Mr. Mark Bristow reports

BARRICK'S TWIGA PARTNERSHIP DRIVES SUSTAINABLE VALUE CREATION IN TANZANIA'S ECONOMY

Barrick Gold Corp. has injected over $4.24-billion into the Tanzanian economy since establishing the Twiga joint venture with the government in 2019, contributing $888-million in 2024 alone. Twiga comprises the North Mara and Bulyanhulu gold mines. All amounts expressed in United States dollars, unless stated otherwise.

At a media briefing here today, Barrick president and chief executive Mark Bristow said the Twiga partnership remained a leader in Tanzania's extractive industry, creating thousands of jobs, supporting local businesses and financing critical community projects.

"We spent $573-million on national suppliers and service providers last year, representing about 83 per cent of our total spend in-country. Additionally, 75 per cent of all our payments to suppliers and service providers went to indigenous companies, exceeding our target of 61 per cent," Mr. Bristow said.

Thanks to Barrick's policy of local employment and advancement, 96 per cent of its 6,185-strong work force are nationals, with 53 per cent coming from the communities neighbouring the mines. Barrick also invested over $5-million during the year in potable water, health care and education, taking the total investment in community projects to $15.8-million since Barrick formed Twiga partnership with the government and assumed operational control of the Tanzanian mines in 2019.

Bulyanhulu and North Mara production guidance for 2024 exceeded 500,000 ounces, maintaining the status as a Tier 1 complex and, additionally, both mines achieved a full year without a lost-time injury.

Buzwagi made significant progress with its closure implementation, and environmental management and monitoring progressed with a focus on water management and vegetation maintenance. A special economic zone (SEZ) is in the advanced stages of development, attracting interest from investors, with one already obtaining export processing zone registration.

The Barrick Academy, which opened at Buzwagi in 2024, is making significant strides in developing talent for Barrick. With a focus on training foremen, supervisors and superintendents, the academy has already trained 1,700 individuals and is on track to exceed its target of training over 2,800 people by the end of 2025.

Conversion drilling at both mines has, again, replenished their reserves after depletion and, on the exploration front, Barrick continues to consolidate a highly prospective footprint in the Nzega district, adding over 2,000 square kilometres of new areas to support mineral reserve growth and replenishment at North Mara and Bulyanhulu. This expansion is also key to Barrick's long-term strategy to identify Tier 1 systems in the region.

Twiga received numerous accolades in the past year, including recognition for its safety, top employer, environmental performance and community engagement. In 2024, North Mara was recognized as the largest economic contributor in Tanzania's extractive industry and received several awards for its commitment to occupational health and safety, corporate social responsibility, and local content compliance.

"Barrick's work in Tanzania is a model for sustainable mining that balances economic, environmental and social responsibility," said Mr. Bristow. "The recognition we have received speaks to our commitment to excellence and the value we bring to our host countries."

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