Barrick Enters JV On Two Exploration Projects In Saudi Arabia

RIYADH, SAUDI ARABIA - Barrick Gold Corporation signed new joint venture agreements with Ma’aden for two prospective exploration projects comprising the Jabal Sayid South and Umm Ad Damar license areas. These new prospective joint ventures significantly expand Barrick’s exploration footprint in Saudi Arabia, grow the Ma’aden Barrick partnership and open up potential synergies with the neighboring Jabal Sayid mine, an already successful 50/50 joint venture between Barrick and Ma’aden. From 2018 to 2021 production at Jabal Sayid increased from 110 million pounds to 152 million pounds per annum1 as a result of improved mining performance and process plant optimization and during the same period the mine’s mineral reserves were grown net of depletion by the company’s geologically-driven exploration strategy.