Barrick Mining provides update on Reko Diq project

Barrick Mining (B) provided an update on the status of the Reko Diq project. On February 5, the company announced that it was reviewing all aspects of the project in light of the escalation of security risks and increased security incidents. Following the preliminary findings of the review and the further escalation of security issues in Pakistan and the region, the company considers it necessary to slow the development activity and continue the project review until mid-2027. The continued review will allow the company to assess in a comprehensive manner the evolving security situation, capital requirements, project financing, project scope and timeline. While development activity will be slowed, the project will remain under active management with a reduced capital spend. Development of Phase 1 of the Reko Diq project was approved on this basis. It is anticipated that there could be significant increases to the previously disclosed total estimated capital budget and timeline for the project. The previousl total estimated capital cost of Phase 1 was $5.6B-$6.0B on a 100% basis, and of Phase 2 was $3.3B-$3.6B on a 100% basis, with first production targeted by the end of 2028. Barrick will continue to monitor the security landscape closely in consultation with its joint venture partners and will provide a further update following conclusion of its review.