Barrick to review Reko Diq over security risks

Executive Summary

• Barrick is slowing development and extending its comprehensive review of the Reko Diq project until mid-2027 due to escalating security risks and incidents in Pakistan and the broader region.
• Phase 1 development remains approved but will proceed with reduced capital spending, while the company anticipates significant increases to the previously disclosed capital budget and project timeline.
• Barrick will maintain active project management, continue existing community and social investments, and provide a further market update upon completion of the security and financial review.

Key Details

• Project: Reko Diq (Pakistan)
• Strategic Action: Slowing development activity and continuing a comprehensive project review until mid-2027.
• Primary Driver: Escalation of security risks and increased security incidents in Pakistan and the surrounding region.
• Phase 1 Status: Development approved on a reduced capital spend basis; project remains under active management.
• Previously Disclosed Capital Budget (100% basis, excl. financing costs):
• Phase 1: $5.6 billion to $6.0 billion
• Phase 2: $3.3 billion to $3.6 billion
• Anticipated Changes: Significant increases expected to the total estimated capital budget and overall project timeline.
• Production Target: Previously targeted end of 2028 (timeline now expected to shift due to review and security factors).
• Community & Social Programs: Intends to continue investing in and honoring existing in-country community and social initiatives.
• Next Steps: Continue monitoring the security landscape in consultation with joint venture partners; provide a further update to the market following the conclusion of the review.
• Currency: All financial amounts expressed in U.S. dollars.