Mr. Mark Bristow reports

GREAT FUTURE BECKONS FOR LUMWANA AS BARRICK UNLOCKS POTENTIAL

Barrick Gold Corp.'s drive to transform the Lumwana copper mine into a Tier 1 asset with a life extending beyond 2060 is picking up speed with a strong performance in the past quarter adding impetus to its continuing production ramp-up. All amounts are expressed in U.S. dollars.

Briefing media at a site visit here today, Barrick president and chief executive Mark Bristow said the mine's full potential was only now being revealed. Additional expansion opportunities, identified through an updated geological model, are currently being assessed, while drilling at the Kababisa prospect highlights potential mining flexibility through higher grades. The Lumwana prefeasibility study is progressing in line with the company's plans to transform its long-term copper profile through the delivery of the envisioned superpit.

"Since Barrick refocused its strategy in Africa in 2019, Lumwana has become a key element in the expansion of our strategic copper portfolio and a significant contributor to our bottom line. At the same time its importance to Zambia has grown. Since 2019, it has contributed more than $2.3-billion to the country's economy in the form of royalties, taxes, salaries and purchases from local suppliers," he said.

Barrick has a global policy of sourcing its suppliers locally and last year it spent $432-million, 83 per cent of its total procurement, with Zambian suppliers and contractors. It has also launched a business accelerator program to build the capacity of Zambian contractors in the mining supply chain.

Similarly, Barrick is committed to local employment. Currently, 99.3 per cent of Lumwana's employees and 98 per cent of its contractors are Zambian nationals, both industry-leading statistics.

Lumwana is a participant in the United Nations' REDD+ project, which is designed to reduce greenhouse gas emissions from deforestation, and the mine has engaged with its communities on this initiative.

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