Press Release
Morocco, Casablanca, 12/02/2025
MANAGEM AND BARRICK SIGN A STRATEGIC ALLIANCE FOR GOLD
EXPLORATION IN SENEGAL
Managem and Barrick Gold Corporation announce the sealing of a strategic alliance to develop gold exploration in Senegal on the DAORALA, NOUMOUFOUKHA and FARABA exploration permits. Covering an area of 820 km², these licenses are located in a prolific geological setting extending from western Mali into eastern Senegal, a region that has already witnessed multiple major gold discoveries.
As part of the option agreement, Barrick will invest $7.5 million in the first two years, rising to $15 million in years three to seven. The objective is to complete a pre-feasibility study confirming the potential for at least 2 million ounces of gold, upon which Barrick will have earned a 65% interest in the three permits.
The alliance is subject to approval by Senegal's Ministry of Energy, Oil and Mines. Its aim is to promote the development of research permits and to make mining investments in the country more attractive, to the benefit of all stakeholders.
Through this partnership, Managem brings its extended knowledge of the field and its regional roots, while Barrick will contribute its world-renowned geological expertise and financial strength to accelerate research on the three permits.
A shared commitment to a sustainable mining sector
Managem and Barrick share a common vision for mining development, focused on creating sustainable value for local communities and stakeholders. The partnership will help strengthen Senegal's gold industry by fostering local economic opportunities, while ensuring operations that meet international standards for sustainability and social responsibility.
About Managem
Managem Group is a Pan-African and fully integrated mining group that has been developing and mining a balanced portfolio between gold and energy transition metals for more than 90 years. The group is present throughout the entire mining cycle, from exploration to the trading of commodities. The group employs 5,000 people, operates in 7 African countries, including Morocco and is committed to maintaining its culture of responsible mining through high standards of environmental, social and governance ("ESG") practices, including its commitment to Zero harm, in every aspect of its business. Managem Group is majority owned by Al Mada, a Pan-African private equity fund, a signature accompanies the name « Al Mada »: « positive impact », reflecting the fund's commitment to promoting "useful" investment.
About Barrick Gold Corporation
Barrick is a sector-leading gold and copper producer, with a portfolio that spans the world's most prolific gold and copper districts and is focused on high-margin, long-life assets. The company plans for the long term and invests in sustainable growth, with worldwide exploration programs. The company's purpose and mission are to build the world's most valued gold and copper company by finding, developing, and owning the best assets, with the best people, to deliver sustainable returns for our owners and partners.