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NEW PORGERA PROGRESS AGREEMENT SIGNED

The New Porgera Progress Agreement signed was today, between the National Government, Barrick Niugini Limited and New Porgera Limited.

Resumption of operations at the Porgera Gold Mine will now progress after been suspended since 2020.

According to an official statement from Barrick Niugini Limited, the signing of this agreement confirms that all parties are committed to reopening the at the earliest opportunity, in line with the terms of the Porgera Project Commencement Agreement and the New Porgera Limited Shareholders Agreement both concluded in 2022. The New Porgera project team will now move ahead with the filings for a special mining lease and progressing the other conditions set out in the Commencement Agreement for the reopening of the mine.
The equity in New Porgera is shared 51% by Papua New Guinea (PNG) stakeholders, including local landowners and the Enga provincial government. Economic benefits will be shared 53% by the PNG
stakeholders and 47% by Barrick Niugini Limited, which will operate the mine.

According to Barrick President and Chief Executive Officer Mark Bristow, there was strong support from all stakeholders to get Porgera reopened as soon as possible.

Localization is an essential part of our partnership philosophy so New Porgera will, whenever possible, source the goods and services it requires from businesses genuinely based and owned in Porgera, the Enga province and Papua New Guinea. Similarly, it will give preference to locals in recruiting employees for the reopening mine.

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