Updated Studies Confirm Barrick's Fourmile as One of This Century's Most Significant Gold Finds

Executive Summary

• Barrick released an updated 2025 Preliminary Economic Assessment for its 100%-owned Fourmile gold project in Nevada, highlighting a potential average annual production of 600‑750 koz Au with low cash costs ($850‑$900/oz) and capital intensity ($1.5‑$1.7 bn).
• The company plans to expand drilling from 16 to >20 surface rigs in 2026, targeting ~370 km of surface drilling and 80 km of underground drilling by end‑2028, and to commence underground development (Bullion Hill decline) in 2026 with full mine infrastructure in place by 2029.
• Management projects Fourmile could become a Tier‑One asset, potentially ranking among the top‑10 global gold producers with long‑life, high‑grade ore and favorable geometallurgy (predominantly single‑refractory).

Key Details

• Resource Base (2024):
• Measured & Indicated: 3.6 Mt @ 11.8 g/t Au = 1.4 Moz
• Inferred: 14 Mt @ 14.1 g/t Au = 6.4 Moz
• Exploration Upside: 32‑34 Mt @ 15‑16 g/t Au (conceptual).
• Projected Mine Life: >25 years (based on combined resource + upside).
• Annual Production Forecast: Approx. 600‑750 koz Au.
• Ore Throughput: ~1.5‑1.8 Mt per year (≈1.5‑1.8 Mtpa).
• Capital Requirements: $1.5‑$1.7 bn (pre‑FEED level).
• Cost Metrics:
• Cost of Sales: $850‑$900/oz Au
• LOM All‑In Sustaining Costs (AISC): $650‑$750/oz Au
• Drilling Program:
• Increase rigs to >20 surface rigs in 2026.
• Target 120 km directional surface drilling in 2026; total 370 km surface + 80 km underground by 2028.
• Drill spacing: 30‑35 m for indicated resources, 80‑90 m for inferred.
• Underground Development:
• Bullion Hill decline permitting underway; portal construction and underground development slated to start 2026.
• Goldrush multi‑purpose development to provide deeper drill access from 2027 onward.
• By 2029, ~34 km of underground infrastructure connecting Bullion Hill and Goldrush, enabling initial test stoping.
• Processing Strategy:
• Ore to be processed at existing Nevada Gold Mines facilities; Fourmile ore expected to offset low‑grade stockpiles (1.8 g/t) and add low‑cost production.
• Geometallurgy: Predominantly single‑refractory mineralization, allowing more flexible, lower‑cost processing compared with double‑refractory assets like Goldrush.
• Strategic Outlook: Management believes Fourmile can become a Tier‑One gold asset (≥500 koz annual production, low cost curve) and potentially rank in the top‑10 global producers.

Notable Quotes

“Fourmile is emerging as a multi‑generational project… Very few projects anywhere in the world today can offer this combination of grade, scale and cash flow.” – Mark Bristow, President & CEO

“The steeply dipping structurally controlled breccia domain represents ~80 % of the 2.4 km mineralised extent and offers strong geotechnical stability for large‑scale mining fronts.” – Simon Bottoms, Mineral Resource Management & Evaluation Executive