Name of the Project
Reko Diq copper/gold project.

Location
Balochistan, Pakistan.

Project Owner/s
Barrick Gold owns 50% of Reko Diq and is developing the mine, which it will also operate. Three Pakistani State-owned enterprises hold 25%, while 25% is held by the government of Balochistan, of which 15% is on a fully funded basis and 10% on a free carried basis.

Project Description
Reko Diq is one of the world’s biggest undeveloped copper/gold deposits. It will be a multigenerational mine with a life of at least 37 years. The contemplated mine plan is based on four porphyry deposits within Barrick’s land package. The project will comprise two openpit mines, the main openpit at Western Porphyries and a satellite pit at Tanjeel, and a processing plant, as well as other associated mine operation and regional infrastructure. The project will produce copper concentrate, which includes gold for smelting by third-party operated smelters. The Western Porphyries will be mined with electric rope and hydraulic shovels while Tanjeel will use hydraulic shovels. Both operations will use 360 t haul trucks. Mining will use conventional drill, blast, and load and haul methods. At peak production, the Western Porphyries pit is forecast to reach a total material movement rate of 250-million tonnes a year, while Tanjeel will achieve 40-million tonnes a year. The project will be completed in phases.

Phase 1 will result in 45-million tonnes of mill feed being processed a year, ramping up to 240 000 t of copper and 297 000 oz of gold. By 2034, Phase 2 will expand operations to 90-million tonnes a year, increasing production to an average of 460 000 t/y of copper and 520 000 oz of gold for the first ten years, from 2034 to 2043. Mining will reach its peak of 250-million tonnes a year in 2044 at a life-of-mine strip ratio of 1.07. Probable mineral reserves, on a 100% basis, are three-billion tonnes at 0.48% representing 15-million tonnes of copper and 2.9-billion tonnes at 0.28 g/t, representing 26-million ounces of gold. The mining operation will use electric rope shovels, diesel hydraulic excavators and 360 t ultraclass haul trucks. The processing plant comprises a three-stage crushing circuit, ball milling and conventional flotation. Saline groundwater, located about 300 m to 750 m below the surface, which is not suitable for drinking or irrigation, is planned as the primary water supply sourced from a nearby aquifer, with power produced through a combination of heavy fuel oil generators, solar systems and battery storage. Future integration into Pakistan’s national grid is planned for Phase 2.

Potential Job Creation
During peak construction periods, the project will employ 7 500 people and, once in production, will create about 4 000 long-term jobs.

Net Present Value/Internal Rate of Return
Based on a three-year trailing average copper price of $4.03/lb and gold price of $2 045/oz, Barrick estimates the project will deliver an internal rate of return of 21.32%.

Capital Expenditure
$8.83-billion, to be divided into two phases. Phase 1 is estimated at $5.57-million to reach initial production of 45-million tonnes a year. The Phase 2 project capital is estimated at $3.26-million to increase the production capacity to 90-million tonnes a year.

Planned Start/End Date
Early works construction started in the first quarter of 2025. Phase 1 is expected to start production in 2028, with Phase 2 to start in 2034.

Latest Developments
The board of directors conditionally approved the development of Phase 1 on February 11, 2025, subject to the closing of up to $3-billion of limited recourse project financing.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Barrick Gold investor and media relations Kathy du Plessis, tel +44 20 7557 7738 or emailbarrick@dpapr.com.