Reserves & Resources

Porgera mineral reserves and mineral resources are reported on a 24.5% interest basis, reflecting Barrick’s expected ownership interest following the implementation of the binding Framework Agreement entered into by Barrick Niugini Limited (“BNL”) with the Government of Papua New Guinea (“PNG”) on April 9, 2021. The Framework Agreement provides, among other things, for ownership of Porgera to be held in a new joint venture owned 51% by PNG stakeholders and 49% by BNL or an affiliate. BNL is jointly owned on a 50/50 basis by Barrick and Zijin Mining Group and will retain operatorship of the mine under the terms of the Framework Agreement. Efforts are ongoing to execute definitive agreements to implement the Framework Agreement and finalize a timeline for the reopening of the Porgera mine and resumption of full mine operations. For additional information, see page 30 of Barrick’s Third Quarter Report 2021.