Barrick Mining Corporation · TSX:ABX
Barrick Mining — Corporate Update (July 2025)
25 slides from Barrick Mining's corporate update, Jul 10, 2025
Slide 1: Expanding Lumwana, Empowering Zambia
Expanding Lumwana, Empowering Zambia… Lusaka, July 2025
Slide 2: Cautionary Statement on Forward-Looking Information
Cautionary Statement on Forward-Looking Information… Certain information contained or incorporated by reference in this presentation, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes “forward-looking statements”. All statements,
Slide 3: Lumwana Overview
Best portfolio of Tier One1 gold assets Lumwana and doubling copper exposure by 2029i Overview Production commenced in 2011 producing >1.8Mt Cu to datei Located c.100km west of Solwezi in Zambia’s North- Western Province, one of the most prospective and investment-friendly copper jurisdictions Brown
Slide 4: Key Milestones
Key Milestones… 2019 2021 2023 2025 Barrick/ Randgold Recapitalisation Expansion Project Exploration MoU with merger – decision of new prefeasibility study IDC (IRL) executed to unlock Komatsu fleet as completed Lumwana’s we continue to potential scale operations at Lumwana 2019 2020 2021 2022 2023
Slide 5: Lumwana a key component of the Barrick strategy
Lumwana…a key component of the Barrick strategy Our business Lumwana Expansion Barrick is a sector-leading gold and copper Potential Tier One1 copper production profile strategically producer. Our portfolio spans the world’s positioning Barrick on the global stage of copper producers most prolific g
Slide 6: 2025 Highlights
2025 Highlights… US$2 billion Super Pit Expansion Project, currently in execution phase, will double copper production to 240,000 tonnes per annum, supported by a 52 million tonne per annum processing plant Achieved 2025 Q1 production guidance setting tone for the remainder of the year and future ex
Slide 7: Economic contribution
In-Country Investment since 2019 Economic contribution… Salaries paid to locals $303 million Since 2019, Lumwana has contributed more than $4 bn to the Zambia’s economy in the form of royalties, taxes, customs duties and other statutory fees In Q1 2025, we spent $177 million (81% of total Royaltie
Slide 8: Health and safety
Health and safety… 0.80 0.70 LTIFR5 0.7 0.60 Safety 0.50 0.5 0.40 LTIFR5 reduced by 42% from 0.19 in 2024 to 0.11 in 2025 0.30 0.31 0.31 0.28 Focused on implementing and analyzing leading indicators 0.27 0.29 0.20 0.23 such as Critical Control Verifications (CCVs) to eliminate fatal risk 0.21 0.21 0
Slide 9: Production
Mt Processing % 120 2.5 100 Production… 2.0 80 1.5 60 Processing 1.0 40 Continuous plant runtime improvements 0.5 20 resulting in higher efficiency 0.0 0 Jan-25 Feb-25 Mar-25 Recovery stabilized with increased fresh ore Tonnes Processed (MT) Recovery % blend as mining ramps up Q1 production aligned
Slide 10: Exploration and upside
Exploration and upside… Lumwana’s strong exploration track record continues with Kamisengo and Kababisa discoveries In 2025 several key targets will be tested aimed at delivering extensions to Lumwana’s Life of Mine (LOM) as well as near- term flexibility: North Dome: Technical review of soil geoche
Slide 11: Integrated development plan
Integrated development plan… Building a regional hub to expand local economy Manyama town construction scheduled to start before year-end 2025 Airstrip construction underway, on track for completion by end-2025 Industrial supplier park application in progress - number of business partners committed
Slide 12: Sustainable future
Sustainable future… Benefit Sharing Mechanism Generating future REDD+ carbon credits via community and biodiversity management projects Barrick implementing $3M United Nations REDD+ project to Gross carbon reduce deforestation emissions revenues Partnership with Mukumbi, Mumena, Matebo chiefdoms and
Slide 13: Community Development
Community Development… Threefold approach: Stakeholder engagement, risk mitigation, and community development – two community channels for steering community development: Lumwana Community Trust (LCT) – Chiefdom development via standing Memo of Understanding (MoU) with Chiefs Mukumbi, Mumena and Mat
Slide 14: Local content
Local content… Cumulative Total Spend on Local Suppliers $million1 6,000 Key achievements and commitments 5,000 Local procurement accounted for US$177 million (81%) of total of US$217 million Q2 2025 spend 4,000 YTD Spend for community and regional suppliers (Northwestern): 3,000 US$10 million out o
Slide 15: Commitment to local employment
Key Achievements: Commitment Q1 2025 to local 98.2% of Lumwana employees are Zambian nationals employment… 14% of Lumwana employees are female Zambian nationals 97% of contractor labour at Lumwana are Zambian nationals Workforce diversity 100 Apprentices undergoing training $303 million has been p
Slide 16: Barrick Lumwana Expansion Project Update
BARRICK LUMWANA Expansion Project Update NYSE :B TSX : ABX Sustainably profitable. Unrivalled growth.
Slide 17: Project construction and execution schedule
Project construction and execution schedule… 3-year construction period, with first production expected by 20287 2024 2025 2026 2027 2028 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Long lead orders Long lead equipment Plant commissioning and placed Feasibility deliveries expansion p
Slide 18: Geological knowledge reduces risk
Geological knowledge reduces risk… Advanced orebody knowledge LOM Super Pit Design Cu % Copper grade model Well understood model, with close- spaced drilling banking orebody - geometry and grade variation Q2-2024 Depletion Integrated geological models 700m optimizing our mine plans Large resource ba
Slide 19: Modern efficient flowsheet
Modern efficient flowsheet… Plant Expansion New Tailings Thickener Existing Tailings Thickener Existing Plant New Stockpile Existing Concentrate Existing Shed Stockpile New Concentrate Shed New Reagent Storage Modern, efficient, and purpose-built plant expansion Feasibility Study learnings applied t
Slide 20: Proven metallurgical recovery model
Proven metallurgical recovery model… Leveraging orebody knowledge Fresh Material Recovery (%) vs Plant Feed Cu Grade (%) Targeted geometallurgical test work program 100 as part of PFS-FS to form baseline of 98 operation design 96 Down dip extensions to currently processed 94 Recovery (%) ore bodies
Slide 21: Designing for efficiencies in mining
Designing for efficiencies in mining… Operational continuity Operational experience in ultra-class truck and shovel mining Fully risk-mitigated operation backed by proven operational experience Current Top 10 excavator operators exceeding Feasibility Study Tonnes Per Operating Hour (TPOH) by 7% Real
Slide 22: Powering the expansion
Powering the expansion… Stable and reliable power Power Profile Power supply agreement fulfilling the expansion requirement signed with ZESCO Independent power grid stability study indicated that for every MW generated more than a third is lost as unusable reactive poweri STATCOM and Expansion proje
Slide 23: Proven permitting pathway
Proven permitting pathway… Permitting on track ESIA approved by ZEMA RAP approval process underway Mining permits for Super Pit, and satellite deposits already in place Surface and water rights for Super Pit and Malundwe secured Detailed Multi-criteria Alternative Analysis (MAA) completed on the tai
Slide 24: Appendix A: Past Production Records for Lumwana
Appendix A: Past Production Records for Lumwana Tonnes Copper Copper Head Grade Recovery Year Milled in Feed Produced (% Cu) (%) (t) (t) (t) 2009 13,689,505 0.94 128,960 109,413 84.8 2010 18,578,698 0.86 160,670 146,690 91.3 2011 20,985,994 0.61 128,381 117,022 91.2 2012 18,904,457 0.48 90,670 81,14
Slide 25: Endnotes
Endnotes… 1. A Tier One Copper Asset/Project is an asset with a $3.00/lb reserve with potential for +5Mt contained copper in support at least 20 years life, annual production of at least 200ktpa, with costs per pound in the lower half of the industry cost curve. Tier One Assets must be located in a