Goldrush is a 24-year underground mine, expecting to provide 500 jobs during construction and employment for 570 people once operational. The opening ceremony today was attended by Governor Joe Lombardo and local stakeholders.

All amounts expressed in US dollars

Elko, Nevada-The Goldrush Project is officially on track to produce 130,000 ounces1 of gold this year and will further enhance the value Nevada Gold Mines (NGM) brings to the state through taxes, employment and meaningful support for communities, said Barrick President and CEO, Mark Bristow, at the project's opening ceremony attended by Governor Joe Lombardo and local stakeholders.

Barrick, which owns 61.5% of the project through the NGM joint venture with Newmont (38.5%), is developing and will operate the mine, scheduled to reach commercial production by 2026 and growing to approximately 400,000 ounces1 by 2028 (100% basis). The 24-year underground mine is expected to provide 500 jobs during its construction and employment for 570 people once operational.

More than $300 million of a $1 billion capital budget has been spent on the project which is expected to produce $326 million in net proceeds tax and a further $142 million in gold and silver excise tax for education in Nevada under the new mine tax framework.

Speaking at the ribbon-cutting ceremony, Bristow thanked the bi-partisan federal delegation and the governor for their active and unwavering commitment that was instrumental in obtaining the record of decision, as well as our community stakeholders for supporting the project through the permitting process. "We recognize that we have been entrusted with a tremendous economic and environmental responsibility and we look forward to sharing the benefits of this new mine with Nevada and its people," he said.

About Nevada Gold Mines

Nevada Gold Mines is operated by Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) and is a joint venture between Barrick (61.5%) and Newmont (38.5%) that combined their significant assets across Nevada in 2019 to create the single largest gold-producing complex in the world.

Enquiries:

Barrick COO North America
Christine Keener
+1 865 209 0781
christine.keener@barrick.com

NGM Executive Managing Director
Peter Richardson
+1 775 934 3238
peter.richardson@nevadagoldmines.com

Barrick Investor & Media Relations
Kathy du Plessis
+44 20 7557 7738
barrick@dpapr.com

Technical Information

The scientific and technical information contained in this press release has been reviewed and approved by: Simon Bottoms, CGeol, MGeol, FGS, FAusIMM, Mineral Resource Management and Evaluation Executive; and Craig Fiddes, SME-RM, Lead - Resource Modeling, Nevada Gold Mines - each a "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

Endnote 1

Refer to the Technical Report on the Cortez Complex, Lander and Eureka Counties, State of Nevada, USA, dated December 31, 2021, and filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov on March 18, 2022.

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Disclaimer

Barrick Gold Corporation published this content on 25 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 April 2024 23:05:06 UTC.