Barrick Provides an Update on Reko Diq

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All amounts expressed in U.S. dollars

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TORONTO, April 02, 2026 (GLOBE NEWSWIRE) — Barrick Mining Corporation (NYSE:B)(TSX:ABX) (“Barrick” or the “Company”) today provides an update on the status of the Reko Diq project. On February 5, 2026 the Company announced that it was reviewing all aspects of the project in light of the escalation of security risks and increased security incidents.

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Barrick continues to believe in the long-term value of Reko Diq. 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.

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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. Barrick recognizes its important role in the local community and intends to continue to invest in and honor its existing in-country community and social programs.

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It is anticipated that there could be significant increases to the previously disclosed total estimated capital budget and timeline for the project. The previously disclosed total estimated capital cost of Phase 1 was between $5.6 billion and $6.0 billion (100% basis, exclusive of capitalization of financing costs) and of Phase 2 was between $3.3 billion and $3.6 billion (100% basis, exclusive of capitalization of financing costs), with first production targeted by the end of 2028.

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Barrick will continue to monitor the security landscape closely in consultation with its joint venture partners and will provide a further update to the market following the conclusion of its review.

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About Barrick Mining Corporation

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Barrick is a leading global mining, exploration and development company. With one of the largest portfolios of world-class and long-life gold and copper assets in the industry, Barrick’s operations and projects span 17 countries and five continents. Barrick is also the largest gold producer in the United States. We create real, long-term value for all stakeholders through responsible mining, strong partnerships and a disciplined approach to growth. Barrick shares trade on the New York Stock Exchange under the symbol ‘B’ and on the Toronto Stock Exchange under the symbol ‘ABX’.

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Investor Relations Contact

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Barrick Mining Corporation
Cleve Rueckert, +1 775 397 5443
[email protected]

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Media Contact

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Brunswick Group
Carole Cable, +44 (0) 20 7404 5959
[email protected]

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Cautionary Statement on Forward-Looking Information

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Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “project”, “remain”, “believe”, “will”, “continue” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: the ongoing project review of Reko Diq; the development and operation of the Reko Diq project, including the project scope, anticipated costs and timeline for construction and first production; potential significant increases to previously disclosed total estimated capital budget and timeline for the Reko Diq Project; the anticipated sharing of the benefits from the Reko Diq project with Barrick’s host governments and communities; and expectations regarding future price assumptions, financial performance and other outlook or guidance.