Mr. Mark Bristow reports

BARRICK'S LUMWANA MINE FUELS ZAMBIA'S ECONOMIC GROWTH WITH MAJOR EXPANSION ON THE HORIZON

Barrick Gold Corp. has reaffirmed its commitment to Zambia's economic growth, contributing over $3.7-billion since 2019. In 2024 alone, Lumwana's operations contributed $887-million to the economy through royalties, taxes, salaries, and procurement of goods and services, solidifying its position as one of the nation's top five taxpayers. Copper production for 2024 was within guidance, supported by investments in operator training and an upgraded ultraclass fleet. (All amounts are expressed in U.S. dollars.)

Lumwana remains a leader in advancing local content, with 72 per cent of the $906-million spent on goods and services in 2024 going to Zambian suppliers and contractors. This brings the total spend on local goods and services to $2.5-billion since 2019. The company's business accelerator program is further building capacity, targeting 150 small- and medium-sized enterprises to support the coming Superpit expansion.

The Lumwana expansion will double its current copper production to a life-of-mine average of 240,000 tonnes a year with an additional 2,500 construction workers to be employed over the construction period through to 2028 (1). In addition to this, the expansion is set to create a further 550 permanent roles. To meet these demands, Lumwana is extending its Technical Education, Vocational and Entrepreneurship Training Authority accredited training centre to equip local workers with critical skills. Currently, 99 per cent of Lumwana's employees are Zambian nationals, a testament to Barrick's focus on sustainable work force development.

"We are transforming the surrounding Kalumbila district into a mining-powered economic hub that will endure beyond Lumwana's expanded life of mine," said Barrick president and chief executive officer Mark Bristow, speaking from Lumwana. Plans include new employee housing in the Manyama town, an industrial supplier park and an airport, which is expected to be operational by the end of 2025. The master plan, developed in collaboration with local authorities, aligns with Zambia's integrated development strategy.

Barrick is actively supporting Zambia's ambition to increase copper output to three million tonnes by 2031 through its Lumwana expansion and securing further exploration licences in the Northern Province. Additionally, the company is supporting Zambia's power challenges in collaboration with ZESCO. Since September, 2024, Lumwana's co-generation initiatives have reduced its reliance on the grid, helping to alleviate the supply-demand gap. A joint working group, led by Barrick, is focused on upgrading the northwestern power corridor, benefiting mines, local communities and domestic consumers alike.

Barrick's vision for Lumwana extends beyond mining, ensuring the benefits of its investments endure well into the future.

Endnote (1)

Barrick is in the process of re-evaluating Lumwana's status as a potential material property following the completion of the feasibility of expansion project and the preparation of updated mineral reserves and resources estimates for Lumwana as of Dec. 31, 2024. A technical report will be prepared in accordance with Form 43-101F1 and filed on SEDAR+ within 45 days of the disclosure of the results of the feasibility study if Lumwana is classified as a material property.

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