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BARRICK NIUGINI LIMITED

Barrick Chief Executive Mark Bristow was in PNG for a quarterly Operational review. Together with Barrick’s executives, Bristow travelled to Porgera to kick-off the security forum alongside the Mining Minister Sir Ano Pala, Porgera MP Maso Karipe, SML and LMP landowners, community, women groups and business leaders.  Also in attendance was Enga Provincial Police Commander and representatives of the Enga Provincial Government, Porgera District and the PNG Defence Force.

Bristow said that the incorporation of New Porgera Limited on 22nd September 2022, following execution of the New Porgera Shareholders Agreement by Barrick (Niugini) Limited, Kumul Mineral Holdings Limited and Mineral Resources Enga, marked an important step towards the long- delayed restart of the Porgera mine.

Once certain conditions are fulfilled, the company intends to apply for a new Special Mining Lease (SML) in coming weeks.

Bristow said that New Porgera will work with the State and the Mineral Resources Authority (MRA) to ensure that the SML application process proceeds without delay and in accordance with the Mining Act and the Porgera Project Commencement Agreement (PPCA).

Mr. Bristow said the application and early approval of a new SML is the goal that all Porgera stakeholders should be striving for.

He said the mine has sat idly for far too long, almost two and a half years depriving landowners and the communities of Porgera of employment and other essential benefits that the mine delivered successfully for 30 years.

Bristow highlighted that the team had a constructive kick-off meeting in Porgera and everyone agreed that law and order is crucial to the restart of Porgera mine and the long term future of Porgera District,which was acknowledged by all landowners and community leaders.

To date, Barrick and Zijin have funded USD 391 Million (approximately 1.37 billion kina) solely for Care and Maintenance.

Bristow and Barrick executives are expected to meet with Prime Minister James Marape, the State Negotiation Team led by Dairi Vele, Kumul Mineral Holdings Limited and to attend the inaugural board meeting of New Porgera Limited.

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