Mr. Mark Bristow reports

BARRICK CONTINUES TO BE A MAJOR VALUE CREATOR FOR MALI

Barrick Gold Corp. and its predecessor, Randgold Resources, have been a valuable partner to Mali for 27 years and, in the face of many challenges, continue to work tirelessly with the transition government of Mali and local stakeholders to plot a new course for the country's mining industry and promote it as an investment destination, said president and chief executive officer Mark Bristow. All amounts are expressed in U.S. dollars.

Speaking to media here today, Mr. Bristow said, during this time, its mines had contributed almost $10-billion to the Malian economy in the form of taxes, royalties, salaries and payments to local suppliers. Over the past 10 years, they have accounted for between 5 per cent and 10 per cent of Mali's gross domestic product, and over Loulo-Gounkoto's life, the state has received more than 70 per cent of the economic benefits it generated. Barrick has also developed a world-class local skill base, evidenced by the fact that its flagship Loulo-Gounkoto complex is managed by an entirely Malian team.

As a Tier 1 (1) mining complex, Loulo-Gounkoto ranks among the world's largest gold producers, and its consistently strong performance makes it a major contributor to Barrick's bottom line. This year, successful brownfield drilling again more than replaced the reserves depleted by mining while continuing exploration has identified new high-priority targets with the potential to deliver the Loulo district's next generation of world-class discoveries.

During the past quarter, Loulo's solar farm extension to 60 megawatts and its new battery energy storage system were commissioned, in line with Barrick's global commitment to increasing its use of renewable energy sources. Its community development projects included the completion of a water distribution system, which will serve 13,000 people in the Kunda village.

Endnote

(1) A Tier 1 gold asset is an asset with a $1,300-per-ounce reserve potential to deliver a minimum 10-year life and annual production of at least 500,000 ounces of gold, with all-in sustaining costs per ounce in the lower half of the industry cost curve.

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