Mr. Mark Bristow reports

LUMWANA EXPANSION IN FULL SWING AS BARRICK BUILDS TIER ONE COPPER MINE

Construction of the $2-billion Super Pit expansion project at Barrick Mining Corp.'s Lumwana mine is well under way, accelerating its transformation into a Tier 1 copper mine. All amounts are expressed in United States dollars.

Addressing members of the media and other stakeholders here today, Barrick president and chief executive Mark Bristow said the Lumwana expansion builds on a remarkable turnaround that has seen the operation evolve from a struggling asset into a key pillar of both Barrick's global copper portfolio and Zambia's long-term development agenda.

"When we reviewed the Lumwana mine in 2019, it was high cost and underperforming. Today, it's a growing force in African copper. With this expansion gaining momentum, Lumwana is on course to join the world's list of large and strategically important copper mines, and a powerful driver of growth for both Zambia and Barrick," Mr. Bristow said.

The expansion will double copper production to 240,000 tonnes a year, supported by a 50-million-tonne-per-annum processing plant. Site construction is under way, long-lead equipment orders have been placed and infrastructure upgrades -- including a new power transmission framework developed in partnership with ZESCO -- are progressing to support both the mine and the wider region.

Since 2019, the mine has contributed over $4-billion to the Zambian economy through taxes, royalties, procurement and wages. More than $3.4-billion has been spent with Zambian suppliers, representing 79 per cent of its total procurement. In Q1 of this year alone, $177-million or 81 per cent of procurement was placed with local contractors. Today, 98 per cent of Lumwana's work force are Zambian nationals, with nearly half drawn from nearby communities.

As part of an integrated development plan aligned with Zambia's Mining and Minerals 2031 policy, the Lumwana expansion will drive the development of the Manyama township and industrial supplier park. A new regional airstrip is expected to be completed by the end of the year and a TEVETA-accredited training centre will be launched to expand Zambia's mining skills base.

The mine is also advancing one of the country's most ambitious environmental and carbon initiatives, with the development of a REDD+ forest conservation program in collaboration with local chiefdoms and the forestry department. Covering up to 300,000 hectares, the project is designed to generate future carbon credits while supporting sustainable livelihoods, biodiversity and land stewardship.

"Lumwana is becoming a flagship for sustainable copper mining. It demonstrates how a world-class mine can help build an industrial ecosystem while protecting the environment and expanding economic opportunity," said Mr. Bristow.

Operationally, Lumwana is tracking well against its 2025 production guidance. Performance in the first quarter set a strong tone for the year, supported by increased plant throughput and continued improvements in open-pit efficiency. The mine retained ISO 14001 and 45001 certifications and recorded no Class 1 or Class 2 environmental incidents to date.

"We're not just expanding a mine, we're strengthening a partnership. Our teams are actively exploring further growth opportunities across the Zambian copperbelt, building on our recently signed memorandum of understanding with the government of Zambia. Together, we're laying the foundation for lasting economic and social development that will endure long after mining ends," Mr. Bristow said.

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