Mr. Mark Bristow reports

BARRICK PROGRESSES EXTENSION OF LONG-TERM VALUE DELIVERY RUNWAY

Barrick Gold Corp. is on target to meet its gold and copper production guidance for 2023, and continues to advance major projects, which will drive value delivery in the long term through organic growth, president and chief executive Mark Bristow said today.

All amounts are expressed in United States dollars.

Commenting on the company's Q2 results, Mr. Bristow said improved performances from the Carlin complex in Nevada, the Kibali gold mine in the Democratic Republic of the Congo and the Lumwana copper mine in Zambia have laid a sound foundation for production in the second half of the year which, as guided, is expected to surpass the first. Key drivers of the higher anticipated H2 results are the Q2 completion of major maintenance projects at Nevada gold mines (NGM) and the commissioning of the plant expansion at the Pueblo Viejo gold mine in the Dominican Republic.

Compared with Q1, gold production in Q2 was up 6 per cent at just over one million ounces, while copper production increased by 22 per cent to 107 million pounds. Operating cash flow rose by 7 per cent to $832-million, net earnings increased by 143 per cent to 17 cents per share, and adjusted net earnings increased by 36 per cent to 19 cents per share. The quarterly dividend was maintained at 10 cents. Year-on-year, the total recordable injury frequency rate (TRIFR) was reduced by 8 per cent and greenhouse gas emissions were reduced by 12 per cent.

The massive Pueblo Viejo expansion project is making significant progress, with the process plant currently ramping up to full capacity. The plant expansion and associated new tailings storage facility will extend the Tier 1 mine's life to beyond 2040 and, is designed to sustain gold production above 800,000 ounces pear year (100 per cent basis) going forward. In Papua New Guinea, the resolution of the tax dispute has allowed the company to work toward the reopening of the Porgera gold mine by the end of the year, with a potential Tier 1 production profile, while the prefeasibility study on a super pit at Lumwana is driving its transformation into another Tier 1 asset, capable of producing into the 2060s.

In Pakistan, Barrick continues to make solid progress on the Reko Diq project. Reko Diq is targeting first production in 2028, at the same time that the Lumwana expansion is expected to be completed. Together, these projects will elevate Barrick into the premier league of copper producers, in line with its strategy of significantly expanding its copper portfolio.

Exploration, traditionally Barrick's key growth driver, is advancing significant resource and reserve growth opportunities at Carlin, Cortez and Turquoise Ridge in Nevada, Veladero in Argentina, and Loulo, Kibali and Lumwana in Africa. Barrick is also continuing to expand its global exploration footprint and has consolidated new prospective ground holdings in the U.S., Canada, the Dominican Republic, Peru, Chile, Tanzania and Ivory Coast.

"Our asset base is the best in the business, and it gives us a platform from which we can clearly see and plan for the future, managing the challenges and maximizing the opportunities. At the halfway mark of this year, we've again advanced significantly towards our goal of building the world's most-valued gold and copper mining company, and we have the strategy, the means and the motivation to achieve that," Mr. Bristow said.

Key performance indicators

Best assets:

• Strong performances at Carlin, Kibali and Lumwana keep Barrick on schedule to deliver gold and copper production within annual guidance;
• Stronger H2 expected with completion of major shutdowns at NGM and Pueblo Viejo ramp-up in Q3;
• New equipment at Lumwana delivers 40-per-cent increase in copper production, 21-per-cent decrease in cost of sales and 26-per-cent decrease in C1 cash costs over Q1 -- more expected in H2 as the company mines higher-grade benches;
• Solid Q2 production at Veladero places it firmly on schedule to deliver on full-year guidance;
• Porgera continues to advance to restart, aided by settlement of legacy tax dispute and submission of new special mining lease application;
• Exploration progresses significant brownfields opportunities at Carlin, Cortez, Turquoise Ridge, Veladero, Loulo, Kibali and Lumwana, while consolidating new prospective ground positions in the United States, Canada, Dominican Republic, Peru, Chile, Tanzania and Ivory Coast.

Leader in sustainability:

• Pueblo Viejo receives environmental licence for new tailings storage facility;
• 8-per-cent reduction in TRIFR year-over-year;
• 12-per-cent decrease in greenhouse gas emissions versus H1 2022;
• Successful reintroduction of 16 white rhinos into the Garamba National Park in DRC.

Delivering value:

• 7-per-cent increase in operating cash flow over Q1 to $832-million;
• 143-per-cent increase in net earnings per share over Q1 to 17 cents, and 36-per-cent increase in adjusted net earnings per share to 19 cents for Q2;
• 10-cent per share dividend declared.

Q2 2023 results presentation

Webinar and conference call

Mr. Bristow will host a live presentation of the results today at 11 a.m. ET, with an interactive webinar linked to a conference call. Participants will be able to ask questions.

Webinar details

U.S. and Canada (toll-free):  1-800-319-4610

The United Kingdom (toll-free):  0808-101-2791

International (toll):  1-416-915-3239

The Q2 2023 presentation materials will be available on Barrick's website and the webinar will remain on the website for later viewing.

Barrick declares Q2 dividend

Barrick today announced the declaration of a dividend of 10 cents per share for the second quarter of 2023.

The dividend is consistent with the company's performance dividend policy announced at the start of 2022.

The Q2 2023 dividend will be paid on Sept. 15, 2023, to shareholders of record at the close of business on Aug. 31, 2023.

"As a result of the continuing overall strength of our business and balance sheet, we have maintained the distribution of a robust base dividend to our shareholders, while our performance dividend policy provides the potential for additional upside going forward," said Graham Shuttleworth, senior executive vice-president and chief financial officer.

The positive impact of responsible mining

Effective and equitable socio-economic development worldwide would not be possible without the transformative contribution of responsible mining, Mr. Bristow said at the group's third annual sustainability update on July 25.

Mr. Bristow said Barrick's sustainability strategy was geared to the United Nations' Sustainable Development Goals (SDGs), and in line with its commitment to transparency; its recently published sustainability report for 2022 showed how its operations contributed to or impacted on specific SDGs.

"We believe mining is the flywheel of development and therefore the entire industry is essential to the achievement of the SDGs," he said.

Grant Beringer, Barrick's sustainability executive, said the group was also making progress toward complete conformance with the latest best practices, including the International Council on Mining and Metals' performance expectations, the World Gold Council's responsible gold mining principles, and the Global Industry Standard on Tailings Management. Barrick continues to meet or exceed its environmental targets, including recycling and reusing water -- up to 83 per cent from 80 per cent in 2021 -- and reducing greenhouse gas emissions by 12 per cent year-over-year and 6 per cent for 2022.

"We believe the mining industry is a catalyst for socio-economic development through the infrastructure we build, the jobs we create, the businesses we support through our supply chains and the investments we make in local communities," Mr. Beringer said.

The group's current key focus areas are: using its purchasing power to drive down scope 3 emissions from suppliers; developing a tool to measure its contribution to the conservation and regeneration of biodiversity; continuing to provide ESG (environmental, social and governance) raters with the latest sustainability-related information; and progressing the environmental and social studies at the giant Reko Diq project in Balochistan, Pakistan, where it is already delivering on its community development commitments, far ahead of the targeted first production in 2028.

"Done right, the mining industry is a powerful force for good in the global drive for social and economic development," Mr. Bristow said.

Focus on flexibility at Nevada

With the completion of major maintenance shutdowns at NGM, and a significantly improved performance from Carlin, the focus on driving flexibility and reducing production risk has intensified.

NGM chairman Mr. Bristow says while the superb quality of the complex's assets and its enormous untapped potential make Nevada the value foundation on which operator and majority shareholder Barrick is growing its business, it has processing constraints which need to be overcome by boosting operational flexibility.

"We see at each of the three Tier 1 assets (Carlin, Cortez and Turquoise Ridge) multiple opportunities to strengthen the life of mine with near-mine growth using the current infrastructure in the midterm (Leeville and Ren), new projects that can extend the use of the processing facilities (Robertson,) and a long-term portfolio targeting significant brownfields and greenfields (Fourmile and Turquoise Ridge underground) to sustain current production past the 15-year window.

"We're planning to achieve this by increasing processing and mining run times, stepping up development at all the underground mines, improving and standardizing maintenance management, identifying and implementing efficiency initiatives, and tightening control of compliance with mine plans," he says.

"Barrick's mantra is that the best assets need to be managed by the best people, so there's been an equally strong focus on building a management team and a work force with the skills and orientation required to make the most of the world's-largest gold mining complex. In this regard, it's worth noting that the training centre we established at NGM has already produced more than 170 front line and support staff graduates."

During the past quarter, NGM's operating muscle was beefed up with the ahead-of-schedule commissioning of the first seven of a new 22-unit Komatsu 930 fleet due this year. The rest of a total of 62 are due to be commissioned over the next three years.

Where women shine

On June 15, Barrick joined the rest of the industry in celebrating the International Day of Women in Mining. As Mr. Bristow notes, however, acknowledging and encouraging the important role women should be playing in this traditionally male-dominated business is an everyday strategic priority for Barrick.

"People are the ultimate resource, and we invest the same amount of attention into finding and developing them as we do in exploring for mineral resources," Mr. Bristow says. "There's a strong commercial as well as a moral motivation to make gender diversity part of this strategy. The communities in which we operate include large numbers of capable and committed women who just need an opportunity to show what they can contribute.

"That's why we have recruitment drives and training programs specifically targeted at women, as well as initiatives to raise awareness of the value of female economic empowerment in their communities.

"At our Pueblo Viejo mine in the Dominican Republic, for example, women represented 51 per cent of new hires and 35 per cent of internal promotions last year, and 23 per cent of its work force is now female. Across the group, we had almost 3,000 female employees, representing 12 per cent of our global work force at the end of 2022, with 18 per cent of management positions and 16 per cent of senior management positions being held by women. We're working hard to make that proportion larger."

Lumwana's buried treasure

How Barrick creates value by uncovering potential

Barrick's postmerger focus on developing a clear understanding of the geological structures underlying its assets has unlocked enormous potential across the group, most recently at the 100-per-cent-owned Lumwana copper mine in Zambia.

The transformation of this mine into a potential Tier 1 operation with a significant free cash flow and a life expectancy into the 2060s is well under way, with the accelerated prefeasibility study scheduled for completion toward the end of next year. Preconstruction will start in 2025, with 2028 targeted for first production. Concurrent with the expansion, the existing process plant will be upgraded to support the new mine life.

"Resource conversion of the Chimiwungo super pit extension has started and the results to date have confirmed the deposit's potential to provide the foundation for the Lumwana expansion project. Meanwhile, resource definition drilling at the near-surface, low-strip Kamisengo deposit has shown that it can support the process plant feed during the stripping phase of the super pit," says Sebastiaan Bock, chief operating officer of Barrick's Africa abd Middle East region.

Mr. Bristow says when the new Lumwana and Reko Diq both come on stream, which is currently expected in 2028, they will promote Barrick to the premier league of copper producers, alongside its peerless gold portfolio.

"Both these projects demonstrate Barrick's unique ability to extract every ounce or pound of value from assets already in its portfolio," he says.

Organic growth in mineral reserves supports Barrick's 10-year production profile

Exploration continues to be the driving force that sets Barrick apart from its peers, by delivering significant and sustained growth in attributable, proven and probable reserves.

"Since the 2019 merger with Randgold, we've replaced 125 per cent of the gold depleted by mining (exclusive of divestments and acquisitions on a gold-equivalent basis), by unlocking the full value of Barrick's assets and successfully expanding the asset base through brownfields exploration," says Simon Bottoms, mineral resource management and evaluation executive.

"One of the big advantages of having high-quality assets in the world's most prospective regions is that we have a long replacement planning runway. A key group deliverable is the organic replacement of depletion on a rolling three-year basis. Our focus for the rest of this year is on building the mineral resources that will serve as the foundation for future conversion into reserves."

In Nevada, Barrick continues to work on multiple Tier 1 targets that are expected to materially grow the resource and reserve potential of one of the world's most endowed mining complexes. In the Africa and Middle East region, resource conversion drilling at Kibali, and Yalea at Loulo-Gounkoto and Bulyanhulu is expected to again replace depletion this year.

"Looking ahead to 2024, the completion of the prefeasibility study on the Lumwana super pit expansion project and the updated feasibility study on the Reko Diq project in Pakistan are expected to deliver organic growth over and above annual depletion in the group's mineral reserves. Next year's reserve growth is also expected to be supported by the completion of conversion drilling in the greater Leeville complex and elsewhere at NGM," says Mr. Bottoms.

A proud history, a bright future

Barrick marked its 40th birthday this year, celebrating its growth from the modest, small-scale operation started by Canadian mining pioneer Peter Munk in the early 1980s.

When Barrick listed on the Toronto Stock Exchange on May 2, 1983, it had a market capitalization of $100-million and produced 30,000 ounces of gold in its first full year of production. Since its merger with Randgold in 2019, the company aspires to be the world's most valued gold and copper business, with the best assets managed by the best people, and delivering the best returns and benefits for all its stakeholders.

Barrick today has a multibillion dollar market capitalization, and produced 4.1 million ounces of gold and 440 million pounds of copper in 2022 from a mine and project portfolio spanning 19 countries.

Bringing back white rhinos to the DRC

Barrick was the sole donor in the recent translocation of 16 southern white rhinos to the Democratic Republic of the Congo's Garamba National Park, near its Kibali gold mine, in collaboration with the Institut Congolais pour la Conservation de la Nature (ICCN), African Parks and &Beyond Phinda Private Game Reserve in Kwazulu-Natal, South Africa, from where the rhinos were sourced. Northern white rhinos were last seen in the park in 2006 and are now considered extinct.

This latest sustainability initiative forms part of Barrick's long-standing partnership with African Parks and Garamba, which has seen the company provide more than $2.5-million for tracking collars, fuel for observation planes, rescue and rehabilitation programs, as well as improvements to critical infrastructure such as roads and bridges.

Additionally, Barrick will finance the translocation of a further 60 white rhinos from South Africa to Garamba over the next three years. The project is aligned with Barrick's biodiversity strategy, which places importance on restoring and conserving areas with high conservation value and the species within those habitats.

A comprehensive multiyear process extends the life of Pueblo Viejo to beyond 2040

The Barrick-operated Pueblo Viejo mine continues to advance the engineering design for the El Naranjo tailings storage facility (TSF) project, which will extend its life to 2040 and beyond. The plant expansion and associated new TSF is designed to sustain gold production above 800,000 ounces per year (100 per cent basis) going forward.

Speaking at a local media briefing on July 27, Mr. Bristow said that the comprehensive engineering, environmental and community process, conducted over several years, would enable Pueblo Viejo to double the enormous contribution it had already made to the Dominican Republic's economy.

In line with its commitment to transparency, Mr. Bristow detailed the process leading up to the issuance of the environmental licence recently received for the new TSF. This started with a comprehensive site selection in line with the Global Industry Standard on Tailings Management (GISTM), and in consultation with the government and communities.

Following the site selection process, an environmental and social impact assessment (ESIA) was completed, which considered potential impacts associated with the preferred and alternative sites. This involved the completion of numerous specialist studies undertaken by independent in-country and international experts, including an independent peer review.

The company consulted with interested and affected parties over the course of four years, including more than 3,000 community engagements and two open public participation meetings. In line with the company's commitment to transparency and best practice, open public meetings were advertised in local and national media, and allowed sufficient opportunity for all parties to raise concerns, questions and comments throughout the process.

"Mining is the driver for global development and, to date, Pueblo Viejo has paid a total of $3.2-billion in direct and indirect taxes since commencing commercial production in 2013. The extension of the mine's life will allow Pueblo Viejo to continue being a major creator of value for the Dominican Republic and its people far into the future," Mr. Bristow said.

Twiga transforms Tanzanian mining, sets standard for industry

Twiga Minerals, the joint venture between the Tanzanian government and Barrick, has revitalized the country's gold mining industry through a partnership that should serve as a model for similar operations, particularly in developing regions, says Mr. Bristow.

Briefing media at a visit to the North Mara mine in July, Mr. Bristow said, in 2019, when Barrick took control over North Mara and Bulyanhulu -- the mines that now form the Twiga complex -- both were rundown and at a virtual standstill due to a deadlocked dispute between the government and the previous operators.

"We settled the dispute and established Twiga as a 50:50 economic benefits sharing partnership, which also vested a 16-per-cent shareholding in each mine with the government. We reinvented the mines which now, as a combined complex, produce gold at a Tier 1 level. So successful are these operations that, since Barrick's buyout of the minority shareholders, they have contributed more than $2.8-billion to the Tanzanian economy in the form of taxes, levies, dividends, salaries and payments to local suppliers," Mr. Bristow said.

"Equally important, we have fixed the environmental, land claims and human rights issues that destroyed these mines' reputations, and have restored their social licence to operate as an integral member of their communities. Since its establishment, Twiga has invested more than $12.5-million in landmark projects -- identified in collaboration with the community development committees we established at the mines -- to provide access to quality health care, educational facilities, potable water and alternative sources of income. Among these is an irrigation system which is expected to substantially improve production for more than 2,350 farmers, as well as a potable water tower that provides water to nearly 35,000 residents."

Twiga has also committed $30-million to a Future Forward School Program. In partnership with the government, it will build 1,090 classrooms and other facilities across 161 schools nationwide, to accommodate approximately 49,000 students who started their A-levels in July this year. In addition, it has pledged $40-million to construct a 73-kilometre road from Kahama to Kakola.

Operationally, Mr. Bristow said the Twiga complex was continuing its strong production performance and was well on track to achieve its guidance for the year. Both mines are maintaining a strong focus on the health and safety of their workers, and, in April, Bulyanhulu won the Overall Tanzanian OSHA (Occupational Safety and Health Administration) Compliance Award for 2023 in the mining sector category, and North Mara was second runner-up.

Globally, Barrick has a policy of prioritizing local employment and, at Twiga, this has delivered a work force which is 96 per cent Tanzanian, with almost half drawn from the communities around the mines.

Mr. Bristow said conversion drilling at North Mara was successfully replacing the reserves depleted by mining and first ore was mined at the mine's new Gena pit last quarter. Additional opportunities for resource conversion have been identified at both mines.

"Barrick is committed to expanding its presence in Tanzania from our base here. We are currently consolidating key prospecting licences in the country, with a view to expanding our existing reserves and resources, as well as to discovering new world-class gold deposits," he said.

Kibali set to roll out new 10-year plan on back of production ramp-up and reserve replacement

Africa's biggest gold mine, Kibali, stepped up production significantly in the past quarter as part of its planned ramp-up and is well on schedule to achieve its annual guidance. At the same time, successful exploration is expected to more than replace reserves depleted by mining again this year.

Briefing media in Kinshasa, Mr. Bristow said the 10-year-old mine was now rolling out its business plan for the next decade, securing its status as one of the company's elite portfolio of Tier 1 mines -- those capable of producing 500,000 ounces or more of gold for at least 10 years at a cost below the industry average.

The mine draws most of its power from its three hydropower stations on the Kibali river. A planned 16 MW (megawatt) solar farm, designed to back up the hydropower during the Democratic Republic of the Congo's dry season, is expected to increase the renewable power contribution to the mine's energy grid from 79 per cent to 88 per cent, with Kibali running entirely on renewables during the wet season.

Mr. Bristow said the creation of a world-class mine and a thriving local economy in one of the DRC's remotest and least developed regions represented a triumph for the successful partnership between Barrick, the country's government and its host communities.

"Our stakeholders in the DRC have benefited enormously from Kibali, which over the past 10 years has contributed $4.6-billion to the country in the form of dividends, royalties and taxes. In line with our local procurement policy, Kibali gives preference to Congolese suppliers and contractors, who to date have received $2.5-billion from the mine," Mr. Bristow said.

"Barrick's commitment to the DRC is also evident from the extensive support we have given the Garamba National Park, contributing to the conservation of high-value biodiversity. Most recently, we led the drive to reintroduce white rhinos to the park, where they were last seen 17 years ago. Last month, 16 of these rhinos were successfully introduced to Garamba with a further 60 scheduled for delivery over the next three years."

Kibali's Cahier des Charges program launched 11 projects in 2023, with seven of these scheduled for completion this July. The mine is investing $8.9-million in this program over five years. The community development fund is also implementing a number of new projects.

Successful exploration continues to extend Tongon's life of mine

Originally scheduled for closure in 2020, the life of Barrick's Tongon gold mine continues to be extended through successful exploration campaigns.

Hilaire Diarra, Tongon general manager, says that since Tongon poured its first gold in 2010, the mine has contributed $2.2-billion to the Ivorian economy in the form of taxes, infrastructure development, salaries and payments to local suppliers.

"Extending its life will help ensure that Tongon is still able to share the value it creates with all its Ivorian stakeholders, continuing its investment in community infrastructure development and income-generating projects. Exploration has further delivered the Seydou North, Tongon West and Djinni satellite targets, adding to the life of mine. Barrick has now also been awarded a new exploration permit for Boundiali and drilling is ongoing at the Fonondara conversion project," he said.

"In spite of the fact that throughout its life Tongon has had to contend with serious operational issues, as well as a challenging socio-political environment, since pouring first gold, it has never had an unprofitable quarter, which is a tribute to the dedication of the mine's successive management teams. At the halfway mark of this year, it is on track to once again achieve its annual production guidance."

Successful partnership will keep gold shining for Mali

The 26-year-long partnership between Barrick (previously Randgold) and the state of Mali has built the country's gold-mining industry into a world leader and positioned it strongly for further growth, says Mr. Bristow.

Speaking at a media briefing at the Loulo-Gounkoto complex, Mr. Bristow said the complex was one of the world's top 10 gold producers and the biggest business in terms of enterprise value in the whole of West Africa. Together with the Morila mine, the complex has contributed $9.3-billion to the Malian economy, and accounted for between 5 per cent and 10 per cent of the country's GDP (gross domestic product) over the past 10 years. Loulo-Gounkoto is one of Mali's largest taxpayers and employers, with a work force of approximately 7,000, 97 per cent of whom are Malian nationals. Over the life of the complex, the state has received more than 70 per cent of the economic benefits it created.

"We are continuing to invest in the future of Loulo-Gounkoto. Successful exploration is more than replacing the ounces we mine, as well as identifying new growth opportunities with the potential to deliver the next-generation of major discoveries in the Loulo region. The new underground mine at Gounkoto -- the complex's third -- has developed its first production stopes and the Yalea South cutback is ahead of plan," Mr. Bristow said.

"We foresee that the complex will be a major contributor to the Malian economy for years to come. The achievement of that vision will require the continued commitment to the mutually rewarding partnership which has brought us this far and delivered sustainable benefits to all stakeholders, including the country's citizens."

In line with Barrick's global policy of local procurement, Malian suppliers accounted for 74 per cent of the complex's purchases, amounting to $298-million during the first half of this year.

Turning to Loulo-Gounkoto's operations, Mr. Bristow said the complex was continuing to perform strongly and was on schedule to achieve its production guidance for this year. It remains tightly focused on the safety of its workers and there were no lost-time injuries again during the past quarter.

As part of Barrick's transition to renewable energy, the complex is extending its solar power installation by 48 MW and battery storage system by 38 MVA (megavolt amperes). The project is already feeding 10 MW into the mine's micro-grid and it is expected that its second phase will be commissioned well ahead of the current end-2024 completion date.

Heritage fund wildlife endowment supports habitat enhancement and restoration projects

NGM has established a new wildlife endowment, created as an extension of the company's non-profit employee giving program, the heritage fund.

The wildlife endowment was established in partnership with the Nevada Department of Wildlife (NDOW) as a sustainable environmental fund dedicated to wildlife habitat enhancement and restoration projects, supporting wildland fire prevention, restoration, and riparian and stream health initiatives across Nevada.

The heritage fund recently approved $5-million of the $20-million commitment by NGM to be earmarked for Wildlife endowment funding. Once fully funded in mid-2025, any environmental entity able to leverage qualified state or federal matching grants, whose efforts fit within fire prevention, restoration, and riparian and stream health categories will have the opportunity to request funding.

One of the many benefits of the wildlife endowment is its accessibility to NGM employees, who will have the opportunity to easily donate to the fund and receive an additional 120 per cent NGM match.

"We are very proud of this new environmental endowment, as it aligns with the heritage fund's mission of supporting the sustainability of community programs and initiatives. It is a clear demonstration of our commitment to environmental stewardship alongside NDOW and other environmental agencies who are already doing great work in our communities and across the state," says Peter Richardson, NGM executive managing director.

Veladero recognized as first Argentine mine to implement TSM standard

Veladero has become the first mine in Argentina to achieve compliance with the Towards Sustainable Mining (TSM) standard, earning a special distinction from the Argentine Chamber of Mining (CAEM) during the Arminera 2023 summit, the industry's flagship event in the country.

"Attaining TSM verification for Veladero is a testament to our commitment to society, especially our employees, neighbouring communities and future generations, in developing sustainable mining practices. The transformation effort at Veladero spanned four years of intense work across all departments in the company. Veladero has confirmed its status as an open and transparent partner, fully accountable to society," said Marcelo Alvarez, executive director of government relations for Barrick South America, upon receiving the special mention.

Towards Sustainable Mining is a standard developed by the Mining Association of Canada (MAC) that sets quality and control standards to ensure responsible and transparent mining operations. The system consists of protocols with ratings that cover the most relevant environmental and social aspects, including biodiversity conservation, community engagement, human rights and mine closure, among others.

Barrick targets 2028 for first production from Reko Diq

Mr. Bristow says with the updated feasibility study on the giant Reko Diq copper-gold project making rapid progress, the company is aiming to start production in 2028.

Speaking at the inaugural session of Pakistan's first Minerals Summit on Aug. 1, Mr. Bristow said the signing of the new Reko Diq agreement last year was a landmark event in the development of a mining industry in Pakistan, a process which will be accelerated by the Minerals Summit.

"I hope the momentum created by this event will be sustained by successive efforts to unlock this sector's full potential and build its capacity by attracting other foreign investors to follow Barrick, to the lasting benefit of Pakistan and its people," he said.

"There is a growing demand for metals and minerals, especially copper, and the challenge for mining companies and their host governments is to ensure that these resources are extracted in a responsible and equitable manner. Barrick believes in the principle of mutual advantage and shares the value its operations create with all stakeholders, including its host countries and communities."

Mr. Bristow noted that Reko Diq was the latest manifestation of Barrick's partnership model, already successfully applied elsewhere in its global portfolio. Barrick owns 50 per cent of Reko Diq, and is developing and will operate the mine. The Balochistan province, which hosts the deposit, has a 25-per-cent share and the federal government holds the other 25 per cent through state-owned entities.

Reko Diq constitutes community development committee for locally driven development

The Reko Diq mining company has constituted a 25-member community development committee (CDC) at Nokkundi, the nearest town to Reko Diq, in the Chagai district of Balochistan. The CDC comprises local stakeholders and community leaders that will guide the company's social investment plan in the area.

Ali Ehsan Rind, Reko Diq country manager, said: "In all its operations worldwide, Barrick strives to be a good corporate citizen and a genuine partner of the host communities in locally led development. With the formation of this CDC, representing all the key local stakeholders, I am confident that our work will become a catalyst for the social development of the local communities."

The Nokkundi CDC, formed after an extensive consultation process, has the responsibility to identify social investment initiatives to be undertaken by the company. It is a concrete step to ensuring that Reko Diq delivers social investment projects of significant and lasting benefit to the local communities among which it will operate.

Reko Diq will be a multigenerational mine with a life of at least 40 years. During peak construction, the project is expected to employ 7,500 people and, once in production, it will create approximately 4,000 long-term jobs. Barrick's policy of prioritizing local employment and suppliers will have a positive impact on the local economy.

The company plans to complete the Reko Diq feasibility study update by the end of 2024, with 2028 targeted for first production from the giant copper-gold mine in the country's Balochistan province. The new Reko Diq agreement ensures that benefits from the project start accruing to the people of Balochistan well before the mine goes into production, through advancing royalties and social development investments.

The notes to these unaudited condensed interim financial statements, which are contained in the second quarter report 2023 available on the company's website, are an integral part of these consolidated financial statements.

Technical information

The scientific and technical information contained in this press release has been reviewed and approved by: Craig Fiddes, SME-RM, lead, resource modelling, Nevada gold mines; Chad Yuhasz, PGeo, mineral resource manager, Latin America and Asia Pacific; Richard Peattie, MPhil, FAusIMM, mineral resources manager, Africa and Middle East; Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, mineral resource management and evaluation executive; John Steele, CIM, metallurgy, engineering and capital projects executive; and Joel Holliday, FAusIMM, executive vice-president, exploration -- each a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

All mineral reserve and mineral resource estimates are estimated in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Unless otherwise noted, such mineral reserve and mineral resource estimates are as of Dec. 31, 2022.

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