilometres northwest of the capital, Port Moresby. Porgera employs over 3,300 Papua New Guineans, of which 1,900 are from Porgera and nearby Enga. Over the life of mine, it has produced more than 20 million ounces of gold and contributed approximately 10 per cent of Papua New Guinea's total annual exports. Since inception, the mine has: distributed one billion kina ($297.2-million) to landowners and the provincial government; and spent 4.9 billion kina ($1.4-billion) on contracts with PNG businesses, of which 1.2 billion kina ($356-million) on businesses in Porgera and 480 million kina ($142-million) on schools, health facilities, water, electricity, roads and community programs.

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). With mining operations and projects in 15 countries, including Argentina, Australia, Canada, Chile, the Ivory Coast, the Democratic Republic of the Congo, the Dominican Republic, Mali, Papua New Guinea, Peru, Saudi Arabia, Senegal, the United States and Zambia, Barrick has the lowest total cash cost position among its senior gold peers and a diversified asset portfolio positioned for growth in many of the world's most prolific gold districts.

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