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Barrick Gold (NYSE:GOLD) (TSX:ABX) announced that the feasibility study for the Lumwana Super Pit Expansion Project in Zambia is expected to be completed by year-end, with construction potentially starting in 2025. The expansion aims to transform Lumwana into a long-life, high-yielding, Top 25 copper producer and a Tier One copper mine.

Key highlights of the expansion include:

• Doubling plant throughput from 27Mt to 52Mt
• Increasing annual copper production from 120kt to an average of 240kt
• Ramping up total mining volumes to 290Mt per annum by 2030
• Projected 85% improvement in annual operating cash flow
• Estimated incremental NPV8 of $1.7 billion
• Incremental IRR of 20% and total mine IRR of over 50%
• Post-expansion cost of sales estimated at $2.36/lb

Barrick Gold (NYSE:GOLD) reported strong second-quarter 2024 results, with net earnings up 25% to $370 million and EBITDA margin increasing 17% to 48%. Net earnings per share rose 24% to $0.21, while adjusted net earnings per share jumped 68% to $0.32. The company's free cash flow surged to $340 million. Key projects, including the Goldrush mine in Nevada and the Pueblo Viejo expansion in the Dominican Republic, are set to boost production significantly. Barrick's copper projects are also progressing, with the Lumwana super pit expansion and the Reko Diq project in Pakistan on track. Barrick's continued investment in sustainability, including the launch of a biodiversity assessment tool, underscores its commitment to responsible mining. The company declared a quarterly dividend of $0.10 per share and repurchased 2.95 million shares. Barrick's strategic focus remains on increasing production and value creation.

Barrick Gold (NYSE:GOLD)(TSX:ABX) has announced a Q2 2024 dividend of $0.10 per share, payable on September 16, 2024, to shareholders of record as of August 30, 2024. This dividend aligns with the company's Performance Dividend Policy introduced in early 2022. Additionally, Barrick repurchased 2.95 million shares during Q2 under its $1 billion share buyback program announced in February 2024.

CFO Graham Shuttleworth highlighted the company's strong balance sheet and world-class gold and copper assets, enabling them to maintain a robust dividend while investing in business growth. He also noted the opportunity to buy back stock at an attractive valuation.

Barrick Gold (NYSE:GOLD)(TSX:ABX) emphasized the mining sector's unique position to support the UN's Sustainable Development Goals (SDGs) during its fourth annual sustainability update. President and CEO Mark Bristow highlighted Barrick's integrated approach to sustainability, which aligns with global priorities and addresses challenges like poverty alleviation, climate change management, and biodiversity preservation.

Key achievements in 2023 include:

• Distribution of over $15 billion in economic value, with nearly $12 billion going to host countries
• Achieving the 2025 target of reducing greenhouse gas emissions by 15% against a 2018 baseline
• Attaining an 84% water reuse and recycle rate

Upcoming sustainability projects were outlined, including Environmental and Social Impact Assessments for the Lumwana expansion and Reko Diq project, resettlement projects, and the restart of Porgera.

Barrick Gold (NYSE:GOLD)(TSX:ABX) reports that the Porgera Gold Mine in Papua New Guinea has exceeded production targets since resuming operations in December, despite challenges from the Mulitaka landslide. Gold production for H1 2024 was above guidance, with lower all-in sustaining costs. The company has been actively involved in disaster relief efforts, contributing $1 million jointly with JV-partner Zijin. Porgera currently employs 2,500 people, with 57% from Porgera and Enga. The mine achieved its throughput performance test in June, four months ahead of schedule. However, Barrick CEO Mark Bristow identified lack of law and order as the greatest threat to the mine's continued operation and profitability.

Barrick Gold (NYSE:GOLD)(TSX:ABX) reported preliminary Q2 2024 production of 948,000 ounces of gold and 43,000 tonnes of copper. Gold production increased from Q1, driven by improvements at Turquoise Ridge, Porgera, Tongon, North Mara, and Kibali. Copper production also rose, primarily due to higher grades and recoveries at Lumwana. The company remains on track to achieve its full-year gold and copper guidance.

Q2 gold cost metrics are expected to be slightly higher than Q1, while copper costs are projected to be lower. Barrick anticipates costs to decrease in the second half of 2024 as production ramps up. The average market price for gold in Q2 was $2,338 per ounce, and copper was $4.42 per pound.

Barrick Gold (NYSE:GOLD) continues to underscore its commitment to Mali's mining industry with significant investments aimed at ensuring the long-term viability of the Loulo-Gounkoto mining complex. Over the past 29 years, Barrick has invested more than $10 billion in the Malian economy, contributing 5% to 10% of the country's GDP annually. In the past year alone, Barrick's contributions exceeded $1 billion. CEO Mark Bristow emphasized the importance of sustainable benefit-sharing partnerships, similar to those in Tanzania and Papua New Guinea. Despite challenges in Mali's political and economic climate affecting exploration activities, Barrick is actively working with the National Directorate of Geology and Mines to expand its exploration footprint and deliver continued value to Mali and its stakeholders.

Barrick Gold (NYSE:GOLD) will release its Q2 2024 financial results on August 12, 2024. The company's President and CEO, Mark Bristow, will present the results through a live interactive webinar at 11:00 EDT. Preliminary production, sales, and cost details will be disclosed on July 16, 2024. The Q2 results presentation will be accessible for replay, and the presentation materials will be available on Barrick’s official website.

Participants can register for the webinar and conference call for detailed insights and have the opportunity to engage with the session. For further information, investors and media can contact Claudia Pitre or Kathy du Plessis via the provided contact details.

Barrick Gold (NYSE:GOLD) announced that its Kibali gold mine in the Democratic Republic of Congo (DRC) is set to maintain its annual production rate of 750,000 ounces for over 15 years. The mine, Africa's largest, leverages advanced automation and renewable energy, with three hydropower stations and an upcoming solar power plant increasing its renewable energy mix to 85% by next year. Kibali has fostered significant regional growth, turning a once underdeveloped area into a thriving commercial hub with a population of over 500,000. Barrick has invested heavily in local communities, spending nearly $2.7 billion on local contractors and suppliers since 2010. Additionally, the company is committed to biodiversity, partnering to reintroduce white rhinos to the DRC and supporting local agriculture through a coffee project. Barrick expresses readiness to pursue new gold and copper opportunities in the DRC, contingent on continued government cooperation.